TCRLA_Public/071219.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

          Wednesday, December 19, 2007, Vol. 8, Issue 251

                          Headlines

A R G E N T I N A

AGENCIA DE INVESTIGACIONES: Claims Verification Ends on March 14
ALITALIA SPA: AirOne's Business Plan Includes 3,802 Lay-offs
ARROW ELECTRONICS: Expands Distribution Agreement with Delta
ASOCIACION MUTUAL: Proofs of Claim Verification Is Until Feb. 21
CARGUEZ SRL: Proofs of Claim Verification Deadline Is Feb. 21

DANA CORP: Rhodes Wants Cape Girardeau Property Offer Considered
FORD MOTOR: Names J. Hinrichs as Global Manufacturing Vice Pres.
INDUSTRIAS METALURGICAS: Will Upgrade Acaray II Plant
MEDICALGRAF SA: Trustee Verifies proofs of Claim Until Feb. 20
NOVELL INC: Posts US$13MM Loss from Operations in 4th Qtr. 2007

PETER PAN: Proofs of Claim Verification Deadline Is March 7
PEUSSO SA: Reorganization Proceeding Concluded
PINAMAR TENNIS: Proofs of Claim Verification Ends on March 12
PROTECCION Y COMANDO: Trustee Verifies Claims Until Feb. 12


B E R M U D A

ASPEN INSURANCE: Haldevang to Lead Political Risk Insurance Unit
SEA CONTAINERS: Posts US$19.4MM Net Loss in Month Ended Oct. 31


B O L I V I A

* BOLIVIA: Petroleo Brasileiro Investing Up to US$1B in Nation


B R A Z I L

AMERICAN AIRLINES: Recalls 247 TWA Furloughed Flight Attendants
AMERICAN AIRLINES: Names K. Stache as VP & General Sales Manager
BANCO DO BRASIL: May Raise BRL3.44 Bil. from Secondary Offering
BANCO NACIONAL: Grants BRL56.7-Million Loan for Salto Project
BANCO NACIONAL: Directors Okay BRL2-Mln Financing to Taum Chemie

BRASKEM SA: Sells Petroflex Shares to German Company Lanxess
CA INC: Fitch Affirms Issuer Default & Debt Ratings at BB+
CAMARGO CORREA: Forms Joint Venture with Unique & Gestion
CLEAR CHANNEL: Launches Tender Offer & Solicitation for Notes
MARFRIG FRIGORIFICOS: S&P Affirms Corporate Credit Rating at B+

NAVISTAR INT'L: Unit Names Steve Bruford as Vice President
NAVISTAR INT'L: Ratifies New Three-Year Contract w/ UAW Members
SPANSION INC: Amends Merger Agreement with Saifun Semiconductors
ULTRAPAR PARTICIPACOES: Says Form F-4 Statement Is Effective
WEIGHT WATCHERS: Declares US$0.175 Per Share Quarterly Dividend

XERIUM TECH: Promotes Eduardo Fracasso as Pres. for LatAm Biz

* BRAZIL: Petrobras To Invest in National Gas Output in Bolivia
* BRAZIL: Reports 1.8% Boost in Oil Production in November
* BRAZIL: Petroleo Brasileiro Mulling Areas Near Tupi


C A Y M A N   I S L A N D S

ADARI IAM: Proofs of Claim Filing Is Until Today
BEAR STEARNS: Proofs of Claim Filing Deadline Is Today
BEAR STEARNS: Four Law Firms File Investor Claims
BEAR STEARNS GLOBAL: Proofs of Claim Filing Ends Today
CELEBRITY IAM: Last Day To File Proofs of Claim Is Today

COMITY IAM: Proofs of Claim Filing Ends Today
CORAL IAM: Proofs of Claim Filing Deadline Is Today
DAHLIA IAM: Proofs of Claim Filing Is Until Today
EDEN (IFI): Proofs of Claim Filing Is Until Today
GRANADA IAM: Proofs of Claim Filing Deadline Is Today

LAVENDER IAM: Last Day To File Proofs of Claim Is Today
MAGNOLIA IAM: Proofs of Claim Filing Is Until Today
MERLIN IAM: Proofs of Claim Filing Ends Today
MIASMA IAM: Last Day To File Proofs of Claim Is Today
MORES IAM: Proofs of Claim Filing Deadline Is Today

OASIS IAM: Last Day To File Proofs of Claim Is Today
ORCHID IAM: Last Day To File Proofs of Claim Is Today
PANOPLY IAM: Last Day To File Proofs of Claim Is Today
QUINCY IAM: Proofs of Claim Filing Deadline Is Today
RUBY IAM: Proofs of Claim Filing Deadline Is Today

SUNSTONE IAM: Proofs of Claim Filing Is Until Today
TOPAZ IAM: Proofs of Claim Filing Deadline Is Today
WISDOM IAM: Last Day To File Proofs of Claim Is Today
ZODIAC IAM: Proofs of Claim Filing Deadline Is Today


C H I L E

CONSTELLATION BRANDS: Closes Fortune Brands' Wine Business Sale
TECH DATA: Teams w/ XO Comms To Deliver IP Services to Resellers


C O L O M B I A

QUEBECOR WORLD: Aborts US$341-Mil. Sale of Euro Assets to RSDB


C U B A

* CUBA: Launching Camilo Cienfuegos Plant on Dec. 21


G U A T E M A L A

LAND O'LAKES: Posts US$2.8-Mln Net Loss in Third Quarter of 2007


H A I T I

DYNCORP INT'L: Bags Airlift Wing Support Contract for US$357.9MM


J A M A I C A

AIR JAMAICA: Gov't Inks Direct Air Travel Pact with Brazil
NATIONAL WATER: Temporarily Averts Legal Action from Regulator
SUGAR COMPANY: Frome Factory Remains Closed


M E X I C O

ADVANCED MICRO: Goodwill Recorded After ATI Buy Likely Impaired
CINRAM INT'L: Unit Implements Internal Debt Restructuring
COMPLETE RETREATS: Court Confirms Joint Plan of Liquidation
DURA AUTOMOTIVE: Wants Plan Confirmation Hearing Moved Next Year
DURA AUTO: Subprime Lending Mess Blamed for Lack of Funding

DURA AUTO: Defers Exit Financing Process Due to Market Riff
EPICOR SOFTWARE: Moody's Says NSB Buyout Won't Affect Rating
GRUPO MEXICO: Mexican Court Allows Cananea Protests To Continue
HOST HOTELS: Board Declares Quarterly and Special Dividends
ICONIX BRAND: Completes US$60 Million Starter Brand Acquisition

INT'L RECTIFIER: Promotes Rick Sivan to Vice President for R&D
XIGNUX SA: S&P Lifts Corporate Credit Rating to BB+ from BB

* NICOLAS ROMERO: Moody's Places B1 Global Local Currency Rating


P A N A M A

BANCO LATINOAMERICANO: Declares US$0.22 Per Share Cash Dividend


P A R A G U A Y

* PARAGUAY: Industrias Metalurgicas To Upgrade Acaray II Plant


P E R U

CUMMINS INC: Urges Shareholders to Reject Mini-Tender Offer


P U E R T O   R I C O

AFC ENTERPRISES: James Lyons Leaves Chief Operating Officer Post
AVNET INC: Completes Acal IT Solution Acquisition for US$200 Mln
GENESCO INC: S&P Lowers Corporate Credit Rating from BB- to B+
WESCO INT'L: Enters Into Strategic Venture w/ Deutsch Engineered


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Unit Hires Joseph Palmieri as General Manager


V E N E Z U E L A

HARVEST NATURAL: Buys 50% Interest in Gabon Exploration Project
PETROLEOS DE VENEZUELA: Makes Prepayment of Hamaca Project Debt


                         - - - - -


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


AGENCIA DE INVESTIGACIONES: Claims Verification Ends on March 14
----------------------------------------------------------------
Silvia Giudice, the court-appointed trustee for Agencia de
Investigaciones y Seguridad Privada Senda S.R.L.'s bankruptcy
proceeding, verifies creditors'proofs of claim until
March 14, 2008.

Ms. Giudice will present the validated claims in court as
individual reports on May 9, 2008.  The National Commercial
Court of First Instance in Lomas de Zamora, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Agencia de Investigaciones and its
creditors.

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

A general report that contains an audit of Agencia de
Investigaciones' accounting and banking records will be
submitted in court on June 23, 2008.

Ms. Giudice is also in charge of administering Agencia de
Investigaciones' assets under court supervision and will take
part in their disposal to the extent established by law.

The debtor can be reached at:

         Agencia de Investigaciones y
         Seguridad Privada Senda S.R.L.
         Avenida Valette 405, Monte Grande
         Partido de Esteban Echeverria, Buenos Aires
         Argentina

The trustee can be reached at:

         Silvia Giudice
         Avenida Frias 1676, Lomas de Zamora
         Buenos Aires, Argentina


ALITALIA SPA: AirOne's Business Plan Includes 3,802 Lay-offs
------------------------------------------------------------
AirOne S.p.A. plans to lay off 3,802 employees at Alitalia
S.p.A. once it acquires the Italian government's 49.9% stake in
the national carrier, Agenzia Giornalistica Italia reports
citing FIT-CISL national secretary Claudio Genovesi.

According to Mr. Genovesi, AirOne, which acquisition vehicle AP
Holding S.p.A. includes Intesa Sanpaolo S.p.A., plans to lay
off:

    * 2,750 employees at Alitalia Fly:

      -- 1,785 ground personnel,
      -- 334 pilots

         * 25 via retirement,
         * 180 via golden handshake,
         * 35 through turnover offset, and
         * 94 though solidarity compensation.
         
      -- 631 cabin crew.

    * 1,052 employees at Alitalia Services:

      -- 633 from maintenance department, and
      -- 419 from other departments.

As reported in the TCR-Europe on Dec. 17, 2007, Alitalia's Board
of Directors will convene at 4:00 p.m. today, Dec. 18, 2007, to
choose the preferred buyer for Italy's stake.

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

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

                        About Alitalia

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

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

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


ARROW ELECTRONICS: Expands Distribution Agreement with Delta
------------------------------------------------------------
The North American Components business of Arrow Electronics,
Inc. has expanded its distribution agreement with Delta
Electronics, Inc., the world's largest provider of switching
power supplies, to include Delta's Delphi Series of standard
DC/DC converters.

Offering up to 700 watts of power in a single unit, the Delphi
DC/DC converters provide high efficiency and high-density power
for the commercial, industrial and military markets.

"The expanded agreement between Delta, one of the world's
largest power manufacturers, and Arrow, one of the largest
power-supply distributors, enables customers to access products
and services from a world-class team," said Arrow Electronics
vice president of marketing for passives, electromechanical and
connector products, Mike Calabria.  "Delta will compliment
Arrow's industry-leading power-supply line card and strong
market presence."

"We are pleased to expand our association with Arrow to include
DC/DC converters.  Our customers will benefit from the support
and program expertise Arrow provides," said Delta Electronics
senior vice president of sales, Graham Hunter.

                About Delta Electronics, Inc.

Delta Group -- http://www.deltaww.com-- is the world's largest  
provider of switching power supplies and a major source for
power management solutions, components, visual displays,
industrial automation, networking products, and renewable
energy.  Established in 1971, Delta Group has sales offices
worldwide and manufacturing plants in Taiwan, Thailand, China,
Mexico and Europe.  As a global leader in power electronics,
Delta is committed to environment protection and has implemented
green, lead-free production and recycling and waste management
programs for many years. Delta's mission continues to be:  "To
provide innovative energy-saving products for a better quality
of life."

                   About Arrow Electronics

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

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

                        *     *     *

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


ASOCIACION MUTUAL: Proofs of Claim Verification Is Until Feb. 21
----------------------------------------------------------------
Lidia Roxana Martin, the court-appointed trustee for Asociacion
Mutual del Personal del Instituto de Servicios Sociales
Bancarios Contador Hugo Omar Ulloa's bankruptcy proceeding,
verifies creditors'proofs of claim until Feb. 21, 2008.

Ms. Martin will present the validated claims in court as
individual reports on April 3, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Asociacion Mutual and its creditors.

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

A general report that contains an audit of Asociacion Mutual's
accounting and banking records will be submitted in court on
May 16, 2008.

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

The trustee can be reached at:

         Lidia Roxana Martin
         Avenida Cordoba 1352
         Buenos Aires, Argentina


CARGUEZ SRL: Proofs of Claim Verification Deadline Is Feb. 21
-------------------------------------------------------------
Francisco Jose Vazquez, the court-appointed trustee for Carguez
S.R.L.'s bankruptcy proceeding, verifies creditors'proofs of
claim until Feb. 21, 2008.

Mr. Vazquez will present the validated claims in court as
individual reports on April 24, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Carguez and its creditors.

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

A general report that contains an audit of Carguez's accounting
and banking records will be submitted in court on
June 26, 2008.

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

The debtor can be reached at:

         Carguez S.R.L.
         Arcos 3751
         Buenos Aires, Argentina

The trustee can be reached at:

         Francisco Jose Vazquez
         Rodriguez Pena 110
         Buenos Aires, Argentina


DANA CORP: Rhodes Wants Cape Girardeau Property Offer Considered
----------------------------------------------------------------
Rhodes Development Company, LLC is interested in purchasing the
Cape Girardeau property at a higher purchase price, hence, it
asks Dana Corp. and its debtor-affiliates to consider its offer.  
Rhode says that is willing to participate in any reasonable
auction format established for the sale of the Property.

As reported in the Troubled Company Reporter on Dec. 14, 2007,
the Debtors had asked authority from the U.S. Bankruptcy Court
for the Southern District of New York the to sell a 15-acre
parcel of real estate and a 150,000 square-foot building located
at 2075 Corporate Circle in Cape Girardeau, Missouri, to
Schaefer's Power Panels, Inc., for US$2,841,750.

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

               Request to Delay Sale Approval

Furthermore, Rhodes asks the Court to delay the approval of the
sale of the Property pending further discussions among the
interested parties.

In a separate filing, the Official Committee of Unsecured
Creditors asks the Debtors to immediately put in place auction
procedures for the sale of the Property to ensure that the
Property is sold at a maximum value.  

                         About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.  (Dana Corporation Bankruptcy News, Issue No. 66;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: Names J. Hinrichs as Global Manufacturing Vice Pres.
----------------------------------------------------------------
Ford Motor Company President and Chief Executuve Officer Alan
Mulally has named Joe Hinrichs as group vice president, Global
Manufacturing effective Jan. 1, 2008.

Mr. Hinrichs, currently vice president of North America
Manufacturing, will lead the worldwide integration of the
company's manufacturing operations and its engineering support
for vehicle, powertrain and stamping.  In his new role, Mr.
Hinrichs will drive alignment between manufacturing and product
development on a global scale, leveraging the company's
worldwide product strategy.  He will continue to directly
oversee North American manufacturing operations.  In addition,
he will have global responsibility for the company's Material
Planning and Logistics, Ford Production System, and
Manufacturing Business Office organizations.

"Joe has been successful in leading the restructuring of our
North American manufacturing operations and was a key
participant in the recent contract talks with the UAW," Mr.
Mulally said.  "In his new role, Joe will focus on delivering a
global manufacturing plan that allows us to improve our
efficiency while leveraging our scale worldwide.  A global
manufacturing footprint supporting a global product plan that
delivers the vehicles people want and value are key to creating
an exciting and viable company -- that delivers profitable
growth for all."

In his global role, Mr. Hinrichs reports to Mr. Mulally.  In his
North American role, he will continue to report to Mark Fields,
executive vice president and president, The Americas.

"Our plants in North America are more competitive and our
launches are stronger, thanks in large part to Joe's
leadership," Mr. Fields said.  "Integrating manufacturing around
the world and aligning it with product development on a global
scale will make the entire business stronger."

Mr. Hinrichs, who joined Ford Motor in 2000 and has held a
variety of top manufacturing jobs, led the company's successful
effort to negotiate Competitive Operating Agreements with the
United Auto Workers across Ford's United States manufacturing
operations while driving improved quality.  He also played a key
role in this year's contract negotiations with the UAW, which
led to a new four-year U.S. labor agreement that will help the
company become significantly more competitive and protects
workers and retirees.

"I am excited by the opportunity to bring our plants and
engineering functions around the world together into one,
cohesive manufacturing operation," Mr. Hinrichs said.  
"Integrating a global process plan and combining it with our
global product plan allow us to accelerate our ability to
produce the vehicles customers want around the world while
continuing to improve quality."

Mr. Hinrichs also will lead Automotive Components Holdings LLC,
the Ford-managed temporary business entity comprised of former
Visteon Corp. plants and facilities in the United States and
Mexico.  Automotive Components is preparing its plants for sale
or closure by the end of 2008.

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

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

                        *     *     *

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


INDUSTRIAS METALURGICAS: Will Upgrade Acaray II Plant
-----------------------------------------------------
Industrias Metalurgicas Pescarmona SA has signed an accord with
Paraguayan state-run power firm Ande to modernize the Acaray II
hydroelectric plant, Business News Americas reports.

BNamericas says that the upgrade is aimed at increasing the
plant's capacity.

Industrias Metalurgicas said in a statement that the contract is
about US$11 million.  It involves the revamping of plant
generators three and four to boost their production to 150
megawatts from 121 megawatts.

According to BNamericas, Ande runs Acaray II, which supplies 15%
of Paraguay's power needs.  Acaray II is also the sole
hydroelectric plant Paraguay runs on its own.  

BNamericas notes that work for the project would last for 30
months.

Industrias Metalurgicas told Waterpowermagazine.com that
"binational possibilities" like the Yacyreta project on the
Parana river were still of interest as the firm is examining
possibilities for the 300-megawatt Ana Cua project, a
complementary scheme to the 3200-megawatt Yacyreta plant for
which the company provided seven 160-megawatt units out of the
total 20 turbines.

Industrias Metalurgicas commented to Waterpowermagazine.com that
it is working on providing equipment for a series of other
projects like:

          -- Bakun in Malaysia;
          -- Tocoma and Macagua schemes in Venezuela;
          -- Porce III in Colombia; and
          -- Simplicio, Dardanelos and Anta plants in Brazil.

Waterpowermagazine.com says that Industrias Metalurgicas is also
working on wind farm development.

Industrias Metalurgicas told Waterpowermagazine.com that its
power generation projects surpass six giga watts, entailing a
US$1.7-billion "order backlog."

Industrias Metalurgicas Pescarmona SA aka IMPSA --
http://www.impsa.com.ar/-- is one of the largest worldwide   
providers of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.  The company has offices
in Malaysia, China, and Argentina.

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B' long-term corporate credit rating on Industrias Metalurgicas
Pescarmona S.A.I.C. y F, aka IMPSA.  Standard & Poor's said that
the outlook remains stable.

Oct. 16, 2007, Fitch Ratings assigned a 'B' rating to Industrias
Metalurgicas Pescarmona S.A.I.C. Y F proposed US$250 million
amortizing notes due in 2014.  These notes were assigned a
Recovery Rating of 'RR4', which is consistent with an
anticipated recovery of 30%-50% in the event of a default.  
Fitch maintains a foreign and local currency Issuer Default
Rating of 'B'.  Fitch said the rating outlook is stable.


MEDICALGRAF SA: Trustee Verifies proofs of Claim Until Feb. 20
--------------------------------------------------------------
Roberto Coliqueo, the court-appointed trustee for Medicalgraf
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim until Feb. 20, 2008.

Mr. Coliqueo will present the validated claims in court as
individual reports on April 9, 2008.  The National Commercial
Court of First Instance in La Plata, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Medicalgraf and its creditors.

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

A general report that contains an audit of Medicalgraf's
accounting and banking records will be submitted in court on
May 22, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 17, 2008.

The debtor can be reached at:

        Medicalgraf S.A.
        Calle 5, Numero 473
        La Plata, Buenos Aires
        Argentina

The trustee can be reached at:

        Roberto Coliqueo
        Calle 53, Numero 755
        La Plata, Buenos Aires
        Argentina


NOVELL INC: Posts US$13MM Loss from Operations in 4th Qtr. 2007
---------------------------------------------------------------
Novell, Inc. has announced financial results for its fourth
fiscal quarter and full fiscal year ended Oct. 31, 2007.  For
the quarter, the company reported net revenue of US$245 million,
which excludes US$6 million of revenue from its Swiss-based
business consulting unit, which the company agreed to sell
during the quarter.  This compares to net revenue of US$234
million for the fourth fiscal quarter 2006.  The loss from
operations for the fourth fiscal quarter 2007 was US$13 million,
compared to income from operations of US$4 million for the
fourth fiscal quarter 2006.  The loss available to common
stockholders from continuing operations in the fourth fiscal
quarter 2007 was US$9 million, or US$0.03 loss per common share.  
This compares to income available to common stockholders from
continuing operations of US$21 million, or US$0.05 per diluted
common share, for the fourth fiscal quarter 2006.  Foreign
currency exchange rates favorably impacted total revenue by
approximately US$6 million and did not materially impact the
loss from operations year-over-year.

On a non-GAAP basis, adjusted income from operations for the
fourth fiscal quarter 2007 was US$20 million.  This compares to
non-GAAP adjusted income from operations of US$18 million in the
year-ago quarter.  Non-GAAP adjusted income available to common
stockholders from continuing operations for the fourth fiscal
quarter 2007 was US$20 million, or US$0.06 per adjusted diluted
common share.  This compares to non-GAAP adjusted income
available to common stockholders from continuing operations of
US$20 million, or US$0.05 per adjusted diluted common share, for
the fourth fiscal quarter 2006.

In the fourth fiscal quarter 2007, the company entered into an
agreement to sell its Swiss-based business consulting unit.  
Accordingly, all financial results for this unit were excluded
from Novell's continuing operations for income statement
reporting purposes and are reported as discontinued operations.

For the full fiscal year 2007, the company reported net revenue
of US$932 million and a loss available to common stockholders
from continuing operations of US$26 million, or US$0.08 loss per
common share.  Comparatively, net revenue for the full fiscal
year 2006 was US$919 million and income available to common
stockholders from continuing operations was US$4 million, or
US$0.01 per diluted common share.  Foreign currency exchange
rates favorably impacted total revenue by approximately US$15
million and negatively impacted the loss from operations by US$5
million year-over-year.

For the fourth fiscal quarter 2007, the company reported US$23
million of revenue from Open Platform Solutions, of which US$22
million was from Linux Platform Products, up 69 percent year-
over-year.  Linux Platform Products invoicing was US$46 million
during the quarter, up 108 percent year-over-year.  Revenue from
Identity and Security Management was US$33 million, of which
Identity and Access Management was US$30 million, up 27 percent
year-over-year.  Revenue from Systems and Resource Management
was US$36 million, up 5 percent year-over-year.  Workgroup
revenue of US$88 million was up 1 percent year-over-year.

"We are pleased with our overall results for 2007.  While
undergoing transformational change, we grew revenue and exceeded
our operating targets.  We are on the right path to long-term,
sustainable profitability," said Novell president and Chief
Executive Officer, Ron Hovsepian.

Cash, cash equivalents and short-term investments were US$1.9
billion at Oct. 31, 2007, up from US$1.5 billion last year.  
Days sales outstanding in accounts receivable was 77 days at the
end of the fourth fiscal quarter 2007, down from 86 days at the
end of the year-ago quarter.  Total deferred revenue was US$768
million at the end of the fourth fiscal quarter 2007, up US$341
million, or 80 percent, from Oct. 31, 2006.  Cash flow from
operations was US$77 million for the fourth fiscal quarter 2007,
compared to US$62 million in the fourth fiscal quarter 2006.

                     Financial Outlook

Novell management issues these financial guidance:

    For the full fiscal year 2008:

    -- Net revenue is expected to be between US$920 million and
       US$945 million.

    -- Non-GAAP adjusted operating margin is expected to be
       between 7 and 9 percent.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure  
software for the Open Enterprise.  Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                        *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


PETER PAN: Proofs of Claim Verification Deadline Is March 7
-----------------------------------------------------------
Guillermo Javier Gimenez, the court-appointed trustee for Peter
Pan S.A.'s bankruptcy proceeding, verifies creditors'proofs of
claim until March 7, 2008.

Mr. Gimenez will present the validated claims in court as
individual reports on April 9, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Peter Pan and its creditors.

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

A general report that contains an audit of Peter Pan's
accounting and banking records will be submitted in court on
May 8, 2008.

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

The debtor can be reached at:

         Peter Pan S.A.
         Pte. Luis Saenz Pena 1756
         Buenos Aires, Argentina

The trustee can be reached at:

         Guillermo Javier Gimenez
         Rodriguez Pena 434
         Buenos Aires, Argentina


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

The debtor can be reached at:

          Peusso S.A.
          Ibarbalz 955, Ciudad de Cordoba
          Cordoba, Argentina


PINAMAR TENNIS: Proofs of Claim Verification Ends on March 12
-------------------------------------------------------------
Jaime Luis Jeiman, the court-appointed trustee for Pinamar
Tennis Ranch S.A.'s bankruptcy proceeding, verifies
creditors'proofs of claim until March 12, 2008.

Mr. Jeiman will present the validated claims in court as
individual reports on April 29, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Pinamar Tennis and its creditors.

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

A general report that contains an audit of Pinamar Tennis'
accounting and banking records will be submitted in court on
May 28, 2008.

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

The trustee can be reached at:

         Jaime Luis Jeiman
         Lavalle 1312
         Buenos Aires, Argentina


PROTECCION Y COMANDO: Trustee Verifies Claims Until Feb. 12
-----------------------------------------------------------
Jose Miguel Tsanis, the court-appointed trustee for Proteccion y
Comando S.A.'s reorganization proceeding, verifies creditors'
proofs of claim until Feb. 12, 2008.

Mr. Tsanis will present the validated claims in court as
individual reports on March 27, 2008.  The National Commercial
Court of First Instance in Quilmes, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Proteccion y Comando and its creditors.

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

A general report that contains an audit of Proteccion y
Comando's accounting and banking records will be submitted in
court on May 13, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 3, 2008.

The debtor can be reached at:

        Proteccion y Comando S.A.
        Calle 138, Numero 1147
        Berazategui, Buenos Aires
        Argentina

The trustee can be reached at:

        Jose Miguel Tsanis
        Alvear 674, Quilmes
        Buenos Aires,
        Argentina




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


ASPEN INSURANCE: Haldevang to Lead Political Risk Insurance Unit
----------------------------------------------------------------
Aspen Insurance Holdings Limited has appointed Bernard de
Haldevang as Head of Political Risk Insurance with immediate
effect.  In this newly formed role, Mr. Haldevang reports
directly to Matthew Yeldham, Aspen's Head of International
Insurance.  Aspen anticipates that gross written premium from
this new line of business will be in the region of US$70 million
after three years subject to market conditions.

Mr. Haldevang has over 20 years of experience of underwriting
political risk insurance and joins Aspen from Atrium
Underwriting, Lloyd's of London, where he was a member of the
Syndicate Management Group and Class Underwriter for Financial
and Political Risks.

"I am very pleased to welcome Bernie to Aspen," said Matthew
Yeldham, Head of International Insurance for Aspen. "He has a
strong underwriting track-record, excellent relationships in the
industry and I am looking forward to working with him."

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) (BSX: AHL BH) is the holding company of the
Aspen Group the principal operating entities of which are Aspen
Insurance UK Limited and Aspen Insurance Limited, both rated A2
for insurance financial strength.  At the end of September 2006,
Aspen Group reported net income of US$259 million and
shareholders' equity of US$2.3 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba1 rating to the USUS$200
million Perpetual Non-Cumulative Preference Shares issued by
Aspen Insurance Holdings Limited, the existing perpetual "PIERS"
of which were rated Ba1 by Moody's.


SEA CONTAINERS: Posts US$19.4MM Net Loss in Month Ended Oct. 31
---------------------------------------------------------------
                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of October 31, 2007

                           Assets

Current Assets
   Cash and cash equivalents                       US$34,820,574
   Trade receivables, less allowances
     for doubtful accounts                               317,470
   Due from related parties                              719,317
   Prepaid expenses and other current assets           1,443,166
                                                    ------------
      Total current assets                            37,300,527

Fixed assets, net                                              -

Long-term equipment sales receivable, net                      -
Investments in group companies                       143,546,856
Intercompany receivables                                       -
Investment in equity ownership interests             222,728,282
Other assets                                           3,804,260
                                                    ------------
Total assets                                      US$407,379,925

               Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                US$17,908,268
   Accrued expenses                                   59,119,323
   Current portion of long-term debt                 172,540,013
   Current portion of senior notes                   385,379,664
                                                    ------------
      Total current liabilities                      634,947,268

Total shareholders' equity                         (227,567,343)
                                                    ------------
Total liabilities and shareholders' equity        US$407,379,925


                       Sea Containers, Ltd.
               Unaudited Statement of Operations
             For the Month Ended October 31, 2007

Revenue                                             US$2,673,200

Costs and expenses:
   Operating income                                      162,248
   Selling, general and
     administrative expenses                         (3,047,323)
   Professional fees                                (14,600,666)
   Charges to provide against
     intercompany accounts                             (190,746)
   Impairment of investment in subsidy Co.                     0
      Forgiveness of intercompany debt                         0
   Depreciation and amortization                               0
                                                    ------------
      Total costs and expenses                      (17,676,487)
                                                    ------------

Gain or (Loss) on sale of assets                          13,260
                                                    ------------
Operating income (loss)                             (14,990,027)

Other income (expense)
   Interest income                                       123,951
   Foreign exchange gains or (losses)                      2,076
   Interest expense, net                             (4,700,938)
                                                    ------------
Income (Loss) before taxes                          (19,564,938)
Income tax credit/(expense)                              143,000
                                                    ------------
Net (Loss)                                       (US$19,421,938)

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

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

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

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




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


* BOLIVIA: Petroleo Brasileiro Investing Up to US$1B in Nation
--------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA will invest
up to US$1 billion in natural gas fields in Bolivia within the
next five years, government press agencies reports.

Business News Americas relates that Brazilian President Luiz
Inacio Lula da Silva signed the deal for the investments with
Bolivian counterpart Evo Morales.

Published reports say that Brazil will make about US$750 million
in oil and gas investments in Bolivia.

News daily O Globo notes that as agreed, Petroleo Brasileiro and
Bolivian state-owned hydrocarbons firm Yacimientos Petrolíferos
Fiscales Bolivianos will consider the creation of a joint
company to explore new hydrocarbons areas in Bolivia.

Reuters relates that Petroleo Brasileiro workers will give
technical and commercial training to their Bolivian
counterparts.

According to Bolivian paper La Razon, President Lula had said
earlier that the stable corporate framework in Bolivia would let
Brazil invest in the oil and gas sector.  Bolivia has a long-
term deal to export about 30 million cubic meters per day to
Brazil.

Petroleo Brasileiro is the first firm to disclose new investment
plans for Bolivia since President Morales launched his
nationalization program in May 2006, BNamericas notes.

President Lula commented to La Razon, "Tensions will not affect
our intention to maintain a permanent dialogue, to cooperate and
to help Bolivia."

President Morales told Reuters, "I want to tell Petrobras's
[Petroleo Brasileiro] president that although there was a
certain lack of trust after the changes to our energy policies,
we've never sought to harm any company.  Every investor should
recover their investment, not just recover it, but also have a
right to the profits. We'll always guarantee that."

Brazil, under an agreement reached earlier this year with
Bolivia, will receive US$112 million for the two plants the
Bolivian government nationalized, Dow Jones relates.  

President Lula also signed agreements to give loans for farm
machinery and boost cooperation between Brazilian and Bolivian
universities, Reuters states.

                        *     *     *

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
===========


AMERICAN AIRLINES: Recalls 247 TWA Furloughed Flight Attendants
---------------------------------------------------------------
American Airlines is sending recall notices to 247 furloughed
flight attendants to address anticipated staffing needs and
projected attrition for 2008.  This recall is comprised of
former TWA flight attendants.

"American is thrilled to have recalled more than 900 flight
attendants this year, and we are very happy to welcome this
latest group back to service in 2008," said American Airlines'
Vice President for Onboard Service, Lauri Curtis.  "We are eager
for these flight attendants to join their colleagues in
providing our customers the best possible onboard experience."

The flight attendants who will accept the recall and meet all
requirements will be eligible to return to service in March
2008.  Since 2003, American has conducted seven flight attendant
recalls, contacting more than 2,100 American Airlines and former
TWA furloughed flight attendants.

                   About American Airlines

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.

American Airlines flies to Belgium, Brazil, Japan, among others.

                        *     *     *  

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch Ratings affirmed the debt ratings of AMR
Corp. and its principal operating subsidiary American Airlines,
Inc., as:

AMR Corp.

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

American Airlines

  -- Issuer Default Rating at 'B-';
  -- Secured bank credit facility at 'BB-/RR1'.
                  
Fitch says the rating outlook for both AMR Corp. and American
has been revised to positive from stable.


AMERICAN AIRLINES: Names K. Stache as VP & General Sales Manager
----------------------------------------------------------------
American Airlines has named Kurt Stache as its Vice President
and General Sales Manager.  Mr. Stache will be responsible for
all of the airline's sales activities worldwide with sales
organizations throughout its network reporting to him.

Mr. Stache, who has been with American since 1995, served most
recently as President -- AAdvantage Marketing Programs, a
position he held since 2004.  AAdvantage was the world's first
frequent flyer program and is the world's largest.

"Kurt brings a wealth of airline experience to our global sales
organization," said American Airlines' Executive Vice Marketing
President, Dan Garton, to whom Mr. Stache will report.  "His
background, business acumen and people skills these past 12
years at American made him the clear-cut choice for the job."

Prior to his AAdvantage position, Mr. Stache was Managing
Director for International Revenue Management, responsible for
pricing and yield management for the airline's international
markets worldwide.  He also served in several positions in
American's sales and finance groups, including
Airline Profitability Manager.

Mr. Stache speaks three languages, including German and Spanish.  
He lived and worked in Central America and Europe prior to
joining American Airlines.  He received a Bachelor of Science
degree in Finance from Santa Clara University in California and
holds an MBA degree from Harvard Business School.

Mr. Stache, his wife and children reside in Colleyville, Texas.

                   About American Airlines

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.

American Airlines flies to Belgium, Brazil, Japan, among others.
  
                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch Ratings affirmed the debt ratings of AMR
Corp. and its principal operating subsidiary American Airlines,
Inc., as:

AMR Corp.

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

American Airlines

  -- Issuer Default Rating at 'B-';
  -- Secured bank credit facility at 'BB-/RR1'.

Fitch says the rating outlook for both AMR Corp. and American
has been revised to positive from stable.


BANCO DO BRASIL: May Raise BRL3.44 Bil. from Secondary Offering
---------------------------------------------------------------
Banco do Brasil shareholders could raise about BRL3.44 billion
through a secondary public offering on the Sao Paulo stock
exchange Bovespa, Business News Americas reports.

According to BNamericas, this is possible if Banco do Brasil
places a 13.1-million-share "supplementary lot."

Banco do Brasil said in a statement that the offering raised
some BRL3.06 billion from the sale of about 105 million shares
at BRL29.25 each.  

BNamericas relates that Banco do Brasil initially offered 87.2
million shares -- 82.8% from BNDESpar, and the rest from Banco
do Brasil worker pension fund Previ.  Banco do Brasil then
offered an additional lot of 17.4 million shares after the first
round.  The bank could still place a supplementary lot of up to
15% of the offering.

The report says the shares started trading on Bovespa's Novo
Mercado index on Dec. 17, 2007, under the ticker BBAS3.

Banco do Brasil has until June 2009 to increase its "free float"
to 25% and comply with Novo Mercado requirements, BNamericas
reports.  A secondary share offering in June 2006 raised Banco
do Brasil's free float to 14.8% from 6.90%.

BNamericas notes that these entities underwrote the operation:

          -- Banco do Brasil's investment banking arm BB
             Investimentos,

          -- UBS Pactual,

          -- Deutsche Bank,

          -- Banif Investment Banking,

          -- Espirito Santo Investment,

          -- Banco do Nordeste (BNB), and

          -- Safra.

BNDESpar and Previ had said in July 2007 that they would sell up
to 5% of their Banco do Brasil shares, BNamericas states.

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 BRL56.7-Million Loan for Salto Project
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has
approved a BRL56.7 million financing to Salto Jauru Energetica
S/A for the construction of the Small Hydroelectric Power Plant
Salto.  The plant, in Mato Grosso, will have generation capacity
of 19 megawatts and an associated transmission line for
connection with the electric distribution system of Centrais
Eletricas Matogrossenses.  The bank's loan is equivalent to
74.4% of the total investment of BRL71.7 million.

Among the benefits of the project is the increased offer of
electrical power with low environmental impact and the
diversification of the Brazilian energetic matrix, with
increased participation of alternative energy sources.  Further
to this, the project created 450 direct and 1.5 thousand
indirect jobs during the construction phase.  The plant will be
in operation in 2008.

This year, BNDES has already approved 21 PCH projects, which add
up to a generation capacity of 487 MW.  The financing totals
BRL1.6 billion, which would allow a total investment of BRL2.2
billion.

Salto Jauru belongs to Brascan group, now with the new name
Brookfield Power, which will be responsible for 25.6% of the
total BRL76.2 million investment.  The remaining 74.4% will be
financed by BNDES.  The group has been in Brazil since 1899 and
has 17 thousand employees (direct and indirect), and focuses on
energy, real estate and infrastructure sectors.  The investments
in energy are concentrated in Brascan Energetica S/A, which
operates 14 PCH's in the Country.

                         Environment

The implementation of the plant will imply the execution of
environmental programs and measures to mitigate and compensate
the impact of the project (the reservoir to be built is small,
with 79 hectares to be flooded), as conservation of the fauna
and flora, compensation and environmental education and
monitoring of the water quality.

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: Directors Okay BRL2-Mln Financing to Taum Chemie
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's directors
has approved BRL2 million financing to Taum Chemie - Industria e
Comercio de Produtos Químicos S.A.  The objective of the project
is the implementation of a unit for the manufacturing of a
highly concentrated organophilic clay gel, which, nowadays is
not produced in Brazil.  The product is a basic raw material
used by the paint and cosmetics industries for use in their
liquid products, to prevent the separation of the solids and
deposits on the bottom of the packaging.

The financing is inserted within the scope of Inovacao Producao
[Production Innovation] program and the bank's support is
equivalent to 91.1% of total investments, of BRL2.3 million.  
This support will be divided into two modalities: one part will
be in the form of a BRL1.1 million loan, while the other will be
carried out upon shareholding participation, which adds up to
BRL1 million, through BNDESPAR.  The creation of 20 new direct
jobs is projected during the initial phase of operation.

Organophilic clay is used by the paint industry, in all its
solvent based product lines, either destined to civil
construction, the automobile industry, road signs or art.

According to the Brazilian Association for Paint Manufacturers,
Brazil is one of the five largest markets for paint, worldwide.  
In 2007, the volume produced was around 1 billion liters of
paint and the total invoicing reached BRL4.7 billion.  The
estimate is for an increase above 7% in the paint segment, in
2008.  The cosmetics industry, on its turn, will use the
additive in its nail polish, creams and sun block product lines.

Currently, there is no gel in the market that can be used
universally, but a specific product must be used for each
application.

The raw material is responsible for the stabilization of the
liquid state of paint and nail polish during their validity
term.  Without the addition of clay, these products would become
useless a few days after being manufactured, because of
decantation, that is, the separation of solids (pigments and
mass), with the subsequent formation of precipitates, which are
hard to mix in again, as they settle at the bottom of the
packaging.  The raw material also controls the viscosity of the
paint while it is applied.

Worldwide, there are few manufacturers of organophilic clay,
which is supplied in micro granules, having distinct qualities,
each of which destined to a certain effect.  The gel obtained
from these qualities does not allow obtaining high
concentrations, aggravated by the fact that each type of
paint would need a different kind of organophilic clay.  This
requires the paint industry to manufacture various gels.

To achieve a highly concentrated gel that allows for universal
application, both the organophilic clay, as well as the gel
formula and the respective production processes were developed
by Taum Chemie.  The new product will enable for the
substitution of imports, besides meaning an innovation for the
Brazilian paint sector.

The industrial plant is designed to produce 4,600 tons of
concentrated gel per year.  This quantity, currently enough to
supply about 30% of the Brazilian organophilic clay market, will
be produced after five years of operation.

Taum Chemie - Industria e Comercio de Produtos Químicos S.A. was
incorporated in 2005 and has its headquarters in the city of
Monte Mor, in the metropolitan region of Campinas.

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.


BRASKEM SA: Sells Petroflex Shares to German Company Lanxess
------------------------------------------------------------
Braskem S.A., jointly with Uniao de Industrias Petroquimicas
S.A. (Unipar) and other parties, has entered into a Share
Purchase Agreement on Dec. 13, 2007, with the German company
Lanxess Deutschland GmbH for the sale of Petroflex Industria e
Comercio S.A shares.  The amount of shares to be sold add up to
17,102,002 common shares and 7,416,602 preferred shares
representative of 72.38% of total common shares and 69.68% of
capital stock of Petroflex Industria, at a total price of
BRL526,680,000, which corresponds up to BRL22.86 per common
share and BRL18.29 per preferred class "A" share.  The company
is selling its total share interest, which represents 33.57% of
Petroflex Industria common shares and 33.46% of its preferred
shares.

Upon the conclusion of this transaction, the company will have a
cash inflow of approximately BRL251 million and an estimated
gain, before income tax, of BRL110 million, based on the
accounting value as of Nov. 30, 2007.  The transfer of the
shares and the corresponding cash inflow will occur within
approximately six months.

According to Braskem Chief Executive Officer, Jose Carlos
Grubisich, "The conclusion of the sale of Braskem's share
interest in Petroflex represents not only an important value
creation for Braskem, with a cash inflow of BRL251 million and
gain of BRL110 million, but reinforces the focus on our
strategic target -- the thermoplastic resins business -- while
keeping our position as main raw material supplier to the
synthetic rubber production chain in Latin America through long-
term contracts for the supply of butadiene."

Petroflex Industria is the largest producer of synthetic rubber
in Latin America with annual production capacity of 442,000 tons
and plants located in the states of Rio de Janeiro, Pernambuco
and Rio Grande do Sul.

                       About Braskem

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-term corporate 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.

The Brazil National Scale credit rating on the company was also
raised to 'brAA+' from 'brAA'.  S&P's outlook is stable.


CA INC: Fitch Affirms Issuer Default & Debt Ratings at BB+
----------------------------------------------------------
Fitch Ratings has affirmed these ratings of CA, Inc.:

  -- Issuer Default Rating at 'BB+';
  -- Senior unsecured revolving credit facility at 'BB+';
  -- Senior unsecured debt at 'BB+'.

Additionally, Fitch has revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect approximately
US$2.8 billion of total debt, including the company's US$1.0
billion revolving credit facility.

The Stable Rating Outlook reflects the company's consistent
operating and financial performance and Fitch's expectation that
the company would utilize its financial flexibility provided by
excess cash and free cash flow to finance any intermediate
acquisition, dividends or share buyback activity.  Fitch
believes that significant near-term acquisition activity appears
limited given management's current focus on integrating previous
acquisitions and improving operating efficiency.  Also
considered in revising the Rating Outlook to Stable is the
company's successful refinancing and extension of its revolving
credit facility to August 2012 and its progress in resolving
outstanding accounting issues, including complete resolution of
all material weaknesses.

Positive rating actions could occur if:

   -- No significant capital structure changes occur over the
      next year with a commitment to limit acquisition and
      share buybacks to excess cash on hand and free cash flow;

   -- Credit protection measures trend positively through
      growth in operating profits and/or debt reduction;

   -- The company's recurring revenue model limits the
      potential financial stress from a less favorable macro-
      economic environment, particularly in the U.S., which
      accounted for approximately 54% of the company's total
      revenue over the last twelve months.

Negative rating actions could occur if:

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

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

Ratings concerns center on a slowing and more challenging
mainframe market, the likelihood for additional albeit less
significant restructuring costs, and strong competition from
larger companies with strong financial flexibility.  Fitch
believes the company's lack of participation in the software
industry's ongoing consolidation activity could constrain longer
term revenue growth rates.

The ratings continue to be supported by the company's:  i) solid
recurring revenue profile, driven by the high barriers to entry
with significant 'switching' costs associated with the software
industry; ii) consistent annual free cash flow approximating
US$750 million to US$1 billion; and iii) size, diversity, and
quality of the company's installed base (approximately 98% of
Fortune 500) and depth of product line.  

Credit protection measures remain solid for the rating category
and Fitch expects that they will remain flat over the
intermediate term.  Total debt to cash flow from operations was
2.0 times for the latest twelve months ended Sept. 30, 2007,
compared to 2.4 for the fiscal year ended March 31, 2007, and
1.3 for fiscal year 2006.

Fitch believes liquidity at Sept. 30, 2007 was solid and
supported by: i) approximately US$1.9 billion of cash and cash
equivalents (approximately 66% overseas); ii) US$1 billion
senior unsecured revolving credit facility due August 2012, of
which approximately US$250 million is undrawn and available; and
iii) aforementioned consistent annual free cash flow.  Free cash
flow for fiscal year 2008 ending March 31, 2008 is anticipated
to be adversely impacted by cash restructuring and higher cash
tax payments but should increase going forward as the company's
restructuring initiatives begin to translate into higher
profitability and capital spending on the company's global SAP
implementation trends downward.

Total debt as of Sept. 30, 2007 was approximately US$2.6
billion, consisting primarily of:

   i) US$750 million of borrowings outstanding under the
      company's revolving credit facility;

  ii) US$350 million senior notes due April 2008;

iii) US$460 million convertible senior notes due 2009;

  iv) US$500 million senior notes due 2009; and

   v) US$500 million senior notes due 2014.

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


CAMARGO CORREA: Forms Joint Venture with Unique & Gestion
---------------------------------------------------------
Camargo Correa has formed a joint venture with Swiss Zurich
airport operator Unique and Chilean airport consortium Gestion e
Ingenieria IDC to construct and run airports in Latin America,
Business News Americas reports, citing Unique.

BNamericas relates that Camargo Correa will control 80 of the
joint venture A-Port.  Unique will hold a 15% stake in A-Port,
while IDC will have a 5% stake.  The joint venture will be based
in Sao Paulo and will be listed on the Sao Paulo stock exchange
Bovespa after a startup period of up to five years.  A-Port will
invest in the construction and operation of airports and in
airport-related infrastructures in Latin America.

Unique told BNamericas that it, along with IDC, already operates
these Chilean airports:

          -- Puerto Montt,
          -- La Serena, and
          -- Calama.

Unique said it is involved in management contracts for the
operation of Colombian and Honduran airports.  These projects
will also be taken into the joint venture, BNamericas notes.

Brazil-Arab News Agency notes that the joint venture will invest
in airport infrastructure expansion projects and in airport
management concessions.  

Camargo Correa said in a press statement that the joint venture
member companies are references in their countries of operation

Unique invests about US$2 million in A-Port, BNamericas states.

                        About Unique

Unique is a publicly listed company.  With operations in
airports in Switzerland and Latin American airports, Unique,
along with Gestion e Ingenieria IDC, owns 17% of the Bangalore
International Airport and is involved in the planning and
construction of a new airport in India.

                 About Gestion e Ingenieria

Headquartered in Chile, Gestion e Ingenieria was established in
1994 by society Estorial Limitada.  It pioneered participation
in airport concession programs in Chile.

                    About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last 12
months through June 2007, Camargo Correa had net sales of BRL9.2
billion and EBITDA of BRL1.4 billion.

As reported in the Troubled Company Reported-Latin America on
Nov. 27, 2007, Fitch Ratings affirmed the foreign currency and
local currency Issuer Default Ratings of Camargo Correa S.A. at
'BB'.  Fitch also affirmed the 'BB' rating on the US$250 million
senior unsecured bonds due 2016 issued by CCSA Finance Limited
(a special-purpose vehicle wholly-owned by Camargo and
incorporated in the Cayman Islands), which is unconditionally
guaranteed by Camargo Correa.  In addition, Fitch has also
upgraded Camargo's national debt rating to 'AA-(bra)' from
'A+(bra)'.  Fitch said the rating outlook is stable.


CLEAR CHANNEL: Launches Tender Offer & Solicitation for Notes
-------------------------------------------------------------
Clear Channel Communications Inc. has commenced a cash tender
offer and consent solicitation for its outstanding
US$750,000,000 principal amount of the 7.65% Senior Notes due
2010 (CUSIP No. 184502AK8) (the CCU Notes) on the terms and
conditions set forth in the Offer to Purchase and Consent
Solicitation Statement dated Dec. 17, 2007 (the CCU Offer to
Purchase).  

The company also announced that its subsidiary, AMFM Operating
Inc., is commencing a cash tender offer and consent solicitation
for the outstanding US$644,860,000 principal amount of the 8%
Senior Notes due 2008 (CUSIP No. 158916AL0) on the terms and
conditions set forth in the Offer to Purchase and Consent
Solicitation Statement dated Dec. 17, 2007.

The CCU Tender Offer and the AMFM Tender Offer are being made
in connection with the previously announced merger with BT
Triple Crown Merger Co., Inc.  The completion of the Merger and
the related debt financings are not subject to, or conditioned
upon, the completion of the Tender Offers or the related consent
solicitations or the adoption of the proposed amendments with
respect to any Notes contemplated by the CCU Offer to Purchase
and the AMFM Offer to Purchase.

The total consideration for each US$1,000 principal amount of
CCU Notes and AMFM Notes validly tendered and accepted for
purchase by Clear Channel or AMFM, as applicable, pursuant to
the applicable Offer to Purchase will be the price (calculated
as described in the applicable Offer to Purchase) equal to:

    (i) the sum of:

        (a) the present value, determined in accordance with
            standard market practice, on the scheduled payment
            date of US$1,000 on the maturity date for the
            applicable Notes plus

        (b) the present value on the scheduled payment date of
            the interest that would be payable on, or accrue
            from, the last interest payment date prior to the
            scheduled payment until the applicable maturity date
            for such Notes, in each case determined on the basis
            of a yield to such maturity date equal to the sum
            of:

            (A) the yield to maturity on the U.S. Treasury
                Security specified in the table below as
                calculated by Citi, as lead dealer manager, in
                accordance with standard market practice, based
                on the bid-side price of such reference security
                as of 2:00 p.m., New York City time on the
                second business day immediately preceding the
                applicable tender offer expiration date for the
                applicable Notes (which, for both the CCU Notes
                and the AMFM Notes is currently expected to be
                Jan. 14, 2008), unless modified by Clear Channel
                or AMFM, as applicable, in its sole discretion,
                as displayed on the page of the Bloomberg
                Government Pricing Monitor or any recognized
                quotation source selected by Citi, as lead
                dealer manager, in its sole discretion if the
                Bloomberg Government Pricing Monitor is not
                available or is manifestly erroneous, plus

            (B) the applicable spread (as shown in the table
                below), minus

   (ii) accrued and unpaid interest to, but not including, the
        scheduled payment date.

The total consideration includes a consent payment of US$30.00
per US$1,000 principal amount of the Notes tendered which will
be payable only in respect of the Notes purchased that are
tendered on or prior to the applicable consent payment deadline.  
Holders who tender their Notes after the consent payment
deadline will not be eligible to receive the consent payment and
will receive the applicable total consideration less the consent
payment.  The consent payment deadline for both the CCU Notes
and the AMFM Notes is 5:00 p.m. New York City time, on
Dec. 31, 2007, unless, in either case, earlier terminated or
extended.  Both Tender Offers will expire at 8:00 a.m., New York
City time, on Jan. 16, 2008, unless, in either case, earlier
terminated or extended.  In conjunction with the Tender Offers,
Clear Channel and AMFM are also soliciting consents from the
holders of their respective Notes to effect amendments to
eliminate substantially all of the restrictive covenants and the
covenants regarding mergers and consolidations, eliminate
certain events of default, and modify or eliminate certain other
provisions, including certain provisions relating to defeasance.  
If adopted, the proposed amendments in connection with the CCU
Tender Offer will not amend any of the terms of any of Clear
Channel's securities other than the CCU Notes.  A holder cannot
tender its Notes without delivering a corresponding consent or
vice versa. The proposed amendments to Notes and provisions of
the indenture applicable to the Notes are subject to consents
from holders of a majority of the outstanding principal amount
of the applicable Notes.  Tendered Notes, including the related
consents, may be withdrawn at any time prior to Dec. 31, 2007,
but not thereafter in the case of the CCU Notes and at any time
prior to the receipt of the requisite consents and the execution
of the applicable supplemental indenture, but not thereafter in
the case of the AMFM Notes.

The tender offers and consent solicitations relating to the
Notes are made upon the terms and conditions set forth in the
CCU Offer to Purchase and the AMFM Offer to Purchase, as
applicable and the related Consent and Letter of Transmittal.  
Each of the Tender Offers is conditioned upon the consummation
of the Merger and the satisfaction of certain other customary
conditions as described in the applicable Offer to Purchase.  
The completion of the CCU Tender Offer is not conditioned upon
the receipt of the requisite consents or the adoption of the
proposed amendments.  The AMFM Tender Offer is conditioned upon
the receipt of the requisite consents.  If any of the conditions
are not satisfied or waived, CCU and AMFM are not obligated to
accept for payment, purchase or pay for, and may delay the
acceptance for payment of, any tendered Notes, and may even
terminate the Tender Offers.  Further details about the terms
and conditions of the tender offers and the consent
solicitations are set forth in the CCU Offer to Purchase and the
AMFM Offer to Purchase.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  Questions regarding the transaction should be
directed to Citi at 800-558-3745 (toll-free) or 212-723-6106
(collect).  Requests for documentation should be directed to
Global Bondholder Services Corporation at 212-430-3774 (for
banks and brokers only) or 866-924-2200 (for all others toll-
free).

              Clear Channel-Triple Crown Merger

In connection with the proposed Merger of Clear Channel with and
into BT Triple Crown Merger Co, Inc. pursuant to the terms and
conditions of that certain Agreement and Plan of Merger, dated
as of Nov. 16, 2007, by and among Mergerco, B Triple Crown
Finco, LLC, T Triple Crown Finco, LLC, CC Media Holdings, Inc.  
(formerly BT Triple Crown Capital Holdings III, Inc., CC
Media) and Clear Channel, as amended by Amendment No. 1, dated
as of April 18, 2007 and by Amendment No. 2, dated as of
May 17, 2007, Clear Channel and CC Media have filed a joint
proxy statement/prospectus dated Aug. 21, 2007 with the U.S.
Securities and Exchange Commission.

Investors and security holders may obtain a free copy of the
definitive proxy statement and other documents filed by Clear
Channel and CC Media at the U.S. Securities and Exchange
Commission's web site at http://www.sec.gov/

The definitive proxy statement and such other documents may also
be obtained for free from Clear Channel by directing such
request to:

         Clear Channel Communications, Inc.
         Investor Relations Department
         200 East Basse
         San Antonio, TX 78209
         Tel: (210) 822-2828

As previously announced by Clear Channel, the closing of the
Merger is expected to occur during the first quarter 2008.  The
closing of the Merger is subject to the receipt of regulatory
approvals and conditions, which are summarized in Clear
Channel's proxy statement.

Concurrently with the consummation of the Merger, Clear Channel
expects to obtain US$18,525 million of new senior secured credit
facilities, to be available to the Company and certain of its
subsidiaries as borrowers.  The senior secured credit facilities
are expected to include:

    (i) a US$1.25 billion term loan A facility, a US$12.65
        billion term loan B facility and a US$2.0 billion (which
        is expected to be reduced by the amount of net cash
        proceeds from certain specified asset sales received
        prior to the closing of the Merger) term loan C facility
        to be funded at the closing of the Merger,

   (ii) a US$2.0 billion revolving credit facility and

  (iii) a US$625 million delayed draw term loan facility

Clear Channel and one or more of Clear Channel's subsidiaries
would be the borrowers under a separate receivables-backed
revolving credit facility with availability of up to
US$1.0 billion.  To the extent that availability under the
company's receivables-backed credit facility is less than US$750
million at closing, the term loan A facility would be increased
by a corresponding amount.

Clear Channel expects to issue US$2.6 billion in aggregate
principal amount of new senior unsecured notes, including:

    (i) US$1.1 billion in senior cash pay notes and

   (ii) US$1.5 billion in senior pay-in-kind option notes (the
        PIK Toggle Notes and together with the Cash Pay Notes,
        the New Senior Notes).

If US$1.1 billion in aggregate principal amount of Cash Pay
Notes are not issued, the company would incur up to US$1.1
billion (less the amount of the Cash Pay Notes, if any, issued
on or prior to the closing of the merger) in aggregate principal
amount of loans with an increasing interest rate under a new
senior unsecured cash pay bridge facility.  If US$1.5 billion in
aggregate principal amount of PIK Toggle Notes are not issued,
the company would incur up to US$1.5 billion (less the amount of
the PIK Toggle Notes, if any, issued on or prior to the closing
of the merger) in aggregate principal amount of loans with an
increasing interest rate under a new senior unsecured
pay-in-kind option bridge facility.

The new senior secured credit facilities are expected to be
guaranteed by Clear Channel's direct parent entity and by each
of Clear Channel's existing and future wholly owned material
domestic restricted subsidiaries, subject to certain exceptions,
and such subsidiaries would also guarantee the receivables-
backed revolving credit facility and the New Senior Notes.  
Clear Channel's existing senior notes are not guaranteed by
Clear Channel's subsidiaries and the existing senior notes that
remain outstanding after the merger and the new debt financing
will not be entitled to guarantees by Clear Channel's
subsidiaries.

The new senior secured credit facilities are expected be secured
by:

   (a) a first-priority pledge of the capital stock of Clear
       Channel,

   (b) the capital stock of future material wholly-owned
       domestic license subsidiaries that are not restricted
       subsidiaries under the indenture governing its existing
       senior notes,

   (c) first-priority security interests in certain assets of
       Clear Channel and the guarantor subsidiaries that will
       not require Clear Channel's existing senior notes that
       remain outstanding to be equally and ratably secured
       under the indenture governing such notes, and

   (d) if requested by the arrangers of the senior secured
       credit facilities, a second-priority lien on the accounts
       receivable and related assets that would secure the
       receivables-backed credit facility on a first-priority
       basis.

With respect to any additional collateral, the senior secured
credit facilities documentation would provide that the amount of
indebtedness to be secured by such collateral will be limited at
all times to an amount less than the amount that would require
the Clear Channel's existing senior notes that remain
outstanding to be equally and ratably secured under the
indenture governing such notes.

The documentation for the senior secured credit facilities and
the receivables-backed revolving credit facility would include
customary provisions, including mandatory prepayments,
incremental facilities, representations and warranties,
covenants and events of defaults.  The senior secured credit
facilities are also expected to include a maintenance covenant
that would require Clear Channel to maintain a specified ratio
of the consolidated senior secured net debt to consolidated
adjusted EBITDA as determined under the senior secured credit
facilities documentation.  The New Senior Notes would include
customary provisions, including covenants and events of
defaults.

The New Senior Notes will be offered in the United States only
to qualified institutional buyers pursuant to Rule 144A under
the Securities Act of 1933, as amended, and to non-U.S. persons
in accordance with Regulation S under the Securities Act.  The
New Senior Notes will not be registered under the Securities Act
or any state securities laws and may not be offered or sold in
the United States or to, or for the benefit of, U.S. persons
absent registration under, or an applicable exemption from, the
registration requirements of the Securities Act and applicable
state securities laws.

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

                        *     *     *

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


MARFRIG FRIGORIFICOS: S&P Affirms Corporate Credit Rating at B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised the outlook on
Brazil-based meat processing company Marfrig Frigorificos e
Comercio de Alimentos S.A. to negative from stable.  At the same
time, S&P affirmed its 'B+' corporate credit rating on the
company and its US$375 million notes due 2016.  Pro forma fiscal
2007, S&P expects the company to report about US$800 million of
total debt.
      
"The rating action reflects Marfrig's lower-than-expected cash
flow generation, leading to weak credit metrics for the rating
category, associated with the company's aggressive growth
strategy in 2007 and beyond.  In our opinion, the company will
report negative discretionary cash flow in the future, limiting
the potential improvement to its financial profile," said S&P's
credit analyst Vivian Zietemann.  Negative rating factors are
partly offset by the company's improved business
diversification, its relatively good distribution of sales in
both local and external markets, and the company's competitive
cost position with Brazilian beef producers.
     
The negative outlook reflects the company's weakening financial
policies and cash flow generation in the current year.  The
negative outlook also reflects S&P's expectation that the
company will continue to report a highly leveraged capital
structure.  The ratings could be lowered if the company is not
able to revise the weakening trend of its cash flow coverage
indicators (such as a funds from operations-to-total debt ratio
consistently between 5%-7%).  S&P believes that cash flow
improvements could derive from the successful consolidation of
acquired assets or a slowdown of its investment program.  The
outlook could be revised to stable if the company is able to
deliver stronger-than-projected EBITDA margins in the high
teens, but also stronger cash flow generation with a FFO-to-
total debt ratio consistently above 10%.

Headquartered in Sao Paulo, Brazil, Marfrig is one of the
largest beef processing companies in Brazil.  With processing
plants in Brazil, Argentina and Uruguay, Marfrig processes,
prepares packages and delivers fresh, chilled and processed beef
products to customers in Brazil and abroad, with approximately
50% of its sales derived from exports.  Along with its beef
products, the company also delivers additional food products
that it imports or acquires in the local market.


NAVISTAR INT'L: Unit Names Steve Bruford as Vice President
----------------------------------------------------------
International Truck and Engine Corporation, a subsidiary of
Navistar International Corporation, has appointed Steve Bruford
as its vice president of global product creation for its truck
group.

Bruford will provide engineering and product development
leadership for all of Navistar's truck product lines and will
reside at Navistar's Truck Development and Technology Center in
Fort Wayne, Ind.  He will report to Ramin Younessi, vice
president, business and product operations.

"Steve brings to our company a distinguished reputation in the
field of automotive and commercial vehicle engineering," said
Dee Kapur, president, Truck Group, International Truck and
Engine Corporation.  "His extensive product development
knowledge and experience in global program management will help
us continue to develop great products for customers all over the
world."

With more than 29 years of global product development experience
in all fields of automotive engineering and commercial vehicle
design as well as the defense industry, Bruford has performed in
a number of executive level assignments prior to joining
Navistar.  He has served in supplier roles as well as a
vertically integrated OEM and holds 19 design patents.

Bruford received his bachelor's degree in mechanical engineering
from Loughborough University in Loughborough, England.  In
addition, he holds a master's in science from Hertfordshire
University in Hatfield, England.

                  About International Truck

A wholly owned subsidiary of Navistar International Corporation
(Other OTC: NAVZ), International Truck and Engine Corporation is
a leading producer of medium trucks, heavy trucks, severe
service vehicles, MaxxForce brand diesel engines, parts and
service.  International and its affiliates sell their products,
parts and services through a network of nearly 1,000 dealer
outlets in the United States, Canada, Brazil and Mexico and from
more than 60 dealers in 90 countries throughout the world.

                About Navistar International

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

                        *     *     *

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


NAVISTAR INT'L: Ratifies New Three-Year Contract w/ UAW Members
---------------------------------------------------------------
The seven-week strike against International Truck and Engine
Corporation, a subsidiary of Navistar International Corporation,
ended on Dec. 16, 2007, as members of the United Auto Workers
approved new three-year labor agreements that will yield
operational flexibility and cost improvements at nine company
locations.

The contract was ratified by a majority of UAW members in a vote
conducted this weekend. The new contracts take effect
immediately and run until Oct. 1, 2010.

"We expect the new agreements to result in operational and cost
improvements at these facilities while maintaining a good
quality of life for our employees and retirees," Dan Ustian,
chairman, president and chief executive officer of Navistar,
said.  "This deal represents a positive step forward for these
facilities."

The agreements were ratified after more than two years of
periodic negotiations between company and UAW leaders.  The UAW
chose to strike on Oct. 23, 2007, and the company utilized its
diversified operations and resources effectively so that
customers were unaffected by the UAW strike.

"With extraordinary efforts and planning, we met all delivery
schedules and as a result, we are well positioned as a business
going forward," Mr. Ustian said.

Navistar's preliminary unaudited manufacturing cash and
marketable securities balance as of Oct. 31, 2007 was US$695
million.

"We have maintained our focus on executing our business
strategies," Mr. Ustian said.  "We have the liquidity and lines
of credit available to continue to fund our growth plans to
capitalize on market opportunities.  The new contract will help
the company to reach its previously announced goals for 2009
revenues and operating segment margins."

Outstanding products and a competitive cost structure will be
the basis for Navistar's continued success, Mr. Ustian
continued.  "All our operations must be structured to succeed
against any competitor and in any market condition. Our ability
to compete effectively is important to both our shareholders and
to our employees.  True job security comes only through
competitiveness."

These summarizes some key competitive changes and provisions in
the new contracts:

   * significant improvements in operational flexibility and
     cost structure, while maintaining operational improvements
     from prior contracts;
   
   * elimination of restrictive and costly minimum employment
     level requirements;
   
   * increased health care cost sharing;
   
   * ability to shed non-core work;
   
   * improved new hire package;

   * ability to close/sell specific locations if business needs
     dictate; and

   * "Living Operating Agreement" that facilitates ongoing
     improvements.

In addition, the UAW has dropped all unfair labor practice
charges previously filed with the National Labor Relations
Board, which the UAW communicated were the basis of its strike.

The UAW represents approximately 3,700 employees at nine
International facilities in Indianapolis, Indiana (engine
assembly and foundry), Melrose Park, Illinois (engine assembly
and engine engineering), Springfield, Ohio (truck assembly),
Atlanta, York (Pennsylvania) and Dallas (parts distribution
centers) and Fort Wayne, Indiana (truck engineering).  Total
worldwide employment at the company is more than 16,000.

            About International Truck and Engine

International Truck and Engine Corporation, a wholly owned
subsidiary of Navistar International Corporation, produces
medium trucks, heavy trucks, severe service vehicles, MaxxForce
brand diesel engines, parts and service.  International and its
affiliates sell their products, parts and services through a
network of nearly 1,000 dealer outlets in the United States,
Canada, Brazil and Mexico and from more than 60 dealers in 90
countries throughout the world.

                About Navistar International

Headquartered in Warrenville, Illinois, Navistar International
Corporation (Other OTC: NAVZ) -- http://www.navistar.com/-- is  
a holding company whose wholly owned subsidiaries produce
International(R) brand commercial trucks, MaxxForce brand diesel
engines, IC brand school and commercial buses, and Workhorse
brand chassis for motor homes and step vans.  It also is a
private-label designer and manufacturer of diesel engines for
the pickup truck, van and SUV markets.  The company also
provides truck and diesel engine parts and service.  Another
wholly owned subsidiary offers financing services.  The company
has operations in Brazil, Iceland and India.

                        *     *     *

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


SPANSION INC: Amends Merger Agreement with Saifun Semiconductors
----------------------------------------------------------------
Spansion Inc. and Saifun Semiconductors Ltd. boards of directors
have executed an amendment to their merger agreement providing
for an approximately US$31.4 million increase in the cash
distribution, which would result in a cash distribution of
approximately US$6.05 per share in cash based on Saifun
Semiconductor's current capitalization.  The cash distribution
will be funded solely from Saifun's existing cash on hand prior
to or on the closing of the transaction.  The exchange ratio
that each outstanding share of Saifun common stock would receive
in the merger remains 0.7429 shares of Spansion common stock.  
In connection with this amendment, Saifun will send to its
shareholders and file with the Securities and Exchange
Commission additional solicitation materials.

"We are very excited about this transaction as the combined
company will be well positioned for future growth.  
Additionally, with the cash that will be acquired in the
transaction, the combined company will be capitalized to further
leverage Saifun's licensing business," said Spansion Inc
president and Chief Executive Officer, Bertrand Cambou.  "We
also feel it is appropriate in this environment that Saifun
shareholders receive a higher cash distribution."

The special general meeting of Saifun shareholders called to
obtain the shareholder approval necessary to complete the merger
and all transactions contemplated under the amended merger
agreement including the increased cash distribution will be
held, as originally scheduled, on Dec. 20, 2007 at 4:00 p.m.
Israel time.  The record date for Saifun shareholders entitled
to attend and vote at the Saifun special general meeting remains
Nov. 11, 2007.  Saifun notes that shareholders that have
previously voted may either change their vote as a result of the
amendment, or decide to leave their original vote unchanged, in
which case their vote shall be seemed to refer to the amended
merger agreement which includes the increased cash distribution
amount as detailed above.

The merger remains subject to satisfaction of customary closing
conditions that include Israeli court approval, regulatory
approvals and the Saifun shareholders' approval, and is expected
to close in the first quarter of 2008.

Saifun shareholders are reminded that their vote is very
important.  Any shareholder who has not yet voted is urged to
vote 'FOR' the approval of the merger agreement as amended, the
merger and the transactions the amended merger agreement
contemplates, including the increased cash distribution.  Saifun
shareholders are advised that if they have any questions or need
any assistance in the voting of their shares or if they need
additional copies of Saifun's proxy materials, they should
contact Saifun's proxy solicitor, Innisfree M and A
Incorporated, toll-free at 888-750-5834 (United States and
Canada) or 00800 7710 9971 (Europe and Israel).

                Additional Information About
               the Merger and Where to Find It

Saifun Semiconductors has filed a Form 6-K with the SEC
containing a definitive proxy statement and other relevant
materials in connection with the proposed merger.  On or about
Nov. 13, 2007, the definitive proxy statement was mailed to
Saifun shareholders of record as of the close of business on
Nov. 11, 2007.  Saifun security holders are urged to read the
definitive proxy statement and the other relevant materials
because they contain, among other things, important information
about the merger, the merger agreement, the cash distribution
and the special general meeting of Saifun shareholders, as well
as important information about Saifun and Spansion.  The
definitive proxy statement and other relevant materials, and any
other documents filed by Spansion or Saifun with the SEC, may be
obtained free of charge at the SEC's web site at
http://www.sec.gov. In addition, investors and security holders  
may obtain free copies of the documents filed with the SEC by
Spansion by contacting its Investor Relations, Bob Okunski,
(408) 616-1117.  Investors and security holders may obtain free
copies of the documents filed with the SEC by Saifun by
contacting KCSA Worldwide, Lee Roth, (212) 896-1209.

                       About Spansion

Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012.  The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.

Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt.  Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.'  In
conjunction with the refinancing, Fitch has affirmed these
ratings:

    -- Issuer Default Rating of 'B-';

    -- US$250 million of 11.75% senior unsecured notes due 2016
       at 'CCC+/RR5'; and

    -- US$207 million of 2.25% convertible senior subordinated
       debentures due 2016 at 'CCC/RR6'.

Fitch said the rating outlook remains negative.  Approximately
US$1.1 billion of total debt is affected by Fitch's actions.


ULTRAPAR PARTICIPACOES: Says Form F-4 Statement Is Effective
------------------------------------------------------------
Ultrapar Participacoes S.A. informs that the Registration
Statement on Form F-4, filed in connection with a share exchange
transaction, wherein the preferred shares of Refinaria de
Petroleo Ipiranga S.A., Distribuidora de Produtos de Petroleo
Ipiranga S.A., and Companhia Brasileira de Petroleo Ipiranga,
will be exchanged for preferred shares of Ultrapar, was declared
effective by the United States Securities and Exchange
Commission on Dec. 17, 2007.  The prospectus will be made
available on the companies' websites.

The Special Shareholders Meetings of between the three petroleum
companies and Ultrapar Participacoes to deliberate about the
Share Exchange will be held on Dec. 18, 2007.

                          Andre Covre
        Chief Financial and Investor Relations Officer
                  Ultrapar Participacoes S.A.

This document relates to a proposed transaction involving
Ultrapar Participacoes S.A., Refinaria de Petroleo Ipiranga
S.A., Distribuidora de Produtos de Petroleo Ipiranga S.A. and
Companhia Brasileira de Petroleo Ipiranga (Target Companies).  
In connection with the proposed transaction, Ultrapar has filed
with the Securities and Exchange Commission a registration
statement on Form F-4 (File no. 333-146406, the Registration
Statement) to register Ultrapar preferred shares to be issued in
the proposed transaction and that includes a prospectus of
Ultrapar.  Ultrapar has also filed, and intends to continue to
file, additional relevant materials with the SEC.  The
Registration Statement and the related prospectus contain
important information about Ultrapar, the Target Companies, the
proposed transaction and related matters.  Investors will be
able to obtain copies of the offering document and other
documents from the SEC's Public Reference Room at 450 Fifth
Street N.W., Washington D.C., 20549. Please call the SEC at
1-800-SEC- 0330 for further information on the Public Reference
Room.  The documents may also be obtained from the website
maintained by the SEC at http://www.sec.gov,which contains  
reports and other information regarding registrants that file
electronically with the SEC.  Ultrapar has also filed certain
documents with the Comissao de Valores Mobiliarios, the
Brazilian securities commission, which are available on the
CVM's website at http://www.cvm.gov.br. In addition, documents  
(including any exhibits) filed with the SEC or CVM by Ultrapar
will be available free of charge from the Investor Relations
office of Ultrapar Participacoes S.A., located at Avenida
Brigadeiro Luis Antonio, 1343, 9 degree Andar Sao Paulo, SP,
Brazil 01317- 910, tel: 011-55-11-3177-6695.

                 About Ultrapar Participacoes

Ultrapar Participacoes S.A. (NYSE: UGP) (BOVESPA: UGPA4) is a
company with two main operations: LPG distribution (through its
fully-owned subsidiary Ultragaz Participacoes Ltda.) and
chemical production (through its also fully-owned subsidiary
Oxiteno S.A.). A third smaller but growing business is the
transportation and storage of chemicals and fuels, Ultracargo
Operacoes Logisticas e Participacoes Ltda., which completes
Ultrapar's business portfolio and reinforces the trend for
further business diversity in the long run.

                        *     *     *

In November 2005, Standard & Poor's Ratings Services assigned
its 'BB+' senior unsecured debt rating to the 10-year notes
issuance by LPG International Inc., a wholly owned subsidiary of
Ultrapar Participacoes S.A., in the amount of US$250 million.  
At the same time, the 'BB+' long-term corporate credit ratings
on Ultrapar, a Brazilian company with operations in liquefied
petroleum gas (LPG) distribution, chemical production, and
integrated logistics, were affirmed.  S&P said the outlook is
stable.


WEIGHT WATCHERS: Declares US$0.175 Per Share Quarterly Dividend
---------------------------------------------------------------
Weight Watchers International, Inc. Board of Directors has
declared its quarterly cash dividend of US$0.175 per share,
which corresponds to an annual dividend rate of US$0.70 per
share.  This quarterly dividend will be payable on
Jan. 11, 2008, to shareholders of record at the close of
business on Dec. 28, 2007.

Headquartered in New York City, Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/
-- provides weight management services, with a presence in 30
countries around the world, including Brazil, the Netherlands,
and New Zealand.  The company serves its customers through
Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2007, Weight Watchers International Inc.'s consolidated
balance sheet at June 30, 2007, showed US$1.04 billion in total
assets and US$2.04 billion in total liabilities, resulting in a
US$991,266 total stockholders' deficit.

In August 2001, Moody's Investor Services placed Weight Watchers
International Inc.'s long-term corporate family and bank loan
debt ratings at "Ba1".  These ratings hold to this date.


XERIUM TECH: Promotes Eduardo Fracasso as Pres. for LatAm Biz
-------------------------------------------------------------
Xerium Technologies Inc. has promoted Eduardo Fracasso to the
position of President for Xerium South America, effective
Jan. 1, 2008.  Mr. Fracasso has worked in the paper industry in
Brazil for more than 27 years, with most of that time spent with
Xerium and its predecessors.  He had been promoted to President
- Xerium Brazil in June of this year. Mr. Fracasso succeeds
Miguel Quinonez, the company's current President - Xerium South
America, who as announced in April 2007, is retiring from the
Company effective Dec. 31, 2007.

"I want to thank Miguel for more than 40 years of service to the
Company," said Thomas Gutierrez, Chief Executive Officer of
Xerium Technologies.  "He has played significant roles in
Xerium's successes over the years, most recently serving as the
leader of our South American operations during a time when we
have been expanding our manufacturing capability in that region.  
While Miguel will be greatly missed, we are fortunate to have
Eduardo, who has strong operational experience and the benefits
of Miguel's mentorship over the years, to step into his role."

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two  
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                        *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating; B1
     * Guaranteed senior secured term loan B; B1
     * Guaranteed senior secured revolving credit facility; B1


* BRAZIL: Petrobras To Invest in National Gas Output in Bolivia
---------------------------------------------------------------
Petroleo Brasileiro SA and YPFB, the Bolivian national oil
company, have signed a joint announcement in La Paz foreseeing
new investments to increase natural gas production in Bolivia.  
In collaboration with its partners, the company estimates it may
invest US$750 million to US$1 billion, depending on the results
achieved in new area exploration.

The document was signed during a ceremony held at the Quemado
Palace. Presidents Evo Morales, from Bolivia, and Luiz In cio
Lula da Silva, from Brazil, among other authorities, attended
the event.  The companies also signed an agreement for technical
human resource qualification for Bolivia's oil industry.  
General lines for joint exploration project execution were
defined in the Carohuaicho, Astillero, and Cedro areas, with the
possibility of the incorporation of a Semi-Public Corporation.

In a different agreement, Petrobras and YPFB defined an 18%
ceiling for the natural gas volume coming from the new projects
to be provided to the internal Bolivian market.

In the city of La Paz, on Dec. 17 2007, Petrobras and YPFB
agreed as follows:

   1. YPFB and Petrobras reached an agreement regarding the
      formula for the payment for the liquids contained in the
      natural gas Petrobras purchases via the GSA Agreement, for
      a value between US$100 million and US$180 million per
      year, pursuant to the Brasília Minutes dated Feb. 14 2007,
      which Petrobras agreed to pay as of May 2, 2007.  The
      exchange agreement goes into effect on this date.

   2. Aiming at boosting the natural gas production volumes, to
      supply both internal and external markets, Petrobras and
      its partners plan to invest US$750 million to US$1 billion
      in Bolivia, in the explotation of the fields in
      development and in exploring and exploting new areas, as
      per the normative and economic conditions that are
      currently in effect.

   3. YPFB's Reserved Area Mark Agreement with Regard to
      Hydrocarbons establishes the general lines for joint
      project execution in areas reserved in favor or YPFB,
      Carohuaicho, Astillero, and Cedro, setting forth the basic
      conditions for the signing of Study Agreements, to
      incorporating a possible Semi-Public corporation, for the
      signing of Exploration and Explotation Agreements and the
      resulting execution of the work in the mentioned areas.

   4. Mark Agreement on qualification: undertake human resource
      qualification activities, with the purpose of reinforcing
      the staffs of the Ministry of Hydrocarbons and Energy of
      and of YPFB in oil industry and corporate organization
      technique areas.  The qualification may be carried out in
      any one of Petrobras' human resource development
      facilities, such as the Petrobras University, in
      Brazil, the Gas & Hydrocarbons Business Excellence
      Institution (Inegas), in Bolivia, or other corporate
      centers."

                  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: Reports 1.8% Boost in Oil Production in November
----------------------------------------------------------
Petroleo Brasileiro SA's joint oil and natural gas production in
Brazil and abroad, in barrels of oil equivalent, in November
capped at 2,257,230 barrels per day, 1.2% more than in October.  
Only taking domestic fields into account, joint oil and natural
gas production was 2,036,660 boe/day, 2% above the October mark.

In November, with operations going online at two new platforms
(P-52, on the 28th, and the FPSO Cidade de Vitória, on the
15th), and with production being resumed at the three units that
were underwent scheduled maintenance in October, the average oil
production in Brazilian fields rose 1.8% compared to the
previous month, topping out at 1,760,598 barrels per day.  
Together, the two platforms that kicked production off in
November are capable of lifting 280,000 barrels per day.

Domestic field natural gas production was 43,890,000 cubic
meters per day, stable compared to the previous month.

The oil and natural gas volume, in barrels of oil equivalent,
coming from the eight countries where Petrobras has production
assets, reached 220,570 barrels per day in November, 5.6% less
than in October.  The company's exclusive oil production abroad
added up to 122,233 barrels per day, slightly below the October
mark, when 124,195 barrels were lifted per day.

                  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 Mulling Areas Near Tupi
-----------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a
filing with the Sao Paulo stock exchange Bovespa that it is
considering pre-salt areas near the Tupi discovery.

Petroleo Brasileiro commented to Business News Americas,
"There's no news on Tupi to be published at the moment."

According to BNamericas, UBS had disclosed earlier a pre-salt
area "that could eclipse Tupi in size," increasing the share
price of some oil firms with stakes in blocks near Tupi.

BNamericas states that these firms hold stakes in blocks
covering the area near Tupi:

          -- Petroleo Brasileiro,
          -- ExxonMobil,
          -- Amerada Hess,
          -- BG Group,
          -- Repsol YPF,
          -- Shell, and
          -- Petrogal.

                        *     *     *

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


ADARI IAM: Proofs of Claim Filing Is Until Today
------------------------------------------------
Adari IAM Limited's creditors are given until Dec. 19, 2007, 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.

Adari IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


BEAR STEARNS: Proofs of Claim Filing Deadline Is Today
------------------------------------------------------
Bear Stearns Global Alpha Master Fund Limited's creditors are
given until Dec. 19, 2007, to prove their claims to David A.K.
Walker and Lawrence Edwards, 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.

Bear Stearns' shareholder decided on Nov. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            David A.K. Walker
            Lawrence Edwards
            Attention: Jodi Jones
            PricewaterhouseCoopers
            Strathvale House, George Town
            P.O. Box 258, Grand Cayman
            Cayman Islands
            Telephone: (345) 914 8694
            Fax: (345) 945 4237


BEAR STEARNS: Four Law Firms File Investor Claims
-------------------------------------------------
A legal team of four law firms has filed investor claims against
two subsidiaries of Bear Stearns Companies, Inc. -- Bear Stearns
& Co., Inc. and Bear Stearns Securities Corp. -- over the recent
collapse of Bear Stearns High Grade Structured Credit Strategies
Enhanced Leverage (Overseas) Fund, which invested heavily in the
subprime mortgage market.

According to Joseph A. Giannone of Reuters, the arbitration
claims, which were filed with the Financial Industry Regulatory
Authority, assert that an "unidentified fund-of-funds manager"
invested US$1,000,000 in the Overseas Fund in March, when the
subprime mortgage market was already showing some signs of
strain.

The arbitration claims were filed by the law firms:

   * Maddox, Hargett & Caruso, P.C.,
   * Aidikoff, Uhl & Bakhtiari,
   * Page Perry, LLC, and
   * David P. Meyer & Associates Co., LPA.

"Bear Stearns did not properly disclose related party
transactions, the true nature of the risk of the illiquid
securities in the investment portfolio and failed to protect the
interests of their clients," Steven B. Caruso, Esq., at Maddox
Hargett & Caruso, P.C., in New York, said in a press release.

"Our investigation indicates that officials at Bear Stearns
engaged in a concerted effort to conceal the true state of
affairs at both of these hedge funds for an extended period of
time before they imploded," Mr. Caruso continued.

"Given Bear Stearns' dominance in the mortgage-backed securities
underwriting market, they knew or should have known how much
subprime exposure both of these hedge funds faced," Ryan
Bakhtiari, Esq., at Aidikoff, Uhl & Bakhtiari, in Beverly Hills,
California, stated.

"We're finding, in our investigation of these funds, that many
investors in these funds simply were unaware of what was being
held in their portfolios because it was not adequately
disclosed," Mr. Bakhtiari added.

According to the press release, the legal team pursuing the
arbitration claims includes:

   -- immediate past president and several current and former
      directors of the Public Investors Arbitration Bar
      Association;

   -- co-chairman of the American Bar Association Securities
      Arbitration Subcommittee;

   -- current chair and past members of the FINRA National
      Arbitration and Mediation Committee;

   -- a former general counsel of a national brokerage company;

   -- a former state securities commissioner; and

   -- a past member of the NASD Securities Arbitration Policy
      Task Force.

Reuters said that FINRA keeps the names of arbitration parties
confidential.  The legal team who filed the arbitration claims
declined to identify their clients.

Reuters added that Bear Stearns spokesman Russell Sherman
declined to comment, saying he had not seen the complaint.

                  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 GLOBAL: Proofs of Claim Filing Ends Today
------------------------------------------------------
Bear Stearns Global Alpha Fund Limited's creditors are given
until Dec. 19, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, 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.

Bear Stearns' shareholder decided on Nov. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            David A.K. Walker
            Lawrence Edwards
            Attention: Jodi Jones
            PricewaterhouseCoopers
            Strathvale House, George Town
            P.O. Box 258, Grand Cayman
            Cayman Islands
            Telephone: (345) 914 8694
            Fax: (345) 945 4237


CELEBRITY IAM: Last Day To File Proofs of Claim Is Today
--------------------------------------------------------
Celebrity IAM Limited's creditors are given until Dec. 19, 2007,
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.

Celebrity IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


COMITY IAM: Proofs of Claim Filing Ends Today
---------------------------------------------
Comity IAM Limited's creditors are given until Dec. 19, 2007, 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.

Comity IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


CORAL IAM: Proofs of Claim Filing Deadline Is Today
---------------------------------------------------
Coral IAM Limited's creditors are given until Dec. 19, 2007, 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.

Coral IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


DAHLIA IAM: Proofs of Claim Filing Is Until Today
-------------------------------------------------
Dahlia IAM Limited's creditors are given until Dec. 19, 2007, 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.

Dahlia IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


EDEN (IFI): Proofs of Claim Filing Is Until Today
-------------------------------------------------
Eden (IFI) Limited's creditors are given until Dec. 19, 2007, 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.

Eden (IFI)'s shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


GRANADA IAM: Proofs of Claim Filing Deadline Is Today
-----------------------------------------------------
Granada IAM Limited's creditors are given until Dec. 19, 2007,
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.

Granada IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


LAVENDER IAM: Last Day To File Proofs of Claim Is Today
-------------------------------------------------------
Lavender IAM Limited's creditors are given until Dec. 19, 2007,
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.

Lavender IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


MAGNOLIA IAM: Proofs of Claim Filing Is Until Today
---------------------------------------------------
Magnolia IAM Limited's creditors are given until Dec. 19, 2007,
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.

Magnolia IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


MERLIN IAM: Proofs of Claim Filing Ends Today
---------------------------------------------
Merlin IAM Limited's creditors are given until Dec. 19, 2007, 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.

Merlin IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


MIASMA IAM: Last Day To File Proofs of Claim Is Today
-----------------------------------------------------
Miasma IAM Limited's creditors are given until Dec. 19, 2007, 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.

Miasma IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


MORES IAM: Proofs of Claim Filing Deadline Is Today
---------------------------------------------------
Mores IAM Limited's creditors are given until Dec. 19, 2007, 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.

Mores IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


OASIS IAM: Last Day To File Proofs of Claim Is Today
----------------------------------------------------
Oasis IAM Limited's creditors are given until Dec. 19, 2007, 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.

Oasis IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


ORCHID IAM: Last Day To File Proofs of Claim Is Today
-----------------------------------------------------
Orchid IAM Limited's creditors are given until Dec. 19, 2007, 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.

Orchid IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


PANOPLY IAM: Last Day To File Proofs of Claim Is Today
------------------------------------------------------
Panoply IAM Limited's creditors are given until Dec. 19, 2007,
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.

Panoply IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


QUINCY IAM: Proofs of Claim Filing Deadline Is Today
----------------------------------------------------
Quincy IAM Limited's creditors are given until Dec. 19, 2007, 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.

Quincy IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


RUBY IAM: Proofs of Claim Filing Deadline Is Today
--------------------------------------------------
Ruby IAM Limited's creditors are given until Dec. 19, 2007, 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.

Ruby IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


SUNSTONE IAM: Proofs of Claim Filing Is Until Today
---------------------------------------------------
Sunstone IAM Limited's creditors are given until Dec. 19, 2007,
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.

Sunstone IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


TOPAZ IAM: Proofs of Claim Filing Deadline Is Today
---------------------------------------------------
Topaz IAM Limited's creditors are given until Dec. 19, 2007, 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.

Topaz IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


WISDOM IAM: Last Day To File Proofs of Claim Is Today
-----------------------------------------------------
Wisdom IAM Limited's creditors are given until Dec. 19, 2007, 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.

Wisdom IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920


ZODIAC IAM: Proofs of Claim Filing Deadline Is Today
----------------------------------------------------
Zodia IAM Limited's creditors are given until Dec. 19, 2007, 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.

Zodia IAM's shareholders agreed on Nov. 5, 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.
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Phone: (345)-949-5122
            Fax: (345)-949-7920




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


CONSTELLATION BRANDS: Closes Fortune Brands' Wine Business Sale
---------------------------------------------------------------
Constellation Brands Inc. has completed the acquisition of the
Fortune Brands, Inc. United States wine portfolio for a purchase
price of US$885 million.  Coupled with the sale earlier this
year of two wine brands to E. & J. Gallo Winery, Fortune Brands
has realized total consideration for its wine unit well in
excess of US$900 million.

"This acquisition is another significant step to expand our
excellent portfolio of fine wine in the fast-growing super-
premium and luxury segments of the U.S. market," stated
Constellation Brands president and chief executive officer, Rob
Sands.  "We are pleased that we have been able to take advantage
of this opportunity to strengthen our position as the premium
wine leader in the U.S. marketplace and improve our ability to
meet wine trade-up consumer trends."

"The sale of our wine business will help us drive shareholder
value in a couple of meaningful ways," said Norm Wesley,
chairman and chief executive officer of Fortune Brands.  "It
will help enhance the already high returns in our premium
spirits business, which is the segment that generates our
largest profit.  Naturally, it will also increase our financial
flexibility to focus resources on value-creating opportunities."

The wine brands in the transaction with Constellation -- which
include Clos du Bois, Geyser Peak, Wild Horse, Buena Vista
Carneros and Gary Farrell -- had sales in 2006 of 2.6 million 9-
liter cases and revenues of US$214 million including excise
taxes.  In addition to the wine brands, the transaction also
included the associated vineyards, winemaking assets and sales
organization.  The previous transaction with Gallo included the
William Hill and Canyon Road wine brands and related assets.

In connection with this acquisition, the company financed the
transaction using net proceeds from its Dec. 5, 2007, sale of
US$500 million 8 3/8% Senior Notes due 2014 together with
borrowings under the revolving portion of the company's senior
credit facility.  Constellation Brands is formulating an
integration plan for the acquired assets and will announce
details when the plan is finalized.

Fortune Brands was advised on the transaction by Citi and Credit
Suisse as financial advisors and Pillsbury Winthrop Shaw Pittman
as legal advisor.

                    About Fortune Brands

Headquartered in Deerfield, Illinois, Fortune Brands Inc. is a
leading consumer brands company with annual sales exceeding US$8
billion.  Its operating companies have premier brands and
leading market positions in spirits and wine, home and hardware
products, and golf equipment.  Beam Global Spirits & Wine, Inc.
is the company's spirits and wine business.  Major spirits
brands include Jim Beam and Maker's Mark bourbons, Sauza
tequila, Canadian Club whisky, Courvoisier cognac, DeKuyper
cordials, Starbucks(TM) liqueurs and Laphroaig single malt
Scotch.  Home and hardware brands include Moen faucets,
Aristokraft, Omega, Diamond and Kitchen Craft cabinetry, Therma-
Tru door systems, Simonton windows, Master Lock padlocks and
Waterloo tool storage sold by units of Fortune Brands Home &
Hardware LLC.  Acushnet Company's golf brands include Titleist,
Cobra and FootJoy.  The company is traded on the New York Stock
Exchange under the ticker symbol FO and is
included in the S&P 500 Index, the MSCI World Index and the
Ocean Tomo 300(TM) Patent Index.

                 About Constellation Brands

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

                        *     *     *

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


TECH DATA: Teams w/ XO Comms To Deliver IP Services to Resellers
----------------------------------------------------------------
XO Communications and Tech Data Corporation have announced a
strategic partnership to offer technology resellers advanced IP
services and solutions for small and medium-sized businesses.

Under the terms of the agreement, Tech Data will offer resellers
and systems integrators XO's converged IP voice and data
services, leveraging industry-leading networking technologies
from Cisco.  XO Communications will benefit from Tech Data's
extensive marketing resources and nationwide reseller base to
further expand the sales of XO Communications' services among
SMB resellers.

The partnership gives Tech Data Cisco Express, Advanced, and
Master Unified Communications Specialized partners the ability
to resell XO Communications' portfolio of IP services, including
XO SIP, which delivers converged voice and data services to
businesses with IP-PBX systems over a single, high-speed
connection.  Tech Data resellers will be able to offer a bundled
solution combining XO SIP Service with Cisco Unified
Communications solutions to deliver a cost-effective, feature-
rich IP communications system.

"This is a major agreement for the XO Business Partner Channel
as it brings together Tech Data's nationwide network of
resellers with XO's leading IP services capabilities and
nationwide network reach," said XO Communications' Business
Partner Program director, Tom Gorey.  "Tech Data will help us
reach an even larger number of resellers with our industry-
leading IP solutions and address their customers' needs for
converged IP solutions."

"Tech Data provides Cisco resellers with an extensive array of
dedicated sales, technical, marketing and product management
support to help them profitably capitalize on the demand for the
latest networking and communications solutions," said Tech Data
Networking Product Marketing vice president, Chuck Bartlett.  
"The addition of XO Communications enables our customers to grow
their revenue and enhance the value they provide end users by
bundling Cisco-based solutions with reliable, enterprise-class
IP voice and data services."

"Enabling resellers to more profitably deliver Unified
Communications is important to Cisco," said Cisco Senior
Director of Unified Communications Solutions for Worldwide
Channels, Richard McLeod.  "The combination of Tech Data's
exceptional support and XO's powerful converged IP services give
channel partners a level of services and support that can help
them to capitalize on new revenue opportunities."

                            XO SIP

XO SIP delivers converged voice and data services to businesses
with IP-PBX systems over a single, high-speed connection.  Using
a single Session Initiation Protocol (SIP)-based facility to
manage all traffic between the IP-PBX system, the XO IP network,
and the Public Switched Telephone Network, XO SIP provides
greater efficiencies by eliminating the need for businesses to
maintain multiple access facilities for each service and
eliminates the need for bandwidth-consuming protocol
conversions, thereby, simplifying the overall deployment and
management of customers' enterprise IP telephony services.

                    About XO Communications

XO Communications -- http://www.xo.com-- a subsidiary of XO  
Holdings, Inc. (OTC Bulltin Board: XOHO), is a leading provider
of 21st century communications services for businesses and
communications services providers, including 50 percent of the
Fortune 500 and leading cable companies, carriers, content
providers, and mobile operators. Utilizing its unique and
powerful nationwide IP network and extensive local metro
networks and broadband wireless facilities, XO offers customers
a broad range of managed voice, data and IP services in 75
metropolitan markets across the United States.

                       About Tech Data

Founded in 1974, Tech Data Corporation (NASDAQ GS: TECD) --
http://www.techdata.com/-- distributes IT products, with more  
than 90,000 customers in over 100 countries.  The company's
business model enables technology solution providers,
manufacturers and publishers to cost-effectively sell to and
support end users ranging from small-to-midsize businesses to
large enterprises.  Tech Data is ranked 107th on the FORTUNE
500(R).  The company and its subsidiaries operate centers in
Latin America, including Brazil and Chile.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec 4, 2007, Moody's Investors Service has affirmed Tech Data
Corporation's existing ratings and changed the outlook to stable
from negative.  Moody's also assigned a speculative grade
liquidity rating of SGL-1.

Moody's has affirmed these ratings:

  -- Corporate Family Rating -- Ba1

  -- Probability of Default Rating -- Ba1

  -- US$350 Million Convertible Senior Unsecured Notes due 2026
     -- Ba2 (LGD-6, 94%)

This rating was assigned:

  -- Speculative Grade Liquidity Rating - SGL-1




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


QUEBECOR WORLD: Aborts US$341-Mil. Sale of Euro Assets to RSDB
--------------------------------------------------------------
Quebecor World Inc. will not be proceeding with the sale of its
European business to RSDB NV due to the lack of support of the
transaction from RSDB's shareholders.

In November 2007, Quebecor World and RSDB NV have signed a
definitive share purchase agreement and implementation agreement
to sell/merge Quebecor World's European operations to RSDB
Group.  RSDB will buy Quebecor World's European operations and
Quebecor World will retain a 29.9% interest in the merged entity
that will be named "Roto Smeets Quebecor" and will be listed on
Euronext Amsterdam.

Under the terms of the share purchase agreement and
implementation agreement, RSDB will deliver to Quebecor World,
at closing, cash, a note and shares valued in the aggregate at
approximately EUR240 million or US$341 million, subject to
certain post-closing adjustments.

More specifically, the consideration payable to Quebecor World
will be comprised of approximately EUR150 million or US$213
million in cash, a EUR35 million or US$50 million note, and 1.4
million shares in RSQ representing approximately 29.9% of the
issued and outstanding shares of the combined business post-
closing.

The share purchase and implementation agreement was agreed to by
both RSDB's management and supervisory boards but was
conditional upon the approval of RSDB's shareholders.

Notwithstanding the outcome of the RSDB's shareholders vote,
Quebecor World believes that the overall terms of the
transaction represented fair value for all affected
stakeholders.

The company will explore its strategic options for its European
operations, including consolidation opportunities and other
initiatives to enhance value.

'While we believed this transaction represented an important
consolidation opportunity for the European industry, our
European business remains a leader, with one of the most
extensive and technologically advanced pan-European platforms,"
Wes Lucas, president and CEO Quebecor World, said.  "Our
customers will continue to receive top quality, on-time products
and services each and every day as we are fortunate to have some
of the most skilled and dedicated people in the industry."

The company is evaluating and implementing a variety of options
that should compensate for the sale proceeds that will no longer
be realized as a result of this transaction not proceeding,
including the implementation of new accounts receivable
financing programs in Europe.

Moreover, Quebecor World's management and board of directors,
together with its independent financial advisor, explore and
evaluate financing and other alternatives to further strengthen
the company's balance sheet and liquidity.  While recent
external market conditions have been challenging, the company's
completed retooling and turn-around plan are generating
improvements and have contributed to ensuring the company's
continued positive operating cash flow.

                   About Quebecor World Inc.  

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--  
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2007, Standard & Poor's Ratings Services lowered its
preferred stock rating on Quebecor World Inc. two notches to 'C'
from 'CCC-'.  The company's other ratings, including the 'B-'
long-term corporate credit rating, remain unchanged.  All
ratings are on CreditWatch with negative implications, where
they were initially placed Aug. 9, 2007.




=======
C U B A
=======


* CUBA: Launching Camilo Cienfuegos Plant on Dec. 21
----------------------------------------------------
The Cuban news agency ACN reports that state-run oil firm Cupet
will launch the Camilo Cienfuegos oil plant on Dec. 21, 2007.

According to ACN, Camilo Cienfuegos underwent an US$83-million
upgrade.

Business News Americas relates that Cupet and Venezuelan
counterpart Petroleos de Venezuela formed joint venture PDV-
Cupet in 2006 to carry out the overhaul project to reactivate
the plant.  The revamp was conducted under Venezuelan President
Hugo Chavez's Bolivarian Alternative for the Americas plan,
which was "designed to help integrate the region's energy
sectors."

BNamericas notes that Camilo Cienfuegos will process some 65,000
barrels per day.  

RP News Wires relates that investment for the plant would total
US$83 million.  The plant will produce:

          -- 15,000 barrels per day of gasoline,
          -- 14,000 barrels per day of diesel fuel,
          -- 7,000 barrels per day of jet fuel, and
          -- 1,000 barrels per day of liquid petroleum gas.

According to RP News, Camilo Cienfuegos' steel floating roof
tanks were replaced for aluminum fixed roof storage tanks,
extending five-year maintenance work to 10 years.  The refiner's
processing capacity will total 108,000 barrels per day once the
second phase is completed.  The plant's reactivation will help
cover Cuba's domestic gasoline demand.  Cuba produces about
70,000 barrels per day of high sulfur crude oil.

Cuba would also export over 9,000 barrels per day of what Camilo
Cienfuegos will produce, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


LAND O'LAKES: Posts US$2.8-Mln Net Loss in Third Quarter of 2007
----------------------------------------------------------------
Land O'Lakes, Inc. reported its third-quarter and year-to-date
financial results.

For the third quarter, Land O'Lakes reported US$2.1 billion in
sales and a net loss of US$2.8 million, compared to US$1.5
billion in sales and a net loss of US$16.7 million in 2006.

Year-to-date sales are US$6.3 billion with net earnings of
US$156.6 million, compared to sales of US$5.2 billion and net
earnings of US$44.2 million in the first nine months of 2006.  

"We've seen solid performance over the first three quarters of
the year, with strong markets, particularly in dairy and eggs,
helping to boost dollar sales and earnings," Land O'Lakes
President and Chief Executive Officer Chris Policinski said.  
"Higher prices have dampened volumes and we don't expect the
fourth quarter to be without its challenges.  However, our
results year to date, the positive momentum we have generated
and our ongoing commitment to cost control, brand strength,
targeted marketing and strategic portfolio management put us in
a very good position to meet any challenges which may emerge."

Total balance sheet debt, including capital leases, was
US$960 million at the end of the quarter, compared to US$770
million as of Sept. 30, 2006.  Company officials indicated the
increased debt was primarily due to higher working capital
requirements, as the company builds inventory and receivables at
higher price levels, plus cash requirements related to the
September acquisition of Agriliance LLC's crop protection
products business.

The company improved its Long-Term-Debt to Capital ratio, which
is at 36.8% as of Sept. 30, 2007, compared to 40.5%
Sept. 30, 2006.  Liquidity, defined as cash on hand plus unused
capacity on short term debt facilities, was US$270 million at
Sept. 30, 2007, versus US$340 million one year ago.

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$3.3 billion and total liabilities of US$2.3
billion, resulting in a stockholders' deficit of US$1.0 billion.  
Equity at Dec. 31, 2006, was US$944.5 million.

                      About Land O'Lakes

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2007, Standard & Poor's Ratings Services raised its
corporate credit and other ratings on privately owned marketing
and supply cooperative Land O'Lakes Inc.  The corporate credit
rating is now 'BB'.  S&P said the outlook is stable.




=========
H A I T I
=========


DYNCORP INT'L: Bags Airlift Wing Support Contract for US$357.9MM
----------------------------------------------------------------
DynCorp International Inc. has been awarded an additional option
year by the USAF 89th Airlift Wing to support the Presidential
Airlift Fleet.  The contract -- originally worth US$280 million
-- is now valued at US$357.9 million.

The DynCorp International team received a 7th consecutive
"Excellent" evaluation by the Award Determining Board, resulting
in the award of the option through September 2010.  DI employs
500 people at Andrews Air Force Base to support this effort.

                       About Dyncorp.

DynCorp International Inc. -- http://www.dyn-intl.com/-- (NYSE:  
DCP) through its operating company DynCorp International LLC, is
a provider of specialized mission-critical technical services,
mostly to civilian and military government agencies.  It
operates major programs in law enforcement training and support,
security services, base operations, aviation services and
operations, and logistics support worldwide.  Headquartered in
Falls Church, Virginia, DynCorp International LLC has
approximately 14,600 employees worldwide including Haiti.

                        *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.




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


AIR JAMAICA: Gov't Inks Direct Air Travel Pact with Brazil
----------------------------------------------------------
The Jamaica Information Service reports that the Jamaican
government has entered into a bilateral accord with Brazil to
facilitate direct air services between the two nations.

Jamaican Transport & Works Minister Michael Henry told the
Jamaica Information that in negotiating the agreement, the
government sought to protect Air Jamaica by making sure that
it's not rendered "vulnerable to the vicissitudes of asymmetric
competition."

The Jamaica Information notes that Minister Henry -- deputizing
for Foreign Affairs & Foreign Trade Minister Ken Baugh -- and
outgoing Brazilian Ambassador to Jamaica Cezar Augusto De Souza
Lima Amaral signed the air travel pact at the Jamaican Foreign
Affairs Ministry.  The signing was the culmination of talks on a
draft of the Brazil-Jamaica accord that ended in August 2006.

According to the Jamaica Information, the accord has been
implemented and it covers that facilitation of commercial
passenger and cargo flights.  It allows code-sharing alliances
among designated airlines in Jamaica and Brazil.  "Jamaica's
potential as an alternative gateway for connecting service
between North and South America will be explored."

Minister Henry told the Jamaica Information that the accord
will:

          -- promote fair competition among airlines,

          -- prevent discrimination and abuse of dominant
             positions,

          -- bring air transport safety and security features in
             line with international standards,

          -- let airlines operate combination and all-cargo
             services on specified routes, and

          -- open up opportunities for cultural and intellectual
             rights with greater collaborations, boosting
             tourism and investment possibilities.

Minister Henry commented to the Jamaica Information, "In an
increasingly globalized world, the government recognizes that
the air transport sector is important for economic growth and
development but it must be complemented by a multi-modal
approach to the movement of people, goods, and services."  

"Logistics pertaining to destinations and routes, and frequency
of flights" will be analyzed and worked out by designated
airlines in Jamaica and Brazil, the Jamaica Information says,
citing Minister Henry.

"Jamaica is a very important tourist destination (and) it is a
very important product for sale in North America (and) Europe,
but it could also be, in South America.  I hope that this
agreement will make it possible for more people from Brazil and
South America to come to Jamaica," Mr. Amaral told the Jamaica
Information.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in
1994.  The Jamaican government does not plan to on Air Jamaica
permanently.

                        *     *     *

On July 21, 2006, Standard & Poor's Rating Services assigned B
long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, is based on the government's
unconditional guarantee of both principal and interest payments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.


NATIONAL WATER: Temporarily Averts Legal Action from Regulator
--------------------------------------------------------------
The National Water Commission has temporarily averted legal
action from Jamaica's Office of Utilities Regulation over its
failure to pay outstanding regulatory fees, Radio Jamaica
reports.

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, the Office of Utilities Regulation may sue the
National Water for failing to pay over J$38 million in fees.  
The Office of Utilities served the National Water with a
compliance order for the outstanding sum.  

The ordered had had expired last Friday, RJR News relates,
citing the Office of Utilities' consumer and public affairs
director David Geddes.  The utility presented a new payment
schedule offer.

Mr. Geddes told Radio Jamaica that the initial offer was
unacceptable.  The National Water must present a revised offer.  
The Office of Utilities would analyze the new offer during its
next meeting set for this week.

Mr. Geddes commented to Radio Jamaica, "When the NWC [National
Water] responds to what we said to them then that response will
go before the office at its regulatory meeting and a decision
will be made if it can be accepted or not.  We are mindful that
NWC is having some financial difficulties but the issue at hand
is that if we accept a payment plan from them and they do not
keep to that then there would be some serious legal consequences
flowing from that."

Under the Office of Utilities Regulation Act, any utility that
fails to comply with its directives is liable for prosecution
and a fine of not over J$2 million, Radio Jamaica states.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.


SUGAR COMPANY: Frome Factory Remains Closed
-------------------------------------------
The Sugar Company's Frome factory has not begun production,
Radio Jamaica reports, citing the Jamaican agriculture ministry.

The Sugar Company's operations vice president Aston Smith told
Radio Jamaica that Frome is being refurbished and is not yet
ready to start up.  The factory hasn't yet received the
equipment it needs.

Mr. Smith commented to Radio Jamaica, "This year we were doing
major upgrade of the physical factory involving the importation
of some equipment from overseas also the refurbishing of some
equipment.  We were promised a delivery date but there are some
items we would have wanted before now as we speak, some are not
readily available so that has set back the factory
preparedness."

Without the renovation problems, adverse weather conditions
would have still affected the start of "season" on
Dec. 26, 2007, Radio Jamaica says, citing Mr. Smith.

"If you recall there has been a dramatic turn in the weather
pattern and October has been the wettest in 60 years.  Now too
much water is not good for cane.  What has happened is that the
quality has been adversely affected also most of the cane fields
are still extremely wet so it is extremely difficult to harvest
the cane at this time both from the perspective of the ground
conditions, which is excessively wet and secondly the cane
quality is not as good as one would desire at this time," Mr.
Smith commented to Radio Jamaica.

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




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


ADVANCED MICRO: Goodwill Recorded After ATI Buy Likely Impaired
---------------------------------------------------------------
Advanced Micro Devices, Inc., disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission, that the
current carrying value of its goodwill which the company had
recorded as a result of its October 2006 acquisition of ATI
Technologies Inc. was impaired.  The company relates that this
conclusion was reached based on the results of an updated long-
term financial outlook for the businesses of the former ATI as
part of AMD's strategic planning cycle conducted annually during
the company's fourth quarter and based on the preliminary
findings of the company's annual goodwill impairment testing
that commenced in the beginning of October 2007.

Goodwill represents the excess of the purchase price over the
fair value of net tangible and identifiable intangible assets
acquired.  All of AMD's goodwill and acquisition-related
intangible assets outstanding as of Sept. 29, 2007 were related
to its acquisition of ATI.  

The company expects that the impairment charge will be material,
but the company has determined that, as of the time of this
filing, it is unable in good faith to make a determination of an
estimate of the amount or range of amounts of the impairment
charge.

Results for the third quarter of 2007 included ATI acquisition-
related charges of US$76 million, an impairment charge on AMD's
investment in Spansion Inc.'s common stock of US$42 million,
stock-based compensation expense of US$27 million and a tax
expense of US$27 million primarily due to the need for a
deferred tax liability related to the large tax deductions AMD
received for the amortization of goodwill from the acquisition
of ATI, which is not amortized through earnings for financial
reporting purposes, and for foreign current taxes.

AMD's cash, cash equivalents and marketable securities as of
Sept. 29, 2007 were US$1.5 billion, a decrease of US$66 million
compared to June 30, 2007 due to the repayment of its October
2006 Term Loan, offset by positive cash flows from operations of
US$223 million, net proceeds from the issuance of its 5.75%
Convertible Senior Notes due 2012 and the inclusion of the fair
market value of AMD's ownership interest in Spansion Inc. of
US$119 million in its marketable securities balance.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and    
manufactures microprocessors and other semiconductor products.  
The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's $1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of $1.5 billion 5.75%
convertible senior notes due 2012.  Fitch also affirmed the
company's Issuer Default Rating at 'B'; and Senior unsecured
debt at 'CCC+/RR6'.


CINRAM INT'L: Unit Implements Internal Debt Restructuring
---------------------------------------------------------
Cinram International Income Fund has implemented changes to its
internal debt structure to address the tax consequences to
taxable United States unitholders, which would have otherwise
resulted from the Fund's suspension of distributions.

                        Background

On Nov. 5, 2007, Cinram International announced the Fund's
intention to suspend all distribution payments following the
distribution for the month of December 2007.  A distribution of
CAD0.1625 (previously CAD0.2708) per unit was declared for
November and December 2007 to help address the potentially
adverse tax consequences to U.S. unitholders of the suspension
of distributions.

The Fund's distributions to unitholders are funded in part
through interest payments made on an inter-company note.  For
U.S. federal income tax purposes, the Fund's unitholders are
treated as the beneficial owners of this inter-company debt.  To
the extent that the Fund does not distribute cash equal to the
amount of the interest income, any shortfall is treated as
imputed income to unitholders for U.S. federal income tax
purposes.  By maintaining a reduced distribution of CAD0.1625
for November and December, management estimates that sufficient
cash will be distributed to avoid any imputation of income to
U.S. unitholders under U.S. federal income tax principles for
which there is no corresponding distribution of cash.

                   Internal Reorganization

To eliminate imputed income, on a going forward basis, for
unitholders subject to U.S. federal income tax, the Fund is
executing an internal reorganization by way of a series of
inter-company transfers.  The initial inter-company transfer was
completed as of Dec. 14, 2007, and the balance of the transfers
will occur by year end.  The reorganization will result in
minimal cash tax leakage and a loss of tax basis which may
result in future capital gains; however, it should not have a
material impact on the Fund's 2007 and 2008 free cash flow
projections.

               Information for U.S. Unitholders

We recommend that unitholders subject to U.S. federal income tax
consult with their tax advisors to determine if they are
required to file an information return on Internal Revenue
Service Form 926 reporting the transfer of Cinram International
LLC to Cinram International Inc., one of the inter-company
transfers.  Additional information concerning tax matters and
reporting relating to the reorganization is available in the
investor relations section of Cinram's website at
http://investors.cinram.com/.

                        About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world.  The company has sales offices in Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Standard & Poor's Ratings Services has placed its
'BB-' long-term corporate credit and bank loan ratings on Cinram
International Inc., a wholly owned indirect subsidiary of Cinram
International Income Fund, on CreditWatch with negative
implications.  The '4' bank loan recovery rating remains
unchanged.


COMPLETE RETREATS: Court Confirms Joint Plan of Liquidation
-----------------------------------------------------------
The Honorable Alan H.W. Shiff of the U.S. Bankruptcy Court for
the District of Connecticut confirmed Complete Retreats LLC and
its debtor-affiliates' First Amended Joint Plan of Liquidation.

             Majority of Creditors Accept Plan

The Debtors, according to information provided by their
balloting agent, certified that sufficient acceptances have been
received.  

The number of eligible voters in Class 3 total 1,815.  
Approximately 199 creditors with claims totaling US$48,992,868
submitted ballots.  Approximately 176 holders of Class 3 claims
voted to accept the Plan, representing US$44,631,242 in claims.  
Approximately 23 holders of Class 3 claims voted to reject the
Plan, representing US$4,361,626 in claims.  Thus, approximately
90% in number and 89% in amount of Claims in Class 3 of the Plan
that voted on the Plan voted to accept the Plan.

Of the 81 eligible voters in Class 4, about 21 creditors
representing US$14,826 submitted ballots.  Approximately 18
holders of Class 4 claims voted to accept the Plan, representing
US$13,930 in claims; while three holders of Class 4 claims
rejected the Plan, representing US$895 in claims.  Thus,
approximately 86% in number and 94% in amount of Claims in Class
4 of the Plan that voted on the Plan voted to accept the Plan.

Holders of claims in Class 1 and Class 2 are unimpaired and are
deemed to accept the Plan.  Holders of interests in Class 5
receive nothing under the plan and are deemed to reject the
Plan.

                    Objections Resolved

According to the Debtors, the only objection to the Plan came
from Jeffrey Gram, Private Island Management Limited, and Casa
Olita Limited.  The Debtors believe that this objection has been
resolved and will be withdrawn, and no other objections to the
Plan were timely filed.

             Revised Liquidating Trust Agreement

On Nov. 20, 2007, the Debtors delivered to the Court a revised
Liquidating Trust Agreement.  Non-material changes were made to
the draft.   

A full-text copy of the Revised Liquidating Trust Agreement is
available for free at:

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

With respect to the payment and treatment of outstanding
professional fees, the Debtors disclosed, among others, that:

   -- they owe Bingham McCutchen LLP, Dechert LLP, Kramer
      Capital Partners LP, and XRoads Solutions Group LLC US$4.8
      Million for incurred and unpaid fees and expenses for
      services rendered as of Sept. 30, 2007, which sum includes
      "holdbacks" of approximately US$300,000; and

   -- the Estate Professionals each agree to take a note payable
      for their portions of the remaining approximately US$4.8
      million of professional fees and expenses.  The Note will
      be secured by a first-priority security interest in and
      lien against all of the assets transferred to the
      Liquidating Trust under the Plan.  The Note will bear
      interest at 4% per annum and will mature on June 30, 2008.

                        Modified Plan

As reported in the Troubled Company Reporter on Sept. 5, 2007,
the Court approved the disclosure statement explaining the
Debtors' Plan holding that the Modified Disclosure Statement
contained adequate information within the meaning of Section
1125 of the Bankruptcy Code.

The Modified Plan dated Aug. 30, 2007, is predicated upon
substantive consolidation of (i) the Debtors' estates, (ii) DR
Umbria, Ltd., a non-debtor Northern Irish limited company, which
is indirectly wholly owned by Complete Retreats, and (iii)
Retreats Europe, Ltd., a non-debtor United Kingdom limited
company, which is wholly owned by Preferred Retreats.

Substantive consolidation results in, among other things, (i)
pooling the assets of, and claims against, the consolidated
entities, (ii) satisfying liabilities from a common fund, (iii)
eliminating intercompany claims, and (iv) combining the
creditors of the consolidated entities for purposes of voting on
a plan.

Holders of Class 3 General Unsecured Claims will receive less
under the Modified Plan:

  (a) between 0 and 2% -- instead of 4.9% -- for former members
      or vendors who declined Ultimate Resort LLC's membership
      offer in the Ultimate Destination Club, and other general
      unsecured creditors; and

  (b) between 0 and 0.6% -- instead of 1.7% -- for Accepting
      Offerees.

Ultimate acquired substantially all of the Debtors' assets in
2006 for US$98,000,000 cash.

Roughly 645 of the Offerees with claims aggregating
approximately US$220,000,000 accepted New Membership Contracts
with Ultimate., including eight of the 11 members of the
Official Committee of Unsecured Creditors in the Debtors' cases.

More than 230 Former Members and General Unsecured Creditors
that were offered New Membership Contracts declined Ultimate's
offer, and their aggregate Claims are roughly US$130,000,000.

Accepting Offerees lose their bargained-for, contractual right
under their Membership Agreements with the Debtors to redeem the
amount of their deposit from the Debtors.

Under the Modified Plan, the Debtors estimate having roughly
US$400,000 of cash on hand on the Plan Effective Date.  The
Debtors anticipate that the sale of any remaining Assets should
generate between US$588,000 and US$6,500,000 in proceeds after
payment of any and all Allowed Convenience Class Claims, Allowed
Administrative Expense Claims, Allowed Priority Tax Claims,
Allowed Priority Non-Tax Claims, and Allowed Other Secured
Claims and without taking into account any potential proceeds
from a lawsuit relating to Private Retreats Belize, LLC's
prepetition sale transaction with Jeffrey Gram and Private
Island Management Limited, or any other Causes of Action or from
any insurance policies of the Debtors.

The Debtors could not estimate what the potential recoveries may
be on Causes of Action that may be pursued by the Liquidating
Trustee appointed under the Plan.

                 About Complete Retreats

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 181 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Wants Plan Confirmation Hearing Moved Next Year
----------------------------------------------------------------
Following its request to postpone by six days to Dec. 17, 2007,
the confirmation hearing on its Joint Plan of Reorganization to
extend its marketing period for its US$425 million exit
financing, DURA Automotive Systems, Inc., and its debtor-
affiliates have again requested another postponement for a
hearing.

As reported in the Troubled Company Reporter on Dec. 13, 2007,
the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware had agreed to postpone the Debtor's
plan confirmation hearing to Dec. 17, 2007, at 9:30 a.m.

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

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

The TCR reported on Nov. 29, 2007, that Judge Carey had canceled
the confirmation hearing scheduled for Dec. 6, saying that there
was no point moving forward with the hearing until Dura obtains
the necessary exit financing.
        
On behalf of DURA, Daniel J. DeFranceschi, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, said in a notice  
dated Dec. 14, 2007, that the confirmation hearing "has been
continued to a date to be determined."
        
DURA has released a statement saying that it has elected to
postpone its exit financing process in light of abnormally
challenging credit market conditions and has asked Judge Carey
to schedule the confirmation hearing to 2008.

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

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

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

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


DURA AUTO: Subprime Lending Mess Blamed for Lack of Funding
-----------------------------------------------------------
DURA Automotive Systems Inc.'s failure to obtain its
contemplated US$425 million exit financing is yet another
example of how the subprime mortgage crisis has made it tougher
for companies to attract loans. Banks have become more
conservative in their lending after losing billions in the risky
mortgage market," the Detroit Free Press reports.
        
"There's just not a lot of confidence right now," Van Conway,
president of Birmingham-based turnaround firm Conway MacKenzie &
Dunleavy, told the Detroit Free Press.  "People are concerned
that there's more to come."
        
At a hearing on Dec. 13, 2007, on behalf of Dura, Roger J.
Higgins, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
told the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware, it's "too early" to abandon the
effort to find the US$425 million in loans needed to fund the
company's Chapter 11 plan in its current form, the Associated
Press reports.
        
"This is obviously an adverse development, but no one is pushing
the panic button yet," said Evan Flaschen of Bracewell &
Giuliani, attorney for the Second Lien Group, an informal group
of senior bondholders, according to the AP report.  "It's time
for calm heads to sit at the table and decide what makes sense
going forward."
        
Troy, Michigan-based auto-parts supplier Delphi Corp. has also
delayed to the first quarter of 2008 its scheduled emergence
from Chapter 11 protection following difficulties in obtaining
financial backing for its US$6.8 billion exit plan.  The loan
has already been reduced by US$2 billion from the original
amount Delphi had sought to borrow.  The financing is being
arranged by JPMorgan Securities Inc., JPMorgan Chase Bank, N.A.
              
Dana said that it has obtained fully underwritten commitments
for a US$2 billion exit financing facility.  Citigroup Global
Markets, Lehman Brothers Inc., and Barclays Capital have agreed
to underwrite the financing.  Dana expects to exit Chapter 11 by
January of 2008.
        
Goldman Sachs Credit Partners, L.P., and Barclays Capital, the
investment banking division of Barclays Bank, PLC, have offered
to arrange and syndicate DURA's exit loan.

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

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

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

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


DURA AUTO: Defers Exit Financing Process Due to Market Riff
-----------------------------------------------------------
DURA Automotive Systems, Inc. has elected to postpone its exit
financing process in light of abnormally challenging credit
market conditions.  As a consequence, the company has requested
the U.S. Bankruptcy Court for the District of Delaware continue
its confirmation hearing to early next year.
        
"The credit markets have continued to move against us these
past few weeks and the financing terms available in this market
are not acceptable to the company," Larry Denton, Chairman
and Chief Executive Officer, said.  "While the delay in exiting
bankruptcy is regrettable, we are intent on achieving the most
favorable financing terms possible so that DURA emerges from
Chapter 11 with a significantly strengthened balance sheet to
support its enhanced competitive position."
        
DURA will evaluate its financing strategy early in 2008, with a
plan for emergence as soon as practicable.

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

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

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

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


EPICOR SOFTWARE: Moody's Says NSB Buyout Won't Affect Rating
------------------------------------------------------------
Moody's Investors Service does not expect Epicor Software
Corporation's announced agreement to acquire NSB Retail Systems
PLC for approximately GBP160 million to impact the company's B1
corporate family rating or stable outlook.

As mentioned previously, the company's ratings reflect an
expectation of measured acquisition activity as the company
looks for opportunities to expand its market share within
specific industry verticals.  Although the proposed NSB Retail
acquisition will increase debt levels, pro forma leverage is
expected to remain at or below 4.0.  Additionally, the
combination of NSB Retail with Epicor's CRS retail product suite
is expected to enhance Epicor Software's retail ERP market
position.  Moody's expects to analyze the company's new capital
structure and integration plans as details become available.

Headquartered in Irvine, California, Epicor Software Corporation
-- http://www.epicor.com/www/-- is a provider of enterprise  
resource planning, customer relationship management, and supply
chain management software and solutions to mid-market companies
worldwide.  Epicor Software has worldwide locations in China,  
Australia, Canada, Germany, Hong Kong, Indonesia, Italy, Japan,
Korea, Malaysia, Mexico, Singapore, Taiwan, and the United
Kingdom, among others.


GRUPO MEXICO: Mexican Court Allows Cananea Protests To Continue
---------------------------------------------------------------
Protesters at Grupo Mexico SA, de C.V.'s Cananea mine received
authorization from a Mexican court to continue their
demonstrations, the national mining-metalworkers union STMMRM
said in a statement.

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Grupo Mexico, at the labor ministry's order,
negotiated with the STMMRM union to try to end a four-month
impasse which has kept operations paralyzed at the firm's
Cananea copper mine, San Martin zinc mine and Taxco silver-lead-
zinc mine.  Grupo Mexico however failed to reach any agreement
with STMMRM.  Union spokesperson Carlos Pavon Campos said the
protests against Grupo Mexico would continue.  The union
demanded, among other things, the enhancement of safety
precautions in the mines as about 65 miners were killed in an
explosion at a Grupo Mexico coal mine last year.  Union leaders
claimed that Grupo Mexico refused to consider its
recommendations for the safety of workers at Cananea.  Grupo
Mexico alleged that the purpose of the union's protest was to
clear the name of their boss Napoleon Gomez, who escaped to
Canada in 2006 when arrest warrants for corruption charges were
issued against him.  The union denied the allegation.

BNamericas notes Grupo Mexico had wanted the court to rule that
the strike was illegal.

Reuters relates that the labor ministry had previously declared
the protest illegal.  According to the World Socialist Website,
the union had filed an appeal on that decision.

The World Socialist notes that Grupo Mexico would have been
allowed to dismiss the protesting workers had the labor
ministry's order been sustained by the court.

A Grupo Mexico communications officer commented to Business News
Americas, "The legal team is looking over the situation now to
see if we can somehow appeal this."

Grupo Mexico admitted to BNamericas that it is losing about
US$3.6 million per day in sales revenue due to the Cananea
protest.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook is stable.


HOST HOTELS: Board Declares Quarterly and Special Dividends
-----------------------------------------------------------
Host Hotels & Resorts, Inc. Board of Directors has authorized a
regular quarterly cash dividend of US$0.20 per share on the
company's common stock and a special dividend of US$0.20 per
share.  The combined dividend of US$0.40 per share is payable on
Jan. 15, 2008, to stockholders of record on Dec. 31, 2007.  As
previously announced, the company intends to pay a regular
quarterly common dividend of US$0.20 per share and a special
dividend in the fourth quarter, the amount of which varies
depending on the company's taxable income.  The 2007 special
common stock dividend of US$0.20 per share, combined with the
four regular quarterly 2007 common stock dividends of US$0.20
per share result in a full year 2007 common stock dividend of
US$1.00 per share, an increase of over 31% over the 2006 common
dividend.

The company also declared a cash dividend of US$0.5546875 per
share on its Class E cumulative redeemable preferred stock for
the fourth quarter of 2007.  The preferred dividend is payable
on Jan. 15, 2008, to stockholders of record on Dec. 31, 2007.

                 About Host Hotels & Resorts

Host Hotels & Resorts, Inc. -- http://www.hosthotels.com/--  
(NYSE:HST) is a lodging real estate investment trust and owns
luxury and upper upscale hotels.  The company currently owns 121
properties with approximately 64,000 rooms, and also holds a
minority interest in a joint venture that owns seven hotels in
Europe with approximately 2,700 rooms.  Guided by a disciplined
approach to capital allocation and aggressive asset management,
the company partners with premium brands such as Marriott(R),
Ritz-Carlton(R), Westin(R), Sheraton(R), W(R), St. Regis(R), The
Luxury Collection(R), Hyatt(R), Fairmont(R), Four Seasons(R),
Hilton(R) and Swissotel(R) in the operation of properties in
over 50 major markets worldwide, including Mexico and Italy.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Fitch Ratings has upgraded these ratings of Host
Hotels & Resorts, Inc. and its principal operating subsidiary,
Host Hotels & Resorts, L.P.:

Host Hotels & Resorts, Inc.

-- Issuer Default Rating to 'BB+' from 'BB';
-- Preferred Stock to 'BB' from 'B+'.

Host Hotels & Resorts, L.P.

-- IDR to 'BB+' from 'BB';
-- Bank credit facility to 'BB+' from 'BB';
-- Senior unsecured notes to 'BB+' from 'BB';
-- Exchangeable senior unsecured debentures to 'BB+' from 'BB'.

Fitch's rating action affects approximately US$4.2 billion of
securities.  Fitch said the rating outlook is stable.


ICONIX BRAND: Completes US$60 Million Starter Brand Acquisition
---------------------------------------------------------------
Iconix Brand Group, Inc. has completed the acquisition of the
brand Starter(R).  The purchase price for the transaction was
US$60 million in cash.

Founded in 1971, the Starter brand pioneered the league licensed
apparel business and is currently licensed to several
manufacturer/wholesalers selling primarily to Wal-Mart in the
United States, Canada and Mexico.  Iconix Brand is forecasting
2008 royalty revenue from Starter of approximately US$18 million
worldwide.

                     About Iconix Brand

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON) -
- http://www.iconixbrand.com/-- owns fashion brands to retail  
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licenses in Mexico, Japan and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2007, Standard & Poor's Ratings Service has assigned
its bank loan and recovery ratings to apparel brand manager and
licensor Iconix Brand Group Inc.'s proposed US$60 million add-on
term loan facility.  The add-on was rated 'BB', two notches
above the corporate credit rating, with a '1' recovery rating,
indicating the expectation of very high (90%-100%) recovery in
the event of a default.

At the same time, S&P raised the rating on the existing US$212.5
million loan facility to 'BB', from 'BB-', and revised the
recovery rating to '1' from '2'.

S&P affirmed the 'B+' corporate credit rating on the company.  
The outlook is negative.  The group had about US$642.2 million
in debt at Sept. 30, 2007.


INT'L RECTIFIER: Promotes Rick Sivan to Vice President for R&D
--------------------------------------------------------------
International Rectifier Corporation has promoted Rick Sivan to
Vice President, Research & Development effective immediately.  
In this role, Mr. Sivan will be responsible for Research &
Development efforts.

Mr. Sivan joined International Rectifier in March 2005 and most
recently served as the company's Vice President R&D where he was
responsible for radiation hardened technologies, EDA/PDK
development, as well as managing the R&D organizational goals
and budget.

Before joining International Rectifier, Mr. Sivan spent 18 years
at Motorola Semiconductor, where he led the development of
several generations of memory and microcontroller technology
platforms and held several senior positions including Vice
President and Chief Technology Officer of the Semiconductor
Products Sector.  Mr. Sivan previously was a member of the
technical staff at Bell Laboratories, where he worked on
advanced CMOS technologies.

Mr. Sivan received his Ph.D. in solid-state physics from the
University of Texas at Austin, as well as a post-doctoral
fellowship at the University of Tel Aviv, Israel.  He has
authored or co-authored 16 US patents and numerous articles in
scientific and technical journals.

Don Dancer, International Rectifier's acting chief executive
officer, said, "This is a well-deserved promotion for Rick.  His
proven industry experience will play an important role in
driving the company toward continued innovation and
technological expertise."

International Rectifier Corporation (NYSE:IRF) --
http://www.irf.com/-- provides power management technology.  
IR'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 IR'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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services said that its
'BB' corporate credit rating on International Rectifier Corp.
remains on CreditWatch with negative implications.


XIGNUX SA: S&P Lifts Corporate Credit Rating to BB+ from BB
-----------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit rating on Xignux S.A. de C.V. to 'BB+' from 'BB'.  The
senior unsecured rating assigned to the issuer's notes due 2009
was revised to 'BB' from 'BB-'.  The company's national scale
rating was also raised to 'mxA+' from 'mxA'.  The outlook is
stable.
      
"The rating action reflects an improvement in the issuer's
financial profile supported by better-than-expected financial
performance during 2007.  In addition, the rating action
considers that the prospects for the power transformers business
will remain favorable and will continue to drive strong results
in 2008 and 2009," said S&P's credit analyst Jose Coballasi.
     
The rating on the company's notes due 2009 reflects the
structural subordination of the issue relative to the company's
priority liabilities.  Despite the debt at the holding company
being guaranteed by some of the subholding and operating
subsidiaries, the proportion of priority liabilities (i.e.,
current and long-term liabilities as well as short- and long-
term debt at the operating company level) relative to
consolidated total assets is significant (more than 15%),
leading to a possible low residual claim for Xignux's holding
company creditors.
     
S&P's ratings on Xignux are constrained by the cyclical nature
of most of its end markets as well as commodity price volatility
and single-digit operating margins.  The ratings also consider
the company's significant market share positions, product
diversity, and vertical integration.  Its emphasis on high
quality has attracted world-renowned joint venture partners that
provide the company with low-cost access to state-of-the-art
technology and enhancement of its export possibilities.  The
rating is also supported by Xignux's financial policy,
particularly its commitment to maintain a total debt-to-EBITDA
ratio of less than 2.5 through the cycle, which S&P believes is
adequate for its current rating category.
     
As a result of declining reserve margins in some regions, the
United States power industry is in the midst of an expansion.  
Xignux's power transformer business has been a direct
beneficiary of this trend as evidenced by the sharp growth in
its EBITDA generation.  S&P expects the company to continue
focusing its efforts on increasing value-added products and
services to increase its market share in the electrical cable
and wire and power transformers business.  S&P expect the group
to continue its tight control on costs and expenses in the
automotive business, and its efforts to improve productivity.
     
Of particular importance in this business segment are the
operations that have been established in Central America to
contain the continued pricing pressures from original equipment
manufacturers. In the food division, S&P expects the group to
continue its efforts to increase market share, particularly in
the "mom-and-pop" distribution channel, and improve its
productivity. Notwithstanding the aforementioned, S&P believes
that the nature of Xignux's business portfolio leaves the
company exposed to the inherent risks associated with the
cyclicality of the construction and automotive industries
(particularly volumes associated with Ford Motor, General
Motors, and Chrysler) and the slowdown in the current expansion
cycle of the U.S. electric industry.
     
The stable outlook reflects S&P's expectations that during the
next two years, Xignux's total debt-to-EBITDA ratio will remain
below 2.0 and its FFO-to-total debt ratio will remain above 30%.  
A weakening of the company's financial and operating performance
relative to S&P's expectations could lead to a negative rating
action.  Conversely, improvements in the group's business
profile, particularly a higher EBITDA contribution from the food
business and the services segment of the transformers division
and a more diversified customer base in the automotive business,
coupled with a strong financial performance relative to S&P's
expectations, could lead to a positive rating action.

Xignux S.A. de C.V., based in Monterrey, Mexico, is one of
Mexico's leading, privately held industrial conglomerates.  
Through one wholly owned operating subsidiary and three fully
consolidated 50:50 joint ventures with major international
partners, the company manufactures and distributes industrial
cable and wire, automotive wire harnesses, electrical
transformers and packaged food products.  For the twelve months
ended June 30, 2007, sales were US$3.29 billion.


* NICOLAS ROMERO: Moody's Places B1 Global Local Currency Rating
----------------------------------------------------------------
Moody's has assigned issuer ratings of B1 (Global Scale, local
currency) and Baa2.mx (Mexican National Scale) to the
Municipality of Nicolas Romero, State of Mexico.  The ratings
take into account the municipality's weak financial performance
of recent years, significant borrowing plans, a high level of
accounts payable with suppliers, a weak economic base and the
poor financial condition of the municipal water company
(SAPASNIR).  The ratings also consider the higher level of
federal revenue that the municipality is expected to receive as
a result of the fiscal reform recently approved by the federal
congress.

Reflecting the application of Moody's Joint Default Analysis
rating methodology, the ratings incorporate a baseline credit
assessment of 14 on a scale of 1 to 21 (1 being the lowest
credit risk) and a low likelihood that the State of Mexico
(rated Ba3/Baa1.mx) would act to prevent a default by Nicolas
Romero.

Nicolas Romero plans to borrow MXN30 million short-term to fund
year-end spending, as well as MXN110 million long-term to
finance capital investments.  These two loans will bring debt
levels to a significant 44% of total revenue in 2007, and peak
debt service requirements to 6% of 2007 revenue: in principle,
this would be a manageable level, but for the municipality's
weak operating margins and recurrent budgetary deficits.

The municipal water company, SAPASNIR, has posted sizable
financing deficits over the last four years, financed mostly by
accumulating accounts payable to service providers such as the
electric power utility, Luz y Fuerza del Centro and the state
pension system, ISSEMyM.  So far, however, the municipality has
only guaranteed the amount owed to ISSEMyM (MXN13.9 million),
which agreed to a payment plan under which SAPASNIR is to pay
this in equal monthly installments through June 2012.  These
payments represent a hefty 10% of SAPASNIR's budgeted revenue
for 2007, an amount that the water company will find difficult
to pay given its weak financial performance and low liquidity
levels.

Nicolas Romero's financial performance is weak. In three of the
last five years, the municipality posted sizable budgetary
deficits.  During the 2002-2006 period the financing result
averaged a deficit of close to 5% of total revenue, although in
2003, 2005 and 2006 the shortfall surpassed 10% of revenue.  
Operating margins have also been low, turning negative since
2005.  These poor fiscal results are mainly explained by the
disappointing performance of own-source revenue and increases in
personnel spending.

On the revenue side, own-source revenue has grown at a very slow
pace: only 3% per year since 2002, compared to 6% to 9% for
other municipalities in the metropolitan area with a similar
economic profile.  This reflects the challenges faced by Nicolas
Romero in reducing tax delinquencies and increasing revenue
collections.  On the expenditure side, most of the increase in
current spending observed since 2002 has been due to increases
in personnel costs, which rose from a moderate 40% of total
revenue in 2001 to a hefty 60% last year.  Most of this increase
was driven by the hiring of new employees, particularly in
public safety.

In 2007, tighter control over current spending and better-than-
expected collection of own-source revenue are projected to
result in more moderate operating and financing deficits of
around 1.5% and 5% of revenue, respectively.  Substantial
discounts on fines and fees and other promotions offered to
delinquent taxpayers are expected to result in a 12% increase in
own-source revenue, while greater control over outlays and the
introduction of cost-cutting measures, such as salary cuts for
political appointees, are projected to reduce current spending
by 7% from the previous year.

Municipal liquidity levels deteriorated sharply from 2004-2006.  
Net working capital decreased from MXN16 million in 2004 to a
negative MXN65 million in 2006, mainly as a result of the
accumulation of accounts payables with ISSEMyM and Luz y Fuerza
and to a lesser extent an increase in short-term debt.  This
year, however, the deterioration is expected to be reversed, as
the municipality refinanced at long-term its past-due
contributions with ISSEMyM.  For the municipality, the payment
of the debt to ISSEMyN alone is expected to represent MXN20
million in 2008, or a hefty 6% of total revenue, and 7.2% if
SAPASNIR is not able to meet its part.  As for the debt with Luz
y Fuerza, no agreement has been reached between the two parties.

Over the medium term, municipal officials expect that the
recently approved fiscal reform will translate into an increase
in the level of federal revenue starting in 2008, which would
give them an opportunity to close the budgetary gap.

The municipality of Nicolas Romero, a bedroom community of low-
income workers, is located in the State of Mexico, bordering the
western edge of metropolitan area of Mexico City.  The
municipality's approximately 150,000 mostly blue-collar workers
commute to the DF and other municipalities in the metro area.  
Its economic base is rather narrow as it is mainly comprised of
small merchants in the downtown area, and low-yield traditional
agriculture in the outskirts.




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P A N A M A
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BANCO LATINOAMERICANO: Declares US$0.22 Per Share Cash Dividend
---------------------------------------------------------------
Banco Latinoamericano de Exportaciones, S.A. has announced the
US$0.22 per share quarterly cash dividend corresponding to the
fourth quarter of 2007 and approved by the Board of Directors on
Feb. 13, 2007, is payable on Jan. 17, 2008 to the bank's
stockholders of record as of Jan. 7, 2008.

As of Nov. 30, 2007, the bank had 36,370,149.29 common shares
outstanding of all classes.

Bladex also confirmed that its annual report on Form 20-F for
the fiscal year ended Dec. 31, 2006, which includes the Bank's
audited financial statements, was filed with the United States
Securities and Exchange Commission on June 26, 2007 and is
available on the Bank's website at: http://www.bladex.com.  

Shareholders may request a hard copy of this report, free of
charge, to:

     Mr. Carlos Yap S.
     SVP & CFO
     Banco Latinoamericano de Exportaciones, S.A. aka Bladex
     Tel. (507) 210-8563
     Fax (507) 269-6333
     E-mail: cyap@blx.com

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex (NYSE: BLX) --
http://www.bladex.com-- is a supranational bank originally  
established by the Central Banks of Latin American and Caribbean
countries to promote trade finance in the Region.  The bank's
shareholders include central banks and state-owned entities in
23 countries in the Region, as well as Latin American and
international commercial banks, along with institutional and
retail investors.  Through Dec. 31, 2005, Bladex had disbursed
accumulated credits of over US$135 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 1, 2007, Moody's Investors Service has confirmed that it
raised its bank financial strength rating on Banco
Latinoamericano de Exportaciones, SA aka Bladex to D+ from D-,
in connection with the rating agency's implementation of its
refined joint default analysis and updated BFSR methodologies
for banks in Panama.




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


* PARAGUAY: Industrias Metalurgicas To Upgrade Acaray II Plant
--------------------------------------------------------------
Paraguayan state-run power firm Ande has awarded a contract to
Industrias Metalurgicas Pescarmona SA for the modernization of
the Acaray II hydroelectric plant, Business News Americas
reports.

BNamericas says that the upgrade is aimed at increasing the
plant's capacity.

Industrias Metalurgicas said in a statement that the contract is
about US$11 million.  It involves the revamping of plant
generators three and four to boost their production to 150
megawatts from 121 megawatts.

According to BNamericas, Ande runs Acaray II, which supplies 15%
of Paraguay's power needs.  Acaray II is also the sole
hydroelectric plant Paraguay runs on its own.  

BNamericas notes that work for the project would last for 30
months.

Industrias Metalurgicas told Waterpowermagazine.com that
"binational possibilities" like the Yacyreta project on the
Parana river were still of interest as the firm is examining
possibilities for the 300-megawatt Ana Cua project, a
complementary scheme to the 3200-megawatt Yacyreta plant for
which the company provided seven 160-megawatt units out of the
total 20 turbines.

Industrias Metalurgicas commented to Waterpowermagazine.com that
it is working on providing equipment for a series of other
projects like:

          -- Bakun in Malaysia;
          -- Tocoma and Macagua schemes in Venezuela;
          -- Porce III in Colombia; and
          -- Simplicio, Dardanelos and Anta plants in Brazil.

Waterpowermagazine.com says that Industrias Metalurgicas is also
working on wind farm development.

Industrias Metalurgicas told Waterpowermagazine.com that its
power generation projects surpass six giga watts, entailing a
US$1.7-billion "order backlog."

                About Industrias Metalurgicas

Industrias Metalurgicas Pescarmona SA aka IMPSA --
http://www.impsa.com.ar/-- is one of the largest worldwide   
providers of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.  The company has offices
in Malaysia, China, and Argentina.

                        *     *     *

Moody's assigned these ratings on Paraguay:

    -- CC LT Foreign Bank Deposit, Caa2
    -- CC LT Foreign Currency Debt, Caa1
    -- CC ST Foreign Bank Deposit, NP
    -- CC ST Foreign Currency Debt, NP
    -- LC Currency Issue

Moody's have placed the rating under review for likely upgrade.




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


CUMMINS INC: Urges Shareholders to Reject Mini-Tender Offer
-----------------------------------------------------------
Cummins Inc. has been notified of an unsolicited mini-tender
offer by TRC Capital Corp. of Toronto for TRC to purchase up to
1,000,000 shares of Cummins' stock at a price of US$115.00 per
share in cash.

This represents a 2.7 percent discount below Cummins' closing
price on Dec. 11, the day prior to the date of the offer, and a
6 percent discount below Cummins' closing price on Dec. 14.  
Cummins is in no way associated with TRC, this mini-tender offer
or the offer documentation.

Cummins does not endorse TRC's unsolicited mini-tender offer and
recommends that stockholders not tender their shares in response
to this offer.

CMI urges investors to obtain current market quotes on Cummins'
stock, consult with their financial advisors and exercise
caution in examining the mini-tender offer, which represents
less than 1 percent of the Cummins' shares outstanding.

Shareholders should be aware that this mini-tender offer is
highly conditional.  The conditions allow TRC to change the
terms of its offer -- such as the price offered per share -- in
the event of various occurrences, including a stock split.  As a
reminder, CMI announced a two-for-one stock split, effective
Jan. 2, 2008, for shareholders of record on Dec. 21, 2007.

The U.S. Securities and Exchange Commission has issued an
investor alert regarding mini-tender offers, noting that some
bidders make such offers at below market prices hoping they will
catch investors off guard if the investors do not compare the
offer price to the current market price.  The SEC advises that
mini-tender offers -- those offers made for less than 5 percent
of a company's stock -- typically do not provide the same
disclosure and procedural protections that larger, traditional
tender offers provide.  The SEC's mini-tender offer tips may be
found at http://www.sec.gov/investor/pubs/minitend.htm

Cummins' shareholders who have already tendered are advised that
they may withdraw their shares by providing the written notice
described in the TRC Capital offering documents prior to the
expiration of the offer currently scheduled for 12:01 a.m. (EST)
on Jan. 11, 2008.

                        About Cummins

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

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

                        *     *     *

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

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




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


AFC ENTERPRISES: James Lyons Leaves Chief Operating Officer Post
----------------------------------------------------------------
AFC Enterprises, Inc., the franchisor and operator of Popeyes(R)
Chicken & Biscuits, has announced the resignation of James W.
Lyons as chief operating officer to pursue another business
opportunity.  He will remain with the company through the end of
December to assist with key transition activities.

AFC Chief Executive Officer Cheryl Bachelder stated, "Jim has
done an outstanding job since joining Popeyes in 2004.  We thank
him for his many significant contributions to the Company and we
wish him much success in the future."

Headquartered in Atlanta, Georgia, AFC Enterprises Inc. (Nasdaq:
AFCE) -- http://www.afce.com/-- owns, operates and franchises  
Popeyes Chicken & Biscuits quick service restaurants.  As of
July 15, 2007, AFC owned and operated 61 restaurants and
franchised 1,817 restaurants in 44 states, the District of
Columbia, Puerto Rico, Guam and 23 foreign countries.  The
Popeyes concept features a New Orleans Cajun-style menu, with
regional items such as spicy fried chicken pieces, chicken
sandwiches and strips, fried shrimp , jambalaya and red beans &
rice.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Moody's Investors Service changed AFC
Enterprises Inc.'s rating outlook to stable from positive.  
Concurrently, Moody's affirmed all the debt ratings of AFC,
including its B1 corporate family rating and probability of
default rating at B2, while upgrading the senior secured credit
facilities rating to Ba3 from B1.


AVNET INC: Completes Acal IT Solution Acquisition for US$200 Mln
----------------------------------------------------------------
Avnet Inc. has completed its acquisition of the IT Solutions
Division of Acal plc.  The acquired business, which has annual
revenues of approximately US$200 million, is a leading European
value-added distributor for Storage Networking, Networking,
Security, Electronic Document Management, as well as managed and
professional services.  The division, which has operations in
the UK, the Netherlands, Belgium, Germany, France and Sweden,
will be integrated into Avnet Technology Solutions' EMEA
business.

Dick Borsboom, President of Avnet Technology Solutions EMEA,
commented, "This acquisition extends our depth of expertise in
the IT solutions and services arena by adding new competencies
in high growth areas and expanding our ability to deliver multi-
vendor solutions.  The addition of 200 skilled employees and
2000 Acal resellers broadens our solutions-selling portfolio and
creates additional opportunities for cross selling."

Following on the recently completed acquisition of the Magirus
Enterprise Division, Avnet Technology Solutions is substantially
building its market presence in the areas of managed and
professional services, SAN, Networking and Security solutions.  
The acquisition also opens new markets to Avnet Technology
Solutions, such as Electronic Document Management today
operating under the name Headway Technologies.

"We are executing well on our goal to be the premier, value-add
distributor in Europe", added Mr. Borsboom "The acquisition of
Acal is another clear affirmation of our vision to be the leader
in delivering solutions that can accelerate the growth of our
trading partners."

                  About Avnet Electronics

Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an  
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers and electronic
manufacturing services providers in more than 70 countries,
distributing electronic components from leading manufacturers
and providing associated design-chain and supply-chain services.

                       About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components  
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                        *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


GENESCO INC: S&P Lowers Corporate Credit Rating from BB- to B+
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Genesco Inc. to 'B+' from 'BB-'.  At the same
time, S&P lowered its issue-level rating on the company's
subordinated debt to 'B-' from 'B'.  The company remains on
CreditWatch with Developing implications, where it was placed on
April 20, 2007.
      
"The downgrade reflects operating performance which has been
below expectations for a few quarters and the increasingly
challenging economic environment," said S&P's credit analyst
David Kuntz, "as well as considerable uncertainty regarding the
acquisition by The Finish Line."

Headquartered in Nashville, Tennessee, Genesco Inc. (NYSE: GCO)
-- http://www.genesco.com/-- is a specialty retailer of  
footwear, headwear and accessories in more than 1,900 retail
stores in the U.S., Canada, and Puerto Rico, principally under
the names Journeys, Journeys Kidz, Shi by Journeys, Johnston &
Murphy, Underground Station, Hatworld, Lids, Hat Zone, Cap
Factory, Head Quarters and Cap Connection.  The company also
sells footwear at wholesale under its Johnston & Murphy brand
and under the licensed Dockers.  


WESCO INT'L: Enters Into Strategic Venture w/ Deutsch Engineered
----------------------------------------------------------------
WESCO International, Inc. has entered into a strategic
arrangement with Deutsch Engineered Connecting Devices, Inc.
with respect to WESCO's LADD operations.  The LADD operation, a
part of Carlton Bates, which was acquired by the company in
September 2005, is engaged in the distribution of specialized
severe duty industrial connectors.  LADD has been a master
distributor of Deutsch connectors in the United States for over
20 years and has annual sales of approximately US$100 million.  
WESCO International and Deutsch Engineered will work together to
further penetrate existing customers in the specialized heavy-
duty connector market, and to accelerate growth in new market
segments and new products.

Under the terms of the agreement, both companies will enter into
a joint venture whereby Deutsch Engineered will initially own
60% of LADD for consideration of approximately US$75 million.  
Deutsch Engineered is entitled, but not obliged, to acquire the
remaining 40% after Jan. 1, 2010.

Proceeds of the transaction will be utilized to purchase shares
of the company's common stock under the previously announced
share repurchase program.

                  About WESCO International

Headquartered in Pittsburgh, Pennsylvania, WESCO International,
Inc., (NYSE: WCC) is a publicly traded Fortune 500 holding
company, whose primary operating entity is WESCO Distribution,
Inc.  WESCO Distribution is a distributor of electrical
construction products and electrical and industrial maintenance,
repair and operating supplies, and is the nation's largest
provider of integrated supply services.  WESCO operates eight
fully automated distribution centers and approximately 370 full-
service branches in North America and selected international
markets including Mexico and Puerto Rico, providing a local
presence for area customers and a global network to serve multi-
location businesses and multi-national corporations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 4, 2007, Moody's has affirmed the ratings of Wesco
International, Inc. and changed the outlook to stable from
positive.  Specifically, Moody's affirmed the B1 ratings on both
the guaranteed senior convertible debentures due 2025 and Wesco
Distribution, Inc.'s guaranteed senior subordinated notes due
2017.  Moody's also affirmed the company's Ba3 corporate family
rating.




=================================
T R I N I D A D   &   T O B A G O
=================================


HILTON HOTELS: Unit Hires Joseph Palmieri as General Manager
------------------------------------------------------------
Hilton Americas-Houston, a flagship property of Hilton Hotels
Corporation, has appointed Joseph Palmieri as its General
Manager of the 1200 room.  In this capacity he will oversee all
aspects of the hotel's operation.  Mr. Palmieri joins the Hilton
Americas-Houston from the Hilton Lincoln Centre in Dallas, Texas
where he has served as General Manager since 1989.  In his new
role he will report to Andrew Slater, Area Vice President of
Hilton Hotels Corporation.

Mr. Palmieri brings 33 years of managerial experience to his new
role.  While serving as General Manager of the Hilton Lincoln
Centre Palmieri concurrently held the position of Area Vice
President of Operations for Hilton Hotels Corporation from 1994
to 2000 and again from 2002-2003.  In this capacity he was
responsible for the operation of 15 hotels in the Southwestern
United States.  Between 2000 and 2002 Palmieri concurrently
served as Regional Vice President of Operations for Hilton
Hotels Corporation, which increased the number of hotels under
his operational direction to 32 properties.  Previously, Mr.
Palmieri also served as General Manager of the Doubletree Park
West hotel in Dallas as well as the Stouffer Concourse Hotel in
Denver, Colorado.

Long active in Dallas industry and community affairs Palmieri
has held several prominent positions including President and
Chairman of the Dallas Hotel/Motel Association as well as a
member of the Board of Directors of the Dallas Convention and
Visitors Bureau and a member of the Board of Directors of the
Texas Hotel/Motel Association.  In 2006, he was named General
Manager of the Year for Dallas by Where Magazine and in 2007 he
was named General Manager of the Year by the Greater Dallas
Hotel/Motel Association.

Mr. Palmieri is a native of Pittsburgh, Pennsylvania. He holds a
degree in Hotel Management from the University of Nevada at Las
Vegas and has also participated in the postgraduate General
Managers program at Cornell University.

Connected to the George R. Brown Convention Center on two floors
by a double-deck skywalk, the Hilton Americas-Houston's prime
location is steps away from downtown Houston's Toyota Center,
The Park Shopping Mall and Minute Maid Park.  Just minutes away
from the hotel are Houston's renowned Theater District, the
Bayou Place entertainment complex, Reliant Stadium and the
cultural museum corridor.  The Hilton Americas-Houston is easily
accessible-just 15 minutes from Hobby Airport and 30 minutes
from Bush Intercontinental Airport.

                     About Hilton Hotels

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

                        *     *     *

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




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


HARVEST NATURAL: Buys 50% Interest in Gabon Exploration Project
---------------------------------------------------------------
Harvest Natural Resources, Inc. has executed a sale and purchase
agreement to acquire a 50 percent operated interest in the
Dussafu Marin Exploration Production Sharing Contract located
offshore Gabon from Sasol Petroleum West Africa Limited.  The
acquisition is subject to the approval of the Government of the
Republic of Gabon and the co-venturers in the production
contract.  The Production Sharing Contract contains 680,000
acres located at water depths ranging from 0 to 1,000 feet.

Harvest President and Chief Executive Officer, James A.
Edmiston, said:  "The Dussafu PSC lies within an active proven
hydrocarbon basin containing significant production and
infrastructure in contiguous blocks and provides Harvest with
exposure to multiple medium to low risk exploration plays and a
pre-existing small oil discovery.  Entry into Gabon with an
operated position in the Dussafu PSC is consistent with our
plans to organically grow a more diverse asset portfolio while
maintaining focus on highly-proven hydrocarbon provinces."

The Production Sharing Contract co-venturers recently agreed to
enter into the three-year second exploration phase with an
effective date of May 28, 2007.  The second exploration phase
work commitment includes the acquisition and processing of 500
kilometers of 2D seismic, geology and geophysical
interpretation, engineering studies and the drilling of a
conditional well.

                    About Harvest Natural

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--  
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging.  Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, California, which operates the South Monagas Unit in
Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 7, 2007, Harvest Natural Resources said in a statement that
it incurred a US$6.5-million loss in the first quarter 2007,
compared to US$13.9-million earnings in the first quarter 2006.


PETROLEOS DE VENEZUELA: Makes Prepayment of Hamaca Project Debt
---------------------------------------------------------------
Petroleos de Venezuela S.A. has prepaid in full on
Dec. 14, 2007, all of the outstanding senior indebtedness of the
Hamaca heavy oil project in the Faja region of Venezuela.  A
final prepayment of principal in an aggregate amount of
approximately US$340 million, plus interest, was made on
December 14, after an initial prepayment of principal in an
aggregate amount of US$400 million, plus interest, was made on
Nov. 30, 2007.

Prepayments were made out of project funds by Corpoguanipa,
S.A., a wholly owned subsidiary of PDVSA, and Texaco Orinoco
Resources Company, a wholly owned subsidiary of Chevron
Corporation.  The senior indebtedness consisted of a syndicated
bank credit facility, with BNP Paribas as administrative agent,
and a bank credit facility guaranteed by the Export-Import Bank
of the United States, with Barclays Bank as facility agent.

                         About PDVSA

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

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


                         ***********


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

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

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

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

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

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


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