TCRLA_Public/071221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, December 21, 2007, Vol. 8, Issue 253

                          Headlines

A R G E N T I N A

ALITALIA SPA: Board To Conduct Bid Selection Today
BOZICOVICH METALES: Trustee Filing Individual Reports on Dec. 28
DANA CORP: Pension Funds Oppose Reorganization Plan Confirmation
FIDEICOMISO FINANCIERO: Moody's Puts B1 Rating on Securities
FIDEICOMISO SUPERVIELLE IV: Moody's Assigns Ba1 Currency Rating

KONINKLIJKE AHOLD: James Miller Settles Case for US$8 Million
LA FOTO: Files for Reorganization Petition in Buenos Aires
MAXXIM SA: Proofs of Claim Verification Deadline Is March 14
PELPASA SA: Proofs of Claim Verification Deadline Is March 10
REBERTECH Y ADP: Proofs of Claim Verification Ends on March 14

SIMON CACHAN: Trustee Verifies Proofs of Claim Until March 26
TELEFONICA DE ARGENTINA: Investing ARS6 Billion in Three Years
VERIFONE HOLDINGS: Special Interest to Accrue on 1.375% Notes

* ARGENTINA: Groups Submit Bid for Thermoelectric Plant Project
* PROVINCE OF CHACO: Moody's Upgrades Global Scale Rating to B3


B E R M U D A

DIGICEL GROUP: To Operate GSM Network in British Virgin Islands
PETRO-CANADA: Liquidator To Stay Firm's Wind-Up Process


B O L I V I A

INTERMEC TECH: Names David Jones as Global Services Vice Pres.


B R A Z I L

ACTUANT CORP: Earns US$27.4 Mil. in First Quarter Ended Nov. 30
BANCO NACIONAL: To Launch Representation Office in Uruguay
CHEMTURA CORP: Moody's Reviews Ratings for Possible Downgrade
CHEMTURA CORP: S&P Places BB+ Corp. Rating on Watch Developing
COMPANHIA SIDERURGICA: Presents Transnordestina Project to Gov't

ENERGISA SA: Moody's Puts Ba3 Currency Corporate Family Rating
NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement
PETROBRAS ENERGIA: Transfer of Citelec Shares Takes Effect
SANYO ELECTRIC: May Face Fines Over Accounting Irregularities
SYNIVERSE TECHNOLOGIES: Completes BSG Wireless Acquisition

* BRAZIL: Petrobras Closes Heavy Plates Supply Deal w/ Usiminas


C A Y M A N   I S L A N D S

BASIS YIELD: To Convert Case to Official Liquidation
BASIS YIELD: Can Repay Banks to Reclaim Seized Fund Assets
BASIS YIELD: Liquidators Inform Court of No Objection to Ch. 15
MULTINATIONAL ASSET: Proofs of Claim Filing Is Until Dec. 26
SSGA CM: Proofs of Claim Filing Deadline Is Dec. 26

SSGA CM ABSOLUTE: Proofs of Claim Filing Ends on Dec. 26
SSGA CM ABSOLUTE RETURN: Proofs of Claim Filing Is Until Dec. 26
SSGA EUROPE: Proofs of Claim Filing Is Until Dec. 26
SSGA JAPAN: Proofs of Claim Filing Ends on Dec. 26
SSGA LOW: Proofs of Claim Filing Deadline Is Dec. 26

SSGA LOW VOLATILITY: Proofs of Claim Filing Ends on Dec. 26
TIEDEMANN/FALCONER: Proofs of Claim Filing Deadline Is Dec. 26
TIEDEMANN/NEW CENTURY: Proofs of Claim Filing Ends on Dec. 26


C H I L E

AES GENER: Suspends Share Offering Due To Market Volatility
EMPRESA ELECTRICA: Improved Financials Cue S&P to Lift Ratings
REXAM PLC: Weak US Dollar to Impact 2007 Second Half Results


C O L O M B I A

BANCOLOMBIA: Acquires 9.59% Stake in El Salvador's Banagricola
QUEBECOR WORLD: Moody's Drops Corporate Family Rating to Caa2


E L   S A L V A D O R

ALCATEL-LUCENT SA: Sells Draka Comteq B.V. Stake for EUR209 Mln
MILLICOM INT'L: Wins 2 Portions of PCS Spectrum in El Salvador


G U A T E M A L A

BANCO INDUSTRIAL: Acquires 90% Stake in Honduras' Banco del Pais
BRITISH AIRWAYS: Faces New Competition on Heathrow-Seattle Route


H O N D U R A S

DIGICEL GROUP: Unit Wins Mobile License Bid in Honduras


J A M A I C A

MAAX HOLDINGS: S&P Cuts Corporate Credit Rating from CCC- to D


M E X I C O

CLEAR CHANNEL: Fitch to Cut IDR to B Upon Transaction Closing
DURA AUTOMOTIVE: Resolves Magna Protests to Plan Reorganization
DURA AUTO: Wants to Pay Lenders US$358,000 to Ignore Violations
MERIDIAN AUTOMOTIVE: Judge Walrath Re-Opens Chapter 11 Cases
NUANCE COMM: Prices Public Offering of Seven Mil. Common Shares

VISIOCORP PLC: Moody's Reviews Corp. Family Rating for Upgrade


P A N A M A

CHIQUITA BRANDS: Colombia to Open Investigation into Seven Execs


P A R A G U A Y

AGILENT TECH: Reports Biggest Instrument Sale in India to Date


P E R U

GOODYEAR TIRE: Jean-Claude Kihn Replaces Joseph Gingo as Sr. VP


P U E R T O   R I C O

DIRECTV GROUP: Reaches Landmark Pact with APTS & PBS
FERRELGAS PARTNERS: S&P Affirms Corporate Credit Rating at B+
MENNONITE GENERAL: S&P Revises Rating Outlook to Negative
PEP BOYS: Board OKs US$0.0675 Per Share Dividend Payable Jan. 28


U R U G U A Y

BANCO DO BRASIL: Launches Local Unit in Uruguay


V E N E Z U E L A

CITGO PETROLEUM: Launches Venezuela Heating Oil Program in Bronx
CITGO PETROLEUM: US$1B Loan to Parent Cues Fitch to Cut Rating


                         - - - - -


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


ALITALIA SPA: Board To Conduct Bid Selection Today
--------------------------------------------------
Alitalia S.p.A.'s board of directors has scheduled today the
selection of the preferred buyer for the Italian government's
49.9% stake in the airline, Bloomberg News reports.

Alitalia said it is still for the "definitive recommendations"
from its advisers, Bloomberg News relates.  

As previously reported, Alitalia's board was to choose the
preferred buyer for Italy's stake on Dec. 18, 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.

Meanwhile, Italy may also postpone its decision on the sale
until after Jan. 6, 2008, due to a threat of industrial action
over Christmas by transport unions, The Financial Times relates
citing government sources.

Three unions are demanding consultations on the sale and hit Air
France-KLM for not explaining its takeover plan.

Transport Minister Alessandro Bianchi told Bloomberg News that
the government needs more time to study the proposals,
especially from Air France-KLM and AirOne S.p.A.

Under Air France's business plan, it would:

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

   -- acquire 100% of Alitalia convertible bonds; and

   -- 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.

The French carrier also listed fleet renewal and cabin
reconfiguration as its top priorities.  Air France said its
Recovery and Relaunch Plan will not add any more redundancies to
Alitalia's current plan.

AirOne, meanwhile, offered to acquire Italy's shares at EUR0.01
apiece, valuing the stake at EUR7 million.  The Italian carrier
plans to merge its operations with Alitalia, with 2,700 of the
workforce cut off, Bloomberg News reports.  

Financial backers Goldman Sachs Group Inc., Intesa Sanpaolo SpA,
Morgan Stanley and Nomura Holdings Plc would probably emerge as
the biggest investors, Bloomberg News adds.  AirOne also plans
to trade 30% to 40% percent of the stock freely.

                       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.


BOZICOVICH METALES: Trustee Filing Individual Reports on Dec. 28
----------------------------------------------------------------
Luis Antonio Malanchino, the court-appointed trustee for
Bozicovich Metales S.R.L.'s reorganization proceeding, will
present the validated claims in court as individual reports on
Dec. 28, 2007.

Mr. Malanchino verified creditors' proofs of claim until
Nov. 9, 2007.  The National Commercial Court of First Instance
in Melincue, Santa Fe, 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 Bozicovich
Metales 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 Bozicovich Metales'
accounting and banking records will be submitted in court on
March 25, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 30, 2008.

The debtor can be reached at:

        Bozicovich Metales S.R.L.
        Dante Alighieri 1240, Venado Tuerto
        Santa Fe, Argentina

The trustee can be reached at:

        Luis Antonio Malanchino
        Mitre 544, Melincue
        Santa Fe, Argentina


DANA CORP: Pension Funds Oppose Reorganization Plan Confirmation
----------------------------------------------------------------
The Asbestos PI Committee, the lead plaintiffs in the securities
fraud class action against Dana Corp., and the U.S. government
are objecting to the confirmation of Dana's reorganization plan.

(a) Asbestos PI Committee

The Ad Hoc Committee of Asbestos Personal Injury Claimants
dispute the Debtors' contention that the asbestos personal
injury claimants are not impaired by the Third Amended Joint
Plan of Reorganization.

According to Douglas T. Tabachnik, Esq., at Law Offices of
Douglas T. Tabachnik, in Freehold, New Jersey, the Debtors have
failed to demonstrate that the asbestos personal injury
claimants are not impaired.  He elaborates that under the Plan,
the Debtors can engage in Court-sanctioned Restructuring
Transactions that could readily leave holders of asbestos
personal injury claims with little or no meaningful remedy for
injuries.  

A Restructuring Transaction can extinguish a Reorganized
Debtor's obligation to pay asbestos injury claims and the
successor Acquiring Entity would have no obligation to assume
those liabilities, Mr. Tabachnik points out.  Accordingly, the
Ad Hoc Committee of Asbestos Personal Injury Claimants asserts
that the Plan should not be confirmed.

(b) Lead Plaintiffs

The SEIU Pension Plans Master Trust, West Virginia Laborers'
Pension Trust Funds and Plumbers and Pipefitters National
Pension Fund -- the lead plaintiffs in the securities fraud
class action entitled Howard Frank, Individually and On Behalf
of All Others Similarly Situated v. Dana Corporation, et al,
Case No. 3:05-cv-07393 -- filed a proof of claim on behalf of
the Securities Class in an undetermined amount for damages
arising out of the purchase of certain debt and equity
securities of Dana and for violations of the federal securities
laws.  

Michael Etkin, Esq., at Lowenstein Sandler, P.C., in New York
points out that the Debtors maintain liability insurance
policies in favor of the their directors and officers for claims
asserted in the Securities Litigation.  Thus, the Lead
Plaintiffs maintain that the Securities Class is entitled to
look to the proceeds of the insurance for payment of the Class
Claim and may, at least, pursue their claim  to the extent of
the available insurance, if the Class Claim is not paid in full
under the Plan.

Because Lead Plaintiffs may not have a direct action against the
D&O insurance carrier under the D&O Policies, the proceeds f the
D&O Policies may only be accessed through the Securities
Litigation, Mr. Etkin says.

Thus, the Lead Plaintiffs assert that the Plan should not impact
their rights or the Securities Class, either through injunctive
relief or discharge, to pursue their claims against the Debtors
to the extent of any proceeds of the Directors and Officers
Policies.  

Furthermore, the Lead Plaintiffs assert that while the Plan has
been amended to clarify that the Insurance Contracts will remain
in place post-Effective Date, the Plan's language does not
sufficiently allow them to pursue their claims against the
Debtors to the extent of available insurance.  

(c) U.S. Government

The United States of America, on behalf of the U.S. Internal
Revenue Service, objects to the confirmation of the Debtors'
Plan of Reorganization.  

The Plan cannot be confirmed because its terms would permit the
Debtors to defer payment of IRS' $85,000,000 priority tax claims  
for many months after the Effective Date without paying IRS
interest, Pierre G. Armand, Esq., Assistant United States
Attorney, asserts.

Thus, the U.S. Government asks the Court not to confirm the Plan
unless the Debtors agree that, to the extent any portion of IRS'
priority tax claims is paid after the effective date, IRS will
receive interest, pursuant to 26 U.S.C. Section 6621.

Furthermore, Dallas County and Gregg County, holders of tax
claims totaling $282,000, support the U.S Government's
objection.

(d) Ogre Holdings

Ogre Holdings, Inc., formerly known as Acraline Products, Inc.,
objects to the confirmation of the Debtors' Plan of
Reorganization.

The Debtors used to own a commercial property located at 641
Cleveland Street, Tipton County, Tipton, Indiana, where they
performed both piston ring machining and plating operations.  
The property was eventually sold to Acraline, which has engaged
in manufacturing for commercial electrical generators.

The Debtors and Acraline entered into a Settlement Agreement
where the Debtors agreed to pay 77.50% of all remedial work that
Acraline has to undertake pursuant to the Indiana Voluntary
Remediation Program.  However, the Debtors failed to comply with
the provisions of the settlement agreement, Paul T. Deignan,
Esq., at Sommer Barnard, P.C., in Indianapolis, Indiana relates.

Acraline then filed a proof of claim against the Debtors,
asserting US$11,000,000, for the remediation costs.

Mr. Deignan asserts that the Plan should not be confirmed
because it attempts to satisfy and release Acraline's claim
without Acraline's consent.  He adds that the Debtors have not
offered Acraline to satisfy or release its claims against the
Debtors nor has Acraline accepted any offer.  

Furthermore, Mr. Deignan argues that the Plan should not be
confirmed because it interferes with the right of a creditor to
accept or reject a plan by providing that each claim holder that
votes in favor of the Plan will be deemed to forever release,
waive and discharge all liabilities in any way relating to a
Debtor.

Furthermore, Edward and Wendy Couch filed a claim against the
Debtors on account of tort damages for US$250,000, join in
Acraline's objection to the Debtors' Plan of Reorganization.

(e) Wilmington Trust

Wilmington Trust Company, in its capacity as successor indenture
trustee to Citibank, N.A., under four Indentures dated as of
Dec. 15, 1997, Aug. 8, 2001, March 11, 2002 and Dec. 10, 2004,
respectively between Dana Corporation and Citibank, N.A., for a
multiple series of fixed-rate unsecured notes in excess of
US$1,600,000,000 principal amount outstanding, says that it is
hopeful that their issues in connection with the indentures will
be resolved prior to the Plan Confirmation hearing, and that it
is currently working with the Debtors ans their professionals in
an effort to reach a consensual resolution with respect to the
outstanding issues.  

Wilmington Trust's issues on the provisions of the Plan include
the indentures and certain rights under the indentures and
dealing with the indentures trustee on a post-confirmation
basis.  

Wilmington Trust filed its objection for it to preserve its
rights to address its issues and concerns wither by further
submission to the Court or at the oral hearing to confirm the
Plan in the event the Debtors and Wilmington Trust fail to reach
an agreement.

(f) Veyance Technologies, Inc.

Veyance Technologies, holder of an administrative claim that was
not filed on time, asserts that the Plan fails to provide any
treatment for tardily filed administrative expense claims, and
does not provide for payment in full as required for
administrative expense claims by Section 1129(a)(9).

The Debtors' refusal to pay the tardily filed administrative
claims results in junior claims receiving property while higher
priority claims, including the Veyance Claim, would not receive
anything, Veyance Technologies further asserts.  Thus, Veyance
Technologies objects to the confirmation of the Debtors' Plan of
Reorganization.

                          About Dana

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

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

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

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

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

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


FIDEICOMISO FINANCIERO: Moody's Puts B1 Rating on Securities
------------------------------------------------------------
Moody's Latin America has assigned a rating of Aa2.ar (Argentine
National Scale) and B1 (Global Scale, Local Currency) to the
Fixed Rate Debt Securities of Fideicomiso Financiero Supervielle
Renta Inmobiliaria I.

The ratings assigned to the Fixed Rate Debt Securities are
primarily based on these factors:

  -- An initial LTV of 70% and the annual excess spread
     available in the transaction of approximately 2.21%.

  -- The turbo sequential payment structure.

  -- The credit quality of Banco Supervielle (rated Ba2 (Global
     Scale, Local Currency) and Aa2.ar (Argentine National
     Scale) for local currency deposits) as the initial tenant
     of the real estate properties.

  -- The legal structure of the transaction.

                         Structure

Equity Trust Company (Argentina) S.A. (issuer and trustee)
issued one class of Fixed Rate Debt Securities and one class of
Certificates.  The Debt Securities and the Certificates are
denominated in US dollars but they will be payable in Argentine
pesos at the exchange rate published by Banco Nacion the day
prior to each lease payment date or the day prior to the sale of
the properties.

At closing, the Fixed Rate Debt Securities represented 70% of
the total amount issued.  The Certificates represented the
remaining 30% of the issuance amount.  The Debt Securities bear
a fixed annual interest rate of 10%, which will be paid on a
monthly basis.  The Certificate holders have the right to
receive any remainder once the Debt Securities are paid in full.  
Moody's does not rate the Certificates.

The Fixed Rate Debt Securities are backed by a pool of 15 real
estate properties, which were sold by Banco Supervielle to the
trust.  The properties will continue be used as bank branches by
Banco Supervielle, which will pay to the trust a certain monthly
rent for this use.

Interest on the Debt Securities will be paid by the cash flow
coming from the leases.  Principal on the Debt Securities will
be paid from the cash flow arising from the sale of the
properties and -- if necessary -- by a reserve fund that will be
funded after closing from the available excess spread in the
transaction.

                  The Securitized Assets

The assets of the trust include, among others:

   (a) The real estate properties, which are 15 offices
       previously owned by Supervielle that will continue to be
       used as bank branches by Supervielle,

   (b) Any cash flow arising from the lease or sale of the
       properties,

   (c) Any rights under the insurance policies for the
       properties, and

   (d) Any cash flow related to early termination of the lease
       agreements.

At closing, the bank sold the properties to Equity Trust --
acting as trustee for the benefit of bondholders- at a fair
market value.  The market value of the properties was calculated
as an average of two appraisals conducted by Serinco and Castro
Cranwell & Weiss.  The properties were sold to the trust at a
final price of US$14,336,550.

Also at closing, the trustee entered in lease agreements with
Banco Supervielle.  The properties were leased at 9.75% annual
interest rate calculated over the assignment value of the
properties. The lease will be paid on a monthly basis the fifth
day of the month, or the following business day.

The lease agreements have a term of 10 years, but they can be
terminated at any time by Banco Supervielle, provided
Supervielle gives 6 months notice.  If Supervielle decides to
terminate the lease agreement before completing the 6-month
notice period, it will have to pay a penalty equivalent to six
lease payments.

If the lease agreement is terminated by Banco Supervielle, the
property can be leased again to a different tenant, which will
have to agree to the terms of the original lease.  It the
trustee does not successfully find a new tenant during a 6-month
period, it will sell the property at the then current market
value.  If Supervielle terminates the lease agreement, it will
not be able to repurchase the properties.

In all cases -- and according to the lease agreement included as
part of the transaction documents -- the tenant will be
responsible for paying any maintenance fees.

Principal on the Debt Securities will be paid from the cash flow
arising from the sale of the properties and amounts in the
reserve fund, which will be funded after closing with excess
spread.  At least one year before maturity of the Debt
Securities, the trustee will sell the properties at market value
and will use the funds to repay the securities.  The risk that
the price of the properties will not be sufficient to repay the
Debt Securities is mitigated by subordination and the amounts to
be available in the reserve account.

If Supervielle has not previously terminated the lease
agreement, it will have the right of first refusal to repurchase
the properties at market value.

                     Banco Supervielle

Moody's assigned a bank financial strength rating (BFSR) of D-
to Banco Supervielle as a result of the application of the
refinements of Moody's updated BFSR methodology.  The D- BFSR
rating translates into a Baseline Credit Assessment of Ba3. This
rating derives from the position of the bank as a universal bank
with a broad client base, which has been enhanced after the
merger with Banco Banex.

Other positive rating drivers are related to the bank's
relatively good core-profitability earnings, to management's
efforts to clean up Supervielle's balance sheet after the
acquisition and to its adequacy in setting liquidity and risk
management practices.

Supervielle's long-term global local-currency deposit rating is
at the Ba2 level.  Under Moody's joint default analysis
methodology, Moody's assesses the probability of systemic
support for Supervielle in the event of distress as being good,
which results in a one-notch uplift in the deposit ratings to
Ba2/Not Prime from the Ba3 Baseline Credit Assessment.  The
global foreign currency deposit ratings of Caa1/NP remain
constrained by Argentina's deposit country ceiling.  Moody's
also assigned a Aa2.ar in the national scale for local currency
deposits

Moody's Rating Actions on Supervielle:

US$10,035,550 in Fixed Rate Debt Securities of "Fideicomiso
Financiero Supervielle Renta Inmobiliaria I", rated Aa2.ar
(Argentine National Scale) and B1 (Global Scale, Local
Currency).


FIDEICOMISO SUPERVIELLE IV: Moody's Assigns Ba1 Currency Rating
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and Ba1 (Global Scale, Local Currency) to the
Fixed Rate and to the Class A Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Leasing IV.

All Debt Securities and the Certificates were issued by Equity
Trust Company (Argentina) S.A. acting solely in its capacity as
Issuer and Trustee.

Moody's also assigned a rating of Aa2.ar (Argentine National
Scale) and a B1 (Global Scale, Local Currency) to the Class B
Floating Rate Debt Securities.  Moody's does not rate the
certificates.

The ratings assigned are primarily based upon these factors:

  -- The initial credit enhancement available in the
     transaction provided through 56% initial subordination for
     the Fixed Rate and Class A Floating Rate Debt Securities
     and 15% for the Class B Floating Rate Debt Securities;

  -- The turbo-sequential payment structure;

  -- The credit quality of the pool of assets, which includes
     lease agreements originated by Banco Supervielle S.A.;

  -- The availability of several reserve funds; and,

  -- The legal structure of the transaction.

                The Securitized Asset Pool

All the rated securities are backed by credit rights under
certain lease agreements originated by Banco Supervielle S.A.

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of about
217 eligible lease agreements denominated in Argentine pesos,
bearing floating and fixed rates, originated by Banco
Supervielle S.A., in an aggregate principal amount of
ARS40,999,928.

The lessees are small and medium corporations located in
Argentina, which finance the acquisition of equipment related to
their main economic activity, such as heavy load transportation
equipment, medical equipment, construction equipment,
communications and technology, among others.

The assets of the trust include, among others, proceeds related
to principal and interest collections under the lease agreements
described in the Trust Agreement; proceeds related to the
purchase option under the lease agreements; any proceeds
collected after disposing the leased equipment; and proceeds
from physical damage and liability insurance policies.  
Ownership of the leased equipment will not be assigned to the
trust.

                          Structure

Equity Trust Company (Argentina) S.A. (issuer and trustee)
issued one class of Fixed Rate Debt Securities (which bear a
fixed interest rate of 16.5%), two classes of Floating Rate Debt
Securities (Classes A and B) and one class of Certificates, all
denominated in Argentine pesos.

Class A Floating Rate Debt Securities will bear a BADLAR
interest rate plus 509 basis points. Class B Floating Rate Debt
Securities will bear a BADLAR interest rate plus 508 basis
points. Floating Rate Debt Securities' interest rate has a cap
of 24% p.a. and a floor of 14%.

Overall credit enhancement is comprised of: an aggregate 56%
initial subordination for the Fixed Rate and Class A Floating
Rate Debt Securities, 15% initial subordination for the Class B
Floating Rate Debt Securities; various reserve funds; and excess
spread.

Fixed Rate Debt Securities are expected to be paid off in nine
months. The payment of principal on the Class A Floating Rate
Debt Securities has a grace period of nine months.  Class B
Floating Rate Debt Securities will not receive any principal
payments until Fixed Rate and Class A Floating Rate securities
are paid in full.  The Certificates are entitled to receive any
remaining cash flow after Fixed Rate and Floating Rate Debt
Securities are paid in full.

Class B Floating Rate Debt Securities will pay interest on a
quarterly basis as long as Fixed Rate and Class A Floating Rate
Debt Securities are still outstanding.

Banco Supervielle is the originator of the equipment leases and
will act as the servicer of the receivables in this transaction.  
Supervielle started to originate lease agreements by December
2003.  The lease contracts involved in this transaction are
finance leases, in which the lessee rents the equipment for all
or nearly all of the economic life of the equipment and has the
responsibilities of maintaining the equipment in appropriate
condition.

Banco Supervielle is also the servicer in this transaction.  On
April 27, 2007, Moody's upgraded Supervielle's national scale
rating for deposits in local currency from Aa3.ar to Aa2.ar.
Supervielle's Bank Financial Strength Rating (BFSR) was also
upgraded to D- from E+.

Moody's Rating Actions On SuperVielle:

-- ARS8,609,985 in Fixed Rate Debt Securities of "Fideicomiso
    Financiero Supervielle Leasing IV", rated Aaa.ar (Argentine
    National Scale) and Ba1 (Global Scale, Local Currency)

-- ARS9,429,983 in Class A Floating Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Leasing IV", rated
    Aaa.ar (Argentine National Scale) and Ba1 (Global Scale,
    Local Currency)

-- ARS16,809,971 in Class B Floating Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Leasing IV", rated
    Aa2.ar (Argentine National Scale) and B1 (Global Scale,
    Local Currency)


KONINKLIJKE AHOLD: James Miller Settles Case for US$8 Million
-------------------------------------------------------------
Koninklijke Ahold N.V. has agreed to a settlement with James
Miller, the former CEO of its former unit U.S. Foodservice.

Under the settlement, Mr. Miller agrees to pay Ahold US$8
million.

The pending litigation between Ahold and James Miller will be
terminated.  The settlement does not imply acknowledgement of
liability by James Miller.

                        About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                        *     *     *

As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer
Default and senior unsecured ratings from Fitch Ratings.  Fitch
said the outlook is positive.  Its short-term rating is B.


LA FOTO: Files for Reorganization Petition in Buenos Aires
----------------------------------------------------------
La Foto Argentina Ottasso Hermanos S.R.L. has requested for
reorganization approval after failing to pay its liabilities.

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

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

The debtor can be reached at:

          La Foto Argentina Ottasso Hermanos S.R.L.
          Rivadavia 751
          Buenos Aires, Argentina


MAXXIM SA: Proofs of Claim Verification Deadline Is March 14
------------------------------------------------------------
Juan Carlos Herr, the court-appointed trustee for Maxxim S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
March 14, 2008.

Mr. Herr will present the validated claims in court as
individual reports on April 25, 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 Maxxim s 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 Maxxim s' accounting
and banking records will be submitted in court on June 9, 2008.

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

The trustee can be reached at:

         Juan Carlos Herr
         Avenida Cordoba 1351
         Buenos Aires, Argentina


PELPASA SA: Proofs of Claim Verification Deadline Is March 10
-------------------------------------------------------------
Susana Ruth Zapata, the court-appointed trustee for Pelpasa SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
March 10, 2008.

Ms. Zapata will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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 Pelpasa 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 Pelpasa's accounting
and banking records will be submitted in court on June 9, 2008.

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

The debtor can be reached at:

         Pelpasa SA
         Felipe Vallese 624
         Buenos Aires, Argentina
        
The trustee can be reached at:

         Susana Ruth Zapata
         Tucuman 1567
         Buenos Aires, Argentina


REBERTECH Y ADP: Proofs of Claim Verification Ends on March 14
--------------------------------------------------------------
Susana Graciela Roiter, the court-appointed trustee for
Rebertech y ADP S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until March 14, 2008.

Ms. Roiter will present the validated claims in court as
individual reports on April 30, 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 Rebertech y Adp 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 Rebertech y Adp's
accounting and banking records will be submitted in court on
June 30, 2008.

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

The trustee can be reached at:

         Susana Graciela Roiter
         Marcelo T. de Alvear 1430
         Buenos Aires, Argentina


SIMON CACHAN: Trustee Verifies Proofs of Claim Until March 26
-------------------------------------------------------------
Estudio Estevez, Inurain, Vazquez, the court-appointed trustee
for Simon Cachan SA's reorganization proceeding, verifies
creditors' proofs of claim until March 26, 2008.

Estudio Estevez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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 Simon Cachan 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 Simon Cachan's
accounting and banking records will be submitted in court.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 8, 2008.

The debtor can be reached at:

        Simon Cachan SA
        Beron de Astrada 2694
        Buenos Aires, Argentina

The trustee can be reached at:

        Estudio Estevez, Inurain, Vazquez
        Uruguay 760
        Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Investing ARS6 Billion in Three Years
--------------------------------------------------------------
Telefonica de Argentina SA's head Eduardo Carido told reporters
that the firm will invest some ARS6 billion over the next three
years.

Business News Americas relates that Telefonica de Argentina will
invest some ARS1.7 billion next year for mobile and broadband
infrastructure expansion.  The company will also invest about
ARS950 million mainly on broadband services and a total of ARS60
million in the mobile unit, assigned chiefly for the recently
launched 3G network.

Telefonica de Argentina would have about 850,000 broadband
subscribers by year-end and some 1.6 million by the end of 2008,
BNamericas says, citing Mr. Caride.

Telefonica de Argentina would have over 15 million mobile and
two million broadband subscribers by 2010, BNamericas states.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating).  The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.


VERIFONE HOLDINGS: Special Interest to Accrue on 1.375% Notes
-------------------------------------------------------------
VeriFone Holdings Inc. said that beginning Dec. 20, 2007,
special interest will accrue on its 1.375% convertible notes due
2012 at a rate of 0.25% per annum.  Special interest will accrue
on the convertible notes pursuant to the registration rights
agreement and the indenture relating to the convertible notes
until a registration statement relating to the convertible notes
is declared effective.  VeriFone expects to file a registration
statement relating to the convertible notes following the
completion of its previously announced restatement and the
filing of its annual report on Form 10-K for the fiscal year
ended Oct. 31, 2007.  The convertible notes were previously
issued through offerings to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as
amended.

No registration statement relating to the securities described
above has yet been filed with the Securities and Exchange
Commission.  This notice does not constitute an offer to sell or
the solicitation of an offer to buy any securities described
herein, nor shall there be any sale of these securities
in any state or jurisdiction in which the offer, solicitation or
sale would be unlawful prior to registration or qualification
under the securities laws of any state.

                        About VeriFone

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

                        *     *     *

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


* ARGENTINA: Groups Submit Bid for Thermoelectric Plant Project
---------------------------------------------------------------
Argentine state-run energy firm Enarsa said in a statement that
it has received offers from three groups for the construction
and operation of five thermoelectric plants.

Business News Americas relates that Construcciones Termicas
offered for the Necochea II plant in Buenos Aires.  Siemens-
Electroingeniera submitted a bid for the Manuel Belgrano II
plant, which is also in Buenos Aires.  Isolux Ingeniera-Iecsa
offered for:

          -- Necochea II,
          -- Ing Francisco Bazan,
          -- Ensenada de Barragan, and
          -- Brigadier Lopez.

The government will buy seven natural gas turbines, which will
be grouped into the five plants.    The government wants to have
all seven turbines running by the end of next year.  The project
will cost ARS3.25 billion, BNamericas notes.

Enarsa will consider the proposals through Dec. 27, 2007,
BNamericas states.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005


* PROVINCE OF CHACO: Moody's Upgrades Global Scale Rating to B3
---------------------------------------------------------------
Moody's has raised the issuer ratings of the Province of Chaco
to B3 (global scale) and A3.ar (Argentina national scale), from
Ca and D.ar, respectively.  The rating outlook is stable.  At
the same time, Moody's assigned ratings of B3 and A3.ar to the
Province's US$40.444 million (4% coupon) Coparticipation Tax
Revenue Secured Notes due 2026, and withdrew the Ca and D.ar
ratings that had been assigned to the Province's US$50 million
(16.5% coupon) Coparticipation Tax Revenue Secured Notes due
2008.  The newly rated bonds are being issued as a restructuring
of the bonds due in 2008, which had been in default since 2001.

The issuer rating upgrade reflects the province's emergence from
default with acceptance by bondholders of its restructuring
proposal.  The upgrade also recognizes Chaco's high reliance on
federal revenue transfers and limited financial flexibility
resulting from the large share of personnel costs in its current
expenditures.

In addition, the upgrade is based on the positive and increasing
operating balances reported by the province since 2003, with a
similar trend in financing surpluses since 2004.  These
surpluses have been achieved with the aid of strong revenue
growth, particularly in federal transfers.   Recent years'
financial performance stands in marked contrast to the
substantial deficits and shrinking revenues recorded in the
years leading up to the 2001 crisis.

The ratings also reflect the application of Moody's Joint
Default Analysis rating methodology for regional and local
governments, and rely on two principal inputs: a baseline credit
assessment of 16 on a scale of 1 to 21, in which 1 represents
the lowest credit risk, and a low likelihood that the national
government would provide extraordinary support to prevent an
imminent default by the province.

"The assigned ratings reflect the province's agreement with
bondholders on a restructuring of the bonds that had been in
default," said Moody's Associate Analyst Patricio Esnaola.  "The
terms and conditions of the new bonds, with a lower interest
rate, reduced principal amount and an extended maturity, reflect
a more affordable repayment program for the province."

The new terms and conditions were unanimously accepted at a
bondholders' assembly in May 2007, which met the requirements of
the trust agreement governing the bonds.

Even though the province's debt burden has been decreasing since
2002, reported Mr. Esnaola, it is still very heavy.  In 2006,
the province's debt rose to ARS4.3 billion, according to
preliminary data, representing 178.8% of operating revenues and
167% of total revenues.

For 2007, the national government has pledged ARS261 million in
the form of loans to Chaco under the Programa de Asistencia
Financiera (PAF), with a 6% fixed interest rate and a maturity
of 8 years, including a one-year grace period. The amount
pledged is equivalent to 64% of the principal payments the
province had budgeted for 2007.

"Under the PAF program the national government stands ready to
aid Argentina's provincial and local governments by refinancing
their debt as it matures, and the province of Chaco is a member
of this program," said Mr. Esnaola.  The loans help the
provinces to cover their financial deficits and principal
payments.

Moody's Argentina National Scale ratings are opinions of the
relative creditworthiness of issuers and issues within Argentina
and are not globally comparable.  The Moody's Global Scale
rating allows investors to compare the province's
creditworthiness to all other issuers in the world.  It
incorporates all Argentina-related risks, including the
potential volatility of the Argentine economy.




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


DIGICEL GROUP: To Operate GSM Network in British Virgin Islands
---------------------------------------------------------------
Digicel Group Ltd. has been granted a mobile license to operate
a GSM network in the British Virgin Islands.  The license comes
after the liberalization process initiated by the Government of
BVI in early 2005.

The British Virgin Islands is expected to become Digicel's 24th
market and the Caribbean mobile operator has earmarked US$15
million as its initial investment to build a state of the art
network offering close to 100% population coverage.  The company
which will directly employ 20 people in BVI while creating
hundreds of indirect jobs, also plans to become involved in a
range of sponsorships, and social and community initiatives.

As the third entrant into the BVI mobile market Digicel is
expected to create positive mobile competition and drive mobile
telecommunications development while delivering more choice,
competitive pricing, and technological innovation for BVI mobile
customers.

"Digicel's goal is to become the number one mobile operator in
the British Virgin Islands and we expect to rapidly roll out
services in this market.  BVI is a welcomed addition to our
seamless pan Caribbean network" said Digicel Group Chief
Executive Officer Colm Delves.

"We look forward to spurring competition, providing better
coverage and better value to BVI mobile customers and visitors
as well as being an active member of this community" added Mr.
Delves.

With a thriving tourism industry the British Virgin Islands has
one of the most prosperous economies in the Caribbean.  BVI
covers a group of 16 inhabited and more than 20 uninhabited
islands, with the main islands being Tortola, Anegada, Virgin
Gorda and Jost van Dyke.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- Proposed US$1.4 billion senior subordinated notes
      due 2015 assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings is stable.


PETRO-CANADA: Liquidator To Stay Firm's Wind-Up Process
-------------------------------------------------------
Jennifer Y. Fraser, the liquidator for Petro-Canada (Bermuda)
Holdings Ltd., will stay the firm's wind-up process starting on
Jan. 14, 2008, in line with Section 230 of the Companies Act
1981.

Ms. Fraser wants to stay the Petro-Canada (Bermuda)'s wind-up
process to let the firm continue operating and that the stay is
in the best interest of the company's contributories.

The liquidator can be reached at:

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




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


INTERMEC TECH: Names David Jones as Global Services Vice Pres.
--------------------------------------------------------------
Intermec Technologies Inc. has appointed David Jones as its Vice
President and General Manager, Global Services.

Mr. Jones is an accomplished executive with twenty-one years of
critical business leadership and experience in the areas of
global service, network management services and systems
integration.

Mr. Jones was most recently at Motorola, Inc. where he was Vice
President of Global Service Delivery.  During his twenty-one
year tenure, he was responsible for Motorola's global service
and support network providing critical repair and optimization
service delivery to thousands of global customers.

"Our Global Service offerings are strategically significant to
accelerating profitable growth and margin expansion," said
Michael A. Wills, SVP of Global Sales and Service.  "I'm
confident that Dave will be an outstanding addition to our
management team based on his considerable experience and
tangible proven results."

                    About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                        *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.




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


ACTUANT CORP: Earns US$27.4 Mil. in First Quarter Ended Nov. 30
---------------------------------------------------------------
Actuant Corporation reported first quarter fiscal 2008 net
earnings of US$27.4 million compared to prior year net earnings
of US$25.1 million.  Fiscal 2008 first quarter results include a
US$5.5 million (US$0.09 per diluted share) charge covering a
portion of the company's previously announced European
Electrical restructuring, versus US$0.1 million in the first
quarter of fiscal 2007.  Excluding these restructuring charges,
first quarter EPS increased 27% year-over-year from US$0.41 to
US$0.52.


For the first quarter ended Nov. 30, 2007, the company's net
sales increased 21% to US$415 million from US$343 million in the
prior year, reflecting the combination of core growth, business
acquisitions and the weaker US dollar. Excluding the impact of
foreign currency rate changes (5%) and acquisitions (13%), core
sales growth was 3%. Both the Industrial and Engineered Products
segments generated double-digit core sales growth.

Robert Arzbaecher, President and CEO of Actuant commented,
"Actuant is off to a solid start in fiscal 2008 with core sales
growth slightly ahead of expectations and excellent conversion
to earnings.  Robust Industrial segment sales as well as
continued strength in the European truck market had a favorable
impact on our core sales growth in the quarter.  These results
reinforce the benefits of Actuant's end market, geographic and
customer diversification.  Excluding restructuring charges,
first quarter EPS increased 27% from last year, driven by higher
sales, the benefit of acquisitions and margin expansion.  We
were especially pleased with the breadth of the year-over-year
EBITDA margin increase as all of our business segments
contributed to the improvement."

Excluding European Electrical restructuring charges, operating
margins in the first quarter improved 90 basis points, to 13.6%
from 12.7% in the prior year.  Higher gross profit margins as
well as controlled selling, administrative and engineering
spending were the primary drivers.  The gross profit margin
expansion reflects higher volume, favorable sales mix and the
Company's continuous improvement initiatives including Lean
Enterprise Across Discipline.

                     Financial Position

Net debt at Nov. 30, 2007, was US$505 million (total debt of
US$574 million less US$69 million of cash), an increase of US$30
million from the beginning of the quarter.  Strong cash flow in
the quarter was used to fund the US$47 million investment in TK
Simplex as well as US$9 million of capital expenditures.  
Actuant's first quarter cash flow was impacted by seasonal
trends including working capital growth and the payment of prior
year employee incentive compensation.

                           Outlook

The company also announced that it has increased its full year
sales and earnings guidance and provided guidance for the second
quarter of fiscal 2008.  Mr. Arzbaecher stated, "We expect
second quarter sales and EPS to be lower than the first quarter
due to normal seasonality, but do anticipate year-over-year
growth.  Excluding future acquisition activity and European
Electrical restructuring charges, we are projecting second
quarter sales and EPS to be in the range of US$385 - 395
million, and US$0.39-0.42 per share, respectively."

Mr. Arzbaecher continued "Our full year fiscal 2008 sales and
earnings outlook, excluding future acquisitions and European
Electrical restructuring charges, is being increased to reflect
actual first quarter results, the weaker US dollar and current
business conditions.  Our increased guidance is for sales and
EPS in the range of US$1.625-1.660 billion and US$1.95-2.05 per
share, respectively.  This translates to 13-18% EPS growth over
the US$1.73 fiscal 2007 EPS, excluding 2007 tax gains and
European Electrical restructuring charges.  We are pleased with
our first quarter performance and remain committed to delivering
outstanding customer and shareholder value."

                      About Actuant Corp.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company   
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's USUS$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed USUS$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


BANCO NACIONAL: To Launch Representation Office in Uruguay
----------------------------------------------------------
President Luiz Inacio Lula da Silva and Banco Nacional de
Desenvolvimento Economico e Social's president, Luciano
Coutinho, announced on Dec. 18, in Montevideo City, the creation
of a representation office of the Bank in the Uruguayan capital.

The office will be used as BNDES' support operations in Latin
America.  The office will be the first international
representation of the Bank since the closing of the activities
of its office in Washington, which operated there for more than
30 years, starting during the 50's.

The announcement was made in the World Trade Center auditorium,
the commercial center from where the BNDES office will operate
and also where Banco do Brasil will shelter its representation
in the Uruguayan city.  The solemnity counted on the presence of
Uruguay's President, Tabare Vazquez, and of ministers from the
Brazilian and Uruguayan governments.

Mr. Coutinho, who spoke during the ceremony, affirmed that the
closeness of BNDES and Brazil's partners in the Mercosur is part
of the Brazilian effort to reduce the differences amongst the
block.  According to Mr. Coutinho, the Bank will intensify its
efforts in order to broaden the commercial exchange among the
region's countries and he also mentioned that the Bank may
support infrastructure projects that bear regional impact.

The Bank plays an important role in the financing of Brazilian
goods and services' exports and in direct investments abroad set
forth by Brazilian companies.  BNDES' presence in Montevideo
will ease up the elaboration of programs and products directed
to countries of the region, particularly Mercosur member
countries.  The new representation will also be a channel for
more agile contacts between the Bank and companies with regional
reach, besides the contact with governmental and regional
bodies.  Thus, it will be possible to more easily and directly
obtain information about the financial support possibilities
offered by the Bank.  The projection is that the office is fully
operational from the second quarter of 2008 on.

The Uruguayan capital was chosen to harbor BNDES' new
representation office because it already possesses various
decision-making centers related to the Mercosur.  Uruguay is
Mercosur's Secretary Office headquarters, which is the
commercial block's executive body, LAIA's General Secretary
Office (Latin-American Integration Association) headquarters,
and the main office of several other regional institutions.  The
city is also the headquarters of the Mercosur Parliament and is
used as the base for the most important committees, councils and
technical groups' meetings directed towards regional
integration.

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

                        *     *     *

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


CHEMTURA CORP: Moody's Reviews Ratings for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the ratings of Chemtura
Corporation (corporate family rating, Ba2) under review for
possible downgrade following the announcement that its Board of
Directors has authorized management to consider a wide range of
strategic alternatives available to the company to enhance
shareholder value.  While this process may not be resolved
within the next three months, Moody's review will examine the
company's ratings given the lack of improvement in financial
metrics over the past year, the potential impact of a slowdown
in the US economy in 2008, potential further weakness in the
company's Non-Flame Retardant Polymer Additives businesses, and
the likelihood of additional restructuring charges.

Moody's review will focus on the company's expected financial
metrics in 2008 as well as any indications from management on
the size or scope of the actions they may consider as part of
the strategic review.

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.


CHEMTURA CORP: S&P Places BB+ Corp. Rating on Watch Developing
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB+'
corporate credit and senior unsecured debt ratings of Chemtura
Corp. on CreditWatch with developing implications, following the
recent announcement that management is considering strategic
alternatives, including sale or merger of the company.  
Alternatives under consideration also include select business
divestitures, acquisitions, or changes to its capital structure.
     
The CreditWatch with developing implications means S&P could
raise, lower, or affirm the ratings, depending on management's
actions.  The company's diversified portfolio of specialty and
industrial chemical businesses (generating annual revenues of
roughly US$3.7 billion) presents management with a range of
options.
      
"We would lower the ratings if a leveraged buyout of the firm
were to occur or if management was unable to find an interested
buyer for the entire business and Chemtura's credit fundamentals
deteriorated during this review process," said S&P's credit
analyst Wesley E. Chinn.  "Conversely, we would raise the
ratings if a substantially stronger entity acquired Chemtura,
but this does not appear to have a high probability."
     
Management could continue to sell assets and use proceeds for
debt reduction as well as share repurchases, but the business
profile would suffer.  Currently, S&P views the direction of
credit quality as having a significantly greater bias on the
downside versus upside prospects.
     
This announcement, which throws into question management's
intermediate-term financial policies, occurs at a time when the
company's credit quality metrics, including the key funds from
operations to adjusted debt ratio, are substandard for the
current ratings.  Recent overall earnings were disappointing and
debt reduction for 2007 will be less-than-expected.  S&P expects
the ratio of funds from operations to adjusted debt to finish
2007 at less than 20%, versus the 25% target.  Cost-cutting
initiatives and the divestiture of noncore operations are near-
term positives for earnings and operating margins.  On the other
hand, challenging conditions in the polymer additives business,
elevated raw material costs, and other factors viewed against
the backdrop of the company's aggressive debt load could
constrain to a meaningful extent the anticipated strengthening
of financial measures during 2008.
     
S&P will resolve the CreditWatch when information becomes
available regarding the company's plans, including any potential
change in ownership that would result from management's review
of possible transactions.

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.


COMPANHIA SIDERURGICA: Presents Transnordestina Project to Gov't
----------------------------------------------------------------
Companhia Siderurgica Nacional's unit Companhia Ferroviaria do
Nordeste has presented its project for the Transnordestina
railroad to the Rio Grande do Norte state government, Business
News Americas reports.

Rio Grande's economic development secretary Marcelo Rosado
commented to BNamericas, "We had made contact over the phone and
I met with Companhia Ferroviaria do Nordeste on Monday
[Dec. 17], when CFN [Companhia Ferroviaria] executives presented
their project for the Transnordestina railroad."

Mr. Rosado told BNamericas that he provided data about iron ore
production and the conditions of ports and roads in Rio Grande
during the meeting.

"In the future, with this information, the company could choose
the state where it would install its [new mill] project.  I
believe there's not yet a specific state defined to host the
steel plant," Mr. Rosado commented to BNamericas.

BNamericas notes that Companhia Siderurgica's head Benjamin
Steinbruch had said in September 2007 that the firm would
construct a 4.5-million-ton-per-year steel plant in northeast
Brazil.

Rio Grande wants Companhia Siderurgica's new steel unit to be
built in the state, BNamericas says, citing Mr. Rosado.

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.


ENERGISA SA: Moody's Puts Ba3 Currency Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 Global local
currency corporate family rating to Energisa S.A.  In addition,
Moody's assigned an A3.br Brazil National Scale corporate family
rating to the company.  The rating outlook is stable.  This is
the first time that Moody's has assigned a rating to Energisa or
its subsidiaries.

Moody's assigned these ratings:

  -- Corporate Family Rating: Ba3;
  -- Brazil National Scale Corporate Family Rating: A3.br.

The Ba3 rating considers the company's monopoly position in the
electricity markets in the states of Paraiba, Sergipe and some
areas in the states of Minas Gerais and Rio de Janeiro in
addition to its strong credit metrics for the rating category.  
The rating also incorporates an evolving regulatory environment
and relatively weak liquidity management given the lack of any
committed standby credit facilities in place and potential
uncertainty with regard to the company's ability to continue to
access local capital markets.

The company's rating also takes into consideration the group's
recent corporate restructuring and reflects an expectation for
continued debt reduction over the coming years.  Most of the
recent improvement in capital structure has been derived from
the sale of generation assets as a result of complying with the
federal regulation requiring segregation of generation,
distribution and non-regulated assets.  Energisa now represents
the consolidation of all of the operating companies within the
'Cataguazes-Leopoldina group', as per the name of the
predecessor holding company, Companhia Forca e Luz Cataguazes-
Leopoldina, which is now a fully owned subsidiary of Energisa
S.A.

Over the past seven years, the company's leverage increased due
to the Saelpa and other minority share acquisitions, increased
capital expenditures and lower consumer demand resulting from
the 2001-2002 electricity rationing program.  With total
generation asset divestiture proceeds of over BRL500 million
expected by year-end 2007 and with most of it being used for
debt reduction, Energisa's credit metrics will be materially
stronger.  During the last twelve months ending on
Sept. 30, 2007, FFO reached BRL300 million (18.3% of adjusted
debt which reflects the receipt of BRL300 million in divestiture
proceeds), resulting in interest coverage of 2.1, which is
considered appropriate for the Ba rating category. Nevertheless,
the ratings are constrained by uncertainty related to the
scheduled tariff reviews in 2008-2009.  Moody's has assumed a 5-
10% tariff reduction in 2008, but a drop in sales of only 3-5%,
since the rating agency expects the impact of lower tariffs to
be mitigated by stable demand growth in the residential and
commercial segments (combined 64% of retail revenues) coupled
with continued electricity loss reduction at Saelpa; However, a
decrease in the operating margin from its current high level of
37% is likely.

With the recent asset sales and simplified corporate structure,
the controlling shareholders, in Moody's opinion, have signaled
their firm commitment to a stronger capital structure.  However,
one of the challenges facing the company going forward is
continued reduction in electricity losses while maintaining
tight operating cost controls and satisfactory service quality.  
The company may also be tempted to make electricity generation
investments, since many projects are likely to go to a bidding
process over the next several years.  Moody's expects that the
company will prudently balance the interests of shareholders and
creditors as it analyzes these possible generation investment
opportunities while continuing to prioritize debt reduction.

Moody's opinion is that the company should be analyzed on a
consolidated basis, given the concentration of strategic and
financial decisions at the holding company and its ability to
control cash dividend distributions at the operating companies.  
This is further evidenced by the formal guarantee on the
existing Note Units, in addition to Energisa's plan of
additional BRL120 million capitalization of Energipe by year-end
2007 with proceeds coming from asset sales and a planned 6-year
(4-year grace period) debenture issuance.  Moody's believes that
the holding company will continue to be able to meet its debt
service obligations with cash flow upstreamed from the operating
companies through dividend payments and service agreements.

Moody's recognizes that the company has taken measures to foster
improved disclosure and corporate governance practices, but also
believes that there is room for further improvement, such as the
release of annual and quarterly cash flow statements and greater
disclosure regarding the breakdown of financial expenses and
income.  Currently, Energisa's shares are not listed under any
of the Bovespa's enhanced levels of corporate governance
standards but the company provides tag-along rights to minority
shareholders.

The most important factor constraining the ratings is the
Brazilian regulatory framework, which has undergone substantial
change over the past several years and has a history of being
unpredictable.  The federal utility regulatory body in Brazil
(Aneel) is part of the Brazilian government, which holds a Ba1
foreign currency and local currency bond rating.  In terms of
cost recovery, rate increases and decreases, all are undergoing
a period of significant uncertainty due to ongoing reviews and
revisions by the regulator of existing asset and cost bases.  
Potential future electricity shortages due to a tight reserve
margin, limited independence of the regulator and minimal
jurisprudence backing the new regulatory framework were also
taken into consideration in Moody's evaluation of this factor.

The company does not have committed bank credit facilities to
help fund unexpected cash disbursements.  As of Sept. 30, 2007,
Energisa had BRL152 million in cash and marketable securities
and BRL434 in short term debt, both on a consolidated basis.  
The company expects to receive BRL230 million in cash by year-
end, in addition to BRL35 million already received this October
related to its recent sale of generation assets.  The company
plans to raise approximately BRL450 million in the local capital
markets with BRL150 million securitization of receivables
already completed this October.  The remaining portion is
expected to be borrowed in the near term mostly through the
issuance of local debentures for which, according to the
company, it already has firm commitments from financial
institutions.  The company intends to use these proceeds to pay
down short term debt, thus reducing its overall cost of debt and
further extending its maturity profile.

The stable outlook reflects Moody's expectation that the company
will reduce total debt and maintain credit metrics adequate for
the Ba3 rating category, even though tariff reductions in 2008
and 2009 are unlikely to be fully offset by demand growth and
further reduction of electricity losses.

Moody's would consider an upgrade if the comapny achieves
consistent improvement in cash flow metrics so that RCF/Adjusted
debt ratio remains above 20% and interest coverage is over 3.0
on a sustainable basis.

A downgrade could result from the maintenance of total debt of
above BRL1.5 billion or a deterioration in cash flow metrics,
with RCF/Adjusted debt falling below 10% and interest coverage
declining below 2.0 for an extended period.

Energisa SA, based in Cataguases, Minas Gerais, is a holding
company that controls five electricity distribution utilities in
four Brazilian states, serving approximately 2 million
consumers.  During the nine-month period ended Sept. 30, 2007,
Energisa sold 4,956 MW, equivalent to approximately 2% of all
electricity distributed in Brazil.  Energisa is listed on the
Brazilian stock market and is controlled by the Botelho family.


NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement
-------------------------------------------------------------
Nortel Networks Corp. sued Vonage Holdings Corp. alleging that
Vonage is infringing 12 patents covering technology used in
managing telephone data, Jeff St.Onge and Amy Thomson at
Bloomberg News report.

According to Bloomberg, Nortel's lawsuit came after Vonage sued
Nortel's U.S. unit in August seeking to invalidate three of the
patents, arguing that the patents shouldn't have been issued by
the U.S. Patent and Trademark Office.

Nortel denied the allegations and claimed that Vonage is
violating the three patents and nine others, Bloomberg says.

The Delaware case is Vonage Holdings Corp. v. Nortel Networks
Inc., 07CV507, U.S. District Court, Delaware (Wilmington).

                         About Vonage

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 1.4 million subscriber lines as of
February 8, 2006.  Utilizing its voice over Internet protocol
technology platform, the company offers feature-rich, low-cost
communications services with a call quality comparable to
traditional telephone services.  While customers in the United
States represent over 95% of its subscriber lines, Vonage
continues to expand internationally, having launched its service
in Canada in November 2004, and in the United Kingdom in May
2005.

                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance
by simplifying networks and connecting people to the information
they need, when they need it.  Nortel does business in more than
150 countries around the world.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                        *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on
March 22, 2007.


PETROBRAS ENERGIA: Transfer of Citelec Shares Takes Effect
----------------------------------------------------------
Petrobras Energia S.A.'s transferred shares of Compania
Inversora en Transmision Electrica Citelec S.A. to Energia
Argentina S.A. and Electroingenieria S.A. after it obtained the
authorizations from regulatory agencies (Ente Nacional de
Regulacion de la Electricidad National Agency of Electricity
Regulation) and relevant authorities (Comision Nacional de
Defensa de la Competencia National Commission of Competition
Defense, and Secretaria de Energia de la Nacion National Energy
Secretariat) and Ente Nacional de Regulacion de la Electricidad
National Agency of Electricity Regulation), and after having
accomplished the other conditions required for the transaction.

The transfer of shares is in accordance with the antitrust
agency's order as a requisite of the sale.

Petrobras Energia, S.A. is headquartered in Buenos Aires,
Argentina.  Its majority owner, Petrobras, is based in Rio de
Janeiro, Brazil.

                        *     *     *

As reported on Oct. 29, 2007, Moody's Investors Service assigned
a Ba1 global local currency issuer rating to Petrobras Energia
S.A., and affirmed its Ba2 foreign currency rating for bonds
issued under the US$2.5 billion Obligaciones Negociables
program, and the Baa1 FCBR for the Series S bonds based on a
Petrobras standby purchase agreement.


SANYO ELECTRIC: May Face Fines Over Accounting Irregularities
-------------------------------------------------------------
The Securities and Exchange Surveillance Commission plans to
call on the Financial Services Agency to impose a surcharge on
Sanyo Electric Co., Ltd. for falsifying unconsolidated
accounting data, sources close to the matter revealed to Kyodo
News.

Kyodo News reports that sources say the commission accuses Sanyo
of faking data regarding valuation losses on shares it holds in
subsidiaries for six years from the year ended March 2001 and
inflating its shareholders equity.

The surcharge, relates Kyodo News, will likely be less than
JPY10 million and cover irregularities perpetrated since April
2005 when the surcharge system was introduced under the
Securities and Exchange Law.

Aiko Hayashi of Reuters reports that the securities watchdog
recommended to FSA to fine Sanyo about JPY8.3 billion for
inflating figures in its parent-only earnings reports.

The commission, after an investigation, concluded that the
electronics maker padded its equity capital by about 30% in the
first half ended Sept. 2006, relates Reuters, citing the Nikkei
business daily.

According to Reuters, no one at Sanyo could be reached for
comment.

                     About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.              
    
                        *     *     *

On March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SYNIVERSE TECHNOLOGIES: Completes BSG Wireless Acquisition
----------------------------------------------------------
Syniverse Technologies has closed its acquisition of the
wireless services business of Billing Services Group Limited has
been completed.  The combined company serves more than 500
customers in over 100 countries with the industry's broadest
suite of voice and data roaming, financial clearinghouse,
messaging, and signaling services.

"This acquisition significantly expands Syniverse's global
footprint and adds a world-class financial settlement platform
to our industry-leading suite of services," said Tony Holcombe,
President and Chief Executive Officer, Syniverse.  "The
combination of Syniverse and BSG Wireless also will lead to
increased operating efficiencies, and we expect to realize $12
million of annual cost synergies within two years."

The former BSG Wireless operations will become part of
Syniverse's EMEA organization and will be led by Eugene Bergen
Henegouwen, Executive Vice President, EMEA, Syniverse.

Bergen Henegouwen said the acquisition will enable Syniverse to
provide increasingly superior products and services over the
long term.

"The blend of Syniverse and BSG Wireless know-how will allow us
to deliver mobile operators even higher levels of expertise and
innovative solutions while addressing their needs for a trusted
one-stop shop for both data clearing and financial clearing
services," he said.

The transaction was funded through the draw down of the
company's amended and restated credit facility completed in
August 2007.  Included in the facility were a delayed draw term
loan of US$160 million in aggregate principal and a Euro-
denominated delayed draw term loan facility of the equivalent of
US$130 million intended to finance this acquisition.

                      About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR)
-- http://www.syniverse.com/-- provides technology services for    
wireless telecommunications companies.  Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and
international wireless roaming telephone calls and wireless data
events; SMS and MMS routing and translation services between
carriers; and interactive video and mobile broadband solutions,
prepaid applications, and roaming services.  Celebrating its
20th anniversary in 2007, Syniverse has offices in major cities
around the globe.  Syniverse is ISO 9001:2000 certified and TL
9000 approved, adhering to the principles of customer focus and
quality improvement practices.  The company has offices in the
Netherlands, Brazil and China.

                        *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating, along with its stable outlook, and its 'B' senior
subordinated debt rating on Tampa, Florida-based Syniverse
Technologies Inc.  At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed US$489 million senior secured bank facility.  The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.


* BRAZIL: Petrobras Closes Heavy Plates Supply Deal w/ Usiminas
---------------------------------------------------------------
Brazilian state-owned energy firm Petroleo Brasileiro aka
Petrobras has reached a deal to buy 31,000 tons of heavy plates
from steelmaker Usiminas, business news daily Valor Economico
reports.

Business News Americas relates that Petrobras will use the heavy
plates to manufacture the P-56 oil platform.  Usiminas would
start the 3,000-ton-per-month heavy plate shipment to Petrobras
in January 2007.

According to Bnamericas, Shipyard Kepel Fels in Rio de Janeiro
will build the platform.

Usiminas will compete in 2008 against steelmakers Gerdau and
Companhia Siderurgica Nacional for heavy plate supply contracts
for other Petrobras platforms.  Steelmakers Gerdau and Companhia
Siderurgica Nacional have disclosed plans to begin production of
heavy plates, BNamericas states.

                       About Usiminas

Usinas Siderurgicas de Minas Gerais S.A. is a Brazil-based
company that is principally engaged in the steel industry.  The
company has a production capacity of 4.7 million tons of crude
steel per annum.  The Company produces non-coated steel
(including slabs, heavy plates, hot- and cold-rolled sheets and
coils) and galvanized sheets and coils.  The Company provides
its products to the automotive, piping, building and
electrical/electronic and agricultural and road machinery
industries.  In addition to its core business operations, it is
also involved in the commercialization, import and export of raw
materials, steel products and by-products; the provision of
project development and research services; the provision of
personnel training services, and the provision of mining,
transportation, construction and technical assistance services.  
The company's products are sold in Brazil, as well as exported
to other Latin American countries, the United States, China and
South Korea, among others.


                  About Petroleo Brasileiro

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

                        *     *     *

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




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


BASIS YIELD: To Convert Case to Official Liquidation
----------------------------------------------------
Basis Capital Funds Management Ltd. said in a statement that its
Basis Yield Alpha Fund (Master) unit will move from provisional
liquidation to official liquidation, Dow Jones reports.

In a letter to Basis Yield Fund investors, dated
Dec. 14, 2007, Basis Capital stated that Basis Yield had
"returned to solvency," but Grant Thornton, Basis Yield's joint
provisional liquidator, advised official liquidation.

According to Basis Capital, the Basis Yield Fund invest
predominately all of its cash into the Basis Yield Alpha Feeder
Fund, which in turn invests all of its cash into the fund.

In its letter, Basis Capital expressed disappointment "with the
overall outcome but support the decision of the JPLs and the
Directors of the BYAFF as being the means by which this matter
can be expedited on behalf of all investors in the Fund."

Basis Capital, as "Responsible Entity" for Basis Yield, received
the correspondence from the Feeder Fund regarding Basis Yield's
current status and the JPLs intentions for its future.

On Aug. 28, 2007, Basis Yield filed a petition before the Grand
Court of the Cayman Islands for authority to wind up operations
under the provisions of the Companies Law of the Cayman Islands.

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.
(Basis Yield Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BASIS YIELD: Can Repay Banks to Reclaim Seized Fund Assets
----------------------------------------------------------
Basis Yield Alpha Fund (Master) said in a statement that it has
returned to solvency and can now afford to repay certain banks
that seized the fund's assets when it missed margin calls
earlier this year, The Financial Times reports.  The fund said
it started the year with about US$700,000,000.

According to the paper, the "stronger than expected financial
position" resulted from continued payouts by structured credits
invested by the fund.

Grant Thornton, the provisional liquidator in Basis Yield's
Chapter 15 case in the Cayman Islands, had warned that "further
hedge fund collapses were likely early next year, when banks
have finalized the books for their year-ends," the Financial
Times says.

Steve Akers, a partner at Grant Thornton, told the Financial
Times that "banks had not been forcing troubled funds out of
business because they did not want to realize the losses now."  
He added that, "[t]he banks know if they push them into
insolvency that they would have to reflect that on their own
balance sheets and they've been holding off on doing that for
fear of damaging their share prices."

In a letter to its investors, Basis Yield stated that it has
enough cash to repay creditors, even without putting any value
on its collateralized debt obligations.

Mr. Akers told the Financial Times that the Fund had
US$60,000,000 cash from continued coupon payments from the CDOs
in which it invested.  The paper said the amount was enough to
repay creditors who had filed claims so far.  Mr. Akers noted,
however, that the level of claims would not be certain until a
formal process was complete.

"There's the possibility of a payout to the investors," Mr.
Akers told the Financial Times.  "But I really wouldn't want to
raise people's hopes in that respect."

Mr. Akers is currently considering on whether to sell Basis
Yield's remaining portfolio or hold for possible continued
receipts, the paper said.

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.
(Basis Yield Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BASIS YIELD: Liquidators Inform Court of No Objection to Ch. 15
---------------------------------------------------------------
Representing the Joint Provisional Liquidators, Karen B. Dine,
Esq., at Pillsbury Winthrop Shaw Pittman LLP, in New York,
notified the U.S. Bankruptcy Court for the Southern District of
New York that, as of Dec. 7, 2007, no answer, objection or
other responsive pleading has been received with respect to the
Foreign Representatives' request for summary judgment for
recognition of Basis Yield Alpha Fund (Master)'s Chapter 15 case
as a foreign main proceeding.

Ms. Dine states that the JPL's counsel has reviewed the
Bankruptcy Court's docket and no answer, objection or other
pleading to the Motion appeared so far.  Pursuant to the Motion,
objections, if any, were to be filed and served no later than
Dec. 6.

On Nov. 29, the Bankruptcy Court signed a stipulation
scheduling a hearing on the Summary Judgment Motion, to be held
on Jan. 15, 2008, at 9:45 a.m.  Objections to the request are
due by Jan. 8, 2008.

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.
(Basis Yield Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000)


MULTINATIONAL ASSET: Proofs of Claim Filing Is Until Dec. 26
------------------------------------------------------------
Multinational Asset Co. Limited's creditors are given until
Dec. 26, 2007, to prove their claims to David Dyer, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

            David Dyer
            Deutsche Bank (Cayman) Limited
            P.O. Box 1984, George Town
            Grand Cayman KY1-1104, Cayman Islands


SSGA CM: Proofs of Claim Filing Deadline Is Dec. 26
---------------------------------------------------
SSGA CM UK Equity Market Neutral Fund, Ltd.'s creditors are
given until Dec. 26, 2007, to prove their claims to Avalon
Management Limited, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

SSGA CM's shareholder decided on Nov. 12, 2007, to place the
company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Avalon Management Limited
            Third Floor, Zephyr House
            Mary Street, P.O. Box 715
            Grand Cayman KY1-1107, Cayman Islands
            Telephone: (+1) 345 946-4422
            Fax: (+1) 345 769-9351


SSGA CM ABSOLUTE: Proofs of Claim Filing Ends on Dec. 26
--------------------------------------------------------
SSGA CM Absolute Return Credit Fund, Ltd.'s creditors are given
until Dec. 26, 2007, to prove their claims to Avalon Management
Limited, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

                Avalon Management Limited
                Third Floor, Zephyr House
                Mary Street, P.O. Box 715
                Grand Cayman KY1-1107, Cayman Islands
                Telephone: (+1) 345 946-4422
                Fax: (+1) 345 769-9351


SSGA CM ABSOLUTE RETURN: Proofs of Claim Filing Is Until Dec. 26
----------------------------------------------------------------
SSGA CM Absolute Return Mortgage Fund, Ltd.'s creditors are
given until Dec. 26, 2007, to prove their claims to Avalon
Management Limited, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

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

The liquidator can be reached at:

                Avalon Management Limited
                Third Floor, Zephyr House
                Mary Street, P.O. Box 715
                Grand Cayman KY1-1107, Cayman Islands
                Telephone: (+1) 345 946-4422
                Fax: (+1) 345 769-9351


SSGA EUROPE: Proofs of Claim Filing Is Until Dec. 26
----------------------------------------------------
SSGA Europe Equity Market Neutral Fund, Ltd.'s creditors are
given until Dec. 26, 2007, to prove their claims to Avalon
Management Limited, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

SSGA Europe's shareholder decided on Nov. 12, 2007, to place the
company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Avalon Management Limited
                Third Floor, Zephyr House
                Mary Street, P.O. Box 715
                Grand Cayman KY1-1107, Cayman Islands
                Telephone: (+1) 345 946-4422
                Fax: (+1) 345 769-9351


SSGA JAPAN: Proofs of Claim Filing Ends on Dec. 26
--------------------------------------------------
SSGA Japan Equity Market Neutral Fund, Ltd.'s creditors are
given until Dec. 26, 2007, to prove their claims to Avalon
Management Limited, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

SSGA Japan's shareholder decided on Nov. 12, 2007, to place the
company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Avalon Management Limited
                Third Floor, Zephyr House
                Mary Street, P.O. Box 715
                Grand Cayman KY1-1107, Cayman Islands
                Telephone: (+1) 345 946-4422
                Fax: (+1) 345 769-9351


SSGA LOW: Proofs of Claim Filing Deadline Is Dec. 26
----------------------------------------------------
SSGA Low Volatility Japan Equity Market Neutral Fund, Ltd.'s
creditors are given until Dec. 26, 2007, to prove their claims
to Avalon Management Limited, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

SSGA Low's shareholder decided on Nov. 12, 2007, to place the
company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Avalon Management Limited
                Third Floor, Zephyr House
                Mary Street, P.O. Box 715
                Grand Cayman KY1-1107, Cayman Islands
                Telephone: (+1) 345 946-4422
                Fax: (+1) 345 769-9351


SSGA LOW VOLATILITY: Proofs of Claim Filing Ends on Dec. 26
-----------------------------------------------------------
SSGA Low Volatility Europe Equity Market Neutral Fund, Ltd.'s
creditors are given until Dec. 26, 2007, to prove their claims
to Avalon Management Limited, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

SSGA Low's shareholder decided on Nov. 12, 2007, to place the
company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Avalon Management Limited
                Third Floor, Zephyr House
                Mary Street, P.O. Box 715
                Grand Cayman KY1-1107, Cayman Islands
                Telephone: (+1) 345 946-4422
                Fax: (+1) 345 769-9351


TIEDEMANN/FALCONER: Proofs of Claim Filing Deadline Is Dec. 26
--------------------------------------------------------------
Tiedemann/Falconer Offshore Fund, Ltd.'s creditors are given
until Dec. 26, 2007, to prove their claims to Barbara Warga, 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.

Tiedemann/Falconer's shareholder decided on Nov. 9, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Barbara Warga
                c/o Tiedemann Investment Group
                535 Madison Avenue, 37th Floor
                New York, NY, 10022-4212
                USA

Contact for inquiries:

                Sophie Gray
                c/o Ogier
                Queensgate House, South Church Street
                P.O. Box 1234, Grand Cayman KY1-1108
                Cayman Islands
                Telephone: (345) 949 9876
                Fax: (345) 949 1986


TIEDEMANN/NEW CENTURY: Proofs of Claim Filing Ends on Dec. 26
-------------------------------------------------------------    
Tiedemann/New Century Global Inflation Opportunities Fund Ltd.'s
creditors are given until Dec. 26, 2007, to prove their claims
to Barbara Warga, 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.

Tiedemann/New Century Global's shareholder decided on
Nov. 5, 2007, to place the company into voluntary liquidation
under The Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Barbara Warga
               c/o Tiedemann Investment Group
               535 Madison Avenue, 37th Floor
               New York, NY, 10022-4212
               USA

Contact for inquiries:

               Sophie Gray
               c/o Ogier
               Queensgate House, South Church Street
               P.O. Box 1234, Grand Cayman KY1-1108
               Cayman Islands
               Telephone: (345) 949 9876
               Fax: (345) 949 1986




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


AES GENER: Suspends Share Offering Due To Market Volatility
-----------------------------------------------------------
AES Gener told Reuters that it has suspended a secondary share
offering planned for Wednesday due to market volatility.

Reuters relates that AES Gener had planned to offer 540.4
million shares on the local bourse on Wednesday to raise cash
for new projects.

AES Gener said in a filing with the Chilean stock regulator,
"The board of Aes Gener, in an extraordinary session today
(Tuesday) agreed, in light of existing market volatility, to
suspend the share issue announced as part of its capital
increase."

According to Reuters, the capital raised in the share offering
was supposed to be allocated for projects and debt repayment.

Reuters notes that AES Gener will invest about US$2.4 billion in
projects, including its US$1-billion Angamos thermal complex and
its Nueva Ventanas thermoelectric project.

AES Gener said in a statement that it will monitor market
conditions to set a new date for the capital increase.

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

                        *     *     *

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


EMPRESA ELECTRICA: Improved Financials Cue S&P to Lift Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services has raised the ratings on
Empresa Electrica del Norte Grande S.A. to 'BB-' from 'B+'
mainly due to the company's improved financial risk profile,
which is partly evidenced by its significantly higher debt-
service coverage ratios and its US$66 million cash reserves as
of Sept. 30, 2007.  The outlook is positive, reflecting expected
good and more stable cash flow generation in the next two years
partly as a result of its increased medium- and long-term power
sale contracts at relatively high prices.
     
The ratings on Empresa Electrica mainly reflect its highly
volatile cash flow generation and market environment in which
the company operates.  These weaknesses are partly offset by the
company's diversified generation base -- mainly coal and natural
gas -- ownership of transmission assets, and its 21% equity
stake in the Gasoducto Norandino pipeline, which are all
expected to provide adequate cash flow generation compared with
its financial obligations.
     
Empresa Electrica benefits from its diverse power generation
base (47% coal, 35% natural gas, and the remaining 18% diesel,
fuel oil, and hydro), which represents a competitive advantage
because it grants the company higher supply reliability than
that of its natural gas-fired peers.  The availability of its
coal-fired generation units and the possibility to pass through
higher costs to its contracted customers protect the company
from severe natural-gas shortages.  S&P expects the company's
cash flow generation to benefit from higher contracted power
sales (to levels of about 300MW to 400MW) in the next three
years.  Despite higher fuel costs in 2007, the company's cash
flow generation significantly improved mainly due to the
increased contracted and spot prices.

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally  
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.


REXAM PLC: Weak US Dollar to Impact 2007 Second Half Results
------------------------------------------------------------
Rexax plc provides a pre-close trading update for the second
half of 2007.

Underlying trading for the second half of 2007 is anticipated to
be broadly in line with management's expectations at the time of
Rexam's Interim Results announcement, excluding the impacts of
foreign exchange and a one-off fair value inventory adjustment
arising on the acquisition of O-I Plastics.

Beverage Cans is performing well, driven by strong volume growth
in Europe and South America, with good pricing and improved mix
in Europe.  Volume growth in Brazil has been mitigated by the
Brazilian Real, which has strengthened against the US dollar by
approximately 10% in the second half, which increased local
currency costs on translation.  The North American business is
recovering from the effects of the strike in the first half.  
The company's growth capex program is well on track, despite
start up delays in its new end manufacturing plant in Manaus,
Brazil.

Plastic Packaging is seeing a continuation of the trends
experienced in the first half.  Growth in Pharma is driving
performance in the Healthcare division.  In Personal Care, the
strong performance in Dispensing Systems and the recovery of
Make up partially offset softer volumes in Home and Personal
Care.  Lower demand in North America is affecting trading in the
Closures division.

In the second half, the US dollar has continued to weaken
against sterling, and this will affect the company's reported
results due to the translation impact on its US dollar earnings.  
In addition, energy and freight costs have been affected by the
higher price of oil and this is expected to continue into 2008.

The integration of O-I Plastics, acquired in July 2007, is
proceeding well and is set to deliver the expected synergies
from 2008 onwards.  However, the 2007 operating profit for O-I
Plastics will be affected by an estimated additional GBP5
million fair value inventory accounting charge arising on
acquisition.

Rexam will announce its preliminary results for the year ending
Dec. 31, 2007, on Feb. 20, 2008.

Headquartered in London, England, Rexam Plc --
http://www.rexam.com/-- is a global consumer packaging company
and a beverage can maker.  Rexam serves the beverage, beauty,
pharmaceuticals and food markets with around 100 manufacturing
operations in more than 20 countries.  The company has can and
can end plants in Hungary, Ireland, Russia, Sweden, Spain,
Turkey, U.S., Mexico, Guatemala, Brazil, Argentina and Chile.

                        *     *     *

In June 2007, Moody's Investors Service assigned a provisional
(P)Ba2 rating to the proposed issuance of capital securities by
Rexam Plc rated Baa3 for senior unsecured debt.

The assigned rating and the basket designation will be subject
to satisfactory final documentation.  Moody's said the outlook
for the ratings is stable.




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


BANCOLOMBIA: Acquires 9.59% Stake in El Salvador's Banagricola
--------------------------------------------------------------
Bancolombia said in a press statement that its Panamanian unit
has acquired an additional 9.59% stake in El Salvador's
financial group Banagricola.

According to Bancolombia's statement, the bank now owns 98.9% of
Banagricola.

Business News Americas relates that Bancolombia paid about
US$48.50 per each additional share.  The transaction now totaled
US$87.7 million.

Bancolombia told BNamericas that the transaction was conducted
on the Panamanian stock exchange.  It would be concluded on
Dec. 21, 2007.

                     About Banagricola

Banagricola SA is a Panama-based company, which active in the
banking area in Salvador through its chain of Banco Agricola
banks.  The Company's main services include the money transfer
from the United States to Salvador.  Its subsidiaries are
Inversiones Financieras Banco Agricola SA, active on the banking
market; Banco Agraria SA, Aseguradora Suiza Salvadorena SA, and
Administradora de Fondo de Pensiones Crecer SA, all operating on
financial markets. The Company is headquartered in Panama City,
Panama.

                     About Bancolombia

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings downgraded and removed from Rating
Watch Negative Bancolombia's long-term and short-term local
currency Issuer Default Ratings and Individual rating:

  -- Individual rating to 'C/D' from 'C';
  -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
  -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirmed these ratings:

  -- Foreign currency long-term IDR at 'BB+';
  -- Foreign currency short-term rating at 'B'; and
  -- Support rating at '3'.

Fitch says the rating outlook is stable.


QUEBECOR WORLD: Moody's Drops Corporate Family Rating to Caa2
-------------------------------------------------------------
Moody's Investors Service has downgraded Quebecor World Inc.'s
corporate family rating by two notches to Caa2.  The company's
debt instruments and those of related companies, Quebecor World
Capital Corporation and Quebecor World Capital ULC, were also
downgraded and the related ratings outlooks were changed to
negative.  Quebecor World Inc.'s speculative grade liquidity
rating remains at SGL-4, indicating poor liquidity.  The rating
action concludes a review initiated on Nov. 23, 2007, and
reflects increased default risk as the company looks to
renegotiate bank credit facility arrangements in advance of
potential financial covenant defaults that could occur when
year-end compliance is tested.  The company's ability to manage
the situation has been adversely impacted by cancellation of a
previously announced sale of the company's European operations.  
This complicates an already difficult situation, and in light of
the tight time frame, increases execution risks.  In addition,
without the benefit of sales proceeds from the cancelled
European transaction, it is not clear whether the company may
require more than mere financial covenant adjustments.  However,
even including the relatively weak European operations, Moody's
expects the company to be modestly cash flow positive during
2008.  Accordingly, the revised ratings' levels reflect the
impact of liquidity related risks.  Over the recent past,
Quebecor World has depended heavily on third party financing to
augment cash flow from operations.  This has created significant
reliance on the company's bank credit facility and has strained
both the CFR and SGL ratings.  Consequently, until such time as
Quebecor World can validate its restructuring activities by way
of significant cash flow self-sufficiency, the close linkage
between the SGL and CFR ratings will continue to prevail, and
over the near-term, liquidity related milestones will trigger
ratings activity and will determine ratings outcomes.  Since
resolution of the current situation depends on events that the
company cannot control, the ratings outlook is negative.

Downgrades:

Issuer: Quebecor World, Inc.

  -- Corporate Family Rating, Downgraded to Caa2 from B3

  -- Probability of Default Rating, Downgraded to Caa2 from B3

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to
     Caa3 (LGD4, 67) from Caa1 (LGD4, 66)

Issuer: Quebecor World Capital Corporation

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to
     Caa3 (LGD4, 67) from Caa1 (LGD4, 66)

Issuer: Quebecor World Capital ULC

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to
     Caa3 (LGD4, 67) from Caa1 (LGD4, 66)

Outlook Actions:

  -- Quebecor World, Inc.: Outlook, Changed To Negative From
     Rating Under Review

  -- Quebecor World Capital Corporation: Outlook, Changed To
     Negative From Rating Under Review

  -- Quebecor World Capital ULC: Outlook, Changed To Negative
     From Rating Under Review

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.




=====================
E L   S A L V A D O R
=====================


ALCATEL-LUCENT SA: Sells Draka Comteq B.V. Stake for EUR209 Mln
---------------------------------------------------------------
Alcatel-Lucent S.A. has reached an agreement with Draka Holding
N.V. to sell its 49.9% share in Draka Comteq B.V. against
payment of an aggregate cash purchase price of EUR209 million.

Under this transaction, Draka acquires full ownership of Draka
Comteq.  Draka Comteq B.V. is a leader in the field of optical
fibre and optical fibre cable, created on July 1, 2004 by
combining the worldwide optical fibre and communication cable
activities of Draka and Alcatel-Lucent.

Since the initial establishment of the joint venture, Draka
Comteq has been controlled by Draka and its results have been
consolidated in full in the Draka consolidated financial
statements.

It is expected that the transaction completed by the end of
2007.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service has downgraded to Ba3
from Ba2 the Corporate Family Rating of Alcatel-Lucent.  The
ratings for senior debt of the group were equally lowered to Ba3
from Ba2 and the trust preferred notes of Lucent Technologies
Capital Trust I have been downgraded to B2 from B1.  At the same
time, Moody's affirmed its Not-Prime rating for short-term debt
of Alcatel-Lucent.  Moody's outlook for the ratings is stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


MILLICOM INT'L: Wins 2 Portions of PCS Spectrum in El Salvador
--------------------------------------------------------------
Telemovil, Millicom International Cellular's mobile operator in
El Salvador, has won two portions of spectrum in the PCS 1990
megahertz band with a US$3.78 million offer, according to
Salvadorian telecoms regulator Siget's statement.

Business News Americas relates that the minimum bidding price
was US$699 thousand.  

BNamericas notes that Telemovil operates under the Tigo brand.  
It competed with:

       -- Telefonica Multiservicios of Spain's Telefonica, and
       -- CTE Telecom Personal of Mexico's America Movil.

According to BNamericas, about 98.5% of the resources from the
auction will be transferred to El Salvador's national
electricity and telephony investment fund Finet, which
subsidizes utility rates.  The remainder will be used to cover
the auction's administrative costs.

Siget allotted some US$1.22 million to Finet this year,
BNamericas states.

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

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

                        *     *     *

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




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


BANCO INDUSTRIAL: Acquires 90% Stake in Honduras' Banco del Pais
----------------------------------------------------------------
Published reports say that Banco Industrial has purchased 90% of
Honduran bank Banco del Pais for US$90 million.

Banco del Pais head Napoleon Larach told reporters that lack of
capital was the reason for the bank's sale.

According to reports, Banco del Pais will continue running under
the Banpais brand.

Banco Industrial S.A. is the largest bank in Guatemala with
consolidated assets of approximately US$3.86 billion and equity
of US$327.4 million as of June 30, 2007.  Banco del Quetzal S.A.
reported US$232 million in assets and US$18 million in equity as
of June 30, 2007.  Grupo Financiero Banquetzal reported US$250
million in assets and US$21 million in equity as of
June 30, 2007.

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2007, Fitch revised the Outlook on Guatemala's Banco
Industrial to Positive from Stable, with all ratings affirmed
as:

Banco Industrial:

  -- Long-term foreign and local currency Issuer Default Rating
     'BB';

  -- Short-term foreign and local currency rating 'B';

  -- Individual 'D';

  -- Support '3';

  -- Support Rating Floor 'BB-';

  -- National-scale long-term rating 'AA-(gtm)';

  -- National-scale short-term rating 'F1(gtm)';


BRITISH AIRWAYS: Faces New Competition on Heathrow-Seattle Route
----------------------------------------------------------------
British Airways plc is facing yet another competition at London
Heathrow airport as a result of the "open skies" agreement
between the European Union and the United States, which reduces
regulatory constraints for air transportation services in the
trans-Atlantic market, published reports say.

On Dec. 10, 2007, Northwest Airlines, in cooperation with its
joint venture partner, KLM Royal Dutch Airlines, announced an
expansion of its trans-Atlantic route network with three new
daily nonstop flights to London Heathrow Airport from Detroit,
Minneapolis/St. Paul and Seattle, one of BA's most profitable
routes.

"That is a BA monopoly route and Seattle has one of the better
margins of all BA routes on the North Atlantic," Chris Avery at
JP Morgan told the Daily Telegraph.

According to the paper, BA is expected to encounter more
competition at Heathrow if the US government approves an anti-
trust application by Air France, Delta, KLM and Northwest for a
four-way transatlantic joint venture, although it could also
improve its chances to secure an alliance with American
Airlines.

Scheduled to begin in the Spring of 2008, Northwest's new
nonstop services will conveniently connect London Heathrow with
more than 250 destinations throughout the US for customers
traveling via Northwest's Detroit and Minneapolis/St. Paul hubs,
and Seattle gateway.  Heathrow is the busiest international
airport in the world, and until earlier this year, was
restricted to just two American carriers.

Northwest and KLM will co-locate the airline's facilities in
Terminal 4 at London Heathrow International Airport (LHR),
providing more convenience and easier connections for the nearly
3.5 million SkyTeam Alliance passengers who travel through LHR
each year.

"The new Heathrow service is great news for customers, both
business and leisure travelers, who prefer the convenient
location and accessibility of the Heathrow airport.  This also
gives Heathrow travelers the opportunity to experience our brand
new A330 fleet and our premier World Business class service,"
Doug Steenland, president and CEO, said.  "Our Detroit and
Minneapolis/St. Paul hubs are the most efficient and uncongested
connecting airports in the U.S. and, together with our Seattle
gateway, will link Heathrow to every point in America."

In addition to the London Heathrow service, Northwest will also
continue to operate daily round-trip flights between Detroit and
London Gatwick, giving customers two great options from the
Detroit Metro airport.

BA, on the other hand, would suspend its Detroit-Heathrow
service on March 30, 2008, citing profitability concerns,
Business Travel News relates.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways' senior unsecured debt carries Moody's
Investors' Service's Ba1 rating since Aug. 14, 2007, with a
stable outlook.  The rating still applies to date.




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


DIGICEL GROUP: Unit Wins Mobile License Bid in Honduras
-------------------------------------------------------
Digicel Central America Holdings Limited, through its wholly
owned subsidiary, Digicel Honduras S.A. de C.V., has won a
competitive bid process for a license to operate a GSM mobile
network in Honduras.  The highly competitive auction took place
on Wednesday, Dec. 19, with Digicel bidding US$80.1 million.  It
is expected that the decision to grant the fourth operator
license to Digicel Honduras will be approved by Congress in the
coming weeks.

Significant investment in Honduras is planned to build a world-
class network and operation that is set to stimulate growth in
the mobile market by increasing mobile penetration within the
next five years from approximately 38% to 75%.  Honduras has a
total population of close to 7.5 million.

Digicel also expects to contribute to the local Honduras
economy, employing approximately 300 people directly in its
operations and leading to the indirect employment of 7,000
people.

Speaking from Tegucigalpa today, Donal O'Shaughnessy, Digicel
Central America Chief Executive Officer, said, "Honduras is a
very exciting win for us.  There is huge potential for growth in
this mobile market, and Digicel looks forward to becoming a
strong competitor by delivering superior technology and being
passionate about providing the best mobile phone service to
customers."

"We are committed to making an important contribution to the
growth and development of Honduras economically and socially.  
Our entry into the market will result in significant job
creation and Digicel fully intends to become involved in a range
of sponsorships, and social and community initiatives," added
Donal O'Shaughnessy.

Digicel Central America Holdings Limited is owned by Denis
O'Brien, as is Digicel Group Limited and Digicel South Pacific
Limited.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- Proposed US$1.4 billion senior subordinated notes
      due 2015 assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings is stable.




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


MAAX HOLDINGS: S&P Cuts Corporate Credit Rating from CCC- to D
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit ratings on MAAX Holdings Inc. and its
subsidiary, MAAX Corp., to 'D' from 'CCC-'.  At the same time,
S&P lowered its ratings on MAAX Holdings' senior discount notes
and MAAX Corp.'s senior subordinated notes to 'D' from 'CC'.
     
"The downgrade follows the payment default on the Dec. 15, 2007,
interest payment on MAAX Corp.'s 9.75% senior discount notes
outstanding maturing in 2012," said S&P's credit analyst Kevin
Hibbert.  The notes provide for a 30-day grace period, which
began Dec. 15, 2007.  "The company is now in discussions with
its lenders and it is unlikely MAAX will make its interest
payments under the notes," Mr. Hibbert added.
     
In addition, the company has stated that it is likely in breach
of covenants under the US$175 million credit facility and the
US$40 million revolver provided by Brookfield Bridge Lending
Fund Inc., which would constitute an event of default under the
agreement.  It's unclear whether a breach has occurred and what
cures, if any, the company would seek.

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.




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


CLEAR CHANNEL: Fitch to Cut IDR to B Upon Transaction Closing
-------------------------------------------------------------
Clear Channel Communications gave greater detail on its pro
forma capital structure post-closing of its going-private
transaction.

The filing states that the new secured debt will be granted,
among other things, a first-priority security interests in
certain assets of Clear Channel and the guarantor subsidiaries
that will not require Clear Channel's existing senior notes that
remain outstanding to be equally and ratably secured under the
indenture.  In addition, new secured and unsecured debts are
expected to be guaranteed by each of Clear Channel's existing
and future wholly owned material domestic restricted
subsidiaries, subject to certain exceptions.  Existing notes
will not receive any guarantees from Clear Channel subsidiaries.

These details are in-line with Fitch's Sept. 25, 2007 press
release that stated that the existing Clear Channel indenture
does not appear to limit subsidiary guarantees and that this
could ultimately structurally subordinate existing bondholders
behind any new secured and unsecured financings.  Furthermore,
Fitch stated in that press release that the Limitation on
Mortgages language in the company's existing indenture is only
applicable to Principal Property in the United States.  As
defined in the indenture, Fitch believes Principal Property may
exclude FCC licenses and outdoor permits in the United States,
as well as international assets.  While the language in
yesterday's filings was still vague in what assets will be
secured with the new financings, the company could potentially
carve-out these specific assets in its security packages to the
new secured financings.

Upon close of the going-private transaction, Fitch has indicated
they expect to downgrade Clear Channel's IDR to 'B'.  Fitch
expect to rate CCU's bank facility equal to or one notch above
the IDR; new unsecured would be one or two notches below the IDR
and existing senior unsecured could be two to three notches
below the IDR.  The Rating Outlook is expected to be Stable.

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.


DURA AUTOMOTIVE: Resolves Magna Protests to Plan Reorganization
---------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates and
Magna Donnelly Corporation have decided to resolve a lift
automatic stay issue and certain related issues related to the
Debtors' Plan of Reorganization.
        
In March 2007, the Debtors commenced a lawsuit against Magna in
the United States Court for the Eastern District of Michigan,
which alleges, among other things, that Magna infringed on
certain of the Debtors' patents and misappropriated trade
secrets.
        
Magna wanted to lift the automatic stay to ensure that the
Debtors' Plan of Reorganization does not restrict its ability to
pursue its counterclaim against the Debtors.  
        
Thus, in a Court-approved stipulation, the parties agree, among
other things, that:
        
   (a) the automatic stay will be immediately lifted to allow
       the District Court action to proceed and for Magna to
       assert and pursue its counterclaim and any other claims
       against the Debtors; and  
        
   (b) Magna will be allowed to liquidate and enforce any        
       damage claims against the Debtors, whether pre- or post-       
       confirmation, and the District Court will have the sole
       and exclusive jurisdiction over the liquidation,
       provided, however, the Bankruptcy Court will have sole
       and exclusive jurisdiction over the enforcement of any
       monetary damage award related to prepetition monetary
       claims that Magna may have against the Debtors.

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 41 Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


DURA AUTO: Wants to Pay Lenders US$358,000 to Ignore Violations
---------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to pay postpetition lenders US$358,000 to overlook loan
covenant violations.

As reported in the Troubled Company Reporter on Nov. 22, 2006,
the Debtors entered into a US$300 million of debtor-in-
possession financing facility with Goldman Sachs Capital
Partners L.P., General Electric Capital Corporation, and other
lender parties.  Under the DIP Credit Agreement, the Debtors are
required to comply with certain financial covenants.
        
Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that Dura Operating
Corp., as borrower, and its debtor-affiliates, as guarantors,
have agreed to enter into amendments to the Postpetition
Revolving Credit Agreement dated Nov. 30, 2006, and Postpetition
Term Loan Agreement dated Oct. 31, 2006, to avoid violating
certain negative covenants in the DIP Facility as a result of
the Debtors' entry into Court-approved agreements with Johnson
Controls Systems, Inc., its affiliates and subsidiaries, and
Bridgewater Interiors LLC.
        
Mr. DeFranceschi says the US$358,000 fee is equal to 0.05% of
the aggregate outstanding "Revolving Commitment provided by each
of the consenting Postpetition Lender or 0.25% of the aggregate
outstanding principal amount of "Loans" of each consenting
Postpetition Lender.
        
Anthony C. Flanagan, managing director of AlixPartners, LLP,
financial advisors to the Debtors, asserts that the aggregate
amount of the Amendment Fees is small and reasonable in
comparison to the benefits of the JCI Agreements to the Debtors'
estates.
        
The Debtors, in February 2007, negotiated the JCI Agreements to
obtain improvements in the commercial terms of its existing
supply contracts with JCI.  DURA management believes that the
JCI Agreements contain:
        
   (a) favorable commercial terms adjustments and resourcing
       limitations;
        
   (b) certain commitments by the Debtors to protect JCI from
       supply disruptions;
        
   (c) purchase options for JCI in the event of a default by the
       Debtors or of a sale of the Debtors' facility in
       Stockton, Illinois, where the Debtors predominantly
       manufacture automotive components, including seat racks,
       for JCI; and
        
   (d) a general release of any existing claims of the Debtors
       against JCI.
        
Over the course of approximately 5 years, the Debtors expect
that the commercial term adjustments contained in the JCI
Agreements will result in an increase in EBITDA.  Mr. Flanagan,
however, redacted the projected EBITDA from the statement he
filed with the Court.
        
Under the JCI Agreements, JCI commits that it will not resource
parts produced at the Stockton Facility for one year, allowing
the Debtors time to enhance an already strong relationship with
JCI.
        
The Debtors asked the Court to convene an emergency hearing on
their request on Dec. 27, 2007, at 1:30 p.m. (ET).
        
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent    
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 41 Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


MERIDIAN AUTOMOTIVE: Judge Walrath Re-Opens Chapter 11 Cases
------------------------------------------------------------
The Honorable Mary Walrath of the U.S. Bankruptcy Court for the
District of Delaware re-opened the Chapter 11 cases of Meridian
Automotive Systems Inc. and certain of its affiliates for the
limited purpose of considering the settlement entered into by
Meridian with Plastech Engineered Products, Inc.

Judge Walrath had previously directed Plastech to pay
US$1,250,000, as well as pre-judgment interest to Meridian
Automotive.  Plastech took an appeal to the U.S. District Court
for the District of Delaware from the Compliance Order.

In her order re-opening the cases of Meridian Automotive, Judge
Walrath also said that the Supersedeas Bond filed by Plastech in
September 2007, including all subsequent riders, will remain in
full force and effect pending the District Court's determination
of the Appeal.  Upon the District Court's dismissal of the
Appeal, Plastech's obligation under the Supersedeas Bond will be
void and that Bond will be released.

Judge Walrath further said the Bankruptcy Court will retain
jurisdiction to interpret, implement, and enforce the terms of
the Settlement Agreement in all respects, including any claims
or controversies that arise from or in any way pertain to the
Settlement Agreement.

                    Settlement Agreement

After filing the Appeal, Plastech and Meridian engaged in
negotiations to settle the issue, Gregg M. Galardi, Esq., at
Skadden, Arps, Slate, Meagher & Flom, LLP, in Wilmington,
Delaware, related.

Thus, in November 2007, Meridian and Plastech entered into a
binding agreement settling the Appeal.  

Mr. Galardi told the Court that the proposed Settlement
Agreement, however, will become null and void if either of these
events occur:

   (a) the event the Bankruptcy Court does not issue an order
       vacating the Compliance Order by Dec. 18, 2007;

   (b) the time to appeal the Vacatur Order has not expired by
       Dec. 28, 2007, which is the Settlement Deadline;

   (c) the Vacatur Order has become subject to a stay of appeal
       as of the Settlement Deadline; or

   (d) Plastech has not paid the settlement amount in full by
       Dec. 31, 2007.

                   MAS Litigation Trust Objects

The Meridian Automotive Systems Litigation Trust, through Ocean
Ridge Capital Advisors, LLC, as litigation trustee, asks the
Bankruptcy Court to deny Plastech's request for an order
vacating the Compliance Order.  

In the alternative, the MAS Trust asks the Bankruptcy Court to
set a briefing schedule to allow for proper and full briefing of
the substantive and procedural issues involved, and to schedule
a hearing to afford parties-in-interest an opportunity to be
heard on the issue.

Kathryn Schulhaus Keller, Esq., at Campbell & Levine, LLC, in
Wilmington, Delaware, relates that the MAS Trust has commenced
an avoidance action against Plastech asserting that Plastech has
received more than US$5,600,000 in preferential transfers.  

Ms. Keller asserts that the Compliance Order and an order
vacating it will have far reaching implications and effects on
the currently pending adversary proceeding commenced by the MAS
Trust against Plastech.  

Specifically, the Compliance Order and Judge Walrath's findings
are critical to the MAS Trust's prima facie claim asserted in
the Adversary Proceeding and Plastech's potential defenses,
Ms. Keller says.  The vacature of the Compliance Order could
unduly prejudice and prove detrimental to the Trust.

Ms. Keller relates that Plastech, in the Adversary Proceeding,
has acknowledged that the Compliance Order and the adjudication
of the Appeal may potentially prove dispositive of certain
aspects of the Adversary Proceeding.  Plastech has even asked
for an informal stay of the Adversary Proceeding pending
resolution of the Appeal process, she adds.

         District Court Remands Appeal to Bank. Court

At the behest of Plastech, Judge Gregory Sleet of the United
States District Court for the District of Delaware remands the
Appeal back to the Bankruptcy Court for the limited purpose of
allowing Judge Walrath to consider a settlement agreement
between Plastech and Meridian Automotive, and the vacatur of the
Compliance Order.

                 About Meridian Automotive

Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies    
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and
other interior systems to automobile and truck manufacturers.  
Meridian operates 22 plants in the United States, Canada and
Mexico, supplying Original Equipment Manufacturers and major
Tier One parts suppliers.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 26, 2005 (Bankr. D.
Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan,
Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan
Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S.
Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq.,
and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor,
LLP, represent the Debtors in their restructuring efforts.  Eric
E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also
hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti,
Biden & Balick, P.A., to prosecute an adversary proceeding
against Meridian's First Lien Lenders and Second Lien Lenders to
invalidate their liens.  When the Debtors filed for protection
from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  

The Hon. Mary Walrath confirmed Meridian's Revised Fourth
Amended Reorganization Plan on Dec. 6, 2006.  The company
emerged from chapter 11 protection on Dec. 29, 2006.  On
Sept. 24, 2007, the Court entered a decree closing the Debtors'
Chapter 11 Cases.  (Meridian Bankruptcy News, Issue No. 59;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


NUANCE COMM: Prices Public Offering of Seven Mil. Common Shares
---------------------------------------------------------------
Nuance Communications Inc. has priced a public offering of 7.0
million shares of its common stock at US$17.50 per share.  
Nuance is selling 6,773,000 shares in the offering and certain
members of Nuance management are selling an additional 227,000
shares in the offering.  The public offering price of US$17.50
per share will result in gross proceeds of US$118.5 million and
net proceeds, after underwriting commissions and other offering
expenses, of approximately US$112.8 million to Nuance.  The
company also granted the underwriters a 30-day option to
purchase up to an additional 1,050,000 shares of its common
stock to cover over-allotments, if any.  The offering is
expected to close on or about Dec. 21, 2007.

Citi and Goldman, Sachs and Co. are acting as the joint book-
running managers of the offering.  Lehman Brothers and Thomas
Weisel Partners will act as the lead managers of the offering
and Craig-Hallum Capital Group, Needham & Company and Raymond
James Financial will act as co-managers of the offering.  
Printed copies of the prospectus may be obtained from:

        Citi
        Brooklyn Army Terminal
        140 58th Street, 8th Floor
        Brooklyn, NY 11220
        Tel: (718) 765-6732
        Fax: (718) 765-6734

               -- or --

        Goldman, Sachs & Co.
        Attn: Prospectus Department
        85 Broad Street
        NY, New York 10004
        Fax: (212) 902-9316

The offering is being made pursuant to an effective registration
statement filed by Nuance with the U.S. Securities and Exchange
Commission on Nov. 29, 2007.

                About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/
-- provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed USUS$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


VISIOCORP PLC: Moody's Reviews Corp. Family Rating for Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade the Ca corporate family rating of Visiocorp Plc
(formerly Schefenacker plc) as a consequence of the refinancing
undergone in May 2007 and a stabilizing business outlook.

Moody's lead analyst for Visiocorp, Rainer Neidnig said: "The
successful financial restructuring this year as well as
management's plans to extract increasing margins out of stable
business volumes has clearly improved the credit profile of the
company and resulted in upward pressure on the rating.  While we
see near-term upgrade potential into the low single-B category,
an upgrade to this rating level during the first half of 2008
would require the receipt of audited financial statements for
2007 documenting: (i) a stabilization of business volumes and
operating performance, (ii) a financial leverage below 6.0 Debt-
to-EBITDA and (iii) improving financial flexibility on the back
of the confirmed support of the company's key stakeholders."

The financial restructuring process undergone earlier this year
resulted in a reduction of financial debt from previously over
EUR400 million to EUR290 million and the separation of the
company's lighting activities.  The remaining group was renamed
Visiocorp and will focus on interior and exterior mirrors.  Cash
interest payments under the new financing structure more than
halved to app. EUR17 million.  While the refinancing improved
the financial profile, Moody's notes that the company's
financial arrangements have been finely tailored to its business
plan, leaving limited room for material cash flow shortfalls.

Headquartered in Hampshire, United Kingdom, Visiocorp Plc (fka
Schefenacker Plc) develops, produces and supplies rear vision
systems, lighting systems and sound systems to the world's
automotive manufacturers.  The company employs 7,900 people and
operates 27 sites in Australia, China, France, Hungary, India,
Japan, Korea, Mexico, Romania, Slovenia, Spain, the United
Kingdom, and the United States.




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


CHIQUITA BRANDS: Colombia to Open Investigation into Seven Execs
----------------------------------------------------------------
Chiquita Brands International Inc.'s seven executives will be
under a formal probe by the Colombian government over their
alleged involvement with the United Self-Defense Forces of
Colombia.

The company made in September a US$25-million payment to the
U.S. government for paying revolutionary taxes to the rebels
from 1997 to 2004.  Chiquita Brands pleaded guilty to the
offence and estimated it paid US$1.7 million, through its local
subsidiary Banadex, within that period to ensure the safety of
its workers.  The settlement angered the Colombian authorities.  
Victims and family of victims of the rebel group accused the
company of indirectly supporting the terroristic attacks of the
rebels through its payments.

Mike Mitchell, spokesman for Chiquita was quoted by BBC in June
as saying, "The company was forced to make payments to both left
and right-wing paramilitary organizations to protect the lives
of our employees.  It is absolutely untrue for anyone to suggest
the payments were made for any other purpose."

The complainants include relatives of 387 people allegedly
killed by the terrorism group.  They are seeking US$7.86 billion
in damages from Chiquita Brands.  If the case will be tried
before a jury, Chiquita Brands faces the possibility for going
out of business.

According to Reuters, Colombian prosecutors want the officials
involved to be extradited.  

"This is a criminal investigation involving seven Chiquita
executives," a spokesman for Attorney General Mario Iguaran was
quoted by Reuters as saying.  The attorney general's probe would
seek to establish whether the company was forced to make
payments for safety reasons or simply guilty of financing
terrorism.

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 Colombia, 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 Brands 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.




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


AGILENT TECH: Reports Biggest Instrument Sale in India to Date
--------------------------------------------------------------
Agilent Technologies Inc. has disclosed its biggest sale to date
of analytical instrumentation in India.  The sale includes more
than 50 instruments, mainly Rapid Resolution Liquid
Chromatography systems, plus gas chromatography systems and
headspace samplers to Orchid Chemicals & Pharmaceuticals Ltd.,
one of the top 15 companies in the Indian pharmaceutical
industry.

In addition to being Agilent's biggest sale in India, this is
also Orchid's largest order from any chromatography
manufacturer.

"We were interested in the RRLC system when Agilent introduced
it to us," said Dr. P.Y. Naidu, Orchid vice president, QC and
R&D, "and subsequent demonstrations at our site proved its
worthiness.  Instrument reliability is a factor in this
decision, along with our trust in Agilent based on our long
association with district manager Mr. Gopala Krishnan.  He
properly understood our requirements at each and every point,
and this helped guide our decision."

"This type of investment is based on much more than price," said
Sanjiv Dhar, Agilent country operations manager, India. "First,
the instruments must deliver consistently good results, year-in
and year-out.  Second, they must easily integrate into existing
workflows.  Third, they must be extremely reliable.  We're
pleased that Orchid recognized these qualities in Agilent
products and support services in this highly competitive
environment."

The Agilent 1200 Series RRLC system provides up to 20 times
faster analysis and 60-percent higher resolution than
conventional HPLC, without sacrificing precision or sensitivity.  
It is designed to provide the highest analysis speed and
resolution while keeping system pressure at a minimum.  The
result is higher performance coupled with the robustness of
conventional HPLC.

Agilent is the clear global leader in gas chromatography, and
the new 7890A GC, which Orchid purchased, is the latest
generation of 40 years of innovation.  It delivers advanced
separation capabilities, powerful productivity enhancements, and
real-time self-monitoring and diagnostic intelligence.  Faster
oven cool-down and robust backflushing let users analyze more
samples in less time.  Fifth-generation electronic pneumatics
control and digital electronics set a new standard for pressure
setpoint and retention time locking precision.

                     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.




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


GOODYEAR TIRE: Jean-Claude Kihn Replaces Joseph Gingo as Sr. VP
---------------------------------------------------------------
The Goodyear Tire & Rubber Company has appointed Jean-Claude
Kihn as its senior vice president and chief technical officer,
effective Jan. 1, 2008.  Mr. Kihn, who currently is general
director of Goodyear's Technical Center in Akron, will replace
Joseph M. Gingo, who is retiring from Goodyear after 41 years to
become chief executive officer of A. Schulman Inc.

The announcement of Mr. Kihn is evidence of the broad and deep
capabilities that have been built on Goodyear's technical
leadership team according to Robert J. Keegan, Goodyear's
chairman and chief executive officer.

"Jean-Claude has demonstrated excellent leadership throughout
the time I have known him and worked with him," said Mr. Keegan.  
"He has gained the trust of our business leaders in Europe,
Latin America and North America through his recent assignments
in those businesses.

"I have a tremendous amount of confidence in Jean-Claude, and
the entire organization, to continue the positive trajectory
that we have driven over the course of the past several years,"
Mr. Keegan added.  "Our new product engine is now the best in
the industry."

Mr. Kihn joined Goodyear in 1988 at the Goodyear Technical
Center in Luxembourg as a compounder working in passenger tires.  
In subsequent years, he held several positions with Goodyear's
Asian and Latin American business units before being promoted to
general director of GTC*A in 2005.  Mr. Kihn is a chemical
engineer and has a Ph.D. from the University of Louvain in
Belgium.  He is fluent in English, French, German, Spanish and
Luxembourgish.

"I am extremely honored to be thought of as someone who can fill
Joe's shoes.  However, I am also very confident of our future
capabilities - thanks in large part to the tremendous leadership
team that has been developed throughout the organization," said
Mr. Kihn.

Along with the appointment of Mr. Kihn, Goodyear announced other
leadership changes in the technical and research areas of the
company:

    * William M. Hopkins, currently the vice president of
      technology and strategic initiatives, has been named vice
      president of advanced concepts.  In his new role, he will
      establish and lead a team responsible for "break-through"
      concepts that will drive the development of innovative
      product and process technologies.

    * Joseph Zekoski, currently the general director of the
      Goodyear Technical Center in Luxembourg, has been named to
      the newly created position of vice president of global
      product development and technical center operations.  He
      will be responsible for product development designed to
      assure the timely and cost-effective delivery of
      innovative new products.

    * Surendra Chawla, currently the director of corporate tire
      research, has been named to the position of senior
      director of external science and technology programs.
      Mr. Chawla will be responsible for discovering and
      assessing innovative new technologies applicable to its
      product and business needs.

    * Marc Junio, currently director of technology, consumer
      tires in Goodyear's European Union and Eastern Europe,
      Middle East and Africa tire business segments, has been
      named general director of GTC*A, replacing Mr. Kihn.

Goodyear is one of the world's largest tire companies.  The
company employs about 70,000 people and manufactures its
products in more than 60 facilities in 26 countries around the
world.

                     About Goodyear Tire

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

                        *     *     *

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




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


DIRECTV GROUP: Reaches Landmark Pact with APTS & PBS
----------------------------------------------------
DIRECTV Inc. has reached a landmark agreement with the
Association of Public Television Stations and the Public
Broadcasting Service.  DIRECTV viewers will have access to other
Public Television content as well.

Continuing its unprecedented expansion of HD services, DIRECTV,
the industry leader in HD programming, will include the local HD
feeds of Public Television stations in its HD rollout plans
beginning in 2008.  DIRECTV currently offers local HD
programming in 68 markets, representing more than 72 percent of
U.S. TV households.

DIRECTV, APTS and PBS also will work together to develop new
video on demand offerings to make available local and national
public television programming to DIRECTV's customers anytime
they want it.  In addition, DIRECTV will carry two national
standard-definition channels of Public Television programming,
further expanding its commitment to high-quality educational
programming.

"We are thrilled to be partnering with APTS and PBS to offer our
customers award-winning HD programming from local Public
Television stations across the country," said Chase Carey,
president and CEO, DIRECTV, Inc.  "This agreement is the result
of a cooperative effort that will utilize innovative technology
to deliver the highest quality local content to DIRECTV viewers.  
DIRECTV is committed to offering the best HD programming lineup
available, and we are delighted to begin carrying programs of
the caliber of The NewsHour, Frontline, NOVA, American Masters,
the American Experience and award-winning children's programming
in this visually compelling format."

APTS President & Chief Executive Officer John Lawson said: "This
is a forward-looking, innovative agreement for the digital age.  
It means the great HD programming from PBS and local Public
Television stations will be available to DIRECTV customers in
every market where DIRECTV carries any local HD.  We will also
work together to make available a vast library of on demand
content from local Public Television stations across the
country.  This is a great day for public service media in
America."

"One of our foremost priorities is extending the quality content
that PBS offers across the broadest range of platforms," said
PBS President and CEO Paula Kerger.  "We are pleased with this
agreement, which enables Public Television stations to provide
even better service to viewers in their
communities."

The terms of the deal were unanimously approved by the APTS
Board of Trustees yesterday and are pending approval by the PBS
Board of Directors.  The agreement must be ratified by local
Public Television stations.

Information regarding the full DIRECTV HD programming lineup,
which includes 87 national HD channels, and details on receiving
equipment needed for the new DIRECTV HD services, are available
by calling 1-800-DIRECTV or visiting the company's web site.

                   About The DIRECTV Group

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital   
television entertainment in the United States and Latin America.
It has two segments, DIRECTV U.S. and DIRECTV Latin America.
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

In April 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.

In addition, Standard & Poor's raised the bank loan rating on
US$2 billion of credit facilities at DIRECTV Holdings LLC, a
wholly owned subsidiary of The DIRECTV Group Inc, to 'BB+' from
'BB' and revised the recovery rating to '1' from '3'.


FERRELGAS PARTNERS: S&P Affirms Corporate Credit Rating at B+
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+'
corporate credit rating on Ferrellgas Partners L.P. and its
operating limited partnership, Ferrellgas L.P.  The affirmation
follows annual surveillance on the company and incorporates
S&P's expectation for strong margins and a steady financial
performance over the next year.  The outlook is stable.
     
As of Oct. 31, 2007, the company had total debt, adjusted for
capitalized operating leases and accounts receivable
securitization, of US$1.327 billion, with adjusted debt to
capital of 88%.
     
The ratings on Ferrellgas Partners are restricted by the
partnership's weak business risk profile and highly leveraged
financial profile.  Ratings concerns include the master limited
partnership structure, high leverage, a weaker retail operating
performance than its peers, and acquisition risk.  These
concerns are only partially mitigated by the partnership's
improving margins, its large, geographically diverse retail
footprint, and portable propane tank exchange business that
offset some of the seasonality involved in the company's retail
operations.
     
The outlook on Ferrellgas Partners is stable.  "The stable
outlook is based on the expectation that the company will
maintain its current financial and operating performance," noted
S&P's credit analyst Michael V. Grande.  Sustained improvement
in financial metrics, which could come from deleveraging and
further margin improvement, would be necessary for an upgrade or
positive outlook.
      
"Conversely, the ratings may be lowered or the outlook revised
to negative if the financial profile deteriorates due to
liquidity constraints, subpar cash flow, increased leverage, or
weaker-than-expected results from acquisitions," Mr. Grande
continued.

Headquartered in Overland Park, Kansas, Ferrellgas Partners, LP
(NYSE: FGP) -- http://www.ferrellgas.com/-- through its  
operating partnership, Ferrellgas, LP, is a propane marketer in
the United States.  Ferrellgas serves more than 1 million
customers in all 50 states, the District of Columbia, Puerto
Rico, and Canada, and has annual sales volumes approaching 1
billion retail gallons.  Ferrellgas employees indirectly own
more than 20 million common units of the partnership through an
employee stock ownership plan.


MENNONITE GENERAL: S&P Revises Rating Outlook to Negative
---------------------------------------------------------
Standard & Poor's Rating Services has revised its rating outlook
on Puerto Rico Industrial, Tourism, Medical and Environmental
Control Facilities Finance Authority's series 1996A and 1997A
bonds, issued for Mennonite General Hospital Inc., to stable
from negative, and affirmed its 'BB-' rating on the bonds.  The
outlook revision reflects the hospital's increasing utilization
and sustained improvement in operations and cash flow, which is
approaching a four-year positive trend.
      
"The improved operating results have contributed to stable
coverage of maximum annual debt service, and is beginning to
positively affect Mennonite's liquidity position," said S&P's
credit analyst Stephen Infranco.  "However, Mennonite still
suffers from very weak liquidity levels, which provide
relatively little financial flexibility in the event of
operational stress."
     
The rating reflects the hospital's weak balance sheet
characteristics, including very weak liquidity and high
leverage; unfavorable payer mix, with a very high Medicaid
population; strong market position, although Mennonite General
operates in a very limited economic service area with above-
average levels of unemployment; improved operations over the
past three fiscal years; and favorable patient volumes.
     
Other credit factors include the potential to boost liquidity
through a sale of property.  Although the cash received from the
sales would be considered a positive factor, at least in the
near term, the underlying liquidity levels remain an ongoing
rating concern.
     
The revised rating outlook affects about US$41.1 million in
rated debt.

Mennonite General Hospital is a two-hospital system with a
combined 266-licensed beds (266 operated), located in Cayey and
Aibonito Puerto Rico.  Mennonite had total operating revenues of
US$115.3 million in fiscal 2007.  Mennonite's disclosure to both
Fitch and bondholders has been excellent in terms of timeliness
and accuracy and consists of balance sheet, income statement,
management discussion and analysis, and various operating
statistics but not the statement of cash flows.


PEP BOYS: Board OKs US$0.0675 Per Share Dividend Payable Jan. 28
----------------------------------------------------------------
The Pep Boys - Manny, Moe & Jack's Board of Directors approved
the payment of the next quarterly dividend of US$0.0675 per
share payable on Jan. 28, 2008 to shareholders of record on
Jan. 14, 2008.  The annual dividend of $0.27 per share currently
yields approximately 2.4%.

                       About Pep Boys

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

                        *     *     *

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




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


BANCO DO BRASIL: Launches Local Unit in Uruguay
-----------------------------------------------
Banco do Brasil has launched a subsidiary in Uruguay, Brazilian
financial daily Valor Economico reports.

Business News Americas relates that Banco do Brasil had closed
its Uruguayan branch in 2001 due to losses and high operating
costs.

BNamericas notes that a representative office couldn't carry out
financial operations.  It will concentrate on support and
advisory services for:

          -- foreign trade transactions,
          -- letters of credit, and
          -- guarantees.

Banco do Brasil's vice president Jose Maria Rabelo told Valor
Economico that a Brazilian executive and a small local staff
will head the Uruguayan office.

Banco do Brasil is awaiting Uruguayan central bank's
authorization before starting its unit's operation.  The bank
also signed an accord with Uruguayan state-owned bank BROU to
let clients of both banks to use each other's ATMs in Brazil and
Uruguay, BNamericas states.

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

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




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


CITGO PETROLEUM: Launches Venezuela Heating Oil Program in Bronx
----------------------------------------------------------------
CITGO Petroleum Corporation President, Alejandro Granado,
Citizens Energy Chairman, Joseph P. Kennedy II, and the
Ambassador of the Bolivarian Republic of Venezuela, Bernardo
Alvarez ushered in the 2007-2008 CITGO-Venezuela Heating Oil
Program on Friday at the Stuyvesant Fuel terminal on E.  149th
Street in the Bronx by loading an oil truck with fuel en route
to benefit one of the hundreds of low-income apartment buildings
in New York this winter.

The program, carried out in partnership by CITGO and Citizens
Energy Corporation and made possible by the generosity of CITGO
and the Bolivarian Republic of Venezuela, will provide millions
of gallons of heating oil to thousands of families in need
throughout 23 states, including New York.

Local oil dealers will deliver 100 gallons of fuel to eligible
families throughout the five boroughs as well as make deliveries
to low-income apartment buildings in the area whose tenants will
receive rent rebates as a result of the delivery.

CITGO and Citizens Energy Corporation, a Boston-based
non-profit, will also provide heating fuel assistance directly
to more than 200 Native American communities in the states of
Maine, New York, Michigan, Minnesota, North Dakota, South
Dakota, Montana, Nebraska, Arizona, Oregon, Washington and
Alaska.

"At CITGO, we have the privilege to be involved in projects that
we sponsor to help others and unite us in solidarity," said
CITGO Chairman, President and Chief Executive Officer Alejandro
Granado.  "This is a people-to-people program that comes from
the heart of Venezuela to the homes of American families who
just can't pay their energy bills."

CITGO's commitment was developed two years ago in the aftermath
of Hurricanes Rita and Katrina, when it stepped forward to help
communities ravaged by the storms.  At the same time, Citizens
Energy began hearing from more families struggling to keep pace
with rising energy costs, especially during the winter when
temperatures dropped and the need for heating fuels increased.

"We approach every major oil company and every OPEC nation each
year to ask that a small slice of their record profits go to
help the poor," said Citizens Energy Chairman, Joseph P. Kennedy
II.  "Only one oil company - CITGO - and only one nation -
Venezuela - stepped up to the plate to offer a helping hand."

Citizens Energy, formed by Kennedy during the oil price shocks
of the late 1970s, has provided discounted heating oil to the
poor and the elderly for almost 30 years.  The non-profit energy
company has a relationship with Venezuela going back to its
earliest years.

Venezuelan Ambassador Bernardo Alvarez, discussing the program,
pointed out: "The vision of social responsibility in the energy
policy of the Bolivarian Republic of Venezuela has allowed us to
assure that our profits benefit the neediest people in our
country.  To further pursue this aim, we have extended that
capacity to helping the peoples of the Americas.  We have had
a binding historic relationship with the United States of
America.  We have a fraternal relationship with the American
people and a business relationship as well.  The human aspects
of these relationships will make it possible for our government
to continue helping the neediest Americans during the cold
winter months."

Families interested in receiving the discounted heating oil can
call Citizens Energy Corporation at 1-877-JOE-4-OIL (1-877-564-
4645) or apply online at http://www.citizensenergy.com

Once approved, the household receives an authorization letter
and calls its heating oil dealer to arrange a delivery of up to
100 gallons of heating oil.

In addition to Massachusetts, the program is operating in Maine,
Rhode Island, Vermont, Connecticut, New Jersey, New York,
Maryland, Virginia, the District of Columbia, Alaska, Delaware,
Indiana, Wisconsin, Michigan, Greater Philadelphia and Greater
Pittsburgh.

Through this program, CITGO, in alignment with its ultimate
shareholder, PDVSA, the national oil company of the Bolivarian
Republic of Venezuela, is committed to continuing development of
social programs aimed at helping the most vulnerable in the
communities.

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

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


CITGO PETROLEUM: US$1B Loan to Parent Cues Fitch to Cut Rating
--------------------------------------------------------------
CITGO Petroleum Corporation's Issuer Default Rating has been
lowered to 'BB-' from 'BB' following the company's announcement
that it has taken out a US$1 billion bridge loan and used the
proceeds to make a US$1 billion loan to parent Petroleos de
Venezuela SA (PDVSA IDR 'BB-', Negative Outlook).  Under terms
of the deal, CITGO Petroleum plans to term out the debt on its
own balance sheet with a combination of secured term loan and
accounts receivable securitizations.  The move will increase the
company's leverage in the short term by approximately 80% and
underscores Fitch's long term concerns about the use of the
company's cash flows and asset base to fund activity by parent
Petroleos de Venezuela, which is controlled by the Bolivarian
Republic of Venezuela.  On a forward-looking basis, Fitch also
remains concerned about the possibility of additional financial
pressure Petroleos de Venezuela may place on CITGO Petroleum in
a lower-priced oil environment.

Note that this move follows a pattern of sizable distributions
made from subsidiary CITGO to Petroleos de Venezuela through PDV
America, including distributions of US$1.74 billion for the LTM
ending Sept. 30, 2007.  Fitch's secured credit rating on the
company remains unchanged at 'BBB-' on the strength of the
underlying collateral, including the Lake Charles and Corpus
Christi refineries.

Currently, Fitch rates CITGO Petroleum Corp. as:

   -- Issuer Default Rating 'BB-';
   -- Senior Secured Credit Facility 'BBB-';
   -- Secured Term Loan 'BBB-';
   -- Fixed Rate IRBs 'BBB-'.

The rating outlook is stable and reflects the fact that the
company must obtain approval from secured lenders for further
asset-sale based distributions to its parent or additional
secured debt on its balance sheet.  Current covenants also
subject the company to a 55% debt/capitalization ratio, which
limits total debt.

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

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

                         ***********


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

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

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

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

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

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


              * * * End of Transmission * * *