TCRLA_Public/080108.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

          Tuesday, January 8, 2008, Vol. 9, Issue 5

                          Headlines

A R G E N T I N A

ALITALIA SPA: Italian Politicians Hit Air France Selection
CLINICA PRIVADA: Claims Verification Deadline Is Feb. 29
DIGITAL PRODUCTS: Proofs of Claim Verification Ends on April 18
DINCROS ARGENTINA: Claims Verification Is Until April 21
H Y H: Proofs of Claim Verification Deadline Is April 18

LABORATORIOS GEMINIS: Claims Verification Ends on April 30
LUCHETTI PIATTELLI: Claims Verification Deadline Is March 28
LUCHETTI PIATTELLI: Claims Verification Deadline Is March 28
REEMLAEN SRL: Proofs of Claim Verification Is Until March 19
REIFSCHNEIDER ARGENTINA: Claims Verification Ends on March 11

TYSON FOODS: Hires Donnie Smith as Consumer Products Group VP


B A R B A D O S

CABLE & WIRELESS: Workers Strike After Failed Wage Talks


B E R M U D A

BELLA CASA: Liquidator Filing for Dissolution by Jan. 11
BERMUDA BUSINESS: Liquidator To File for Dissolution by Jan. 11
WARNER CHILCOTT: Good Financial Profile Cues S&P's Pos. Outlook


B O L I V I A

* BOLIVIA: Moody's Eyes Stable Outlook for Banks


B R A Z I L

BANCO NACIONAL: Inks BRL4.51-Bil. Contract with Transportadora
DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30
DELPHI CORP: Seeks Provisional Allowance of Unreconciled Claims
DELPHI CORP: UAW Objects to Management Compensation Plan
HUGHES COMMS: Inks Definitive Agreement to Acquire Helius Inc.

SMOBY-MAJORETTE: French Court Rejects MGA's Recovery Plan


C A Y M A N   I S L A N D S

ARKAIR LTD: Will Hold Final Shareholders Meeting on Jan. 10
BEAR STEARNS: Proofs of Claim Filing Deadline Is Jan. 11
BERNARD BRIDGE: Sets Final Shareholders Meeting for Jan. 10
BIG HAND: Will Hold Final Shareholders Meeting on Jan. 10
CAI JAPAN: Sets Final Shareholders Meeting for Jan. 10

CHUO FINANCE: Will Hold Final Shareholders Meeting on Jan. 10
CQS INT'L: Sets Final Shareholders Meeting for Jan. 10
DISCOVERER PROTECTION: Final Shareholders Meeting Is on Jan. 10
ECLIPSE SECURITIES: Final Shareholders Meeting Is on Jan. 10
FALCON CAPITAL: Final Shareholders Meeting Is on Jan. 10

FLAGSHIP CLO: Holding Final Shareholders Meeting on Jan. 10
FONDREN PARTNERS: Proofs of Claim Filing Is Until Today
FRVMA LIMITED: Will Hold Final Shareholders Meeting on Jan. 10
GINZA 7: Sets Final Shareholders Meeting for Jan. 10
GLOBAL AIR: Final Shareholders Meeting Is on Jan. 10

GLOBAL AIR MOV'T: Will Hold Shareholders Meeting on Jan. 10
GRYPHON HIDDEN: Will Hold Final Shareholders Meeting on Jan. 10
JLOC I:  Sets Final Shareholders Meeting for Jan. 10
MAESTRO GLOBAL: Sets Final Shareholders Meeting for Jan. 10
MARINER VOLATILITY: Proofs of Claim Filing Ends on Jan. 10

MARINER VOLATILITY: Sets Final Shareholders Meeting for Jan. 25
MBF NO. 2: Will Hold Final Shareholders Meeting on Jan. 10
MESA 2002-2: Will Hold Shareholders Meeting on Jan. 10
MTI CAPITAL: Will Hold Final Shareholders Meeting on Jan. 10
MTI FINANCE: Sets Final Shareholders Meeting for Jan. 10

P FINANCE: Proofs of Claim Filing Is Until Today
REVS LIMITED: Will Hold Shareholders Meeting on Jan. 10
SENBON ASSET: Will Hold Final Shareholders Meeting on Jan. 10
SHINJUKU HOLDING: Proofs of Claim Filing Ends Today
SOUTHFORK II: Proofs of Claim Filing Deadline Is Today

SPENCER HOUSE: Sets Final Shareholders Meeting for Jan. 10
SPENCER HOUSE CAPITAL: Final Shareholders Meeting Is on Jan. 10
WESTWAYS FUNDING: Proofs of Claim Filing Is Until Today
YORK POWER: Sets Final Shareholders Meeting for Jan. 10


C H I L E

BOSTON SCIENTIFIC: Closes Auditory Biz & Drug Pump Program Sales
CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says


C O L O M B I A

BANCOLOMBIA: Reports 34,000 Mobile Banking Clients in 2007

* COLOMBIA: Moody's Predicts Stable Outlook for Banks


C O S T A   R I C A

BANCO DE COSTA RICA: Oscar Arias Initiates Merger Talks of Banks

* COSTA RICA: President Initiates Merger Talks for Three Banks


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: To Buy 50% of Dominican Petroleum Shares


G U A T E M A L A

AFFILIATED COMPUTER: S&P Maintains BB Corporate Credit Rating


J A M A I C A

AIR JAMAICA: Shirley Williams Denies Temporary Workers' Layoff


M E X I C O

BERRY PLASTICS: Inks US$500MM Merger Deal with Captive Holdings
BERRY PLASTICS: S&P Retains CCC+ Rating on Senior Unsecured Debt
DURA AUTOMOTIVE: Court Defers DIP Financing Maturity to Jan. 31
DURA AUTOMOTIVE: Restructuring of Canadian Subsidiaries Approved
HASBRO INC: To Acquire Cranium for US$77.5 Million

MAZDA MOTOR: December Sales for U.S. Unit Down by 25.2%
MOVIE GALLERY: Wants Removal of Action Period Moved to July 14
TRIMAS CORP: Cequent Group Gets Rights to Let's Go Aero Products
WENDY'S INT'L: US Same-Store Sales Down 0.8% in 4th Quarter 2007


P U E R T O   R I C O

AVIS BUDGET: To Acquire Budget Brand Rights for Newark Airport
FIRST BANCORP: Board Declares Preferred Shares Dividend Payments


V E N E Z U E L A

ARVINMERITOR INC: S&P Holds BB Rating on US$700M Credit Facility
PETROLEOS DE VENEZUELA: Will Form Food Production Unit PDVAL

* Large Companies with Insolvent Balance Sheets


                          - - - - -


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


ALITALIA SPA: Italian Politicians Hit Air France Selection
----------------------------------------------------------
Italian politicians and unions have criticized the government's
decision to commence exclusive talks with Air-France KLM Group
on the sale of its 49.9% stake in Alitalia S.p.A., Andrew Davis
writes for Bloomberg News.

The Northern League party said the government's decision will
start "the mother of all battles," adding that "the governor has
chosen Air France and has decided to sell out the country and
the north of Italy."

"Well, if they want a war they will get a war," senior Northern
League official Roberto Calderoli was quoted by Bloomberg News
as saying.

Roberto Formigoni, head of the Lombardia regional government,
called the government's decision "shameful."

"We will not shy away from a political and civil battle to
defend the economic and social interests of our people," Mr.
Formigoni said.

Alitalia's pilots unions, while supporting Air France,
criticized the government for exluding them in the decision-
making process.  The unions threatened strikes if the government
cannot get job guarantees in the talks with Air France.

Meanwhile, AirOne S.p.A., the losing bidder for Alitalia,
denounced Italy's decision to select Air France as "surrender."

"Italy and the air transport industry, a strategic national
sector, can't surrender in this way to a large international
group that is making off with rich pieces of our market," AirOne
chairman Carlo Toto said in an e-mailed statement to Bloomberg
News.

The Italian government commenced exclusive talks with Air
France-KLM Group on Jan. 2, 2008.

As reported on Dec. 27, 2007, Alitalia's Board of Directors,
advised by Citi, Roland Berger and Grimaldi & Associati,
accepted and recommended Air-France's non-binding offer to
acquire Italy's stake.

Alitalia noted that Air-France's proposal:

    * provides adequate and reliable financial and industrial
      assurances to successfully carry out the restructuring,
      development and re-launching of Alitalia, while stating,
      within this context, the interest and willingness to
      acquire control of the Company;

    * is more convenient from an economic point of view for the
      shareholders; and

    * is perceived to be adequately aligned with the
      expectations stated by the shareholder Ministry of
      Economy and Finance through the press release issued on
      July 31, 2007, as it envisages to satisfactorily safeguard
      the general interests considered to be essential by the
      Government in terms of continuity and adequateness of
      aviation services in Italy.

The Board said its decision was based on several elements
summarized as:

    * Air France-KLM has considerable experience and offers a
      high degree of industrial credibility

    * the business plan put forward by AirFrance-KLM has been
      considered highly credible and adequate to address the
      strategic, industrial and financial issues of Alitalia,
      having also considered the competitive environment in
      which the Company operates.

    * the Air France-KLM proposal is expected to generate
      significant synergies in favor of Alitalia, allowing for a
      sustainable re-launch in the long term.

    * from the economic point of view, the Air France-KLM
      non-binding proposal offers the best terms for the
      Ministry of Economy and Finance and for minority
      shareholders, and is sustained by the high degree of
      certainty on the availability of the financial resources
      for Alitalia:

      On Sept. 30, 2007, Air France-KLM had cash and cash
      equivalents of EUR4.1 billion.  Furthermore, Air
      France-KLM undertakes to guarantee the whole amount
      indicated for the capital increase (EUR750 million).

    * the Air France-KLM non binding proposal clearly states the
      willingness to undertake a number of commitments towards
      the Italian State on these topics:

    * the Air France-KLM proposal includes labor
      considerations on the levels of employment in line with
      Alitalia's Survival/Transition Plan. Air France-KLM
      indicates the intention to consider measures to involve
      employees with profit sharing schemes based on economic
      results.

                       About Alitalia

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

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

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


CLINICA PRIVADA: Claims Verification Deadline Is Feb. 29
--------------------------------------------------------
Adriana Isabel Rinaldi, the court-appointed trustee for Clinica
Privada Pilar S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 29, 2008.

Ms. Rinaldi will present the validated claims in court as
individual reports on April 25, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Clinica Privada 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 Clinica Privada's
accounting and banking records will be submitted in court on
June 6, 2008.

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

The trustee can be reached at:

         Adriana Isabel Rinaldi
         Dorrego 2789
         Buenos Aires, Argentina


DIGITAL PRODUCTS: Proofs of Claim Verification Ends on April 18
---------------------------------------------------------------
Reynaldo Alberto Mateo, the court-appointed trustee for Digital
Products Corporation Sud Americana S.A.'s bankruptcy proceeding,
verifies creditors' proofs of claim until April 18, 2008.

Mr. Mateo will present the validated claims in court as
individual reports on June 2, 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 Digital Products 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 Digital Products'
accounting and banking records will be submitted in court on
July 16, 2008.

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

The trustee can be reached at:

         Reynaldo Alberto Mateo
         Piedras 153
         Buenos Aires, Argentina


DINCROS ARGENTINA: Claims Verification Is Until April 21
--------------------------------------------------------
Maximo C. A. Piccinelli, the court-appointed trustee for Dincros
Argentina S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until April 21, 2008.

Mr. Piccinelli will present the validated claims in court as
individual reports on July 14, 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 Dincros 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 Dincros Argentina's
accounting and banking records will be submitted in court on
Oct. 20, 2008.

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

The debtor can be reached at:

         Dincros Argentina S.A.
         Mariscal Antonio Jose de Sucre 2441
         Buenos Aires, Argentina

The trustee can be reached at:

         Maximo C. A. Piccinelli
         Montevideo 666
         Buenos Aires, Argentina


H Y H: Proofs of Claim Verification Deadline Is April 18
--------------------------------------------------------
Carlos Daniel Grela, the court-appointed trustee for H y H
Producciones S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until April 18, 2008.

Mr. Grela will present the validated claims in court as
individual reports on June 2, 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 H y H 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 H y H's accounting
and banking records will be submitted in court on Aug. 4, 2008.

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

The trustee can be reached at:

         Carlos Daniel Grela
         Tucuman 1585
         Buenos Aires, Argentina


LABORATORIOS GEMINIS: Claims Verification Ends on April 30
----------------------------------------------------------
Juan Carlos Caro, the court-appointed trustee for Laboratorios
Geminis S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until April 30, 2008.

Mr. Caro will present the validated claims in court as
individual reports on June 12, 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 Laboratorios Geminis 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 Laboratorios Geminis'
accounting and banking records will be submitted in court on
Aug. 11, 2008.

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

The trustee can be reached at:

         Juan Carlos Caro
         Florida 470
         Buenos Aires, Argentina


LUCHETTI PIATTELLI: Claims Verification Deadline Is March 28
------------------------------------------------------------
Norma Elida Fistzen, the court-appointed trustee for Luchetti
Piattelli y Asociados S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until March 28, 2008.

Ms. Fistzen will present the validated claims in court as
individual reports on May 12, 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 Luchetti Piattelli 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 Luchetti Piattelli's
accounting and banking records will be submitted in court on
June 23, 2008.

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

The trustee can be reached at:

         Norma Elida Fistzen
         Viamonte 1446
         Buenos Aires, Argentina


LUCHETTI PIATTELLI: Claims Verification Deadline Is March 28
------------------------------------------------------------
Norma Elida Fistzen, the court-appointed trustee for Luchetti
Piattelli y Asociados S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until March 28, 2008.

Ms. Fistzen will present the validated claims in court as
individual reports on May 12, 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 Luchetti Piattelli 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 Luchetti Piattelli's
accounting and banking records will be submitted in court on
June 23, 2008.

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

The trustee can be reached at:

         Norma Elida Fistzen
         Viamonte 1446
         Buenos Aires, Argentina


REEMLAEN SRL: Proofs of Claim Verification Is Until March 19
------------------------------------------------------------
Hector Pedro Bazzini, the court-appointed trustee for Reemlaen
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 19, 2008.

Mr. Bazzini 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 Reemlaen
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 Reemlaen's accounting
and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Hector Pedro Bazzini
         Uruguay 662
         Buenos Aires, Argentina


REIFSCHNEIDER ARGENTINA: Claims Verification Ends on March 11
-------------------------------------------------------------
Jorge Eduardo Roberts, the court-appointed trustee for
Reifschneider Argentina S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until March 11, 2008.

Mr. Roberts will present the validated claims in court as
individual reports on May 13, 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 Reifschneider 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 Reifschneider
Argentina's accounting and banking records will be submitted in
court on July 18, 2008.

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

The debtor can be reached at:

         Reifschneider Argentina S.A.
         Humboldt 1945
         Buenos Aires, Argentina

The trustee can be reached at:

         Jorge Eduardo Roberts
         Hernandarias 953
         Buenos Aires, Argentina


TYSON FOODS: Hires Donnie Smith as Consumer Products Group VP
-------------------------------------------------------------
Tyson Foods Inc. has named Donnie Smith as its new Group Vice
President of Consumer Products.

Mr. Smith has most recently been Group Vice President of
Logistics and Operations Services for Tyson.  He has nearly 30
years of experience in the food industry and has been part of
the Tyson team since 1980 in a wide variety of key roles.  He
started his career in poultry operations and became a senior
leader in the purchasing and supply chain departments.  He
also served as Chief Information Officer, successfully leading
the company's development of a new information technology
strategic plan.

Scott McNair is leaving the head position in Tyson Consumer
Products and will be joining The Schwan Food Company as
president of the company's home delivery business unit.

"We are extremely fortunate to have a tremendously talented
group of professionals in consumer products, who have worked in
this field for many years and launched several impressive and
successful campaigns," said Tyson's President and Chief
Executive Officer Dick Bond.  "Now, we have an extraordinary
opportunity to merge this talent with Donnie Smith's
inspirational leadership skills as we continue our momentum in
meeting customer and consumer needs with innovative, new
products."

Tyson's strategic focus is built on creating innovative and
insight-driven food solutions and optimizing commodity
businesses and managing margins.  It also includes building a
true multinational enterprise and revolutionizing the conversion
of raw materials and by-products into significantly profitable
initiatives.

Hal Carper, Senior Vice President of Corporate Research and
Development, will assume most of Smith's previous duties.  Mr.
Carper's new title will be Group Vice President of Research &
Development, Logistics and Technical Services.  Craig Bacon,
Vice President of Research & Development, will become Senior
Vice President of Corporate Research and Development, and will
continue to report to Mr. Carper.  Ted Burnett, Vice President
of Manufacturing Services, will remain in his current position,
but will report to Donnie King, Group Vice President of
Operations.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods
Inc.'s ratings, including its Ba1 corporate family rating and
Ba1 probability of default rating.  Moody's said the rating
outlook is negative.




===============
B A R B A D O S
===============


CABLE & WIRELESS: Workers Strike After Failed Wage Talks
--------------------------------------------------------
Cable & Wireless' workers in Barbados have launched
demonstrations against the firm after negotiations over wages,
retroactive payments and other "protracted issues" failed, Radio
Jamaica reports.

"The company's offer of 10.5% over two years was made up of 6%
in year one and 4.5% in year two across all categories of staff.
For some workers, the offer would eventually equate to as high
as a 30% wage hike," The Nation Newspaper notes, citing Cable &
Wireless's head Donald Austin.  These employees would benefit
from "movement in scales of 4% and a proposed retro payment of
around 4% -- translating to an increase of about 15% over two
years on an ongoing basis."

Mr. Austin commented to The Nation Newspaper, "No company and
certainly not government has paid out in excess of 20% over two
years and even the company's offer on the table will put extreme
cost pressure on the business which will not be sustainable."

The Nation reports that the union wants nine and a half in the
first year and two and a half in the second.

The Nation Newspaper relates that most of Cable & Wireless'
employees joined the Barbados Workers' Union in the protest.

According to Radio Jamaica, the protest closed down Cable &
Wireless retail outlets in Barbados.  Only the company's bmobile
store at Carlisle House in Bridgetown continued doing business
during the strike.

Sir Roy Trotman -- general secretary of the Barbados Workers
Union, which represents 750 of Cable & Wireless' 825 workers --
told Radio Jamaica that the employees planned the picket at the
headquarters on a 24-hour basis until a resolution to the issues
is reached.

The union would continue the protest outside Cable & Wireless'
Windsor Lodge complex and its offices at Carlisle House,
Bridgetown, where the firm transacts most of its customer
services, The Nation Newspaper says, citing the union's senior
assistant general secretary Orlando "Gabby" Scott.

The Nation Newspaper says the protest would affect Cable &
Wireless' operations due to delays and disruptions of the
business.

The labor ministry has advised the two parties to reconsider
their positions and return to the negotiating table, Radio
Jamaica says, citing Mr. Roy.

Mr. Austin said in a press statement that the company is ready
to continue negotiations over wages for its employees at any
time.

Cable & Wireless told The Nation Newspaper that it never stopped
negotiating with the union over the new wages contract.  It
believed an accord would be reached.

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.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%




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


BELLA CASA: Liquidator Filing for Dissolution by Jan. 11
--------------------------------------------------------
Stephen E. Lowe, the official receiver of Bella Casa Furniture,
will file in the Registrar of Companies for the dissolution of
the company by Jan. 11, 2008.

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

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

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

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

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

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

          -- for any other reason the early dissolution of the
             company is inappropriate, the creditor of
             shareholder may apply to the Minister of Finance
             to:

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

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


BERMUDA BUSINESS: Liquidator To File for Dissolution by Jan. 11
---------------------------------------------------------------
Stephen E. Lowe, the official receiver of Bermuda Business Club
Ltd. (Romanoff), will file in the Registrar of Companies for the
dissolution of the company by Jan. 11, 2008.

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

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

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

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

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

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

          -- for any other reason the early dissolution of the
             shareholder may apply to the Minister of Finance
             to:

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

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


WARNER CHILCOTT: Good Financial Profile Cues S&P's Pos. Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
specialty drug manufacturer Warner Chilcott Corp., Warner
Chilcott Limited's subsidiary, to positive from stable.  The
ratings, including B+ corporate credit rating, were affirmed.
"The outlook revision on the company reflects its solid
operational track record and improving financial profile over
the past two years," said Standard & Poor's credit analyst
Arthur Wong.

Mr. Wong added, "While a number of Warner's products face
possible generic competition in the near term, the company's
ability to successfully navigate product line extensions and
make smart acquisitions provide us with comfort that management
will be able to refresh its portfolio effectively.  In addition,
the company's diverse, high-margin product portfolio and the
complexity of its vulnerable franchises mitigates this risk, and
should continue to provide a healthy cash flow stream."

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a
host of pharmaceutical makers.  Women's health care products,
including hormone therapies (femhrt and Estrace Cream) and
contraceptives (Estrostep, Loestrin, and OvCon), are the
company's largest segment.  Other products include dermatology
treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.




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


* BOLIVIA: Moody's Eyes Stable Outlook for Banks
------------------------------------------------
Moody's Investors Service maintains a stable outlook for the
average D- bank financial strength rating of Bolivia's banks,
citing continuing improvements in asset quality, provisioning,
and profitability.  The agency also points to the relative
improvements in macroeconomic conditions, which support deposit
and lending activities.  However, Moody's indicates that its
ratings are limited by the volatile operating environment of
Bolivia.

"At present, the asset quality of Bolivian banks continues to
improve as a consequence of a more vigorous economy," states
Analyst Andrea Manavella, "and nonperforming loan ratios are now
at one-third of 2003's level."  She explains that "the banks'
profits have allowed a bolstering of provisioning coverage to
satisfactory levels," but says that economic capitalization
remains unchanged because the banks distributed dividends at the
beginning of 2007."

The Bolivian banking system continues to report positive
results.  "In the first nine months of 2007," Ms. Manavella
reports, "deposits were up 12%, and gross loans increased 9.5%,
pointing to a gradual turnaround in the still-low level of
financial intermediation activity."

Moreover, market liquidity was boosted by widespread deposit
growth, which has risen ahead of loans, and was bolstered by
trade flows.  The Bolivian system's liquidity also reflects the
banks' substantial securities holdings, which primarily consist
of government bonds and deposits abroad.

"On the other hand," Ms. Manavella says, "these banks' funding
sources are composed mainly of customer deposits, which still
represent a dominant portion of total funding -- around 91% of
total liabilities."

According to the analyst, some of the good news is offset -- at
least to a certain degree -- by factors that are less positive
for the Bolivian banks' financial strength and credit standing.
She cites several areas of concern:

   a) intense competition, which could squeeze margins;

   b) considerable troubled exposures ;

   c) unseasoned risk-management systems, particularly in
      consumer and SME lending; and

   d) limited access to medium-term funding -- a mirror of the
      country's own limitations.

Ms. Manavella also notes that cross-selling of banking products
remains a challenge and that, significantly, Bolivian banks have
no true lender of last resort because of the high degree of
dollarization of bank deposits.




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


BANCO NACIONAL: Inks BRL4.51-Bil. Contract with Transportadora
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's vice-
president, Armando Mariante, and its financial director,
Mauricio Borges Lemos, has signed a credit contract in the
amount of BRL4.51 billion with Transportadora Gasene S.A.,
destined to the construction of the Southeast-Northeast Gas
Pipeline.

It involves a project of priority interest to national
infrastructure, included on PAC (Growth Acceleration Program).
During the contract signature ceremony, at BNDES' headquarters,
in Rio de Janeiro, Mariante thanked the Bank's and Petrobras'
teams "for the beautiful work which results with the signature
of the contract" and highlighted "the meaningful value of this
construction endeavor and its importance for the country."

During the ceremony, representatives of China Development Bank
and of BNDES signed contract for the transference of US$750
million from the Chinese institution to the Brazilian bank.  The
resources will be used in the financing of the Gas Pipeline.
The contracts were signed in the presence of China's ambassador,
Chen Duqing.

According to Petrobras' Gas and Energy director, Maria das
Graças Foster, "this is a project that integrates what we need,
Brazil with Brazil, the Southeast with the Northeast".
According to her account, even though it is important to be
concerned with the energy integration between Brazil and
its South-American neighboring countries, it is also important
to run the integration project within the country itself.
"There is a need to democratize energy," she affirms.  Project
Gasene is strategic in order to ensure the supply of natural gas
to the gas pipeline network of the Southeast regions and will
ensure the distribution of the gas production, derived from the
Espírito Santo Basin fields.  The gas pipeline will be 1.4
thousand kilometers long and, together, will bear transportation
capacity of 20 million cubic meters per day, connecting the
terminal of Cabiunas, in Rio de Janeiro, to the city of Catu, in
the State of Bahia.

The project encompasses the following tracks: Cabiunas Gas
Pipeline (State of Rio de Janeiro) -- Vitoria (States of
Espirito Santo), with completion forecast to 2008; Vitoria Gas
Pipeline (States of Espirito Santo) -- Cacimbas Gas Pipeline
(State of Espirito Santo), which started to commercially operate
in November of this year, and Cacimbas Gas Pipeline
(State of Espírito Santo) -- Catu (State of Bahia), of
approximately 940 km long, and which works will begin in the
first quarter of 2008.

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

                        *     *     *

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


DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30
---------------------------------------------------------------

                    Delphi Corporation, et al.
               Unaudited Consolidated Balance Sheet
                     As of November 30, 2007
                          (In Millions)

                              ASSETS

Current assets:
   Cash and cash equivalents                                $13
   Restricted cash                                          124
   Accounts receivable, net:
      General Motors and affiliates                       1,482
      Other third parties                                   949
      Non-Debtor affiliates                                 232
   Notes receivable from non-Debtor affiliates              286
   Inventories, net:
      Productive material, work-in-process & supplies       794
      Finished goods                                        215
   Other current assets                                     357
                                                       --------
      TOTAL CURRENT ASSETS                                4,452

Long-term assets:
   Property, net                                          1,756
   Investment in affiliates                                 380
   Investments in non-Debtor affiliates                   4,046
   Goodwill                                                 152
   Other intangible assets                                   25
   Other                                                    534
                                                       --------
      TOTAL LONG-TERM ASSETS                              6,893
                                                       --------
TOTAL ASSETS                                          US$11,345

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities not subject to compromise:
   Debtor-in-possession financing                      US$3,301
   Accounts payable                                       1,279
   Accounts payable to non-Debtor affiliates                525
   Accrued liabilities                                    1,362
   Notes payable to non-Debtor affiliates                    66
                                                       --------
   TOTAL CURRENT LIABILITIES                              6,533

Long-term liabilities not subject to compromise:
   Employee benefit plan obligations and other            1,143

Liabilities subject to compromise                        17,008
                                                       --------
   TOTAL LIABILITIES                                     24,684

Stockholders' deficit:
   TOTAL STOCKHOLDERS' DEFICIT                          (13,339)
                                                       --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT           US$11,345


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                  Month Ended November 30, 2007
                          (In Millions)

Net sales:
   General Motors and affiliates                         US$660
   Other customers                                          431
   Non-Debtor affiliates                                     54
                                                       --------
Total net sales                                           1,145
                                                       --------
Operating expenses:
   Cost of sales                                          1,023
   U.S. employee workforce transition program charges        41
   Long-lived asset impairment charges                        -
   Depreciation and amortization                             46
   Selling, general and administrative                       85
   Securities & ERISA litigation charge                       -
                                                       --------
Total operating expenses                                  1,195
                                                       --------
Operating loss                                              (50)

Interest expense                                            (41)
Loss on extinguishment of debt                               (4)
Other (expense) income, net                                  12
                                                       --------
Loss before reorganization items, income
   tax expense, and equity income                           (83)
Reorganization items                                        (13)
Income tax benefit (expense)                                 (1)
Equity income from non-consolidated affiliates                4
Equity income from non-Debtor affiliates                   (138)
                                                       --------
NET LOSS                                                (US$231)


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                  Month Ended November 30, 2007
                          (In Millions)

Cash flows from operating activities:
   Net loss                                             (US$231)
   Adjustments to reconcile net loss
    to net cash provided by operating activities:
    Depreciation and amortization                            46
    Deferred income taxes                                    (1)
    Pension and other postretirement benefit expenses        68
    Equity income from unconsolidated affiliates             (4)
    Equity income from non-Debtor affiliates                138
    Reorganization items                                     13
    U.S. employee workforce transition program charges       41
    Loss on extinguishment of debt                            4
   Changes in operating assets and liabilities:
    Accounts receivable, net                                 55
    Inventories, net                                         69
    Other assets                                              3
    Accounts payable, accrued and other long-term debt     (138)
    Other                                                    17
  U.S. employee workforce transition program payments       (37)
    Other postretirement benefit payments                   (20)
    Pension contributions                                    (2)
    Payments for reorganization items                       (14)
                                                       --------
Net cash used in operating activities                         7

Cash flows from investing activities:
   Capital expenditures                                     (37)
   Proceeds from divestitures                                20
   Increase in restricted cash                                2
                                                       --------
Net cash used in investing activities                       (15)

Cash flows from financing activities:
   Net proceeds from DIP facility                            22
   Repayments on borrowings from non-Debtor affiliates       (1)
                                                       --------
Net cash used in financing activities                        21
                                                       --------
Decrease in cash and cash equivalents                        13
Cash and cash equivalents at beginning of period              -
                                                       --------
Cash and cash equivalents at end of period                US$13

                        *     *     *

Reuters notes that Delphi's net loss of US$231,000,000 for
November has pushed the company's loss through the first 11
months of 2007 to US$2,782,000,000.

Reuters also notes that sales to General Motors Corp., Delphi's
former parent, totaling $660,000,000, accounted for 58% of the
auto-parts supplier's net revenues for November.  According to
Delphi's Monthly Operating Report, sales to General Motors and
its affiliates accounted for US$8,298,000,000 out of the
company's net sales of US$14,351,000,000 from January through
November.

Crain's Detroit Business says Delphi ranks second on the
Automotive News list of the top 100 global suppliers with
original equipment automotive parts sales of US$24,400,000,000
in 2006.

                  About Delphi Corporation

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.

On Sept. 6, 2007, the Debtors filed their chapter 11 plan of
reorganization and a disclosure statement explaining that plan.
They submitted an amended reorganization plan and disclosure
statement on Dec. 10, 2007.  The Debtors' exclusive plan-filing
period expires on March 31, 2008.  The Court has scheduled a
confirmation hearing on Jan. 17, 2008.  (Delphi Bankruptcy News,
Issue No. 104; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Seeks Provisional Allowance of Unreconciled Claims
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek the provisional
allowance or estimation of 1,817 claims solely for purposes of
distributing the Discount Rights provided for the in First
Amended Plan of Reorganization.  The estimated allowed amounts
for the claims aggregate US$414,716,298, but majority of the
claims are estimated at US$0.

The Plan provides that each holder of an Allowed General
Unsecured Claim will receive:

   (i) the number of shares of New Common Stock equal to 77.3%
       of the Face Amount of the Allowed Claim and

  (ii) the entitlement to participate in the Discount Rights
       Offering.

Discount Rights are to be distributed on a pro rata basis to
holders of allowed claims in Class C - General Unsecured Claims
under the Plan.  The Plan provides in pertinent part that "[i]f
a Claim of a Discount Rights Offering Eligible Holder is not
Allowed or otherwise reconciled by the Debtors by the date of
commencement of the Confirmation Hearing, such Claim shall be
temporarily allowed, solely for purposes of participation in the
Discount Rights Offering, in the amount so estimated by the
Bankruptcy Court or agreed to by the holder of the claim and the
Debtors."

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, relates that to make a pro rata
distribution of the Discount Rights, it is necessary to estimate
or temporarily allow any claims that have not been allowed,
disallowed, or reconciled prior to the commencement of the
Discount Rights Offering.

Although the vast majority of claims against the Debtors have
been allowed or reconciled, there remain a number of
Unreconciled Claims that will need to be estimated or
provisionally allowed for purposes of making the appropriate
calculations for a pro rata distribution of the Discount Rights,
Mr. Butler tells the Court.

A list of the Unreconciled Claims, and their estimated allowed
amounts is available for free at:

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

The list includes certain holders of Supplemental Executive
Retirement Program claims for which the holder has not yet filed
a proof of claim, but for whom the Debtors will schedule an
actuarially determined SERP claim prior to the confirmation
hearing so that these claimants are able to participate in the
Discount Rights Offering.

In particular, several claims that were filed as secured claims
or claims with other priority status, but which the Debtors
assert should be reclassified as general unsecured claims, are
included on the list in the amount of US$0 because as currently
classified they are not entitled to participate in the Discount
Rights Offering under the Plan, Mr. Butler explains.

The Debtors note that, to the extent that the Claimants will
receive contract cure payments in cash, and those amounts are
reconciled prior to the commencement of the Discount Rights
Offering, the amount at which the claimants are entitled to
participate in the Discount Rights Offering will be
correspondingly reduced.

The Debtors also propose that, should the provisional allowance
or estimation results in a particular claimant's receiving more
Discount Rights than the claimant should have received based on
the ultimate allowed amount of the claim and those rights are
transferred or exercised, then, in the Reorganized Debtors' sole
discretion, (a) an amount of New Common Stock equivalent to the
value of the Excess Discount Rights will be withheld from the
ultimate distribution to such claimant or (b) the claimant will
be required to remit payment to the Reorganized Debtors in an
amount equal to the value of the Excess Discount Rights.

The Debtors, in this request, do not seek estimation or
temporary allowance of certain claims, which, while filed as
general unsecured claims, will not be entitled to distributions
as general unsecured claims.  These claims include Flow-Through
Claims, which are not impaired under the Plan, and certain other
unsecured claims that will be expunged or otherwise resolved on
or shortly after the Effective Date of the Plan, or that have
been or will be satisfied pursuant to other orders of the Court.

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.  (Delphi Bankruptcy News, Issue No. 104;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: UAW Objects to Management Compensation Plan
--------------------------------------------------------
The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America objects to
confirmation of Delphi Corp. and its debtor-affiliates' Joint
Plan of Reorganization solely based on the Management
Compensation Plan, which was made part of the Plan.

The UAW reserves its right, after taking discovery, to amend,
change or add to the assertions set forth herein, to reflect
facts and evidence discovered.

The proposed MCP includes, among other things, cash and equity
emergence awards to be issued on the Plan's effective date, as
well as other compensation to be paid to executives after the
Effective Date, including a long-term incentive plan that
purports to reserve 8% of Reorganized Delphi's fully diluted new
common stock for annual grants to executives covered by the MCP.

Peter D. DeChiara, Esq., at Cohen, Weiss and Simon LLP, in New
York, avers that among other possible grounds that the UAW may
assert for its objection after taking discovery, the UAW objects
on the ground that Plan, to the extent it contains the
MCP, fails to satisfy Section 1129(a)(3) of the Bankruptcy Code.

Section 1129(a)(3) provides that a court shall only confirm a
plan if it "has been proposed in good faith and not by any means
forbidden by law."

Mr. DeChiara argues that the MCP is not reasonable and is not
fundamentally fair to the UAW-represented employees who made
enormous sacrifices for the Debtors' reorganization.  In
particular, the MCP, he says, violates the "Equivalence of
Sacrifice" provision of the UAW-Delphi-GM Memorandum of
Understanding, which the Court approved on July 19, 2007.

The UAW finds the MCP in its entirety objectionable, in that the
total compensation that it will provide to the executives
covered by it will make it impossible to conclude that the Plan
is fundamentally fair to the UAW-represented employees or that
the executives have sacrificed in a manner equivalent to the
UAW-represented employees.

UAW intends to focus on these provisions on the MCP -- Short-
Term Incentive Plan, the Long-Term Incentive Plan and the
Chapter 11 Effective Date Executive Payments.  These specific
provisions will make the executives covered by it whole or
substantially whole for any compensation they did not receive
because of the Debtors' Chapter 11 filing, Mr. DeChiara relates.
He notes that the UAW-represented employees, by contrast, have
not been and will not be made whole, but have sacrificed
tremendously for the Debtors' reorganization.

Mr. DeChiara adds that the incentives and payments under the
MCP will leave some or all of the executives above market levels
regarding some or all of their compensation.  "To the extent
some or all of the executives are above market levels as a
result of the MCP, the POR is unfair and violates the
equivalence-of-sacrifice requirement."

UAW filed the Amended Objection to heed to certain demands by
the Debtors.  At a meet-and-confer held on Dec. 19, 2007, the
Debtors told UAW that they would not agree to the discovery
requested by the union, unless it (i) amended its preliminary
objection to reflect that it was an objection to confirmation of
the Plan; and (ii) add allegations on the specific provisions of
the MCP to which the UAW was objecting.

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.  (Delphi Bankruptcy News, Issue No. 104;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


HUGHES COMMS: Inks Definitive Agreement to Acquire Helius Inc.
--------------------------------------------------------------
Hughes Communications, Inc., has entered into a definitive
agreement to acquire Helius, Inc., a portfolio company of Canopy
Ventures.  The acquisition is expected to be completed on or
about Feb. 4, 2008.  Upon completion of the acquisition, Helius
will become a wholly owned subsidiary of Hughes Communications
and will operate closely with Hughes' North America and
International enterprise businesses.

The acquisition will combine the skills of Helius, a recognized
leader in providing business IPTV solutions for applications
such as training, corporate communications, and digital signage,
with the extensive broadband networking experience and customer
base of Hughes Communications.  The company plans to deploy
Helius' innovative IP video technologies to enhance its existing
HughesNet(R) service offerings.

Hughes Communications has a large and growing customer base of
government, retail, hospitality, and petroleum customers with an
interest in business IPTV applications.  Recent developments in
broadband and video compression technologies allow internal and
customer-facing digital media applications to be delivered for a
fraction of the cost of previous systems.  When combined with
the company's networking services, the Helius product suite
provides a cost-effective and compelling enterprise networking
and communications solution.

"As a premier managed network services provider to enterprise
and SMB customers, Hughes saw a natural fit in teaming with
Helius to better address the market for digital media
solutions," said Hughes president and Chief Executive Officer,
Pradman Kaul.  "We believe this acquisition will uniquely
position Hughes as a cost-effective, end-to-end service provider
offering content management, hardware, installation,
maintenance, network operations, and services."

"Businesses around the globe are looking for better ways to
communicate with their customers and employees," said Helius
president and CEO, Mike Tippets.  "Together with Hughes we are
able to provide those organizations, and the integrators who
service them, with end-to-end solutions that are easy to buy and
easy to use."

                        About Helius

Founded in 1995, Helius Inc. is a leader in business-class data
broadcasting solutions and has been focused on the data
broadcasting and IP-over-satellite markets for nearly a decade.
A privately held firm with funding from The Canopy Group, Helius
offers a comprehensive portfolio of digital signage, training,
distance learning, and content distribution network solutions.

                 About Hughes Communications

Headquartered in Germantown, Maryland, Hughes Network Systems
LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.
In Europe, Hughes maintains operations facilities and/or sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.

                        *     *     *

Moody's Investors Service assigned a B1 rating to Hughes Network
Systems LLC's proposed US$115 million senior unsecured term
loan, due 2014.

In addition, the ratings agency also affirmed the B1 corporate
family rating, the B1 rating on the existing US$450 million
senior notes due 2014 and the Ba1 rating on the US$50 million
senior secured revolving credit facility.  The proceeds of the
new term loan will be used primarily to fund capital
expenditures and for general corporate purposes.


SMOBY-MAJORETTE: French Court Rejects MGA's Recovery Plan
---------------------------------------------------------
The court of appeal in Besancon rejected the recovery plan
presented by MGA Entertainment Inc. for Smoby Majorette on
Dec. 28, 2008, Gregory Viscusi writes for Les Echos.

The appeal court also gave interested parties until at latest
Jan. 20 to submit offers for Smoby, Les Echos relates.  Around
30 parties have sought information on Smoby or its units.

The appeal court's ruling upheld the decision of the
Commercial Court of Lons-le-Saunier to place Smoby under
receivership on Oct. 9, 2007, ending the company's bankruptcy
protection.

According to the report, the court ruled that Smoby is still
unable to make all its payments and therefore MGA must share
management with court appointed administrators.

As reported on Oct. 10, 2007, MGA's debt restructuring
negotiation with Smoby's creditor banks fell through and it
failed to pay the EUR11 million it pledged to invest in Smoby.

                         About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,
development, production and distribution of toys for children
from birth to age 10.  Smoby has a presence in over 90 countries
globally, with commercial and/or industrial operations in South
America, Asia and throughout Europe.  The Company's products are
sold worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.  Its Latin America operations are found
in Argentina, Brazil and Mexico.

The Commercial Court of Lons-le-Saunier opened bankruptcy
proceedings against Smoby on March 19, 2007, upon the Debtor's
request.  Smoby was hoping to snag an investor who will inject
fresh capital yet remain a minority, as the company grapples
with a EUR330-million debt.  The company reported a net loss of
EUR15.87 million for the year ended March 31, 2006, compared
with a net profit of EUR1.56 million in 2005.




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


ARKAIR LTD: Will Hold Final Shareholders Meeting on Jan. 10
-----------------------------------------------------------
Arkair Ltd. will hold its final shareholders meeting on
Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidator can be reached at:

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


BEAR STEARNS: Proofs of Claim Filing Deadline Is Jan. 11
--------------------------------------------------------
Bear Stearns Multi-Strategy Protected Limited's creditors are
given until Jan. 11, 2008, to prove their claims to Bear Stearns
Asset Management Inc., 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.

Bear Stearns' shareholder decided on Sept. 10, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Bear Stearns Asset Management Inc.
         383 Madison Avenue
         New York, New York 10179
         United States of America

Contact for inquiries:

         Attention: Ian Gobin
         Walkers
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9001
         Cayman Islands
         Telephone: (345) 814 4604
         Fax: (345) 949 7886


BERNARD BRIDGE: Sets Final Shareholders Meeting for Jan. 10
-----------------------------------------------------------
Bernard Bridge Facility, Ltd., will hold its final shareholders
meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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 liquidator can be reached at:

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


BIG HAND: Will Hold Final Shareholders Meeting on Jan. 10
---------------------------------------------------------
Big Hand Funding Corporation will hold its final shareholders
meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

         Wendy Ebanks
         Joshua Grant
         Maples Finance Limited
         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands


CAI JAPAN: Sets Final Shareholders Meeting for Jan. 10
------------------------------------------------------
Cai Japan Multi Alpha Portfolio, Ltd., will hold its final
shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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


CHUO FINANCE: Will Hold Final Shareholders Meeting on Jan. 10
-------------------------------------------------------------
Chuo Finance (Cayman) Limited will hold its final shareholders
meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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


CQS INT'L: Sets Final Shareholders Meeting for Jan. 10
------------------------------------------------------
CQS International Limited will hold its final shareholders
meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidator can be reached at:

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


DISCOVERER PROTECTION: Final Shareholders Meeting Is on Jan. 10
---------------------------------------------------------------
Discoverer Protection Hedge Fund will hold its final
shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

Discoverer Protection'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:

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


ECLIPSE SECURITIES: Final Shareholders Meeting Is on Jan. 10
------------------------------------------------------------
Eclipse Securities Limited will hold its final shareholders
meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

         Carrie Bunton
         Sarah Kennedy
         Maples Finance Limited
         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands


FALCON CAPITAL: Final Shareholders Meeting Is on Jan. 10
--------------------------------------------------------
Falcon Capital Protected Relative Value Fund Limited will hold
its final shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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:

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


FLAGSHIP CLO: Holding Final Shareholders Meeting on Jan. 10
-----------------------------------------------------------
Flagship CLO II will hold its final shareholders meeting on
Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

         Andrew Dean
         Jan Neveril
         Maples Finance Limited
         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands


FONDREN PARTNERS: Proofs of Claim Filing Is Until Today
-------------------------------------------------------
Fondren Partners Offshore Ltd.'s creditors are given until
Jan. 8, 2008, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Fondren Partners' shareholder decided on Dec. 5, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


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

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

These agenda will be taken during the meeting:

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

FRVMA Limited'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:

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


GINZA 7: Sets Final Shareholders Meeting for Jan. 10
----------------------------------------------------
Ginza 7 Holdings will hold its final shareholders meeting on
Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidator can be reached at:

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


GLOBAL AIR: Final Shareholders Meeting Is on Jan. 10
----------------------------------------------------
Global Air Movement Cayman-Holdco will hold its final
shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

         Guy Major
         Joshua Grant
         Maples Finance Limited
         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands


GLOBAL AIR MOV'T: Will Hold Shareholders Meeting on Jan. 10
-----------------------------------------------------------
Global Air Movement Cayman-PEC Co. will hold its final
shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidators can be reached at:

         Guy Major
         Joshua Grant
         Maples Finance Limited
         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands


GRYPHON HIDDEN: Will Hold Final Shareholders Meeting on Jan. 10
---------------------------------------------------------------
Gryphon Hidden Values VI Limited will hold its final
shareholders meeting on Jan. 10, 2008, at the offices of the
liquidator.

These agenda will be taken during the meeting:

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

Gryphon Hidden'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:

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


JLOC I:  Sets Final Shareholders Meeting for Jan. 10
----------------------------------------------------
Jloc I Limited will hold its final shareholders meeting on
Jan. 10, 2008, 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 I'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:

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


MAESTRO GLOBAL: Sets Final Shareholders Meeting for Jan. 10
-----------------------------------------------------------
Maestro Global Equity Investment Company Limited will hold its
final shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidator can be reached at:

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


MARINER VOLATILITY: Proofs of Claim Filing Ends on Jan. 10
----------------------------------------------------------
Mariner Volatility Fund International, Ltd.'s creditors are
given until Jan. 8, 2008, to prove their claims to Mark Cummings
and Chris Humphries, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Mariner Volatility's shareholder decided on Dec. 10, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         Mark Cummings
         Chris Humphries
         Attention: Stuarts Walker Hersant Attorneys-at-Law
         Dr. Roy's Drive, P.O. Box 2510
         Grand Cayman KY1-1104, Cayman Islands
         Telephone: (345) 949 3344
         Fax: (345) 949 2888


MARINER VOLATILITY: Sets Final Shareholders Meeting for Jan. 25
---------------------------------------------------------------
Mariner Volatility Fund International, Ltd., will hold its final
shareholders meeting on Jan. 25, 2008, at 9:00 a.m. at:

         36A Dr. Roy's Drive
         Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

Mariner Volatility's shareholder decided on Dec. 10, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         Mark Cummings
         Chris Humphries
         Attention: Stuarts Walker Hersant Attorneys-at-Law
         Dr. Roy's Drive, P.O. Box 2510
         Grand Cayman KY1-1104, Cayman Islands
         Telephone: (345) 949 3344
         Fax: (345) 949 2888


MBF NO. 2: Will Hold Final Shareholders Meeting on Jan. 10
----------------------------------------------------------
MBF NO. 2 Inc. will hold its final shareholders meeting on
Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

MBF NO.2's shareholders agreed on Nov. 2, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


MESA 2002-2: Will Hold Shareholders Meeting on Jan. 10
------------------------------------------------------
Mesa 2002-2 Global Issuance Company will hold its final
shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

Mesa 2002-2's shareholders agreed on Oct. 9, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

         Andrew Millar
         Joshua Grant
         Maples Finance Limited
         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands


MTI CAPITAL: Will Hold Final Shareholders Meeting on Jan. 10
------------------------------------------------------------
MTI Capital (Cayman) Limited will hold its final shareholders
meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

Mariner Volatility's shareholder decided on Dec. 10, 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
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093, George Town
         Grand Cayman, Cayman Islands


MTI FINANCE: Sets Final Shareholders Meeting for Jan. 10
--------------------------------------------------------
MTI Finance (Cayman) Limited will hold its final shareholders
meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

MTI 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:

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


P FINANCE: Proofs of Claim Filing Is Until Today
------------------------------------------------
P Finance Limited's creditors are given until Jan. 8, 2008, to
prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

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


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

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

These agenda will be taken during the meeting:

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

REVS Limited's shareholders agreed on Oct. 17, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         Martin Couch
         Emile Small
         Maples Finance Limited
         Boundary Hall, Cricket Square
         George Town, Grand Cayman
         Cayman Islands


SENBON ASSET: Will Hold Final Shareholders Meeting on Jan. 10
-------------------------------------------------------------
Senbon Asset Corporation will hold its final shareholders
meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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

The liquidator can be reached at:

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


SHINJUKU HOLDING: Proofs of Claim Filing Ends Today
---------------------------------------------------
Shinjuku Holding II, Inc.'s creditors are given until
Jan. 8, 2008, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


SOUTHFORK II: Proofs of Claim Filing Deadline Is Today
------------------------------------------------------
Southfork II CLO, Ltd.'s creditors are given until Jan. 8, 2008,
to prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Southfork II's shareholder decided on Dec. 6, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


SPENCER HOUSE: Sets Final Shareholders Meeting for Jan. 10
----------------------------------------------------------
Spencer House Capital Management Global Fund Limited will hold
its final shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

Spencer House'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:

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


SPENCER HOUSE CAPITAL: Final Shareholders Meeting Is on Jan. 10
---------------------------------------------------------------
Spencer House Capital Management Global Master Fund Limited will
hold its final shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

Spencer House'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:

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


WESTWAYS FUNDING: Proofs of Claim Filing Is Until Today
-------------------------------------------------------
Westways Funding VIII, Ltd.'s creditors are given until
Jan. 8, 2008, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Westways Funding's shareholder decided on Dec. 6, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


YORK POWER: Sets Final Shareholders Meeting for Jan. 10
-------------------------------------------------------
York Power Funding (Cayman) Limited will hold its final
shareholders meeting on Jan. 10, 2008, at:

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

These agenda will be taken during the meeting:

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

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




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


BOSTON SCIENTIFIC: Closes Auditory Biz & Drug Pump Program Sales
----------------------------------------------------------------
Boston Scientific Corporation has completed the sale of the
controlling interests in its auditory business and drug pump
development program to former principals and shareholders of
Advanced Bionics.  Boston Scientific acquired Advanced Bionics
in 2004.  The sale coincides with the closing of the amended
merger agreement with Advanced Bionics announced on
Aug. 9, 2007.

As part of a new schedule of consolidated, fixed earnout
payments, Boston Scientific has paid former Advanced Bionics
shareholders US$650 million.  A final payment of US$500 million
will be paid in March 2009.  The former Advanced Bionics
principals and shareholders have paid Boston Scientific US$150
million for the controlling interests in the auditory business
and drug pump development program.

Under the amended merger agreement, Boston Scientific obtains
sole management control of the Pain Management business,
including the emerging indications program.  The Pain Management
business includes spinal cord stimulation technologies, as well
as emerging technologies such as a variety of applications of
the bion(R) microstimulator.  The Pain Management business and
emerging indications program will operate as Boston Scientific
Neuromodulation under the leadership of Michael Onuscheck,
currently head of the Pain Management business.  The business
will continue to be headquartered in Valencia, California.

As part of the transactions, the parties have agreed to dismiss
currently pending litigation between Boston Scientific and
former Advanced Bionics shareholders.

                   About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Boston Scientific Corp., including the 'BB+'
corporate credit rating, and removed them from CreditWatch,
where they were placed with negative implications Aug. 3, 2007.
S&P said the rating outlook is negative.


CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says
----------------------------------------------------------------
Chiquita Brands International Inc.'s Director of Corporate
Communications, Michael Mitchell, disclosed that the grape
harvest has slowed down in the Chilean regions, Fresh Plaza
reports.

Mr. Mitchell asserted that the season started off the second and
third weeks of November, adding that the quality is good.

"We expect a good supply of grapes in terms of volume and
quality as the harvest gets stronger.  The volume will be steady
and good temperature and no rains are improving the quality of
the fruits.  There has been some hail, but this caused no
significant damage to our crops," Fresh Plaza relates, citing
Michael Mitchell.

Fresh Plaza adds that the company had exported products by which
20% of all of Chiquita's volume goes to Europe.

Report shows that the Chilean grape season will last until
April 2008.

Cincinnati, Ohio-based Chiquita Brands International Inc. (NYSE:
CQB) -- http://www.chiquita.com/-- markets and distributes
fresh food products including bananas and nutritious blends of
green salads.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.

Chiquita employs approximately 25,000 people operating in more
than 70 countries worldwide, including Colombia, Panama and the
Philippines.

                        *     *     *

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

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




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


BANCOLOMBIA: Reports 34,000 Mobile Banking Clients in 2007
----------------------------------------------------------
Colombian news daily Portafolio reports that Bancolombia had
about 34,000 customers for its mobile banking service Banca
Movil in 2007.

Cellular-News relates that Bancolombia launched Banca Movil in
June 2007.  Since then the bank has processed about 532,000
mobile banking transactions.

Banca Movil allows clients to make payments, bank transfers and
requests for information, Cellular-News notes.

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

                        *     *     *

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

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

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

In addition, Fitch affirmed these ratings:

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

Fitch says the rating outlook is stable.


* COLOMBIA: Moody's Predicts Stable Outlook for Banks
-----------------------------------------------------
Moody's Investors Service sees a stable outlook for the average
D+ financial strength rating of Colombia's banks, citing their
good financial performance, as well as their adequate risk
management and governance practices.

The agency also points to the positive support for banking
activity provided by a more vibrant macroeconomic environment --
characterized by robust domestic consumption and investment --
in addition to the clear benefits furnished by the nation's
fairly well-established legal and regulatory frameworks.

"Also crucial to the overall financial strength is the core of
strong, well-managed banks, representing almost one-third of the
system's deposits, which is reinforced by many well-established
domestic private banks," states Moody's Vice President David
Olivares-Villagomez.

"We believe that Colombian banks are well positioned to profit
from growing banking activity," the analyst says, noting further
that lending as a percentage of GDP has accelerated since 2005
to reach 32% in mid 2007, boosted largely by robust consumer-
loan growth.  "This ratio, however, is still modest by
international standards, and points to potential growth
opportunity as the economy expands," Mr. Olivares-Villagomez
adds.

As a result, the banks' balance sheets are shifting towards more
lending, at the expense of government securities -- a trend that
Moody's views favorably because this realignment boosts earnings
recurrence.  Securities have been a traditional contributor to
Colombian banks' assets and earnings, but also a source of
earnings volatility, the analyst explains.

"This is not to say that we are free of concern about some of
the Colombian banking industry's challenges" Mr. Olivares-
Villagomez cautions.  Moody's believes that Colombian banks
would gain from further improving some of their metrics, which
tend to lag those found in many other Latin American banking
systems.  According to the analyst, "these metrics include core
capitalization, operating efficiency, and loan granularity, as
well as profitability ratios, which are more modest than those
of certain peer systems -- despite the relatively high Colombian
interest rate of 9.5%."

Moreover, the current rapid loan expansion challenges the banks'
asset quality and profitability. "The latter has also been
pressured because of a recent set of stricter provisioning rules
aiming at better aligning Colombian banks to international
practices," Mr. Olivares-Villagomez points out.

"As a result of these developments," Mr. Olivares-Villagomez
says, "credit costs are increasing relative to core earnings --
a trend also observed in Mexico, Chile and Brazil."  The analyst
adds, "In particular, consumer loans remain quite dynamic and
commercial lending is also on a positive trend."

"As new loans accumulate," Mr. Olivares-Villagomez points out,
"delinquencies may rise; on the other hand, as with what we have
seen in several Latin American banking systems, loan
deterioration in Colombia is not yet a major concern, although
we are monitoring it carefully."




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


BANCO DE COSTA RICA: Oscar Arias Initiates Merger Talks of Banks
----------------------------------------------------------------
Costa Rican President Oscar Arias and the Ministro de la
Presidencia Rodrigo Arias will meet this week with bank managers
to discuss the proposed merger of three financial institutions:
The Banco Nacional, the Banco de Costa Rica and the Bancredito,
Inside Costa Rica reports.

According to Guillermo Quesada, Bancredito's general manager,
the merger meeting was in the works, saying that the plan would
maintain each indivual bank's autonomy, creating entities that
would provide services to their operations.

Inside Costa Rica states that the corporations would provide
administration of automated tellers, security, supply and other
services, to the three banks.

In addition, the proposed merger would remove the threefold
services like:

   * individual computer centres maintained by the individual
     banks,

   * armoured vehicles, etc.,

   * grouping those services into one,

   * cutting down on operating costs.

The combined assets of the three banks, as of Sept. 30, 2007,
has summed to US$9 billion, which is 50% of the market with a
combined profit of US$122 million dollars, Inside Costa Rica
relates.

The merger is necessary to allow the state banks to confront the
mounting competition from the megabanks that are in the region,
William Hayden claims, general manager of Banco Nacional, the
same paper says.

Carlos Fernandez, Banco de Costa Rica's president, was
unavailable for comment, Inside Costa Rica says.

Banco de Costa, established in 1877, is Costa Rica's second
largest bank with a local deposit market share of 20% as of
June 2006.  Banco de Costa has three local wholly owned
subsidiaries in non-credit activities (securities brokerage,
mutual fund and pension fund management).  It also has a 51%
stake (increased from 20% in 2005) in Banco Internacional de
Costa Rica aka BICSA, a Panama-based trade finance and corporate
bank established in 1976 (24% of the bank's consolidated loans
at end-September 2006).  The larger local peer Banco Nacional de
Costa Rica (also state-owned) holds the remainder 49% stake in
BICSA.  Banco del Costa Rica offers a wide array of universal
banking services to 1.2 million clients through its network of
178 branches and 267 ATMs.  Around 77% of loans are to the
corporate and commercial sectors, while the retail segment
provides the remainder 23% (35% contribution in the bank's
domestic operations).

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2007, Fitch Ratings has affirmed the Issuer Default
Ratings and all other ratings of Banco de Costa Rica as:

  -- Long-term foreign currency IDR at 'BB';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BB+';
  -- Short-term local currency IDR at 'B';
  -- Individual at 'C/D';
  -- Support at '3';
  -- Support Floor at 'BB';
  -- National-scale long-term rating at 'AA+(cri)';
  -- National-scale short-term rating at 'F1+(cri)'.


* COSTA RICA: President Initiates Merger Talks for Three Banks
--------------------------------------------------------------
Costa Rican President Oscar Arias and the Ministro de la
Presidencia Rodrigo Arias will meet this week with bank managers
to discuss the proposed merger of three financial institutions:
The Banco Nacional, the Banco de Costa Rica and the Bancredito,
Inside Costa Rica reports.

According to Guillermo Quesada, Bancredito's general manager,
the merger meeting was in the works, saying that the plan would
maintain each indivual bank's autonomy, creating entities that
would provide services to their operations.

Inside Costa Rica states that the corporations would provide
administration of automated tellers, security, supply and other
services, to the three banks.

In addition, the proposed merger would remove the threefold
services like:

   * individual computer centres maintained by the individual
     banks,

   * armoured vehicles, etc.,

   * grouping those services into one,

   * cutting down on operating costs.

The combined assets of the three banks, as of Sept. 30, 2007,
has summed to US$9 billion, which is 50% of the market with a
combined profit of US$122 million dollars, Inside Costa Rica
relates.

The merger is necessary to allow the state banks to confront the
mounting competition from the megabanks that are in the region,
William Hayden claims, general manager of Banco Nacional, the
same paper says.

Carlos Fernandez, Banco de Costa Rica's president, was
unavailable for comment, Inside Costa Rica says.

Banco de Costa, established in 1877, is Costa Rica's second
largest bank with a local deposit market share of 20% as of
June 2006.  Banco de Costa has three local wholly owned
subsidiaries in non-credit activities (securities brokerage,
mutual fund and pension fund management).  It also has a 51%
stake (increased from 20% in 2005) in Banco Internacional de
Costa Rica aka BICSA, a Panama-based trade finance and corporate
bank established in 1976 (24% of the bank's consolidated loans
at end-September 2006).  The larger local peer Banco Nacional de
Costa Rica (also state-owned) holds the remainder 49% stake in
BICSA.  Banco del Costa Rica offers a wide array of universal
banking services to 1.2 million clients through its network of
178 branches and 267 ATMs.  Around 77% of loans are to the
corporate and commercial sectors, while the retail segment
provides the remainder 23% (35% contribution in the bank's
domestic operations).

                        *     *     *

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 local and foreign currency ratings on Costa Rica.

Standard & Poor's also placed a BB long-term sovereign foreign
currency rating on Costa Rica.




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


* DOMINICAN REPUBLIC: To Buy 50% of Dominican Petroleum Shares
--------------------------------------------------------------
The government of Dominican Republic will purchase the remaining
of the Dominican Petroleum Refineries' shares from the Shell
Company by February 2008, Diario Libre relates.

According to the report, one of the 12 companies that
participated in the public bidding held by the Hacienda Ministry
will determine the price of the 50% shares.

Only a few companies presented their offers out of the 12
companies that took part in the bidding, said Hacienda Minister
Vicente Bengoa.

Diario Libre adds that the government wanted to get things done
quickly.

                        *     *     *

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 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.  Recovery ratings and a BB
transfer and convertibility assessment rating on the country.

S&P said the outlook for all the ratings is stable.




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


AFFILIATED COMPUTER: S&P Maintains BB Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Dallas, Texas-based Affiliated Computer
Services Inc., and removed it from CreditWatch, where it had
been placed with negative implications on March 20, 2007.  The
outlook is negative.

The affirmation follows the withdrawal of a buyout offer by
private equity firm Cerberus Capital Management, and led by ACS'
chairman and founder, for over US$8 billion (including the
assumption of debt).

"Although ACS' current debt levels (in the 3x area) are somewhat
moderate for the rating given ACS' satisfactory business
profile, the company has exhibited a much more aggressive
financial policy in its willingness to pursue an LBO, and it may
continue to pursue ongoing acquisitions and share repurchases,"
said Standard & Poor's credit analyst Philip Schrank.  "At the
'BB' rating level, our expectation is that ACS will manage its
debt leverage at 3x-5x over the intermediate term, which would
allow it to complete its outstanding US$800 million share
repurchase program, as well as make some moderate-size
acquisitions."

The negative outlook reflects ACS' ability within its credit
facilities to significantly increase debt to finance sizable
share repurchases or acquisitions, if it desires.

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.acs-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.




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


AIR JAMAICA: Shirley Williams Denies Temporary Workers' Layoff
--------------------------------------------------------------
Air Jamaica airline's board of director's executive chairperson
Shirley Williams told Radio Jamaica that the airline hasn't
dismissed temporary workers, contradicting a report by The
Jamaica Gleaner.

According to a weekend report by The Gleaner, Air Jamaica began
laying off temporary workers and is "making up two-week rosters"
for its regular workers.  "It is customary for the airline to
compile six-week work schedules for its staff."

The Gleaner notes that Air Jamaica's board of directors has also
recommended that 30% of the workers "be made redundant."  The
board is allegedly planning another layoff.

Air Jamaica's managers told workers at the Kingston and Montego
Bay airports that there was uncertainty as to who would the
airline keep within the next two weeks, The Gleaner says, citing
a source.

Granville Valentine, vice president of the National Workers'
Union representing the employees, commented to The Gleaner, "I
was told (last week) that the airline would not take such a
decision until it had done its due diligence."

Mr. Valentine told The Gleaner that when worker dismissal takes
effect, it must begin at the management level as Air Jamaica is
"top-heavy."

Radio Jamaica notes that the National Workers is threatening to
shut down Air Jamaica's operations.

The National Workers' head Vincent Morrison told Radio Jamaica
that the union has not been informed of any plans to reduce Air
Jamaica staff.  Any worker dismissal breaches the Public Sector
Memorandum of Understanding.

Ms. Williams challenged The Gleaner's report that the airline
would be dismissing staff.  She told Radio Jamaica the
information was inaccurate as it related to a "planned decision
to cut staff at a recent retreat of the board."

"At the retreat, there was no discussion of any 30% (staff)
reduction," Ms. Williams commented to The Gleaner.

Air Jamaica is yet restructuring operations to cut losses.  This
does not mean the airline is laying off workers, Radio Jamaica
says, citing Ms. Williams.  The airline's Industrial Relations
Committee chairperson Noel Hylton would be meeting with the
unions representing employees for further discussion and
consultation as promised.

Ms. Williams explained to The Gleaner that the temporary workers
who were sent home had reached the end of their contracts, as
they were employed "for the purpose of the peak period to cover
the period up until Dec. 31."

"In terms of the percentage of cuts, I am not getting into that
at this time.  There is a process to follow. It involves also
going though the ministry, as there is an MoU [memorandum of
understanding] in place," Ms. Williams told The Gleaner.

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

                        *     *     *

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

                        *     *     *

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




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


BERRY PLASTICS: Inks US$500MM Merger Deal with Captive Holdings
---------------------------------------------------------------
Berry Plastics Corporation, an Apollo Management LP and Graham
Partners portfolio company, entered into an agreement to acquire
100% of the outstanding common stock of Captive Holdings Inc.,
the parent company of Captive Plastics Inc., a First Atlantic
Capital Ltd. portfolio company.

Pursuant to the acquisition agreement, Berry will pay US$500
million for Captive, subject to certain customary adjustments.
Berry has obtained financing commitments to finance the
transaction.  The transaction will close in the first quarter of
2008 and is subject to customary closing conditions.

"The acquisition of Captive is another step in our quest to be a
total solution provider of plastic packaging with the Captive
product line significantly enhancing our abilities to better
serve our customers," Ira Boots, chairman and CEO of Berry
Plastics Corporation, stated.

"We are excited about the skill sets that the Captive employees
bring to Berry for the benefit of all of our customers,
employees and investors.  Captive has a history of strong growth
and fits in perfectly with our existing product lines," Mr.
Boots added.

"We are very pleased with the success of Captive over the past
three years and believe the business is well positioned for
future growth as part of Berry Plastics," Roberto Buaron,
chairman of First Atlantic Capital, said.  "Our strategy of
expanding Captive through internal investment and add-on
acquisitions has built a very strong company and generated an
excellent outcome for our investors."

"Captive is an excellent fit with Berry Plastics and, together,
we will offer a more integrated product line with the ability
and scale to serve the growing plastic packaging needs of our
customers," Peter Martin, president and CEO of Captive, said.
"We look forward to joining the Berry family."

The Captive disclosure is the second acquisition declared by
Berry in the last few days.  On Dec. 19, 2007, Berry divulged
the acquisition of MAC Closures Inc.

             About Berry Plastics Corporation

Headquartered in Evansville, Nebraska, Berry Plastics
Corporation -- http://www.berryplastics.com/ -- is a
manufacturer and supplier of a diverse mix of rigid plastics
packaging products focusing on the open top container, closure,
aerosol overcap, drink cup and housewares markets.  The company
sells a broad product line to over 12,000 customers.  Berry
Plastics concentrates on manufacturing high quality, value-added
products sold to marketers of institutional and consumer
products.  In 2004, the company created its international
division as a separate operating and reporting division to
increase sales and improve service to international customers
utilizing existing resources.  The international segment
includes the company's foreign facilities and business from
domestic facilities that is shipped or billed to foreign
locations.  The company has manufacturing facilities in the
United States, Mexico, Canada, Europe and China.


BERRY PLASTICS: S&P Retains CCC+ Rating on Senior Unsecured Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its first- and second-
lien senior secured debt ratings on Berry Plastics Holding Corp.
on CreditWatch with negative implications.  At the same time,
S&P affirmed its 'B' corporate credit ratings on Berry Plastics
Holding Corp. and its parent Berry Plastics Group Inc. as well
as its 'CCC+' senior unsecured and subordinated debt ratings.
The outlooks remain negative.

These rating actions follow Berry's announcement that it has
agreed to acquire privately held Captive Holdings Inc., parent
of Captive Plastics Inc., for about US$500 million in cash.
Captive manufactures blow-molded bottles and injection-molded
closures for the food, health care, spirits, and personal care
markets at 13 plants across the U.S.  Although Berry has not
released details regarding financing for the transaction, it has
announced that it has obtained financing commitments and expects
the transaction to close in the first quarter of 2008, subject
to customary closing conditions.

"The CreditWatch placement indicates that we could lower or
affirm the ratings on the first- and second-lien debt, depending
on financing for the acquisition and the implications for
recovery prospects for these instruments in the post-acquisition
capital structure," said Standard & Poor's credit analyst
Cynthia Werneth.  "Recovery prospects could deteriorate if Berry
finances the acquisition with additional secured debt."

The affirmation of the corporate credit rating reflects S&P's
view that even if the transaction is all debt-financed, it's
unlikely to materially worsen Berry's already very aggressive
debt leverage.  As of Sept. 29, 2007, total debt (adjusted to
capitalize operating leases) was about US$3.4 billion, and total
adjusted debt to EBITDA pro forma for recent acquisitions and
expected synergies was close to 7x.  S&P expects liquidity to
remain sufficient to meet all near-term operating and financing
needs.

The affirmation of the ratings on the senior unsecured and
subordinated debt, which are both rated 'CCC+', two notches
below the corporate credit rating, indicates S&P's expectation
that these ratings will remain unchanged following completion of
the Captive transaction.

The negative outlook associated with the corporate credit rating
points to the risk of a downgrade if operating problems,
difficulty integrating recent acquisitions, or market factors
such as rapidly rising resin costs or demand weakness forestall
strengthening of Berry's financial profile or cause it to weaken
further.  S&P could also lower the ratings if liquidity
unexpectedly deteriorates.


DURA AUTOMOTIVE: Court Defers DIP Financing Maturity to Jan. 31
---------------------------------------------------------------
At the request of DURA Automotive Systems, Inc., and its debtor-
affiliates, the U.S. Bankruptcy Court for the District of
Delaware extended the maturity date of the Debtors' postpetition
secured revolving and term loan financing facilities until
Jan. 31, 2008.

The Debtors told the Court that without extensions of the
maturity dates, previously set Dec. 31, 2007, the Debtors
obligations under the revolving and term-loan facilities become
immediately due and payable, and the DIP Lenders would be
entitled to exercise all remedies available to them.  Absent the
extension, the Debtors would face, among other things,
insufficient working capital to fund ongoing operations.

Beginning in September 2007, the Debtors initiated discussions
with, and solicited exit financing proposals from, a variety of
potential exit lenders.  The Debtors have selected Goldman Sachs
Credit Partners L.P. and Barclays Capital to act as arrangers to
syndicate the exit financing, but as of mid-December 2007, the
arrangers have been unable to secure a full syndication of
DURA's proposed US$425 million exit financing, due to tighter
credit conditions.

Marc Kieselstein, P.C., Esq., at Kirkland & Ellis, LLP, in
Chicago, Illinois, recounted that, in December 2007, the Debtors
and their advisors also contacted several potential third-party
lenders, and solicited debtor-in-financing proposals that would
replace the existing DIP Facilities in one form or another.
Though some parties showed interest in providing proposals, none
expressed confidence they could close the transaction within the
time-frame required by the Debtors, said Mr. Kieselstein said.

According to Mr. Kieselstein, the Debtors along with their
advisors determined that six months would be an appropriate
length of for the maturity date extensions of each of the DIP
Facilities, but that, to meet the Debtors' operational financing
needs between February and June 2008, the extensions would
require an increase in the size of the term loan amount under
the DIP Facilities.  For January 2008, however, no term loan
increase is necessary to meet the debtors' operational financing
needs.  Accordingly, obtaining maturity date extensions of month
for each of the DIP facilities was the only feasible extensions
available to the Debtors, Mr. Kieselstein told the Court.

Given the short period of time allowed by the one-month
extensions, the Debtors are presently, however, attempting to
negotiate, among other things, follow-on five or six month
maturity date extensions of the each of the DIP facilities and
the term loan increase.  The Debtors will present any request
for further amendments to the DIP Facilities at the
Jan. 24, 2008 omnibus hearing.

                   Amendments to DIP Facilities

The significant amendments to the Term Loan Facility are:

   Maturity Date:   Jan. 31, 2008

   Fees:            Status Report filed under seal.

   Canada
   Restructuring:   Transaction authorized subject to pledge of
                    new entity stock in favor of Postpetition
                    Secured Parties, including necessary
                    covenant waivers and authority for
                    Postpetition Agents to release guaranties
                    and liens as necessary.

   Interest:        For Base Rate Loans, Base Rate plus 2.25%
                    per annum.  For LIBOR Loans, at the LIBOR
                    Rate plus 3.25% per annum.  All loans deemed
                    Base Rate Loans after Dec. 31, 2007.

   Immediate
   Default
   Interest:        Default Interest to accrue starting Dec. 31,
                    2007, provided that if the Event of Default
                    occurs after December 31, there will be no
                    additional increase in the interest rate
                    from that provided in the Term Loan DIP
                    Credit Agreement.

   Financial
   Advisor
   Engagement:     Counsel to the Goldman Sachs Credit Partners,
                   L.P., as administrative agent to engage a
                   financial advisor

   Cash Flow
   Forecasts:      Debtors to provide rolling cash flow
                   forecasts for the following 13-week period
                   each week.

   Capital
   Expenditures:   Maximum Consolidated Capital Expenditures for
                   January 2008 to be less than or equal to
                   US$9 million.

Amendments of the Revolving DIP Facility are:

   Maturity Date:   January 31, 2008

   Fees:            Status Report filed under seal.

   Canada
   Restructuring:   Transaction authorized subject to pledge of
                    new entity stock in favor of Postpetition
                    Secured Parties, including necessary
                    covenant waivers and authority for
                    Postpetition Agents to release guaranties
                    and liens as necessary.

   Minimum EBITDA
   Covenant:        None for January 2008.

   Immediate
   Default
   Interest:        None.  Default interest to accrue, only when
                    applicable, pursuant to the Postpetition
                    Revolving Credit Agreement.

   New Commitment
   Letter:          On or before January 15, 2008, the Debtors
                    will have procured a commitment from
                    financial institutions reasonably accepted
                    to the Lenders for a new term loan DIP
                    credit facility.

   New Financial
   Covenant:        During the term of the Maturity Date
                    extension, the Borrowers will have to comply
                    with minimum Excess Availability covenant.

   Eligible
   Receivables:     Revised to include "25% in respect of Ford
                    Motor Company including any of its
                    affiliates and subsidiaries, or an Account
                    Debtor whose securities are rated Investment
                    Grade."

   Base Rate Loans: All loans to be deemed Base Rate Loans.

   Use of Funds:    Proceeds of any Credit Extension may not be
                    used to refinance, repay, cash
                    collateralize, back to back, replace, or
                    otherwise support all or any part of the
                    synthetic letters of credit under the Term
                    Loan DIP Agreement or pay any principal
                    amounts due under that agreement other than
                    the amounts mutually agreed.

   Financial
   Advisor
   Engagement:     Counsel to the Administrative Agent to engage
                   a financial advisor.

   Cash Flow
   Forecasts and
   Borrowing Base
   Certificates:   Debtors to provide rolling cash flow forecast
                   for the following 13-week period and
                   Borrowing Base Certificate each week.

Mr. Kieselstein told the Court that the Debtors, in order to
obtain the Maturity Date extensions and effect the Canada
Restructuring, were required to offer "sufficient" consideration
to obtain unanimous lender consent under the DIP Facilities.
The Debtors, however, redacted the Amendment Fees from the
Amended Credit Agreements filed with the Court.

The Court ruled that all prepetition second priority liens and
replacement liens granted to prepetition second priority lenders
in the Final DIP Order on any assets being released by the
Postpetition Secured Parties in connection with the Canada
Restructuring will be released to the same extent as any liens
on the "Covered Assets" in favor of the Postpetition Secured
Parties are released.

All guarantees in favor of the Prepetition Second Priority
Lenders from any person that has also issued a guaranty in favor
of the Postpetition Secured Parties, which is being terminated
in connection with the Canada Restructuring, will be terminated
to the same extent as the guarantees by the Covered Guarantors
in favor of the Postpetition Secured Parties are terminated.

To the extent that (a) any Covered Assets are not property of a
Debtor or (b) any Covered Guarantor is not a Debtor, the
Prepetition Second Priority Agent will use all efforts to
release their liens on the Covered Assets and terminate the
guaranties in their favor from the Covered Guarantors.

The liens of the Postpetition Secured Parties granted in the
Final DIP Order, the Prepetition Second Priority Liens and the
replacement liens granted to the Prepetition Second Priority
Lenders in the Final DIP Order will each attach to 66% of the
capital stock of the newly formed German partnership to the same
extent and with the same priority as provided for in the Final
DIP Order.  All of those liens will be deemed perfected, valid,
binding, and enforceable by the Postpetition Secured Parties and
the Prepetition Second Priority Lenders and subject to the
priorities provided for in the Final DIP Order without the need
for any other filing or action, provided that the liens of the
Prepetition Second Priority Lenders will be junior in all
respects to the liens of the Postpetition Secured Parties.

The transfers contemplated in the Canada Restructuring will not
increase the value of assets subject to the liens or claims held
by the Prepetition Second Lien Lenders.

The Court also authorized the Debtors to pay the DIP Lenders
US$358,000 to overlook loan covenant violations as a result of
the Debtors' entry into Court-approved agreements with Johnson
Controls Systems, Inc., its affiliates and subsidiaries, and
Bridgewater Interiors LLC.

                 Investor Dies in Plane Crash

In other news, Michael Kline, the chief executive officer of
Pacificor LLC, died in a plane crash on Dec. 23, 2007.
Pacificor has previously agreed to invest up to US$160 million
in reorganized DURA by buying shares of new common stock that
were not purchased in an equity rights offering.  The Pacificor
commitment depended on the bankruptcy exit loans that the
Debtors were unable to obtain and will expire on Jan. 31.

                         About DURA

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

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

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

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


DURA AUTOMOTIVE: Restructuring of Canadian Subsidiaries Approved
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware also
authorized Dura Automotive Systems Inc. and its debtor-
affiliates to implement corporate restructuring of certain of
their subsidiaries located in Canada to obtain certain tax
savings.

Mr. Kieselstein told the Honorable Kevin J. Carey that, in order
to realize the tax savings, the Debtors must begin the Canada
Restructuring prior to Dec. 31, 2007.  In order to do so, the
Debtors required certain waivers under the DIP Facilities.

Specifically, the Canada Restructuring involves:

   (1) Transfer of Debtor Dura Automotive Canada ULC's (i) stock
       in Debtor Universal Tool & Stamping and Dura Automotive
       Cables and (ii) US$26 million notes receivables from
       Trident to Debtor Dura Operating Corp. as a return of
       capital;

   (2) Migration and re-incorporation of Debtor Dura Ontario,
       Inc., as an Unlimited Liability Company in British
       Columbia;

   (3) Formation of New German Holding Company (NewCo KG);

   (4) Removal of pledges on Canadian shares, assets and the
       US$84 million DOC-ULC note, and 65% of Dura Holding
       Germany shares and replacing them with pledge of 65% of
       NewCo KG shares;

   (5) Contribution of Dura Operating of its shares in DOC-ULC
       and the US$84 million Note to NewCo KG; and

   (6) Transfer of Dura Operating's 90% shares in DGH and its
       99.9% interest in Debtor Dura Operating Canada LP to
       NewCo KG.

Mr. Kieselstein says the DIP Amendments do not require specific
approval by the Ontario Superior Court of Justice.  RSM Richter
Inc., which provides the Ontario Court with updates on material
activities in the Debtors' Chapter 11 cases, supports the Canada
Restructuring.

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


HASBRO INC: To Acquire Cranium for US$77.5 Million
--------------------------------------------------
Hasbro Inc. has entered into an agreement to acquire privately-
held Cranium, Inc., and its wide range of Cranium branded games
and related products.  Hasbro will pay a base purchase price of
US$77.5 million, which may be adjusted based on Cranium's net
assets on the closing date.  The deal is expected to close
during the 1st quarter of 2008.

"This acquisition is consistent with Hasbro's ongoing strategy
to bring to market the most innovative toy and game brands in
the world," said Brian Goldner, Chief Operating Officer for
Hasbro, Inc.  "As the global leader in games, Hasbro is in a
unique position to maximize the long-term potential of the
Cranium brand, with real opportunity for growth in international
markets."

Cranium brands such as CRANIUM, CRANIUM HULLABALOO, CRANIUM
CADOO, CRANIUM CARIBOO, CRANIUM ZOOREKA, CRANIUM WHOONU and
CRANIUM BALLOON LAGOON will now join such timeless classics as
MONOPOLY, CLUE, SCRABBLE and TRIVIAL PURSUIT as part of Hasbro's
games portfolio.  Hasbro's global games and puzzles net revenues
in 2006 were approximately US$1.3 billion.

"A decade ago, we set out to create a brand that would give
everyone the chance to shine.  We've accomplished that and so
much more, making history with great products that have won five
Toy Industry Association Game of the Year awards," said Richard
Tait, Cranium Inc. co-founder and Grand Poo Bah.  "Now, the next
chapter in Cranium's story begins.  The Cranium brand will
benefit from the expertise and global presence of an industry
leader, Hasbro, who is as passionate about games as we are."

The parties have signed a Merger Agreement, pursuant to which a
newly-formed subsidiary of Hasbro will merge with Cranium, and
Cranium will thereby become a subsidiary of Hasbro.  Closing of
the merger is subject to closing conditions, including the
approval of Cranium's shareholders and obtaining necessary
consents.  The purchase price paid by Hasbro will be divided
between repayment of Cranium's outstanding debt and payments to
Cranium's shareholders.

                        About Cranium

Cranium Inc. -- http://www.cranium.com/-- is recognized as one
of Washington State's Top 100 Privately Held Companies, and
five-time winner of the Toy Industry Association's T.O.T.Y. Game
of the Year award.  With more than 22 million games, books, and
toys sold worldwide, Cranium continues to fuel a global movement
of more than half a million Craniacs in nearly 30 countries and
more than 10 languages.

                        About Hasbro

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, and Mexico, among others.

                        *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


MAZDA MOTOR: December Sales for U.S. Unit Down by 25.2%
-------------------------------------------------------
Mazda Motor Corp.'s U.S. sales of cars and light trucks for
December 2007 increased to 25.2% compared to December 2006,
Reuters reports.

Domestic truck sales surged 110.0% to 1,539 units from 733
units last year, domestic car dipped to 4,793 units from the
previous year's 5,866 units, a 18.3% decrease.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve
operating and financial performance in the nine months ended
Dec. 31, 2006, owing to an improved sales mix and favorable
foreign exchange rates.  Although the EBITDA margin of about 6%
remains lower than most of its Japanese peers, profitability is
steadily improving.  Mazda is now focusing on certain segments
instead of attempting to compete as a full-line producer.  The
company also has excellent product engineering capabilities.


MOVIE GALLERY: Wants Removal of Action Period Moved to July 14
--------------------------------------------------------------
Movie Gallery, Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Virginia to extend,
until July 14, 2008, the period wherein they can seek removal of
claims and causes of actions.

Currently, the Debtors have until Jan. 14, 2008 to remove
current causes of actions.

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 said that they have not had an opportunity to
conclusively determine which actions they will seek to remove,
because they have been productively focused on activities
critical to their reorganization.  Hence, the Debtors and their
advisors told the Court that they need additional time to
analyze and determine the actions concerning their removal.

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, the Debtors said.

                     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)


TRIMAS CORP: Cequent Group Gets Rights to Let's Go Aero Products
----------------------------------------------------------------
TriMas Corporation has announced that its Cequent Group has
acquired the rights to a number of Let's Go Aero product lines.
Let's Go Aero is the sole operating subsidiary of LGA Holdings,
Inc.

"We are excited about this transaction because it will enhance
Cequent's product offerings under our ROLA(R) and Highland(R)
brands by providing innovative cargo management solutions to our
customers, with the potential of adding several more of LGA's
proprietary products to our portfolio in the future," said
Cequent Group Vice President of New Business Development, Paul
Caruso.

"Partnering with the world's leading manufacturer of
recreational accessories will provide a powerful market entrance
for LGA's patented designs and strengthen our ability to develop
innovative cargo management products, as well as position our
company for long-term growth," said Let's Go Aero's President,
Marty L. Williams.

Under the terms of the licensing agreement, Let's Go Aero will
grant Cequent Group an exclusive worldwide license to
manufacture and sell product based on the licensed LGA
intellectual property.  In addition, the two companies have
agreed to pursue the development of new product based on Let's
Go Aero's core technology, in order to provide Cequent's
customers with the best choices and value in cargo management
solutions.

                        About Cequent

Cequent Group is a designer, manufacturer and marketer of a
broad range of accessories for light trucks, sport utility
vehicles, recreational vehicles, passenger cars and trailers of
all types. Products include cargo management and rack systems,
towing and hitch systems, and trailer and electrical brake
systems.  Cequent draws upon a 75-year-old heritage of superior
cargo management and recreational accessory brands, including:
ROLA(R), Highland(R), The Pro's Brand(R), Draw-Tite(R),
Reese(R), Hidden Hitch(R), Fulton(R), Wesbar(R), Bull Dog(R),
and Tekonsha(R).

                        About TriMas

Headquartered in Bloomfield Hills, Michigan, TriMas Corporation
(NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified
growth company of high-end, specialty niche businesses
manufacturing a variety of products for commercial, industrial
and consumer markets worldwide.  TriMas Corporation is organized
into five strategic business groups: Packaging Systems, Energy
Products, Industrial Specialties, RV & Trailer Products, and
Recreational Accessories.  TriMas Corporation has nearly 5,000
employees at 80 different facilities in 10 countries.  The
company has manufacturing facilities in Indiana, Mexico,
England, Germany, Italy, and China.

                        *     *     *

As reported on May 28, 2007, Standard & Poor's Ratings Services
raised its ratings on Bloomfield Hills, Michigan-based TriMas
Corp., including its corporate credit rating, which goes to 'B+'
from 'B'.

At the same time, all ratings were removed from CreditWatch,
where they were placed with positive implications on Aug. 4,
2006, following the company's announcement that it had filed a
registration statement for an IPO.  S&P said the outlook is
stable.


WENDY'S INT'L: US Same-Store Sales Down 0.8% in 4th Quarter 2007
----------------------------------------------------------------
Wendy's International, Inc., has announced preliminary average
same-store sales for the fourth quarter of 2007, which ended
Dec. 30, 2007.

Average same-store sales at United States company restaurants
decreased 0.8% for the quarter, compared to a 3.1% increase
during the same quarter a year ago.  The 2007 full-year average
same-store sales at U.S. company restaurants increased 0.9%.

Average same-store sales at U.S. franchise restaurants increased
0.2% for the quarter, compared to a 2.7% increase during the
same quarter a year ago.  The 2007 full-year average same-store
sales at U.S. franchise restaurants increased 1.4%.

"Although we made progress during the fourth quarter, I am not
satisfied by our same-store sales results," said Chief Executive
Officer and President Kerrii Anderson.  "We are addressing this
challenge in 2008 by concentrating more resources to grow the
top line with new products, customer service initiatives and
advertising that will more effectively highlight Wendy's(R)
superior quality."

During the fourth quarter, Wendy's promoted its Jalapeno Cheddar
Double Melt premium hamburger with toppings melted in the middle
of two fresh, never frozen beef patties.  In addition, the
company highlighted its Combo Choices, which allows customers to
mix-and-match their favorite sandwich, drink and choice of a
side item -- French fries, baked potato, side salad, Caesar side
salad, chili, or Mandarin oranges.

"Our enhanced strategic plan -- 'Doing What's Right for Our
Customers' -- leverages our strong history of quality and
innovation and is focused on core menu development in
hamburgers, chicken sandwiches and salads, as well as our total
value strategy," said Ms. Anderson.  "It also emphasizes
opportunities to grow our beverage, snack, late night and
breakfast business.

"Our plan is focused on attracting new and important customer
segments while we generate growth with a back-to-basics emphasis
on how we are different, special and better," added Ms.
Anderson.

     Wendy's Kicks off 2008 with New 99-Cents Stack Attack

The company recently introduced its new Stack Attack(TM) double
cheeseburger featuring two fresh, never frozen beef patties with
cheese in the center, topped with mayonnaise and ketchup -- at
an appealing price to customers of 99 cents.

"The new 99-cents Stack Attack is just one component of our
strategic approach that will broaden the way people think about
value from Wendy's," said Senior Vice President of Marketing
Strategy and Innovation, Paul Kershisnik.  "With the launch of
the Stack Attack, we're giving our customers more value and more
choices at a time when gasoline prices remain high and they may
be experiencing continued financial pressures."

In early 2008, the company will also continue to promote its
premium large hamburgers made with fresh, never frozen beef.  In
addition, it will emphasize its new breakfast menu in certain
markets that have a heavy concentration of company-owned
restaurants that offer the new breakfast menu.

                 About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc.
(NYSE:WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Moody's Investors Service lowered all ratings of
Wendy's International Inc. and placed all ratings on review for
further possible downgrade.  Affected ratings include the
company's Ba2 corporate family rating, which was lowered to Ba3.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.




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


AVIS BUDGET: To Acquire Budget Brand Rights for Newark Airport
--------------------------------------------------------------
Avis Budget Group, Inc. has entered into a definitive agreement
to acquire the operating rights for the Budget brand for the
Newark, New Jersey region, including Budget car rental
operations at Newark Liberty International Airport.  Terms of
the transaction, which is scheduled to close in late January,
were not disclosed.

"Upon completion of this acquisition, all of the Avis and Budget
car rental operations at LaGuardia Airport, John F. Kennedy
International Airport and Newark Liberty International Airport
will be owned by Avis Budget Group," said chairperson and chief
executive officer, Ronald L. Nelson.  "This will enhance the
efficiency of our operations in the tri-state area."

The rights that Avis Budget is acquiring to rent cars and trucks
under the Budget name in Newark have been licensed to a third
party since 1971.  The Budget operations in Newark generate
annual revenues of approximately US$20 million.

                      About Avis Budget

Avis Budget Group, Inc. -- http://www.avisbudgetgroup.com/--
(NYSE:CAR) provides vehicle rental services, with operations in
more than 70 countries.  Through its Avis and Budget brands, the
company is the largest general-use vehicle rental company in
each of North America, Australia, New Zealand and certain other
regions.  Avis Budget Group is headquartered in Parsippany, New
Jersey, and has more than 30,000 employees.

Avis Budget Group has expanded its electronic toll collection
with new services in Florida, Colorado and Puerto Rico.

                        *     *     *

As of Sept. 27, 2007, Avis Budget Group carries Fitch's Long
Term Issuer Default Ratings at 'BB' with a stable outlook.


FIRST BANCORP: Board Declares Preferred Shares Dividend Payments
----------------------------------------------------------------
First BanCorp's Board of Directors has declared the next payment
of dividends on First BanCorp's Series A through E Preferred
Shares.

The estimated dividend amounts per share, record dates and
payment dates for the Series A through E Preferred Shares are:

  Series   US$Per/share      Record Date      Payment Date
  ------   ------------      -----------     -------------
    A       0.1484375       Jan. 29, 2008    Jan. 31, 2008
    B       0.17395833      Jan. 15, 2008    Jan. 31, 2008
    C       0.1541666       Jan. 15, 2008    Jan. 31, 2008
    D       0.15104166      Jan. 15, 2008    Jan. 31, 2008
    E       0.14583333      Jan. 15, 2008    Jan. 31, 2008

Approval was obtained as part of First BanCorp's previously
announced agreement with the Board of Governors of the Federal
Reserve System.

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.




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


ARVINMERITOR INC: S&P Holds BB Rating on US$700M Credit Facility
----------------------------------------------------------------
Standard & Poor's Ratings Services said that although
ArvinMeritor Inc. amended its credit agreement on Dec. 10, 2007,
the issue-level rating on its US$700 million revolving credit
facility due 2011 remains unchanged at 'BB' (two notches higher
than the corporate credit rating), and the recovery rating on
this debt remains '1', indicating an expectation of very high
(90%-100%) recovery in the event of a payment default.

The amendments reduced the facility to $700 million from
$900 million, incorporated a new financial covenant package, and
modified the pricing schedule.

The corporate credit rating on ArvinMeritor is 'B+', and the
outlook is negative.

"The rating reflects the company's weak profitability, which has
recently kept cash flow negative, along with the cyclical and
competitive pricing pressures of the capital-intensive
automotive and heavy-vehicle component supply industry," said
Standard & Poor's credit analyst Lawrence Orlowski.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.


PETROLEOS DE VENEZUELA: Will Form Food Production Unit PDVAL
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA will be
forming food production and distribution unit called PDVAL,
Reuters reports, citing Venezuelan President Hugo Chavez.

Reuters relates that Venezuela has been suffering shortages of
basic food products.  Businesses blame the shortage on
government price controls.

According to Reuters, President Chavez promised to resolve
shortages of groceries like:

          -- beef,
          -- eggs, and
          -- milk.

"They are going to belong to PDVSA [Petroleos de Venezuela],
soon the PDVALs will start appearing, to produce and distribute
food," President Chavez told Reuters.

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

                        *     *     *

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                   Total
                               Shareholders  Total
                                   Equity    Assets
Company                 Ticker      (US$MM)   (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3     (23.61)      52.76
Kuala                    ARTE3     (33.57)      11.86
Bombril                  BOBR3    (472.88)     413.81
Caf Brasilia             CAFE3    (876.27)      42.83
Chiarelli SA             CCHI3     (63.93)      50.64
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (793.61)     439.83
Marambaia                CTPC3      (1.38)      79.73
DTCOM-DIR To Co          DTCY3     (14.16)       9.24
Aco Altona               ESTR      (49.52)     113.90
Estrela SA               ESTR3     (51.21)     103.60
Bombril Holding          FPXE3  (1,064.31)      41.97
Fabrica Renaux           FTRX3      (5.55)     136.60
Gazola                   GAZ03     (43.13)      22.28
Haga                     HAGA3    (114.40)      17.96
Hercules                 HETA3    (240.65)      37.34
Doc Imbituba             IMB13     (20.49)     209.80
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3    (116.91)     454.12
Minupar                  MNPR3     (39.46)     154.47
Nova America SA          NOVA3    (291.00)      40.77
Recrusul                 RCSL3     (59.33)      25.19
Telebras-CM RCPT         RCTB30   (149.58)     236.49
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (69.35)      50.29
Semp Toshiba SA          SEMP3      (4.68)     153.68
Tecel S Jose             SJ0S3     (13.24)      71.56
Sansuy                   SNSY3     (67.08)     201.64
Teka                     TEKA3    (331.28)     536.33
Telebras SA              TELB3    (149.58)     236.49
Telebras-CM RCPT         TELE31   (149.58)     236.49
Telebras SA              TLBRON   (148.58)     236.49
TECTOY                   TOYB3      (3.79)      38.65
TEC TOY SA-PREF          TOYB5      (3.79)      38.65
TEC TOY SA-PF B          TOYB6      (3.79)      38.65
TECTOY SA                TOYBON     (3.79)      38.65
Texteis Renaux           TXRX3    (103.01)      76.93
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (104.65)   1,975.79
Wiest                    WISA3    (140.97)      71.37



                         ***********


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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              * * * End of Transmission * * *