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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, December 27, 2007, Vol. 8, Issue 255

                          Headlines

A R G E N T I N A

ASOCIACION DE COOPERATIVAS: Moody's Changes Outlook to Positive
BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to B
COMERCIALIZADORA MELELLA: Files Reorganization Petition
COMPANIA TEXTIL: Files for Reorganization in Buenos Aires Court
HUGO SANTIAGO: Trustee Verifies Claims Por Via Incidental

LOMA NEGRA: Moody's Ups Cur. Corp. Family Rating to Ba3 from B2
MICAMAR SRL: Trustee Verifies Proofs of Claim Until Feb. 15
NERT SA: Proofs of Claim Verification Deadline Is March 10, 2008
RED HAT: Earns US$20.3 Million in Third Quarter Ended Nov. 30
SUPERAR SRL: Seeks for Bankruptcy Approval in Buenos Aires Court

TECSYSTEM SRL: Files for Reorganization Petition in Buenos Aires


B A H A M A S

HARRAH'S ENT: Commences Tender Offers for Conv. Debt Securities
HARRAH'S ENT: Secures Regulatory Approvals on Merger Deal
YPF SA: Repsol Inks Pact with Eskenazi for 14.9% Stake Sale
RESTRUCTURED CAPITAL: Proofs of Claim Filing Ends Today


B E L I Z E

ANDREW CORP: CommScope Finalizes Acquisition Details


B E R M U D A

BRUNSWICK PARTNERS: Will Hold Final Shareholders Meeting Today


B O L I V I A

INTERMEC TECH: Hires David Yung as Asia Pacific Vice President


B R A Z I L

BANCO NACIONAL: Approves BRL2.6-Bil. Loan for Estreito Plant
BANCO NACIONAL: Eyes 20% Growth in Power Sector Investments
BLOCKBUSTER INC: Fitch Affirms CCC Issuer Default Rating
CAMARGO CORREA: Moody's Affirms Ba3 Global Corp. Family Rating
CAUE FINANCE: Moody's Affirms Ba3 Rating on US$150-Mil. Notes

COMPANHIA ENERGETICA: Keeping 10% Stake in Madeira Energia
COMPANHIA SIDERURGICA: S&P Revises Outlook to Positive
COMMSCOPE INC: Finalizes Acquisition Details for Andrew Corp.
JABIL CIRCUIT: Reports US$62 Million Net Income in Third Quarter
MILACRON INC: Weak Credit Metric Cues Moody's to Cut Ratings

NATIONAL STEEL: S&P Affirms B+ Rating with Positive Outlook

* BRAZIL: S&P Affirms Low B Foreign Currency Sovereign Ratings


C A Y M A N   I S L A N D S

AAA 2006-1: Proofs of Claim Filing Deadline Is Today
AAA BRADCO: Proofs of Claim Filing Ends Today
ALPHASIMPLEX GLOBAL: Proofs of Claim Filing Is Until Today
ARKAIR LTD: Proofs of Claim Filing Deadline Is Today
BA INVESTMENTS: Proofs of Claim Filing Ends Today

BALEARES LEASING: Proofs of Claim Filing Deadline Is Today
BEAR STEARNS FUNDS: Will Hold Final Shareholders Meeting Today
BOMBAY CO: Selling Intellectual Property to Bombay Brands
BWI FORTROSS: Proofs of Claim Filing Ends Today
CHAMBERS STREET: Proofs of Claim Filing Is Until Today

CMBSPOKE 2005-II: Proofs of Claim Filing Ends Today
CORIN CAPITAL: Proofs of Claim Filing Deadline Is Today
CORIN CAPITAL: Will Hold Final Shareholders Meeting Today
CORIN CAPITAL UK: Holding Final Shareholders Meeting Today
CORIN CAPITAL UK: Proofs of Claim Filing Is Until Today

CQS INTERNATIONAL: Proofs of Claim Filing Ends Today
DCM EUROPEAN: Proofs of Claim Filing Deadline Is Today
DCM MASTER: Proofs of Claim Filing Ends Today
DUKE FUNDING II: Proofs of Claim Filing Deadline Is Today
DUKE FUNDING III: Proofs of Claim Filing Ends Today

EMOSYN INTERNATIONAL: Proofs of Claim Filing Deadline Is Today
ENHANCED MORTGAGE-BACKED: Proofs of Claim Filing Ends Today
EQUITY HHA: Will Hold Final Shareholders Meeting Today
EQUITY SPECIAL: Proofs of Claim Filing Deadline Is Today
FIRST REINSURANCE: Will Hold Final Shareholders Meeting Today

FLAGSHIP CLO: Proofs of Claim Filing Ends Today
FORTIS HEDGE: Will Hold Final Shareholders Meeting Today
GINZA 7: Proofs of Claim Filing Deadline Is Today
GLOBAL OPPORTUNITY: Proofs of Claim Filing Is Until Today
GLUON FUND: Proofs of Claim Filing Ends Today

HEDERA INVESTMENTS: Will Hold Final Shareholders Meeting Today
HELLY HANSEN: Will Hold Final Shareholders Meeting Today
HELLY HANSEN HOLDINGS: Holding Final Shareholders Meeting Today
HELLY IIP: Will Hold Final Shareholders Meeting Today
HIGH RIDGE: Proofs of Claim Filing Is Until Today

INTERNATIONAL CONSULTANTS: Claims Filing Deadline Is Today
IRR CAPITAL: Proofs of Claim Filing Ends Today
KNIGHT II: Proofs of Claim Filing Deadline Is Today
KOOTENAY RIVER: Final Shareholders Meeting Is Today
KOOTENAY RIVER: Proofs of Claim Filing Ends Today

MAESTRO GLOBAL: Proofs of Claim Filing Deadline Is Today
MARINER CDO: Proofs of Claim Filing Is Until Today
MERRILL LYNCH: Will Hold Final Shareholders Meeting Today
MERRILL LYNCH DEVELOPING: Final Shareholders Meeting Is Today
MERRILL LYNCH MEXICAN: To Hold Final Shareholders Meeting Today

MERRILL LYNCH MEXICAN INCOME: Final Shareholders Meeting Today
NEW REACH: Will Hold Final Shareholders Meeting Today
NEWCASTLE CDO: Proofs of Claim Filing Ends Today
NEWCASTLE CDO: Will Hold Final Shareholders Meeting Today
NEWCASTLE CDO II: Holding Final Shareholders Meeting Today

NEWCASTLE CDO II: Proofs of Claim Filing Deadline Is Today
NEWCASTLE CDO III: Final Shareholders Meeting Is Today
NEWCASTLE CDO III: Proofs of Claim Filing Ends Today
NTERNATIONAL CONSULTANTS: Final Shareholders Meeting Is Today
ONEWORKD GLOBAL: Proofs of Claim Filing Deadline Is Today

OXHEAD GLOBAL: Proofs of Claim Filing Ends Today
OXHEAD GLOBAL: Will Hold Final Shareholders Meeting Today
OXHEAD GLOBAL LEVERAGED: Claims Filing Deadline Is Today
OXHEAD GLOBAL LEVERAGED: Final Shareholders Meeting Is Today
OXHEAD GLOBAL LEVERAGED FUND: Claims Filing Ends Today

OXHEAD GLOBAL LEVERAGED FUND: Final Shareholders Meeting Today
PATHFINDER EUROCLASS: Final Shareholders Meeting Is Today
PARMALAT SPA: Share Capital Up by EUR301,768 to EUR1.65 Billion
PETRA CAPITAL: Proofs of Claim Filing Deadline Is Today
PETRA CAPITAL II: Proofs of Claim Filing Ends Today

PETROCHEMICAL INVESTMENTS: Final Shareholders Meeting Is Today
POLARIS ENERGY: Proofs of Claim Filing Deadline Is Today
POLARIS ENERGY OFFSHORE: Proofs of Claim Filing Ends Today
PLATO INVESTMENT: Proofs of Claim Filing Is Until Today
RBC ALTERNATIVE: Proofs of Claim Filing Deadline Is Today

REACH HOLDINGS: Holding Final Shareholders Meeting Today
SOLVAY FINANCE: Holding Final Shareholders Meeting Today
SOLVAY FINANCE: Proofs of Claim Filing Ends Today
SPRING POINT: Will Hold Final Shareholders Meeting Today
STONE HARBOR: Final Shareholders Meeting Is Today

STONER HARBOR ADVISORES: Holding Last Shareholders Meeting Today
STUYVESANT CDO: Proofs of Claim Filing Ends Today
TEPUI EQUITY: Proofs of Claim Filing Is Until Today
TEPUI MASTER: Proofs of Claim Filing Deadline Is Today
TOURIST PUBLICATIONS: Proofs of Claim Filing Ends Today

TRIATHLON LIFE: Will Hold Final Shareholders Meeting Today
TRIATHLON LIFE: Proofs of Claim Filing Ends Today
VACALAM: Will Hold Final Shareholders Meeting Today
VACALAM HOLDINGS: Schedules Final Shareholders Meeting Today
VACALAM HOLDINGS 3: Final Shareholders Meeting Is Today

WOODWARD FINANCE: Proofs of Claim Filing Deadline Is Today
WOODWARD FINANCE: Will Hold Final Shareholders Meeting Today


C H I L E

COEUR D'ALENE: Closes Bolnisi & Palmarejo Acquisitions
GMAC LLC: Moody's Downgrades Sr. Unsec. Debt Rating to Ba3


C O L O M B I A

BRIGHTPOINT INC: Units Ink Distribution Agreement with Neo
ECOPETROL: Inks Pact with Petro Rubiales for Pipeline Project
ECOPETROL: To Buy Propilco for US$690 Million


C U B A

* CUBA: 2007 Trade with Venezuela Estimated at US$7 Billion


D O M I N I C A N   R E P U B L I C

GENERAL CABLE: Executives Cede Employment Contracts


E C U A D O R

CARROLS CORP: Moody's Lifts Rating of US$180-Mil. Notes to B3


J A M A I C A

MAAX HOLDINGS: Moody's Downgrades Corporate Family Rating to Ca


M E X I C O

ACXIOM CORP: Buyout Termination Prompts S&P to Affirm BB Rating
ACXIOM CORP: Shareholders Pick Three Directors To Serve on Board
ATSI COMM: Posts US$293,000 Net Loss in Quarter Ended Oct. 31
CINRAM INTERNATIONAL: Moody's Affirms B1 Corp. & Debt Ratings
FOAMEX INT'L: To Pay US$40 Million on First Lien Term Loan

GLOBAL POWER: To Emerge from Chapter 11 by End of January 2008
GRUPO GIGANTE: Determines Pricing for 8.75% Senior Notes
HARMAN INT'L: Promotes Blake Augsburger as Country Manager
INDUSTRIAS UNIDAS: S&P Revises Outlook on B Ratings to Negative
INNOPHOS HOLDINGS: Board Declares US$0.17 Per Share Dividend

INTERTAPE POLYMER: Debt Reduction Prompts S&P to Upgrade Ratings
MOVIE GALLERY: Files Joint Plan & Disclosure Statement
SANMINA-SCI: Calls for Redemption of US$120 Million Senior Notes
UNITED RENTALS: Ends Merger Dispute with Cerberus
VALASSIS COMMS: Wallace Snyder Joins Board of Directors


P U E R T O   R I C O

JETBLUE AIRWAYS: Credit Suisse Keeps Outperform Rating on Firm
LIN TV: S&P Affirms Ratings & Revises Outlook to Stable
MICRON TECH: Posts US$262-Mil. Net Loss in Quarter Ended Nov. 29


T R I N I D A D   &   T O B A G O

MIRANT CORP: Cash Flow Improvement Cues Moody's to Lift Ratings


V E N E Z U E L A

CHRYSLER LLC: "Operationally" Bankrupt, CEO Nardelli Says

* VENEZUELA: 2007 Trade with Cuba Estimated at US$7 Billion


                         - - - - -


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


ASOCIACION DE COOPERATIVAS: Moody's Changes Outlook to Positive
---------------------------------------------------------------
Moody's Latin America has changed the rating outlook to positive
from stable for Asociacion de Cooperativas Argentinas' B2 global
local currency corporate family rating and A1.ar national scale
rating.

The drivers for the improved outlook are ACA's strong credit
metrics for its current B2 rating category and the likely
continued improvement in its credit profile, as inventories
gradually move towards normalized levels.

The B2 rating is supported by ACA's business mix diversity,
strong member relationships, logistics capacity and the
stability of its member services revenues.  It also reflects
ACA's geographic concentration in Argentina and relatively small
scale, as well as lack of product differentiation and low
margins, typical of the commodity business.

The stability of the profitable export business has supported
overall profitability during periods of weakness in commodity
trading.  More recently, as commodity prices have increased,
that business has strengthened, leading to the improved debt
protection measures of the past year, including: debt to EBITDA
that has dropped from 4.7 times to 4.1 times and RCF to debt
that has increased to 21% from 14%.

As the company has expanded its member services business it has
increased inventories, to approximately USD 200 million, which
has been funded with short term debt.  The company usually does
not hold open positions and therefore we don't view this as a
significant increase in ACA's commodity risk.  Moody's expects
that inventories will gradually move towards normalized levels
in the near to medium term.

The positive rating outlook reflects ACA's ability to stabilize
credit metrics and our view that ACA will continue to be able to
sustain relatively strong operating performance and market share
during normal levels of commodity price volatility.

Upward rating pressure could build if ACA's debt to EBITDA was
sustained below 5 times and EBIT to interest above 2.5 times, in
combination with progress in normalizing inventory levels.

Although a rating downgrade is not likely in the near term,
downward pressure could build if there is an negative shift in
ACA's market position, business model, operating efficiency or
market share.  A rating downgrade could also result from Debt to
EBITDA above 6 times or EBIT to Interest below 1.5 times.

Founded in 1922, ACA is an agricultural cooperative that is
among the most important grain exporters in Argentina, with an
annual traded volume of 10.7 million tons during the 2006 /2007
harvest season , or 11% of Argentina's production.  With more
than 150 associated members (co-ops), ACA had revenues for the
fiscal year ending on June 30, 2007, of ARS 2.5 billion
(approximately US$770 million).


BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to B
----------------------------------------------------------
Fitch Ratings has upgraded Bally Technologies' (NYSE: BYI)
Issuer Default Rating and senior secured bank debt ratings as:

     -- IDR to 'B' from 'B-';
     -- Secured bank credit facilities to 'BB/RR1' from 'B/RR3'.

The secured credit facilities comprise a term loan with US$292
million outstanding as of Sept. 30, 2007, and a US$75 million
revolver.

The Rating Outlook was revised to Positive from Stable, which
reflects the company's significant progress in terms of its
operating performance and its financial restatements as well as
expectations of continued improvements in cash flow generation.

The rating actions are based on Bally's significantly improved
product pipeline and solid acceptance of the Alpha operating
system platform over the past couple of years, which is
generating meaningful improvement in its financial performance.
On Dec. 20, 2007, Bally announced its F1Q'08 (period end
Sept. 30, 2007) results and revised its expectations for FY08.
Driven by its improved product platform, Bally generated 23%
revenue growth to US$189 million in F1Q'08 and expects 27%
growth in FY08 to more than US$865 million (up from previous
expectations of US$830 million).  Reported Adjusted EBITDA more
than doubled to US$58.5 million in F1Q'08 compared to US$26.4
million in F1Q'07, so LTM Adjusted EBITDA through Sept. 30, 2007
is roughly US$171 million.  Bally's leverage ratio according to
its credit facility as of Sept. 30, 2007, was 1.82x versus a
maximum allowable of 3.50x.  Bally's credit profile has improved
dramatically with substantial operating momentum, roughly US$37
million in debt maturities in FY08 and FY09, unrestricted cash
balances of US$51.6 mil as of Sept. 30, 2007 (up from US$40.8
million as of June 30, 2007), US$48.7 million available on its
credit revolver, and a somewhat flexible capex budget.

Tempering the financial improvement is the fact that the company
has been under investigation by the SEC since 2005.  In its most
recent audited 10K dated June 30, 2007, the company continues to
note material weaknesses in internal controls over financial
reporting, with revenue recognition and inventory valuation
among the most significant items.  Delinquent SEC filings had
been weighing on Bally's credit rating and it appears that Bally
has resolved many of its reporting issues with Friday's filing
of the F1Q'08 10Q.  The company has become up-to-date with its
SEC filings, having filed three 10Ks and seven 10Qs since
November 2006.

Additional concerns include litigation risk and how Bally will
fare when the industry enters a new technology-driven upcycle in
the next 12 months to 24 months with the onset of server-based
gaming, which could benefit Bally as well as the other major
players including IGT, WMS, and Aristocrat.  While competition
has increased since the peak of the last cycle, IGT is likely to
remain the dominant player, in Fitch's view, because it has the
most financial resources, the broadest product pipeline, and the
largest sales/marketing team.  Fitch believes Bally's improved
financial position and operational turnaround should help it to
compete in the next cycle, but maintenance of Bally's recent
market share gains could become more challenging.  An upgrade
from current ratings may be influenced by how Bally performs as
server-based gaming becomes commercialized in 2008-2009.

The recovery ratings and notching reflect Fitch's recovery
expectations under a distressed scenario.  Bally's recovery
ratings reflect Fitch's expectation that the enterprise value of
the company, and hence recovery rates for its creditors, will be
maximized in a restructuring scenario (going concern), rather
than a liquidation given the company's limited tangible asset
base.  An 'RR1' recovery rating reflects Fitch's belief that
100% recovery, including the assumption of a fully drawn
revolver, is likely under a default scenario.  Given the
continued strong operating momentum that has generated US$171
million in LTM Adjusted EBITDA, Fitch has updated its default
EBITDA assumption for its recovery ratings to US$105 million, or
a 38% discount.  That is based on the outstanding term loan
balance, a fully drawn revolver assumption, and the credit
facility's 3.5 times leverage covenant.  Fitch believes the
credit facility is more than 100% covered with a modest market
multiple assumption of 6x, which is below recent industry
transactions since the current credit market environment is
likely to pressure transaction multiples.  Therefore, Fitch's
credit facility rating is notched up three to 'BB' from Bally's
IDR of 'B'.

Fitch's Recovery Ratings are a relative indicator of creditor
recovery prospects on a given obligation within an issuers'
capital structure in the event of a default.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.


COMERCIALIZADORA MELELLA: Files Reorganization Petition
-------------------------------------------------------
Comercializadora Melella S.R.L. has requested for reorganization
approval after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Comercializadora Melella 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:

           Comercializadora Melella S.R.L.
           Luis Maria Campos 1111, Piso 1
           Buenos Aires, Argentina


COMPANIA TEXTIL: Files for Reorganization in Buenos Aires Court
---------------------------------------------------------------
Compania Textil de Servicios S.R.L. has requested for
reorganization approval after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Compania Textil 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.


HUGO SANTIAGO: Trustee Verifies Claims Por Via Incidental
---------------------------------------------------------
Juan Carlos Codagnone, the court-appointed trustee for Hugo
Santiago e Hijos S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim "por via incidental."

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

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

Infobae didn't state the reports submission deadlines.

The debtor can be reached at:

         Hugo Santiago e Hijos S.A.
         Moreno 3267, Mar del Plata
         Buenos Aires, Argentina

The trustee can be reached at:

         Juan Carlos Codagnone
         Arenales 3061, Mar del Plata
         Buenos Aires, Argentina


LOMA NEGRA: Moody's Ups Cur. Corp. Family Rating to Ba3 from B2
---------------------------------------------------------------
Moody's Investors Service has upgraded Loma Negra's global local
currency corporate family rating to Ba3 from B2.  At the same
time, Moody's confirmed its Ba3 global local currency rating and
Aa2.ar national scale rating for Loma Negra's US$100 million in
senior unsecured notes due 2013, which are guaranteed by Camargo
Correa Cimentos.  The outlook for all ratings is stable.

The ratings reflect Loma Negra's leading position in the
Argentine cement market and solid financial profile, with low
leverage and high operating margins, which are sustained by
logistics-related barriers to entry.  The ratings also
incorporate expected support from CCC, due to the presence of
cross default provisions that would cause an acceleration of
most of CCC's debt in the event of a default at Loma Negra.
However, the ratings are constrained by uncertainties related to
the pricing environment in Argentina, risks related to energy
costs and a likely increase in capital expenditures, resulting
in increased leverage.  Finally, the ratings consider a likely
slowdown in the recent strong growth in cement consumption in
Argentina.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Argentina are designated by the ".ar"
suffix.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The two-notch upgrade of Loma Negra's stand alone corporate
family rating results from the company's improved credit metrics
and incorporation of expected parent company support from CCC
into the rating rationale, largely due to cross-default
provisions included in nearly all of CCC's debt indentures.

During the past three years, Loma Negra's operating margins,
cash flow and debt ratios have improved due to the combined
impact of increased revenues, cost cuts and a recovery of cement
prices in the domestic market, allowing the company to pay down
debt with free cash flow.  Loma Negra's Total Adjusted Debt to
EBITDA ratio declined to 1.4x in fiscal-year 2007 from 5.6x in
fiscal-year 2003, while cash and marketable securities of ARS170
million at Aug. 31, 2007, equal more than 187% of short term
debt obligations.

The stable outlook considers that Loma Negra will maintain a
strong credit profile for its rating category, but will continue
to face risks inherent to operating in Argentina, such as
uncertainly related to pricing power and demand volatility, in
addition to potential margin pressure resulting from higher
energy prices or natural gas shortages.  The stable outlook is
also related to our stable outlook for CCC.

An upgrade in the ratings could result from an improvement in
the macroeconomic environment in Argentina, allowing for more
certainty with respect to future revenues and operating margins.
An upgrade could also result from an upgrade in CCC's ratings.
In terms of financial metrics, an upgrade would require debt to
EBITDA of less than 1.5 times, free cash flow to debt of more
than 20% and EBIT interest coverage of above 7 times, all on a
sustainable basis.

A downgrade in the ratings could result from deterioration in
the macroeconomic environment in Argentina or a downgrade in
CCC's ratings.  In addition, a downgrade could result from debt
to EBITDA leverage of above 3.5 times.

Loma Negra, a 99% owned subsidiary of CCC, is the leading cement
company in Argentina, with total revenues of US$360 million and
a leading market position, as demonstrated by its domestic
market share of 47%.

Camargo Correa group is one of the largest private sector
conglomerates in Brazil, with net revenues of about BRL 8.3
billion (approximately US$3.9 billion) in 2006.  The group's
principal business segments include engineering and
construction, cement, textiles, footwear, energy and
transportation, with approximately 16% of total revenues coming
from the cement segment, which is regarded as a core business.


MICAMAR SRL: Trustee Verifies Proofs of Claim Until Feb. 15
-----------------------------------------------------------
P. Manes, the court-appointed trustee for Micamar S.R.L.'s
reorganization proceeding, verifies creditors' proofs of claim
until Feb. 15, 2008.

P. Manes will present the validated claims in court as
individual reports on April 4, 2008.  The National Commercial
Court of First Instance in Mar del Plata, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Micamar 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 Micamar's accounting
and banking records will be submitted in court on May 19, 2008.

The debtor can be reached at:

        Micamar S.R.L.
        Guanahani 2961/63, Mar del Plata
        Buenos Aires, Argentina

The trustee can be reached at:

        P. Manes
        Rawson 2272, Mar del Plata
        Buenos Aires, Argentina


NERT SA: Proofs of Claim Verification Deadline Is March 10, 2008
----------------------------------------------------------------
Mario Isaac Bekierman, the court-appointed trustee for Nert
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 10, 2008.

Mr. Bekierman will present the validated claims in court as
individual reports on April 21, 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 Nert 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 Nert's accounting and
banking records will be submitted in court on June 3, 2008.

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

The trustee can be reached at:

         Mario Isaac Bekierman
         Avenida Raul Scalabrini Ortiz 258
         Buenos Aires, Argentina


RED HAT: Earns US$20.3 Million in Third Quarter Ended Nov. 30
-------------------------------------------------------------
Red Hat Inc. has reported US$20.3 million of net income for the
third fiscal quarter ended Nov. 30, 2007, compared with US$18.2
million for the prior quarter and US$14.6 million for the same
period in 2006.  Red Hat's current fiscal year will end
Feb. 29, 2008.

The company's Total revenue for the quarter was US$135.4
million, an increase of 28% from the year ago quarter and 6%
from the prior quarter.  Subscription revenue was US$115.7
million, up 30% year-over-year and 6% sequentially.

Non-GAAP adjusted net income for the quarter was US$39.7 million
after adjusting for stock compensation and tax expense.  This
compares to non-GAAP adjusted net income of US$36.9 million in
the prior quarter and US$30.1 million, in the year ago period.

Non-GAAP operating cash flow has totaled US$76.7 million for the
quarter, up 24% from the year ago quarter and 20% sequentially.
Total cash, cash equivalents and investments as of Nov. 30, 2007
were US$1.3 billion.  At quarter end, Red Hat's total deferred
revenue balance was US$422.6 million, an increase of 36% year-
over-year and 12% sequentially.

"We are very pleased to be recognized by CIO's for the fourth
consecutive year as the most valued Enterprise Software Vendor
and best overall IT Vendor for the third time in four years,"
stated Charlie Peters, Executive Vice President and Chief
Financial Officer of Red Hat.  "There is a direct correlation
between our ability to deliver real business value and the
loyalty of our large and growing customer base.  As a result of
strong market demand and solid execution from our worldwide
organization, we were able to deliver another strong financial
performance in the third quarter and we are optimistic about our
outlook."

                        About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has revised
its outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.


SUPERAR SRL: Seeks for Bankruptcy Approval in Buenos Aires Court
----------------------------------------------------------------
The National Commercial Court of First Instance No. 24 in Buenos
Aires is studying the merits of Superar SRL's request to enter
bankruptcy protection.

Superar filed a "Quiebra Decretada" petition following cessation
of debt payments.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Clerk No. 48 assists the court in this case.

The debtor can be reached at:

         Superar SRL
         Avenida Corrientes 2312
         Buenos Aires, Argentina


TECSYSTEM SRL: Files for Reorganization Petition in Buenos Aires
----------------------------------------------------------------
Tecsystem S.R.L. has requested for reorganization approval after
failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Tecsystem 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:

           Tecsystem S.R.L.
           Avenida Belgrano 615
           Buenos Aires, Argentina




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


HARRAH'S ENT: Commences Tender Offers for Conv. Debt Securities
---------------------------------------------------------------
Harrah's Operating Company Inc., a subsidiary of Harrah's
Entertainment Inc., is commencing cash tender offers and consent
solicitations for five series of outstanding debt securities.

In addition, Harrah's Operating and Harrah's Entertainment are
commencing a cash tender offer and consent solicitation for one
series of outstanding convertible debt securities.

The tender offers and consent solicitations are being conducted
in connection with the previously announced agreement of
Harrah's Entertainment to be merged with an affiliate of Apollo
Global Management LLC and TPG Capital LP.

Completion of the tender offers and consent solicitations is not
a condition to completion of the merger.  However, each tender
offer and consent solicitation is itself subject to the
satisfaction of certain conditions, including the satisfaction
of the conditions precedent to the merger as stated in the
agreement and plan of merger dated as of Dec. 19, 2006, by
and among Harrah's Entertainment, Hamlet Holdings LLC and Hamlet
Merger Inc., and the receipt of consents of the noteholders
representing a majority of the outstanding principal amount of
each series of the securities.  The consent solicitation with
respect to each series of securities is not conditioned upon
receipt by the company of the requisite consent for any other
series of securities.

If Harrah's Operating and, in the case of the convertible debt
securities, Harrah's Entertainment, make a material change in
the terms of any offer or consent solicitation or the
information concerning any offer or consent solicitation, they
will then disseminate additional offering materials and extend
such offer or, if applicable, consent solicitation, to the
extent required by law.

                      Debt Securities

The tender offers and consent solicitations with respect to the
US$250,000,000 principal amount outstanding of Senior Floating
Rate Notes due 2008 (CUSIP No. 413627AR1) and the other notes
will expire at 8:00 a.m., New York City time, on Jan. 23, 2008,
unless extended or earlier terminated by Harrah's Operating.

In order to be eligible to receive the total consideration,
which includes the consent payment, holders must validly tender,
and not validly withdraw, their Debt Securities prior to 5:00
p.m., New York City time on Jan. 7, 2008, unless extended or
earlier terminated by Harrah's Operating.

Holders tendering their Debt Securities after the applicable
Consent Payment Deadline but prior to the applicable Expiration
Date will be eligible to receive an amount equal to the tender
offer consideration, which is the total consideration less the
consent payment.

Debt Securities purchased in the tender offers will be paid for
on the applicable payment date for each tender offer, which,
assuming the tender offers are not extended, is expected to be
promptly after the applicable Expiration Date.  Payment for Debt
Securities validly tendered and accepted will include accrued
and unpaid interest to, but not including, the applicable
payment date.

Tenders of debt securities prior to the Consent Payment Deadline
may be validly withdrawn and consents may be validly revoked at
any time prior to the Consent Payment Deadline, but not
thereafter.  Accordingly, tenders of Debt Securities and the
related consents delivered after the Consent Payment Deadline
will be irrevocable.

The tender offer consideration for the Floating Rate Notes
(CUSIP No. 413627AR1; ISIN No. US413627AR15) is US$970, and the
total consideration for the Floating Rate Notes is US$1,000, in
each case for each of the US$1,000 principal amount of the
Floating Rate Notes tendered and accepted for purchase, pursuant
to the tender offers.  The consent payment included in the total
consideration for the Floating Rate Notes is US$30.00 for each
US$1,000 principal amount of the Floating Rate Notes validly
tendered and not validly withdrawn prior to the Consent Payment
Deadline.

The total consideration for each US$1,000 principal amount of
the remaining series of Debt Securities validly tendered and not
validly withdrawn pursuant to the tender offers is the price
equal to:

   (i) the sum of:

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

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

           (A) the yield to maturity on the applicable U.S.
               Treasury Security, as calculated by Citi, as lead
               dealer manager, in accordance with standard
               market practice, based on the bid-side price of
               such reference security as of 2:00 p.m., New York
               City time, on Jan. 8, 2008, unless modified by
               Harrah's Operating in its sole discretion, as
               displayed on the page of the Bloomberg Government
               Pricing Monitor or any recognized quotation
               source selected by Citi in its sole discretion if
               the Bloomberg Government Pricing Monitor is not
               available  or is manifestly erroneous; plus

           (B) the Applicable Spread, minus

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

Holders tendering their Debt Securities will be required to
consent to the proposed amendments to the indentures governing
the Debt Securities, which would eliminate or make less
restrictive substantially all of the restrictive covenants, as
well as certain events of default and related provisions, in the
indentures. The tender offers and consent solicitations are
being made pursuant to the terms and conditions set forth in the
Offer to Purchase and Consent Solicitation Statement dated
Dec. 21, 2007, for the Debt Securities and the related Letter of
Transmittal and Consent (the "Debt Securities Offer to
Purchase").

                   Convertible Debt Securities

Concurrent with the tender offers and consent solicitations for
the Debt Securities, Harrah's Operating and Harrah's
Entertainment are separately commencing a cash tender offer and
consent solicitation with respect to the US$375,000,000
principal amount outstanding of Floating Rate Contingent
Convertible Senior Notes due 2024 of Harrah's Operating (CUSIP
No. 127687AA9; CUSIP No. 127687AB7; ISIN No. US127687AB73; ISIN
No. US127687AA90).

The tender offer and consent solicitation with respect to the
Convertible Debt Securities will expire at 8:00 a.m., New York
City time, on Jan. 23, 2008, unless extended or earlier
terminated by Harrah's Operating and Harrah's Entertainment.

The consideration for each US$1,000 principal amount of
Convertible Debt Securities validly tendered and not validly
withdrawn pursuant to the tender offer and consent solicitation
is US$1,379.52, plus accrued and unpaid interest to, but not
including, the payment date, which is expected to be promptly
after the expiration date.

Holders tendering their Convertible Debt Securities will be
required to consent to the proposed amendments to the indenture
governing the Convertible Debt Securities, which would eliminate
or make less restrictive substantially all of the restrictive
covenants, as well as certain events of default and related
provisions, in the indenture.  The tender offer and consent
solicitation is being made pursuant to the terms and conditions
stated in the Offer to Purchase and Consent Solicitation
Statement dated Dec. 21, 2007 for the Convertible Securities and
the related Letter of Transmittal and Consent.

Harrah's Operating and Harrah's Entertainment have retained Citi
to act as lead dealer manager in connection with the tender
offers and consent solicitations. Questions about the tender
offers and consent solicitations may be directed to Citi at
(800) 558-3745 (toll free) or (212) 723-6106 (collect).  Copies
of the Offer Documents and other related documents may be
obtained from Global Bondholder Services Corporation, the
information agent for the tender offers and consent
solicitations, at (866) 924-2200 (toll free) or (212) 430-3774
(for banks and brokers only).

                About Apollo Management L.P.

Based in New York, Apollo Management L.P. is a private equity
L.P. firm, founded in 1990 by Leon Black.  It also has offices
in Los Angeles and London.  It has invested over US$16 billion
in companies inside and outside of the United States.

                     About TPG Capital

Headquartered in Fort Worth, Texas, TPG Capital, also known as
Texas Pacific Group -- http://www.texaspacificgroup.com/-- has
staked its claim on the buyout frontier.  The company, which
does not get involved in the day-to-day operations of the
companies in which it invests, usually holds onto an investment
for at least five years, although consistent moneymakers may be
kept indefinitely.

                About Harrah's Entertainment

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

                        *     *     *

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


HARRAH'S ENT: Secures Regulatory Approvals on Merger Deal
---------------------------------------------------------
Harrah's Entertainment Inc. recently obtained regulatory
approval from the National Indian Gaming Commission allowing the
consummation of the proposed acquisition of Harrah's by
affiliates of Apollo Global Management L.P. and TPG Capital to
proceed while the NIGC finalizes its review.

NIGC's approval completes all regulatory approvals needed to
close the transaction.

Harrah's previously obtained regulatory approvals from these
state agencies:

    Nevada Gaming Commission
    Pennsylvania Gaming Control Board
    Louisiana Gaming Control Board
    Iowa Racing and Gaming Commission
    Missouri Gaming Commission
    Illinois Gaming Board
    Indiana Gaming Commission
    Mississippi Gaming Commission
    New Jersey Casino Control Commission

The transaction is expected to close in early 2008.

As reported in the Troubled Company Reporter on Dec. 20, 2006,
Harrah's entered into a definitive agreement for affiliates of
Texas Pacific Group and Apollo Management L.P. to acquire
Harrah's in an all-cash transaction valued at approximately
US$27.8 billion, including the assumption of approximately
US$10.7 billion of debt.

Under the terms of the agreement, Harrah's stockholders will
receive US$90.00 in cash for each outstanding Harrah's share.
This represents a premium of approximately 36% over Harrah's
closing share price on Sept. 29, 2006, the last trading day
before disclosure of the initial offer made by Apollo and TPG to
acquire Harrah's for US$81.00 per share.

                About Apollo Management L.P.

Based in New York, Apollo Management L.P. is a private equity
L.P. firm, founded in 1990 by Leon Black.  It also has offices
in Los Angeles and London.  It has invested over US$16 billion
in companies inside and outside of the United States.

                     About TPG Capital

Headquartered in Fort Worth, Texas, TPG Capital, also known as
Texas Pacific Group -- http://www.texaspacificgroup.com/-- has
staked its claim on the buyout frontier.  The company, which
does not get involved in the day-to-day operations of the
companies in which it invests, usually holds onto an investment
for at least five years, although consistent moneymakers may be
kept indefinitely.

                About Harrah's Entertainment

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

                        *     *     *

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


YPF SA: Repsol Inks Pact with Eskenazi for 14.9% Stake Sale
-----------------------------------------------------------
Spanish oil firm Repsol YPF posted on its Web site that it has
signed a memorandum of understanding for the sale of a 14.9%
stake of its Argentine subsidiary YPF SA to Argentine investor
and Grupo Petersen head Enrique Eskenazi.

As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2007, Repsol was reported to be selling a 25% stake of
YPF to local businessman Enrique Eskenazi for US$3.75 billion.

Business News Americas relates that shares were suspended last
Friday on speculation that the signing was imminent.

Repsol told BNamericas that Eskenazi will pay US$2.24 billion
for the 14.9% stake.

BNamericas notes that the deal will also include a buy option
for a 10.1% stake in YPF.

The report says that Repsol "will float another 20% of YPF on
the stock market" in 2008.

The sales will help Repsol raise funds to expand exploration and
production in other areas like the Gulf of Mexico, BNamericas
states.

                        About Repsol

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

                        About YPF SA

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

                        *     *     *

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

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

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

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook is negative.


RESTRUCTURED CAPITAL: Proofs of Claim Filing Ends Today
-------------------------------------------------------
Restructured Capital Management Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to LCF Fund Advisory Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Restructured Capital's shareholder decided on Nov. 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          LCF Fund Advisory Ltd.
          51 Frederick Street, P.O. Box N-1136
          Nassau, Bahamas




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


ANDREW CORP: CommScope Finalizes Acquisition Details
----------------------------------------------------
CommScope Inc. has finalized the agreement for the acquisition
of Andrew Corporation.  The consideration to be paid for each
outstanding share of Andrew common stock in the merger has been
determined to be US$13.50 in cash and US$1.50 in CommScope
common stock.

Andrew stockholders will receive, for each Andrew share,
US$13.50 in cash and 0.031543 shares of CommScope common stock.
This fractional share of CommScope common stock was calculated
according to the terms of the merger agreement by dividing
US$1.50 by US$47.554, which was the volume weighted average of
the closing sale prices for a share of CommScope common stock
over the ten consecutive trading days ended on Dec. 24, 2007.
The merger is expected to close today.

                       About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV)
-- http://www.commscope.com/-- is a world leader in
infrastructure   solutions for communication networks.  Through
its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands,
CommScope is the global leader in structured cabling systems for
business enterprise applications.  It is also the world's
largest manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America
Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Andrew Corp. and removed them from CreditWatch, where
they were placed on June 27, 2007, with negative implications.
S&P also affirmed the 'BB-' corporate credit and 'B'
subordinated debt ratings for the company.




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


BRUNSWICK PARTNERS: Will Hold Final Shareholders Meeting Today
--------------------------------------------------------------
Brunswick Partners Three Limited will hold its final
shareholders meeting on Dec. 27, 2007, at 10:00 a.m. at:

             Leman Management Limited
             Wessex House, 2nd Floor
             45 Reid Street, Hamilton HM12
             Bermuda

These agenda will be taken during the meeting:

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

Brunswick Partners' shareholders agreed 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:

            Edward Allanby
            c/o Maples and Calder
            P.O. Box 309, George Town
            Ugland House, South Church Street
            George Town, Grand Cayman
            Cayman Islands




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


INTERMEC TECH: Hires David Yung as Asia Pacific Vice President
--------------------------------------------------------------
Intermec Technologies Inc. has appointed David Yung as its Vice
President and General Manager, Asia Pacific Region.

Mr. Yung is a technology veteran with over twenty years of
general management experience in the Asia Pacific region.  Mr.
Yung was most recently at RS Components LTD, where he served as
Asia Pacific, General Manager.  He was responsible for building
out a partner and distribution network for a B-to-B
electronic and automation instrumentation business line.

Previous to his role at RS Components, Mr. Yung was the Managing
Director at Lenovo, Inc., leading an enterprise sales capture
team focusing on large project awards and deployments to top
tier clients throughout Northern and Southern Asia.

"David is a results oriented general manager who demonstrates
effective team building, communications and planning skills,"
said Michael A. Wills, SVP of Global Sales and Service.  "These
leadership skills are a vital component to our growth prospects
in the Asia Pacific region."

                    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
===========


BANCO NACIONAL: Approves BRL2.6-Bil. Loan for Estreito Plant
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's power
department director Nelson Siffert told Business News Americas
that the bank has authorized a BRL2.6-billion loan for
construction of the 1,087-megawatt Estreito hydro plant.

BNamericas relates that French company Suez Energy will build
Estreito in Brazilian states Tocantins and Maranhao.  Estreito
is the largest hydro plant included in the federal growth
acceleration program PAC.

Mr. Stiffert told BNamericas that the plant will begin operating
in 2010.  It has already sold energy in an auction for delivery
in 2012.

Mr. Stiffert commented to BNamericas, "Owners are rushing to get
the plant operating as early as possible so they can sell power
to free market clients.  There are currently more than 2,000
workers involved in Estreito construction."

A BRL3.60-billion investment is expected for Estreito,
BNamericas states, citing Mr. Siffert.

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

                        *     *     *

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


BANCO NACIONAL: Eyes 20% Growth in Power Sector Investments
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's head
Luciano Coutinho told reporters that it expects investments in
the Brazilian power sector to increase 20% a year from 2008 to
2011, totaling  BRL101 billion in the four-year period.

Business News Americas relates that Banco Nacion forcasted in
2006 that power investments for the 2007 to 2010 period would
total BRL88.2 billion for the four years combined.

Mr. Coutinho commented to BNamericas, "There will be a boom in
power sector investments in the [2008-11] period, as we will
have removed some major obstacles such as in environmental
licensing, for example."

BNamericas notes that the amount of investments indicates,
"There is a high pent-up demand for energy and infrastructure
investments in Brazil, as projects were held back in recent
years due to obstacles such as licensing."

Mr. Coutinho told BNamericas, "One of the sectors with most
pent-up demand is energy, where the supply-demand balance is
extremely tight."

Power sector investments include the 3.15-gigawatt Santo Antonio
and 3.3-gigawatt Jirau hydro plants on the Madeira river in
Amazon, BNamericas states.

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.


BLOCKBUSTER INC: Fitch Affirms CCC Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Blockbuster Inc.'s long-term Issuer
Default Rating at 'CCC' and the senior subordinated notes at
'CC/RR6'.

In addition, Fitch upgrades these ratings:

     -- US$450 million bank credit facility to 'CCC+/RR3' from
        'CCC/RR4';

     -- US$100 million term loan A to 'CCC+/RR3' from 'CCC/RR4';

     -- US$550 million term loan B to 'CCC+/RR3' from 'CCC/RR4'.

The Rating Outlook is Stable.  The company had approximately
US$991 million of debt outstanding as of Sept. 30, 2007.

The affirmation of the IDR reflects the company's leading market
position, strong brand recognition and increased financial
flexibility following amendments made to the bank covenants in
July 2007.  In addition, the affirmation considers the weak
financial performance, which has pressured credit metrics as
well as the highly competitive operating environment.
Nonetheless, BBI should have adequate liquidity available to
meet its near-term capital and debt service requirements.  The
upgrades of the bank credit facility, term loan A and term loan
B reflect a revised recovery analysis.

Blockbuster is the leading player in the home video rental
industry with US$5.4 billion in revenues in the last twelve
months ended Sept. 30, 2007.  The company's strong brand
recognition and broad geographical coverage have resulted in BBI
capturing approximately 40% market share in the rental market.
In addition, Blockbuster amended its bank covenants in
July 2007, which postpones its obligations to satisfy leverage
and interest coverage ratios until January 2009.  This provides
the company with greater financial flexibility as management
begins to implement its recent announced turnaround plan of
focusing on profitable growth through a three-prong strategy of
1) restoring the rental business, 2) transitioning from rental
focus to retail focus and 3) transforming from DVD focus to
digital.

Nevertheless, Blockbuster's operating performance continues to
be weak driven by store closures and investments in the online
business.  As a result, operating LTM EBITDA margin decreased
260bps to 3.1%.  Therefore, the company recently implemented
cost-containment efforts related to corporate overhead,
decreased store-level compensation and reduced advertising
expenses. Furthermore, Blockbuster modified prices on its Total
Access, Unlimited Total Access and mail-order-only plans to help
improve operating margins.

Given the weak operating results, credit metrics have
deteriorated with LTM adjusted debt/EBITDAR and EBITDAR coverage
of interest and rents at 7.6x and 1.1x, respectively.  However,
BBI has adequate near-term liquidity, mainly from its cash
balance of US$129 million and availability of US$174 million
under its credit facility as of Sept. 30, 2007, to meet its
capital and debt service requirements.

Of ongoing concern is the intense competition in the industry.
In its store-based business, BBI competes with other video-
rental chains, discounters and specialty retailers.  In its
online business, the company competes with other online video
rental providers as well as competing technologies such as
video-on-demand, pay-per-view and digital video records.

The Recovery Ratings and notching in the debt structure reflect
Fitch's recovery expectations in a distressed scenario.  The
bank credit facility, term loan A and term loan B are secured by
land, buildings, improvements, equipment, furniture, permits,
licenses, subleases, and real estate tax refunds owned by BBI as
well as collateralized by pledges of stock of all of the
company's domestic subsidiaries and 65% of the stock of certain
international subsidiaries.  They have been upgraded to
'CCC+/RR3' from 'CCC/RR4', reflecting expected recovery of 51%-
70% following the US$145 million reduction to outstanding
borrowings and a US$50 million decrease in the bank credit
facility commitment.  The senior subordinated notes are rated
'CC/RR6', reflecting poor recovery prospects (0%-10%) in a
distressed case.

Fitch's Recovery Ratings are a relative indicator of creditor
recovery prospects on a given obligation within an issuers'
capital structure in the event of a default.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.Blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.


CAMARGO CORREA: Moody's Affirms Ba3 Global Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 global local
currency corporate family rating of Camargo Correa Cimento S.A.
and the Ba3 foreign currency rating of the US$150 million Senior
Unsecured Notes Due 2015 issued by Caue Finance Limited and
fully and unconditionally guaranteed by CCC.  The outlook is
stable for all ratings.  This rating action concludes the review
initiated on Oct. 3, 2007.

Ratings confirmed are:

          * Camargo Correa Cimento S.A.

             -- Ba3 Global Local Currency Corporate Family
                Rating

          * Caue Finance Limited

             -- Ba3 foreign currency rating on US$150 million
                Senior Unsecured Notes Due 2015 fully and
                unconditionally guaranteed by CCC.

The confirmation of CCC's Ba3 rating reflects the company's
improved liquidity position following the repayment of
debentures maturing earlier this month with proceeds from a
capital injection made by Camargo Correa S.A. and dividends from
its Argentine subsidiary Loma Negra C.I.A.S.A. (rated Ba3 with
stable outlook).  Furthermore, the rating action incorporates
Moody's view of a positive trend in the Brazilian cement
industry, as evidenced by increased sales volume and prices
during the second half of 2007.  Market condition improvements
in Brazil are anticipated to continue over the next couple of
years, which together with positive prospects for Loma Negra
should support strengthened cash flows and debt protection
metrics on a consolidated basis.  Moody's view of a positive
near term trend for the cement industry in Brazil and Argentina
is based on the need for infrastructure investments and booming
residential construction activity, which is likely to be
sustainable because consumer indebtedness remains relatively low
in these countries.

In spite of the weak performance of the Brazilian cement
industry over the last 2 years as a consequence of low demand
and depressed prices since the second half of 2005, operating
margins of CCC on a consolidated basis have been supported by
the outstanding performance of Loma Negra, which has benefited
from favorable market conditions in the neighboring country.
While on one hand CCC's relative small size, lack of
transparency (cash flow statements are published only annually)
and low product and geographical diversity relative to global
peers are important constraining factors for the rating, Moody's
regards the company's vertically integrated operations,
proximity to own mines and efficient logistics, as well as its
comfortable debt repayment schedule and adequate liquidity
position as positive aspects.

The stable outlook reflects Moody's expectation that market
conditions in Brazil and Argentina will support healthy debt
protection metrics and adequate liquidity over the near term.

CCC's ratings could be positively affected in case Free Cash
Flow to Total Adjusted Debt remains above 20% on a consistent
basis, simultaneous with a healthy liquidity position as
measured by cash plus projected 12-month Free Cash Flow in
excess of 1.5x short-term debt. The ratings are likely to come
under downward pressure if Total Adjusted Debt to EBITDA
increases above 3x without an expected near-term improvement or
if the liquidity position deteriorates, potentially resulting
from high dividends distribution or debt-funded acquisitions.
For the purpose of credit metrics calculation, Moody's uses the
consolidated financials of CCC excluding Usinas Sider£rgicas de
Minas Gerais -- USIMINAS.

Camargo Correa Cimento S.A. is Brazil's fifth largest cement
manufacturer, operating five plants in the country's
southeastern and midwestern regions with total capacity of 6.1
million tons per year, in addition to producing ready-mix
concrete through its subsidiary Companhia Brasileira de
Concreto.  Since 2005, CCC has owned Loma Negra, the leading
cement company in Argentina with an estimated 47% local market
share and 7.7 million tons of capacity. Combined revenues of CCC
and Loma Negra total about US$625 million.

Camargo Correa group is one of the largest private sector
conglomerates in Brazil with net revenues of about BRL 8.3
billion (approximately US$3.9 billion) in 2006 originated mainly
from its engineering & construction, cement, textiles, footwear,
energy and transportation businesses.  The group regards cement
as a core business, which represents approximately 16% of the
group's total sales.


CAUE FINANCE: Moody's Affirms Ba3 Rating on US$150-Mil. Notes
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 foreign currency
rating of the US$150 million Senior Unsecured Notes Due 2015
issued by Caue Finance Limited.  The notes are fully and
unconditionally guaranteed by Camargo Correa Cimento S.A.
Moody's also affirmed the global local currency corporate family
rating of CCC.  The outlook is stable for all ratings. This
rating action concludes the review initiated on
Oct. 3, 2007.

Ratings confirmed are:

          * Camargo Correa Cimento S.A.

             -- Ba3 Global Local Currency Corporate Family
                Rating

          * Caue Finance Limited

             -- Ba3 foreign currency rating on US$150 million
                Senior Unsecured Notes Due 2015 fully and
                unconditionally guaranteed by CCC.

The confirmation of CCC's Ba3 rating reflects the company's
improved liquidity position following the repayment of
debentures maturing earlier this month with proceeds from a
capital injection made by Camargo Correa S.A. and dividends from
its Argentine subsidiary Loma Negra C.I.A.S.A. (rated Ba3 with
stable outlook).  Furthermore, the rating action incorporates
Moody's view of a positive trend in the Brazilian cement
industry, as evidenced by increased sales volume and prices
during the second half of 2007.  Market condition improvements
in Brazil are anticipated to continue over the next couple of
years, which together with positive prospects for Loma Negra
should support strengthened cash flows and debt protection
metrics on a consolidated basis.  Moody's view of a positive
near term trend for the cement industry in Brazil and Argentina
is based on the need for infrastructure investments and booming
residential construction activity, which is likely to be
sustainable because consumer indebtedness remains relatively low
in these countries.

In spite of the weak performance of the Brazilian cement
industry over the last 2 years as a consequence of low demand
and depressed prices since the second half of 2005, operating
margins of CCC on a consolidated basis have been supported by
the outstanding performance of Loma Negra, which has benefited
from favorable market conditions in the neighboring country.
While on one hand CCC's relative small size, lack of
transparency (cash flow statements are published only annually)
and low product and geographical diversity relative to global
peers are important constraining factors for the rating, Moody's
regards the company's vertically integrated operations,
proximity to own mines and efficient logistics, as well as its
comfortable debt repayment schedule and adequate liquidity
position as positive aspects.

The stable outlook reflects Moody's expectation that market
conditions in Brazil and Argentina will support healthy debt
protection metrics and adequate liquidity over the near term.

CCC's ratings could be positively affected in case Free Cash
Flow to Total Adjusted Debt remains above 20% on a consistent
basis, simultaneous with a healthy liquidity position as
measured by cash plus projected 12-month Free Cash Flow in
excess of 1.5x short-term debt.  The ratings are likely to come
under downward pressure if Total Adjusted Debt to EBITDA
increases above 3x without an expected near-term improvement or
if the liquidity position deteriorates, potentially resulting
from high dividends distribution or debt-funded acquisitions.
For the purpose of credit metrics calculation, Moody's uses the
consolidated financials of CCC excluding Usinas Siderurgicas de
Minas Gerais -- Usiminas.

Camargo Correa Cimento S.A. is Brazil's fifth largest cement
manufacturer, operating five plants in the country's
southeastern and midwestern regions with total capacity of 6.1
million tons per year, in addition to producing ready-mix
concrete through its subsidiary Companhia Brasileira de
Concreto.  Since 2005, CCC has owned Loma Negra, the leading
cement company in Argentina with an estimated 47% local market
share and 7.7 million tons of capacity.  Combined revenues of
CCC and Loma Negra total about US$625 million.

Camargo Correa group is one of the largest private sector
conglomerates in Brazil with net revenues of about BRL8.3
billion (approximately US$3.9 billion) in 2006 originated mainly
from its engineering & construction, cement, textiles, footwear,
energy and transportation businesses.  The group regards cement
as a core business, which represents approximately 16% of the
group's total sales.


COMPANHIA ENERGETICA: Keeping 10% Stake in Madeira Energia
----------------------------------------------------------
Companhia Energetica de Minas Gerais said in a filing with the
Sao Paulo stock exchange Bovespa that it will keep its 10% stake
in the Madeira Energia consortium.

The consortium will construct and run the 3.15-gigawatt Santo
Antonio hydro plant in the Amazon, according to the filing.

Companhia Energetica told Business News Americas, "The project
evaluation presented by the company's senior management has
attractive conditions in line with Cemig's [Companhia
Energetica] investment policy in terms of economics, strategy
and commercial issues."

BNamericas notes that there were rumors that some Madeira
Energia members could withdraw from the project due to the low
cost of contracted power.

Companhia Energetica told BNamericas that it is considering
participation in other power projects in the Amazon, including
the 3.3-gigawatt Jirau plant on Santo Antonio.  Jirau will be
auctioned in the first half of 2008.

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

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

                        *     *     *

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


COMPANHIA SIDERURGICA: S&P Revises Outlook to Positive
------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Brazil-based steel maker Companhia Siderurgica Nacional and
related entity National Steel S.A. to positive from stable.  At
the same time, Standard & Poor's affirmed its 'BB' corporate
credit rating on CSN and its 'B+' rating on NatSteel.

The rating action reflects CSN's improved credit measures and
expectations that incremental cash flows from the development of
its proprietary iron ore mine, Casa de Pedra, will allow the
company to finance a portion of its capital expenditures program
with internal cash generation and result in a positive trend for
its leverage ratios.  Standard & Poor's expects CdP's production
to increase in 2008, adding to CSN's cash flow diversity and
resilience, considering the favorable pricing of iron ore.  In
addition, favorable market conditions for steel in Brazil also
bode well for strong cash generation in the future, further
enhancing the company's ability to internally finance capital
expenditures.  Standard & Poor's believes that, while total
gross indebtedness won't be significantly reduced, CSN will
sustain stronger credit measures than historic ones, while
continually improving its business profile with more diversity
and profitability.

"The ratings on CSN reflect the company's sizable gross debt
leverage; aggressive capital expenditures in steel, iron ore,
cement and transportation; exposure to volatile demand and price
cycles; and increasing competition in its home and primary
market of Brazil," said Standard & Poor's credit analyst
Reginaldo Takara.  These risks are offset by CSN's strong cash
reserves, a privileged cost position, sound operating profiles
in the steel and iron ore markets, favorable steel market shares
in Brazil, strong export capabilities to offset occasional
domestic steel demand fluctuations, and increasing business
diversification.  The rating on NatSteel reflects CSN's ability
to upstream dividends to NatSteel through the layers of its
corporate structure.

The positive outlook reflects Standard & Poor's expectation that
CSN will be successful in growing iron ore capacity at CdP in
2008 and in the future.  Standard & Poor's expect this to
improve cash flows to finance part of its considerable capital
expenditure plans and result in stronger credit measures.  The
ratings could be raised if CSN delivers strong iron ore
production in 2008, resulting in significant incremental cash
flows from this operation.  Permanent financial profile
improvement would be reflected in the company's ability to
consistently sustain its comfortable liquidity and stronger
credit measures, such as total debt-to-EBITDA lower than 2.0x
and FFO-to-total debt of more than 40%.  Standard & Poor's also
expects CSN to adequately manage its large maturities, which are
due next year.

The positive outlook assumes that CSN will not be involved in
relevant M&A transactions that could curtail the improving trend
of its financial profile.  On the other hand, negative pressure
on the ratings or outlook could come from a continuous increase
in gross debt, causing financial metrics to deteriorate
permanently, or from large acquisitions or further capital
commitments that could hurt the company's current liquidity or
add significtability ratios because of its important market
share and the increasing focus on growing its consumer loan
portfolio under prudent underwriting standards.

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.


COMMSCOPE INC: Finalizes Acquisition Details for Andrew Corp.
-------------------------------------------------------------
CommScope Inc. has finalized the agreement for the acquisition
of Andrew Corporation.  The consideration to be paid for each
outstanding share of Andrew common stock in the merger has been
determined to be US$13.50 in cash and US$1.50 in CommScope
common stock.

Andrew stockholders will receive, for each Andrew share,
US$13.50 in cash and 0.031543 shares of CommScope common stock.
This fractional share of CommScope common stock was calculated
according to the terms of the merger agreement by dividing
US$1.50 by US$47.554, which was the volume weighted average of
the closing sale prices for a share of CommScope common stock
over the ten consecutive trading days ended Dec. 24, 2007.  The
merger is expected to close today.

                       About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                        About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV)
-- http://www.commscope.com/-- is a world leader in
infrastructure   solutions for communication networks.  Through
its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands,
CommScope is the global leader in structured cabling systems for
business enterprise applications.  It is also the world's
largest manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
CommScope Inc. and Westchester, Illinois-based Andrew Corp. and
removed them from CreditWatch, where they were placed on
June 27, 2007, with negative implications.  S&P also affirmed
the 'BB-' corporate credit and 'B' subordinated debt ratings for
both companies.  The ratings on Andrew will be withdrawn
following its acquisition and debt refinancing.  S&P said the
outlook is stable.


JABIL CIRCUIT: Reports US$62 Million Net Income in Third Quarter
----------------------------------------------------------------
Jabil Circuit Inc. has reported its preliminary, unaudited
financial results for its first quarter of fiscal year 2008,
ended Nov. 30, 2007.  "We are pleased to post a strong quarter
with significantly improved financial performance.  Cash flow
from operations and EBITDA margins were particularly strong and
notably higher than last year," said President and Chief
Executive Officer Timothy L. Main.

The company had net income of US$62 million for the third
quarter period of 2007, compared to net income of US$41.3
million for the same period in 2006.

The company's Net revenue for the first quarter of fiscal 2008
increased 4.5 percent to US$3.4 billion compared to US$3.2
billion for the same period of fiscal 2007.

GAAP operating income for the first quarter of fiscal 2008
increased 62 percent to US$98.9 million compared to US$61.1
million for the same period of fiscal 2007.  GAAP net income for
the first quarter of fiscal 2008 increased 50 percent to US$62.0
million compared to US$41.4 million for the same period in
fiscal 2007.

Jabil's first quarter of fiscal 2008 core operating income
increased 44 percent to US$122.1 million or 3.6 percent of net
revenue compared to US$85.0 million or 2.6 percent of net
revenue for the first quarter of fiscal 2007.  Core earnings
increased 23 percent to US$74.6 million compared to US$60.5
million for the first quarter of fiscal 2007.

                       Business Update

The company expects second fiscal quarter of 2008 net revenue in
a range of US$3.0 billion to US$3.1 billion, with an estimated
core operating margin range of 2.2 to 2.4 percent.  The guidance
is consistent with historical seasonal patterns, particularly
prevalent in consumer electronics sectors.  Guidance suggests a
25 percent increase in year-over-year core operating income and
a 4 percent increase in year-over-year revenue.

Jabil said it expects fiscal year 2008 net revenue to range from
US$13.0 billion to US$13.4 billion, with full year core
operating income estimated to range from 3.1 percent to 3.6
percent or US$400 million to US$480 million.  The company said
its core earnings per share are estimated to be US$1.20 to
US$1.50 per diluted share. GAAP earnings per share are estimated
to be US$0.69 to US$.99 per diluted share.

"In the first half of fiscal 2008, we expect core operating
income and EBITDA margins well above previous year levels. In
the second half of fiscal 2008, we expect to continue our focus
on margin expansion, cash flow generation and higher returns on
invested capital.  As revenue increases in the second half, cash
flow generation and margin expansion is expected to be
particularly strong," said Mr. Main.

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida
-- http://www.jabil.com/-- is an electronic product solutions
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 16, 2007, Fitch Ratings has downgraded and removed from
Rating Watch Negative these ratings of Jabil Circuit, Inc.:

  -- Issuer Default Rating to 'BB+' from 'BBB-';
  -- Senior unsecured revolving credit facility to 'BB+' from
     'BBB-';
  -- Senior unsecured debt to 'BB+' from 'BBB-'


MILACRON INC: Weak Credit Metric Cues Moody's to Cut Ratings
------------------------------------------------------------
Moody's Investors Service lowered the ratings of Milacron Inc.
Corporate Family, to Caa2 from Caa1; Probability of Default, to
Caa2 from Caa1; and senior secured notes, to Caa2 from Caa1.
The lowered ratings reflect the company's weak credit metrics
and ongoing cash flow pressures.  Milacron continues to face
cyclical pressures in its plastics machinery markets and ongoing
required pension payments.

Without additional actions by the company's management, Moody's
views the company's liquidity over the next twelve months to be
at risk of deterioration resulting from stagnant free cash flow
prospects over the intermediate term, and required pension
payments and interest costs.  Milacron will continue to have
required pension payments after 2008. The company's ongoing cash
requirements combined with a continued liquidity pressures could
limit the company's operating flexibility over the intermediate
term.

The negative outlook reflects the company's weak operating
metrics and the expectation that absent new cash sources the
company's liquidity profile will narrow following the scheduled
pension payments due in 2008.  Milacron's current liquidity is
sufficient to make the required pension payments in 2008.  In
addition, the company has frozen its current U.S. defined
pension plan.  However, operating flexibility could be impaired
if the company's liquidity profile deteriorates.  As of Sept.
30, 2007, Debt/EBITDA was 10.6x, and EBIT/Interest Coverage of
0.7x.

As of Sept. 30, 2007, Milacron maintained US$37.5 million of
cash on its balance sheet and approximately US$42 million
available under its asset based revolving credit facility.  The
asset based facility requires the company to maintain US$10
million of excess availability, limits capital expenditures, and
contains a springing minimum fixed charge coverage ratio in the
event that excess availability is less than US$5 million.  There
is moderate availability under the company's senior secured
notes' debt incurrence test for Milacron to obtain additional
financing.

* The ratings lowered are:

  -- Corporate Family rating, to Caa2 from Caa1

  -- Probability of Default, to Caa2 from Caa1

  -- US$225 million of 11.5% guaranteed senior secured notes due
     2011, to Caa2 (LGD3 45%) from Caa1 (LD3 44%)

  -- Milacron maintains a US$105 million asset based revolving
     credit facility which is not rated by Moody's.

The prior press release was on Jan. 10, 2006 confirming
Milacron's ratings and changing the outlook to negative.

Factors that could contribute to a stabilization of the rating
outlook include: substantial growth in new business priced at
profitable margins; stabilized raw material costs resulting in
improved margins; additional equity contributions; or actions
taken to improve liquidity.  Consideration for a stabilized
rating outlook or upward rating migration would arise if any
combination of these factors were to result in leverage
approaching 6.0x, or result in EBIT/interest coverage
approaching 1x.

Factors that could result in ratings downgrades include:
liquidity not being adequately maintained over the next twelve
months; increases in raw material prices which are not passed on
to customers; deterioration in the company's plastic machinery
end markets; or the inability to security additional liquidity
and or financing to mitigate the minimum pension funding
requirements in 2008.  Consideration for downward rating
migration would arise if any combination of these factors were
to result in deteriorating liquidity.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/ -- is a global manufacturer
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.
Milacron's annual revenues approximated US$805 million over
the last twelve months.

The company has an office in South Korea, and joint ventures in
China and India.  In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.


NATIONAL STEEL: S&P Affirms B+ Rating with Positive Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+' rating
on National Steel S.A. aka NatSteel.  Standard & Poor's revised
its outlook on Brazil-based steel maker Companhia Siderurgica
Nacional and related entity National Steel S.A. to positive from
stable and affirmed its 'BB' corporate credit rating on the
firm.

The rating action reflects CSN's improved credit measures and
expectations that incremental cash flows from the development of
its proprietary iron ore mine, Casa de Pedra, will allow the
company to finance a portion of its capital expenditures program
with internal cash generation and result in a positive trend for
its leverage ratios.  Standard & Poor's expects CdP's production
to increase in 2008, adding to CSN's cash flow diversity and
resilience, considering the favorable pricing of iron ore.  In
addition, favorable market conditions for steel in Brazil also
bode well for strong cash generation in the future, further
enhancing the company's ability to internally finance capital
expenditures.  Standard & Poor's believes that, while total
gross indebtedness won't be significantly reduced, CSN will
sustain stronger credit measures than historic ones, while
continually improving its business profile with more diversity
and profitability.

"The ratings on CSN reflect the company's sizable gross debt
leverage; aggressive capital expenditures in steel, iron ore,
cement and transportation; exposure to volatile demand and price
cycles; and increasing competition in its home and primary
market of Brazil," said Standard & Poor's credit analyst
Reginaldo Takara.  These risks are offset by CSN's strong cash
reserves, a privileged cost position, sound operating profiles
in the steel and iron ore markets, favorable steel market shares
in Brazil, strong export capabilities to offset occasional
domestic steel demand fluctuations, and increasing business
diversification.  The rating on NatSteel reflects CSN's ability
to upstream dividends to NatSteel through the layers of its
corporate structure.

The positive outlook reflects Standard & Poor's expectation that
CSN will be successful in growing iron ore capacity at CdP in
2008 and in the future.  Standard & Poor's expect this to
improve cash flows to finance part of its considerable capital
expenditure plans and result in stronger credit measures.  The
ratings could be raised if CSN delivers strong iron ore
production in 2008, resulting in significant incremental cash
flows from this operation.  Permanent financial profile
improvement would be reflected in the company's ability to
consistently sustain its comfortable liquidity and stronger
credit measures, such as total debt-to-EBITDA lower than 2.0x
and FFO-to-total debt of more than 40%.  Standard & Poor's also
expects CSN to adequately manage its large maturities, which are
due next year.

The positive outlook assumes that CSN will not be involved in
relevant M&A transactions that could curtail the improving trend
of its financial profile.  On the other hand, negative pressure
on the ratings or outlook could come from a continuous increase
in gross debt, causing financial metrics to deteriorate
permanently, or from large acquisitions or further capital
commitments that could hurt the company's current liquidity or
add significtability ratios because of its important market
share and the increasing focus on growing its consumer loan
portfolio under prudent underwriting standards.

National Steel Corporation is an integrated steel producer in
the United States and is engaged in the manufacture and sale of
a variety of flat-rolled carbon steel products, including hot-
rolled, cold-rolled, galvanized, tin- and chrome-plated steels.
The company targets high-value-added applications of flat-rolled
carbon steel for sale primarily to the automotive, construction
and container markets.

National Steel is a holding company that is 100% indirectly
controlled by Brazil's Steinbruch family.  National Steel's sole
asset consists of 100% of the redeemable preferred shares of
Acos. Acos, in turn, is a holding company that owns 100% of
Vicunha. Vicunha is also a holding company that owns 42.74% of
the common shares and controlling interest in Brazilian steel
producer Companhia Siderurgica Nacional.


* BRAZIL: S&P Affirms Low B Foreign Currency Sovereign Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB+' long-
term foreign, 'BBB' long-term local, 'B' short-term foreign, and
'A-3 short-term local currency sovereign credit ratings on the
Federative Republic of Brazil, following a week of mixed success
on the fiscal front.  The outlook on the ratings is positive.
Standard & Poor's also affirmed its 'brAAA' national scale
credit rating, 'BBB' transfer and convertibility assessment, and
3 recovery rating on the republic.

Standard & Poor's also published an article entitled "Loss Of
CPMF Is A Setback-But Not A Derailment-For Brazil's Credit
Prospects," which outlines the challenges facing Brazil
following the Dec. 13, 2007, defeat of the Contribuicao
Provisoria sobre Movimentacao Financeira, a financial
transaction tax.  The government voted to extend the
Desvinculacao de Receitas da Uniao, a measure reducing revenue
earmarking, after failing to do the same for CPMF, which
represents 1.6% of GDP.

According to Standard & Poor's credit analyst Lisa Schineller,
the affirmation rests in part on the government's recommitment
to maintain a 3.8% of GDP primary (noninterest) surplus for the
nonfinancial public sector.

"Any rating reflects a combination of strengths and weaknesses,
and CPMF is not, in and of itself, critical for Brazil's
rating," said Ms. Schineller.  "However, the same cannot be said
for a firm policy commitment to reduce the ratio of debt to GDP
over time, improve the composition of debt, and reduce fiscal
vulnerabilities."

Ms. Schineller explained that how the government adjusts its
fiscal stance given this negative shock will play an important
role in shaping its creditworthiness.  At this time, Standard &
Poor's assumes that the "no change in the primary surplus
target" commitment by the government will see the lost CPMF
revenue compensated for by some combination of expenditure
compression/cuts, modest tax adjustments, and revised revenue
projections associated robust economic growth.

"Any weakening of Brazil's fiscal commitment is particularly
risky, given other recent global- and Brazil-specific
developments; as the environment has changed, positive momentum
is likely to slow and the cost of policy complacency rise," Ms.
Schineller noted. "Although the events of this past week
represent a setback, pressure on the ratings will remain on the
upside as long as the government carries through with its
commitment to its fiscal targets and its broader economic
program benefits the country's economic and external dynamics,"
Ms. Schineller stated.




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


AAA 2006-1: Proofs of Claim Filing Deadline Is Today
----------------------------------------------------
AAA 2006-1 Ltd.'s creditors are given until Dec. 27, 2007, to
prove their claims to Martin Couch and Giles Kerley, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

AAA 2006-1's shareholders agreed on Nov. 1, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

           Martin Couch
           Giles Kerley
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


AAA BRADCO: Proofs of Claim Filing Ends Today
---------------------------------------------
AAA Bradco Holdings, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to dms Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

AAA Bradco'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:

          dms Corporate Services Ltd.
          Attention: Jenny Suto
          Ansbacher House
          P.O. Box 1344, Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946 7665
          Fax: (345) 946 7666


ALPHASIMPLEX GLOBAL: Proofs of Claim Filing Is Until Today
----------------------------------------------------------
Alphasimplex Global Commodities and Currency Offshore Fund,
Ltd.'s creditors are given until Dec. 27, 2007, to prove their
claims to dms Corporate Services Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Alphasimplex Global's shareholders agreed on Oct. 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:

          dms Corporate Services Ltd.
          Attention: Jenny Suto
          Ansbacher House
          P.O. Box 1344, Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946 7665
          Fax: (345) 946 7666


ARKAIR LTD: Proofs of Claim Filing Deadline Is Today
----------------------------------------------------
Arkair Ltd.'s creditors are given until Dec. 27, 2007, to prove
their claims to Joshua Grant and Richard Gordon, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Arkair's shareholders agreed on Nov. 7, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          Joshua Grant
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


BA INVESTMENTS: Proofs of Claim Filing Ends Today
-------------------------------------------------
BA Investments' creditors are given until Dec. 27, 2007, to
prove their claims to Joshua Grant and Richard Gordon, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

BA Investments' shareholder decided on Nov. 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Joshua Grant
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


BALEARES LEASING: Proofs of Claim Filing Deadline Is Today
----------------------------------------------------------
Baleares Leasing Ltd.'s creditors are given until Dec. 27, 2007,
to prove their claims to Melanie Whittaker and Emile Small, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

          Melanie Whittaker
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


BEAR STEARNS FUNDS: Will Hold Final Shareholders Meeting Today
--------------------------------------------------------------
Bear Stearns Global Alpha Master Fund Limited and Bear Stearns
Global Alpha Fund Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 10:00 a.m. at the company's
registered office.

These agenda will be taken during the meeting:

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

Bear Stearns' shareholders agreed on Nov. 16, 2007, to place the
company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


BOMBAY CO: Selling Intellectual Property to Bombay Brands
---------------------------------------------------------
The Bombay Company Inc. has agreed to sell its intellectual
property, which includes the Bombay brand name, to Bombay
Brands LLC, a joint venture of Hilco Consumer Capital
and Gordon Brothers Group.

In a transaction structure, The Bombay Company bankruptcy estate
retains a 25% interest in Bombay Brands.  The acquisition is
subject to approval by the U.S. Bankruptcy Court for the
Northern District of Texas, Fort Worth Division.

Hilco Consumer Capital will assume day-to-day brand management
responsibilities and will immediately undertake a strategic
brand-rebuilding program designed to leverage the intrinsic
value of the Bombay name.  Through licensing strategies with
retailers, wholesalers and franchisees, a broad-range of new
consumer products will be created and marketed internationally.

Assistance will be provided by The Bombay Company estate and the
respected brand strategies and marketing firm, Graj +
Gustavsen, also a partner in the joint venture group.

John Collins, an executive with Hilco Consumer Capital, was
named president and chief marketing officer of Bombay Brands.
Mr. Collins is also president of Hilco TAG, owner of Tommy
Armour Golf and RAM Golf.  He has more than 25 years of
experience in managing and marketing famous-name brands,
including Nike, Bauer, Tommy Armour Golf, Volant Ski, Canon
Inc., and Kubik.

"The Bombay brand differentiates itself through a lifestyle
approach in the home furnishings category," Mr. Collins stated.
"It offers terrific opportunities for expansion and development
into a whole new range of highly desirable and affordable
consumer lifestyle products.  Our plan will generate new
products through licensed wholesalers and bring them to market
through strategic retail and brand franchisee partners."

"We are fortunate to have made the acquisition with Gordon
Brothers Group," James "Jamie" Salter, chief executive officer
of Hilco Consumer Capital, said.  "We are also happy that we
were able to structure the transaction in a way that allows the
creditors of The Bombay Company Inc. to participate in the
overall success of our strategy."

"We are very pleased that the Bombay name will have the
opportunity to flourish under the new venture," Elaine D.
Crowley, SVP, CFO & Treasurer of The Bombay Company, noted.  "We
believe the expertise that Hilco Consumer Capital brings creates
a unique opportunity to rebuild the Bombay brand and will
ultimately provide loyal Bombay customers a solution for
their home decorating needs.  We look forward to working with
the venture partners to rebuild the Bombay brand."

                  About Hilco Consumer Capital

Hilco Consumer Capital - http://www.hilcocc.com/-- was formed
in 2006 to make private equity investments in consumer brands
and build significant, additional value in them through
innovative product development, creative marketing and licensing
strategies.  HCC is a unit of The Hilco Organization --
http://www.hilcotrading.com/-- a privately-held, diversified
financial services firm specializing in appraising, purchasing,
selling, financing and enhancing the performance of tangible and
intangible business assets through a platform of 22 integrated
business units located in North America and the European Union.

                     About Gordon Brothers

Gordon Brothers Group -- http://www.gordonbrothers.com/-- is an
advisory, restructuring and investment firm specializing in the
retail, consumer products, real estate and industrial sectors.
Founded in 1903, Gordon Brothers provides asset valuations and
appraisals, dispositions, real estate consulting, lending and
advisory services.

                      About Bombay Company

Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall d‚cor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.

The company and five of its debtor-affiliates filed for Chapter
11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084).  Robert D. Albergotti, Esq., John D. Penn, Esq., Ian
T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone,
LLP, represent the Debtors.  Attorneys at Cooley, Godward,
Kronish LLP act as counsel for the Official Committee of
Unsecured Creditors.  Forshey & Prostok LLP is the Committee's
local counsel.

As of May 5, 2007, the Debtors listed total assets of
US$239,400,000 and total debts of US$173,400,000.


BWI FORTROSS: Proofs of Claim Filing Ends Today
-----------------------------------------------
BWI Fortross Harbor Fund, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to dms Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

BWI Fortross' shareholder decided 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:

          dms Corporate Services Ltd.
          Ansbacher House
          20 Genesis Close, P.O. Box 1344
          George Town, Grand Cayman KY1-1108
          Cayman Islands

Contact for inquiries:

          Mourant du Feu & Jeune
          c/o P.O. Box 1348
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


CHAMBERS STREET: Proofs of Claim Filing Is Until Today
------------------------------------------------------
Chambers Street CDO Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Kareem Robinson and
Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

          Kareem Robinson
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


CMBSPOKE 2005-II: Proofs of Claim Filing Ends Today
---------------------------------------------------
CMBSPOKE 2005-II, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Martin Couch and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

CMBSPOKE 2005-II'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 liquidators can be reached at:

          Martin Couch
          Giles Kerley
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


CORIN CAPITAL: Proofs of Claim Filing Deadline Is Today
-------------------------------------------------------
Corin Capital UK Equity Fund (Master) Limited's creditors are
given until Dec. 27, 2007, to prove their claims to Jan Neveril
and Richard Gordon, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

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

The liquidators can be reached at:

          Jan Neveril
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


CORIN CAPITAL: Will Hold Final Shareholders Meeting Today
---------------------------------------------------------
Corin Capital UK Equity Fund (Master) Limited will hold its
final shareholders meeting on Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

            Jan Neveril
            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


CORIN CAPITAL UK: Holding Final Shareholders Meeting Today
----------------------------------------------------------
Corin Capital UK Equity Fund Limited will hold its final
shareholders meeting on Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

            Jan Neveril
            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


CORIN CAPITAL UK: Proofs of Claim Filing Is Until Today
-------------------------------------------------------
Corin Capital UK Equity Fund Limited's creditors are given until
Dec. 27, 2007, to prove their claims to Jan Neveril and Richard
Gordon, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidators can be reached at:

          Jan Neveril
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


CQS INTERNATIONAL: Proofs of Claim Filing Ends Today
----------------------------------------------------
CQS International Limited's creditors are given until
Dec. 27, 2007, to prove their claims to Phillip Hinds and
Richard Gordon, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

          Phillip Hinds
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


DCM EUROPEAN: Proofs of Claim Filing Deadline Is Today
------------------------------------------------------
DCM European Focus Fund Limited's creditors are given until
Dec. 27, 2007, to prove their claims to Linburgh Martin and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

DCM European's shareholders agreed on Nov. 8, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


DCM MASTER: Proofs of Claim Filing Ends Today
---------------------------------------------
DCM Master Fund Limited's creditors are given until
Dec. 27, 2007, to prove their claims to Linburgh Martin and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

DCM Master's shareholders agreed on Nov. 8, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


DUKE FUNDING II: Proofs of Claim Filing Deadline Is Today
---------------------------------------------------------
Duke Funding II, Ltd.'s creditors are given until Dec. 27, 2007,
to prove their claims to Steven O'Connor and Emile Small, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Duke Funding's shareholders agreed on Nov. 8, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          Steven O'Connor
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


DUKE FUNDING III: Proofs of Claim Filing Ends Today
---------------------------------------------------
Duke Funding III, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Steven O'Connor and
Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Duke Funding's shareholders agreed on Nov. 8, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          Steven O'Connor
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


EMOSYN INTERNATIONAL: Proofs of Claim Filing Deadline Is Today
--------------------------------------------------------------
Emosyn International Limited's creditors are given until
Dec. 27, 2007, to prove their claims to James B. Boyd, 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.

Emosyn International's shareholders agreed 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:

          James B. Boyd
          Campbell Corporate Services Limited
          P.O. Box 268, George Town
          Scotia Center. Grand Cayman
          Cayman Islands
          Telephone: 345 949 2648
          Fax: 345 949 8613


ENHANCED MORTGAGE-BACKED: Proofs of Claim Filing Ends Today
-----------------------------------------------------------
Enhanced Mortgage-Backed Securities Fund V Limited's creditors
are given until Dec. 27, 2007, to prove their claims to Andrew
Millar and Joshua Grant, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

Enhanced Mortgage-Backed'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 liquidators can be reached at:

           Andrew Millar
           Joshua Grant
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


EQUITY HHA: Will Hold Final Shareholders Meeting Today
------------------------------------------------------
Equity HHA Limited will hold its final shareholders meeting on
Dec. 27, 2007, at 9:30 a.m. at the company's registered office.

These agenda will be taken during the meeting:

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

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

Contact for inquiries:

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


EQUITY SPECIAL: Proofs of Claim Filing Deadline Is Today
--------------------------------------------------------
Equity Special Situations IV (Cayman) Limited's creditors are
given until Dec. 27, 2007, to prove their claims to Chris Watler
and Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Equity Special's shareholders agreed on Nov. 8, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Chris Watler
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


FIRST REINSURANCE: Will Hold Final Shareholders Meeting Today
-------------------------------------------------------------
First Reinsurance Company of Southern California, Ltd. will hold
its final shareholders meeting on Dec. 27, 2007, at 9:30 a.m.
at:

          Global
          Captive Management, Ltd., Building 3
          2nd Floor, Governors Square
          23 Lime Tree Bay, P.O. Box 1363
          Grand Cayman KY1 1108, Cayman Islands

These agenda will be taken during the meeting:

          1) accounting of the winding-up process; and

          2) hearing any explanation thereof.

First Reinsurance'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:

            Mourant Cayman Nominees, Ltd.
            Third Floor, Harbor Center
            42 North Church Street, P.O. Box 1348
            Grand Cayman KY1-1108, Cayman Islands


FLAGSHIP CLO: Proofs of Claim Filing Ends Today
-----------------------------------------------
Flagship CLO II's creditors are given until Dec. 27, 2007, to
prove their claims to Andrew Dean and Jan Neveril, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Flagship CLO'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 liquidators can be reached at:

           Andrew Dean
           Jan Neveril
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


FORTIS HEDGE: Will Hold Final Shareholders Meeting Today
--------------------------------------------------------
Fortis Hedge Global Fixed Income Master Limited will hold its
final shareholders meeting on Dec. 27, 2007, at 10:00 a.m. at:

             Maples Finance Limited
             Boundary Hall, Cricket Square
             George Town, Grand Cayman
             Cayman Islands

These agenda will be taken during the meeting:

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

Fortis Hedge's shareholders agreed on Oct. 25, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


GINZA 7: Proofs of Claim Filing Deadline Is Today
-------------------------------------------------
Ginza 7 Holdings' creditors are given until Dec. 27, 2007, to
prove their claims to Carlos Farjallah and Richard Gordon, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Ginza 7's shareholder decided on Nov. 7, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          Carlos Farjallah
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


GLOBAL OPPORTUNITY: Proofs of Claim Filing Is Until Today
------------------------------------------------------------
Global Opportunity Partners Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to dms Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Global Opportunity's shareholders agreed on Nov. 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          dms Corporate Services Ltd.
          Attention: Jenny Suto
          Ansbacher House
          P.O. Box 1344, Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946 7665
          Fax: (345) 946 7666


GLUON FUND: Proofs of Claim Filing Ends Today
---------------------------------------------
Gluon Fund Offshore, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to dms Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Gluon Fund'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:

          dms Corporate Services Ltd.
          Attention: Jenny Suto
          Ansbacher House
          P.O. Box 1344, Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946 7665
          Fax: (345) 946 7666


HEDERA INVESTMENTS: Will Hold Final Shareholders Meeting Today
--------------------------------------------------------------
Hedera Investments Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 9:30 a.m. at:

              Hedera Investments Limited
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

Hedera Investments' 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:

            Raymond E. Whittaker
            Attention: FCM LTD.
            P.O. Box 1982, Grand Cayman KY1-1104
            Cayman Islands
            Telephone: 345-946-5125
            Fax: 345-946-5126


HELLY HANSEN: Will Hold Final Shareholders Meeting Today
--------------------------------------------------------
Helly Hansen Equity Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 9:15 a.m. at the company's
registered office.

These agenda will be taken during the meeting:

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

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

Contact for inquiries:

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


HELLY HANSEN HOLDINGS: Holding Final Shareholders Meeting Today
---------------------------------------------------------------
Helly Hansen Holdings Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 10:30 a.m. at the company's
registered office.

These agenda will be taken during the meeting:

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

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

Contact for inquiries:

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


HELLY IIP: Will Hold Final Shareholders Meeting Today
-----------------------------------------------------
Helly IIP Limited will hold its final shareholders meeting on
Dec. 27, 2007, at 9:30 a.m. at the company's registered office.

These agenda will be taken during the meeting:

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

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

Contact for inquiries:

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


HIGH RIDGE: Proofs of Claim Filing Is Until Today
-------------------------------------------------
High Ridge CLO 2007-II, Limited's creditors are given until
Dec. 27, 2007, to prove their claims to George Bashforth and
Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

          George Bashforth
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


INTERNATIONAL CONSULTANTS: Claims Filing Deadline Is Today
----------------------------------------------------------
International Consultants Services Ltd.'s creditors are given
until Dec. 27, 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.

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

The liquidator can be reached at:

          Avalon Management Limited
          Third Floor, Zephyr House
          Mary Street, P.O. Box 1180
          Grand Cayman KY1-1108, Cayman Islands

Contact for inquiries:

          Mourant de Feu & Jeune
          c/o P.O. Box 1348
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


IRR CAPITAL: Proofs of Claim Filing Ends Today
----------------------------------------------
IRR Capital's creditors are given until Dec. 27, 2007, to prove
their claims to Alain Andrey, 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.

IRR Capital's shareholder decided 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:

          Alain Andrey
          c/o Messrs. Maples and Calder, Attorneys-at-law
          P.O. Box 309, George Town
          Ugland House, South Church Street
          Grand Cayman, Cayman Islands


KNIGHT II: Proofs of Claim Filing Deadline Is Today
---------------------------------------------------
Knight II Funding Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Kareem Robinson and
Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Knight II'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 liquidators can be reached at:

          Kareem Robinson
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


KOOTENAY RIVER: Final Shareholders Meeting Is Today
---------------------------------------------------
Kootenay River Fund Limited will hold its final shareholders
meeting on Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

            Jan Neveril
            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


KOOTENAY RIVER: Proofs of Claim Filing Ends Today
-------------------------------------------------
Kootenay River Fund Limited's creditors are given until
Dec. 27, 2007, to prove their claims to Jan Neveril and Richard
Gordon, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidators can be reached at:

          Jan Neveril
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


MAESTRO GLOBAL: Proofs of Claim Filing Deadline Is Today
--------------------------------------------------------
Maestro Global Equity Investment Company Limited's creditors are
given until Dec. 27, 2007, to prove their claims to Helen Allen
and Richard Gordon, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Maestro Global's shareholders agreed on Nov. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

           Helen Allen
           Richard Gordon
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


MARINER CDO: Proofs of Claim Filing Is Until Today
--------------------------------------------------
Mariner CDO 2002, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Guy Major and Bobby
Toor, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Mariner CDO'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 liquidators can be reached at:

           Guy Major
           Bobby Toor
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


MERRILL LYNCH: Will Hold Final Shareholders Meeting Today
---------------------------------------------------------
Merrill Lynch Developing Limited Maturity Portfolio (Local
Currency) will hold its final shareholders meeting on
Dec. 27, 2007, at:

             Maples Finance Limited
             Boundary Hall, Cricket Square
             George Town, Grand Cayman
             Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

             Jan Neveril
             Richard Gordon
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


MERRILL LYNCH DEVELOPING: Final Shareholders Meeting Is Today
-------------------------------------------------------------
Merrill Lynch Developing Limited Maturity Portfolio (USD) will
hold its final shareholders meeting on Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

            Jan Neveril
            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


MERRILL LYNCH MEXICAN: To Hold Final Shareholders Meeting Today
---------------------------------------------------------------
Merrill Lynch Mexican Income Dollar Portfolio will hold its
final shareholders meeting on Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

            Jan Neveril
            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


MERRILL LYNCH MEXICAN INCOME: Final Shareholders Meeting Today
--------------------------------------------------------------
Merrill Lynch Mexican Income Dollar Portfolio will hold its
final shareholders meeting on Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

             Jan Neveril
             Richard Gordon
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


NEW REACH: Will Hold Final Shareholders Meeting Today
-----------------------------------------------------
New Reach Holdings Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 10:30 a.m. at the company's
registered office.

These agenda will be taken during the meeting:

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

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

Contact for inquiries:

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


NEWCASTLE CDO: Proofs of Claim Filing Ends Today
------------------------------------------------
Newcastle CDO I, Limited's creditors are given until
Dec. 27, 2007, to prove their claims to Piccadilly Cayman
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.

Newcastle CDO's shareholders agreed on Nov. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Piccadilly Cayman Limited
            Attention: Ellen J. Christian
            c/o BNP Paribas Bank & Trust Cayman Limited
            P.O. Box 10632 APO, Grand Cayman
            Cayman Islands
            Telephone: 345 945 9208
            Fax: 345 945 9210


NEWCASTLE CDO: Will Hold Final Shareholders Meeting Today
---------------------------------------------------------
Newcastle CDO I, Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 10:00 a.m. at:

             BNP Paribas Bank & Trust Cayman Limited
             3rd Floor Royal Bank House, Shedden Road
             George Town, Grand Cayman
             Cayman Islands

These agendas will be taken during the meeting:

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

Newcastle CDO's shareholders agreed on Nov. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Piccadilly Cayman Limited
            Attention: Ellen J. Christian
            c/o BNP Paribas Bank & Trust Cayman Limited
            3rd Floor Royal Bank House, Shedden Road
            George Town, Grand Cayman
            Cayman Islands
            Telephone: 345 945 9208
            Fax: 345 945 9210


NEWCASTLE CDO II: Holding Final Shareholders Meeting Today
----------------------------------------------------------
Newcastle CDO II, Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 10:00 a.m. at:

             BNP Paribas Bank & Trust Cayman Limited
             3rd Floor Royal Bank House, Shedden Road
             George Town, Grand Cayman
             Cayman Islands

These agenda will be taken during the meeting:

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

Newcastle CDO's shareholders agreed on Nov. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Piccadilly Cayman Limited
            Attention: Ellen J. Christian
            c/o BNP Paribas Bank & Trust Cayman Limited
            3rd Floor Royal Bank House, Shedden Road
            George Town, Grand Cayman
            Cayman Islands
            Telephone: 345 945 9208
            Fax: 345 945 9210


NEWCASTLE CDO II: Proofs of Claim Filing Deadline Is Today
----------------------------------------------------------
Newcastle CDO II, Limited's creditors are given until
Dec. 27, 2007, to prove their claims to Piccadilly Cayman
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.

Newcastle CDO's shareholders agreed on Nov. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Piccadilly Cayman Limited
          Attention: Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632 APO, Grand Cayman
          Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210


NEWCASTLE CDO III: Final Shareholders Meeting Is Today
------------------------------------------------------
Newcastle CDO III, Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 10:00 a.m. at:

              BNP Paribas Bank & Trust Cayman Limited
              3rd Floor Royal Bank House, Shedden Road
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

Newcastle CDO's shareholders agreed on Nov. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Piccadilly Cayman Limited
            Attention: Ellen J. Christian
            c/o BNP Paribas Bank & Trust Cayman Limited
            3rd Floor Royal Bank House, Shedden Road
            George Town, Grand Cayman
            Cayman Islands
            Telephone: 345 945 9208
            Fax: 345 945 9210


NEWCASTLE CDO III: Proofs of Claim Filing Ends Today
----------------------------------------------------
Newcastle CDO III, Limited's creditors are given until
Dec. 27, 2007, to prove their claims to Piccadilly Cayman
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.

Newcastle CDO's shareholders agreed on Nov. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Piccadilly Cayman Limited
          Attention: Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632 APO, Grand Cayman
          Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210


NTERNATIONAL CONSULTANTS: Final Shareholders Meeting Is Today
-------------------------------------------------------------
Nternational Consultants Services Ltd. will hold its final
shareholders meeting on Dec. 27, 2007, at 10:00 a.m. at:

             Avalon Management Limited
             Third Floor, Zephyr House
             122 Mary Street, P.O. Box 715
             Grand Cayman KY1-1107, Cayman Islands

These agenda will be taken during the meeting:

          1) accounting of the winding-up process;

          2) determining the manner in which the books, accounts
             and records of the company and of the liquidator
             should be maintained and subsequently disposed; and

          3) hearing any explanation thereof.

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

The liquidator can be reached at:

            Avalon Management Limited
            Third Floor, Zephyr House
            122 Mary Street, P.O. Box 715
            Grand Cayman KY1-1107, Cayman Islands


ONEWORKD GLOBAL: Proofs of Claim Filing Deadline Is Today
---------------------------------------------------------
Oneworld Global Sovereign CBO, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Carrie Bunton and Emile
Small, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Oneworld Global's shareholders agreed on Nov. 8, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Carrie Bunton
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


OXHEAD GLOBAL: Proofs of Claim Filing Ends Today
------------------------------------------------
Oxhead Global Cayman Fund Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Richard Gordon and
Joshua Grant, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

          Richard Gordon
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


OXHEAD GLOBAL: Will Hold Final Shareholders Meeting Today
---------------------------------------------------------
Oxhead Global Cayman Fund Ltd. will hold its final shareholders
meeting on Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidator can be reached at:

            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


OXHEAD GLOBAL LEVERAGED: Claims Filing Deadline Is Today
--------------------------------------------------------
Oxhead Global Leveraged Fund Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Richard Gordon and
Joshua Grant, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

          Richard Gordon
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


OXHEAD GLOBAL LEVERAGED: Final Shareholders Meeting Is Today
------------------------------------------------------------
Oxhead Global Leveraged Fund Ltd. will hold its final
shareholders meeting on Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidator can be reached at:

            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


OXHEAD GLOBAL LEVERAGED FUND: Claims Filing Ends Today
------------------------------------------------------
Oxhead Global Leveraged Fund II Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Richard Gordon and
Joshua Grant, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

          Richard Gordon
          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


OXHEAD GLOBAL LEVERAGED FUND: Final Shareholders Meeting Today
--------------------------------------------------------------
Oxhead Global Leveraged Fund II Ltd. will hold its final
shareholders meeting on Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidator can be reached at:

            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


PATHFINDER EUROCLASS: Final Shareholders Meeting Is Today
---------------------------------------------------------
Pathfinder Euroclass Fund Ltd. will hold its final shareholders
meeting on Dec. 27, 2007, at 9:00 a.m. at:

             Mourant Cayman Nominees, Ltd.
             Third Floor, Harbor Center
             42 North Church Street, George Town
             Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

          1) accounting of the winding-up process;

          2) determining the manner in which the books, accounts
             and records of the company and of the liquidator
             should be maintained and subsequently disposed; and

          3) hearing any explanation thereof.

Pathfinder Euroclass' 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:

            Mourant Cayman Nominees, Ltd.
            Third Floor, Harbor Center
            42 North Church Street, P.O. Box 1348
            Grand Cayman KY1-1108, Cayman Islands


PARMALAT SPA: Share Capital Up by EUR301,768 to EUR1.65 Billion
---------------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR301,768 to EUR1,652,419,845 from EUR1,652,118,077.

The share capital increase is due to the exercise of 61,626
warrants and to the assignation of 240,142 shares.

The latest status of the share allotment is that 33,811,508
shares representing approximately 2.0% of the share capital are
still in a deposit account c/o Parmalat S.p.A., of which:

    * 13,476,689 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,481,713 shares as at Nov. 27, 2007);

    * 20,454,819 or 1.2% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital
         of Parmalat S.p.A. (unchanged); and

      -- 20,334,819 or 1.2% of the share capital that pertain to
         currently undisclosed creditors (compared with
         20,585,048 shares as at Nov. 27, 2007).

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

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

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

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

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

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


PETRA CAPITAL: Proofs of Claim Filing Deadline Is Today
-------------------------------------------------------
Petra Capital Limited's creditors are given until Dec. 27, 2007,
to prove their claims to Chris Marett and Emile Small, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Petra Capital's shareholders agreed on Nov. 8, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

           Chris Marett
           Emile Small
           Maples Finance Limited
           P.O. Box 1093, George Town
           Grand Cayman, Cayman Islands


PETRA CAPITAL II: Proofs of Claim Filing Ends Today
---------------------------------------------------
Petra Capital II Limited's creditors are given until
Dec. 27, 2007, to prove their claims to Chris Marett and Emile
Small, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Petra Capital's shareholders agreed on Nov. 8, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             Chris Marett
             Emile Small
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


PETROCHEMICAL INVESTMENTS: Final Shareholders Meeting Is Today
--------------------------------------------------------------
Petrochemical Investments Limited will hold its final
shareholders meeting on Dec. 27, 2007, at 10:00 a.m. at:

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

These agenda will be taken during the meeting:

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

Petrochemical Investments' shareholders agreed on Nov. 16, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Stuart Sybersma
            Attention: Mervin Solas
            Deloitte
            P.O. Box 1787, George Town
            Grand Cayman, Cayman Islands
            B.W.I.
            Telephone: (345) 949-7500
            Fax: (345) 949-8258


POLARIS ENERGY: Proofs of Claim Filing Deadline Is Today
--------------------------------------------------------
Polaris Energy Offshore's creditors are given until
Dec. 27, 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.

Polaris Energy's shareholder decided on Nov. 6, 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 1180
          Grand Cayman KY1-1108, Cayman Islands

Contact for inquiries:

          Mourant de Feu & Jeune
          c/o P.O. Box 1348
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


POLARIS ENERGY OFFSHORE: Proofs of Claim Filing Ends Today
----------------------------------------------------------
Polaris Energy Offshore Master Fund's creditors are given until
Dec. 27, 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.

Polaris Energy's shareholder decided on Nov. 6, 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 1180
          Grand Cayman KY1-1108, Cayman Islands

Contact for inquiries:

          Mourant de Feu & Jeune
          c/o P.O. Box 1348
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


PLATO INVESTMENT: Proofs of Claim Filing Is Until Today
-------------------------------------------------------
Plato Investment Management Corporation's creditors are given
until Dec. 27, 2007, to prove their claims to Helen Allen and
Giles Kerley, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Plato Investment'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 liquidators can be reached at:

          Helen Allen
          Giles Kerley
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


RBC ALTERNATIVE: Proofs of Claim Filing Deadline Is Today
---------------------------------------------------------
RBC Alternative Strategies Fund (Cayman) Ltd.'s creditors are
given until Dec. 27, 2007, to prove their claims to Simon
Garnett and Candace L. Ebanks, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

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

The liquidators can be reached at:

           Simon Garnett
           Candace L. Ebanks
           Royal Bank of Canada Trust Company (Cayman) Limited
           P.O. Box 1586, Grand Cayman KY1-1110
           Cayman Islands
           Telephone: (345) 949-9107
           Fax: (345) 945-7256


REACH HOLDINGS: Holding Final Shareholders Meeting Today
--------------------------------------------------------
Reach Holdings Limited will hold its final shareholders meeting
on Dec. 27, 2007, at 9:00 a.m. at the company's registered
office.

These agenda will be taken during the meeting:

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

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

Contact for inquiries:

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


SOLVAY FINANCE: Holding Final Shareholders Meeting Today
--------------------------------------------------------
Solvay Finance (Cayman) Ltd. will hold its final shareholders
meeting on Dec. 27, 2007, at 10:00 a.m. at:

               BNP Paribas Bank & Trust Cayman Limited
               3rd Floor Royal Bank House, Shedden Road
               George Town, Grand Cayman
               Cayman Islands

These agenda will be taken during the meeting:

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

Solvay Finance's shareholders agreed on Nov. 5, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Piccadilly Cayman Limited
             Attention: Jonathan Dietz
             c/o BNP Paribas Bank & Trust Cayman Limited
             3rd Floor Royal Bank House, Shedden Road
             George Town, Grand Cayman
             Cayman Islands
             Telephone: 345 945 9208
             Fax: 345 945 9210


SOLVAY FINANCE: Proofs of Claim Filing Ends Today
-------------------------------------------------
Sovay Finance (Cayman) Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Piccadilly Cayman
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.

Sovay Finance's shareholders agreed on Nov. 5, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

           Piccadilly Cayman Limited
           Attention: Jonathan Dietz
           c/o BNP Paribas Bank & Trust Cayman Limited
           P.O. Box 10632 APO, Grand Cayman
           Cayman Islands


SPRING POINT: Will Hold Final Shareholders Meeting Today
--------------------------------------------------------
Spring Point Opportunity will hold its final shareholders
meeting on Dec. 27, 2007, at:

             Krys and Associates Cayman Ltd.
             Governors Square, 23 Lime Tree Bay Avenue
             Building 6, Grand Cayman
             Cayman Islands

These agenda will be taken during the meeting:

          1) accounting of the winding-up process;

          2) authorizing the joint liquidators to retain the
             records of the company for a period of five years
             from the dissolution of the Company after which
             they may be destroyed; and

          3) hearing any explanation thereof.

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

The liquidator can be reached at:

            Simone Tomkins
            Attention: Mathew Clingerman
            P.O. Box 10663
            Grand Cayman KY1-1006, Cayman Islands
            Telephone: (345) 947-4700
            Fax: (345) 946-6728


STONE HARBOR: Final Shareholders Meeting Is Today
-------------------------------------------------
Stone Harbor Offshore Fund, Ltd., will hold its final
shareholders meeting on Dec. 27, 2007, at 10:00 a.m. at:

             Ogier
             Queensgate House, South Church Street
             Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

Stone Harbor's shareholder decided on Nov. 13, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Ogier
            Attention: Colin J. MacKay
            Queensgate House, South Church Street
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 9876
            Fax: (345) 945 8604


STONER HARBOR ADVISORES: Holding Last Shareholders Meeting Today
----------------------------------------------------------------
Stone Harbor Advisores (Cayman) Ltd. will hold its final
shareholders meeting on Dec. 27, 2007, at 10:15 a.m. at:

             Ogier
             Queensgate House, South Church Street
             Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

Stone Harbor's shareholder decided on Nov. 13, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Ogier
            Attention: Colin J. MacKay
            Queensgate House, South Church Street
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 9876
            Fax: (345) 945 8604


STUYVESANT CDO: Proofs of Claim Filing Ends Today
-------------------------------------------------
Stuyvesant CDO II, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to Carlos Farjallah and
Richard Gordon, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Stuyvesant CDO's shareholders agreed on Nov. 9, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Carlos Farjallah
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


TEPUI EQUITY: Proofs of Claim Filing Is Until Today
---------------------------------------------------
Tepui Equity Fund, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to dms Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Tepui Equity's shareholder decided 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:

          dms Corporate Services Ltd.
          Ansbacher House
          20 Genesis Close, P.O. Box 1344
          George Town, Grand Cayman KY1-1108
          Cayman Islands

Contact for inquiries:

          Mourant du Feu & Jeune
          c/o P.O. Box 1348
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


TEPUI MASTER: Proofs of Claim Filing Deadline Is Today
------------------------------------------------------
Tepui Master Fund, Ltd.'s creditors are given until
Dec. 27, 2007, to prove their claims to dms Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Tepui Master's shareholder decided 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:

          dms Corporate Services Ltd.
          Ansbacher House
          20 Genesis Close, P.O. Box 1344
          George Town, Grand Cayman KY1-1108
          Cayman Islands

Contact for inquiries:

          Mourant du Feu & Jeune
          c/o P.O. Box 1348
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


TOURIST PUBLICATIONS: Proofs of Claim Filing Ends Today
-------------------------------------------------------
Tourist Publications (Cayman) Limited's creditors are given
until Dec. 27, 2007, to prove their claims to Helvetic
Management Services 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.

Tourist Publications' shareholders agreed 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:

           Helvetic Management Services Limited
           Attention: Colin G. Shaw
           Alamander Way
           Grand Pavilion, P.O. Box 31083
           Grand Cayman  KY1-1205, Cayman Islands,
           Telephon: 945-3301
           Fax: 945-3302


TRIATHLON LIFE: Will Hold Final Shareholders Meeting Today
----------------------------------------------------------
Triathlon Life Sciences Fund (Offshore) Ltd. will hold its final
shareholders meeting on Dec. 27, 2007, at 10:00 a.m. at the
offices of the company.

These agenda will be taken during the meeting:

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

Triathlon Life'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:

            Erick Lucera
            Triathlon Fund Management LLC
            555 Theodore Fremd Avenue, #C201 Rye
            New York 10580, U.S.A.


TRIATHLON LIFE: Proofs of Claim Filing Ends Today
-------------------------------------------------
Triathlon Life Sciences Fund (Offshore) Ltd.'s creditors are
given until Dec. 27, 2007, to prove their claims to Erick J.
Lucera, 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.

Triathlon Life'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:

          Erick J. Lucera
          Triathlon Fund Management, LLC
          555 Theodore Fremd Avenue, #C201
          Rye, New York
          New York 10580, U.S.A.


VACALAM: Will Hold Final Shareholders Meeting Today
---------------------------------------------------
Vacalam will hold its final shareholders meeting on
Dec. 27, 2007, at 9:00 a.m. at the company's registered office.

These agenda will be taken during the meeting:

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

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

The liquidator can be reached at:

            R N FORSTER
            P.O. Box 705, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 7055
            Fax: (345) 949 7004


VACALAM HOLDINGS: Schedules Final Shareholders Meeting Today
------------------------------------------------------------
Vacalam Holdings 2 Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 9:30 a.m. at the company's
registered office.

These agenda will be taken during the meeting:

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

Vacalam Holdings' shareholders agreed on Oct. 26, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            R N FORSTER
            P.O. Box 705, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 7055
            Fax: (345) 949 7004


VACALAM HOLDINGS 3: Final Shareholders Meeting Is Today
-------------------------------------------------------
Vacalam Holdings 3 Limited will hold its final shareholders
meeting on Dec. 27, 2007, at 10:00 a.m. at the company's
registered office.

These agenda will be taken during the meeting:

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

Vacalam Holdings' shareholders agreed on Oct. 26, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            R N FORSTER
            P.O. Box 705, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 7055
            Fax: (345) 949 7004


WOODWARD FINANCE: Proofs of Claim Filing Deadline Is Today
----------------------------------------------------------
Woodward Finance's creditors are given until Dec. 27, 2007, to
prove their claims to Jan Neveril and Richard Gordon, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

          Jan Neveril
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


WOODWARD FINANCE: Will Hold Final Shareholders Meeting Today
------------------------------------------------------------
Woodward Finance will hold its final shareholders meeting on
Dec. 27, 2007, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

            Jan Neveril
            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands




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


COEUR D'ALENE: Closes Bolnisi & Palmarejo Acquisitions
------------------------------------------------------
Coeur d'Alene Mines Corporation has completed its acquisitions
of Bolnisi Gold NL and Palmarejo Silver and Gold Corporation,
which creates the world's leading silver company.

"The acquisitions of Bolnisi and Palmarejo represent a
transforming event for Coeur," said Dennis E. Wheeler, Coeur's
Chairman, President and Chief Executive Officer.  "With our San
Bartolome silver mine set to begin producing in early 2008 and
the new Palmarejo Project expected to begin contributing low-
cost silver and gold ounces in early 2009, we now are positioned
to provide our shareholders with the potential for exponential
growth and value creation.  We are thrilled to complete this
transaction and begin 2008 as the world's unrivaled growth
company in silver, with a nearly tripling of silver production
expected in 2009, to approximately 30 million ounces annually."

The Palmarejo Project is expected to begin production in just
over a year at an annualized rate of approximately 10.4 million
ounces of silver and 115,000 ounces of gold per year with cash
costs, net of gold by-product credits, of an estimated (US$0.41)
per ounce of silver and an initial mine life of nine years.
Exploration continues on the large land package, with current
measured and indicated mineral resources of 88.7 million silver
ounces and 1.0 million gold ounces (measured: 5.1 million tonnes
at 2.24 grams per tonne gold and 198 grams per tonne silver;
indicated: 9.51 million tonnes at 2.03 grams per tonne gold and
184 grams per tonne silver) and an additional 61.4 million
ounces of inferred silver mineral resources and 0.7 million
inferred gold ounces (16.1 million tonnes at 1.39 grams per
tonne gold and 119 grams per tonne silver).

Coeur's Australian-listed CHESS Depositary Interests began
trading on the Australian stock exchange on Dec. 12, 2007, and
have now been added to Australia's S&P/ASX 200 indices.

The common shares of Palmarejo have been halted for delisting
from the TSX Venture Exchange and the Coeur common shares issued
to Palmarejo shareholders are listed and posted for trading on
the Toronto Stock Exchange as of Dec. 21, 2007.

                     About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


GMAC LLC: Moody's Downgrades Sr. Unsec. Debt Rating to Ba3
----------------------------------------------------------
Moody's Investors Service has downgraded GMAC LLC's senior
unsecured debt rating to Ba3 from Ba2.  This action concludes
Moody's review of GMAC's ratings, initiated on Nov. 26, 2007.
GMAC subsidiary Residential Capital LLC's (ResCap) ratings were
not affected by the GMAC rating action.  The rating outlook for
both GMAC and ResCap is negative.

The downgrade equalizes the GMAC and ResCap ratings, reflecting
Moody's view that, in the near-term, GMAC is likely to use its
capital resources to support ResCap through its operating and
funding difficulties in a manner that could compromise GMAC's
stand-alone (ex-ResCap) credit profile.  It has been Moody's
position that any use of GMAC's stand-alone capital in support
of ResCap that is not backed in equal measure by explicit
support from GMAC's owners would result in an equalization of
the ResCap and GMAC ratings.  Moody's has come to believe that
such support from GMAC is now likely.

During 2007, ResCap has been challenged by adverse performance
in its subprime mortgage business, resulting in large mark-to-
market charges and loss provisions, operating losses and capital
shortfalls.  Moody's believes GMAC and its owners are committed
to maintaining ResCap's capital at sufficient levels for it to
comfortably remain in compliance with a US$5.4 billion minimum
tangible net worth covenant in its bank credit agreements.  As a
priority, Moody's believes GMAC support for ResCap would be
designed to ensure ResCap's continued compliance with this
covenant.

Moody's analyst Mark Wasden said that "GMAC began 2007 in a
highly leveraged position on a stand-alone basis, and despite
modest capital generation during the year, remains highly
leveraged versus peers; as such, the firm has no capacity to
provide un-backed support to ResCap without compromising its
rating profile."

Moody's believes that GMAC's auto finance and insurance
businesses have strong ongoing strategic importance to GM.  GM
is unlikely to consent to GMAC support of ResCap that reaches
such a magnitude and manner as to challenge GMAC's own stand-
alone business viability.  This therefore suggests that GMAC's
ratings will move in tandem with ResCap's ratings until the
point that ResCap suffers severe setbacks that would constrain
GMAC's auto finance operations were GMAC to continue to provide
support.  At that point the ratings could again be separated,
Moody's said.

Affected GMAC ratings include:

          -- Senior Unsecured: to Ba3 from Ba2;
          -- Long-Term Issuer: to Ba3 from Ba2;
          -- Senior Unsecured Shelf: to (P)Ba3 from (P)Ba2; and
          -- Preferred Stock: to B3 from B1

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and
currently employs about 31,000 people worldwide.  Its Latin
American operations are located in Argentina, Brazil, Chile,
Colombia, Mexico and Venezuela.  At Dec. 31, 2006, GMAC held
more than US$287 billion in assets and earned net income for
2006 of US$2.1 billion on net revenue of US$18.2 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 28, 2007, Moody's Investors Service placed GMAC LLC's Ba2
senior unsecured rating on review for possible downgrade.  The
action was in response to GMAC's affirmation of support for
Residential Capital, LLC, as disclosed in ResCap's Nov. 21, 2007
debt tender announcement.  ResCap's ratings and outlook (Ba3
senior unsecured, negative outlook) were not affected by the
tender announcement or this GMAC rating action.

As reported in the Troubled Company Reporter on Nov. 16, 2007,
Fitch Ratings has placed GMAC LLC and its related subsidiaries
'BB+' long-term Issuer Default Ratings on Rating Watch Negative.
This action reflects the ongoing pressures in the company's
residential mortgage subsidiary, Residential Capital LLC
(ResCap, IDR 'BB+' by Fitch with rating watch negative).




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


BRIGHTPOINT INC: Units Ink Distribution Agreement with Neo
----------------------------------------------------------
Brightpoint Inc.'s subsidiaries, Brightpoint Middle East FZE and
Brightpoint North America L.P., have been appointed as
distributors by Fahad & Patson Gen Trading LCC, the UAE Agent of
Neo products Limited.  Pursuant to this agreement, Brightpoint
will provide Neo with distribution services for Neo products to
be distributed in the Middle East and North America markets.

                      About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


ECOPETROL: Inks Pact with Petro Rubiales for Pipeline Project
-------------------------------------------------------------
Colombian state-run oil firm Ecopetrol told Business News
Americas that it has signed a memorandum of understanding with
Canadian oil and gas company Petro Rubiales Energy for the
construction of a 230-kilometer pipeline.

According to Ecopetrol's statement, the 24-inch pipeline will
transport crude from the Rubiales and Piriri fields in Meta
department to the Monterrey pumping station in Casanare
department.  The station is part of the Ocensa central pipeline
system.

BNamericas relates that the pipeline could cost over US$300
million.   It could launch operations in the second half of
2009.  It will initially transport about 170,000 barrels per
day, which could increase to 280,000 barrels daily.

Ecopetrol will own 65% of the pipeline.  Petro Rubiales will
hold a 35% stake in the project, BNamericas states.

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

                        *     *     *

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


ECOPETROL: To Buy Propilco for US$690 Million
---------------------------------------------
Ecopetrol, Colombia's state-owned oil company, will acquire
petrochemical firm Propilco in a deal for US$690 million.

"This acquisition has an enormous strategic value for Ecopetrol
in terms of exploiting synergies in exploration, production,
refining and the rest of the petrochemical chain," Ecopetrol
said in a statement.

According to Reuters Propilco has annual sales of US$600
million.  Bloomberg News says that the petrochemical company
buys 30% of its fuel from Ecopetrol.

Ecopetrol President Javier Gutierrez told Bloomberg in an
interview that the purchase is part of its expansion plans.  In
2008, the company's investments in oil and natural-gas projects
will be US$3.8 billion.

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

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

                        *     *     *

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




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


* CUBA: 2007 Trade with Venezuela Estimated at US$7 Billion
-----------------------------------------------------------
Prensa Latina reports that exchange of trade between Venezuela
and Cuba for 2007 is expected to have reached US$7 billion,
according to Cuban Vice President Carlos Lage.

The vice president recalled that the two countries trade
relationship began in 1998 with only US$388 million of
commercial exchange, the same report says.

The two countries in recent years have strengthened bilateral
ties resulting to higher trading figures.  To date, Cuba and
Venezuela have 27 joint ventures, the lates of which is the re-
opening of the Cienfugeo refinery.

The collapsed of the Soviet Union brought dire consequences to
Cuba as a result of losing its primary supplier of crude.
Venezuela stepped in through the PetroCaribe initiative that
offers preferential payment scheme to its member countries.

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

Moody's assigned these ratings on Cuba:

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




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


GENERAL CABLE: Executives Cede Employment Contracts
---------------------------------------------------
General Cable Corporation's executive officers, Gregory B.
Kenny, President and Chief Executive Officer, and Robert J.
Siverd, Executive Vice President and General Counsel, have
voluntarily relinquished their employment and change-in-control
agreements with General Cable effective at the end of this year.
They and Brian Robinson, Chief Financial Officer, remain with
the company and will have their compensation and benefits
determined in the discretion of the Compensation Committee of
the Board of Directors.  At the same time, the Board of
Directors has adopted a new severance plan, which will cover US-
based executive officers of the Company which will take effect
on Jan. 1, 2008.  This new and more simplified severance plan
will provide benefits for these and other US-based executives of
General Cable.

"Mr. Siverd and I have voluntarily terminated our employment
related agreements in order to be fully aligned with the terms
and conditions of the North American senior management team,"
said Mr. Kenny.  "We look forward to continuing to build the
Company domestically and internationally for the benefit of our
shareholders and employees in the years ahead," Mr. Kenny
concluded.

Additional information is set forth in the Company's 8-K Report
dated Dec. 21, 2007, filed with the Securities and Exchange
Commission.

                     About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed USUS$400 million senior unsecured convertible
notes of General Cable Corporation.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  S&P said the outlook is
stable.




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


CARROLS CORP: Moody's Lifts Rating of US$180-Mil. Notes to B3
-------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family
rating of Carrol's Corporation.  In addition, Moody's raised the
rating on the company's US$180 million guaranteed senior
subordinated notes to B3/75%/LGD-5 from Caa1/79%/LGD-5.  The
outlook is stable.

The B2 corporate family rating reflects Carrol's relatively high
leverage, modest coverage, and marginal free cash flow
generation.  The ratings are supported by Carrol's brand
diversification, its position as the largest Burger King
franchisee, the improvement in same store sales at its company
owned Burger King restaurants, and the continued trend of
positive same store sales at Pollo Tropical and Taco Cabana.
However, the ratings also recognize the recent softness in same
store sales at Taco Cabana.  The upgrade of the company's senior
subordinated rating to B3 from Caa1 reflects the reduction in
the amount of senior secured debt in the company's overall
liability structure.

Carrols owns, operates, and franchises quick service and quick
casual restaurant concepts, primarily in the United States,
specifically Burger King, Taco Cabana, and Pollo Tropical.  For
the twelve months ended Sept. 30, 2007, the company reported
consolidated revenues of approximately US$781 million and
operating income of about US$55 million.  Carrol's is the
largest franchisee of Burger King restaurants in the U.S.
domestic market with 325 units.  Taco Cabana and Pollo Tropical
are Hispanic concepts in the fast casual segment of the
restaurant industry.  As of Sept. 30, 2007, Carrol's owned 147
Taco Cabana restaurants and franchised 2, in addition to owning
83 Pollo Tropical units and 27 franchised units.  For the full
year 2006, Burger King, Taco Cabana, and Pollo Tropical,
represented approximately 49%, 30% and 20% of total revenues and
25%, 39% and 36% of operating income.

Headquartered in Syracuse, New York, Carrols Restaurant Group,
Inc., operating through its subsidiaries, including Carrols
Corporation, operates three restaurant brands in the quick-
casual and quick-service restaurant segments with 547 company-
owned and operated restaurants in 16 states, and 30 franchised
restaurants in the United States, Puerto Rico and Ecuador.




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


MAAX HOLDINGS: Moody's Downgrades Corporate Family Rating to Ca
---------------------------------------------------------------
Moody's Investors Service downgraded MAAX Holdings, Inc.'s
corporate family rating to Ca from Caa2, and its senior
unsecured discount notes to C from Caa3, and also downgraded
MAAX Corporation's senior subordinated notes to Ca from Caa3.
The downgrades were prompted by MAAX Corporation's failure to
make the Dec. 15, 2007, interest payment on its 9.75% senior
subordinated notes due 2012.  MAAX Holdings has an SGL-4
speculative grade liquidity rating.  The rating outlook is
stable.

While the senior subordinated notes indenture provides a 30-day
grace period, which began on Dec. 15, 2007, before the failure
to pay interest constitutes an event of default, Moody's
believes MAAX has limited alternatives to secure funds to make
this payment or improve its overall liquidity position within
the grace period.  Additionally, MAAX Corporation may breach the
minimum adjusted EBITDA covenant of US$33 million under its
credit agreement for the 12 months ended Nov. 30, 2007.  Unless
waived by the company's senior creditor, this event of default
would lead to an acceleration of payment demand.

Downgrades:

Issuer: MAAX Holdings, Inc.

        -- Corporate family rating to Ca from Caa2;

        -- Probability of default rating to Ca from Caa2; and

        -- 11.57% senior unsecured discount notes due 2012 to C
           (LGD6, 93%) from Caa3.

Issuer: MAAX Corporation

        -- US$150 million of 9.75% senior subordinated notes due
           2012 to Ca (LGD5, 73%) from Caa3

The previous rating action for MAAX was on Jan. 24, 2007, when
Moody's downgraded MAAX Holdings' corporate family rating to
Caa2 from B3, its senior unsecured discount notes to Caa3 from
Caa1, and MAAX Corporation's senior subordinated notes to Caa3
from Caa1.  MAAX Holdings' speculative grade liquidity rating
was lowered to SGL-4 from SGL-3 on June 21, 2006.

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
===========


ACXIOM CORP: Buyout Termination Prompts S&P to Affirm BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirms its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp. and
removes it from CreditWatch where it was placed with negative
implications on May 17, 2007.  The outlook is negative.  At the
same time, S&P raised its senior secured debt ratings to 'BB+'
from 'BB', with a recovery rating of '2', indicating a
substantial (70%-90%) expectation of recovery, and also removed
it from CreditWatch.

"The affirmation follows the termination of the $3 billion
buyout by private-equity firm Silver Lake and hedge fund
ValueAct Capital Partners L.P.," said Standard & Poor's credit
analyst Philip Schrank.  The company received $65 million
related to the termination of the merger agreement, which is
expected to be substantially more than one-time expenses related
to the merger agreement.

Acxiom's rating reflects the company's good niche market
position and adequate cash flow generation.  Business risk is
tempered by Acxiom's expertise in managing its comprehensive
consumer databases.  More than half of its direct-marketing
assignments are performed for long-term clients, and outsourcing
contracts generally cover multiple years, offsetting a
concentrated customer base and providing some revenue
predictability.  However, the company is still a relatively
small participant in a growing and fragmented industry that may
see the entrance of several much larger competitors.  S&P
believes channel partnerships and moderate acquisitions could
continue, primarily to expand the company's participation in
selected vertical markets, enhance its distribution capability,
and provide additional operational diversity.  Acxiom has
implemented cost reduction actions to bolster profitability and
to help offset sluggish revenue growth, primarily driven by the
downturn in the financial services segment, which represents
about one-fourth of its total business.

Although Acxiom's current debt levels are moderate for the
rating, in the 2x area, the company has exhibited a much more
aggressive financial policy by its willingness to pursue an LBO,
and could continue to pursue ongoing acquisitions and share
repurchases.  While S&P expects a near-term focus on improving
operations, Acxiom's dissident shareholder, ValueAct Capital
Partners L.P., retains its seat on Acxiom's board, and could
continue to pursue a more aggressive shareholder oriented
agenda.  At the 'BB' rating level, S&P expects Acxiom to
continue generating good free cash flow and manage its debt
under 4x over the intermediate term.  S&P will continue to
monitor management's succession plans following the retirement
of its CEO, and how it might affect the company's business
strategy and financial policy.

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

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


ACXIOM CORP: Shareholders Pick Three Directors To Serve on Board
----------------------------------------------------------------
Acxiom(R) Corporation held its 2007 Annual Shareholders Meeting
last week at which three directors were elected.  Dr. Mary L.
Good and Stephen M. Patterson were re-elected to the board,
while Kevin M. Twomey was elected to his first term as a
director, filling the board seat previously occupied by Rodger
S. Kline.

Additionally, shareholders approved a change to the Company's
2005 Equity Compensation Plan to increase the pool of shares
available for grant from 13.3 million to 20.3 million shares.

The company also announced that it has purchased approximately
3.6 million shares of its stock pursuant to the repurchase
program announced on Oct. 29, 2007.

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2007, Moody's Investors Service has confirmed Acxiom
Corp.'s Ba2 corporate family rating and assigned a negative
rating outlook, concluding a review for possible downgrade
initiated on May 17, 2007, following the company's announcement
that it had entered into a definitive agreement to be acquired
by Silver Lake and ValueAct Capital for US$3.0 billion.


ATSI COMM: Posts US$293,000 Net Loss in Quarter Ended Oct. 31
-------------------------------------------------------------
ATSI Communications Inc. reported net loss of US$293,000 for
quarter ended Oct. 31, 2007, compared to a net loss of
US$184,000 for the same period in the previous year.

The first quarter operating highlights include:

   -- US$3 million accounts receivable financing package entered
      with Wells Fargo;

   -- Joseph M. Troche appointed as sr. vice president of
      global sales; and

   -- becoming a member of Arbinet-thexchange Inc., a NASDAQ
      company, to buy, sell, deliver and settle VoIP
      transactions using Arbinet's Internet-based electronic
      platform.

The company incurred US$519,000 in non-cash expense during the
quarter ended Oct. 31, 2007 vs. US$429,000 during the quarter
ended Oct. 31, 2006.  Non-cash expenses incurred during the
period include depreciation, amortization, interest, and stock
compensation.

"We are extremely pleased with our quarterly results," Arthur L.
Smith, CEO of ATSI stated.  "Our global VoIP strategy continues
to pay-off as evidenced by increased voice communications
traffic on our network and continued revenue growth.  Against
this backdrop, our trend for improvement in gross profit has
continued and we are optimistic that our commitment to control
expenses will contribute to stronger bottom-line results going
forward."

At Oct.31, 2007, the company's balance sheet showed total assets
of US$2.24 million and total liabilities of US$2.66 million
resulting to a total shareholders' deficit of US$0.42 million.

                 About ATSI Communications

ATSI Communications Inc. -- http://www.atsi.net/-- (OTCBB:
ATSX) operates through its two wholly owned subsidiaries,
Digerati Networks, Inc., and Telefamilia Communications, Inc.
Digerati Networks, Inc., is a premier global VoIP carrier
serving rapidly expanding markets in Asia, Europe, the Middle
East, and Latin America, with an emphasis on Mexico.  Through
Digerati's partnerships with established foreign carriers and
network operators, interconnection and service agreements, and a
NexTone powered VoIP network, ATSI believes it has clear
advantages over its competition.  Telefamilia Communications
provides specialized retail communication services that include
VoIP services to the high-growth Hispanic market in the United
States.  ATSI also owns a minority interest of a subsidiary in
Mexico, ATSI Comunicaciones, S.A. de C.V., which operates under
a 30-year government issued telecommunications license.

                    Going Concern Doubt

Malone & Bailey PC in Houston, Tex., raised substantial doubt
about ATSI Communications Inc.'s ability to continue as a going
concern after it audited the company's financial statements for
the year ended July 31, 2007.  The auditing firm stated that
ATSI has a working capital deficit, has suffered recurring
losses from operations and has a stockholders' deficit.


CINRAM INTERNATIONAL: Moody's Affirms B1 Corp. & Debt Ratings
-------------------------------------------------------------
Moody's affirmed the B1 Corporate Family rating and B1 Senior
Secured debt rating of Cinram International Inc.  The rating
action follows the company's recent weaker than expected
operating results, which has caused Moody's to significantly
reduce expectations for Cinram's future profitability.  The
rating has nonetheless been affirmed as Moody's believes
Cinram's decision to eliminate all distribution payments to unit
holders should enable the company to generate meaningful levels
of free cash flow and maintain key credit metrics appropriate
for its current rating.  The long-term ratings reflect a B2
probability of default and loss given default assessment of LGD
3, 30% for the senior secured credit facility.  The outlook
remains stable.

Ratings affirmed:

          -- B1 corporate family rating;
          -- B2 Probability of default rating; and
          -- Senior Secured Bank Credit Facility at B1 (LGD3,
             30%).

The B1 corporate family rating primarily reflects Cinram's
significant business risks as an independent manufacturer and
distributor of DVD's to a few major movie studios, with which
Moody's believes its negotiating scope to be limited.  The
rating considers that Cinram has considerable exposure to
pricing pressures and declines in DVD/CD unit volumes with only
a finite ability to reduce costs.  The combination of these
factors has recently led to a significant deterioration in
operating performance.  Moody's believes a continuation of this
trend is likely through the next year as recent price reductions
are fully absorbed and growth in high definition DVD's remains
modest.  The rating however also recognizes that the company's
market position is strong, its relationships with the major
movie studios are established and contractual, and management is
taking important measures to diversify its risk exposure into
new areas such as logistics.  Furthermore, the rating considers
Moody's expectation that the company will be able to generate
significant free cash flow following the elimination of its
distributions to unit holders.  This is likely to provide Cinram
with the ability to reduce its leverage beginning in the latter
part of 2008 even as modest operating income pressures persist.
Finally, the rating reflects the company's lack of a defined
target capital structure and corresponding uncertainty to what
extent Cinram may apply its meaningful levels of free cash flow
towards permanent debt reduction.

The outlook continues to be stable, as Moody's believes margin
pressures may remain ongoing through the next year, offset by
the company's ability to generate significant amounts of free
cash flow.

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


FOAMEX INT'L: To Pay US$40 Million on First Lien Term Loan
----------------------------------------------------------
Foamex International Inc., prior to its fiscal year-end of
Dec. 30, 2007, will make a payment of US$40 million towards its
first lien term loan.  After applying this payment, the
company's total debt, as of Dec. 30, 2007, is anticipated to be
approximately US$531 million.  A portion of the payment will
include approximately US$18 million of net cash proceeds
from the sale of the Company's former ownership interest in
Foamex Asia Co., Ltd.

Commenting on the debt reduction, Jack Johnson, President and
Chief Executive Officer of Foamex, said: "Deleveraging the
balance sheet remains a top priority and I am pleased that we
will significantly exceed our debt reduction target for 2007."

Headquartered in Linwood, Pennsylvania, Foamex International
Inc. (FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning
for bedding, furniture, carpet cushion and automotive markets.
The company also manufactures polymers for the industrial,
aerospace, defense, electronics and computer industries.
Foamex has Asian locations in Malaysia, Thailand and China.  The
company's Latin American subsidiary is in Mexico.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through
05-12693).  Attorneys at Paul, Weiss, Rifkind, Wharton &
Garrison LLP, represent the Debtors in their restructuring
efforts.  Houlihan, Lokey, Howard and Zukin and O'Melveny &
Myers LLP are advising the ad hoc committee of Senior Secured
Noteholders.  Kenneth A. Rosen, Esq., and Sharon L. Levine,
Esq., at Lowenstein Sandler PC and Donald J. Detweiler, Esq., at
Saul Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. became effective and the company
emerged from chapter 11 bankruptcy protection on Feb. 12, 2007.

At July 1, 2007, Foamex International Inc.'s balance sheet
showed total assets of US$566.2 million and total liabilities of
US$823.5 million, resulting to a total stockholders' deficit of
US$257.3 million.


GLOBAL POWER: To Emerge from Chapter 11 by End of January 2008
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
confirmed Global Power Equipment Group Inc.'s plan of
reorganization.  Based on the Court's ruling, Global Power
expects to emerge from chapter 11 by the end of January 2008.

Following a confirmation hearing held on Dec. 20, 2007, the Hon.
Brendan L. Shannon said the company had met all of the necessary
requirements to confirm its plan.  The confirmation hearing
followed a creditor vote in which all impaired classes under the
plan overwhelmingly voted in favor of the plan.  The plan will
become effective and the company will emerge from chapter 11
once certain conditions are satisfied, including the closing of
the company's exit financing.

As previously said, Global Power's Plan includes a rights
offering available to existing equity holders for the issuance
of new common stock of the reorganized company backstopped in an
amount up to US$90 million by a group of existing equity
holders.  It also provides payment in full, in cash, of all
allowed claims of creditors of the company and the company's
Williams and Braden subsidiaries.  Allowed unsecured claims
against the company's Deltak subsidiary will be satisfied by the
establishment of a cash reserve of US$34 million which will be
used to fund payments (of up to 100%) to holders of allowed
unsecured claims against Deltak.

John Matheson, President and Chief Executive Officer of Global
Power, said, "Confirmation of our plan marks a significant
achievement and is the result of the tireless efforts of the
company and representatives of its major constituencies in
gaining consensus with literally thousands of stakeholders.  We
want to thank our customers, employees and stakeholders for
their continued support throughout our successful
reorganization.  The company looks forward to emerging as a
stronger enterprise that will continue to provide our customers
with the highest quality products and service."

                      About Global Power

Based in Oklahoma, Global Power Equipment Group Inc. (Pink
Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design,
engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors.  Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.
At Oct. 31, 2006, Global Power's balance sheet showed total
assets of US$177,758,000 and total debts of US$99,017,000

Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors.  The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.


GRUPO GIGANTE: Determines Pricing for 8.75% Senior Notes
--------------------------------------------------------
Grupo Gigante, S.A.B. de C.V. has determined the price for its
previously announced cash tender offer and consent solicitation
for its outstanding US$260 million 8.75% Senior Notes due 2016.

The tender offer and consent solicitation is being made pursuant
to Gigante's Offer to Purchase and Consent Solicitation
Statement dated Nov. 28, 2007, as supplemented on Dec. 10, 2007
and the related Consent and Letter of Transmittal.

The total consideration for the Notes validly tendered prior to
5:00 p.m., New York City time, on Dec. 11, 2007 and accepted for
payment, will be US$1,146.84 per US$1,000 principal amount of
the Notes.  The total consideration includes an early consent
premium of US$20.00 per US$1,000 principal amount of the Notes.
Holders of Notes accepted for payment that are validly tendered
subsequent to the Early Consent Date but on or prior to 8:00
a.m., New York City time, on Dec. 27, 2007, will receive the
purchase price of US$1,126.84 per US$1,000 principal amount of
the Notes, which is equal to the total consideration minus the
Early Consent Premium.  In addition to the total consideration
or purchase price payable in respect of the Notes purchased in
the tender offer and consent solicitation, Gigante will pay
accrued and unpaid interest to, but not including, the
settlement date.  Settlement for all tendered Notes is expected
to occur on Dec. 28, 2007.

The total consideration was determined as of 10:00 a.m., New
York City time, on Dec. 24, 2007.  The reference yield was
3.385% for the Notes.

The tender offer and consent solicitation will expire on the
Expiration Date.  The tender offer and consent solicitation is
subject to the satisfaction or waiver of certain conditions,
including the consummation of the proposed transaction between
Gigante and Tiendas Soriana S.A. de C.V.  Further details about
the terms and conditions of the tender offer and consent
solicitation are set forth in Gigante's Offer to Purchase.

Citi is acting as Dealer Manager for the tender offer and the
consent solicitation.  The Depositary and the Information Agent
is Global Bondholder Services Corporation.

Requests for documentation should be directed to Global
Bondholder Services Corporation at (866) 794-2200.  Questions
regarding the tender offer and the consent solicitation should
be directed to the Dealer Manager at (800) 558-3745 (toll-
free)or (212) 723-6108 (collect).

                     About Grupo Gigante

With over 600 units in Mexico, Grupo Gigante, S.A. de C.V., is a
public Mexican trade company, which operates in the Mexican
Stock Market -- Bolsa Mexicana de Valores.  Through its
subsidiaries, Gigante has developed leading chains of
supermarkets, family restaurants, and specialized commerce, for
43 years.  Its saubsidiaries include 'Gigante', which contains
formats including: 'Gigante' (Hypermarkets), 'Super Gigante'
(Supermarkets), 'Super Maz' and 'Bodega' (Warehouses), all of
them supermarket chains, as well as 'Cafeterias Toks, S.A. de
C.V.,' a specialized family restaurant chain.  With its
partners, Grupo Gigante has also established joint ventures,
developing Office Depot de Mexico, S.A. de C.V., a Mexican
leader chain store of office and school supplies, and Radio
Shack de Mexico, S.A. de C.V., an exclusive format with presence
throughout the Mexican Republic, that offers a wide assortment
of electronic equipment and accessories.

                        *     *     *

As reported on July 13, 2007, Fitch Ratings affirmed the 'BB'
foreign and local currency Issuer Default Ratings of Grupo
Gigante S.A.B. de C.V., as well as the 'BB' rating of the
company's US$260 million Senior Notes due 2016.  Fitch said the
rating outlook is stable.


HARMAN INT'L: Promotes Blake Augsburger as Country Manager
----------------------------------------------------------
Harman International Industries Incorporated has promoted Blake
Augsburger, President & Chief Executive Officer of the Harman
Pro Group, to Country Manager of Harman USA, expanding his
responsibilities on Jan. 1, 2008.  In his new assignment, Mr.
Augsburger will report directly to Harman International Chief
Executive Officer Dinesh Paliwal.

As Country Manager of Harman USA, Augsburger will be responsible
for the management of support functions that cross divisional
and business lines.  He will serve as the country champion for
functional best practices and will directly participate in such
business activities as project risk review, large supply
contracts or investment proposals, significant operational
changes or restructurings, organizational and legal issues, and
key human resource decisions.  Furthermore, he will serve as the
chief spokesperson for Harman in the United States to build
brand equity.  He will also serve as liaison to the chief
executive officer for implementation of group directives.

"I look forward to my new responsibilities," Mr. Augsburger said
today.  "This new position represents the first step in the
evolution of Harman's organizational structure which will
include the appointment of a Country Manager in a few strategic
countries.  We believe this approach will help to leverage
synergies across multiple Harman businesses while improving
consistency among business processes in the company's major
markets."

Mr. Augsburger first joined Harman International Industries,
Incorporated in July 2001, when he was appointed President of
Crown International, a Harman company based in Elkhart, Indiana.
He served as President of Crown until June 2006 when he was
promoted to the position of President & Chief Executive Officer
of the Harman Pro Group.

Prior to joining Crown, Mr. Augsburger was Vice President and
General Manager for two high voltage test and measurement
equipment manufacturers owned and operated by Hubbell
Incorporated: Hipotronics of Brewster, New York and Haefely Test
AG of Basel, Switzerland.  His seven-year tenure with Hubbell
also included Vice President positions in engineering,
operations, and worldwide sales and marketing.  Blake Augsburger
was awarded Bachelor and Master of Science degrees in Electrical
Engineering from Texas Tech University in Lubbock, Texas.

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implications for the 'BB-' corporate credit rating
on Harman International Industries Inc. to positive from
developing.


INDUSTRIAS UNIDAS: S&P Revises Outlook on B Ratings to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Mexico City-based Industrias Unidas S.A. de C.V.  aka IUSA to
negative from stable.  At the same time, Standard & Poor's
affirmed its 'B' corporate credit and senior unsecured ratings
on IUSA.

The rating action follows the release of IUSA's third-quarter
earnings, which were below our expectations.  The negative
outlook reflects the uncertainty and challenges from the
downturn in IUSA's end markets, particularly in the U.S.  The
ratings could be lowered if IUSA's liquidity weakens and/or its
key financial ratios fail to improve.

The rating on IUSA reflects the inherent cyclicality of the
construction industry, commodity price volatility, competitive
pressure on core products and markets, low operational margins,
and high leverage relative to operating cash flow generation.
These factors are partially offset by the company's leading
market positions in Mexico and the U.S., its diversified product
mix, and some geographic diversification in the manufacturing
and distribution of copper tubing, copper-alloy products,
valves, controls, watt-hour meters, wire and cable, and
electrical devices.  The ratings are also based on Standard &
Poor's expectation that IUSA will continue to follow a
disciplined commercial strategy and increase its offering of
value-added products, as well as its liquidity access.

"The negative outlook mainly reflects the uncertainty and
challenges from the downturn IUSA's end markets, particularly in
the U.S.," said Standard & Poor's credit analyst Jose Coballasi.
The ratings could be lowered if IUSA's liquidity weakens and/or
its key financial ratios fail to improve.  The outlook could
revert to stable if IUSA's strategies start generating steady
free operating cash flow that allows its key financial ratios to
improve.

Industrias Unidas is one of Mexico's largest diversified
industrial groups, manufacturing a wide range of copper-based
and electrical products for the housing and electrical power
sectors mainly in Mexico and the U.S.  The company processes
over 230,000 of metric tons of copper per year.  As of
June 2007, last twelve month revenues were in excess of US$2.3
billion.


INNOPHOS HOLDINGS: Board Declares US$0.17 Per Share Dividend
------------------------------------------------------------
Innophos Holdings Inc.'s Board of Directors has declared a
dividend of US$0.17 per share of common stock.  The dividend
will be payable on Jan. 31, 2008, to stockholders of record as
of the close of business on Jan. 14, 2008.

                 About Innophos Holdings, Inc.

Innophos Holdings, Inc. is the parent holding company of
Innophos Investments Holdings, Inc., which is also a holding
company that owns 100% of Innophos, Inc.  Innophos, Inc.
(including its subsidiaries) is the largest North American
manufacturer of specialty phosphate salts, acids and related
products serving a diverse range of customers across multiple
applications, geographies and channels.  Innophos offers a broad
suite of products used in a wide variety of food and beverage,
consumer products, pharmaceutical and industrial applications.
Headquartered in Cranbury, New Jersey, Innophos has plant
operations in the US, Canada and Mexico.  Its revenues for the
12 months ended Dec. 31, 2006 were roughly US$542 million.
Innophos publicly listed its shares in November 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2007, Moody's Investors Service assigned a B1
corporate family rating to Innophos Holdings, Inc., and a B3
rating to the company's new US$66 million senior unsecured notes
due 2012.  The new notes are being issued by Innophos Holdings,
Inc. to refinance US$61 million of debt of its subsidiary,
Innophos Investments Holdings, Inc.  The corporate family rating
assignment is being made to transfer the corporate family rating
to Innophos Holdings, Inc. from Innophos Investments Holdings,
Inc.  An SGL- 2 speculative grade liquidity rating and a stable
rating outlook were also assigned to Innophos.

This summarizes the ratings activity:

   Innophos Holdings, Inc.

Ratings assigned:

   -- Corporate family rating, B1

   -- Probability of default rating, B1

   -- Speculative grade liquidity rating, SGL-2

   -- US$66 million senior unsecured notes due 2012, B3,
      LGD6, 93%

   Innophos, Inc.

Ratings affirmed:

   -- US$50 million guaranteed senior secured revolver due 2009,
      Ba1, LGD2, 18%

   -- US$220 million guaranteed senior secured term loan B due
      2010, Ba1, LGD2, 18%

   -- US$190 million 8.875% guaranteed senior subordinated
      notes due 2014, B2, LGD5, 71%


INTERTAPE POLYMER: Debt Reduction Prompts S&P to Upgrade Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Intertape Polymer Group Inc. including its corporate credit
rating to 'B' from 'B-'.  The outlook is stable.

S&P also raised its rating on Intertape's senior secured first-
lien credit facilities, consisting of a US$117 million term loan
due 2011 and a US$60 million revolving credit facility due 2009,
to 'BB-' from 'B-', and revised the recovery rating to '1' from
'3'.  This indicates S&P's expectation of very high recovery
(90%-100%) in the event of a payment default.  In addition, S&P
raised its issue rating on Intertape's senior subordinated notes
to 'CCC+' from 'CCC'.

S&P removed all ratings from CreditWatch with positive
implications where they were placed on Sept. 10, 2007, following
an improvement in second-quarter earnings, and the company's
plan for a rights equity issue and a paydown of debt.

As of Sept. 30, 2007, total debt (adjusted for capitalized
operating leases and underfunded retiree benefits) was
US$288 million.

"The upgrade reflects a meaningful reduction in debt and the
continuation of a recent trend of improvement in operating
earnings," said Standard & Poor's credit analyst Paul Kurias.

Debt declined during the third quarter of 2007 after the paydown
of debt, utilizing approximately US$60 million from proceeds of
the equity rights issue.  Earnings for the quarter improved on a
sequential basis, partly reflecting the continuing impact of
recent management actions to reduce fixed costs.  As a result,
credit metrics including the ratio of funds from operations to
total debt improved to about 12% as of Sept. 30, 2007, from
about 2% in the previous quarter.

Standard and Poor's expectations is that the earnings
improvement is sustainable, and that there will be no meaningful
increase in debt.  S&P also expects the company to maintain
adequate liquidity levels and maintain sufficient cushion under
its covenants.  The improvement in earnings and lower debt
addressed S&P's concerns on liquidity and leverage, following a
decline in earnings in the third quarter of 2006, and subsequent
issues with covenant compliance.

The ratings reflect the company's vulnerable business position,
including its limited scope of operations in the tapes niche of
the North American packaging sector, a small presence in films,
low margins with some volatility in earnings, vulnerability to
cyclical end markets including to some extent the currently weak
housing market, and a highly leveraged financial profile.
The company's fair position in its market niches, breadth of
customer base, and positive long-term growth prospects for
industrial tape demand in North America are mitigating factors.

Based in Montreal, Quebec and Sarasota/Bradenton, Florida,
Intertape Polymer Group Inc. (NYSE,ITP; TSX: ITP.TO) --
http://www.intertapepolymer.com/-- develops and manufactures
specialized polyolefin plastic and paper-based packaging
products and complementary packaging systems for industrial and
retail use.  The company employs approximately 2,100 employees
with operations in 17 locations, including 13 manufacturing
facilities in North America and one in Europe and in Mexico.


MOVIE GALLERY: Files Joint Plan & Disclosure Statement
------------------------------------------------------
Movie Gallery Inc. and its debtor subsidiaries filed a Joint
Plan of Reorganization and Disclosure Statement with the United
States Bankruptcy Court for the Eastern District of Virginia,
Richmond Division, on Dec. 22, 2007.  A hearing to consider
approval of the Disclosure Statement has been scheduled for
Jan. 29, 2008.

The Company said the Plan is supported by both Sopris Capital
Advisors LLC, in its capacity as the largest holder of Movie
Gallery's 11% Senior Notes and in its capacity as a substantial
holder of claims under Movie Gallery's second lien credit
agreement, as well as the steering committee for holders of
claims under Movie Gallery's first lien credit agreement.

Movie Gallery expects that it will ask the Bankruptcy Court to
confirm the Plan early in the second quarter of 2008, and hopes
to emerge from bankruptcy shortly thereafter.

"The filing of our Plan is a significant step towards emerging
from Chapter 11 as a stronger, more competitive company," said
Joe Malugen, chairman, president and chief executive officer of
Movie Gallery.  "We have made substantial progress in addressing
our operational and financial challenges and we are confident
that the company will be well-positioned to operate profitably
and create value for all of its stakeholders upon emergence."

The Plan provides for:

   -- Conversion of the Company's US$325 million 11% Senior
      Notes and other general unsecured claims into new equity
      of reorganized Movie Gallery;

   -- Conversion of approximately US$72 million of the Company's
      US$175 million second lien indebtedness, held by Sopris,
      into equity of reorganized Movie Gallery;

   -- The Company's first lien indebtedness would remain in
      place on restructured terms in accordance with that
      certain First Lien Term Sheet attached to the Plan;

   -- The Company's remaining second lien debt -- following
      conversion of the second lien debt held by Sopris -- would
      remain in place on restructured terms set forth in that
      certain Second Lien Term Sheet attached to the Plan;

   -- A commitment by Sopris to backstop a US$50 million equity
      rights offering to be made available to eligible 11%
      Senior Noteholders; and

   -- Existing shares of the Company's common stock will be
      cancelled.

Mr. Malugen added, "I want to thank all of our partners and
associates, whose perseverance and commitment to Movie Gallery
has played a significant role in helping us reach this
significant milestone."

The Disclosure Statement contains a historical profile of
the company, a description of proposed distributions to
creditors, as well as many of the technical matters required for
the solicitation process, like descriptions of who will be
eligible to vote on the Plan and the voting process itself.

                  About Movie Gallery Inc.

Headquartered in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.
It operates over 4,600 stores in the United States, Canada, and
Mexico under the Movie Gallery, Hollywood Entertainment, Game
Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, serve as the Debtors' local counsel.  The
Debtors' claims & balloting agent is Kutzman Carson Consultants
LLC.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.


SANMINA-SCI: Calls for Redemption of US$120 Million Senior Notes
----------------------------------------------------------------
Sanmina-SCI Corporation called for redemption US$120 million in
aggregate principal amount of its Senior Floating Rate Notes due
2010.

The aggregate principal amount of the Notes outstanding is
US$300 million.  The CUSIP numbers for the Notes being called
for redemption are 800907 AL1and U80024 AC3.  Upon redemption,
holders of the Notes being redeemed will receive the principal
amount of the Notes being redeemed, plus accrued and unpaid
interest to but excluding the redemption date.

Copies of the notice of redemption may be obtained from U.S.
Bank National Association, the paying agent, by calling (800)
934-6802.

                      About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Moody's Investors Service downgraded Sanmina SCI
Corporation's corporate family rating and senior notes ratings
to B1 from Ba3 and the senior subordinated notes to B3 from B2.


UNITED RENTALS: Ends Merger Dispute with Cerberus
-------------------------------------------------
United Rentals Inc. ended a merger dispute with Cerberus Capital
Management LP after agreeing to accept a US$100 million breakup
fee from Cerberus, various sources say.

The move followed a court ruling Friday stating that Cerberus is
not obligated to complete its proposed buyout of United Rentals,
Donna Kardos of The Wall Street Journal relates.

As reported in the Troubled Company Reporter on July 24, 2007,
United Rentals signed a definitive merger agreement to be
acquired by affiliates of Cerberus in a transaction valued at
approximately US$6.6 billion, including the assumption of
approximately US$2.6 billion in debt obligations.

Under the terms of the agreement, United Rentals stockholders
will receive US$34.50 in cash for each share of United Rentals
common stock that they hold.  The purchase price per share
represents a 25% premium over United Rentals' closing share
price of US$27.55 prior to the company's announcement on
April 10, 2007, that it had commenced a process to explore a
broad range of strategic alternatives.

As reported in the Troubled Company Reporter on Nov. 23, 2007,
United Rentals filed a lawsuit against Cerberus after Cerberus
informed United Rentals that it "did not want to force its
financing sources to fulfill their commitments."

Cerberus blamed its change of mind on turmoil in credit markets,
WSJ says.

The lawsuit, seeking to compel Cerberus to complete the agreed-
upon transaction, contended that Cerberus directly violated the
merger agreement and acted in bad faith, and do not have the
right to pay a reverse break-up fee and simply walk away.

Cerberus filed an action for a declaratory judgment against
United Rentals in New York State Supreme Court.  In taking the
action, Cerberus sought to ensure that United Rentals honor the
express contractual undertakings it made contemporaneous with
the execution of the merger agreement.

At a hearing held Dec. 21, WSJ notes, Delaware Court of Chancery
Chancellor William B. Chandler III concluded that Cerberus was
acting within it contractual rights when it pulled the plug on
the deal shortly before the planned closing.

United Rentals said it won't be appealing the court's opinion
and is terminating its previously announced debt tender offers
and consent solicitations, WSJ adds.

The New York law firm of Orans, Elsen & Lupert LLP and the
Wilmington, Delaware law firm of Rosenthal, Monhait & Goddess,
P.A. represent United Rentals in this litigation.

                     About United Rentals

United Rentals Inc. -- http://www.unitedrentals.com/-- (NYSE:
URI) is an equipment rental company with an integrated network
of over 690 rental locations in 48 states, 10 Canadian provinces
and one location in Mexico.  The company's approximately 11,500
employees serve construction and industrial customers,
utilities, municipalities, homeowners and others.  The company
offers for rent over 20,000 classes of rental equipment with a
total original cost of US$4.3 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Standard & Poor's Ratings Services said that its
'BB-' corporate credit ratings on United Rentals Inc. and its
wholly owned subsidiary United Rentals Inc. remain on
CreditWatch with negative implications.


VALASSIS COMMS: Wallace Snyder Joins Board of Directors
-------------------------------------------------------
Valassis Communications Inc. has elected Wallace Snyder,
American Advertising Federation President & Chief Executive
Officer, to the Valassis Board of Directors, effective
Jan. 2, 2008.

Based in Washington, Mr. Snyder serves as the AAF's chief
spokesman and keeps well informed on advertising industry
issues.  Representing nearly 50,000 members -- including 130
corporate members, 210 local ad federations and 210 college
chapters -- Mr. Snyder often testifies before federal and state
lawmakers on issues of importance to the advertising industry.
He also serves the industry as a board member of several
national organizations, including The Ad Council, the
Advertising Educational Foundation and the National Advertising
Review Council, which oversees advertising self-regulation.

"A multi-cultural advertising and diversity champion, Wally
brings a wealth of business and leadership experience to our
board," said Alan F. Schultz, Valassis Chairman, President and
CEO.  "His close network of clients, government officials,
advertising agencies and media leaders, as well as his expertise
regarding legal and Federal Trade Commission issues will be a
tremendous asset to our shareholders and associates."

Prior to joining the AAF, Mr. Snyder was associate director for
advertising practices at the Federal Trade Commission's Bureau
of Consumer Protection, where he served as principal adviser to
the FTC on advertising issues.  Mr. Snyder also served as the
FTC's liaison officer to the Food and Drug Administration and
worked on a number of congressional proceedings involving the
FTC.  A 16-year veteran of the FTC, Mr. Snyder joined the
Commission as a trial attorney and was involved in litigation
for a variety of cases.  Before signing on at the FTC,
Mr. Snyder spent two years as an officer in the US Army.

Mr. Snyder is a graduate of the University of Iowa, where he was
elected student body president, and received his Juris Doctor
degree from the University of Iowa College of Law.  He is a
member of the bar of the District of Columbia.

                       About Valassis

Headquartered in Livonia, Michigan, Valassis Communications Inc.
-- http://www.valassis.com/-- offers a wide range of marketing
services to consumer packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, Europe, Mexico and Canada.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Standard & Poor's Ratings Services assigned its
'B-' rating to Valassis Communications Inc.'s proposed USUS$590
million senior unsecured notes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2007, Moody's Investors Service assigned a B3 rating to
Valassis Communications, Inc.'s proposed USUS$590 million of
fixed and floating rate senior unsecured notes due 2015.
Moody's Feb. 12, 2007, rating action on Valassis contemplated
the issuance of USUS$590 million of junior debt in conjunction
with the acquisition of ADVO and the company's existing ratings
are not affected by the issuance of the new senior unsecured
notes.  Valassis' Corporate Family rating is B1 and the rating
outlook remains stable.




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


JETBLUE AIRWAYS: Credit Suisse Keeps Outperform Rating on Firm
--------------------------------------------------------------
Credit Suisse analysts have kept their "outperform" rating on
JetBlue Airways Corporation's ratings, Newratings.com reports.

Newratings.com relates that the target price for JetBlue Airways
was decreased to US$9 from US$12.

The analysts said in a research note that the implementation of
flight caps by DOT at JFK may increase JetBlue Airways' revenues
and lessen costs due to efficiency improvements.

If JetBlue Airways benefits from an up to 5% decrease in
domestic capacity in 2008, "this could lend upside to the 2008
earnings per share estimates," Newratings.com notes, citing the
analysts.

To indicate higher fuel costs, the earnings per share estimate
for next year was decreased to US$0.30 from US$0.60,
Newratings.com states.

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

                        *     *     *

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

  -- Issuer Default Rating at 'B'

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

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


LIN TV: S&P Affirms Ratings & Revises Outlook to Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on LIN
TV Corp., including the 'B+' corporate credit rating, and
revised the outlook to stable from negative.

"The outlook change reflects the company's announcement that the
board of directors has concluded its review of strategic
alternatives," explained Standard & Poor's credit analyst
Ms. Debbie Kinzer.

The rating on LIN reflects financial risk from debt-financed TV
station acquisitions, increasing competition for audiences and
advertising revenue, and advertising cyclicality.  The company's
competitive positions in midsize TV markets, broadcasting's good
margin and free cash flow potential, recent improvements in
financial leverage, and relatively resilient station asset
values only partially offset these factors.

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


MICRON TECH: Posts US$262-Mil. Net Loss in Quarter Ended Nov. 29
----------------------------------------------------------------
Micron Technology Inc. has incurred a net loss of US$262 million
on net sales of US$1.5 billion for the first quarter ended
Nov. 29, 2007, compared to a net loss of US$158 million on net
sales of US$1.4 billion for the fourth quarter of fiscal 2007.

The company's growth in revenue in the first quarter compared to
the previous quarter was primarily driven by significant sales
volume increases in memory products (for both DRAM and NAND
Flash).  Sales of CMOS image sensors products in the first
quarter of fiscal 2008 also increased approximately 15 percent
compared to the previous quarter as a result of a higher level
of unit sales.  Megabit sales volume for DRAM and NAND Flash
memory products increased approximately 25 percent and 60
percent, respectively, comparing the first quarter to the
previous quarter, primarily as a result of higher levels of
production and strong demand. However, the company's first
quarter results continued to be significantly affected by
industry supply/demand dynamics.  Average selling prices
decreased approximately 20 percent for DRAM and 30 percent for
NAND Flash memory products compared to the already low prices
realized in the fourth quarter of fiscal 2007.  Primarily due to
prevailing market conditions, the company recorded a US$62
million write-down of its finished goods and work in process
inventories for memory products to reduce their carrying values
to their estimated market values.  This write-down is included
in the company's reported cost of goods sold for the first
quarter of fiscal 2008.

Despite the write-down, the company achieved a decrease in cost
of goods sold per megabit in the first quarter of fiscal 2008 of
approximately 10 percent and 15 percent for DRAM and NAND Flash
memory products, respectively.  Higher levels of production and
lower manufacturing costs in the first quarter of fiscal 2008
compared to the fourth quarter of fiscal 2007 were a result of
the company's acceleration of industry-leading process
technology, transitions to higher density memory products and
significant improvements and growth in the company's 300mm
operations.  The company continues to ramp production of 300mm
NAND wafers at its IM Flash joint venture fab in Lehi, Utah and
300mm DRAM wafers at its TECH Semiconductor operation in
Singapore.

The company ended the first quarter with more than US$2 billion
in cash and investments.  The company had capital expenditures
of approximately US$885 million during the first quarter and
received US$150 million in cash contributions from Intel
Corporation, a partner in the IM Flash joint ventures.  The
company estimates capital expenditures aggregating between
US$2.5 billion and US$3 billion for the 2008 fiscal year, of
which approximately US$500 million is estimated to be funded by
contributions from joint venture partners.

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's USUS$1.1 billion convertible senior notes due
2014.




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


MIRANT CORP: Cash Flow Improvement Cues Moody's to Lift Ratings
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Mirant
Corporation (Mirant: Corporate Family Rating to B1 from B2) and
its subsidiaries Mirant Mid-Atlantic, LLC (MIRMA: pass through
trust certificates to Ba1 from Ba2), Mirant North America, LLC
(MNA: senior unsecured to B1 from B2 and senior secured to Ba2
from Ba3) and Mirant Americas Generation, LLC (MAG: senior
unsecured to B3 from Caa1).  Additionally, Mirant's Speculative
Grade Liquidity (SGL) rating was revised to SGL-1 from SGL-2.
The rating outlook is stable for Mirant, MNA, MAG, and MIRMA.

"The ratings upgrade reflects a significant improvement in
Mirant's consolidated cash flow and financial metrics driven by
declining reserve margins and an increase in the price paid for
power and capacity in the markets that Mirant operates" said
Moody's Vice President Scott Solomon.  "These market conditions
are expected to remain favorable for Mirant for at least the
next several years".

Specifically, the ratings upgrade reflects an expectation that
Mirant's consolidated ratio of adjusted consolidated cash from
operations (before changes in working capital) to adjusted
consolidated debt to be at least 15% and CFO pre W/C to adjusted
interest expense to be at least 3 times over the next several
years under most reasonable scenarios.  These ratios, as
calculated by Moody's, are projected to be approximately 18% and
3 times at year-end.

Mirant's sound financial metrics, however, are balanced by the
merchant power generator's business risk profile, limited fuel
and geographic diversification, a sizable near-term capital
expenditure program and a financial policy that has been geared
toward shareholder rewards.

The revision of the Speculative Grade Liquidity rating to SGL-1
reflects Moody's expectation that Mirant will maintain a very
good liquidity profile over the next 12-month period as a result
of its generation of strong internal cash flows, maintenance of
significant cash balances and access to substantial revolving
credit availability.

These ratings/LGD assessments were affected by this action:

  -- Mirant Corporation, Corporate Family Rating upgraded to B1
     from B2;

  -- Mirant Corporation, Probability of default rating upgraded
     to B1 from B2;

Mirant Mid-Atlantic, LLC

  -- Approximately US$940 million pass through certificates
     upgraded to Ba1 (LGD 2, 15%) from Ba2 (LGD 2, 12%);

Mirant North America, LLC

  -- US$850 million 7.375% senior unsecured bonds due 2013
     upgraded to B1 (LGD 4, 55%) from B2 (LGD 4, 52%);

  -- US$800 million senior secured revolving credit facility due
     2013 upgraded to Ba2 (LGD 2, 21%) from Ba3 (LGD 3, 32%);

  -- US$556 million (originally US$700 million) senior secured
     term loan due 2013 upgraded to Ba2 (LGD 2, 21%) from Ba3
     (LGD 3, 32%);

Mirant Americas Generation, LLC

  -- US$850 million 8.3% senior unsecured notes due 2011
     upgraded to B3 (LGD 5, 85%) from Caa1 (LGD 5, 85%);

  -- US$450 million 8.5% senior unsecured notes due 2021
     upgraded to B3 (LGD 5, 85%) from Caa1 (LGD 5, 85%);

  -- US$400 million 9.125% senior unsecured notes due 2031
     upgraded to B3 (LGD 5, 85%) from Caa1 (LGD 5, 85%).

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On
March 7, 2007, the Court entered a final decree closing 46
Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  The Court confirmed Mirant Lovett's Plan on
Sept. 19, 2007.  Mirant Lovett emerged from bankruptcy on
Oct. 2, 2007.




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


CHRYSLER LLC: "Operationally" Bankrupt, CEO Nardelli Says
---------------------------------------------------------
Chrysler LLC is "operationally" bankrupt, was how chief
executive officer Robert Nardelli described the company's
status at a meeting held earlier this month, The Wall Street
Journal reports, citing an account by two people present
that meeting.

"The only thing that keeps us from going into bankruptcy
is the US$10 billion investors entrusted us with," Mr. Nardelli
said at the meeting, WSJ's sources relate.

As reported in the Troubled Company Reporter on Dec. 7, 2007,
various papers cited Mr. Nardelli as saying that Chrysler is in
for a wider financial loss of US$1.6 billion.

It would be the Chrysler's second consecutive year of losses if
Mr. Nardelli's forecast is right, according to the Associated
Press citing an unnamed source.  The company reported a loss of
US$618 million in 2006 but disclosed earnings of US$1.8 billion
in 2005.

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

                        *     *     *

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


* VENEZUELA: 2007 Trade with Cuba Estimated at US$7 Billion
-----------------------------------------------------------
Prensa Latina reports that exchange of trade between Venezuela
and Cuba for 2007 is expected to have reached US$7 billion,
according to Cuban Vice President Carlos Lage.

The vice president recalled that the two countries trade
relationship began in 1998 with only US$388 million of
commercial exchange, the same report says.

The two countries in recent years have strengthened bilateral
ties resulting to higher trading figures.  To date, Cuba and
Venezuela have 27 joint ventures, the lates of which is the re-
opening of the Cienfugeo refinery.

The collapsed of the Soviet Union brought dire consequences to
Cuba as a result of losing its primary supplier of crude.
Venezuela stepped in through the PetroCaribe initiative that
offers preferential payment scheme to its member countries.

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


                         ***********


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, and
Rizande de los Santos, Editors.

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

This material is copyrighted and any commercial use, resale or
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