TCRLA_Public/071220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, December 20, 2007, Vol. 8, Issue 252

                          Headlines

A R G E N T I N A

ALITALIA SPA: Air France Offers EUR750 Million Capital Injection
ALITALIA SPA: Outlines Criteria for Selecting Preferred Buyer
BIBLIOGRAFICA INTERNACIONAL: Claims Verification Ends on Feb. 25
CAIDES SA: Proofs of Claim Verification Is Until March 21, 2008
CLAMAC SRL: Proofs of Claim Verification Ends on March 24, 2008

EDITORIAL PLUS: Proofs of Claim Verification Deadline Is Feb. 6
EXPOEURO SA: Proofs of Claim Verification Is Until Feb. 11
PRONTOMEC SRL: Proofs of Claim Verification Deadline Is March 12
SCO GROUP: Names Jeff Hunsaker as Pres. & COO of SCO Operations
TELECO SA: Trustee Verifies Proofs of Claim Until Feb. 29, 2008

YPF SA: Repsol Selling 25% Stake to Eskenazi for US$3.75 Billion


B A H A M A S

HARRAH'S ENTERTAINMENT: Pennsylvania Board Okays Apollo Purchase
HARRAH'S ENTERTAINMENT: Pennsylvania Board OKs Ownership Change


B E R M U D A

COFFEE CUP: Receiver Will File For Firm's Dissolution by Dec. 24


B O L I V I A

* BOLIVIA: Inks Road Link Deal with Brazil & Chile


B R A Z I L

BANCO BRADESCO: Will Raise Share Capital to BRL23.0 Billion
CHEMTURA CORP: Will Review Strategic Alternatives
COMPANHIA ENERGETICA: Issues BRL400MM Non-Convertible Debentures
COMPANHIA SIDERURGICA: Investing BRL9.50B in Minas Gerais Units
DRESSER-RAND GROUP: Inks US$50MM Blanket Purchase Order w/ PEMEX

FIAT SPA: Extends Buy Back Program to April 30, 2008
FIAT SPA: Names Luca De Meo as Alfa Romeo's Chief Executive
GENERAL MOTORS: Starts UAW Special Attrition Program's 1st Phase
GENERAL MOTORS: Commodity Costs Spark Price Hike on 2008 Cars
GENERAL MOTORS: Lay-Offs 800 Tonawanda Workers Before Schedule

MINERVA SA: Fitch Affirms Currency Issuer Default Ratings at B+
SUN MICROSYSTEMS: Names Alain Andreoli as Sr. VP for EMEA Region
UAL CORP: Appoints New VP, Base Maintenance for United Services

* BRAZIL: Gets US$2-Million Loan for Technical Cooperation
* BRAZIL: Inks Road Link Deal with Bolivia & Chile


C A Y M A N   I S L A N D S

CALYPSO HOLDINGS: Will Hold Final Shareholders Meeting Tomorrow
CASCADE CAPITAL: Proofs of Claim Filing Deadline Is Tomorrow
CASCADE CAPITAL GLOBAL: Proofs of Claim Filing Ends Tomorrow
CITY LEASING: Proofs of Claim Filing Is Until Tomorrow
DB SANGHA: Proofs of Claim Filing Deadline Is Tomorrow

EQUITY HHA: Proofs of Claim Filing Is Until Tomorrow
FZC CORP: Proofs of Claim Filing Deadline Is Today
GFIA-SHK MANAGERS: Will Hold Final Shareholders Meeting Tomorrow
HELLY HANSEN: Proofs of Claim Filing Ends Tomorrow
HELLY IIP: Proofs of Claim Filing Deadline Is Tomorrow

JULIUS BAER: Final Shareholders Meeting Is Today
JULIUS BAER GLOBAL: Holding Final Shareholders Meeting Today
LINAVEN INVESTMENTS: Proofs of Claim Filing Deadline Is Today
LYRA PARTNERS: Proofs of Claim Filing Deadline Is Tomorrow
LYRA PARTNERS GP: Proofs of Claim Filing Is Until Tomorrow

MULTIDIMENSION FUND: Proofs of Claim Filing Deadline Is Tomorrow
HELLY HANSEN HOLDINGS: Claims Filing Deadline Is Tomorrow
NEW REACH: Proofs of Claim Filing Ends Tomorrow
REACH HOLDINGS: Proofs of Claim Filing Is Until Tomorrow
VEGA PARTNERS: Proofs of Claim Filing Ends Tomorrow


C H I L E

AES CORP: Hires Ernst & Young as Accountants to Replace Deloitte
SCIENTIFIC GAMES: Extends Loteria Electronica Agreement to 2020


C O L O M B I A

DOLE FOOD: Weak Performance Prompts Moody's to Rewiew Ratings

* COLOMBIA: Delays Privatization of Five Power Firms
* COLOMBIA: Gets US$2-Million Loan for Technical Cooperation


C O S T A   R I C A

* COSTA RICA: Instituto Costarricense Sells 310,884 GSM Lines


D O M I N I C A N   R E P U B L I C

FLOWSERVE CORP: Gayla Delly Joins Board of Directors


E C U A D O R

PETROECUADOR: Gov't Lifts State of Emergency in Orellana

* ECUADOR: Gets US$2-Million Loan for Technical Cooperation


G U A T E M A L A

TECO ENERGY: Considers TECO Finance 2017 Notes Exchange Offer


M E X I C O

CLEAR CHANNEL: Moody's Likely to Drop Corp. Family Rating to B2
CLEAR CHANNEL: S&P Cuts Rating on US$6.32 Bln Senior Notes to B-
FEDERAL-MOGUL: Plan's Effective Date Scheduled for Dec. 27
QUAKER FABRIC: Has Until March 13 to Remove Civil Actions
QUEBECOR WORLD: Jacques Mallette Succeeds Wes Lucas as CEO

URS CORP: Washington Unit Inks Construction Deal with TVA


P A N A M A

CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan


P A R A G U A Y

AGILENT: Maspro TV-Receiver Design to Use Genesys & GX Software


P E R U

QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to CCC

* PERU: Gets US$2-Million Loan for Technical Cooperation
* PERU: IDB Issuing Partial Loan Guarantee to Support Securities

P U E R T O   R I C O

ALLIED WASTE: Closes US$40MM Indiana Solid Waste Revenue Bonds
DORAL FINANCIAL: Moody's Lifts Senior Debt Rating from B2 to B1
DORAL FINANCIAL: Paying US$2.96875 Per Share Quarterly Dividend
DORAL FINANCIAL: Picks Kevin Twomey as Independent Board Member
GR PROPERTIES: Case Summary & Nine Largest Unsecured Creditors

LIN TV: Promotes Dan Donohue as Human Resources Vice President
MAAX HOLDINGS: Unit Fails to Pay Interest on Senior Sub Notes


V E N E Z U E L A

CHRYSLER LLC: In Talks with Nissan on Bilateral Supply Deal
CUMMINS INC: Rick Mills to Quit as Components Group President
PETROLEOS DE VENEZUELA: Forming Joint Venture with Eni & Ine


                         - - - - -


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


ALITALIA SPA: Air France Offers EUR750 Million Capital Injection
----------------------------------------------------------------
Air France-KLM confirms its determination to support Alitalia
S.p.A. in its recovery and to relaunch it as a strong national
flag carrier with world coverage.

The enlarged Group will then be able to rely on three strong,
complementary brands providing customers with an unparalleled
network.

Air France confirms that it has made a non binding offer:

   -- to acquire 100% of the shares of Alitalia through an
      exchange offer;

   -- to acquire 100% of Alitalia convertible bonds; and

   -- to immediately inject at least EUR750 million into
      Alitalia through a capital increase that will be open to
      all shareholders and be fully underwritten by Air France.

A large part of this investment will be used to support a huge
relaunch program with cabin reconfiguration at the top of in
flight products (seats, interior design, entertainment,) and
ground services to restore Alitalia's international image as a
major airline and to convey the Italian flag and values all over
the world.

As the world's leading airline group, with a strong commercial
position in most regions, Air France will support Alitalia in
restoring and recovering its natural position and market share.

In addition, Alitalia's fleet renewal is Air France's top
priority and the Group has assessed that it will proceed with
the full renewal of the MD80 short/medium-haul fleet and the
B767 long-haul fleet.  After the recovery phase, further
investments will ensure the growth of the fleet, and enable
Alitalia to expand its network from a healthy position.

Air France's Recovery and Relaunch Plan will not add any more
redundancies to Alitalia's current plan.

                       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.


ALITALIA SPA: Outlines Criteria for Selecting Preferred Buyer
-------------------------------------------------------------
Alitalia S.p.A., at the request of the Italian Stock Exchange
Controller CONSOB, regarding the task of examining the non-
binding offers received by the advisor Citi and presented at the
latest Board meeting, the appraisal of the offers will focus
primarily on their industrial content, as well as on the
financial contents of the offers.

In particular, Alitalia's attention will focus on these main
aspects:

   -- the ability to carry out the restructuring of Alitalia
      creating conditions of sustainability for the Company in
      the medium-long term, together with a fast inversion
      of the current loss trend, while enhancing the brand and
      its market coverage;

   -- the answer to key strategic and critical factors which
      have led to the deterioration of the Company's
      profitability, in particular:

       * reducing traffic capture via major European hubs from
         the Italian market;

       * drawing up and implementing a business model and a size
         to enable the Company to compete globally;

       * improving the quality of network organization, also
         developing a hub that will eventually come close to the
         main European ones in terms of size and number of
         connections;

       * realigning the Company's cost structure and overall
         efficiency levels with those of its main competitors;
         and

       * improving the service quality to customers and
         operational performance in terms of punctuality and
         reliability of service.

   -- the ability to create conditions for the Company's long-
      term growth, and consequently the number of destinations
      and flights that the Company will be able to offer its
      customers;

   -- the creation of significant synergies as a result of
      network and operational structures integration;

   -- the amount of the financial resources for the
      implementation of the Company's Business Plan and its
      investments; and

   -- the ability to generate adequate cash flow to sustain a
      debt level in line with rest of the industry.

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.


BIBLIOGRAFICA INTERNACIONAL: Claims Verification Ends on Feb. 25
----------------------------------------------------------------
Mario Rodriguez, the court-appointed trustee for Bibliografica
Internacional SA's bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 25, 2008.

Mr. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court No. 22 of
First Instance in Buenos Aires, with the assistance of Clerk
No. 44, 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 Bibliografica
Internacional 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 Bibliografica
Internacional's accounting and banking records will be submitted
in court.

La Nacion didn't state the reports submission deadline.

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

The debtor can be reached at:

         Bibliografica Internacional SA
         Bogota 256
         Buenos Aires, Argentina

The trustee can be reached at:

         Mario Rodriguez
         Avenida Corrientes 3169
         Buenos Aires, Argentina


CAIDES SA: Proofs of Claim Verification Is Until March 21, 2008
---------------------------------------------------------------
Luis Maria Escobar, the court-appointed trustee for Caides
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 12, 2008.

Mr. Escobar will present the validated claims in court as
individual reports on May 5, 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 Caides 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 Caides' accounting
and banking records will be submitted in court on June 16, 2008.

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

The trustee can be reached at:

         Luis Maria Escobar
         Viamonte 1646
         Buenos Aires, Argentina


CLAMAC SRL: Proofs of Claim Verification Ends on March 24, 2008
---------------------------------------------------------------
Nora Cristina Roger, the court-appointed trustee for Clamac
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 24, 2008.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Nora Cristina Roger
         Hipolito Irigoyen 1349
         Buenos Aires, Argentina


EDITORIAL PLUS: Proofs of Claim Verification Deadline Is Feb. 6
---------------------------------------------------------------
Nestor Rodolfo del Potro, the court-appointed trustee for
Editorial Plus Ultra S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Feb. 6, 2008.

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

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Editorial Plus Ultra S.A.
         Avenida Callao 565
         Buenos Aires, Argentina

The trustee can be reached at:

         Nestor Rodolfo del Potro
         Avenida Corrientes 1291
         Buenos Aires, Argentina


EXPOEURO SA: Proofs of Claim Verification Is Until Feb. 11
----------------------------------------------------------
Jorge Ernesto del Hoyo, the court-appointed trustee for Expoeuro
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 11, 2008.

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

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Expoeuro S.A.
         Venezuela 110
         Buenos Aires, Argentina

The trustee can be reached at:

         Jorge Ernesto del Hoyo
         Cerrito 484
         Buenos Aires, Argentina


PRONTOMEC SRL: Proofs of Claim Verification Deadline Is March 12
----------------------------------------------------------------
Felisa Tumilasci, the court-appointed trustee for Prontomec
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
until March 12, 2008.

Ms. Tumilasci will present the validated claims in court as
individual reports.  The National Commercial Court No. 14 of
First Instance in Buenos Aires, with the assistance of Clerk
No. 28, 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 Prontomec 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 Prontomec's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadline.

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

The debtor can be reached at:

         Prontomec SRL
         Jujuy 54
         Buenos Aires, Argentina

The trustee can be reached at:

         Felisa Tumilasci
         Avenida Callao 449
         Buenos Aires, Argentina


SCO GROUP: Names Jeff Hunsaker as Pres. & COO of SCO Operations
---------------------------------------------------------------
The SCO Group, Inc. has appointed Jeff Hunsaker to President and
Chief Operating Officer of SCO Operations, effective
immediately.  Mr. Hunsaker will report directly to Darl McBride,
President and Chief Executive Officer of The SCO Group.

"For the past two years, Jeff has spearheaded the mobile
business unit at SCO bringing a number of exciting mobile
products to market," said SCO Group CEO, Mr. McBride.  "He has
also spent several years running our UNIX operations and
worldwide sales organization, which gives him a unique blend of
expertise with our core UNIX business and our growing mobile
operations.  His results-driven leadership style, combined with
his strong emphasis on customer service, will prove invaluable
in the growth of SCO's next-level business."

Previously, Mr. Hunsaker was the General Manager and Senior
Vice-President of SCO's mobile business.  Before that, Mr.
Hunsaker spent over seven years in SCO's UNIX business, serving
as Senior Vice-President of worldwide sales, Senior Vice-
President of worldwide marketing and Senior Vice-
President/General Manager of the UNIX division.  Prior to
joining the company in 2000, Mr. Hunsaker worked for several
high-tech companies, including Baan Corporation, Corel
Corporation, Novell Inc., and WordPerfect Corporation.

"We are at a crossroads for the company and I am pleased to work
with Darl and the management team to drive our UNIX and mobile
businesses forward," said President and COO of SCO Operations,
Mr. Hunsaker.  "SCO has a strong history of providing
unparalleled stability and reliability with its UNIX platform of
products.  We will continue to provide UNIX upgrades to the
market by listening to the needs and requirements of our
customers; we will also continue to develop innovative mobile
applications for consumers and business professionals alike."

Former president of SCO Operations, Sandy Gupta, has left the
company to pursue other opportunities.  The company thanks Mr.
Gupta for his many contributions and years of service.

                          About SCO

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

                        *     *     *

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


TELECO SA: Trustee Verifies Proofs of Claim Until Feb. 29, 2008
---------------------------------------------------------------
Viviana J. Fedman, the court-appointed trustee for Teleco S.A.'s
reorganization proceeding, verifies creditors' proofs of claim
until Feb. 29, 2008.

Ms. Fedman will present the validated claims in court as
individual reports on April 18, 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 Teleco 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 Teleco's accounting
and banking records will be submitted in court on May 30, 2008.

The debtor can be reached at:

        Teleco S.A.
        Avenida Hipolito Yrigoyen 7837
        Banfield, Partido de Lomas de Zamora
        Buenos Aires, Argentina

The trustee can be reached at:

        Viviana J. Fedman
        Saavedra 497, Lomas de Zamora
        Buenos Aires, Argentina


YPF SA: Repsol Selling 25% Stake to Eskenazi for US$3.75 Billion
----------------------------------------------------------------
Repsol is selling a 25% stake of its Argentine subsidiary, YPF
SA, to local businessman Enrique Eskenazi for US$3.75 billion in
a deal that is expected to be announced this week, Thomson
Financial reports.

Diario Clarin added that the sale will be disclosed once Spain,
Argentina and U.S. stock exchanges have already been notified of
the agreement.

A report from Bloomberg News says that financing for the
purchase of 15% of the stake, which will cost US$2.2 billion,
will probably be financed by Repsol.

"Repsol wants to make this as easy as possible for Eskenazi
because the deal is dragging on," Alberto Espelosin, who helps
manage US$12 billion at Ibercaja Gestion SA told Bloomberg.
"Repsol has had a poor run and they want some good news to
demonstrate that things are changing."

A person familiar with the deal told Bloomberg that Repsol may
provide up to US$1 billion in financing.  The rest of the funds
will be borrowed from Credit Suisse Group, Morgan Stanley and
BNP Paribas SA.

Mr. Eskenazi leads the Petersen group, which controls several
provincial banks in Argentina and is also active in the
construction business.

Mr. Eskenazi told La Nacion, "We are a serious group ... I have
been working on this deal for a year.  It's a long process."

The Spanish oil company wants to sell up to 45% of its holdings
in Argentina to free resources that would be used in exploration
outside of the region.  In 1999, the company purchased 80% of
YPF from the government for US$15.5 billion, Bloomberg relates.

                        About Repsol

Repsol YPF, S.A. is an integrated oil and gas company engaged in
all aspects of the petroleum business, including exploration,
development and production of crude oil and natural gas,
transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, petrochemical production
and marketing of petroleum products, petroleum derivatives,
petrochemicals and natural gas.  The company operates in four
segments: Exploration and Production, Refining and Marketing,
Chemicals, and Gas and Electricity.

                        About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                        *     *     *

Fitch Ratings assigned BB+ long-term issuer default rating on
YPF SA.  Fitch said the outlook is stable.

Moody's Investors Service assigned these ratings on YPF SA:

          -- B2 long-term foreign currency corporate family
             rating; and

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook is negative.




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


HARRAH'S ENTERTAINMENT: Pennsylvania Board Okays Apollo Purchase
----------------------------------------------------------------
The Pennsylvania Gaming Control Board has approved the proposed
acquisition of Harrah's Entertainment, Inc. by affiliates of
Apollo Management, L.P. and TPG Capital.  The transaction
remains subject to approval by other jurisdictions in which
Harrah's subsidiaries operate and other conditions to closing
set forth in the agreement and plan of merger entered into on
Dec. 19, 2006.  The transaction is expected to close in early
2008.

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

                        *     *     *

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


HARRAH'S ENTERTAINMENT: Pennsylvania Board OKs Ownership Change
---------------------------------------------------------------
The Pennsylvania Gaming Control Board has approved the proposed
change of ownership/control of Harrah's Entertainment, Inc.,
owner of Chester Downs and Marina, LLC in Delaware County, to
Hamlet Holdings, LLC.

"As with any change of ownership, the board reviews the proposal
to ensure that it is in the best interest of Pennsylvania
citizens," said the Pennsylvania Gaming Control Board
Chairperson, Mary DiGiacomo Colins.  "Even with this approval,
our work does not end.  We will be keeping a close eye on the
proposed new owners to ensure they follow through with the
promises made to the Board."

Under the Pennsylvania Race Horse Development and Gaming Act,
the Gaming Control Board has the duty to protect the public
through the regulation and policing of all activities involving
gaming.  The Board must approve any change in ownership or
control of a slot machine license.

The approval came after the Board reviewed testimony submitted
at a Dec. 3, 2007 hearing where Harrah's Entertainment and
Hamlet Holdings, LLC outlined their objectives for the
Pennsylvania facility in Chester.  The Board was assurred that
the Delaware County slots operation is a valued facility and
that the new owners will strive to operate it in a manner
beneficial to both the community and the citizens of the
Commonwealth.

In addition to the approval, Hamlet Holdings must also pay the
Commonwealth a US$2.5 million license fee.

The sale, which is expected to be completed in early 2008, has
already received regulatory approval from several jurisdictions
including Illinois, Indiana, Iowa, Louisiana, Mississippi,
Missouri, and New Jersey.  Overall, the sale is valued at
approximately US$30 billion and would be the 7th largest buyout
in United States history.

                About Harrah's Entertainment

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

                        *     *     *

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




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


COFFEE CUP: Receiver Will File For Firm's Dissolution by Dec. 24
----------------------------------------------------------------
Stephen E. Lowe, the official receiver of Coffee Cup Ltd. will
file in the Registrar of Companies for the dissolution of the
company by Dec. 24, 2007.

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

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

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

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

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

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

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

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

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

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




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


* BOLIVIA: Inks Road Link Deal with Brazil & Chile
--------------------------------------------------
Bolivia, Brazil and Chile were signing a deal to form a corridor
linking the Pacific and Atlantic oceans, according to a report
from Inside Costa Rica.  Under the agreement, the road link will
become operational in 2009.

According to the report, the Bolivia stretch of the road totals
1,600 km, 75 percent of which is ready for use.  The three
unfinished parts that link SantaCruz to Puerto Suarez, Oruro to
Pisiga, and Santa Matias to Concepcion has required US$415
million, US$78 million and US$260 million in investment
respectively.

Two projects are under the plan in Chile, Inside Costa Rica
states.  The projects include a 192-km road starting in Arica
and another 216-km stretch linking Iquique to its eastern border
with Bolivia.

In Brazil, a total of 2,225 km of existing road will be re-
profiled as part of this corridor.  The country is investing
almost us$133 million refurbishing a stretch of highway that is
already in use, Inside Costa Rica says.

Bolivian President Evo Morales, during the signing ceremony,
felt that the road link would allow integration and unification
of towns in three countries.

Report shows that Chilean President Michelle Bachelet added that
the connection would "allow free flow of people and growing
equality" among the countries.

                        *     *     *

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
===========


BANCO BRADESCO: Will Raise Share Capital to BRL23.0 Billion
-----------------------------------------------------------
Banco Bradesco said in a filing with the Brazilian securities
regulator Comissao de Valores Mobiliarios that it will increase
its share capital by BRL4.0 billion to BRL23.0 billion to pay
for lending growth and investments in information technology.

Business News Americas relates that Banco Bradesco wants to
boost lending up to 25% next year, which would be slightly below
2007 estimates of up to 27% growth compared to 2006.

According to BNamericas, Banco Bradesco budgeted BRL1.30 billion
for information technology upgrade program Improve IT that the
bank launched in 2003 and would complete in 2009.

Banco Bradesco will bring in up to BRL1.20 billion from the sale
of 27.9 million new shares to existing shareholders at BRL43.00
each.  The bank will also add another BRL2.80 billion from
reserves.  It will issue 14.0 million new common shares and the
same number of new preferred shares.  The reserve period starts
on Jan. 22, 2008, and ends on Feb. 22, 2008, BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Standard & Poor's Ratings Services maintained the
'BB+' ratings on both of Banco Bradesco SA's foreign and local
currency counterparty credit rating, however it changed the
ratings outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-


CHEMTURA CORP: Will Review Strategic Alternatives
-------------------------------------------------
Chemtura Corporation's Board of Directors has authorized
management to consider a wide range of strategic alternatives
available to the company to enhance shareholder value.  In
support of this ongoing initiative, a Special Committee of
independent directors of the Board of Directors has been formed
to oversee the process.  To assist in this process, Chemtura has
retained the services of Merrill Lynch & Co., which is acting as
its exclusive financial advisor.

Strategic alternatives to be considered may include, among
others, select business divestitures, value-creating
acquisitions, changes to the company's capital structure, or a
possible sale, merger or other business combination involving
the entire company.

There can be no assurance that this review will result in any
specific transaction.  The company does not expect to disclose
any further developments with respect to the exploration of
strategic alternatives unless and until its Board of Directors
has approved a transaction or other strategic alternative.

                    About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, US$150 million due 2026: Ba2
      from Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, US$400 million due 2009: Ba2
      from Ba1; LGD4 (53%)


COMPANHIA ENERGETICA: Issues BRL400MM Non-Convertible Debentures
----------------------------------------------------------------
Companhia Energetica de Minas Gerais's distribution unit Cemig
Distribuicao said in a filing with the Brazilian securities
regulator Comissao de Valores Mobiliarios that it has issued
BRL400 million in non-convertible debentures.

Business News Americas relates that Companhia Energetica issued
about 40,000 debentures at BRL10,000 each.

Companhia Energetica told BNamericas that the debentures will
mature in December 2017.  "The papers will pay 7.96% interest
per year, updated according to Brazil's IPCA inflation index."

According to BNamericas, Banco do Brasil's investment arm BB
Investimentos will coordinate the funding.

Companhia Energetica told BNamericas that it will use the
proceeds to pay its debt.

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                        *     *     *

As reported on March 8, 2007, Moody's Investors Service assigned
corporate family ratings of Ba2 on its global scale and Aa3.br
on its Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


COMPANHIA SIDERURGICA: Investing BRL9.50B in Minas Gerais Units
---------------------------------------------------------------
Companhia Siderurgica Nacional told Business News Americas that
it will invest BRL9.50 billion in projects in Minas Gerais over
the next six years.

According to Companhia Siderurgica's statement, investments will
be made for mining, steel and cement operations.

BNamericas says that Companhia Siderurgica will construct these
projects in Minas Gerais:

          -- 4.5-million-ton-per-year steel mill,
          -- six-million-ton-per-year pellet plant, and
          -- steel treatment and distribution center.

Companhia Siderurgica said in a statement that of the total
investment for the coming years, about BRL9 billion would go to
projects in Congonhas:

          -- BRL6.20 billion for the new steel plant,
          -- BRL850 million for the pellet plant, and
          -- BRL2.20 billion for the Casa de Pedra expansion.

BNamericas notes that Companhia Siderurgica runs the Casa de
Pedra iron ore mine in Minas Gerais.  The mine would increase
its production capacity to 65 million tons per year by 2011,
from the current 16 million tons a year.

According to BNamericas, some BRL205 million will be invested in
Arcos, where a clinker facility and a lime unit that focused on
cement production would be based.

BNamericas states that a steel treatment and distribution center
would be deployed in Belo Horizonte.  It would require some
BRL20 million.

Companhia Siderurgica told BNamericas that overall, the
investments will create over 10,000 jobs.

Companhia Siderurgica will also install a new 4.5-million-ton-
per-year steel mill in Rio de Janeiro, BNamericas states.

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

                        *     *     *

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


DRESSER-RAND GROUP: Inks US$50MM Blanket Purchase Order w/ PEMEX
----------------------------------------------------------------
Dresser-Rand Group Inc. has signed a blanket purchase order with
Petroleos Mexicanos valued at approximately US$50 million.  The
order covers all aftermarket parts and services and came through
Dresser-Rand's long established strategic alliance frame
agreements with this national oil company.

As previously disclosed, the aftermarket bookings trends for two
of the company's national oil company clients had slowed during
the early part of the year due to order process changes.
Consistent with comments made by the company at the time of its
third quarter 2007 earnings conference call, this order will
help streamline transacting business with Petroleos Mexicanos.

"The blanket purchase order is a very positive step forward,"
said Dresser-Rand president and Chief Executive Officer, Vincent
R. Volpe, Jr.  "We expect that cycle times from inquiry to order
will now be reduced and expect our aftermarket bookings run
rates to return to traditional levels this quarter and stay
strong going forward."

                   About Petroleos Mexicanos

Petroleos Mexicanos (aka PEMEX) is Mexico's state-owned oil
company.  The integrated company's operations, spread throughout
Mexico, range from exploration and production to refining and
petrochemicals.  the company's P.M.I. Comercio Internacional
subsidiary manages the company's trading operations outside the
country.  The company has estimated proved reserves of 15.5
billion barrels of oil equivalent.  In 2006 the company produced
about 3.3 million barrels of crude oil per day.

                      About Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


FIAT SPA: Extends Buy Back Program to April 30, 2008
----------------------------------------------------
Fiat S.p.A. decided to extend the buy back program from
Dec. 31, 2007, to April 30, 2008.

At a stockholders meeting on April 5, 2007, Fiat authorized the
purchase of treasury shares from the aggregate three classes of
stock, which shall not exceed in the aggregate 10% of the
capital stock and maximum amount of EUR1.4 billion.  The
authorization will last 18 months from April 5, 2007, and will
therefore expire on Oct. 5, 2008.

The stockholders authorization does not compel Fiat to complete
the buy back up to the maximum EUR1.4 billion amount and
therefore the buy back may be executed in whole or in part.

Additionally, pursuant to the applicable regulations which
require that any buy back program be announced to the market, on
April 5, 2007, after the stockholders' authorization, Fiat
disclosed the details of its buy back program, aimed at
servicing stock option plans and the investment of excess
liquidity, which would expire on Dec. 31, 2007.

As already stated, the company will execute share repurchases in
its total and complete discretion including the choice of
timing, quantum and share price levels.  In so doing, the
company will be guided by the principle that it will only
repurchase its shares if such repurchase is value accretive to
the shareholders of Fiat, and subject to any negative
repercussions a given repurchase may have on its credit ratings.

The buy back will be carried out on the regulated markets as:

   -- it will end on April 30, 2008, or once the maximum amount
      of EUR1.4 billion or a number of shares equal to 10% of
      the capital stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the stock exchange on the day
      before the purchase is made; and

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

Should purchases be carried out, Fiat will maintain its daily
communication program to the market and competent authorities,
detailing the number of shares purchased, the average price, the
total number of purchased shares as of the date of the
communication and the total invested amount as of such date.

As of Dec. 12, 2007, Fiat has repurchased 20.482 billion Fiat
ordinary shares for a total aggregate amount of EUR426 million.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


FIAT SPA: Names Luca De Meo as Alfa Romeo's Chief Executive
-----------------------------------------------------------
Fiat S.p.A. disclosed that Luca De Meo took on the role as Alfa
Romeo Automobiles' chief executive officer on Dec. 11, 2007,
replacing Antonio Baravalle, who left the group on his request.

Mr. De Meo will keep his current position as chief marketing
officer of the Fiat Group, with responsibility for all marketing
related activities across all Fiat Group Sectors, as well as his
post of CEO of Abarth.

Mr. De Meo's simultaneous commitment to the development of the
Alfa brand and to the promotion of marketing activities puts him
in an ideal position to follow one of the most important
projects of the brand, its return to the U.S. market.

Fiat Group thanked Antonio Baravalle for his precious
professional cooperation and his valuable contribution
throughout these years.

"The commitment, passion and determination with which Luca De
Meo faces great challenges is the best guarantee for Alfa
Romeo's relaunch plan and the development of marketing
activities across all Fiat Group brands.  I thank Antonio
Baravalle, who always worked with intelligence and dedication,
and wish him all the best for his future activities," Sergio
Marchionne, Fiat Group CEO commented.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


GENERAL MOTORS: Starts UAW Special Attrition Program's 1st Phase
----------------------------------------------------------------
General Motors Corp. and the United Auto Workers union have
reached an agreement on the first phase of a comprehensive
special attrition program.  The agreement is a key step in the
implementation of the 2007 GM-UAW national contract.

In the first phase, the attrition program will be offered to all
UAW-represented hourly employees working at GM's Service Parts
and Operations facilities across the country.  The program also
will be offered to hourly employees at GM's metal stamping plant
in Pittsburgh, Pennsylvania, casting plant in Massena, New York
and to all hourly employees currently assigned to JOBS Banks in
Oklahoma City, Oklahoma, Linden, New Jersey and Rancho
Cucamonga, California.

Special attrition program details for UAW-represented hourly
employees who work in GM's assembly, stamping, powertrain and
engineering facilities will follow in early 2008.

"We continue to work closely with our UAW partners to improve
our competitiveness in the currently challenging U.S. market
conditions, while also investing in future products and
technologies critical to support our leadership in fuel
economy," Rick Wagoner, GM Chairman and CEO, said.  "This first
phase of a comprehensive attrition program, designed in
conformance with the 2007 UAW national labor agreement, provides
our employees with attractive options to consider."

The attrition program will include a combination of early
retirement incentives and other considerations similar to the
special attrition program that GM, the UAW and Delphi
implemented in 2006.  Specific program details will be rolled
out to affected employees beginning in January 2008.

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

                        *     *     *

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

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


GENERAL MOTORS: Commodity Costs Spark Price Hike on 2008 Cars
-------------------------------------------------------------
General Motors Corp. disclosed a price adjustment on most of its
2008 model year vehicles to partially recover increasing steel
and commodity costs.  The price increases, averaging about 1.5%,
are effective with vehicles invoiced to dealers on and after
Dec. 19, 2007.

"This targeted price increase is designed to partially recover
ever-increasing commodity costs," Mark LaNeve, GM North America
vice president, Vehicle Sales, Service and Marketing, said.
"While most cars and trucks in our portfolio will go up between
100 to 500 dollars, in hotly contested segments, many vehicles
such as the Saturn Aura four-cylinder and the all-new Malibu LS
will have no increase.  With our award-winning designs and the
best warranty coverage of any full-line manufacturer, our 2008
vehicles remain the best value in the market place."

Price increases will range from US$0 on the 2008 Chevrolet
Malibu LS to US$1,500 on the Cadillac XLR luxury sports coupe.
Importantly, this price increase will not affect vehicles
already in dealer inventory, which continue to be available to
customers until the end of the year during the GM Red Tag Event.

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

                        *     *     *

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

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


GENERAL MOTORS: Lay-Offs 800 Tonawanda Workers Before Schedule
--------------------------------------------------------------
The tentative displacement of 800 hourly production workers at
General Motors Corp.'s Powertrain engine plant in the town of
Tonawanda in New York came a week before its scheduled
shuttering for the holidays from Dec. 22, 2007 to Jan. 2, 2008,
various sources report.

Papers say that GM spokeswoman Mary Anne Brown assured salaried
and skilled trade workers were not included in the lay-offs.

GM relates that low market demand for car parts is the cause of
the carmaker's streamlining action, sources disclose.

As reported in the Troubled Company Reporter on Dec. 7, 2007, to
avoid a deluge of inventory, GM will shutter three pickup truck
plants for two weeks in January.  Aside from that, GM plants
will also be closed over the holiday.  GM anticipates a
production of 950,000 vehicles from January through March, down
11% from the same period in 2007.

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

                       Cash Incentives

GM is initiating a cash incentive program for pickups and sports
utility vehicles to increase sales, various papers relate.

The program offers US$1,000 cash on 2008 models of GMC Yukon,
Pontiac Torrent SUVs and Chevrolet Silverado pickups, Greg
Bensinger of Bloomberg News reports citing GM spokesman John
McDonald.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
after three consecutive monthly increases, General Motors Corp.
dealers in the United States delivered 263,654 vehicles in
November, down 11% compared with a year ago, reflecting
continuing reductions in daily rental sales and softening
industry demand.

                          About GM

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

                        *     *     *

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

                        *     *     *

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

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


MINERVA SA: Fitch Affirms Currency Issuer Default Ratings at B+
---------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings of Minerva S.A. (formerly known as Industria e
Comercio de Carnes Minerva Ltda) at 'B+'.  The 'B+' rating on
the US$200 million senior unsecured notes due 2017 issued by
Minerva Overseas Ltd, a special-purpose vehicle wholly-owned by
Minerva and incorporated in the Cayman Islands, which is
unconditionally guaranteed by the company is also affirmed.  In
addition, Fitch has also affirmed the company's national debt
rating at 'BBB(bra)'.  The rating outlook is stable.

The ratings are supported by the company's business position as
the third-largest Brazilian exporter of fresh beef -- based on
2006 full year figures -- its low cost structure, its high grade
of product customization and its diversified and growing export
revenue base.  The company's activities are significantly export
oriented, with approximately 73% of gross revenues earned during
the first nine months of 2007 from foreign markets, allowing the
company to earn hard currency and mitigate transfer and
convertibility risk.  The export revenue base has gotten better
diversified, with sales in approximately 80 countries, and less
concentration, recently, to European countries than in the past.
Diversification of sales by country is important in order to
mitigate risks related to the imposition of sanitary
restrictions.  However, the company is more exposed to sanitary
restrictions than other top competitors due to plant locations
(56% of current capacity located in the State of Sao Paulo and
Mato Grosso do Sul, which are Brazilian States that face more
global restrictions).

The company's favorable business position is underscored by
Brazil's vast competitive advantages in cattle grazing and beef
production, including cattle-raising costs that are the lowest
worldwide due to favorable geographic and weather conditions,
the availability and low cost of grazing land, and low cattle-
feeding costs.  Other inputs, such as energy and labor, are also
abundant and attractively priced.  These advantages highlight
the rapid growth of exports, which increased to US$563 million
during the last twelve months ended September 2007 from US$93
million in 2002.  Product diversification is improving but
continues to be concentrated in one product (fresh meat) with
relatively low value added.

Over the past several years, the company's revenues and EBITDA
have grown robustly, driven primarily by higher exports.
Notwithstanding, the company has reported negative free cash
flows due to growing working-capital requirements, capital
expenditures and tax credit generated by exports.  During the
last twelve months ended Sept. 30, 2007, the company generated
US$677 million and US$57.9 million of revenues and EBITDA,
respectively.  Revenues were positively affected by higher
prices of fresh beef both domestically and internationally.  At
the same time, rising cost of purchasing cattle more than offset
higher sales prices and therefore negatively affected EBITDA.
Consequently, credit metrics worsen and total-debt-to-EBITDA
increased to 4.8 versus 4.1 at the end of 2006. EBITDA-to-
interest-expense ratio deteriorated to 1.3 versus 2.2.

The ratings are also supported by the company's improved
liquidity position due to its IPO completed in August of 2007,
at which time the company raised BRL370 million.  Additionally,
the company improved its debt concentration significantly with
the issuance of US$200 million Senior Unsecured Notes during the
early part of the year.  Consequently, the company's short-term
debt currently makes up 11% of its BRL561.6 million (94%
denominated in US dollars) total consolidated debt versus 61% at
the end of 2006.  Secured debt at the end of the period
consisted of BRL34.5 million, or 6% of total debt, most of it
secured by mortgages on two plants.

The ratings reflect the company's aggressive capital structure
on a total-debt-to-EBITDA basis (4.8), large future capital-
expenditure projection of BRL155 million in 2008 and continue
need to finance working capital, which will likely continue to
pressure credit-protection measures despite expected revenue and
EBITDA growth.  At the end of September, the company had BRL462
million cash on its balance sheet; therefore, the ratings also
reflect solid Net Debt ratios of 0.8.

The ratings also reflect the company's exposure to the
volatility of raw material costs and of domestic and
international beef prices, supply and demand imbalances in the
protein market due to factors such as disease and adverse
weather conditions, unfavorable global economic conditions,
changes in beef consumption habits, government-imposed sanitary
and trade restrictions, and competitive pressures from other
Brazilian or international beef producers and exporters.
Despite expectations of robust growth in worldwide beef
consumption and Brazil's continued leadership in beef production
and exports, associated leverage with planned capital
expenditures and high working capital requirements may continue
to cause weak credit-protection measures through the end of
2008.

Minerva SA (fka Industria e Comercio de Carnes Minerva Ltda) is
one of Brazil's largest producers of beef and beef by-products
and the country's third largest exporter of fresh and chilled
beef.  The company slaughters and debones cattle to produce
chilled beef, aged and frozen beef, cooked cubed beef, frozen
beef variety meats, wet blue leather and other by-products,
largely for the export markets, which account for approximately
80% of net revenues.  In 2005 Minerva had sales of US$394
million and exports of US$335 million to approximately 80
countries.  The company began operations in 1993 as a
slaughterhouse and is privately owned by the Queiroz family.


SUN MICROSYSTEMS: Names Alain Andreoli as Sr. VP for EMEA Region
----------------------------------------------------------------
Sun Microsystems Inc. has appointed Alain Andreoli as senior
vice president of its EMEA (Europe, Middle East and Africa)
region.  Mr. Andreoli will be responsible for directing Sun's
EMEA sales and services which today represents close to 40% of
the company's business.  He assumes this position from Sun
executive vice president, Crawford Beveridge, who served in the
role during the search and now returns to his current role of
EVP and Chairman of EMEA, APAC and the Americas with
responsibility for Global Governments.

Mr. Andreoli joins Sun, reporting to Don Grantham, executive
vice president, Global Sales and Services, with more than 25
years of technology, sales and leadership experience having most
recently served as CEO of cc-hubwoo, the leading global provider
in "source-to-pay" electronic solutions and supplier network
management.  His experience spans a variety of markets including
consumer electronics, semiconductors, data storage, networking,
IP communications, IT/data center services, software as a
service and IP community networks.  Prior to joining cc-hubwoo,
he was president and CEO at Xiotech.  His career includes 14
years at Texas Instruments where he most recently served as
corporate vice president and general manager of EMEA and nearly
five years at StorageTek where he served as corporate vice
president and general manager of International Operations.  He
also served in executive leadership roles at Verio (NTT Group)
as president and COO and at McData Corporation (now Brocade) as
EVP of Worldwide Sales and Services.

"Throughout his career, Alain has consistently delivered
superior business results and I'm confident he'll do the same at
Sun.  Alain's strong sales track record and customer service
experience is second to none.  As we continue to execute on our
plan for sustained growth and profitability, Alain's extensive
sales leadership and proven ability to deliver superior value to
customers and partners will be a huge asset," said Don Grantham,
executive vice president, Sun Global Sales and Services.

Mr. Andreoli earned a business degree from CERAM in France and
participated in the MBA program at Concordia University,
Montreal, Canada.  He begins his new role at Sun on January 7,
2008 and will be based in London.

                   About Sun Microsystems

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

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

                        *     *     *

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

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


UAL CORP: Appoints New VP, Base Maintenance for United Services
---------------------------------------------------------------
UAL Corporation, the holding company whose primary subsidiary is
United Airlines Inc., has named Tracy M. Elving vice president
of Base Maintenance for United Services.  Joining the company
from General Electric, Ms. Elving will be responsible for
engine, components and airframe maintenance for United Airline's
fleet, customer work at the San Francisco Base and oversight of
all outsourced airframe maintenance worldwide.

"Tracy's experience and proven track record in developing
continuous improvement initiatives and her experience with
supply chain will be a great complement to our current team,"
says United Services senior vice president, Bill Norman.  "We
are thrilled to have her join our team as we focus on providing
the highest quality maintenance service to United and our
customers."

Ms. Elving brings more than 20 years experience in aviation
engineering and manufacturing to United.  Most recently, she
served as the vice president, Lockheed Martin Account for
General Electric, where she was responsible for all GE Aviation
Systems products to Lockheed Martin and the development plans
for all GE Aviation Systems product lines.  Ms. Elving also held
leadership positions at United Technologies Corporation and
Northrop Grumman Corporation.

"It is a very exciting time in the MRO business, and I look
forward to working with the team to expand our continuous
improvement efforts," Ms. Elving said.

Ms. Elving will assume her role on Jan. 7, 2008, and will report
directly to Mr. Norman.

                      About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 29, 2007,
Moody's Investors Service affirmed the ratings of UAL Corp. debt
-- corporate family rating at B2 -- following the company's
announced plans to amend its US$2.055 billion bank credit
facilities (comprising a term loan facility of US$1.8 billion
and a revolving credit facility of US$255 million) to provide
the flexibility to implement up to US$500 million of shareholder
initiatives.  This level of shareholder initiatives would likely
be within United's anticipated free cash flow and should still
preserve the company's adequate level of liquidity.  Moody's
said the outlook remains stable.

Standard & Poor's Ratings Services meanwhile affirmed its 'B'
corporate credit rating on UAL Corp. and subsidiary United Air
Lines Inc. following disclosure of a proposed amendment to
United's bank credit agreement that would permit UAL to pursue
"shareholder initiatives" (which could include a special
dividend or share repurchases) of up to US$500 million.  S&P
said the outlook remains stable.


* BRAZIL: Gets US$2-Million Loan for Technical Cooperation
----------------------------------------------------------
The Multilateral Investment Fund announced has approved a
US$2 million grant for technical cooperation to professionalize
management functions in family-owned small and medium-sized
enterprises in Brazil, Colombia, Ecuador and Peru.

Family businesses are currently the predominant form of business
organization in many countries in Latin America and the
Caribbean, representing between 65% and 90% of all enterprises.
These small and medium-sized companies are beginning to become
aware of the importance of professionalizing their management as
a way to ensure continued growth.  But when it comes to meeting
their training needs, however, this type of enterprises is
limited by the fact that not all programs match their specific
requirements and circumstances.  In general, the management
training programs offered by institutions of excellence assume
that businesses have specialized functions, making those
programs and their specialized products not suited to their
needs.

MIF financing will help build the management capacity of these
enterprises through the development of a training product suited
to the needs of family-owned small and medium-sized enterprises
that uses the group learning methodology developed by Fundacao
Dom Cabral.  The methodology for management training and
experience sharing among enterprises to be developed -- the
Integrated Development Network, or Parceria Integrada -- will be
tested on 200 enterprises.

The group learning methodology encourages entrepreneurs and
managers to meet and share experiences, discuss relevant issues,
and seek solutions to common problems, depending on the target
areas, while leveraging the know-how of each enterprise.

Fundacao Dom Cabral, a Brazilian foundation with a 30-year
history in the education and training of executives, will carry
out the program and will partner with local institutions in
Colombia, Ecuador and Peru.  Local counterpart funds will total
US$2.3 million.

The Multilateral Investment Fund is an autonomous member of the
IDB Group that promotes private sector growth in Latin America
and the Caribbean through grants and investments.

                        *     *     *

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: Inks Road Link Deal with Bolivia & Chile
--------------------------------------------------
Bolivia, Brazil and Chile were signing a deal to form a corridor
linking the Pacific and Atlantic oceans, according to a report
from Inside Costa Rica.  Under the agreement, the road link will
become operational in 2009.

According to the report, the Bolivia stretch of the road totals
1,600 km, 75 percent of which is ready for use.  The three
unfinished parts that link SantaCruz to Puerto Suarez, Oruro to
Pisiga, and Santa Matias to Concepcion has required US$415
million, US$78 million and US$260 million in investment
respectively.

Two projects are under the plan in Chile, Inside Costa Rica
states.  The projects include a 192-km road starting in Arica
and another 216-km stretch linking Iquique to its eastern border
with Bolivia.

In Brazil, a total of 2,225 km of existing road will be re-
profiled as part of this corridor.  The country is investing
almost us$133 million refurbishing a stretch of highway that is
already in use, Inside Costa Rica says.

Bolivian President Evo Morales, during the signing ceremony,
felt that the road link would allow integration and unification
of towns in three countries.

Report shows that Chilean President Michelle Bachelet added that
the connection would "allow free flow of people and growing
equality" among the countries.

                        *     *     *

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


CALYPSO HOLDINGS: Will Hold Final Shareholders Meeting Tomorrow
---------------------------------------------------------------
Calypso Holdings Limited will hold its final shareholders
meeting on Dec. 21, 2007, at:

               Coutts House
               1446 West Bay Road, P.O. Box 707
               Grand Cayman KY1-1107, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

               Royhaven Secretaries Limited
               Attention: Sharon Meghoo
               c/o P.O. Box 707
               Grand Cayman, Cayman Islands
               Telephone: 945-4777
               Fax: 945-4799


CASCADE CAPITAL: Proofs of Claim Filing Deadline Is Tomorrow
------------------------------------------------------------
Cascade Capital Global FX Fund's creditors are given until
Dec. 21, 2007, to prove their claims to Peter Anderson and
William Walmsley, 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.

Cascade Capital's shareholder decided on Oct. 18, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Peter Anderson
               William Walmsley
               Rawlinson & Hunter
               P.O. Box 897, One Capital Place
               George Town, Grand Cayman KY1-1103
               Cayman Islands
               Telephone: (345) 949 7576
               Fax: (345) 949 8295


CASCADE CAPITAL GLOBAL: Proofs of Claim Filing Ends Tomorrow
------------------------------------------------------------
Cascade Capital Global FX Master Fund's creditors are given
until Dec. 21, 2007, to prove their claims to Peter Anderson and
William Walmsley, 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.

Cascade Capital's shareholder decided on Oct. 18, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Peter Anderson
               William Walmsley
               Rawlinson & Hunter
               P.O. Box 897, One Capital Place
               George Town, Grand Cayman KY1-1103
               Cayman Islands
               Telephone: (345) 949 7576
               Fax: (345) 949 8295


CITY LEASING: Proofs of Claim Filing Is Until Tomorrow
------------------------------------------------------
City Leasing (International) Limited's creditors are given until
Dec. 21, 2007, to prove their claims to Jeremy Simon Spratt and
Finbarr Thomas O'Connell, 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.

City Leasing's shareholder decided on Oct. 19, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jeremy Simon Spratt
               Finbarr Thomas O'Connell
               Attention: Beth Grayland
               KPMG LLP
               8 Salisbury Square, London EC4Y 8BB
               United Kingdom
               Telephone: 01144 207 694 3731
               Fax: 01144 207 694 3533


DB SANGHA: Proofs of Claim Filing Deadline Is Tomorrow
------------------------------------------------------
DB Sangha (Cayman) Limited's creditors are given until
Dec. 21, 2007, to prove their claims to Jeremy Simon Spratt and
Finbarr Thomas O'Connell, 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.

DB Sangha's shareholder decided on Oct. 19, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jeremy Simon Spratt
               Finbarr Thomas O'Connell
               Attention: Beth Grayland
               KPMG LLP
               8 Salisbury Square, London EC4Y 8BB
               United Kingdom
               Telephone: 01144 207 694 3731
               Fax: 01144 207 694 3533


EQUITY HHA: Proofs of Claim Filing Is Until Tomorrow
----------------------------------------------------
Equity HHA Limited's creditors are given until Dec. 21, 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.

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

The liquidator can be reached at:

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


FZC CORP: Proofs of Claim Filing Deadline Is Today
--------------------------------------------------
FZC Corporation's creditors are given until Dec. 20, 2007, to
prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

FZC's shareholder decided on Nov. 20, 2007, to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


GFIA-SHK MANAGERS: Will Hold Final Shareholders Meeting Tomorrow
----------------------------------------------------------------
GFIA-SHK Managers Ltd. will hold its final shareholders meeting
on Dec. 21, 2007, at 10:00 a.m. at the registered office of the
company.

These agenda will be taken during the meeting:

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

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

GFIA-SHK Managers' shareholders agreed on Oct. 4, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Lawrence Edwards
               Attention: Jodi Jones
               P.O. Box 258, Grand Cayman KY1-1104
               Cayman Islands
               Telephone: (345) 914 8694
               Fax: (345) 945 4237


HELLY HANSEN: Proofs of Claim Filing Ends Tomorrow
--------------------------------------------------
Helly Hansen Equity Limited's creditors are given until
Dec. 21, 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.

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

The liquidator can be reached at:

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


HELLY IIP: Proofs of Claim Filing Deadline Is Tomorrow
------------------------------------------------------
Helly IIP Limited's creditors are given until Dec. 21, 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.

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

The liquidator can be reached at:

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


JULIUS BAER: Final Shareholders Meeting Is Today
------------------------------------------------
Julius Baer Global Macro Opportunity Feeder Fund Ltd. will hold
its final shareholders meeting on Dec. 20, 2007, at 10:10 a.m.
at:

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

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


JULIUS BAER GLOBAL: Holding Final Shareholders Meeting Today
------------------------------------------------------------
Julius Baer Global Macro Opportunity Fund Ltd. will hold its
final shareholders meeting on Dec. 20, 2007, at 10:00 a.m. at:

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

These agenda will be taken during the meeting:

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

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

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

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


LINAVEN INVESTMENTS: Proofs of Claim Filing Deadline Is Today
-------------------------------------------------------------
Linaven Investments Limited's creditors are given until
Dec. 20, 2007, to prove their claims to Royhaven Secretaries
Limited, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Linaven Investments' shareholders agreed on Nov. 14, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Royhaven Secretaries Limited
              Attention: Fiona Graham
              Coutts House, 1446 West Bay Road
              P.O. Box 707, Grand Cayman KY1-1107
              Cayman Islands
              Telephone: 945-4777
              Fax: 945-4799


LYRA PARTNERS: Proofs of Claim Filing Deadline Is Tomorrow
----------------------------------------------------------
Lyra Partners International Limited's creditors are given until
Dec. 21, 2007, to prove their claims to Peter Anderson and
William Walmsley, 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.

Lyra Partners' shareholders agreed on Oct. 30, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Peter Anderson
               William Walmsley
               Rawlinson & Hunter
               P.O. Box 897, One Capital Place
               George Town, Grand Cayman KY1-1103
               Cayman Islands
               Telephone: (345) 949 7576
               Fax: (345) 949 8295


LYRA PARTNERS GP: Proofs of Claim Filing Is Until Tomorrow
----------------------------------------------------------
Lyra Partners GP Limited's creditors are given until
Dec. 21, 2007, to prove their claims to Peter Anderson and
William Walmsley, 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.

Lyra Partners' shareholders agreed on Oct. 30, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Peter Anderson
               William Walmsley
               Rawlinson & Hunter
               P.O. Box 897, One Capital Place
               George Town, Grand Cayman KY1-1103
               Cayman Islands
               Telephone: (345) 949 7576
               Fax: (345) 949 8295


MULTIDIMENSION FUND: Proofs of Claim Filing Deadline Is Tomorrow
----------------------------------------------------------------
Multidimension Fund's creditors are given until Dec. 21, 2007,
to prove their claims to Peter D. Anderson and S. Alan Milgate,
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.

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

The liquidators can be reached at:

               Peter D. Anderson
               S. Alan Milgate
               Rawlinson & Hunter
               P.O. Box 897, Third Floor
               One Capital Place, Shedden Road
               George Town, Grand Cayman KY1-1103
               Cayman Islands
               Telephone: (345) 949 7576
               Fax: (345) 949 8295


HELLY HANSEN HOLDINGS: Claims Filing Deadline Is Tomorrow
---------------------------------------------------------
Helly Hansen Holdings Limited's creditors are given until
Dec. 21, 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.

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

The liquidator can be reached at:

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


NEW REACH: Proofs of Claim Filing Ends Tomorrow
-----------------------------------------------
New Reach Holdings Limited's creditors are given until
Dec. 21, 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.

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

The liquidator can be reached at:

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


REACH HOLDINGS: Proofs of Claim Filing Is Until Tomorrow
--------------------------------------------------------
Reach Holdings Limited's creditors are given until
Dec. 21, 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.

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

The liquidator can be reached at:

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


VEGA PARTNERS: Proofs of Claim Filing Ends Tomorrow
---------------------------------------------------
Vega Partners GP Limited's creditors are given until
Dec. 21, 2007, to prove their claims to Peter Anderson and
William Walmsley, 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.

Vega Partners' shareholder decided on Nov. 1, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Peter Anderson
               William Walmsley
               Rawlinson & Hunter
               P.O. Box 897, One Capital Place
               George Town, Grand Cayman KY1-1103
               Cayman Islands
               Telephone: (345) 949 7576
               Fax: (345) 949 8295




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


AES CORP: Hires Ernst & Young as Accountants to Replace Deloitte
----------------------------------------------------------------
AES Corporation said that following the completion of the audit
for the fiscal year ended Dec. 31, 2007, the company will
dismiss Deloitte & Touche LLP as its independent registered
public accounting firm.  The Company appointed Ernst & Young LLP
as its independent registered public accounting firm for the
fiscal year ending Dec. 31, 2008.  The decision to change
accountants was made by the Company's Board of Directors and its
Financial Audit Committee in a joint meeting held on
Dec. 7, 2007.

Deloitte & Touche's audit report dated May 22, 2007, on the
Company's consolidated financial statements as of and for the
years ended Dec. 31, 2006, and Dec. 31, 2005, did not contain an
adverse opinion or a disclaimer of opinion and was not qualified
or modified as to uncertainty, audit scope, or accounting
principles, except that the audit report indicated that (i) in
2006, the Company adopted Financial Accounting Standards Board
Statement No. 158, "Employers' Accounting for Defined Benefit
Pension and Other Postretirement Plans" and in 2005, the Company
adopted Financial Accounting Standards Board Interpretation
No. 47, "Accounting for Conditional Asset Retirement
Obligations"; and (ii) the consolidated financial statements and
the financial statement schedules were restated.

During the years ended Dec. 31, 2006, and Dec. 31, 2005, and the
subsequent interim period, there were no disagreements with
Deloitte & Touche on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedures, which disagreements, if not resolved to their
satisfaction, would have caused Deloitte & Touche to make
reference to the subject matter of the disagreement in
connection with its audit report.

During the years ended Dec. 31, 2005, and Dec. 31, 2006, and the
subsequent interim period, there were no reportable events,
except that as of Dec. 31, 2005, Dec. 31, 2006, and
Sept. 30, 2007, the company's internal control over financial
reporting was not effective due to the existence of certain
material weaknesses.  The company disclosed in its Form 10-K/A
for the year ended Dec. 31, 2006, that as a result of the
material weaknesses, the company performed additional analysis
and other post-closing procedures in order to prepare the
consolidated financial statements in accordance with generally
accepted accounting principles in the United States of America.
As of Dec. 8, 2007, the company's remediation efforts with
regard to the disclosed material weaknesses are not complete.

The company has requested that Deloitte & Touche furnish it with
a letter addressed to the Securities and Exchange Commission
stating whether or not it agrees with the disclosures.

                         About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


SCIENTIFIC GAMES: Extends Loteria Electronica Agreement to 2020
---------------------------------------------------------------
Scientific Games Corp. has extended its agreement with Loteria
Electronica Internacional Dominicana, S.A. to provide systems,
technology and services to support lottery wagering for Loteria
Electronica's network of betting operations throughout the
Dominican Republic.  The new contract extends the current
agreement to 2020 and is expected to generate annual revenues of
approximately US$2.5 million.  Under the terms of the agreement,
the company will also provide the equipment, systems and
services to operate Keno from Loteria Electronica retail
locations.

"LEIDSA has been a valued customer of Scientific Games Racing
for a number of years and in that time has seized upon a number
of new opportunities to serve the Dominican market," said
Scientific Games Chairperson and Chief Executive Officer, Lorne
Weil.  "We consider it a strong vote of confidence that they are
not only extending their relationship with Scientific Games, but
also adopting additional wagering opportunities like Keno to
implement in concert with their other wagering products.  We
look forward to continuing our successful partnership with
LEIDSA."

"We have enjoyed a productive partnership with Scientific Games.
Their suite of gaming technologies and products, like Keno, will
support our goals to develop and expand the wagering
opportunities for our customers in the Dominican Republic well
into the future," said Loteria Electronica President, Pedro
Alegria.  "Given our positive past experience and the wealth of
additional gaming opportunities the company can provide, the
choice to extend our partnership was clear."

                   About Scientific Games

Headquartered in New York City, Scientific Games Corporation
(Nasdaq: SGMS) - http://www.scientificgames.com/-- is an
integrated supplier of instant tickets, systems and services to
lotteries worldwide.  The company is a supplier of fixed odds
betting terminals and systems, amusement and skill with prize
betting terminals, interactive sports betting terminals and
systems, and wagering systems and services to pari-mutuel
operators.  It is also a licensed pari-mutuel gaming operator in
Connecticut, Maine and the Netherlands and is a supplier of
prepaid phone cards to telephone companies.  Scientific Games'
customers are in the United States and more than 60 other
countries.  The company has additional productions and operating
facilities located in Austria, Chile and the United Kingdom.

                        *     *     *

Moody's Investor Services placed Scientific Games Corporation's
probability of default rating at 'Ba2' in September 2006.  The
rating still hold to date with a stable outlook.




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


DOLE FOOD: Weak Performance Prompts Moody's to Rewiew Ratings
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of Dole Food Company, Inc., including the
company's B2 corporate family rating and B2 probability of
default rating.  LGD assessments are also subject to change.

Ratings placed under review for possible downgrade:

Dole Food Company, Inc.:

  -- Corporate family rating at B2

  -- Probability of default rating at B2

  -- Senior secured term loan B at Ba3

  -- Senior secured pre-funded letter of credit facility at Ba3

  -- Senior unsecured notes, bonds and debentures at Caa1

  -- Senior unsecured shelf, senior subordinated shelf and
     junior subordinated shelf at (P)Caa1

Solvest. Ltd.

  -- Senior secured term loan C at Ba3

Dole Food's operating performance has been weaker than
anticipated in its fresh vegetable segment, which is slowly
recovering from the industry-wide September 2006 spinach recall.
In addition, margins are under pressure in its packaged foods
division from cost inflation, and the company has not succeeded
in turning around its small flowers business.  As a result, the
company's credit metrics remain weak -- debt to EBITDA at
Oct. 6, 2007 was high at 8.2 times, and unlikely to improve to
the 7.5 times threshold before 2009, which was articulated in
Moody's January 2007 credit opinion as appropriate for the
company's rating level.  Free cash flow has been negative since
the end of fiscal 2004, stemming from low profitability.

Moody's review will focus on the company's plans to boost
operating profitability in fresh vegetables and packaged foods,
on initiatives to stabilize the flower business, and on
financial policies regarding capital expenditures and optimum
capital structure.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut! flowers
segment sources, imports and markets fresh-cut flowers, grown
mainly in Colombia and Ecuador, primarily to wholesale florists
and supermarkets in the U.S.


* COLOMBIA: Delays Privatization of Five Power Firms
----------------------------------------------------
The Colombian presidential Web site posted that the government
has temporarily suspended the privatization of power utilities
Cundinamarca, Santander, Norte de Santander, Boyaca and Meta.

Business News Americas relates that the government seeks to
sell:

          -- 99.63% stake in Boyaca for a total of COP366
             billion,
          -- 79.15% in Norte de Santander for COP122 billion,
          -- 55.7% in Meta for COP75.7 billion,
          -- 79% interest in Santander for COP226 billion, and
          -- 88.14% stake in Cundinamarca for COP157 billion.

According to BNamericas, the firms have total debt of COP500
billion.  The government wants to earn over COP946 billion from
the sale.

Published reports say nine companies prequalified for the
potential sale.

Mining and energy minister Hernan Martinez told BNamericas that
the ministry decided to delay the privatization due to legal
holdups in the sale of:

          -- Norte de Santander,
          -- Boyaca, and
          -- Meta.

Minister Martinez commented to BNamericas, "We don't see any
substantial reason to suspend the process.  However, legal
rulings must be respected."

According to BNamericas, the government will file an appeal to
the court decision that blocked the privatization when courts
are back in session in January.

Minister Martinez told BNamericas, "Once the legal issue is
cleared up, we will sell immediately."

                        *     *     *

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


* COLOMBIA: Gets US$2-Million Loan for Technical Cooperation
------------------------------------------------------------
The Multilateral Investment Fund announced has approved a
US$2 million grant for technical cooperation to professionalize
management functions in family-owned small and medium-sized
enterprises in Brazil, Colombia, Ecuador and Peru.

Family businesses are currently the predominant form of business
organization in many countries in Latin America and the
Caribbean, representing between 65% and 90% of all enterprises.
These small and medium-sized companies are beginning to become
aware of the importance of professionalizing their management as
a way to ensure continued growth.  But when it comes to meeting
their training needs, however, this type of enterprises are
limited by the fact that not all programs match their specific
requirements and circumstances.  In general, the management
training programs offered by institutions of excellence assume
that businesses have specialized functions, making those
programs and their specialized products not suited to their
needs.

MIF financing will help build the management capacity of these
enterprises through the development of a training product suited
to the needs of family-owned small and medium-sized enterprises
that uses the group learning methodology developed by Fundacao
Dom Cabral.  The methodology for management training and
experience sharing among enterprises to be developed -the
Integrated Development Network, or Parceria Integrada-will be
tested on 200 enterprises.

The group learning methodology encourages entrepreneurs and
managers to meet and share experiences, discuss relevant issues,
and seek solutions to common problems, depending on the target
areas, while leveraging the know-how of each enterprise.

Fundacao Dom Cabral, a Brazilian foundation with a 30-year
history in the education and training of executives, will carry
out the program and will partner with local institutions in
Colombia, Ecuador and Peru.  Local counterpart funds will total
US$2.3 million.

The Multilateral Investment Fund is an autonomous member of the
IDB Group that promotes private sector growth in Latin America
and the Caribbean through grants and investments.

                        *     *     *

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




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


* COSTA RICA: Instituto Costarricense Sells 310,884 GSM Lines
-------------------------------------------------------------
Costa Rican state-run Instituto Costarricense de Electricidad
has sold 310,884 of the 340,000 GSM lines it put on sale this
week, news daily Al Dia reports.

Business News Americas relates that Instituto Costarricense
signed a accord with Swedish telecoms equipment supplier
Ericsson in June to install the new lines.

Instituto Costarricense is considering launching prepaid
telephony for the first time in Costa Rica after the nation
authorized a free trade agreement with the US in October.  The
free trade will "partially liberalize the telecoms market,"
BNamericas states.

                        *     *     *

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

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

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




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


FLOWSERVE CORP: Gayla Delly Joins Board of Directors
----------------------------------------------------
Flowserve Corp. has elected Gayla J. Delly as member of its
board of directors effective Jan. 1, 2008.

Ms. Delly is currently the President of Benchmark Electronics
Inc., a contract manufacturing, design, engineering, test and
distribution company serving customers in the computer, medical
device, telecommunications and industrial control and
instrumentation industries.

Prior to her current role, Ms. Delly had served as Executive
Vice President and Chief Financial Officer for Benchmark
Electronics, since 2001.  Ms. Delly joined Benchmark in 1995 as
Corporate Controller and Treasurer.  Before her positions at
Benchmark Electronics, she served as a Senior Manager in the
audit group of KPMG.  Ms. Delly is a Certified Public
Accountant.

"We are very pleased that Gayla will be joining the board of
directors of Flowserve," said Kevin E. Sheehan, Chairman of the
board.

"The experience that Gayla brings from a global manufacturing
perspective, as well as her strong background in accounting,
will serve us well as a board and will have an immediate
impact," said Lewis Kling, President and CEO of Flowserve.

Ms. Delly earned a Bachelor of Science degree in accounting from
Samford University, Birmingham, Alabama.

With the addition of Ms. Delly, the number of Flowserve's board
of directors increases to 13 members.

                       About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.




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


PETROECUADOR: Gov't Lifts State of Emergency in Orellana
--------------------------------------------------------
The Ecuadorian government has lifted the state of emergency it
decreed on Nov. 29, 2007, in Orellana when strikers closed down
state-run oil firm Petroecuador's key oil production facility,
Eric Watkins at Oil & Gas Journal reports.

Oil & Gas relates that human rights organizations and regional
leaders agreed on the creation of a commission to probe human
rights abuse charges connected with the emergency decree.

According to Oil & Gas, authorities arrested some people under
charges of sedition.

"Authorities would determine if the army committed excesses at
the time," Oil & Gas notes, citing Ecuadorian Interior Minister
Fernando Bustamante.

Minister Bustamante commented to Oil & Gas, "If there has been
any abuse of authority, evidence will be gathered.  The
commission will ensure that disciplinary measures are taken and
compensation is made."

Justice Minister Gustavo Jalk assured Oil & Gas that he will
identify the people responsible for acts of sabotage around the
Dayuma facility as soon as possible.

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


* ECUADOR: Gets US$2-Million Loan for Technical Cooperation
-----------------------------------------------------------
The Multilateral Investment Fund has approved a US$2 million
grant for technical cooperation to professionalize management
functions in family-owned small and medium-sized enterprises in
Brazil, Colombia, Ecuador and Peru.

Family businesses are currently the predominant form of business
organization in many countries in Latin America and the
Caribbean, representing between 65% and 90% of all enterprises.
These small and medium-sized companies are beginning to become
aware of the importance of professionalizing their management as
a way to ensure continued growth.  But when it comes to meeting
their training needs, however, this type of enterprises is
limited by the fact that not all programs match their specific
requirements and circumstances.  In general, the management
training programs offered by institutions of excellence assume
that businesses have specialized functions, making those
programs and their specialized products not suited to their
needs.

MIF financing will help build the management capacity of these
enterprises through the development of a training product suited
to the needs of family-owned small and medium-sized enterprises
that uses the group learning methodology developed by Fundacao
Dom Cabral.  The methodology for management training and
experience sharing among enterprises to be developed -the
Integrated Development Network, or Parceria Integrada-will be
tested on 200 enterprises.

The group learning methodology encourages entrepreneurs and
managers to meet and share experiences, discuss relevant issues,
and seek solutions to common problems, depending on the target
areas, while leveraging the know-how of each enterprise.

Fundacao Dom Cabral, a Brazilian foundation with a 30-year
history in the education and training of executives, will carry
out the program and will partner with local institutions in
Colombia, Ecuador and Peru.  Local counterpart funds will total
US$2.3 million.

The Multilateral Investment Fund is an autonomous member of the
IDB Group that promotes private sector growth in Latin America
and the Caribbean through grants and investments.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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




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


TECO ENERGY: Considers TECO Finance 2017 Notes Exchange Offer
-------------------------------------------------------------
TECO Energy Inc. has announced the applicable consideration for
its previously announced offer to exchange outstanding TECO
Energy 7.20% notes due 2011 or TECO Energy 7.00% notes due 2012,
for newly issued TECO Finance notes due 2017.

The applicable total exchange consideration for each US$1,000 in
principal amount of notes validly tendered and not withdrawn on
or before 5:00 p.m., New York City time, Dec. 5, 2007, the early
participation date, and accepted for payment, is US$1,066.79 and
US$1,072.85 for the TECO Energy 7.20% notes due 2011 and TECO
Energy 7.00% notes due 2012, respectively, which includes an
early participation payment of US$20.00.  The applicable late
exchange consideration for each US$1,000 in principal amount of
notes validly tendered after the early participation date and on
or before the expiration date of the offer, and accepted for
payment, is US$1,046.79 and $1,052.85 for the TECO Energy 7.20%
notes due 2011 and TECO Energy 7.00% notes due 2012,
respectively, which excludes the early participation payment.

The total exchange prices of the TECO Energy notes due 2011 or
2012 were determined today at 2:00 p.m., New York City time, the
price determination time, by the lead dealer managers for the
offer.  The total exchange prices for the TECO Energy 7.20%
notes due 2011 and TECO Energy 7.00% notes due 2012 were
determined by reference to a fixed spread of 1.40% and 1.50%,
respectively, over the yield to maturity based on the bid-side
price of the 3.875% U.S. Treasury note due October 31, 2012,
which was determined to be 3.613% as of the price determination
time.  The TECO Finance notes due 2017 will bear interest at an
annual rate of 6.572%.  The interest rate is equal to the bid-
side yield on the 4.25% U.S. Treasury note due Nov. 15, 2017,
which was determined by the lead dealer managers to be 4.197% as
of the price determination time, plus 2.375%.  Interest on the
TECO Finance notes due 2017 will accrue from the settlement
date, which is expected to be Dec. 21, 2007.

TECO Energy notes due 2011 or 2012 accepted for exchange in the
TECO Finance 2017 notes exchange offer will be subject to
proration so that TECO Finance will only issue a maximum of $300
million aggregate principal amount of TECO Finance notes due
2017.  Holders of TECO Energy notes due 2011 participating in
the TECO Finance 2017 notes exchange offer will be given
priority before holders of TECO Energy notes due 2012 may
participate.  Holders participating in the TECO Finance 2017
notes exchange offer whose notes are not accepted, whether due
to acceptance priority, proration or termination of the offer,
agree to participate in the previously announced offers to
exchange TECO Energy 7.20% notes due 2011 for a like principal
amount of newly issued TECO Finance 7.20% notes due 2011 and to
exchange TECO Energy 7.00% notes due 2012 for a like principal
amount of newly issued TECO Finance 7.00% notes due 2012.

TECO Energy notes due 2011 or 2012 tendered after 5:00 p.m., New
York City time, on Dec. 5, 2007, may not be withdrawn except in
certain limited circumstances where additional withdrawal rights
are required by law.

The exchange offers are only being made, and copies of the
exchange offer documents are only being made available to,
holders of TECO Energy notes due 2011 or TECO Energy notes due
2012 that have certified in an eligibility letter certain
matters to TECO Energy, including their status as eligible
holders, that is, either "qualified institutional buyers," as
that term is defined in Rule 144A under the Securities Act of
1933, or persons other than "U.S. persons," as that term is
defined in Rule 902 under the Securities Act of 1933.  The terms
and conditions of the exchange offers are described in a
confidential offering memorandum dated Nov. 20, 2007, and
related letter of transmittal, distributed to eligible holders.

Eligible holders who would like additional copies of the
eligibility letter may contact the information agent for the
exchange offers, Global Bondholder Services Corporation, at 866-
857-2200 or 212-430-3774.

This news release is neither an offer to issue in exchange nor a
solicitation of an offer to tender for any of the TECO Finance
notes.  The exchange offers are being made only pursuant to a
confidential offering memorandum and related letter of
transmittal and only to such persons and in such jurisdictions
as is permitted under applicable law.

The TECO Finance notes have not been and will not be registered
under the Securities Act of 1933 or any state securities laws.
Therefore, the TECO Finance notes may not be offered or sold in
the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act of 1933
and any applicable state securities laws.  TECO Finance will
enter into a registration rights agreement pursuant to which it
will agree to file an exchange offer registration statement with
respect to the notes.

                      About TECO Energy

Headquartered in Tampa, Florida, TECO Energy Inc. (NYSE:TE)
-- http://www.tecoenergy.com/-- is an integrated energy-related
holding company with regulated utility businesses, complemented
by a family of unregulated businesses.  Its principal
subsidiary, Tampa Electric Company, is a regulated utility with
both electric and gas divisions (Tampa Electric and Peoples Gas
System).  Other subsidiaries are engaged in waterborne
transportation, coal and synthetic fuel production and electric
generation and distribution in Guatemala.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Fitch Ratings has assigned these ratings to TECO
Finance, Inc., a wholly owned finance subsidiary of TECO Energy,
Inc.:

   -- Issuer Default Rating 'BB+';
   -- Senior unsecured 'BB+'.




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


CLEAR CHANNEL: Moody's Likely to Drop Corp. Family Rating to B2
---------------------------------------------------------------
Moody's Investors Service will likely downgrade Clear Channel
Communications, Inc.'s Corporate Family Rating to B2 when its
change of control is completed.  On Dec. 17, 2007, Clear Channel
announced a tender offer and consent solicitation for its
outstanding 7.65% senior notes due 2010 and its subsidiary, AMFM
Operating Inc. announced a tender offer and consent solicitation
for its 8% senior notes due 2008.

The company also provided additional details, including the
expected collateral and guarantee package, regarding the new
debt financing and the existing senior notes that remain
outstanding after its merger with the private equity group co-
led by Thomas H. Lee Partners, L.P. and Bain Capital Partners,
LLC.

While Moody's continues to maintain Clear Channel's ratings
under review for downgrade, the company's pro-forma leverage is
expected to increase substantially as a result of the proposed
US$19.6 billion acquisition of the company by the private equity
group and the post acquisition company will have significantly
weaker credit metrics.  Assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2.  The rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.

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.


CLEAR CHANNEL: S&P Cuts Rating on US$6.32 Bln Senior Notes to B-
----------------------------------------------------------------
Standard & Poor's Rating Services has lowered its issue-level
ratings on Clear Channel Communication Inc.'s roughly US$6.32
billion of existing senior unsecured notes to 'B-', two
notches below the corporate credit rating, from 'B+'.  All
ratings remain on CreditWatch with negative implications, where
they were originally placed on Oct. 26, 2007, pending the
completion of Clear Channel's LBO.

"The two-notch downgrade is based on the company's disclosure
that following its pending LBO transaction, it will roll over
existing debt on an unsecured basis into the new capital
structure, and structurally subordinate it to proposed new bank
debt," explained S&P's credit analyst Michael Altberg.

The new bank debt will benefit from operating company
guarantees.  Therefore, the downgrade of the existing senior
notes reflects the large amount of priority debt in the capital
structure.  This disclosure accompanied Clear Channel's tender
offer for its outstanding US$750 million of 7.65% senior notes
due 2010 and its outstanding US$644.9 million of 8% senior notes
due 2008 at its AMFM Operating Inc. subsidiary.

The proposed financing for the transaction consists of US$18.5
billion of new senior secured credit facilities and US$2.6
billion of new senior unsecured notes.  The new senior secured
facilities, as proposed, will be guaranteed by Clear Channel's
immediate parent entity and, more importantly, by its existing
and future wholly owned domestic restricted subsidiaries that
hold FCC licenses and radio stations assets.  The company's
existing senior notes, which are being downgraded, will not have
any guarantees.  The indentures governing the borrower's
existing debt significantly limit the pledge of collateral to
the proposed US$18.5 billion senior secured debt.  The amount of
debt secured by collateral from principal properties cannot
exceed 15% of consolidated stockholder equity.  The permitted
collateral amount is not fixed at the closing of the transaction
and will fluctuate in line with changes in stockholders equity.
The existing bondholders are entitled to equal and ratable
security if this limitation is breached.  S&P understands that
the proposed debt will be structured to avoid breach of this
covenant.

Revenue and EBITDA increased 5.5% and 4.8%, respectively, for
the third quarter of 2007, as 14% growth in outdoor advertising
more than offset a 1% decline in radio revenue.  Gross balance
sheet debt to EBITDA was 3.1 at Sept. 30, 2007, down from 3.6 at
year-end 2006.  Lease-adjusted total debt to EBIDA was 4.4.  Pro
forma for the proposed merger, S&P expects debt to EBITDA to be
about 10.

The closing of the merger is still subject to the acquirer's
receipt of FCC approval, which it expects to receive in the
first quarter of 2008.  S&P will continue to monitor
developments surrounding the proposed merger and will review the
business and financial strategies, as well as post-transaction
liquidity, in determining the ultimate corporate credit rating
for Clear Channel. S&P could further lower issue-level ratings
on the existing debt, depending on how much flexibility is built
into the deal structure.

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.


FEDERAL-MOGUL: Plan's Effective Date Scheduled for Dec. 27
----------------------------------------------------------
Federal-Mogul Corporation's Plan of Reorganization is scheduled
to become effective on Dec. 27, marking the company's emergence
from Chapter 11.

Federal-Mogul's Plan of Reorganization was confirmed by the U.S.
Bankruptcy Court on Nov. 8 and affirmed by the U.S. District
Court on Nov. 14.  The Confirmation Order relating to the Plan
has become final and non-appealable.

"We are delighted to have reached this significant milestone in
Federal-Mogul's 108-year history of serving the global
automotive industry.  We are confident about our future and wish
to acknowledge the support and loyalty of our customers,
suppliers and employees worldwide," said Federal-Mogul Chairman,
President and Chief Executive Officer Jose Maria Alapont.

"The Company's performance reflects the dedication of the
Federal-Mogul team, paving the way toward emergence from Chapter
11," Mr. Alapont said.  "We are committed to our global strategy
for sustainable profitable growth, as we remain focused on
creating value for our customers through innovative
technologies, leading products, operational and service
excellence, and best cost optimization in all areas of our
business."

The record date for holders of allowed claims and equity
interests under the Plan of Reorganization was Nov. 8, 2007 and
the effective date of the Plan of Reorganization is scheduled
for Dec. 27, 2007.

                     About Federal-Mogul

The Company filed for chapter 11 protection on Oct. 1, 2001
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The Bankruptcy Court
confirmed the Fourth Amended Plan on Nov. 8, 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 30, 2007, Moody's Investors Service assigned prospective
ratings to the reorganized Federal-Mogul Corporation --
Corporate Family, (P)Ba3.  In a related action Moody's assigned
a (P)Ba2 rating to new senior secured credit facilities.  The
outlook is stable.  The (P)Ba3 Corporate Family Rating is based
on the company's expected emergence from Chapter 11 with its
asbestos liabilities eliminated and moderately reduced debt
levels that should be readily serviced with the company's strong
business in the auto parts sector.


QUAKER FABRIC: Has Until March 13 to Remove Civil Actions
---------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
set March 13, 2008, as the deadline within which Quaker Fabric
Corporation and its debtor-affiliates may remove civil actions.

As reported in Troubled Company Reporter on Nov. 28, 2007,
the Debtors told the Court that they were not able to evaluate
the potential need to remove any of their pending prepetition
civil actions.  The Debtors said that they have been focusing on
the transition into Chapter 11, as well as the sale process of
substantially all of their assets.

On Sept. 19, 2007, the Court approved that sale, including,
the right to designate for certain parcels of real property and
leases, to Gordon Brothers Group LLC for approximately
US$27 million.

The Debtors assured the Court that their adversaries will not
be prejudiced by the extension under Section 1452(b) of the
Bankruptcy Code.  The Debtors say that the request is in the
best interest of the estate and creditors.

                    About Quaker Fabric

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

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

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

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


QUEBECOR WORLD: Jacques Mallette Succeeds Wes Lucas as CEO
----------------------------------------------------------
Quebecor World Inc. has appointed Jacques Mallette as president
and CEO effective immediately and that Wes Lucas is leaving the
company to pursue other opportunities.

The board of director believes that Mr. Mallette's backround,
leadership and experience are important to ensuring the company
is executing its business plan.

Jacques Mallette has been executive vice-president and chief
financial officer of Quebecor World since September 2005 and has
been involved in all aspects of the corporation including
operations and customer relations.

Mr. Mallette first joined Quebecor as executive vice president
and chief financial officer of Quebecor Inc. and Quebecor Media
in March 2003.

Previously, he held the position of president and chief
executive officer of Cascades Boxboard Group Inc.  During his 8-
year tenure at Cascades, he also held the positions of executive
vice president and chief financial officer.

He holds a Bachelors Degree from the University of Montreal and
is a member of the Order of Chartered Accountants of Quebec.

Mr. Lucas joined Quebecor World in May 2006 and is leaving the
company to pursue other opportunities in the United States and
Quebecor World wishes him well in his future endeavors.

The board of directors has accepted the resignation of Reginald
Brack as a director, for personal reasons and is appointing Jean
La Couture as a director of the corporation.  Mr. La Couture is
a fellow of the Quebec Order of Chartered Accountants.

He was managing director of a major Canadian accounting firm
before becoming president and chief executive officer of The
Guarantee Company of North America.  In 1995, he created Huis
Clos Ltd., which specializes in management mediation well as in
civil commercial negotiations.  He also serves as a member of
the board of Quebecor Inc., the Board of Innergex Power Trust
(chairman of the fiduciary council, acquisitions committee,
audit committee and corporate governance committee) and
Immunotec Inc. (chairman of the audit committee).

                  About Quebecor World Inc.

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company is an
independent commercial printer in Europe with 19 facilities,
operating in Austria, Belgium, Finland, France, Spain, Sweden,
Switzerland and the United Kingdom. In March 2007, it sold its
facility in Lille, France.  Quebecor World (USA) Inc. is its
wholly owned subsidiary.

                        *     *     *

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.


URS CORP: Washington Unit Inks Construction Deal with TVA
---------------------------------------------------------
URS Corporation's Washington Division (formerly Washington Group
International) has entered into an alliance agreement with the
Tennessee Valley Authority to provide engineering, procurement,
construction, startup, and commissioning services for combined-
cycle and simple-cycle gas turbine projects throughout TVA's
system under the long-term agreement.  The first project will
begin this month at TVA's Lagoon Creek Combustion Turbine Plant
and when completed will add 600 megawatts of combined-cycle
capacity to the 1,020 megawatts of existing capacity at the
facility, which is located near Brownsville, Tennessee.  The
value of this project to URS is approximately US$180 million
over 30 months.  TVA currently is evaluating other projects for
future capacity addition.

"We are pleased to be expanding our relationship with TVA
through this important alliance.  This is a significant
initiative that will provide superior value throughout TVA's
system," said Stephen G. Hanks, President of URS' Washington
Division.  "The Washington Division has provided engineering,
construction, and maintenance and operations services on various
fossil fuel, hydroelectric and nuclear power projects for TVA
for more than 15 years."

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Moody's Investors Service has downgraded the
Corporate Family Rating of URS Corporation to Ba2 from Ba1
following the company's acquisition of Washington Group
International, Inc.  Moody's said the ratings outlook is stable.




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CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan
---------------------------------------------------------
Chiquita Brands International Inc. reported that one of its
executive officers has adopted a prearranged stock-trading plan
in accordance with guidelines specified by Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended.

Rule 10b5-1 allows plans to be established that permit corporate
executives to prearrange sales of company securities at a time
when they are not aware of any material non-public information.
Such plans typically involve a plan to sell shares over a set
period of time.  These pre-arranged planned trades will be
executed at a specified later date, as set forth in the plan,
without further action or oversight by the executive officer.  A
plan can provide for sales of stock on a particular date or at a
particular price or a combination of both of these factors,
along with others.  The rules allow corporate executives to
diversify their investment portfolios and avoid concerns about
initializing stock transactions while possibly in possession of
material non-public information.

Manuel Rodriguez, senior vice president, government and
international affairs, and corporate responsibility officer, has
adopted a plan under Rule 10b5-1 which is in accordance with
company's stock ownership guidelines and provides for the sale
of portions of his holdings over time, as part of his financial
planning for the benefit of his family.  Shares sold pursuant to
the plan will be disclosed publicly through Form 144 filings and
Form 4 filings as required by the SEC.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Bands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.




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


AGILENT: Maspro TV-Receiver Design to Use Genesys & GX Software
---------------------------------------------------------------
Agilent Technologies Inc. disclosed that Maspro Denkoh Corp. has
selected Agilent's Genesys and Momentum GX software to develop
its TV-receiver and satellite-broadcast equipment.  The
agreement includes multiple licenses and an optional upgrade
path to other Agilent EEsof EDA products.

Maspro is Japan's leading provider of TV-receiving equipment
such as antennas, satellite receivers and broadcasting repeater
devices, which often use frequencies greater than 10 GHz.  The
company's designers were encountering performance issues when
slight changes were made to the printed circuit board (PCB)
design, requiring several design re-spins to understand and
correct the problems.

To solve these problems and reduce re-spins in their design
process, Maspro added circuit and electromagnetic simulation to
its design flow to improve efficiency.  After evaluating EDA
tools on the market, Maspro chose Agilent's Genesys and Momentum
GX EDA software.

Maspro engineers who performed the tools evaluation chose
Genesys because it provided the highest return on investment and
the highest degree of accuracy, which Maspro needed to avoid the
risk of design re-spins.  They determined that the Genesys
solution would help the most in improving their R&D
efficiencies.  They also preferred Genesys because it is
available in Japanese and several other languages.

"Our application engineers worked closely with key Maspro
designers to improve design efficiency for their high-frequency
PC board design," said Mounir Adada, product marketing manager
with Agilent's EEsof EDA division.  "I'm pleased that this
leading equipment supplier in Japan has chosen our Genesys and
Momentum circuit and EM simulation tools, and I look forward to
working with them."

                        About Genesys

Eagleware-Elanix, the originator of Genesys, was acquired by
Agilent Technologies in 2005. Agilent EEsof EDA continues to
build on and enhance the Genesys platform, an integrated EDA
software package for self-supporting RF and microwave designers
and workgroups. From initial system architecture through final
documentation, Genesys provides state-of-the-art performance in
a single easy-to-use design environment that is fast, powerful
and accurate.

                     About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has assigned a Ba1
rating to Agilent Technologies, Inc.'s proposed offering of
USUS$500 million senior notes due 2017 and affirmed its existing
ratings and stable outlook.




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QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to CCC
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Montreal-based printing company
Quebecor World Inc. by two notches to 'CCC' from 'B-'.  In
addition, S&P lowered the senior unsecured debt rating on the
company by three notches to 'CCC-' from 'B-', reflecting the
junior position of the notes in relation to the company's US$750
million revolving credit facility (unrated), which is fully
guaranteed and partially secured, and the high likelihood that
the company's debt level will increase in the near term.

The ratings remain on CreditWatch with negative implications,
where they were placed Aug. 9, 2007, due to concerns over the
company's weak operating performance and financial flexibility
in a challenging operating environment and difficult credit
market.

"The downgrade reflects the significant deterioration in
Quebecor World's financial flexibility and liquidity following
the company's withdrawal of its announced recapitalization plan
in November, and last week's cancellation of the company's
announced sale of a significant portion of its European
operation because the deal didn't receive the required
shareholder approval," said S&P's credit analyst Lori Harris.
"The company continues to face insufficient near-term liquidity,
potential covenant violations, and an uncertain financial
restructuring," Ms. Harris added.

To address the necessary refinancing of the private notes in
September 2007, the company used its revolving credit facility;
however, the company agreed at that time to reduce the
authorized facility amount of the revolver to US$750 million
from US$1 billion, which put a premium on completing the
previously mentioned transactions.  In addition to this,
Quebecor World's European accounts receivable securitization
program was wound down in October 2007, requiring the company to
rely even more heavily on the reduced revolving credit facility.
As a result, S&P expects the company's bank debt balances at
year-end 2007 to be materially higher than previously planned.
Quebecor World will likely not meet all of the recently loosened
bank loan covenants for fourth-quarter 2007.  The company also
failed to make its declared dividend payments on the series 3
and series 5 preferred shares, which were due Dec. 1, 2007,
because it might not satisfy the capital adequacy test under the
Canada Business Corporations Act.

At present, the company doesn't have sufficient confirmed
sources of cash or liquidity to meet its expected near-term
operational requirements.  The firm recently hired independent
financial advisors to help it deal with its liquidity crunch by
evaluating alternatives for raising cash, while also devising a
longer term restructuring solution.  However, as yet a formal
action plan hasn't been announced or approved for either issue.
S&P is very concerned that the near-term outlook for the
business' sustainability is unclear at present time.

The ratings will remain on CreditWatch with negative
implications until S&P is comfortable that the company has
addressed its near-term liquidity issues.

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.


* PERU: Gets US$2-Million Loan for Technical Cooperation
--------------------------------------------------------
The Multilateral Investment Fund announced has approved a
US$2 million grant for technical cooperation to professionalize
management functions in family-owned small and medium-sized
enterprises in Brazil, Colombia, Ecuador and Peru.

Family businesses are currently the predominant form of business
organization in many countries in Latin America and the
Caribbean, representing between 65% and 90% of all enterprises.
These small and medium-sized companies are beginning to become
aware of the importance of professionalizing their management as
a way to ensure continued growth.  But when it comes to meeting
their training needs, however, this type of enterprises is
limited by the fact that not all programs match their specific
requirements and circumstances.  In general, the management
training programs offered by institutions of excellence assume
that businesses have specialized functions, making those
programs and their specialized products not suited to their
needs.

MIF financing will help build the management capacity of these
enterprises through the development of a training product suited
to the needs of family-owned small and medium-sized enterprises
that uses the group learning methodology developed by Fundacao
Dom Cabral.  The methodology for management training and
experience sharing among enterprises to be developed -the
Integrated Development Network, or Parceria Integrada-will be
tested on 200 enterprises.

The group learning methodology encourages entrepreneurs and
managers to meet and share experiences, discuss relevant issues,
and seek solutions to common problems, depending on the target
areas, while leveraging the know-how of each enterprise.

Fundacao Dom Cabral, a Brazilian foundation with a 30-year
history in the education and training of executives, will carry
out the program and will partner with local institutions in
Colombia, Ecuador and Peru.  Local counterpart funds will total
US$2.3 million.

The Multilateral Investment Fund is an autonomous member of the
IDB Group that promotes private sector growth in Latin America
and the Caribbean through grants and investments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.


* PERU: IDB Issuing Partial Loan Guarantee to Support Securities
----------------------------------------------------------------
The Inter-American Development Bank will issue a partial loan
guarantee supporting Peru's first issue of mortgage-backed
securities, a US$25 million package from BBVA Banco
Continental S.A. of Peru.  This marks the first issue by the
First Program for Mortgage Securitization, whose maximum is
US$100 million, and is part of the IDB's US$100 million Partial
Loan Guarantee Facility to support various Banco Continental
mortgage-backed securitization programs.

BBVA Banco Continental is Peru's second-largest bank in terms of
assets and deposits.  Mortgage financing is a key aspect of its
business strategy.

With this issue, the IDB is supporting the first securitization
of a mortgage portfolio in Peru, thus introducing a source of
financing for the originators and a new financial instrument for
investors.

"This first securitization of mortgages in Peru marks a
milestone in the development of new and efficient sources of
financing," said Eduardo Avila Zaragoza, assistant finance
manager for Banco Continental.  "We are also offering the
capital markets a very attractive new financial asset.
Transactions like this provide both liquidity and financing
capacity, enabling us to meet the growing demand for mortgages
in the coming years."

Banco Continental is the second-largest commercial bank in Peru.
As of October 2007, it had US$7.8 billion in assets and total
deposits of US$5.4 billion.  Banco Continental has built an
extensive network throughout the country, with 215 branches, 332
ATMs and 3,600 employees.  The bank has a BBB international
rating for long-term loans in national currency and a BBB--
rating for long-term loans in foreign currency from Fitch
Ratings.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.




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


ALLIED WASTE: Closes US$40MM Indiana Solid Waste Revenue Bonds
--------------------------------------------------------------
Allied Waste Industries, Inc.'s wholly owned subsidiary, Allied
Waste North America, Inc., has completed the concurrent
offerings of US$30 million in principal amount of Indiana
Finance Authority Solid Waste Revenue Variable Rate Demand Bonds
Series 2007A due 2017 and US$10 million in principal amount of
The Industrial Development Authority of the County of Yavapai
Solid Waste Revenue Variable Rate Demand Bonds Series 2007A due
2017.  Both offerings are backed by a letter of credit as credit
enhancement for the bonds.  Inclusive of the letter of credit
fees, the initial all-in cost to Allied Waste is approximately
4.85%.  As of the date of issuance, the bonds bear variable
interest rates reset weekly based on market rates.

"We are pleased to be able to partner with the Indiana Finance
Authority in Indiana and The Industrial Development Authority of
the County of Yavapai in Arizona," said Allied Waste Executive
Vice President and Chief Financial Officer, Pete Hathaway.
"This attractive rate financing promotes continued economically
beneficial investment throughout the State of Indiana and the
State of Arizona, home to our Operations Support Center."

Headquartered in Scottsdale, Arizona, Allied Waste Industries
Inc. -- http://www.alliedwaste.com/and http://www.disposal.com/
-- (NYSE: AW) provides waste collection, transfer, recycling,
and disposal services for residential, commercial, and
industrial customers in over 100 major markets spanning 37
states and Puerto Rico.  The company has 24,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings has upgraded the following ratings
on Allied Waste Industries Inc. (NYSE: AW) and its Allied Waste
North America and Browning-Ferris Industries subsidiaries, as:

Allied Waste Industries Inc.

  -- Issuer Default Rating to 'B+' from 'B'.

Allied Waste North America

  -- IDR to 'B+' from 'B';
  -- Secured credit facility rating to 'BB+/RR1' from 'BB/RR1';
  -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

Browning-Ferris Industries

  -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.


DORAL FINANCIAL: Moody's Lifts Senior Debt Rating from B2 to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the senior debt rating of
Doral Financial Corporation to B1 from B2.  Following the
upgrade, the rating outlook is stable.

The rating action reflects Moody's view that the company's
substantial capital base and ample liquidity allows the company
to begin executing its community bank business strategy on
Puerto Rico.  The company's board and managerial ranks continue
to be strengthened.  In addition, Doral Financial's expense base
in future periods will no longer be burdened to the same extent
by costs associated with its accounting, regulatory and legal
challenges.

The company's risk management and compliance capabilities have
been enhanced, which should help it navigate through a number of
remaining challenges.  These challenges include agreements with
its regulators and a very high level of nonperforming assets,
particularly in its construction portfolio.  These issues will
take time to resolve.  Furthermore, the timing of the company's
return to profitability is uncertain and will be hampered by the
ongoing recession in Puerto Rico.

As a result of these challenges, successful implementation of
Doral Financial's business strategy is not assured.
Nonetheless, Moody's expects the company to make some progress
in resolving its regulatory and asset quality challenges in the
near- to intermediate-term, which further supports the rating
upgrade.

Upgrades:

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to B1
     from B2

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.


DORAL FINANCIAL: Paying US$2.96875 Per Share Quarterly Dividend
---------------------------------------------------------------
Doral Financial Corporation announced that, on Dec. 14, 2007,
has paid the quarterly dividend on its 4.75% perpetual
cumulative convertible preferred stock, in the amount of
US$2.96875 per share.  The dividend was paid to holders of
record as of the close of business on Dec. 1, 2007.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive Outlook:

  Doral Financial Corporation

    -- Long-term Issuer Default Rating 'CCC';
    -- Senior debt to 'CCC/RR4'';
    -- Preferred stock to 'C/RR6';
    -- Short-term Issuer Default Rating 'C';
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'E'.

  Doral Bank

    -- Long-term Issuer Default Rating 'B';
    -- Long-term deposits B+;
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'D';
    -- Short-term Issuer 'B';
    -- Short-term deposit obligations 'B'.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service confirmed the B2 senior
debt rating of Doral Financial Corporation.  The rating had been
on review for possible downgrade since Jan. 5, 2007.  Moody's
said the rating outlook is stable.


DORAL FINANCIAL: Picks Kevin Twomey as Independent Board Member
---------------------------------------------------------------
Doral Financial Corporation has appointed Kevin Twomey as a
member to its Board of Directors.  This new appointment is in
addition to the current nine members of the Board of the Company
and follows the recent appointments of James E. Gilleran and
Ramesh Shah.

Mr. Twomey is the former President and Chief Operating Officer
of The St. Joe Company, a Florida-based real estate operating
company.  Mr. Twomey has significant banking experience, most
recently as Vice Chairman of the Board and Chief Financial
Officer of H. F. Ahmanson and Company.  He also served as Chief
Financial Officer of First Gibraltar Bank in Dallas, of the bank
subsidiaries of MCorp, and of Southwest Bancshares.  Mr. Twomey
currently serves as Director and Chairman of the Audit and
Compensation Committee of PartnerRe (and of the privately held
Real Mortgage Systems.  He was previously a Director of
Intergraph and Novelis.  Mr. Twomey earned a MBA from Duke
University, a Master of Systems Administration from George
Washington University and a BA from the University of Virginia.

"We are delighted that someone of Kevin's stature and experience
has joined Doral's world-class roster of Directors.  With his
significant experience as CFO at various highly regarded banking
institutions, Kevin brings with him a wealth of knowledge that
will further enhance the governance of our company", said Glen
Wakeman, President & CEO of Doral Financial Corporation.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive Outlook:

  Doral Financial Corporation

    -- Long-term Issuer Default Rating 'CCC';
    -- Senior debt to 'CCC/RR4'';
    -- Preferred stock to 'C/RR6';
    -- Short-term Issuer Default Rating 'C';
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'E'.

  Doral Bank

    -- Long-term Issuer Default Rating 'B';
    -- Long-term deposits B+;
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'D';
    -- Short-term Issuer 'B';
    -- Short-term deposit obligations 'B'.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service confirmed the B2 senior
debt rating of Doral Financial Corporation.  The rating had been
on review for possible downgrade since Jan. 5, 2007.  Moody's
said the rating outlook is stable.


GR PROPERTIES: Case Summary & Nine Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: GR Properties Inc.
        P.O. BOX 9066534
        Urb. Quintas Reales E-18
        Reina Victoria St.
        San Juan, PR 00969
        Tel: (787) 428-8288

Bankruptcy Case No.: 07-07395

Chapter 11 Petition Date: December 17, 2007

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Ralph Vallone, Jr., Esq.
                  Cond Condadtower Suite 201
                  Washington 30
                  San juan, PR 00907
                  Tel: (787) 723-9253
                  Fax: (787) 723-9251
                  http://www.rvallonelawoffice.com/

Total Assets: US$171,442

Total Debts:  US$1,606,535

Debtor's Nine Largest Unsecured Creditors:

   Entity                                          Claim Amount
   ------                                          ------------
   Teresa Clintron                                   US$949,500
   69 Condado Avenue, Suite 201
   San Juan, PR 00907

   J.N. Bracero & Associates                         US$319,650
   Consolidated Med Plaza 201
   Gautier Benitez Suite 309
   Caguas, PR 00725
   Tel: (787) 703-3941

   Francisco Ramis                                   US$300,000
   P.O. Box 2097
   Barcelona, PR 00617
   Tel: (787) 210-5511

   Fiddler Gonzalez & Rodriquez PSC                   US$19,192

   Espiral Creative                                   US$15,500

   Depto de Hacienda                                   US$2,107

   Victor Lluveras                                       US$150

   Internal Revenue Service                              US$305

   Depto de Trabajo Recursos Humanos                     US$130


LIN TV: Promotes Dan Donohue as Human Resources Vice President
--------------------------------------------------------------
LIN TV Corp. has promoted Dan Donohue to Vice President Human
Resources.

Mr. Donohue previously held the position of Director of Human
Resources for LIN TV, and is responsible for Human Resources
policies and programs for the Company's corporate offices, as
well as its 29 television stations in 17 markets nationwide.
Mr. Donohue oversees all organizational planning, organizational
development and training, employment, employee relations, labor
relations, compensation, benefits, safety and health, and the
Company's minority scholarship & training program.

Mr. Donohue joined LIN TV in 2003 as Director of Benefits and
was appointed Director of Human Resources in 2005.  Mr. Donohue
has over thirty years of executive human resources experience
with media companies including the Providence Journal and its
former broadcasting and cable TV operations; Houghton Mifflin, a
Boston-based educational publisher, and Utilicom Networks, a
broadband communications provider.  He earned a Bachelor of
Journalism degree from the University of Missouri and an MBA
from Temple University.  He is a member of the Society for Human
Resources Management and Human Resources Management Rhode
Island.

"Dan has done a tremendous job building positive employer-
employee relations and promoting a high level of employee
morale," said Vincent L. Sadusky, LIN TV's President and Chief
Executive Officer.  "We have made significant strides in
strengthening our Human Resources department in recent years and
Dan will continue that upward trend."

Mr. Donohue is based at the Company's corporate headquarters in
Providence, RI.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2007, Moody's Investors Service has affirmed the
existing debt ratings of LIN Television Corporation and changed
the outlook to stable from developing following the company's
announcement that it had concluded its review of strategic
alternatives.

These ratings are affected:

  -- Corporate Family Rating -- Ba3

  -- Probability of Default Rating -- Ba3

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

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

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

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

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

  -- SGL-2 speculative grade liquidity assessment

Moody's said the outlook is stable.


MAAX HOLDINGS: Unit Fails to Pay Interest on Senior Sub Notes
-------------------------------------------------------------
MAAX Holdings, Inc. has announced that MAAX Corporation, a
subsidiary of the company, has not made its interest payment on
its outstanding 9.75% senior subordinated notes due 2012.  The
Senior Subordinated Notes Indenture under which the Notes were
issued, provides a thirty-day grace period, which began on
Dec. 15, 2007, before such failure to pay interest constitutes
an Event of Default under the Indenture.  The company is
currently engaged in constructive discussions with its
stakeholders regarding strategic alternatives to improve its
capital structure and increase liquidity for general corporate
purposes.

In addition, while it is not known with certainty at this time,
it is likely that the company is in breach of the minimum
consolidated adjusted EBITDA covenant set forth in the company's
Credit and Guaranty Agreement by a small margin.  Such covenant
requires that the company's consolidated adjusted EBITDA as of
Nov. 30, 2007, for the 12-month period then ended be not less
than US$33,000,000.  If it is determined that the company is in
breach of this covenant, an Event of Default will have occurred
under the Credit Agreement which, if not waived, could lead to
an acceleration of payment demand by the company's senior
creditor.  At present, the company's senior creditor has not
granted such a waiver.

                     About MAAX Holdings

Headquartered in Brooklyn Park, Minnesota, MAAX Holdings Inc.
-- http://www.maax.com/-- is a North American manufacturer of
bathroom products, and spas for the residential housing market.
MAAX offerings are available through plumbing wholesalers, bath,
and spa specialty boutiques and home improvement centers.  The
company currently operates 18 manufacturing facilities and
independent distribution centers throughout North America and
Europe.  MAAX Corporation is a subsidiary of Beauceland
Corporation, itself a wholly owned subsidiary of the company.
The company has operations in Jamaica and Puerto Rico.

The company's consolidated balance sheet at Aug. 31, 2007,
showed US$507.5 million in total assets, US$604.5 million in
total liabilities, and US$7.0 million in redeemable preferred
stock, resulting in a US$104.0 million total shareholders'
deficit.

                        *     *     *

Maax Holdings Inc. still carries Standard & Poor's Ratings
Services' CCC- long-term corporate credit rating.




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


CHRYSLER LLC: In Talks with Nissan on Bilateral Supply Deal
-----------------------------------------------------------
Chrysler LLC is discussing terms of a bilateral supply deal with
Nissan Motor Co., various sources say citing Japanese newspaper
Nikkei.  Chrysler is keen on distributing Nissan's compact cars
and Nissan wants access to Chrysler's medium and large-sized
vehicles.

Papers relate that the carmakers are reportedly negotiating
prices and model types to be manufactured.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
Chrysler LLC dealers delivered 161,088 new vehicles to U.S.
customers in November 2007, down 2% compared with a year ago.

Chrysler brand car sales were led by the Sebring Convertible,
which increased sales to 2,039 units compared with 195 units a
year ago, up 946%.  Chrysler Town & Country sales rose 10% to
12,629 units versus November 2006 with 11,507 units.

High fuel prices impacted Jeep(R) brand results, down 2% versus
November of last year.  Large SUVs saw the greatest impact with
Jeep(R) Commander down 45% at 4,391 units versus November 2006.

Dodge brand car sales increased 75% over last year by steady
sales of the Dodge Charger with 10,341 units delivered.

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

                        *     *     *

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


CUMMINS INC: Rick Mills to Quit as Components Group President
-------------------------------------------------------------
Cummins Inc. disclosed that Rick Mills, President of the
Components Group, will retire effective at the end of March 2008
after more than 36 years with the company.

Rich Freeland, President of the Distribution Business, will
assume Mills' role as leader of the Components Group, while
Pamela Carter, President of Cummins Filtration, a business
within the Components Group, will become head of the
Distribution Business.  Ms. Carter's successor will be named in
the near future.

"Rick has been a mainstay of the Cummins organization for more
than three decades," said Tim Solso, Cummins Chairman and CEO.
"We have counted on him for much, and have particularly valued
his contributions in the area of leadership.  It's tough to say
good-bye to someone like Rick, who has been such an important
member of our management team."

Mr. Mills served in a variety of financial roles before being
named Vice President and General Manager of Atlas Inc., a former
Cummins business that manufactured crankshafts, in 1988.  He
became President of Atlas in 1990 and was in that role for three
years.  He served as Vice President of the Pacific Rim and Latin
America operations for Cummins Filtration (formerly Fleetguard
Inc.) before being named Corporate Controller in 1996.

Mr. Mills was appointed head of the Filtration Business from
2000 to 2005, when he was tapped to lead the Components Group,
which includes Cummins filtration, turbocharger, emission
solutions and fuel systems businesses.

Mr. Freeland joined Cummins in 1979 and served in a number of
plant and parts distribution functions before being named
manager of the Columbus Engine Plant in 1996 -- a role he held
for three years.  He was named an officer in 1999, serving as
Vice President, Heavy Duty Operations and Fuel Systems.  He
became Vice President and General Manager of Cummins
Distribution and parts business in 2004, and assumed the role of
President of the Distribution Business in 2005.

"Rich has brought exceptional business and leadership skills to
Cummins, and we are pleased he will be taking on this new and
very important responsibility for us," said Cummins President
Joe Loughrey.

Mr. Freeland will assume his new role effective Feb. 1.

Ms. Carter had a distinguished legal and political career,
including a term as Attorney General for the State of Indiana,
before joining Cummins in 1997.  She was General Counsel from
1997 to 2000 and has held leadership roles in the Cummins
Filtration business for the last seven years.  She was named
President of Cummins Filtration in 2005.

"We're very excited to have someone as experienced and talented
as Pamela step into the Distribution leadership role," Mr.
Loughrey said.  "Along with the Components Group, Distribution
is a critical part of our strategy going forward, and we are
counting on Pamela and Rich to make these two businesses even
more successful in the future."

Ms. Carter will assume her new role effective Feb. 1.

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.


PETROLEOS DE VENEZUELA: Forming Joint Venture with Eni & Ine
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that its unit Corporacion Venezolana de Petroleo has
signed an accord with Italy's Eni and Venezuela's Ine Paria to
create joint venture Petrolera Guiria.

Business News Americas relates that Petrolera Guiria replaces JV
Golfo de Paria Central, a division of the former Golfo de Paria
Este JV that ran:

          -- block 6,
          -- block 8,
          -- block 10,
          -- Delfin 1x field, and
          -- Punta Sur field.

Petroleos de Venezuela said in a statement, "These blocks, which
have high growth potential, contain virgin areas that will be
developed by this new joint venture."

Corporacion Venezolana owns 64.25% of Petrolera Guiria.  Eni
Venezuela holds a 19.50% stake in the joint venture, while Ine
Paria has a 16.25% stake.  The joint venture is part of
Venezuela's nationalization process, BNamericas states.

                          About Eni

Eni is an integrated energy company operating in the oil and
gas, electricity generation and sale, petrochemicals, oilfield
services construction and engineering industries.  Eni is active
in around 70 countries with a staff of 73.000 employees.

                        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.


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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.

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