TCRLA_Public/080107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, January 7, 2008, Vol. 9, Issue 4

                          Headlines



A R G E N T I N A

ACTIVE ARGENTINA: Trustee Verifies Proofs of Claim Until Feb. 8
CHRYSLER LLC: Simon Boag Named Global Alliance Operations EVP
CHRYSLER LLC: U.S. December S2007 Sales Increase 1%
DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property
DARRESA SA: Proofs of Claim Verification Deadline is March 27

GERIBA SRL: Proofs of Claim Verification Ends on March 27
GIMENEZ DE MINIGUTTI: Trustee to File General Report on Feb. 29
PRUDENZA SA: Proofs of Claim Verification Is Until April 11
SIMON CACHAN: Trustee Verifies Proofs of Claim Until March 26
TELEFONICA DE ARGENTINA: Julio Linares Named as New COO


B A H A M A S

COMPLETE RETREATS: Emerges from Bankruptcy Protection
METROPOLITAN BANK: Tier-2 Notes Get "Deal of the Year" Award


B E R M U D A

CST INSURANCE: Final Shareholders Meeting Scheduled for Feb. 4
GECKO REINSURANCE: Last Shareholders Meeting Set for Feb. 4
ORB TECHNOLOGY: Final Shareholders Meeting Is on Feb. 6
TBG GAMMA: Sets Final Shareholders Meeting for Feb. 6


B O L I V I A

INTERMEC INC: Honeywell is Licensee After Hand Held Acquisition

* BOLIVIA: Hydorcarbons Investment Totals US$967MM in 2008


B R A Z I L

AFFILIATED COMPUTER: Inks Strategic Alliance with Ingenix
ATARI INC: Has Until March 20 to Comply with Nasdaq Rules
COMPANHIA PARANAENSE: Still In Talks to Increase Domino Stake
DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106MM
DELPHI CORP: Deloitte Settles Securities Fraud Claims for $38M

DELPHI CORP: Exclusive Plan-Filing Period Extended to March 31
EL PASO: Unit Discloses Result of Tender Offer for 5.95% Notes
FORD MOTOR: 2007 Sales Down by 12% at 2.57 Million
FORD MOTOR: Overall Canada Sales Down 11.8% to 15,163 Units
FORD MOTOR: Tata Motors Singled Out as Likely Bidder

GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines Plant
GENERAL MOTORS: December 2007 Retail Sales Up 1.5%
GENERAL MOTORS: Canada 2007 Sales Down 4.2% to 403,410 Units
GOL LINHAS: Fundo Abandons Privatization Plans
JAPAN AIRLINES: To Beef Up Air Cargo Operations

TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake

* BRAZIL: Petrobras Can't Say Tupi Oil & Gas Output Levels


C A Y M A N   I S L A N D S

ABILENE LIMITED: Final Shareholders Meeting Set for Jan. 10
BANK RAKYAT: Pefindo Upgrades Ratings to "idAA+"
BERNARD BRIDGE: Proofs of Claim Filing Is Until Jan. 10
CABLE & WIRELESS: Minister Intervenes in Dispute with Union
CAI JAPAN: Proofs of Claim Filing Is Until January 10

CO-INVESTMENT LIMITED: Final Shareholders Meeting Is on Jan. 10
CHUO FINANCE: Proofs of Claim Filing Deadline Is January 10
DISCOVERER PROTECTION: Proofs of Claim Filing Ends on Jan. 10
DUSK LIMITED: Sets Final Shareholders Meeting for Jan. 10
FALCON CAPITAL: Proofs of Claim Filing Deadline Is Jan. 10

FIRST BIANCA: Final Shareholders Meeting Is on January 10
FREESPIRIT CAPITAL: Sets Final Shareholders Meeting for Jan. 10
GRYPHON HIDDEN: Proofs of Claim Filing Deadline Is Jan. 10
JLOC I: Proofs of Claim Filing Deadline Is January 10
JLOC FUNDING: Final Shareholders Meeting Is on Jan. 10

LYDIAN LIMITED: Sets Final Shareholders Meeting for Jan. 10
MAGICAL YC: Will Hold Final Shareholders Meeting on Jan. 10
MERRIMACK LIMITED: Final Shareholders Meeting Is on Jan. 10
RIVERHEAD LIMITED: Sets Final Shareholders Meeting for Jan. 10
RUM LIMITED: Will Hold Final Shareholders Meeting on Jan. 10

SAMPSON LTD: Sets Final Shareholders Meeting for Jan. 10
TOBOGAN INVESTMENTS: Final Shareholders Meeting Set for Jan. 10
YORK POWER: Proofs of Claim Filing Deadline Is Jan. 10
ZUBERBERG INVESTMENT: Final Shareholders Meeting Is on Jan. 10


C H I L E

GOODYEAR TIRE: Tire Mounting Biz Sells Assets to EnovaPremier


C O L O M B I A

GRAN TIERRA: Earns US$1.1 Mil. in Third Quarter Ended Sept. 30


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Insists on Royal Dutch's Plant Fraud


E L  S A L V A D O R

HERBALIFE LTD: Promotes Jerry Li to China Unit General Manager


G U A T E M A L A

IMAX CORP: To Sell Feinstein Theatre to National Amusements
IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims


M E X I C O

ALASKA AIR: Gary Beck Elected as Flight Operations VP
ALASKA AIRLINES: Elizabeth Ryan Named as New Managing Director
METROLOGIC INSTRUMENTS: Settles Patent Disputes with Symbol
MOVIE GALLERY: Wants Removal Period Extended Until July 14
REMY WORLDWIDE: Court Issues Decree Closing 27 Bankr. Cases

SONIC CORP: Net Income Down 11% to US$13.6MM in First Qtr. 2008


P E R U

FREEPORT-MCMORAN: Declares Quarterly Dividends


P U E R T O   R I C O

AVNET INC: Acquires YEL Electronics Hong Kong Ltd.
FIRST BANCORP: Wins Bid for Virgin Islands Bank Acquisition
GENESCO INC: Declares Quarterly Dividends Payable on January 30
GENESCO INC: Merger Order Cues S&P to Retain Developing Watch


U R U G U A Y

NAVIOS MARITIME: Forms South American Logistics Biz w/ Horamar


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Boost Natural Gas Output
PETROLEOS DE VENEZUELA: Paying US$630MM on Cerro Linked Bonds

* VENEZUELA: Reports 22.5% Domestic Inflation in 2007
* VENEZUELA: Cardon Refinery Still Offline Due to Power Outage

* BOND PRICING: For the Week December 31 to January 4



                            - - - - -

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


ACTIVE ARGENTINA: Trustee Verifies Proofs of Claim Until Feb. 8
---------------------------------------------------------------
Hector Ricardo Martinez, the court-appointed trustee for Active
Argentina S.A.'s reorganization proceeding, will verify
creditors' proofs of claim until Feb. 8, 2008.

Mr. Martinez will present the validated claims in court as
individual reports on March 26, 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 Active Argentina 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 Active Argentina's
accounting and banking records will be submitted in court on
May 12, 2008.

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

The debtor can be reached at:

        Active Argentina S.A.
        Piedras 77
        Buenos Aires, Argentina

The trustee can be reached at:

        Hector Ricardo Martinez
        Avenida Independencia 2251
        Buenos Aires, Argentina


CHRYSLER LLC: Simon Boag Named Global Alliance Operations EVP
-------------------------------------------------------------
Chrysler LLC has named Simon Boag to the newly created position
of Executive Vice President -- Global Alliance Operations,
reporting to Vice Chairperson and President Tom LaSorda.  Mr.
Boag will lead the operations side of Chrysler's alliances which
are designed to expand opportunities for global growth.

"As outlined in the Company's Recovery and Transformation Plan,
growth in markets outside of North America is critical to the
success of Chrysler," said Mr. LaSorda.  "We are looking for new
alliances and growth opportunities all over the world."

Mr. Boag joined Chrysler in April 2005 as Vice President --
Assembly and Stamping Operations.  Following this assignment, he
spent a year and a half as the head of Production Planning for
Mercedes-Benz Passenger Cars, and most recently held the
position of Executive Vice President -- Procurement and Supply.
Mr. Boag also serves as the Co-Chairperson of ENVI, an
organization within Chrysler that is responsible for the
development of electric-drive vehicles and related advanced-
propulsion technologies.

In an additional announcement, the company appointed John P.
Campi to the post of Executive Vice President -- Procurement,
also reporting to Mr. LaSorda.

In this role, Mr. Campi will be responsible for all worldwide
purchasing and supplier quality activities.

"John is a recognized leader in field of sourcing and cost
management," said Mr. LaSorda.  "His addition to the already
strong Chrysler executive team further ensures that we have the
talent and experience to succeed in even the most challenging of
economic environments."

Mr. Campi has more than 35 years of experience in the sourcing
industry.  Before joining Chrysler, he was President of Genesis
Consulting Group, a company he founded.  Mr. Campi and Genesis
Consulting were hired as Chrysler consultants in October 2007.
Previously, Mr. Campi led the drive for standardization and
optimization of The Home Depot Global Supply Chain as its Senior
Vice President of Sourcing and Vendor Management.  Prior to
joining The Home Depot, Mr. Campi served as Vice President for
E.I. du Pont de Nemours & Co. and Chief Procurement Officer for
Global Sourcing and Logistics.

"Purchasing plays a critical role in cost management and
building high-quality vehicles for our customers, and affects
every facet of the company," said Mr. Campi.  "My goal is to
take a disciplined approach to purchasing and apply best
practices learned from both within and outside of the automotive
industry."

Mr. Campi is a graduate of Indiana University with a bachelor's
degree in Accounting.  He also earned his master's degree from
the Executive Program of the Weatherhead School of Management,
Case Western Reserve University.

Chrysler's Supply Operations -- which include Logistics,
Packaging, Materials Handling and Production Scheduling -- will
be realigned to report to Manufacturing under Joe L. Chao, Vice
President -- Advance Manufacturing Engineering and Supply.  Mr.
Chao reports to Frank Ewasyshyn, Executive Vice President --
Manufacturing.

                       About Chrysler LLC

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 it
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'.


CHRYSLER LLC: U.S. December S2007 Sales Increase 1%
---------------------------------------------------
Chrysler posted a 1% rise in December 2007 sales to 191,423
units, up from 190,415 in December the previous year.

We talked to Steven Landry, Executive Vice President of North
American Sales, about the results.

"December is always a little unpredictable," Mr. Landry said.
"We're very happy with our sales being up 1%. I will also add
inside that 1% sales, our fleet was down and our retail number
was up, so it's all going in the right direction.  In the month
of December, it looks like we will gain market share."

Not all automakers have posted results yet, precise market share
figures are not available.  "Our forecast estimate is that we
will pick up half a point of market in the month of December,"
he said.

Mr. Landry said that Chrysler has momentum going into January,
and the new "Zero Plus" incentive program should help.  Under
that program, qualified customers can choose 0% APR financing
for 36 months or 3.9% APR financing for 60 months PLUS consumer
cash allowance amounts of up to $2,500.  The program runs
through Feb. 29, 2008.

"We're providing the opportunity for some consumers to have that
down payment, that elusive down payment, that is important for
consumers to get a deal done today," Mr. Landry said.  "With the
banks and the financial institutions the way they are today,
they like to see a bigger down payment, it makes it easier for
them to do financing."

The all-new Chrysler Town & Country and Dodge Grand Caravan
minivans recorded strong results in December, which also gives
Mr. Landry confidence for 2008.

                       About Chrysler LLC

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'.


DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property
----------------------------------------------------------
Plaza Tire Service Inc. won the bidding for the industrial
building that formerly housed Dana Corp.'s production facility
in Cape Girardeau, the Southeast Missourian reports, citing
Plaza Tire Service's vice president Scott Rhodes.

As reported in the Troubled Company Reporter on Dec. 18, 2007,
Rhodes Development Company, LLC, had expressed interest in
purchasing the Cape Girardeau property at a purchase price
higher than that of Schaefer's Power Panels, Inc., hence, it had
asked the Debtors to consider its offer.

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

According to the Southeast Missourian, Plaza Tire edged out an
offer from Schaefer's Electrical Enclosures, which had strong
support from city and economic development leaders.  Bidders
submitted their best price to the U.S. Bankruptcy Court for the
Southern District of New York, and the Dana court deemed Plaza's
bid the best offer, Southeast Missourian's Rudi Keller reports.

The facility will house corporate offices and a distribution
center for Plaza Tire's 49 stores in Missouri and Illinois,
according to Southeast Missourian.

Details of the transaction were not immediately available,
Southeast Missourian notes.

Plaza Tire Service consists of 49 tire stores and is listed as
the 28th largest independently owned tire retailer in North
American by Tire Business' magazine, according to information
posted on the company's Web site.

                          About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court confirmed
the Debtors' Chapter 11 Plan on Dec. 26, 2007.  (Dana
Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DARRESA SA: Proofs of Claim Verification Deadline is March 27
-------------------------------------------------------------
Roberto Mazzarella, the court-appointed trustee for Darresa
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 27, 2008.

Mr. Mazzarella will present the validated claims in court as
individual reports on May 8, 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 Darresa 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 Darresa's accounting
and banking records will be submitted in court on June 19, 2008.

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

The trustee can be reached at:

         Roberto Mazzarella
         Ortega y Gaset 1827
         Buenos Aires, Argentina


GERIBA SRL: Proofs of Claim Verification Ends on March 27
---------------------------------------------------------
Maria Susana Taboada, the court-appointed trustee for Geriba
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 27, 2008.

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

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

The trustee can be reached at:

         Maria Susana Taboada
         Ezeiza 2641
         Buenos Aires, Argentina


GIMENEZ DE MINIGUTTI: Trustee to File General Report on Feb. 29
---------------------------------------------------------------
Norberto R. Victtore, the court-appointed trustee for Gimenez de
Minigutti Norma Elba's bankruptcy proceeding, will submit a
general report containing an audit of the company's accounting
and banking records in the National Commercial Court of First
Instance in Rosario, Santa Fe, on Feb. 29, 2008.

Mr. Victtore verified creditors' proofs of claim until Nov. 6,
2007.  She also presented creditors' validated claims as
individual reports in court on Dec. 19, 2007.

The debtor can be reached at:

          Gimenez de Minigutti Norma Elba (su patrimonio)
          Cordoba 615, Rosario
          Santa Fe, Argentina

The trustee can be reached at:

          Norberto R. Victtore
          Italia 1905, Rosario
          Santa Fe, Argentina


PRUDENZA SA: Proofs of Claim Verification Is Until April 11
-----------------------------------------------------------
Eva Malvina Gords, the court-appointed trustee for Prudenza
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until April 11, 2008.

Ms. Gords will present the validated claims in court as
individual reports on May 26, 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 Prudenza 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 Prudenza's accounting
and banking records will be submitted in court on June July 8,
2008.

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

The trustee can be reached at:

         Eva Malvina Gords
         Avenida Callao 1121
         Buenos Aires, Argentina


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

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

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

A general report that contains an audit of Simon Cachan's
accounting and banking records will be submitted in court on
June 6, 2008.

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

The trustee can be reached at:

        Estevez - Indurain - Vasquez
        Uruguay 750
        Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Julio Linares Named as New COO
-------------------------------------------------------
Telefonica de Argentina SA's board of directors, with the
approval of the Nominating, Compensation and Corporate
Governance Committee, has named Julio Linares, General Manager
for Coordination, Business Development and Synergies, as the
company's new Chief Operating Officer.

The company also appointed Guillermo Ansaldo as General Manager
of Telefonica Espana.  Mr Ansaldo will replace Antonio Viana-
Baptista, who leaves the Company citing personal reasons.
Meanwhile, Manuel Pizarro and Javier de Paz will replace Enrique
Used and Maximino Carpio as members of Telefonica's board.  Both
Manuel Pizarro, Javier de Paz and Alfonso Ferrari will join as
well the Executive Commission of the company's board.

The appointment of a new COO at Telefonica implies changes to
the organisational structure, which in any event still supports
a regional focus aimed at becoming more customer-oriented and
leveraging economies of scale.

From now, the three regional business divisions, Spain, Europe
and Latin America, will report to the new COO, Mr. Linares.
Until now they had reported directly to the company's Executive
Chairman and CEO, Cesar Alierta.  Mr. Ansaldo will take Antonio
Viana-Baptista's place at the helm of Telefonica Espana, with
Belen Amatriaˇn as the company's CEO and number two.  Matthew
Key will oversee Europe and Jose Marˇa Alvarez-Pallete will
continue to lead Telef˘nica Latinoam‚rica.  All three general
divisions will continue to manage all the fixed and mobile
businesses in their respective regions in an integrated way.

Also reporting to Telefonica's new COO will be four support
units:

   -- Operations (Alfonso Alonso);

   -- Strategy, Innovation and Business Development
      (Sohail Qadri);

   -- Planning, Budgeting and Monitoring (Laura Abasolo); and

   -- Human Resources (Oscar Maraver).

Therefore, reporting directly to Telefonica's Executive Chairman
and CEO will be COO Julio Linares; the General Manager of
Finance and Corporate Development, Santiago Fernandez Valbuena;
head of the Legal and Board Secretariat (Ramiro Sanchez de
Lerin) and the head of the Technical Secretariat to the
Chairman's Office (Luis Abril).  In the new chain of
responsibilities, Internal Auditing will report to the Finance
and Corporate Development unit, which will also act as
Controller (Ezequiel Nieto).

Antonio Viana-Baptista, until now the General Manager of
Telefonica Espana, is leaving the company on his own accord,
citing personal reasons.  Mr Viana-Baptista, a longstanding
executive at Telefonica, has spent the last nine years -- eight
of them also as member of the Board of Director -- achieving
huge success in Latin America, overseeing the global mobile
division and, lastly, at Telefonica Espana.  The company wishes
to thank Antonio Viana-Baptista for his dedication and
achievements over these years.

The Telefonica board also agreed to add Manuel Pizarro and
Javier de Paz as members.  They will replace Enrique Used and
Maximino Carpio, who will leave as well the committees they were
part of.  The Board recognized the intense work carried out by
the outgoing directors and thanked them for the contribution and
efforts in recent years.

Lastly, Antonio Hornedo Muguiro will step down, for personal
reasons, as deputy general secretary and secretary of the board
of directors.  He will be replaced by Maria Luz Medrano
Aranguren.

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

                        *     *     *

Telefonica de Argentina's foreign currency rating is rated B2 by
Moody's Latin America with a positive outlook.


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


COMPLETE RETREATS: Emerges from Bankruptcy Protection
-----------------------------------------------------
Complete Retreats LLC and its debtor affiliates' First Amended
Joint Plan of Liquidation became effective on Dec. 31, 2007.

The First Amended Plan was confirmed by the Bankruptcy Court on
Nov. 30, 2007.

Each of the Debtors, except for DR Abaco LLC, Retreats Europe,
Ltd., and DR Umbria, Ltd., have merged into Complete Retreats or
have otherwise been dissolved, Jeffrey K. Daman, Esq., at
Dechert LLP, in Hartford, Connecticut, says.  DR Abaco, on the
other hand, became a wholly owned subsidiary of Complete
Retreats.

Pursuant to the Plan, the Debtors will establish the "Complete
Retreats Liquidating Trust" for the primary purpose of
liquidating and distributing the Debtors' assets.  On the
Effective Date, the Debtors and the Liquidating Trustee executed
the Liquidating Trust Agreement, pursuant to which:

   (a) the Liquidating Trust came into effect;

   (b) Joel S. Lawson III was appointed Liquidating Trustee;
       and

   (c) Brian W. Anderson, Michael A. Freedman, and Christopher
       Swann were appointed members of the Plan Advisory
       Committee.

In addition, the single equity interest in Complete Retreats was
transferred to the Liquidating Trust in accordance with the
terms of the Plan and the Plan Confirmation Order.  Moreover,
all of the Liquidating Trust Assets are deemed transferred by
the Debtors to the Liquidating Trust.

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

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

The Debtors delivered the Final Liquidating Trust Agreement to
the Court on Jan. 2, 2008.  On the same day, the Debtors also
submitted to Judge Schiff final versions of the notes and
related agreements among their retained professionals, the
professionals retained by the Official Committee of Unsecured
Creditors, and the Liquidating Trustee.

Full-text copies of the Professional Fees Notes and Agreements
are available for free at:

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

According to the Liquidating Trustee, the net fair market value,
as of the Effective Date, of all of the Liquidating Trust Assets
is zero.  As per the terms of the Liquidation Trust Agreement,
the "Zero" Determined Value will be used by the Debtors, the
Liquidating Trust, the Liquidating Trustee, the Plan Advisory
Committee, and the Beneficiaries for all federal income tax
purposes.

Any distributions to be received by any person or entity under
the Plan will be in full satisfaction, settlement, and release
of, and in exchange for, that entity's Allowed Claim.  As of the
Confirmation Date, all persons and entities are permanently
enjoined from commencing or continuing any action or proceeding
on account of any claim, right, obligation, liability, or cause
of action released pursuant to the Plan.  The United States
Government or any of its agencies and any state and local
authority are not enjoined from bringing any claim, suit,
action, or other proceedings against the Released Parties, as
defined under the Plan, for any liability.

Mr. Daman relates that on or before the Effective Date, the
Debtors paid, or otherwise satisfied, all Allowed Administrative
Expense Claims, Priority Tax Claims, Outstanding Secured Claims,
Convenience Claims, and Priority Non-Tax Claims.  To the extent
any Claims are subject to previously filed and pending
objections, the Debtors, after consultation with the Creditors
Committee, have reserved for the payment of disputed claims
subject to resolution of the objections.

Any and all remaining Executory Contracts to which any Debtor is
still a party is deemed rejected as of the Effective Date,
except for:

   (a) those of the Debtors' agreements with Ultimate Resort,
       LLC, then still in force and effect; and

   (b) any executory contract that (i) has been assumed or
       rejected pursuant to a final Court Order entered prior
       to the Effective Date, or (ii) is subject to a separate
       motion to assume, assume and assign, or reject filed
       under Section 365 of the Bankruptcy Code by the Debtors
       prior to the Effective Date.

                     About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.

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

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No.
06-50245).  Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq.
at Dechert LLP represent the Debtors in their restructuring
efforts.  Michael J. Reilly, Esq., at Bingham McCutchen LP, in
Hartford, Connecticut, serves as counsel to the Official
Committee of Unsecured Creditors.  No estimated assets have been
listed in the Debtors' schedules, however, the Debtors disclosed
US$308,000,000 in total debts.

(Complete Retreats Bankruptcy News, Issue No. 40; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


METROPOLITAN BANK: Tier-2 Notes Get "Deal of the Year" Award
------------------------------------------------------------
IFR Asia awards Metrobank Bank & Trust Co.'s offer of
PHP8.5 billion worth of Lower Tier 2 Peso-Denominated Step-Up
Callable Subordinated Notes the Philippine capital market's
"Deal of the Year" for 2007.

International Financing Review Asia is the region's most
authoritative capital markets magazine.  The annual IFR Asia
Awards are the ultimate recognition for achievement
in capital markets.

"With ING and Standard Chartered leading, it represented
Metrobank's debut in the onshore subordinated space and was the
largest domestic deal to emerge from the Philippines outside the
quasi-government sector," said IFR Asia in its editorial write-
up on the awards.  Metrobank subsidiary First Metro Investment
Corporation was financial advisor to the deal.

According to IFR Asia, "The deal distinguished itself both in
spread and absolute terms, bringing Metrobank's costs of funding
to record low levels."

"The deal hooked a whopping PHP10.5 billion of orders, which
represented the biggest book yet built for a local currency
subordinated deal, allowing an increase in the trade from the
earlier planned PHP5 billion," added IFR Asia.

"We are much honored with the recognition given by IFR Asia,"
said Metrobank executive vice president Fernand Antonio
Tansingco.  "The deal shows the confidence of investors in
the Bank, and in its business strategy."

Moody's Investor Service earlier gave the deal a credit rating
of Baa3, the highest credit rating ever for a Lower Tier 2
issuance by a Philippine bank.

                 About Metropolitan Bank & Trust

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
Internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the Philippines, and its overseas branch
network has enabled it to service the fund remittances of
Filipino overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

In November 2006, Moody's Investors Service revised the outlook
of Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.  The outlooks for
Metropolitan Bank's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of "D" remain
stable.

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed: Long-term Issuer Default rating 'BB-' -- with a stable
Outlook; Short-term rating 'B'; and Support rating '3.

On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.


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


CST INSURANCE: Final Shareholders Meeting Scheduled for Feb. 4
--------------------------------------------------------------
CST Insurance Company, Ltd., will hold its final shareholders
meeting on Feb. 4, 2008, at:

       The Armoury Building
       37 Reid Street, 1st Floor
       Hamilton, Bermuda

These matters will be taken up during the meeting:

   -- receiving an account showing the manner in which
      the winding-up of the company has been conducted
      and its property disposed of and hearing any
      explanation that may be given by the liquidator;

   -- determination by resolution the manner in
      which the books, accounts and documents of the
      company and of the liquidator shall be
      disposed; and

   -- passing of a resolution dissolving the
      company.


GECKO REINSURANCE: Last Shareholders Meeting Set for Feb. 4
-----------------------------------------------------------
Gecko Reinsurance Company Ltd. will hold its final shareholders
meeting on Feb. 4, 2008, at 4:00 p.m. at:

       The Armoury Building
       37 Reid Street, 1st Floor
       Hamilton, Bermuda

These matters will be taken up during the meeting:

   -- receiving an account showing the manner in which
      the winding-up of the company has been conducted
      and its property disposed of and hearing any
      explanation that may be given by the liquidator;

   -- determination by resolution the manner in
      which the books, accounts and documents of the
      company and of the liquidator shall be
      disposed; and

   -- passing of a resolution dissolving the
      company.


ORB TECHNOLOGY: Final Shareholders Meeting Is on Feb. 6
-------------------------------------------------------
Orb Technology Limited will hold its final shareholders meeting
on Feb. 6, 2008, at:

      3rd Floor, Par La Ville Place
      14 Par La Ville Road, Hamilton
      Bermuda

These matters will be taken up during the meeting:

   -- receiving an account showing the manner in which
      the winding-up of the company has been conducted
      and its property disposed of and hearing any
      explanation that may be given by the liquidator;

   -- determination by resolution the manner in
      which the books, accounts and documents of the
      company and of the liquidator shall be
      disposed; and

   -- passing of a resolution dissolving the
      company.


TBG GAMMA: Sets Final Shareholders Meeting for Feb. 6
-----------------------------------------------------
TBG Gamma Limited will hold its final shareholders meeting on
Feb. 6, 2008, at:

      3rd Floor, Par La Ville Place
      14 Par La Ville Road, Hamilton
      Bermuda

These matters will be taken up during the meeting:

   -- receiving an account showing the manner in which
      the winding-up of the company has been conducted
      and its property disposed of and hearing any
      explanation that may be given by the liquidator;

   -- determination by resolution the manner in
      which the books, accounts and documents of the
      company and of the liquidator shall be
      disposed; and

   -- passing of a resolution dissolving the
      company.



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


INTERMEC INC: Honeywell is Licensee After Hand Held Acquisition
---------------------------------------------------------------
Intermec Technologies Corp. has disclosed that Honeywell Inc.
has become a Rapid Start licensee under Intermec's RFID patents
following its acquisition of Hand Held Products Inc.

Intermec holds more than 154 RFID patents covering broad areas
of supply chain applications.  Intermec's patents cover all
global standards and classes for the practice of RFID
technology, including EPCglobal Class 0, Class 1, Class 1
Generation 2, ISO, ETSI and others.  Honeywell's license
will give it access to this technology with respect to portable
RFID readers.

Honeywell joins 22 other licensees under Intermec's RFID
patents, including Accu-sort, Avery Dennison, AWID, Cisco,
Datamax, EM Micro, Feig Electronics, Hand Held Products, LXE,
Motorola, Philips Semiconductor, PSC, Psion Teklogix, Sato,
Sharp Corp., Symbol Technologies, Texas Instruments, Thingmagic,
Toppan Printing, Tyco, Transcore and Zebra Technologies.

With the addition of Honeywell to its group of RFID licensees,
Intermec continues to support RFID end users and suppliers by
ensuring that the market has an ample supply of high-quality,
properly licensed RFID equipment from global manufacturers.

                      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.


* BOLIVIA: Hydorcarbons Investment Totals US$967MM in 2008
----------------------------------------------------------
Bolivia's hydrocarbons exploration and production investment
will total US$967 million in 2008, Business News Americas
reports, citing President Evo Morales, hydrocarbons and energy
minister Carlos Villegas and state-run oil firm Yacimientos
Petroliferos Fiscales Bolivianos' head Guillermo Aruquipa.

Bolivian state news agency Agencia Boliviana de Informacion
relates that Yacimientos Petroliferos, along with the 12 foreign
companies operating in Bolivia, will make the investment.

President Morales told Business News Americas that of the nearly
US$1-billion investment, some US$877 million will be allocated
to exploration, while about US$90.6 million will be alloted for
production.

BNamericas notes that the 12 companies include:

          -- Petrolera Chaco,
          -- Repsol YPF E&P Bolivia,
          -- Petrobras Bolivia,
          -- Pluspetrol,
          -- Petrolera Andina,
          -- BG Bolivia,
          -- Petrobras Energia,
          -- Total E&P,
          -- Vintage Petroleum,
          -- Canadian Energy,
          -- Dongwon, and
          -- Matpetrol.

According to BNamericas, the investment amount excludes pledges
from Venezuelan state-run oil firm Petroleos de Venezuela SA.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services has assigned
B- long-term sovereign local and foreign currency ratings and C
short-term sovereign local and foreign currency ratings on
Bolivia.



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


AFFILIATED COMPUTER: Inks Strategic Alliance with Ingenix
---------------------------------------------------------
Affiliated Computer Services, Inc. and Ingenix has announced a
strategic alliance to provide Medicaid Management Information
Systems decision support solutions to state governments.

Under the terms of the alliance agreement, the two companies
will work with each other to supply decision support solutions
for Affiliated Computer's state Medicaid Systems initiatives.
Affiliated Computer will license its portfolio of federally
certified decision support technologies to Ingenix, which will
provide its Medicaid Systems clients with a broad array of
decision support methodologies, software applications, and
related consulting services.  Decision support systems analyze
data to help health administrators assess Medicaid program
status, analyze healthcare policy, monitor budget trends and
measure program performance.

"This partnership allows us to enhance our current systems and
deliver better service to our Medicaid clients," said Affiliated
Computer senior vice president and managing director, Government
Healthcare Solutions, Christopher T. Deelsnyder.  "Combining
Ingenix' innovative decision support capabilities with ACS'
technologies strengthens our ability to streamline and improve
the delivery of healthcare in Medicaid programs."

Impact Pro for Care Management is Ingenix' innovative platform
for helping state Medicaid programs better identify and manage
both chronic and acute health conditions.  This predictive
modeling and care management tool is currently being used by the
ACS-Ingenix alliance to support the State of Mississippi's
Division of Medicaid.

"This relationship brings together an unparalleled set of data,
technology and experience that will increase efficiency, reduce
costs and improve care outcomes for Medicaid recipients and the
state governments that manage their health services," said
Ingenix chief executive officer, Andy Slavitt.  "Together, we
will offer a unique set of solutions that will help us grow our
respective businesses by giving our clients a suite of services
that meet their expectations."

                         About Ingenix

Ingenix --http://www.ingenix.com--,a wholly owned subsidiary of
UnitedHealth Group (NYSE: UNH), transforms organizations and
improves health care through information and technology.
Organizations rely on its innovative products, services and
consulting to improve the delivery and operations of their
business.

               About Affiliated Computer Services

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2007, Fitch Ratings has removed Affiliated Computer
Services, Inc. from Rating Watch Negative and affirmed these
ratings: Issuer Default Rating 'BB'; Senior secured revolving
credit facility at 'BB'; Senior secured term loan at 'BB';
Senior notes at 'BB-'.

Fitch said the rating outlook is stable.


ATARI INC: Has Until March 20 to Comply with Nasdaq Rules
---------------------------------------------------------
Atari Inc. has received a notice from The Nasdaq Stock Market
advising that in accordance with Nasdaq Marketplace Rule
4450(e)(1), Atari Inc. has 90 calendar days, or until March 20,
2008, to regain compliance with the minimum market value of
Atari Inc.'s publicly held shares required for continued listing
on the Nasdaq Global Market, as stated in Nasdaq Marketplace
Rule 4450(b)(3).

Atari Inc. received the notice because the market value of its
publicly held shares, which is calculated by reference to Atari
Inc.'s total shares outstanding, less any shares held by
officers, directors or beneficial owners of 10% or more, was
less than US$15 million for 30 consecutive business days prior
to Dec. 21, 2007.  This notification has no effect on the
listing of Atari Inc.'s common stock at this time.

The notice letter also states that if, at any time before
March 20, 2008, the market value of Atari Inc.'s publicly held
shares is US$15 million or more for a minimum of 10 consecutive
trading days, the Nasdaq staff will provide Atari Inc. with
written notification that it has achieved compliance with the
minimum market value of publicly held shares rule.

However, the notice states that if Atari Inc. cannot demonstrate
compliance with such rule by March 20, 2008, the Nasdaq staff
will provide Atari Inc. with written notification that its
common stock will be delisted.

In the event that Atari Inc. receives notice that its common
stock will be delisted, Nasdaq rules permit Atari Inc. to appeal
any delisting determination by the Nasdaq staff to a Nasdaq
Listings Qualifications Panel.

                         About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) -
http://www.atari.com/-- develops interactive games for all
platforms and is a third-party publisher of interactive
entertainment software in the U.S.  Atari Inc. is a majority-
owned subsidiary of France-based Infogrames Entertainment SA, an
interactive games publisher in Europe.  Atari has offices in
Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.


COMPANHIA PARANAENSE: Still In Talks to Increase Domino Stake
-------------------------------------------------------------
Companhia Paranaense de Energia will continue talks to increase
its stake in the Domino Holdings consortium, which controls
37.9% of Parana state water utility Sanepar, Brazilian state
government news agency AEN reports.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Companhia Paranaense is seeking to increase its
participation in Domino Holdings.  Domino Holdings purchased a
37.9% in Parana's state water utility Sanepar in 1998.

Business News Americas relates that Companhia Paranaense wants
to buy French company Sanedo's shares in Domino Holdings.
Sanedo decided in September to sell its 30% control in Domino
Holdings.  Companhia Paranaense's board of directors have
authorized the plan to buy the shares.  Once Companhia
Paranaense acquires Sanedo's shares, its stake in Domino
Holdings would increase to 45% from 15%.

Companhia Paranaense's head Rubens Ghilardi told BNamericas that
an agreement for the sale would soon be disclosed.

According to BNamericas, Domino Holdings' other members were
allowed to express interest in purchasing more shares in the
consortium until Dec. 28.

BNamericas notes that the acquisition the shares would cost
EUR42 million.  Companhia Paranaense is positioning to boost the
Parana state government's participation in Sanepar.  The state
is the major shareholder of Companhia Paranaense pel and
Sanepar.

An agreement signed in 1998 grants control of Sanepar to Domino
Holdings, even as a minor shareholder, BNamericas relates.  The
accord has been challenged by the Parana state government in a
court of justice.

BNamericas states that Domino Holdings holds a 37.9% stake of
Sanepar; the Parana state owns 60% of the firm.  Domino Holdings
has two other local shareholders, each holding 27.5% stakes:

          -- construction firm Andrade Gutierrez, and
          -- bank Opportunity, through the Daleth group.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- (NYSE: ELP/LATIBEX:
XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes
electricity to more than 3 million customers in the state of
Parana and has a generating capacity of nearly 4,600 megawatts,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its
Brazilian national scale.  Moody's said the rating outlook is
stable.  This rating action concludes the review process
initiated on July 26, 2006.

Moody's upgraded these ratings:

   -- Corporate Family Rating: to Ba2 from Ba3 (Global Local
      Currency) and to Aa2.br from A3.br (Brazilian National
      Scale);

   -- BRL500 million Senior Unsecured Guaranteed Debentures due
      2007: to Ba2 from Ba3 (Global Local Currency) and to
      Aa2.br from A3.br (Brazilian National Scale); and

   -- BRL400 million Senior Secured Guaranteed Debentures due
      2009: to Ba1 from Ba2 (Global Local Currency) and to
      Aa1.br from A1.br (Brazilian National Scale).


DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106MM
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved the sale of Delphi Corp. and its debtor-affiliates'
Interiors and Closures Businesses to Inteva Products, LLC, and
its affiliates for about US$106 million, pursuant to the Master
Sale and Purchase Agreement, dated October 15, 2007.

The Debtors told the Court at the Jan. 25, 2007 sale hearing
that no higher and better offers have been made.

The Court notes that the entry of the Sale Order will not modify
the terms and conditions applicable to the parts designated in
the agreements to be assumed and assigned to Inteva.  Siemens
VDO Automotive AG, Siemens VDO Automotive Corp., Siemens
Electric Ltd, and Siemens VDO Automotive Inc., now known as
Siemens VDO Automotive Canada Inc., each, as applicable,
expressly reserve its rights and defenses in this regard.

In connection with the sale, the Debtors are authorized, but not
directed, to enter into and perform under the sixth amendment of
lease, dated Sept. 28, 2007, by and between DAS LLC and 1401
Troy Associates Limited Partnership, covering certain premises
located at 1401 Crooks Road, Troy, Michigan.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  On Dec. 10, 2007, the Court entered an order approving
the Debtors' Disclosure Statement.  The hearing to consider
confirmation of the Plan is set for Jan. 17, 2008.  (Delphi
Bankruptcy News, Issue No. 104; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Deloitte Settles Securities Fraud Claims for $38M
--------------------------------------------------------------
An agreement in principle has been reached with Delphi Corp.'s
former outside auditor, Deloitte & Touche LLP, to settle claims
against the auditing firm for $38,250,000 in cash.

The announcement of the agreement was made by the law firms of
Grant & Eisenhofer P.A., Bernstein Litowitz Berger & Grossmann
LLP, Schiffrin Barroway Topaz & Kessler, LLP, and Nix, Patterson
& Roach, LLP, who are court-appointed co-lead counsel for the
Lead Plaintiffs in the securities class action litigation
involving Delphi, the U.S. auto parts maker now in Chapter 11
bankruptcy proceedings.

The case arises out of alleged accounting improprieties at
Delphi that forced the Company, on June 30, 2005, to restate its
financial results for all fiscal periods dating back to 1999 and
to reverse hundreds of millions of dollars in reported earnings
during those periods.

Lead Plaintiffs

      -- Teachers' Retirement System of Oklahoma,
      -- Public Employees' Retirement System of Mississippi,
      -- Raiffeisen Kapitalanlage Gesellschaft m.b.H., and
      -- Stichting Pensioenfonds ABP

were appointed by a federal court in June 2005 to represent a
proposed class of investors who acquired Delphi securities
between March 7, 2000 and March 3, 2005.

The Complaint filed by those institutional Lead Plaintiffs
asserted claims under the federal securities laws against
Delphi, Deloitte, who was Delphi's outside auditor during the
Class Period, certain officers and directors of Delphi, the
banks that underwrote Delphi's offerings of securities, and
certain other entities.

Judge Gerald E. Rosen, the federal judge in the Eastern District
of Michigan before whom the case is pending, appointed a retired
federal judge, Layn R. Phillips, to serve as a Special Master to
conduct settlement discussions. Following an extensive mediation
conducted by Judge Phillips, Deloitte and Lead Plaintiffs
reached an agreement whereby Deloitte will pay to the Class
$38,250,000 to settle all claims asserted against Deloitte in
the action.

The settlement is one of the larger settlements obtained from an
accounting firm to settle claims of securities fraud. The
settlement is conditioned on approval by Judge Rosen, who will
pass on the settlement after the members of the Class are given
appropriate notice of the settlement and an opportunity to be
heard.

This settlement follows an earlier settlement in the case, also
arising out of a mediation conducted by Judge Phillips, whereby
Lead Plaintiffs obtained a settlement potentially worth at least
$284 million from Delphi and its insurance carriers and its
former banks to resolve all claims against Delphi and certain
other defendants. That settlement is contingent upon final
approval by Judge Rosen as well as approval of Delphi's plan of
reorganization in Delphi's Chapter 11 proceeding.

For more information about this settlement, please contact co-
lead counsel for Lead Plaintiffs:

          Stuart Grant, Esq.
          Grant & Eisenhofer P.A.
          1201 North Market Street Wilmington, DE 19801
          Phone: (302) 622-7000

          Bradley E. Beckworth, Esq.
          Nix, Patterson & Roach, LLP
          205 Linda Drive Daingerfield, Texas 75638
          Phone: (903) 645-7333

          John "Sean" P. Coffey, Esq.
          Bernstein Litowitz Berger & Grossmann LLP
          1285 Avenue of the Americas New York, New York 10019
          Phone: (212) 554-1400

          Michael Yarnoff, Esq.
          Schiffrin Barroway Topaz & Kessler, LLP
          280 King of Prussia Road Radnor, PA 19087
          Phone: (610) 667-7706

          Allan Ripp
          Grant & Eisenhofer, P.A.
          Phone: 212-262-7477

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  On Dec. 10, 2007, the Court entered an order approving
the Debtors' Disclosure Statement.  The hearing to consider
confirmation of the Plan is set for Jan. 17, 2008.  (Delphi
Bankruptcy News, Issue No. 104; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Exclusive Plan-Filing Period Extended to March 31
--------------------------------------------------------------
The Honorable Robert Drain extends Delphi Corp. and its debtor-
affiliates':

   (a) exclusive period for filing a plan of reorganization
       through and including March 31, 2008; and

   (b) exclusive period for soliciting acceptance of that plan
       through and including May 31, 2008.

The Debtors' current Exclusive Plan Proposal Period expired on
Dec. 31, 2007.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
the Debtors' good-faith progress towards reorganization,
according to John Wm. Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in Chicago, Illinois, is most
convincingly demonstrated by the filing of the Joint Plan of
Reorganization and Disclosure Statement on Sept. 6, 2007.

The Debtors sought an extension of the Exclusive Periods to give
them sufficient time to complete the Plan solicitation and
confirmation processes in a timeframe that will allow them to
emerge from bankruptcy in the first quarter of 2008.


Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  On Dec. 10, 2007, the Court entered an order approving
the Debtors' Disclosure Statement.  The hearing to consider
confirmation of the Plan is set for Jan. 17, 2008.  (Delphi
Bankruptcy News, Issue No. 103; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


EL PASO: Unit Discloses Result of Tender Offer for 5.95% Notes
--------------------------------------------------------------
El Paso Corporation's subsidiary, Colorado Interstate Gas
Company, disclosed the expiration and results of its cash tender
offer to purchase up to US$125 million aggregate principal
amount of its 5.95% Senior Notes due March 15, 2015 (CUSIP No.
196522AH9).

The tender offer expired at 12:00 midnight, Eastern Time, on
Dec. 27, 2007.  US$183,525,000 in aggregate principal amount of
notes were validly tendered in the tender offer.  Because this
amount exceeded the tender cap of US$125 million, the amount of
notes accepted for purchase was prorated among tendering holders
in accordance with the terms of the Offer to Purchase dated Nov.
29, 2007.

The proration factor applied was approximately 68.1%, rounded
down to the nearest US$1,000 of principal amount for each
tendering holder.

Merrill Lynch & Co. and J.P. Morgan Securities Inc. served as
the dealer managers for the tender offer and Global Bondholders
Services Corporation served as the depositary and information
agent for the tender offer.

                    About El Paso Corporation

Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP)
--http://www.elpaso.com/--is an energy company that provides
natural gas and related energy products.  The company owns North
America's interstate pipeline system, which has approximately
55,500 miles of pipe.  It also owns approximately 470 billion
cubic feet of storage capacity and a liquefied natural gas
import facility with 806 million cubic feet of daily base load
send out capacity.  El Paso's exploration and production
business is focused on the acquisition, development and
production of natural gas, oil and natural gas liquids in the
United States, Brazil and Egypt.  It operates in three business
segments: Pipelines, Exploration and Production and Marketing.
It also has a Power segment, which holds its remaining interests
in international power plants in Brazil, Asia and Central
America.

Colorado Interstate Gas Company is a majority owned subsidiary
of El Paso Corporation, that conducts its business activities
through its Colorado Interstate gas system, its 50% equity
interest in WYCO Development LLC, and gas storage and processing
facilities.  Its business consists of the
interstate transportation, storage and processing of natural
gas.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2007, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit ratings on El Paso Corp. and subsidiaries.
The outlook remains positive.


FORD MOTOR: 2007 Sales Down by 12% at 2.57 Million
--------------------------------------------------
Ford Motor Company's full-year 2007 sales totaled 2.57 million,
down 12% compared with a year ago.  Retail sales were down 10%
and fleet sales were down 18% (including a 32% reduction in
daily rental sales).  More than two thirds of Ford's sales
decline reflected discontinued products.

Ford's December sales totaled 212,094, down 9% compared with a
year ago.  Retail sales were down 13% and fleet sales were down
1%.

Led by two new and three redesigned models, Ford, Lincoln and
Mercury crossover utility vehicles paced the industry's fastest-
growing segment with a gain of 62% in 2007, more than triple the
industry-wide growth of 17%.  In its first full year, Ford Edge
sales were 130,125, exceeding Ford's original forecast by 30%.
In December, Edge capped off the year with its best-ever retail
sales month.

"Ford Edge is a great example of our plan to build products
people really want to buy," Jim Farley, Ford's group vice
president, Marketing and Communications, said.  "Demand is
growing at a fast pace beyond the nation's heartland, our
traditional region of strength."

Ford expects continued growth in crossovers in 2008 with the
mid-year introduction of the Ford Flex.

Lincoln achieved full-year sales of 131,487, a 9% increase
versus 2006.  The Lincoln MKX crossover was the largest
contributor to Lincoln's growth, but the MKZ sedan and Lincoln
Navigator also helped spur Lincoln's momentum, which began in
late 2006.  The next new Lincoln was revealed at the Los Angeles
Auto Show in November -- the MKS sedan that will debut this
summer.

Sales for the new Ford Focus were up 3% in December (9% at
retail).  Focus sales were up 18% in November, the first full
month for the new model.

Ford's F-Series truck was America's best-selling truck in 2007 -
- the 31st year in a row -- with full year sales of 690,589.
F-Series was also the best-selling vehicle, car or truck, for 26
years in a row.

                          2008 Outlook

Ford expects the economic environment to remain challenging in
2008.  Ford has said it expects the first half U.S. auto sales
rate to be in the range of 15.5 to 16.0 million in the first
half (light vehicle sales in the range of 15.2 to 15.7 million).

"We are restructuring our business to be profitable at lower
demand and changed mix and accelerating the development of new
products people want to buy," Mr. Farley said.  "We have more
work to do to reach our ultimate goal -- profitable growth for
all.  But we have made progress in a short amount of time in
several key areas."

                           About Ford

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

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

                          *     *     *

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


FORD MOTOR: Overall Canada Sales Down 11.8% to 15,163 Units
-----------------------------------------------------------
Making a connection with consumers is what it's all about and
the Ford Motor Company of Canada, Ltd. certainly saw success in
that area driven by its new crossover vehicles -- the Ford Edge
and Lincoln MKX -- as well as with the Ford F-Series, the best
selling vehicle in Canada for the fifth straight year and the
best selling pick-up truck in Canada for a record 42 consecutive
years.  Truck sales achieved a solid 6.6% increase for the year.
Although combined sales were down 2.2%, as compared to a strong
year in 2006, Ford's new and refreshed vehicles drove showroom
traffic -- the Ford Escape also being an excellent example as it
delivered a sales increase of 23.9%.

"We achieved two major goals in 2007 -- we promised to be a
major contender in the crossover revolution in this country and
continue to solidify our truck leadership. On both we certainly
delivered," Bill Osborne, president and CEO, Ford Motor Company
of Canada, Ltd. said.  "Looking ahead, watch for the crossover
momentum to grow as we launch our full size crossover, the Ford
Flex, later this year -- and for Lincoln's appeal to intensify
with the hot new 2009 MKS."

                       December Results

For December, Ford of Canada's overall sales decreased 11.8% to
15,163 units.  Although total truck sales were down 7.2% at
11,702 units, the Ford Edge, Ford Ranger, Lincoln MKX each saw
an increase in sales during the month.  Total car sales of 3,461
units mark a 24.5% decline compared to last December.

                         Vehicle Sales

                            2007         2006        Change
                            ----         ----        ------
    Total Vehicles
    --------------
    December              15,163       17,191        -11.8%
    January-December     224,356      229,316         -2.2%

    Total Cars
    ----------
    December               3,461        4,583        -24.5%
    January-December      56,147       71,557        -21.5%

    Total Trucks
    ------------
    December              11,702       12,608         -7.2%
    January-December     168,209      157,759         +6.6%

                           About Ford

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

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

                          *     *     *

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


FORD MOTOR: Tata Motors Singled Out as Likely Bidder
----------------------------------------------------
Lewis Booth, executive vice president for Ford of Europe and
Premier Automotive Group (Chairman - Jaguar, Land Rover, Volvo
and Ford of Europe) issued a statement on the potential sale of
Fors Motor Co.'s Jaguar and Land Rover brands:

"Ford is committed to focused negotiations at a more detailed
level with Tata Motors Ltd. concerning the potential sale of the
combined Jaguar Land Rover business."

"There is still a considerable amount of work to do, and while
no final decision has been made, we will proceed with further
substantive discussions with Tata Motors over the forthcoming
weeks with a view to securing an agreement that is in the best
interests of all parties concerned."

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

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

                          *     *     *

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


GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines Plant
------------------------------------------------------------
A components plant and an engine plant of General Motors of
Canada Ltd. in St. Catharines, Ontario, will be displacing 450
employees for the first two weeks in January, Don Fraser of the
St. Catharines Standard reports.  GM's St. Catharines
spokeswoman Virginia Lewis said the plants will be temporarily
shut down to adjust inventory.

The paper relates that 420 workers at the engine plant, which
assembles GM's famous Vortec brand of engines, will be laid off
starting Jan. 6 until Jan. 13.  Roughly 30 workers at the
components plant, which produces high precision transmission
components and automotive forgings for North America, have
already been displaced on Jan. 2.  They will come back to work
on Jan. 13.

The tentative shuttering is related to GM's truck manufacturing
operation in Oshawa, the source says.

As reported in the Troubled Company Reporter on Dec. 11, 2007,
GM Canada disclosed plans of temporarily closing its truck
assembly plant in Oshawa, Ontario, for two weeks in January
2008, cutting roughly 8,800 truck output.  The move is a result
of the slow sales of Chevrolet Silverados and GMC Sierras in the
United States.

                  About General Motors of Canada

Headquartered in Oshawa Ontario, General Motors of Canada Ltd.
manufactures vehicles, vehicle powertrains, and markets the full
range of General Motors vehicles and related services through
743 dealerships and retailers across Canada.  Vehicles sold
through this network include Chevrolet, Buick, Pontiac, GMC,
Saturn, Hummer, Saab and Cadillac.  GM of Canada employs more
than 19,000 people nationwide.

                             About GM

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

                         *     *     *

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

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


GENERAL MOTORS: December 2007 Retail Sales Up 1.5%
--------------------------------------------------
General Motors Corp. dealers in the United States delivered
323,453 vehicles in December, down 5% compared with a year ago.
With 257,469 retail vehicle deliveries, retail sales for the
month were up 1.5%.

GM delivered 3.87 million vehicles in 2007, down 6% compared
with 2006.  GM's retail market share is anticipated to be flat
for the year, with daily rental share down significantly, as
planned.

"We've executed our Go-to-Market strategy throughout the year,
and the results show stabilized retail share and net price,
reduced daily rentals, improved residual values, smaller
inventories and outstanding launch vehicle performance," Mark
LaNeve, GM North America vice president, Vehicle Sales, Service
and Marketing, said.  "Growing our share in key car segments is
integral to our strategy.  The retail performance of the new
Chevrolet Malibu and Cadillac CTS, Saturn AURA, Pontiac G6 and
the fuel-efficient Chevrolet Aveo, Cobalt and Pontiac G5,
demonstrates the enthusiasm customers have for these outstanding
vehicles."

                 December Performance Highlights

   * Chevrolet, Pontiac, Buick, GMC and Saturn divisions saw
     retail increases year-over-year;

   * GM's retail car deliveries increased 15% based on the
     strength of the all-new Chevrolet Malibu, 2008 Cadillac
     CTS and fuel-efficient Chevrolet Aveo, Cobalt, Pontiac G5
     and G6.  Aveo sales were up 82%;

   * Chevrolet Impala and Malibu combined were 24,000 retail
     sales, the best Chevrolet mid-car month since July 2006;

   * Enclave, OUTLOOK and Acadia crossovers exceeded 14,000
     retail sales; GM's mid-utility crossover segment was up
     275%.  Enclave had a record month.

   * Chevrolet Silverado, Avalanche and GMC Sierra full-size
     pickups built retail market share with more than 69,000
     vehicles sold;

   * Retail vehicles, as a percent of total deliveries,
     increased more than 5 percentage points to 80%; and

   * Dealer inventories were down 147,000 vehicles year-over-
     year.

"The Malibu, CTS and Enclave have some of the fastest turn rates
in the industry and we've seen Malibu retail sales increase
nearly 100% compared with a year ago," Mr. LaNeve added.  "I was
particularly encouraged to see that even though we doubled
Malibu sales and basically sold them as soon as they hit dealer
lots, the Impala also had a terrific month.  More and more
customers are realizing that the best mid-car values are no
longer at an import dealership."

                   2007 Performance Highlights

   * Dealer inventories were at their lowest level going into
     January in 13 years;

   * GMC and Saturn divisions had total and retail increases
     for the year;

   * Enclave, OUTLOOK and Acadia crossovers exceeded 122,000
     retail sales; GM's mid-utility crossover segment was up
     333% retail;

   * Daily rental sales were reduced 108,000 vehicles; GM was
     at its lowest level of daily rental sales in 9 years
     (about 596,000 vehicles), while significantly boosting
     content and resale value.  Commercial/government fleet
     sales were up about 5,000 vehicles

   * Anticipated retail share stabilized at about 21%; and

   * Retail vehicles, as a percentage of total deliveries,
     increased 1 percentage point to 74%.

"The Chevrolet Tahoe Hybrid and Malibu, Buick Enclave and
Cadillac CTS have been named finalists in the North America Car
and Truck of the Year Awards, so our vehicles are being
recognized as world-class," Mr. LaNeve said.  "While we've seen
a challenging market in 2007, we are offering shoppers the best
products and value available. A shining example is Saturn's
roughly 12% retail increase in 2007, being driven by the AURA,
SKY, VUE and OUTLOOK. We believe the industry will be much more
resilient than many forecasts and look forward to 2008."

                             About GM

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

                         *     *     *

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

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


GENERAL MOTORS: Canada 2007 Sales Down 4.2% to 403,410 Units
------------------------------------------------------------
For the 2007 calendar year, General Motors of Canada maintained
its sales leadership position in Canada delivering 403,410
units.

"For 2007, GM continued to stay the course with our strategy to
focus on the quality and durability of our vehicles and
strategically manage our daily rental sales volume," said Marc
Comeau, GM of Canada's vice-president of sales, service, and
marketing.  "While this strategy has resulted in some overall
sales declines we are experiencing good retail sales
performance, higher residual values and solid sales from our
recently introduced cars and trucks."

Mr. Comeau continued, "We are seeing strong customer acceptance
for the new Cadillac CTS and Chevrolet Malibu and Malibu hybrid
and Saturn Astra will lead the new generation of Saturn
vehicles.  GM will also continue to offer more green choices for
Canadians offering three additional hybrids in 2008, the
Cadillac Escalade and the Oshawa-built Chevrolet Silverado and
GMC Sierra pickups."

Four GM vehicles were recently recognized by the Automobile
Journalists Association of Canada from best small car (Saturn
Astra) to best small crossover (Saturn Vue) to best luxury
crossover (Buick Enclave) to best pickup truck (Chevrolet
Silverado).  This comes on the heels Motor Trend Magazine Car of
the Year for the Cadillac CTS and Green Car of Year for the
Chevrolet Tahoe hybrid SUV from Green Car Journal.

                        Sales Highlights

   * The recently launched Chevrolet Malibu saw retail sales
     jump 8.9% in December.

   * The all-new Cadillac CTS and Saab 9-3 were up 4.5% and
     56.8%, respectively, for the month.

   * GM's crossover line-up -- including the GMC Acadia, Saturn
     Outlook and Buick Enclave -- drove a 67.7% increase in the
     mid utility segment for the month.

   * Pontiac Vibe continues to perform well -- up 29.5% for the
     month and 12.9% for the year, driven by strong retail
     sales.

   * Saturn posted a 23% increase in 2007 as a result of a
     strong vehicle line-up including the Aura and Aura Hybrid
     sedans, the Vue and Vue Hybrid small utility and all new
     Outlook crossover utility.

   * GM large pickup sales grew 7.5% in 2007, with gains from
     the Chevrolet Silverado and GMC Sierra extended cab
     pickups (up 10.2% and 9.2%, respectively), as well as
     strong performance from the 1500 Series Crew Cabs with
     Chevrolet up 50.5% and GMC up 38.9%.

                          GM Canada Sales
                         Month of December

                             2007     2006      % CHG
                             ----     ----      -----
       Total Cars           9,678     16,741    -42.4%
       Total Trucks         16,412    19,517    -15.9%
       Total Vehicles       26,090    36,258    -28.0%

                    Year Ended Dec. 31, 2007

                             2007      2006      % CHG
                             ----      ----      -----
       Total Cars         185,952      202,949   -8.4%
       Total Trucks       217,760      218,350   -0.3%
       Total Vehicles     403,712      421,299   -4.2%

                  About General Motors of Canada

Headquartered in Oshawa Ontario, General Motors of Canada Ltd.
manufactures vehicles, vehicle powertrains, and markets the full
range of General Motors vehicles and related services through
743 dealerships and retailers across Canada.  Vehicles sold
through this network include Chevrolet, Buick, Pontiac, GMC,
Saturn, Hummer, Saab and Cadillac.  GM of Canada employs more
than 19,000 people nationwide.

                             About GM

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

                         *     *     *

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

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


GOL LINHAS: Fundo Abandons Privatization Plans
----------------------------------------------
Fundo de Investimento em Participacoes Asas, the controlling
shareholder of Gol Linhas Aereas Inteligentes SA, has dropped
plans to take the company private, Bloomberg News reports.

In September 2007, talks were rife that the Olivera family-
controlled Fundo wants to delist the company's shares.  As
previously reported, Nene Constantino, and his son, Gol's Chief
Executive Officer Constantino de Oliveira Jr., are at odds over
the shares listing.  The family head wants the share delisted as
as soon as possible while Gol's CEO wants to take it slow so as
not to dismiss other financing opportunities.

According to Bloomberg, Fundo's recent decision caused its
shared to plunge by 5.2% to BRL40.20 per share in the Sao Paulo
market.

"People who bought the stock because they thought they'd get a
higher than market price for the shares are probably readjusting
their portfolios," Januario Hostin Jr., who manages US$60
million at Leme Investimentos in Florianopolis, Brazil, told
Bloomberg.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Fitch Ratings has affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch has also affirmed the outstanding
US$200 million perpetual bonds and US$200 million of senior
notes due 2017 at 'BB+' as well as the company's 'AA-' (bra)
national scale rating.  Fitch said the rating outlook is stable.


JAPAN AIRLINES: To Beef Up Air Cargo Operations
-----------------------------------------------
Japan Airlines International Co., Ltd., plans to set up a new
company to oversee its air freight operations, sources close to
the matter revealed to Jiji Press.

This move, according to Jiji Press' sources, is designed to
streamline JAL's various air cargo units at home and abroad.

In addition, JAL will join hands with a major Japanese trading
house to expand the scope of services to include trade finance
and warehousing in an attempt to compete with foreign integrated
logistics service operators such as FedEx Corp., and DHL,
relates Jiji Press.

Sources further disclosed to Jiji Press that partnering with a
Japanese trading house will be included in a new turnaround
package for a three-year period starting next April.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                       *     *     *

As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
The outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.  The
rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake
---------------------------------------------------------------
TRW Integrated Chassis Systems LLC, a subsidiary of TRW
Automotive Holdings Corp., has completed the purchase of a
portion of Delphi Corporation's North American brake component
machining and module assembly assets, including production
inventory, for approximately US$40 million.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
TRW Automotive said that one of its subsidiaries has signed an
agreement with Delphi Corporation to purchase a portion of its
North American brake component machining and module assembly
assets.

In addition to the asset purchase, the company has leased a
portion of Delphi's former brake manufacturing facility in
Saginaw, Michigan and commenced employment of hourly and
salaried employees at the site.

In conjunction with the asset purchase, TRW is supplying General
Motors with a portion of the business, predominantly braking
modules, formerly supplied by Delphi at the Saginaw facility.

                        About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  On Dec. 10, 2007, the Court entered an order approving
the Debtors' Disclosure Statement.  The hearing to consider
confirmation of the Plan is set for Jan. 17, 2008.

                      About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services

TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.

                          *     *     *

Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT
Issuer Default rating and 'BB-' on its Unsecured Debt rating.
Fitch said the outlook is stable.


* BRAZIL: Petrobras Can't Say Tupi Oil & Gas Output Levels
----------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA aka
Petrobras admitted in a statement that it couldn't determine oil
and gas production levels at the Tupi area in the Santos basin.

Business News Americas relates that Petrobras disclosed the Tupi
discovery late in 2007, estimating reserves at up to eight
billion barrels.

According to BNamericas, Petrobras denied to a report in Gazeta
Mercantil that said the first exploratory studies the company
conducted performed pointed to a one-million-barrel-per-day
potential oil output.

Studies for the Tupi oil and gas production are in a preliminary
stage, Petrobras explained to BNamericas.  A long duration test
will still be made by year-end.  The firm is positive that oil
and gas production estimates published in Gazeta Mercantil are
"premature."

                 About Petroleo Brasileiro

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB+
long-term sovereign foreign currency rating and B short-term
sovereign foreign currency rating on Brazil.

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


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


ABILENE LIMITED: Final Shareholders Meeting Set for Jan. 10
-----------------------------------------------------------
Abilene Limited will hold its final shareholders meeting on
Jan. 10, 2008, at:

              Cititrust (Cayman) Limited
              CIBC Financial Center, 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.

Abilene Limited's shareholders agreed on Nov. 29, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


BANK RAKYAT: Pefindo Upgrades Ratings to "idAA+"
------------------------------------------------
Pefindo has upgraded its rating for PT Bank Rakyat Indonesia
(Persero) Tbk to "idAA+" from "idAA", while the Bank's
subordinated Bond I/2003 of IDR500 billion is upgraded to "idAA"
from "idAA-".  Outlook of those ratings remained stable.  The
ratings actions reflect the Bank's superior market position,
strong potential growth particularly in lending activities, and
favorable profitability indicators.  However, the ratings have
been moderated by the Bank's average asset quality.  BBRI that
was established in 1895 is the oldest bank in the country and is
long perceived as a bank for micro and retail businesses.

To support its operation, BBRI employs 36,734 staffs located in
its branches and micro units all over Indonesia.  As of 3Q07,
BBRI's shareholders comprised of Government of Indonesia (GOI,
56.9%) and Public (43.1%).

                    About Bank Rakyat

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk: Long-term foreign Issuer Default rating
'BB-', Short-term rating 'B', National Long-term rating
'AA+(idn)', Individual 'C/D', and Support '4'.


BERNARD BRIDGE: Proofs of Claim Filing Is Until Jan. 10
-------------------------------------------------------
Bernard Bridge Facility, Ltd.'s creditors are given until Jan.
10, 2008, to prove their claims to Huge Thompson 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.

Bernard Bridge's shareholders agreed on Nov. 19, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


CABLE & WIRELESS: Minister Intervenes in Dispute with Union
-----------------------------------------------------------
The Caribbean Broadcasting Corp. reports Barbados' labor
minister Rawle Eastmond is helping Cable & Wireless' and the
Barbados Workers Union arrive at a settlement to settle their
wage disputes.

CBC relates that the union general secretary Sir Roy Trotman
claimed that Cable & Wireless made a US$320 million profit and
wanted to give workers one half of one percent, which could be
tolerated.

Cable & Wireless' communications specialist Sara Odle told CBC
that the firm had been in talks with the union on several
issues, including a wage accord for 2007-2009.

The percentage increase is being negotiated at 10.5% over two
years at the lower level and 8.5% at the higher level for the
2007-2009 period, CBC notes, citing Ms. Odle.

Cable & Wireless workers launched demonstrations against the
firm at Harrison's Cave, CBC states.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.


CAI JAPAN: Proofs of Claim Filing Is Until January 10
-----------------------------------------------------
Cai Japan Multi Alpha Portfolio, Ltd.'s creditors are given
until Jan. 10, 2008, 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.

Cai Japan's shareholders agreed on Nov. 29, 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



CO-INVESTMENT LIMITED: Final Shareholders Meeting Is on Jan. 10
---------------------------------------------------------------
Magical YC Funding Co. will hold its final shareholders meeting
on Jan. 10, 2008, at the offices of the liquidator at:

             Cititrust (Bahamas) Limited
             P.O. Box N-1576, Citibank Building
             Thompson Boulevard, Oakes Field
             Nassau, Bahamas

These agenda will be taken during the meeting:

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

Magical YC's shareholder decided on Nov. 29, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.


CHUO FINANCE: Proofs of Claim Filing Deadline Is January 10
-----------------------------------------------------------
Chuo Finance (Cayman) Limited's creditors are given until Jan.
10, 2008, 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.

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

The liquidators can be reached at:

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


DISCOVERER PROTECTION: Proofs of Claim Filing Ends on Jan. 10
-------------------------------------------------------------
Discoverer Protection Hedge Fund's creditors are given until
Jan. 10, 2008, to prove their claims to Richard Gordon and Josh
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.

Discoverer Protection's shareholders agreed on Nov. 30, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


DUSK LIMITED: Sets Final Shareholders Meeting for Jan. 10
---------------------------------------------------------
Dusk Limited will hold its final shareholders meeting on Jan.
10, 2008, at:

     Smith Barney Private Trust Company (Cayman) Limited
     CIBC Financial Center, 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.

Dusk Limited's shareholders agreed on Nov. 29, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


FALCON CAPITAL: Proofs of Claim Filing Deadline Is Jan. 10
----------------------------------------------------------
Falcon Capital Protected Relative Value Fund Limited's creditors
are given until Jan. 10, 2008, 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.

Falcon Capital's shareholders agreed on Nov. 30, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


FIRST BIANCA: Final Shareholders Meeting Is on January 10
---------------------------------------------------------
First Bianca Limited will hold its final shareholders meeting on
Jan. 10, 2008, at:

              Cititrust (Cayman) Limited
              CIBC Financial Center, 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.

First Bianca's shareholders agreed on Nov. 29, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


FREESPIRIT CAPITAL: Sets Final Shareholders Meeting for Jan. 10
---------------------------------------------------------------
The Freespirit Capital Management - Japan Opportunity Fund will
hold its final shareholders meeting on Jan. 10, 2008, at 10:00
a.m. at:

            116 Edgecliff Rd.
            Woollahra, NSW
            Australia

These agenda will be taken during the meeting:

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

The Freespirit Capital's shareholders agreed on Nov. 12, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            116 Edgecliff Rd.
            Woollahra, NSW
            Australia


GRYPHON HIDDEN: Proofs of Claim Filing Deadline Is Jan. 10
----------------------------------------------------------
Gryphon Hidden Values VI Limited's creditors are given until
Jan. 10, 2008, to prove their claims to Cititrust (Bahamas)
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.

Gryphon Hidden's shareholders agreed on April 27, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Cititrust (Bahamas) Limited
         P.O. Box N-1576, Citibank Building
         Thompson Boulevard, Oakes Field
         Nassau, Bahamas


JLOC I: Proofs of Claim Filing Deadline Is January 10
-----------------------------------------------------
JLoc I Limited's creditors are given until Jan. 10, 2008, to
prove their claims to Connan Hill and Sylvia Lewis, 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.

JLoc I's shareholder decided on Nov. 30, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

         Connan Hill
         Sylvia Lewis
         Attention: Sylvia Lewis
         P.O. Box 1109, Grand Cayman KY-1102
         Cayman Islands
         Telephone: 949-7755
         Fax: 949-7634


JLOC FUNDING: Final Shareholders Meeting Is on Jan. 10
------------------------------------------------------
JLoc Funding Limited will hold its final shareholders meeting on
Jan. 10, 2008, at 10:45 a.m. at:

              HSBC Financial Services (Cayman) Limited
              P.O. Box 1109, 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.

JLoc Funding's shareholder decided on Nov. 30, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

              Connan Hill
              Sylvia Lewis
              P.O. Box 1109
              Grand Cayman KY1-1102, Cayman Islands
              Telephone: 949-7755
              Fax: 949-7634


LYDIAN LIMITED: Sets Final Shareholders Meeting for Jan. 10
-----------------------------------------------------------
Lydian Limited will hold its final shareholders meeting on
Jan. 10, 2008, at:

              Cititrust (Cayman) Limited
              CIBC Financial Center, 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.

Lydian Limited's shareholders agreed on Nov. 29, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


MAGICAL YC: Will Hold Final Shareholders Meeting on Jan. 10
-----------------------------------------------------------
Magical YC Funding Co. will hold its final shareholders meeting
on Jan. 10, 2008, at 10:45 a.m. at:

             HSBC Financial Services (Cayman) Limited
             P.O. Box 1109, 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.

Magical YC's shareholder decided on Nov. 27, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

            Cereita Lawrence
            Sylvia Lewis
            P.O. Box 1109
            Grand Cayman KY1-1102, Cayman Islands
            Telephone: 949-7755
            Fax: 949-7634


MERRIMACK LIMITED: Final Shareholders Meeting Is on Jan. 10
-----------------------------------------------------------
Merrimack Limited will hold its final shareholders meeting on
Jan. 10, 2008, at:

              Cititrust (Cayman) Limited
              CIBC Financial Center, 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.

Merrimack Limited's shareholders agreed on Nov. 29, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


RIVERHEAD LIMITED: Sets Final Shareholders Meeting for Jan. 10
--------------------------------------------------------------
Riverhead Limited will hold its final shareholders meeting on
Jan. 10, 2008, at:

              Cititrust (Cayman) Limited
              CIBC Financial Center, 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.

Riverhead Limited's shareholders agreed on Nov. 29, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


RUM LIMITED: Will Hold Final Shareholders Meeting on Jan. 10
------------------------------------------------------------
Rum Limited will hold its final shareholders meeting on
Jan. 10, 2008, at:

              Cititrust (Cayman) Limited
              CIBC Financial Center, 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.

Rum Limited's shareholders agreed on Nov. 29, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


SAMPSON LTD: Sets Final Shareholders Meeting for Jan. 10
--------------------------------------------------------
Sampson Ltd. will hold its final shareholders meeting on
Jan. 10, 2008, at:

              Cititrust (Cayman) Limited
              CIBC Financial Center, 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.

Sampson Ltd.'s shareholders agreed on Nov. 29, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


TOBOGAN INVESTMENTS: Final Shareholders Meeting Set for Jan. 10
---------------------------------------------------------------
Tobogan Investments Ltd. will hold its final shareholders
meeting on Jan. 10, 2008, at:

         Smith Barney Private Trust Company (Cayman) Limited
         CIBC Financial Center, 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.

Tobogan Investments' shareholders agreed on Nov. 29, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


YORK POWER: Proofs of Claim Filing Deadline Is Jan. 10
------------------------------------------------------
York Power Funding (Cayman) Limited's creditors are given until
Jan. 10, 2008, to prove their claims to Mora Goddard 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.

York Power's shareholders agreed on Nov. 29, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


ZUBERBERG INVESTMENT: Final Shareholders Meeting Is on Jan. 10
--------------------------------------------------------------
Zauberberg Investment Limited will hold its final shareholders
meeting on Jan. 10, 2008, at:

              Cititrust (Cayman) Limited
              CIBC Financial Center, 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.

Zauberberg Investment's shareholders agreed on Nov. 29, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Buchanan Limited
              P.O. Box 1170, Grand Cayman KY1-1102
              Cayman Islands


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


GOODYEAR TIRE: Tire Mounting Biz Sells Assets to EnovaPremier
-------------------------------------------------------------
The Goodyear Tire & Rubber Company reported that T&WA Inc., a
tire mounting business based in Louisville, Ky., has sold
substantially all of its assets to EnovaPremier, LLC.  Goodyear
has had a minority ownership interest in T&WA since 1999.

T&WA and EnovaPremier have not disclosed the terms of the
transaction.

Goodyear anticipates recording an after-tax, non-cash loss of
US$30 million to US$35 million in the fourth quarter of 2007 as
a result of the transaction, subject to post-closing
adjustments.

The company said T&WA's exit from the tire and wheel assembly
business is consistent with Goodyear's previously announced
strategy to focus on its core consumer and commercial tire
businesses.  T&WA is a variable interest entity that is
consolidated with Goodyear under generally accepted accounting
principles.

T&WA, a minority business enterprise that was founded in 1995,
supplies mounted and balanced tire and wheel assemblies to auto
manufacturers.  The business operates facilities in Alabama,
Indiana, Kentucky and Michigan.

                     About Goodyear Tire

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

                        *     *     *

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


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


GRAN TIERRA: Earns US$1.1 Mil. in Third Quarter Ended Sept. 30
--------------------------------------------------------------
Gran Tierra Energy Inc. has submitted its financial results for
the third quarter ended Sept. 30, 2007, with the Securities and
Exchange Commission.

In the regulatory filing, the company reported net income of
US$1.1 million for the third quarter ended Sept. 30, 2007,
compared with a net loss of US$66,355 for the comparable quarter
of 2006.

Total revenue for the quarter was US$8.0 million as compared to
US$5.4 million for same quarter of 2006.

For the nine month period ended Sept. 30, 2007, the company
reported total revenue of US$16.3 million as compared to
US$8.6 million for same period in 2006.  Net loss for the period
amounted to US$10.6 million as compared to a net loss of
US$1.9 million for the comparable period of 2006.

The company reported cash and cash equivalents of US$8.0 million
at the end of the third quarter of 2007 as compared to US$24.1
million at Dec. 31, 2006.  Total working capital reported at the
end of the quarter increased 30% over the previous quarter to
US$9.3 million and compares to US$14.3 million at Dec. 31, 2006.
Shareholders' equity was reported at US$74.0 million as compared
to US$76.2 million at Dec. 31, 2006.  The company reported no
outstanding long-term debt.

Commenting on the results of the quarter, Dana Coffield,
president and chief executive officer of Gran Tierra Energy
Inc., stated, "We are extremely delighted with the results of
this quarter.  Gran Tierra Energy is beginning to see the impact
of our exploration successes in the first half of 2007.
Production from our recent oil discovery at Costayaco-1 in
Colombia has been initiated and is now being reflected in our
earnings.  Plans for 2008 are now being made to increase our
production capacity for both the Costayaco and Juanambu oil
discoveries in Colombia.  We expect the contribution from these
discoveries to positively impact our results going forward."

For the third quarter of 2007, the company reported oil and
condensate production of 1,526 barrels per day, net after
royalty, as compared to 1,043 barrels per day for the same
quarter of 2006. For the nine month period ended Sept. 30, 2007,
the company reported oil and condensate production of 1,270
barrels per day, net after royalty, as compared to 570 barrels
per day for the comparable period of 2006.

The company has working interests in 19 exploration and
production contracts in Argentina, Colombia, and Peru,
encompassing approximately 6.5 million acres of land.  Gran
Tierra Energy operates 18 of these blocks, bringing its net
acreage position to approximately 5.8 million acres.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$101.9 million in total assets, US$27.9 million in
total liabilities, and US$74.0 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?26b5

                      Successive Net Losses

The company disclosed in the regulatory filing that it "has a
history of net losses."  The company said it expects to incur
substantial expenditures to further its capital investment
programs and the company's existing cash balance and cash flow
from operating activities may not be sufficient to satisfy its
current obligations and meet its capital investment commitments.

According to the company, its ability to continue as a going
concern is dependent upon obtaining the necessary financing to
acquire, explore and develop oil and natural gas interests and
generate profitable operations from its oil and natural gas
interests in the future.

                     About Gran Tierra Energy

Headquartered in Calgary, Alberta, Canada, Gran Tierra Energy
Inc. (OTC BB: GTRE.OB) -- http://www.grantierra.com/-- is an
international oil and gas exploration and production company,
incorporated and traded in the United States and operating in
South America.  The company holds interests in producing and
prospective properties in Argentina, Colombia and Peru.


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


* DOMINICAN REPUBLIC: Insists on Royal Dutch's Plant Fraud
----------------------------------------------------------
Dominican Today reports that officials in the Dominican Republic
have insisted on Royal Dutch Shell's alleged fraud in the
Dominican Petroleum Refinery aka Refidomsa.

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2007, the Dominican government is going after the
Refidomsa plant, which it jointly owns with Royal Dutch.  The
government wants full control of the refinery in bid to
stabilize fuel prices within the country.

Accounts Chamber president Andres Terrero told Dominican Today
that "infractions of altered invoices detected in the audit on
Refidomsa include three specific cases with frauds of over DOP17
million."  About 11 other cases of altered invoices were
discovered which the auditors couldn't quantify.  They didn't
get the complete information requested from the shipments'
suppliers.  "Accounts Chamber resolution 6-07 sent to the
Corruption Prevention Department makes reference" to a
DOP771,814 alteration.  The chamber will issue a complementary
resolution to the Corruption Prevention Department to add the
additional detections in the audit report.

The Dominican justice ministry should determine if charges will
be filed against those who committed the infractions, Dominican
Today says, citing Mr. Terrero.

"What occurs is that Accounts Chamber resolution 6-07 that
accompanied the report sent to the DPC [Corruption Prevention
Department] only mentions that case, whereas the other
alterations appear in the complete document," news daily Listin
Diario notes.

According to Dominican Today, the camber is preparing a
complementary resolution to erase doubts or confusions on the
magnitude of the invoices that Royal Dutch workers Alfredo Nara
and Willen Lugmeijer allegedly changed.

Dominican Today relates that the audit report "cites the spot
import of a shipment of 69,823 barrels of fuel oil in May, 2005,
where the altered invoice caused a loss for consumers of DOP13.3
million.   Another shipment of 51.516 barrels of the same fuel
imported in August, 2005 affected to the country with RD$3.4
million, whereas in the import pf 39,555 barrels on Nov. 23,
2006, are where losses from an alteration of DOP771,814 are
detected.  On the 11 additional imports, the auditors sent 28
requests for information from the suppliers.  One was responded
in an incomplete manner."

                  About Royal Dutch Shell

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

                        *     *     *

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned B+
long-term sovereign local and foreign currency ratings and C
short-term sovereign local and foreign currency ratings on the
Dominican Republic.  The outlook for all the ratings is stable.




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


HERBALIFE LTD: Promotes Jerry Li to China Unit General Manager
--------------------------------------------------------------
Herbalife Ltd. has promoted Jerry Li to general manager of the
company's China operations.  Mr. Li reports to Paul Noack, who
was recently named managing director of the company's Asia
Pacific region.

Mr. Li has extensive experience in the direct selling industry.
Since joining the company as sales director in December 2004, he
has held various operational roles, and most recently, was
jointly responsible for the day-to-day operations in China.
Prior to joining Herbalife, Mr. Li worked at Amway for about
seven years, ultimately as senior manager overseeing operations
for the Shandong province.  He earned an MBA from Peking
University.

Herbalife received its first direct selling license from China's
Ministry of Commerce in March 2007.  In July, the license was
expanded to include the entire Jiangsu province.  Headquartered
in Shanghai, the company currently operates 90 stores in 29
provinces in China.

Herbalife sells more than 34 products in China.  The company
operates its own manufacturing facility in Suzhou, China, that
produces products for local use and export.

Herbalife is affiliated with, and plays an active role in a
large number of industry trade organizations, including The
World Federation of Direct Selling Associations, the Federation
of European Direct Selling Associations and 40 individual direct
selling associations globally.

                     About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


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


IMAX CORP: To Sell Feinstein Theatre to National Amusements
-----------------------------------------------------------
IMAX Corporation and National Amusements Inc., the United
States' fifth largest theatre operator, have announced IMAX's
sale of the Feinstein IMAX(R) Theatre in Providence, Rhode
Island to National Amusements.  The IMAX theatre had been owned
and operated by IMAX Corp. since it opened in June, 2000.  Under
the terms of the sale, National Amusements assumed ownership and
control of the theatre effective close of business on Dec. 31,
2007.

"IMAX theatres are becoming an increasingly important component
of today's modern multiplex and nothing underscores this more
than when the world's top exhibitors increase the number of IMAX
screens they operate," said IMAX Co-Chief Executive Officers and
Co-Chairpersons Richard L. Gelfond and Bradley J. Wechsler.
"National Amusements has been a phenomenal IMAX operator both
domestically and internationally, and we are pleased they are
expanding their IMAX presence in Providence."

National Amusements is the first major exhibitor to operate IMAX
theatres on three continents -- with a total of nine IMAX
theatres in North America, South America and Europe.  The
exhibitor's purchase of the Feinstein IMAX Theatre in
Providence, Rhode Island was made on the heels of a record-
breaking box office year for the IMAX theatre network, which
showcased a strong slate of digitally re-mastered IMAX releases
that included 300, Spider-Man 3, Harry Potter and the Order of
the Phoenix, Transformers, Beowulf and I Am Legend.

IMAX and National Amusements both have marketing partnerships
with Movietickets.com, giving North American consumers greater
access to The IMAX Experience(R).  National Amusements' current
IMAX locations in North America are at City Center 15: Cinema de
Lux in White Plains, New York; Showcase Cinemas Stonybrook in
Louisville, Kentucky; Showcase Cinemas Buckland Hills in
Manchester, Connecticut; Springdale 18: Cinema de Lux in
Springdale, Ohio; and The Bridge: Cinema de Lux in Los Angeles,
California; Showcase Cinemas Ann Arbor in Ypsilanti, Michigan.

Internationally, the exhibitor's IMAX locations are the IMAX
Theatre at Center Norte in Buenos Aires as well as the Coca-Cola
IMAX Kinostar City in St. Petersburg, Russia.

                   About National Amusements

National Amusements, Inc., is a world leader in the motion
picture exhibition industry operating more than 1,500 screens in
the U.S., U.K., Latin America and Russia.  National Amusements
delivers a superior entertainment experience in theatres around
the world under its Showcase, Multiplex, Cinema de Lux, and
KinoStar brands.  Based in Dedham, Massachusetts, it is a
closely held company operating under the third generation of
leadership by the Redstone family.  The company is also an equal
partner in the online ticketing service, MovieTickets.com, and
is the parent company of both Viacom and CBS Corporation.

                          About IMAX

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2007, Standard & Poor's Ratings Services revised its
outlook on IMAX Corp. to stable from positive.  S&P also
affirmed the ratings on the company, including the 'CCC+'
corporate credit rating.


IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims
----------------------------------------------------------
IMAX Corporation said it received on Dec. 21, 2007, summons and
complaint from the trustee under the indenture governing the
company's senior notes.  The indenture trustee sought a
declaratory judgment confirming IMAX's position that The
Catalyst Fund Limited Partnership II has no basis for its legal
claims against IMAX under the indenture.

The trustee, U.S. Bank National Association said that despite
Catalyst's repeated claims to the contrary, absent a finding of
bad faith: (1) no event of default existed under the indenture
as of Nov. 6, 2007, (2) the maturity of the company's US$160
million of 9-5/8% senior notes due Dec. 1, 2010, was not
accelerated as of Nov. 6, 2007, and (3) Catalyst has no basis
for legal action under the indenture.

On Oct. 29, 2007, IMAX received a letter from Catalyst, advising
the company that it had instructed the Depository Trust Company,
through its nominee Cede & Co., to issue immediately a notice of
acceleration to the company, pursuant to the indenture, to
accelerate the maturity of the principal amount of the Senior
Notes and any accrued interest.

The company had previously received seven purported notices of
default from Catalyst, who unsuccessfully opposed the company's
consent solicitation in April 2007.  The seven notices allege
that IMAX breached the financial reporting covenant and related
provisions under the indenture and that breaches constitute
defaults under the terms of the indenture.

On Sept. 7, 2007, Catalyst brought an action in the Ontario
Superior Court of Justice, seeking, among other things, a ruling
that IMAX is in default under the indenture.

According to the trustee, it is the company's position that no
default or event of default has occurred or is continuing under
the indenture, and accordingly no bondholder has the right to
deliver an acceleration notice and the purported acceleration
notice delivered by Catalyst is of no force or effect.  The
Trustee's complaint seeks a declaration confirming this
position.

                     About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India,
Italy, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2007, Standard & Poor's Ratings Services revised its
outlook on IMAX Corp. to stable from positive.  S&P also
affirmed the ratings on the company, including the 'CCC+'
corporate credit rating.  S&P also lowered the rating on the
US$160 million unsecured notes due 2010 to 'CCC' from 'CCC+'
based on its expectation of increased borrowings under the
senior secured facility, which would diminish recovery prospects
of unsecured debt holders.



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


ALASKA AIR: Gary Beck Elected as Flight Operations VP
-----------------------------------------------------
Alaska Air Group has elected Gary Beck to the position of vice
president of flight operations for Alaska Airlines effective
Jan. 7, 2008, replacing Kevin Finan, who retired from the
airline last month.

Mr. Beck is a 34-year veteran of the airline industry with over
15,000 flight hours.  He comes to Alaska from Delta Air Lines,
where he served as senior vice president of flight operations
and chief pilot responsible for 2,000 daily departures and 8,500
pilots at six pilot bases.  He was also president and Chief
Executive Officer of the Delta Connection Academy in Orlando,
Florida, one of the largest pilot training facilities in the
world.

A captain on the Boeing 727, 757 and 767 aircraft, Mr. Beck also
served as director of flight operations, general manager of
flight operations, general manager of domestic operations and
chief pilot of its Los Angeles pilot base during his 20-year
tenure with Delta Air Lines.

"Gary brings an extensive background in safety and operations to
the role.  His leadership and organizational skills combined
with his in-depth experience in the industry make him extremely
qualified for this position," said Alaska Air's executive vice
president of flight and marketing, Gregg Saretsky.  "He'll be a
key player as we move the airline forward to become a more
efficient operation."

Prior to its merger with Delta, Mr. Beck worked for Western
Airlines as executive assistant to the director of flight
operations, assistant chief pilot, assistant fleet captain and
flight engineer. He also flew as a first officer for Ozark
Airlines, a pioneering regional carrier based in the
Midwest.

Mr. Beck holds an executive management certificate from UCLA's
Anderson School of Management and studied aerospace engineering
at Central Texas College and business administration at Northern
Illinois University.

Raised in an airline family, Mr. Beck's father, Don Beck, served
as president of Continental Airlines-Air Micronesia division, as
well as executive vice president of customer service for Western
Airlines.

                     About Alaska Air Group

Seattle, Washington-based Alaska Air Group, Inc. (NYSE: ALK) --
http://alaskaair.com/-- is a holding company with two principal
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
Inc.  Alaska operates an all-jet fleet with an average passenger
trip length of 1,009 miles.  Alaska principally serves
destinations in the state of Alaska and North/South service
between cities in the Western United States, Canada, and Mexico.
Horizon operates jet and turboprop aircraft with average
passenger trip of 382 miles.  Horizon serves 40 cities in seven
states and six cities in Canada.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Standard & Poor's Ratings Services has revised
its outlook on Alaska Air Group Inc. and its major operating
subsidiary, Alaska Airlines Inc., to negative from stable.  All
ratings, including the 'BB-' long-term corporate credit rating
for both entities, have been affirmed.


ALASKA AIRLINES: Elizabeth Ryan Named as New Managing Director
--------------------------------------------------------------
Alaska Airlines has named Elizabeth Ryan managing director of
labor relations - air.  She is responsible for overseeing the
relationship between Alaska Airlines and its pilot, dispatcher
and flight attendant unions.

Ms. Ryan, who joined Alaska Airlines in 1998, has more than 20
years of experience in the airline industry in a variety of
labor relations roles, representing company and union positions.
She is a member of the management team currently negotiating
with the Air Line Pilots Association on a new contract and
previously served as a negotiator for the 2005 contract with the
Aircraft Mechanics Fraternal Association and the 2002 contract
with the Transport Workers Union.

Ms. Ryan also has negotiated settlements with Aircraft Mechanics
Fraternal Association and the Association of Flight Attendants,
and has worked closely with labor groups on several grievance
and arbitration issues, including several expedited arbitrations
with Air Line Pilots Association.

"Elizabeth has a strong track record and reputation for working
successfully and cooperatively with airline labor unions in
collective bargaining negotiations to serve the interests of
both parties," said Alaska Airlines' vice president of human
resources and labor relations, Dennis Hamel.  "She'll be a true
asset in this key position."

Before joining Alaska, Ms. Ryan represented Flying Tiger and
Federal Express flight attendants in several union leadership
positions and served as a flight attendant for more than 12
years.

Seattle, Washington-based Alaska Air Group, Inc. (NYSE: ALK) --
http://alaskaair.com/-- is a holding company with two principal
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
Inc.  Alaska operates an all-jet fleet with an average passenger
trip length of 1,009 miles.  Alaska principally serves
destinations in the state of Alaska and North/South service
between cities in the Western United States, Canada, and Mexico.
Horizon operates jet and turboprop aircraft with average
passenger trip of 382 miles.  Horizon serves 40 cities in seven
states and six cities in Canada.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 6, 2006,
Moody's Investors Service affirmed the corporate family rating
of Alaska Air Group, Inc. and the Equipment Trust Certificate
rating of Alaska Airlines, Inc. at B1, and changed the outlook
to stable from negative.


METROLOGIC INSTRUMENTS: Settles Patent Disputes with Symbol
-----------------------------------------------------------
Metrologic Instruments Inc. and Motorola Inc., with its
subsidiary, Symbol Technologies, Inc., have reached an agreement
that settles all outstanding patent infringement disputes
between the two companies.

Since 2002, Metrologic and Symbol have been engaged in a number
of patent disputes involving technology in the fields of barcode
scanning and mobile computing.  The agreement announced today
ends all pending litigation.

Under the settlement agreement the parties have entered into a
patent cross-license for a limited term in the field of barcode
scanning and mobile computing.  The specific terms of the
settlement are confidential.

                         About Motorola

Motorola Inc. -- http://www.motorola.com/-- is known around the
world for innovation and leadership in wireless and broadband
communications.  A Fortune 100 company with global presence and
impact, Motorola had sales of US$42.8 billion in 2006.

                 About Metrologic Instruments

Headquartered in Blackwood, New Jersey, Metrologic Instruments,
Inc. is a global supplier for data capture and collection
hardware, and image processing software.  The company had LTM
September 2006 revenues of approximately US$210 million.  The
company has operations in Brazil and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 9, 2007, Standard & Poor's Rating Services revised its
outlook on Metrologic Instruments Inc. to negative from stable,
and affirmed the 'B+' corporate credit rating.  The revision in
the outlook reflects increased leverage, to the mid-5x area from
the mid-4x area, resulting from US$45 million in additional debt
to buy out shares held by the company's founder, as well as a
redemption of preferred equity held by remaining shareholders.

In April 2007, Moody's Investors Service downgraded Metrologic
Instruments' corporate family rating and probability of default
rating to B3 from B2 following the recent debt financed share
repurchase.  At the same time, Moody's assigned a B2 rating to
the first lien secured credit facility, which is comprised of a
US$170 million term loan (split into two tranches) and a US$35
million undrawn revolver, and a Caa2 rating to the US$75 million
senior secured second lien.  Proceeds from the transaction were
used to refinance US$200 million of debt (US$125 million first
lien and US$75 million second lien) and to repurchase about
US$40 million of stock.  The ratings on the existing first and
second lien facilities will be withdrawn upon closing.  Moody's
said the ratings outlook is stable.


MOVIE GALLERY: Wants Removal Period Extended Until July 14
----------------------------------------------------------
Movie Gallery Inc. and its debtor subsidiaries ask the U.S.
Bankruptcy Court for the Eastern District of Virginia to extend
the periods for filing notices to remove claims or causes of
action to July 14, 2008.

Under the bankruptcy procedures, the Debtor may file a notice of
removal within the longest of:

   (A) 90 days after the order for relief in the case under the
       Bankruptcy Code,

   (B) 30 days after entry of an order terminating a stay, if
       the claim or cause of action in a civil action has been
       stayed under Section 362 of the Bankruptcy Code, or

   (C) 30 days after a trustee qualifies in a Chapter 11
       reorganization case but not later than 180 days after
       the order for relief.

Currently, the Debtors must seek to remove the Actions as of
Jan. 14, 2008.

The Debtors, operating thousands of retail stores across the 50
states, are involved in approximately 180 Actions -- including
employment-related litigation and administrative proceedings,
contract disputes, personal injury cases and collection matters
-- in more than 39 different venues.

The Debtors and their advisors need additional time to analyze
and determine the Actions concerning their removal, because they
have been focused on activities critical to their
reorganization, Kimberly A. Pierro, Esq., at Kutak Rock, LLP, in
Richmond, Virginia, relates.

Parties to the Actions that the Debtors ultimately seek to
remove retain their rights to have their Actions remanded, and
will not be prejudiced by the extension, Ms. Pierro adds.

                       About Movie Gallery

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, is 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.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors' exclusive plan filing period
expires on Feb. 13, 2008.  (Movie Gallery Bankruptcy News, Issue
No. 12; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


REMY WORLDWIDE: Court Issues Decree Closing 27 Bankr. Cases
-----------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware issued a final decree closing the
Chapter 11 cases of 27 Reorganized Debtors:

    Entity                                         Case No.
    ------                                         --------
    Ballantrae Corporation                         07-11482
    HSG I, Inc.                                    07-11483
    HSG II, Inc.                                   07-11484
    International Fuel Systems, Inc.               07-11485
    iPower Technologies, Inc.                      07-11486
    M. & M. Knopf Auto Parts, L.L.C.               07-11487
    Marine Corporation of America                  07-11488
    NABCO, Inc.                                    07-11489
    Power Investments Marine, Inc.                 07-11490
    Power Investments, Inc.                        07-11491
    Powrbilt Products, Inc.                        07-11492
    Publitech, Inc.                                07-11493
    Reman Holdings, L.L.C.                         07-11494
    Remy Alternators, Inc.                         07-11495
    Remy India Holdings, Inc.                      07-11496
    Remy International Holdings, Inc.              07-11498
    Remy Korea Holdings, LLC                       07-11499
    Remy Logistics, L.L.C.                         07-11500
    Remy Powertrain, L.P.                          07-11501
    Remy Reman, L.L.C.                             07-11502
    Remy Sales, Inc.                               07-11503
    Remy, Inc.                                     07-11504
    Unit Parts Company                             07-11505
    Western Reman Industrial , Inc.                07-11506
    Western Reman Industrial, LLC                  07-11507
    World Wide Automotive, L.L.C.                  07-11508
    World Wide Automotive Distributors, Inc.       07-11509

The 27 Reorganized Debtors will complete all remaining quarterly
reports and pay all quarterly fees due and owing to the U.S.
Trustee by Jan. 20, 2008.

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.   Greenbert Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  The Court confirmed the Debtors' Prepackaged
Plan of Reorganization on Nov. 20, 2007.  Remy emerged from
Chapter 11 on Dec. 6, 2007.  (Remy Bankruptcy News, Issue No.
10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SONIC CORP: Net Income Down 11% to US$13.6MM in First Qtr. 2008
---------------------------------------------------------------
Sonic Corp. disclosed results for the first quarter ended
Nov. 30, 2007.  Highlights of the company's first quarter
performance included:

   -- A 16% increase in net income per diluted share to US$0.22
      from US$0.19 in the year-earlier period, and a penny
      ahead of the market's mean estimate for first quarter
      earnings;

   -- System same-store sales growth of 2.1%, including a 2.9%
      increase at partner drive-ins;

   -- Strong development activity, including the opening of 36
      new drive-ins, the relocation or rebuilding of 15
      existing drive-ins, and the completion of 240 retrofits;

   -- An improvement in both restaurant-level and operating
      income margins; and

   -- Continued benefit from the company's recapitalization and
      ongoing share repurchases.

"We are very pleased with first quarter results, highlighted by
higher earnings per diluted share -- up 16% from the first
quarter last year and a penny ahead of the market's expectation
for the period," said Chairperson and Chief Executive Officer,
Clifford Hudson.  "Despite a slow start in September, sales and
traffic rebounded nicely in October and November, producing
same-store sales within our long-term target range and driving
positive traffic for the quarter."

                   Income Statement Overview

Net income per diluted share for the first quarter of fiscal
2008 increased 16% to US$0.22 versus US$0.19 for the same
quarter last year, reflecting improved drive-in level margins
versus the same quarter last year due to leverage from price
increases during the past year and higher sales.  Additional
discounting associated with the implementation of Sonic Corp.'s
Happy Hour initiative in November had the effect of reducing a
portion of the company's previous price increase.

The company's higher earnings per share also reflected the
positive impact of its capital management program, under which
the company has repurchased more than 30% of its outstanding
stock since the beginning of fiscal 2007, with total
expenditures of approximately US$590 million.  The reduced
shares outstanding helped offset, on a per share basis, higher
net interest expense related to the company's tender offer
completed in October 2006 along with subsequent open-market
purchases.  With the higher interest expense, however, net
income for the first quarter of fiscal 2008 declined 11% to
US$13.6 million versus US$15.3 million in the year-earlier
quarter.

Revenues for the first fiscal quarter rose 9% to US$190.2
million from US$174.8 million in the year-earlier period.  The
increase was attributable to new unit growth, solid same-store
sales gains, and higher franchising income derived from the
company's unique ascending royalty rate and the early conversion
of older license agreements, affecting approximately 790 drive-
ins in April 2007.  Higher partner drive-in sales also reflected
the acquisition of five franchise drive-ins during the first
quarter.

                       Same-Store Sales

The company's system same-store sales rose 2.1% in the first
quarter of fiscal 2008 versus 3.4% in the year-earlier period.
Same-store sales for the first quarter reflected a 1.9% increase
at franchise drive-ins and a 2.9% increase at partner drive-ins.
Several of the company's more recent sales-driving initiatives,
including the retrofit, have been implemented more extensively
at partner drive-ins, which management believes has contributed
to their stronger results.

The company's system sales performance reflects the impact of
initiatives such as the ongoing implementation of the retrofit
and the addition of its new line of coffee products to an
increasing number of drive-ins, as well as the system-wide
launch of Happy Hour in November, featuring half-priced drinks
from 2:00 p.m. to 4:00 p.m. every day.  The Happy Hour
initiative, which will continue to be a focus going forward, has
been particularly effective not only at stimulating overall
sales growth, but also increasing traffic, which has grown
significantly in the afternoon day part since its introduction.

Sales during December were affected by adverse weather
conditions in many markets.  However, the company continues to
expect same-store sales growth in the range of 2% to 4% going
forward, with partner drive-ins anticipated to be near the high
end of this range.

                   Development and Retrofit

During the first quarter, Sonic Corp. opened 36 new drive-ins,
including 31 franchise drive-ins, compared with openings of 37
for the first quarter in fiscal 2007, which included 34
franchise drive-ins.  The company remains on track to open 180
to 200 drive-ins in fiscal 2008.  Commitments for future drive-
in openings under area development agreements totaled 919 at
Nov. 30, 2007 -- a 60% increase since Sept. 1, 2006.
Franchisees also rebuilt or relocated 15 drive-ins during the
first quarter, and continued franchise investment is anticipated
in this area with a total of 60 to 70 drive-ins expected to be
rebuilt or relocated this fiscal year.

Franchise drive-in retrofits continued to gain momentum during
the first quarter, signaling franchisees' enthusiasm for the
retrofit and its impact on sales.  In the first quarter,
franchisees completed 202 retrofits, for a total of 528 since
franchisees began the program in early calendar 2007.  In
addition, the company retrofitted a total of 38 partner drive-
ins in the first quarter of fiscal 2008.  The company now has
retrofitted a total of 264 partner drive-ins since the program
began, and currently over 40% of partner drive-ins have the new
look.  In fiscal 2008, the company expects to retrofit a total
of 150 partner drive-ins along with 600 to 700 franchise drive-
ins.

                      Concluding Comments

Mr. Hudson added, "During the first quarter, we continued to see
the positive impact of our multi-layered growth strategies on
both sales and earnings.  Building on this momentum, our
expectations for fiscal 2008 are high, and we remain on track
for earnings growth in the range of 15% to 17% for the full
year, although we recognize that the second quarter is
seasonally our slowest and more susceptible to extreme weather
conditions.

"Initiatives such as the implementation of Happy Hour, combined
with our new product news, continue to resonate with consumers,
while our media expenditures -- and the portion devoted to
national cable advertising -- are rising to support our brand
message to customers and power drive-in sales as we enter new
markets," Mr. Hudson continued.  "We'll continue to enhance
these sales-driving strategies, layering opportunities to grow
sales with products such as our Java Chiller and other coffee
products, which have received a warm welcome from our customers,
and monthly offerings like our Cheesecake Bites and Holiday Mint
Blast.  These initiatives should continue to drive sales in non-
traditional day parts and generate consistent same-store sales
growth across the system."

Concluding, Mr. Hudson said, "In terms of system growth and
development, we also continue to see good momentum in new drive-
in openings, the relocation or rebuild of older drive-ins, and
our ongoing retrofit program.  Thanks to 21 years of positive
same-store sales growth and a handsome rise in drive-in level
profits over the last four years, our existing franchisees
continue to demonstrate their commitment to the Sonic brand with
significant capital investments, not only through new store
openings, but also by increased relocation and rebuild
activities and faster-than-anticipated implementation of the
retrofit.  This, together with our sales-driving initiatives,
continues to further differentiate our brand among consumers and
contribute to the momentum we have achieved."

                Fiscal 2008 Outlook Reiterated

Sonic Corp. continues to expect that its earnings per diluted
share will increase in the range of 15% to 17% in fiscal 2008
versus fiscal 2007 earnings per diluted share of US$0.96, which
is adjusted for debt refinancing charges.  Broadly, these
factors are anticipated to contribute to this growth:

   -- An increase of between 2% and 4% in same-store sales,
      with partner drive-ins performing near the high end of
      this range;

   -- Continued solid expansion trends for the chain, with the
      opening of 180 to 200 new drive-ins, including 155 to 165
      franchise drive-ins and reflecting system growth of about
      6%; consistent with prior years, more new drive-in
      openings will occur in the second half of the fiscal
      year;

   -- The retrofit of 150 partner drive-ins and 600 to 700
      franchise drive-ins;

   -- An ongoing outlook for capital expenditures of
      approximately US$75 million to US$85 million for the
      year, excluding acquisitions, including the costs of new
      partner drive-ins and retrofits as well as higher
      expenditures for drive-in remodels, relocations, and new
      equipment;

   -- Continued growth in cash flow from operations, which is
      expected to be used to fund capital expenditures,
      interest and principal payments associated with the
      company's securitized financing, and, on an opportunistic
      basis, to repurchase company stock or purchase franchise
      drive-ins; and

   -- Share-repurchase authorization of approximately US$30
      million remaining for fiscal year 2008, after purchasing
      more than US$578 million in stock in fiscal 2007 and
      US$12 million (approximately 549,000 shares) in the first
      quarter of fiscal 2008; subject to the level of future
      share repurchases, weighted average diluted shares
      outstanding are expected to be in the range of 62 million
      to 64 million shares for fiscal 2008.

The company's second quarter earnings historically have been
more susceptible to seasonal and adverse weather conditions.
For the second fiscal quarter ending Feb. 29, 2008, the company
expects:

   -- Total revenue growth of 9% to 11% based on:

      -- Targeted system same-store sales increase of 2% to 4%,
         with sales for partner drive-ins near the high end of
         this range;

      -- Increased revenue from royalty fees as a result of
         increased sales, new development and incremental
         income from the license conversion implemented in
         fiscal 2007, as well as the company's unique ascending
         royalty rate;

   -- Flat to slightly unfavorable restaurant-level costs, as a
      percentage of sales over the prior year;

   -- Net interest expense of US$11 million to US$13 million,
      resulting from increased interest expense related to the
      company's recent share repurchases; and

   -- A tax rate in the range of 37% to 38% for the quarter.

As noted previously, second quarter earnings for fiscal 2007
were affected by a number of one-time events, including
refinancing costs associated with debt incurred to finance the
company's tender offer and share repurchase program.  Adjusted
for these one-time costs, which were offset partially by the
retroactive reinstatement of a federal tax credit program in
December 2006, comparable earnings for the second quarter of
fiscal 2007 were US$0.13 per diluted share.

                          About Sonic

Headquartered in Oklahoma City, Oklahoma, Sonic Corp. (Nasdaq:
SONC) -- http://www.sonicdrivein.com/-- originally started as a
hamburger and root beer stand in 1953, in Shawnee, Oklahoma,
called Top Hat Drive-In, and then changed its name to Sonic in
1959.  The first drive-in to adopt the Sonic name is still
serving customers in Stillwater, Oklahoma.  Sonic has more than
3,200 drive-ins coast to coast and in Mexico, where more than a
million customers eat every day.

                         *     *     *

At Feb. 28, 2007, the company's balance sheet showed total
assets of US$719 million and total liabilities of US$745
million, resulting in a US$26 million stockholders' deficit.



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FREEPORT-MCMORAN: Declares Quarterly Dividends
----------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has declared these quarterly
cash dividends payable on Feb. 1, 2008, to holders of record as
of Jan. 15, 2008:

  -- US$0.4375 per share of FCX's Common Stock.

  -- US$1.6875 per share of FCX's 6_% Mandatory Convertible
     Preferred Stock.

  -- US$13.75 per share of FCX's 5®% Convertible Perpetual
     Preferred Stock.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service revised Freeport-McMoRan
Copper & Gold Inc.'s outlook to positive and affirmed all of its
other ratings.  The ratings reflect the overall probability of
default of Freeport, to which Moody's assigns a PDR of Ba2.

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

       -- Corporate Family Rating: Ba2;

       -- Probability of Default Rating: Ba2;

       -- US$0.5 billion Senior Secured Revolving Credit
          facility, Baa2, LGD1, 2%;

       -- US$1.0 billion Senior Secured Revolving Credit
          Facility, Baa3, LGD2, 17%;

       -- US$2.45 billion Senior Secured Term Loan A, Baa3,
          LGD2, 17%;

       -- US$339.7 million 6.875% Senior Secured Notes due
          2014, Baa3, LGD2, 17%; and

       -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%.




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


AVNET INC: Acquires YEL Electronics Hong Kong Ltd.
--------------------------------------------------
Avnet, Inc. has acquired YEL Electronics Hong Kong Ltd.  YEL
Electronics, which was established in 1992, is a distributor of
interconnect, passive, electromechanical and limited
semiconductor components in the Asia region, representing over
30 franchised suppliers.

YEL Electronics generated approximately US$200 million of
revenue in the twelve months ended December 2007 with over 80
percent coming from IP&E products.  With the acquisition, Avnet
gains a well established team of talented and knowledgeable
employees serving over 2000 customers in 8 countries across Asia
Pacific.  The acquisition also expands Avnet Electronics
Marketing's franchised line card with new IP&E suppliers in the
region.

Avnet Electronics Marketing global president, Harley Feldberg
noted that the acquisition is another significant step in
Electronics Marketing's strategy to accelerate growth:  "The
IP&E distribution industry in Asia is highly fragmented, and
Avnet intends to actively participate in its consolidation.  The
acquisition of YEL provides an excellent opportunity to
supplement our organic growth initiatives by adding a well
respected regional distributor with a management team that
shares our focus on profitable growth and superior customer
service.  With this acquisition, we have increased our IP&E
business in Asia by over 50% and become the largest IP&E
distributor in the region."

Avnet YEL will operate as a specialist division to maintain its
focus on IP&E profitable growth. The combined customer base will
also provide additional opportunities for cross selling as its
sales organizations will have an expanded line card supported by
Avnet Inc.'s world-class supply chain management and logistics
capabilities.  The transaction is expected to be immediately
accretive to earnings, excluding minimal integration charges,
and supports the company's long-term return on capital goals.

Avnet Electronics Marketing Asia president, Stephen Wong added,
"The acquisition of YEL is a clear demonstration of Avnet's
commitment to invest in the high growth Asia components market.
With a larger team of talented people, a broadened account base
and an expanded line card, Electronics Marketing Asia will have
additional opportunities to accelerate organic growth while
leveraging our scale and scope advantages to deliver superior
value to our trading partners."

In addition to distributing an industry-leading line card
comprised of the world's leading suppliers of semiconductor and
IP&E products, Electronics Marketing Asia also offers a wide
portfolio of value added services -- from design, demand
creation and technical support to leading supply chain and
logistic services.  This acquisition further validates the
company's desire and ability to continue investing in this high
growth region.

                About Avnet Electronics Marketing

Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers (EOEMs) and
electronic manufacturing services (EMS) providers in 73
countries, distributing electronic components from leading
manufacturers and providing associated design-chain and supply-
chain services.

                      About Avnet Inc.

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

                        *     *     *

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


FIRST BANCORP: Wins Bid for Virgin Islands Bank Acquisition
-----------------------------------------------------------
First BanCorp has been named the successful and winning bidder
for the acquisition of the Virgin Islands Community Bank in St.
Croix, U.S. Virgin Islands.

FirstBank Puerto Rico (subsidiary of First BanCorp) and the
Trustee for the United States District Court for the U.S. Virgin
Islands Bankruptcy Division have signed a definitive agreement
for the purchase of the stock in VICB.  VICB has three branches
on St. Croix and deposits of approximately US$58 million.

Luis M. Beauchamp, Chairman and CEO of First BanCorp, commented
on the successful bid,  "This acquisition confirms FirstBank's
commitment to continue growing the banking franchise in the
principal markets we serve, and to continue to provide the best
quality financial products and services to all customers in the
Virgin Islands."

The closing of this transaction is pending court and regulatory
approvals.  FirstBank and the Trustee are working expeditiously
with the Bankruptcy Court and corresponding regulators to
finalize the transaction.

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is
the parent corporation of FirstBank Puerto Rico, a state
chartered commercial bank with operations in Puerto Rico, the
Virgin Islands and Florida; of FirstBank Insurance Agency; and
of Ponce General Corporation.  First BanCorp, FirstBank Puerto
Rico and FirstBank Florida, formerly UniBank, the thrift
subsidiary of Ponce General, all operate within U.S. banking
laws and regulations.

                        *     *     *

First Bancorp. currently carries these ratings from Fitch:

   -- BB long-term issuer default rating;
   -- B short term; and
   -- B short-term issuer default rating.


GENESCO INC: Declares Quarterly Dividends Payable on January 30
---------------------------------------------------------------
The board of directors of Genesco Inc. has declared dividends on
the various classes of its preferred stock for the quarter
ending Feb. 2, 2008, payable on Jan. 30, 2008, to shareholders
of record on Jan. 15, 2008.

    The rates are:

  -- Subordinated serial preferred stock:
       Series 1             US$0.575 per share
       Series 3             US$1.1875 per share
       Series 4             US$1.1875 per share

  -- Subordinated cumulative preferred stock: US$0.375 per
     share

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 19, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit rating on Genesco Inc. to 'B+' from 'BB-'.
At the same time, S&P lowered its issue-level rating on the
company's subordinated debt to 'B-' from 'B'.  The company
remains on CreditWatch with Developing implications, where it
was placed on April 20, 2007.


GENESCO INC: Merger Order Cues S&P to Retain Developing Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on specialty
footwear and headwear retailer Genesco Inc. remain on
CreditWatch with developing implications following the
announcement that the Chancery Court for the State of Tennessee
ordered The Finish Line Inc. to specifically perform the terms
of its merger agreement with Nashville, Tennessee-based Genesco.
However, the court did not offer an opinion as to the solvency
of the merged entity.  The resolution of that issue will be
determined by a New York court in a lawsuit filed by UBS.  In
response to the court's decision, The Finish Line is considering
its options, including the possibility of an appeal.

"We will continue to monitor the ratings as additional
information becomes available," said Standard & Poor's credit
analyst David Kuntz.

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



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


NAVIOS MARITIME: Forms South American Logistics Biz w/ Horamar
--------------------------------------------------------------
Navios Maritime Holdings Inc. has formed a South American
logistics business through the combination of its existing port
operations with the barge and upriver port businesses operated
by the Horamar Group.  The transaction included a payment of
US$112.2 million in cash consideration.  As a result of the
transaction, Navios Maritime owns 63.8% of the combined entity,
named Navios South American Logistics Inc., and the former
Horamar Group stockholders own the remaining 36.2%.

Navios Maritime Chairperson and Chief Executive Officer and
Navios South American Logistics Inc. Chairperson, Angeliki
Frangou stated, "We are delighted to announce the formation of
an end-to-end logistics business which leverages Navios'
transshipment facility in Uruguay with an upriver port facility
in Paraguay and dry and wet barge capacity.  This transaction
marks the successful conclusion of an effort we commenced in
June 2006, when we announced that Navios intended to develop a
South American logistics business.  Since then, we have studied
the market, met with key players and considered a number of
opportunities.  Today, we are pleased with the business
partnership we have formed with the Lopez family, the principal
shareholders of Horamar.  We believe that by blending our
businesses, we will develop the critical mass necessary for us
to become a significant regional player."

Ms. Frangou continued:  "Since we commenced our review, the
underlying business fundamentals have continued to strengthen.
We plan to grow the combined business by capitalizing on the
region's growing agricultural and mineral commodity exports
through the significant cost advantage river transport offers
compared to alternatives along with our proprietary port and
related infrastructure."

                         Horamar Group

The Horamar Group -- http://www.horamar.com.ar-- , established
in 1975, consists of a group of related companies providing
maritime transportation.  The group specializes in the transport
and storage of liquid cargoes and the transport of dry bulk
cargoes along the Hidrovia passing through Argentina, Bolivia,
Brazil, Paraguay and Uruguay.  It controls a fleet of over 100
barges and vessels, including:

    --  13 push boats;
    --  55 dry barges;
    --  42 tank barges;
    --  3 LPG tank barges;
    --  2 self-propelled barges;
    --  2 small oil tankers;
    --  1 handysize tanker; and
    --  2 docking platforms

The group also owns and operates an upriver oil storage and
transfer facility in Paraguay.  The group is in the process of
expanding its cabotage business, involving the restricted
coastal transport of oil within a single country.  As part of
its expansion efforts, the group recently took delivery of one
handysize oil tanker and will be taking delivery of another in
2008.

Horamar's clients include well-known petroleum and agricultural
companies, including Bunge, Cargill, Glencore, Shell Argentina,
Shell Paraguay, Exxon Mobil, Molinos, Vicentin, Petrobras,
Petropar, Repsol YPF, Repsol YPF Bolivia.

                    Navios - Nueva Palmira

Navios owns and operates the largest bulk transfer and storage
port terminal in Uruguay.  Situated in an international tax free
trade zone in the port of Nueva Palmira at the confluence of the
Parana and Uruguay rivers, the terminal operates 24 hours per
day, seven days per week.  The terminal is a convenient and
efficient outlet for the transfer and storage of a wide range of
commodities originating in the Hidrovia region of Argentina,
Bolivia, Brazil, Paraguay, and Uruguay, and the customers are
primarily leading international grain and commodity houses.
Navios' land lease with the Republic of Uruguay expires in 2025,
with an option for an additional 20 years, at Navios' election.
Since the terminal is located in the Nueva Palmira tax free
zone, foreign commodities moving through the terminal are free
of Uruguayan taxes.

The terminal has approximately 32 acres of available river front
land for future development. Navios was recently awarded an
additional six acres of land and is in the process of evaluating
several alternatives for developing the available space.  The
increased flow of commodity products through the Nueva Palmira
port has allowed Navios to steadily increase throughput.

                      The Mercosur Region

The development of South American grain markets dates back to
President Carter's embargo of grain against the Soviet Union in
1979, requiring the Soviet Union to secure grain supplies from
sources outside North America.  By 1981, Argentina had become a
significant grain exporter to the Soviet Union, and Brazil
quickly followed.  The intervening decade saw the development of
grain exports markets from these two countries as successive
local governments recognized the significant benefits of US
dollar income.  In the 1990s, Paraguay began to export small
quantities of grain and, more recently, Bolivia has expanded its
grain exports.  A significant amount of the world's soybean and
other grain requirements are satisfied out of Brazil, Argentina,
Uruguay and other Mercosur countries.  For example, Argentina,
Bolivia, Brazil and Paraguay produced 107.9 million tons of
soybeans in 2006 as compared to only 39.9 million tons of
soybeans in 1995.  In addition, an increasingly larger portion
of the world's mineral commodity needs, particularly iron ore,
is being met from this region.  It is estimated that Brazil, the
world's largest iron ore exporter, produced approximately 271
million tons of iron ore in 2007.  Demand for these grain and
mineral commodities has acted as a catalyst for creating
reliable and inexpensive transportation of the commodities from
the source to ocean ports.

                         Representation

Financial Advisors

Navios Maritime was represented in this transaction by S.
Goldman Advisors LLC.  The Horamar Group was represented by
Violy & Co.

Legal Advisors

Navios Maritime was represented in this transaction by Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C. and the V&P Law
Firm.  The Horamar Group was represented by Chadbourne & Parke
LLP.

                     About Navios Maritime

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2007, Standard & Poor's Ratings Services has revised
its outlook on Greece-based dry-bulk shipping company Navios
Maritime Holdings Inc. to positive from stable.  At the same
time the 'BB-' corporate credit ratings on the company were
affirmed.  In addition, the senior unsecured debt rating was
raised to 'B+' from 'B'.




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


PETROLEOS DE VENEZUELA: To Boost Natural Gas Output
---------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it will increase its natural gas production to
110 million cubic feet per day through horizontal drilling in
the RG 278 well on the Santa Rosa block in Anzoategui.

Business News Americas relates that testing in RG 278 showed
that the well could increase production to 11 million cubic feet
per day.

According to Petroleos de Venezuela's statement, the firm will
apply the technology to 14 nearby wells.  The horizontal
drilling technique will allow two wells to be drilled at the
same time.

The new drilling "will target gas reserves of depths between 800
feet and 900 feet that have never been developed."  The new gas
produced will be used to meet domestic demand and gas
integration deals signed between Venezuela and other Latin
American nations, BNamericas states.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Paying US$630MM on Cerro Linked Bonds
-------------------------------------------------------------
Petroleos de Venezuela SA is paying US$630 Million all bonds
linked to the multi-billion dollar Cerro Negro heavy oil project
that President Hugo Chavez nationalized last year, FinancialWire
states.

Report shows that in the 1990's, Exxon Mobil and BP Plc has
partnered with PDVSA in the project.

Exxon Mobil Shares upped US$1.33 to close at US$95.00, while BP
shares plunged eight cents to close at US$73.95.

                About Petroleos de Venezuela

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

                        *     *     *

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



* VENEZUELA: Reports 22.5% Domestic Inflation in 2007
-----------------------------------------------------
Central Bank of Venezuela disclosed that Domestic inflation
reached 22.5% in 2007, compared with 17% recorded in 2006, due
to increasing prices of unregulated commodities, Inside Costa
Rica says.

According to the report, the Venezuelan government failed to
meet the target of inflation at 12% as a result.

In a press release from BCV, as quoted by Reuters, variation
last December of the Consumer Price Index recorded for 3.3
percent, lower than 4.4% in November, but higher than 1.8% the
same month in 2006.

"The overall CPI growth rate was due basically to the 4.2-
percent variation in unregulated items, because the price
increase of regulated items amounted to 2.1 percent.  Based on
these records, the cumulative variation of regulated commodities
stood at 10.7 percent ending 2007," Inside Costa Rica reports,
citing BCV.

BCV explained that the upward trend resulted from the impact of:

   -- a new tax on bank operations,
   -- increasing taxes on cigarettes and spirits and
   -- rising prices in agricultural products,

in addition to the Christmas season, Inside Costa Rica adds.

                        *     *     *

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.


* VENEZUELA: Cardon Refinery Still Offline Due to Power Outage
--------------------------------------------------------------
Venezuela's Cardon refinery has ceased operations following a
power outage on Dec. 5, 2007, Business News Americas reports.
The refinery is located in the Paraguana refining complex in
Falcon state.

Petroleos de Venezuela SA asserted that the electrical failure
had only caused temporary shut down in the refinery, BNAmericas
adds.

The facility refined 300,000 barrels per day of oil.

                        *     *     *

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.


* BOND PRICING: For the Week December 31 to January 4
-----------------------------------------------------

Issuer                 Coupon   Maturity   Currency   Price
------                 ------   --------   --------   -----

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      59.24
Argnt-Bocon PR13        2.000    3/15/24     ARS      60.38
Arg Boden               2.000    9/30/08     ARS      28.69
Argent-Par              0.630   12/31/38     ARS      39.53

BRAZIL
------
Brazil Rep. Of          8.750    2/04/25     USD      13.50
Brazil Rep. Of          8.875   10/14/19     USD      22.50
Brazil Rep. Of          8.875    4/15/24     USD      14.00
Brazil Rep. Of         10.125    5/15/27     USD      30.75
Brazil Rep. Of         10.500    7/14/14     USD      14.00
CESP                    9.750    1/15/15     BRL      61.29

CAYMAN ISLANDS
--------------
Vontobel Cayman         7.250    3/29/49     USD      64.07
Vontobel Cayman         7.250    3/29/49     USD      65.50
Vontobel Cayman         7.350    1/25/08     CHF      71.40
Vontobel Cayman         7.350    1/25/08     CHF      74.30
Vontobel Cayman         7.450    2/22/08     CHF      61.55
Vontobel Cayman         7.900    2/22/08     CHF      68.35
Vontobel Cayman         8.250    4/25/08     CHF      72.60
Vontobel Cayman         8.250    7/28/08     CHF      74.00
Vontobel Cayman         8.750    3/27/08     CHF      69.10
Vontobel Cayman         9.350    1/25/08     CHF      74.30
Vontobel Cayman         9.600    2/22/08     CHF      53.00
Vontobel Cayman        10.050    1/25/08     CHF      51.80
Vontobel Cayman        10.100    1/25/08     CHF      68.60
Vontobel Cayman        10.500   12/28/07     CHF      71.40
Vontobel Cayman        11.000    6/20/08     CHF      70.00
Vontobel Cayman        11.400    2/15/08     CHF      75.00
Vontobel Cayman        13.450    1/25/08     CHF      74.40
Vontobel Cayman        13.500    2/22/08     CHF      50.80
Vontobel Cayman        16.000     2/4/08     USD      64.75

PUERTO RICO
-----------
Puerto Rico Cons.       5.900    4/15/34     USD      71.75
Puerto Rico Cons.       6.000   12/15/34     USD      67.00

VENEZUELA
---------
Petroleos de Ven        5.250    4/12/17     USD      71.62
Petroleos de Ven        5.375    4/12/27     USD      61.20
Petroleos de Ven        5.500    4/12/37     USD      59.37
Venezuela               7.000    3/31/38     USD      72.62
Venezuela               7.000    3/31/38     USD      73.16

                          ***********

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

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

Copyright 2008.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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           * * * End of Transmission * * *