TCRLA_Public/080116.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

         Wednesday, January 16, 2008, Vol. 9, Issue 11

                          Headlines

A R G E N T I N A

ALITALIA SPA: Italy Endorses Exclusive Talks with Air France-KLM
ARLENA SA: Trustee Verifies Proofs of Claim Por Via Incidental
CLUB SOCIAL: Trustee Filing General Report in Court Tomorrow
CREDITOS NOBLE: Trustee Filing Individual Reports on Feb. 5
FARMACIA ECHEGARAY: Trustee To File General Report on Feb. 25

FORD MOTOR: Creates Verve Vehicle to Ride in Small Car Trend
FORD MOTOR: St. Thomas Plant in Ontario Starts Production
FORD MOTOR: Tata May Tap Ford Exec. to Head Two Luxury Brands
INCLOR SA: Trustee Filing Individual Reports in Court on Feb. 12
INDUSTRIAS SANTA: Trustee Filing Individual Reports on Feb. 21

LAS CANTERAS: Trustee To File Individual Reports on Feb. 25
NUEVO FARMACIA: Trustee To File General Report on Feb. 25
TELECOM PERSONAL: Inks 3G Roaming Accord with Ancel
YPF SA: Repsol Finds Gas Deposit in Peru


B A H A M A S

BANK OF BARODA: Raises INR1,000 Crore from Bond Issue
HARRAH'S ENTERTAINMENT: Expects To Close Acquisition by Jan. 28
METROPOLITAN BANK: Announces PHP722.91-Million Cash Dividend


B E R M U D A

CONCORD RE: Loan Maturity Prompts Moody's to Withdraw Ratings
PENNANT INSURANCE: Proofs of Claim Filing Is Until Tomorrow


B O L I V I A

INTERMEC INC: Teams with Apriva to Provide Payment Processing


B R A Z I L

DELPHI CORP: Bank of America Opposes Confirmation of Plan
DELPHI CORP: Moody's Assigns Ratings After Bankruptcy Emergence
DELPHI CORP: S&P Expects to Put B Rating After Chapter 11 Exit
DELTA AIR: Studying Sale of Comair While Reviewing Mergers
FIDELITY NAT'L: To Announce 2007 Financial Reports on Feb. 14

JAPAN AIRLINES: Mitsubishi UFJ to Buy 49% of JALCard for JPY40B
JAPAN AIR: To Set Up Cargo Service Venture with Mitsui, et al.
KENDLE INT'L: Hires Philip Davies as Phase I Vice President
PROPEX INC: Weak Earnings Prompt Moody's to Downgrade Ratings
SYNIVERSE TECH: Appoints Jeffrey Gordon as Chief Tech Officer

TEREX CORP: Inks Acquisition Deal with ASV for US$488 Million
VASOMEDICAL INC: Posts US$64,000 Net Loss in Qtr. Ended Nov. 30

* BRAZIL: Petrobras' Oil Output Up to 1,854,748 bpd in December
* BRAZIL: Petrobras, Repsol & Burlington Discover Gas in Peru
* BRAZIL: Petrobras Concludes Placement of US$750MM Global Notes


C A Y M A N   I S L A N D S

60FUNDING 1ST: Sets Final Shareholders Meeting for Jan. 25
AL BAIT: Sets Final Shareholders Meeting for Jan. 25
EIKOS II: Will Hold Final Shareholders Meeting on Jan. 25
GOLD CUBED II: Will Hold Final Shareholders Meeting on Jan. 25
GOLD CUBED LTD: Sets Final Shareholders Meeting for Jan. 25

JSB TAIWAN: Holding Final Shareholders Meeting on Jan. 25
KULIK LIMITED: Sets Final Shareholders Meeting for Jan. 25
MERCARI INVESTMENTS: Sets Final Shareholders Meeting for Jan. 25
PACIFIC CLIPPER: Sets Final Shareholders Meeting for Jan. 25
RAB JAPAN: Will Hold Final Shareholders Meeting on Jan. 25

RAB INDEX: Sets Final Shareholders Meeting for Jan. 25
RUSSIAN CENTURY: Final Shareholders Meeting Is on Jan. 25
SHINJUKU HOLDING: To Hold Final Shareholders Meeting on Jan. 25
SIGNAL FINANCIAL: Sets Final Shareholders Meeting for Jan. 25
WATT LIMITED: Holding Final Shareholders Meeting on Jan. 25


C H I L E

FRESH DEL MONTE: John Inserra to Quit as Chief Fin'l Officer
SHAW GROUP: Unit Gets Task Order Contract from U.S. Army Corps


C O L O M B I A

ECOPETROL: Says Crude Exports Increase 18% in 2007
SOLUTIA INC: Plans to Offer US$400 Mil. Senior Unsecured Notes


C U B A

* CUBA: Brazilian Leader's Visit to Include Oil Accord Signing


D O M I N I C A N   R E P U B L I C

BANCO DE RESERVAS: Reports DOP3.25-Billion Gain in December 2007

* DOMINICAN REPUBLIC: Haina Port Goes Private Under HIT
* DOMINICAN REPUBLIC: Meets Inflation Goal Despite Lower Figure


G U A T E M A L A

ALCATEL-LUCENT: Argentine Unit's Revenues Rose Up to 15% in 2007


H O N D U R A S

* HONDURAS: Boosting PetroCaribe Agreement with Venezuela


J A M A I C A

AIR JAMAICA: Wants Byles, Lalor & Bagaloo as New Directors
MAAX HOLDINGS: Posts US$2.8MM Operating Loss in Third Qtr. 2008
SUGAR COMPANY: Factories Need J$10 Million Investment


M E X I C O

CKE RESTAURANTS: Renews Multi-Year Beverage Deal with Coca-Cola
CONSTELLATION COPPER: Equity Deficit at Sept. 30 Is US$17.7 Mil.
HARMAN INTERNATIONAL: Amends Fiscal Year 2008 Earnings Guidance
INTERSTATE HOTELS: Inks Agreements to Manage Marriott Courtyards
URS CORP: EG&G Division Bags Air Force Contract for US$267 Mil.


P E R U

* PERU: Repsol, Petrobras Discover Natural Gas Deposit
* PERU: Fitch Says Creditworthiness Is Due to Growing Exports


P U E R T O   R I C O

MACY'S INC: December 2007 Total Sales Down 7.4% to US$4.6 Bil.
NELSON HERNANDEZ: Case Summary & 14 Largest Unsecured Creditors
SEARS HOLDINGS: Store Sales Drop 3.5% for Period Ended Jan. 5
SEARS HOLDINGS: Eyes Up to US$864 Million of Net Income


V E N E Z U E L A

CHRYSLER: Wants Getrag Joint Venture Resumed for 2009 Opening
PETROLEOS DE VENEZUELA: Shuts Down Amuay Plant


                          - - - - -


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


ALITALIA SPA: Italy Endorses Exclusive Talks with Air France-KLM
----------------------------------------------------------------
Tommaso Padoa Schioppa, Italy's finance minister, has delivered
a letter to Alitalia S.p.A. approving the commencement exclusive
talks with Air France-KLM S.A. over the sale of the government's
49.9% stake in the national carrier, Agenzia Giornalistica
Italia reports.

As reported in the TCR-Europe on Jan. 14, 2008, Air France CEO
Jean-Cyril Spinetta has held preliminary meetings with Alitalia
executives, government officials and trade unions over its
planned acquisition.

During the meetings, Mr. Spinetta confirmed plans to:

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

   -- acquire 100% of Alitalia convertible bonds; and

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

Mr. Spinetta also confirmed plans to cut 1,700 jobs, Reuters
relates.  He, however, defended plans to downsize Alitalia's
operations in Milan's Malpensa airport, and assured that the
national carrier will not abandon its slots in the northern hub.

Mr. Spinetta also revealed that should the French carrier
acquire 100% of Alitalia shares, Air France would list itself in
the Milan bourse.

Mr. Schioppa will represent the Italian government during sale
talks and will evaluate whether to sell to the state's majority
stake in Alitalia, Agenzia Giornalistica Italia says.

                       About Alitalia

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

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

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


ARLENA SA: Trustee Verifies Proofs of Claim Por Via Incidental
--------------------------------------------------------------
Marta Elena Pereyra, the court-appointed trustee for Arlena
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim "por via incidental."

Ms. Pereyra will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Chaco 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 Arlena 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 Arlena's accounting
and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Arlena S.A.
         Vedia 139/145, Resistencia
         Chaco, Argentina

The trustee can be reached at:

         Marta Elena Pereyra
         Cervantes 531, Resistencia
         Chaco, Argentina


CLUB SOCIAL: Trustee Filing General Report in Court Tomorrow
------------------------------------------------------------
Betina Isabel Coco, the court-appointed trustee for Club Social
Defensores de Cambaceres' reorganization proceeding, will file
in the National Commercial Court of First Instance in La Plata,
Buenos Aires, a general report containing an audit of the
company's accounting and banking records on Jan. 17, 2008.

Ms. Coco verified creditors' proofs of claim until
Oct. 31, 2007.  She presented the validated claims in court as
individual reports on Dec. 18, 2007.

The debtor can be reached at:

       Club Social Defensores de Cambaceres
       San Martin 715, Ensenada
       Buenos Aires, Argentina

The trustee can be reached at:

       Betina Isabel Coco
       Calle 11, Numero 467
       La Plata, Buenos Aires


CREDITOS NOBLE: Trustee Filing Individual Reports on Feb. 5
-----------------------------------------------------------
Waldo Americo Perez, the court-appointed trustee for Creditos
Noble S.A.'s reorganization proceeding, will present the
validated claims in court as individual reports on Feb. 5, 2008.

Mr. Perez verified creditors' proofs of claim until
Dec. 3, 2007.  The National Commercial Court of First Instance
in Villa Mercedes, San Luis, 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 Creditos Noble 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 Creditos Noble's
accounting and banking records will be submitted in court on
March 6, 2008.

The debtor can be reached at:

        Creditos Noble S.A.
        Urquiza 40, Villa Mercedes
        San Luis, Argentina

The trustee can be reached at:

        Waldo Americo Perez
        Marconi 68, Villa Mercedes
        San Luis, Argentina


FARMACIA ECHEGARAY: Trustee To File General Report on Feb. 25
-------------------------------------------------------------
Estudio Contable Guerrero - Sanchez Sabio y Asociados, the
court-appointed trustee for Farmacia Echegaray II S.R.L.'s
reorganization proceeding, will submit a general report
containing an audit of the firm's accounting and banking records
in the National Commercial Court of First Instance in San Juan
on Feb. 25, 2008.

Estudio Contable verified creditors' proofs of claim on
Oct. 29, 2007.  The trustee presented the validated claims in
court as individual reports on Dec. 10, 2007.

The trustee can be reached at:

         Estudio Contable Guerrero - Sanchez Sabio y Asociados
         Jujuy 326 Sur, Ciudad de San Juan
         San Juan, Argentina


FORD MOTOR: Creates Verve Vehicle to Ride in Small Car Trend
------------------------------------------------------------
Ford Motor Company is revealing the Verve, a concept vehicle
that makes clear the vision for the new small cars Ford soon
will introduce in North America.

The Verve is bold and sophisticated -- to help it clearly stand
out from other small cars on the road.  Ford is building on
decades of small car leadership in Europe as it develops new
small cars for North America to appeal to increasingly savvy
customers who value technology, design and fuel efficiency.

The Verve concept has been developed with Ford's new global
product development strategy that better leverages the company's
global strengths.  Globally, Ford is building on its European
small-car expertise to stake a bigger claim in this critically
important segment.  Ford's celebrated small car lineup in Europe
includes such top-sellers as the Ford Focus, Fiesta and Ka.

"We're looking at every aspect of what's defined Ford as a
small-car leader in Europe and working to build on this
expertise in driving dynamics and design across a global family
of Ford cars that are as exciting to drive as they are to look
at," Derrick Kuzak, Ford's group vice president, Global Product
Development, said.

"The Verve concept family provides a vision for a new world
standard for quality, design and comfort in the small car
segment," Mr. Kuzak added.  "These concepts demonstrate how
leveraging our global strengths can yield attractive benefits
for our customers in markets around the world."

          Small Car Popularity Skyrockets in North America

Momentum in small-car sales is outpacing overall industry growth
worldwide.  Globally, small car sales have grown from 23 million
units in 2002 to an estimated 38 million in 2012.  That's nearly
45% of the total expected 85-million unit industry, a level
never before achieved.  In the U.S., sales of small cars likely
will grow by 800,000, or 25% -- to a record 3.4 million units by
2012.

In fact, small cars and crossovers are the only vehicles with
projected near-term growth in the U.S.

Driving the growth in the U.S. market is a group of young people
aged 13 to 28 years -- dubbed "Millennials."  Today, this group
stands 1.7 billion strong worldwide and will represent 28% of
the total U.S. population by 2010.

As a group, Millennials embrace eco-friendliness, stay in
constant touch using modern technology and demand best-in-class
products from around the world. This group will grow from
representing 19% of the driving public in 2004 to amassing 28%
in 2010.

Every day, 11,000 Millennials in the U.S. come of driving age.
When it's time to buy their first car, nearly half of this group
shops the small-car segment.

"Millennials will be the defining group of customers in the
future, driving all types of consumer trends," Jim Farley,
Ford's group vice president, Marketing and Communications, said.
"Ford's European-based cars are a great fit for this generation
of drivers, who have grown up with the Internet and mobile
phones as necessities, not luxuries - believing that bigger
isn't necessarily better, precision is everything and technology
rules."

                      About Ford Motor

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

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

                        *     *     *

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


FORD MOTOR: St. Thomas Plant in Ontario Starts Production
---------------------------------------------------------
The keys to Ford Motor Company's first Lincoln Town Car to roll
off the assembly line at St. Thomas Assembly plant near London,
Ontario were presented to local Ford Lincoln dealer Bruce
Dumouchelle.

"A new chapter in the history of the St. Thomas Assembly Plant
has started as we've proudly begun producing the Lincoln Town
Car," Mark Boldin, plant manager of the St. Thomas Assembly
Plant, said.  "The Lincoln Town Car is an outstanding vehicle in
regards to safety with many best in class attributes -- and
we're pleased to add it to our portfolio of vehicles."

The Ford St. Thomas Assembly Plant opened in 1967 with the Ford
Falcon as its inaugural product, and has since produced more
than 10 different models including the Ford Fairmont, the
Mercury Zephyr and the Ford Escort.  Since 1984 the St. Thomas
Assembly Plant, a 241,548 square meters (2,600,000 square foot)
facility, has been the global source for the Ford Crown Victoria
and Mercury Grand Marquis -- now joined by the Lincoln Town Car.

Lauded for its attention to quality, environmental
responsibility and commitment to the community, the St. Thomas
Assembly Plant and its employees have earned numerous awards.
Similarly, the Lincoln Town Car has been highlighted for high
customer satisfaction and excellent safety ratings -- for
example, the Lincoln Town Car was the first car in history to
receive the U.S. Government's highest five-star government
safety ratings for four years in a row in all five categories
(2003 - 2006).

"The employees here at the St. Thomas Assembly Plant have always
held quality as a top priority," Scott Smith, CAW plant chair at
St. Thomas Assembly Plant, said.  "That same pride will be built
into each Lincoln Town Car produced here."

The St. Thomas Assembly Plant and the Lincoln Town Car also play
a roll in Ford's commitment to sustainability and the reduction
of dependence on fossil fuels -- Ford plans to continue
delivering products capable of running on renewable fuels, such
as ethanol. Ford has more than five million flexible fuel
vehicles on the roads globally.  Ford currently offers a total
of 14 flexible fuel vehicles in various markets globally, and
the Lincoln Town Car, Ford Crown Victoria and Mercury Grand
Marquis are among that group.

In 1981 the Lincoln Town Car was introduced as its own line and
has seen re-designs for the 1990, 1998 and 2003 model years.
Each time the Town Car has been refreshed the goal has been to
enhance qualities that define the vehicle -- roominess, ride,
comfort and safety -- as well as adding some unexpected
luxurious touches such as a THX-certified audiophile system.

"The Lincoln Town Car is a dominant player in the chauffeured
transportation industry here in North America," Mark Boldin,
plant manager of St. Thomas Assembly Plant, said.  "The overall
quality of the Town Car coupled with its reliability, tradition
of a smooth ride and superb comfort, has secured a loyal
customer base which has long experienced excellent customer
satisfaction."

                      About Ford Motor

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

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

                        *     *     *

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


FORD MOTOR: Tata May Tap Ford Exec. to Head Two Luxury Brands
-------------------------------------------------------------
After being chosen as preferred bidder for Ford Motor Co.'s
Jaguar and Land Rover brands, Tata Motors Ltd, according to
media reports, is expected to name a Ford senior executive to
head the two brands.

Last week, Ford disclosed that it has entered into "focused
negotiations at a more detailed level" with Tata Motors,
signaling that the Indian carmaker has become the preferred
bidder.

Even if there is no deal yet and nothing is final, the Press
Trust of India quoted The Sunday Times, citing unnamed senior
industry sources, as reporting that Tata was likely to name a
top Ford executive in Europe as chief executive of the Jaguar-
Land Rover group.  Presently, the group's chief executive is
Geoff Polities, an Australian, PTI notes.

                         About Tata

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                      About Ford Motor

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

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

                        *     *     *

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


INCLOR SA: Trustee Filing Individual Reports in Court on Feb. 12
----------------------------------------------------------------
Maria Gabriela Martinez, the court-appointed trustee for Inclor
S.A.'s bankruptcy proceeding, will present in the the National
Commercial Court of First Instance in Villa Mercedes, San Luis,
the validated claims as individual reports on Feb. 12, 2008.

Ms. Martinez verified creditors' proofs of claim until
Feb. 12, 2008.

Ms. Martinez will submit a general report containing an audit of
the company's accounting and banking records on March 28, 2008.

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

The trustee can be reached at:

        Maria Gabriela Martinez
        Avenida Mitre 999, Villa Mercedes
        San Luis, Argentina


INDUSTRIAS SANTA: Trustee Filing Individual Reports on Feb. 21
--------------------------------------------------------------
Cristina Elizabeth Ramon, the court-appointed trustee for
Industrias Santa Ana S.R.L.'s bankruptcy proceeding, will
present in the National Commercial Court of First Instance in
Salta the validated claims in court as individual reports on
Feb. 21, 2008.

Ms. Ramon verified creditors' proofs of claim until
Dec. 6, 2007.

A general report that contains an audit of Industrias Santa
Ana's accounting and banking records will be submitted in court
on April 7, 2008.

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

The debtor can be reached at:

         Industrias Santa Ana S.R.L.
         Rodriguez Duranona 1946, Ciudad de Salta
         Salta, Argentina

The trustee can be reached at:

         Cristina Elizabeth Ramon
         Rivadavia 663, Ciudad de Salta
         Salta, Argentina


LAS CANTERAS: Trustee To File Individual Reports on Feb. 25
-----------------------------------------------------------
Las Canteras S.R.L., the court-appointed trustee for Creditos
Noble S.A.'s reorganization proceeding, will present the
validated claims in court as individual reports on
Feb. 25, 2008.

Mr. Cocco verified creditors' proofs of claim until
Dec. 7, 2007.  The National Commercial Court of First Instance
in San Juan 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 Las Canteras
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 Las Canteras'
accounting and banking records will be submitted in court on
April 10, 2008.

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

The trustee can be reached at:

        Oscar Pedro Cocco
        General Mariano Acha 28 Sur, Capital
        San Juan, Argentina


NUEVO FARMACIA: Trustee To File General Report on Feb. 25
---------------------------------------------------------
Estudio Contable Guerrero - Sanchez Sabio y Asociados, the
court-appointed trustee for Nuevo Farmacia Echegaray S.C.S.'s
reorganization proceeding, will submit a general report
containing an audit of the firm's accounting and banking records
in the National Commercial Court of First Instance in San Juan
on Feb. 25, 2008.

Estudio Contable verified creditors' proofs of claim on
Oct. 29, 2007.  The trustee presented the validated claims in
court as individual reports on Dec. 10, 2007.

The trustee can be reached at:

         Estudio Contable Guerrero - Sanchez Sabio y Asociados
         Jujuy 326 Sur, Ciudad de San Juan
         San Juan, Argentina


TELECOM PERSONAL: Inks 3G Roaming Accord with Ancel
---------------------------------------------------
Telecom Personal said in a statement that it has entered into a
3G roaming agreement with Uruguayan operator Ancel.

Business News Americas relates that as agreed, Telecom Personal
will offer its customers 3G services in Montevideo, Colonia,
Punta del Este, Maldonado, and Durazno using Ancel's 3G network.

BNamericas notes that services available include:

          -- mobile broadband,
          -- multimedia downloads, and
          -- videocall.

According to BNamericas, Uruguayan state-run telco Antel's unit
Ancel launched 3G services in Uruguay in July 2007 with a US$20
million total investment.  Telecom Personal launched similar
services in Argentina in May 2007 and current coverage area
includes:

          -- Buenos Aires,
          -- Rosario,
          -- Cordoba, and
          -- coastal cities like Mar del Plata.

Telecom Personal is the wireless provider of Telecom Argentina
SA, providing services in Argentina and Paraguay over a GSM
network.  The company has 7.7 million users, with an estimated
30% market share in Argentina and a customer mix of 66% prepaid
and 34% postpaid as of June 30, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, Fitch Ratings affirmed Telecom Personal SA's
foreign and local currency Issuer Default Rating at 'B', and the
senior unsecured at 'B/RR4', and revised the Rating Outlook of
the international scale IDRs to Positive from Stable.
Approximately US$200 million in debt is affected by the rating
action.  Fitch has also upgraded the national scale rating of
Personal to 'A(arg)' from 'BBB+(arg)' with a stable rating
outlook.


YPF SA: Repsol Finds Gas Deposit in Peru
----------------------------------------
Spanish oil major Repsol YPF SA and Brazilian state-owned
company Petroleo Brasileiro SA have disclosed the finding of an
"important" natural gas reserve in Block 57 located at the north
of Camisea blocks 88 and 56 in the southeastern jungle of Peru,
according to published reports.

Repsol said in a statement that the discovery was made at
exploratory well Kinteroni X1 where initial production tests
have totaled one million cubic meters per day of gas and 198
cubic meters of associated liquid hydrocarbons.  The discovery
points to about two trillion cubic feet of gas in Block 57 in
the borders of the Camisea gas fields.  Repsol holds a 41% stake
in the field, while Petrobras has 35.15% stake.

Brazilian state-run oil firm Petroleo Brasileiro SA said in a
statement that Repsol's discovery is over 22 kilometers long and
has about 115 meters of liquid gas and condensate reservoirs.

According to BNamericas, Petroleo Brasileiro holds a stake in
the project.  Meanwhile, Repsol YPF controls 41% of the
consortium exploring in Block 57.  Burlington Resources controls
23.85% of the project.

Peruvian President Alan Garcia told state news agency Andina
that the discovery will ensure domestic use of this fuel for up
to 40 years without any fear of a shortage.

The discovery near Peru's Camisea gas fields in Cuzco opens the
door to additional discoveries, the AP reports, citing President
Garcia.

According to Reuters, many analysts expect proven reserves in
the Camisea field to increase.

President Garcia told Reuters that the field could eventually
show proven reserves of 20 trillion cubic feet, giving the
country security for 20 years.

However, it was too early to exactly estimate the extent of the
discovery though the size of the gas and condensate reservoirs
meant the field could yield two trillion cubic feet, Reuters
states, citing Repsol.

Petroleo Brasileiro said in a statement that it, along with
Repsol, is in the process of acquiring Burlington Resources'
stake in the consortium.  The acquisition is awaiting
authorization from Peruvian officials.

                 About Petroleo Brasileiro

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

                        About Repsol

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

                        About YPF SA

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

                        *     *     *

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

                        *     *     *

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

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

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook is negative.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2008, Standard & Poor's Ratings Services placed its
'BB+' local-currency corporate credit rating on YPF S.A. on
CreditWatch with negative implications.  S&P said the outlook on
the 'BB' foreign-currency rating remains stable.




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


BANK OF BARODA: Raises INR1,000 Crore from Bond Issue
-----------------------------------------------------
Bank of Baroda informed the Bombay Stock Exchange that its issue
of unsecured, non-convertible, redeemable, subordinated upper
tier II bonds opened for subscription on Jan. 3, 2008.
The bonds, in the nature of promissory notes series VIII with
face value of INR10 lacs each, raised INR1,000 crore.

The bonds carry a fixed annual coupon of 9.30% and a tenure of
15 years with call option at the end of 10 years.

Having received full subscription on the first day itself, Bank
of Baroda has decided to exercise the option of early closure of
the issue.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                        *     *     *

On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes program.  Fitch said the outlook on all
ratings is stable.


HARRAH'S ENTERTAINMENT: Expects To Close Acquisition by Jan. 28
---------------------------------------------------------------
Harrah's Entertainment, Inc. has announced that the closing of
the proposed acquisition of the company by affiliates of Apollo
Global Management, L.P. and TPG Capital is expected to occur on
Jan. 28, 2008, subject to customary closing conditions.

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

                        *     *     *

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


METROPOLITAN BANK: Announces PHP722.91-Million Cash Dividend
------------------------------------------------------------
Metropolitan Bank & Trust Co. has announced a PHP722.91-million
or 2% cash dividend to be paid not later than February 13, 2008,
a press release by the bank says.

The Bank has fixed January 18, 2008, as the record date to
determine eligible stockholders for the dividend.

The bank's Board of Directors had approved earlier the 2% cash
dividend that translates to PHP0.40 per share based on the par
value of PHP20 per share.  The dividend will be taken from its
total profits on hand.

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

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

                        *     *     *

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

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

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




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


CONCORD RE: Loan Maturity Prompts Moody's to Withdraw Ratings
-------------------------------------------------------------
Moody's has withdrawn the Ba2 senior secured term loan and Baa2
insurance financial strength ratings of Concord Re Limited due
to maturity of the loans and termination of the reinsurance
arrangement. The loans matured and the reinsurance arrangement
was terminated on Dec. 31, 2007, largely as scheduled, following
18 months of relatively benign weather and moderate property
insurance losses.  Assets in the collateral trust have been
released to lenders and equity investors.  The lenders did not
suffer any loss of interest or principal during the life of the
transaction.

Concord Re is Ltd., is Class 3 Bermuda reinsurance company that
is commonly referred to as a "sidecar."  In August 2006, it was
capitalized with US$365 million of senior secured term loans and
US$365 million of common equity and subsequently entered into a
collateralized quota share reinsurance treaty with Lexington
Insurance Company, a subsidiary of American International Group,
Inc., a property-casualty company of New York-based American
International Group, Inc. (NYSE: AIG).


PENNANT INSURANCE: Proofs of Claim Filing Is Until Tomorrow
-----------------------------------------------------------
Pennant Insurance Company Limited's creditors are given until
Jan. 17, 2008, to prove their claims to Ernest A. Morrison, 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.

Pennant Insurance's shareholder decided Dec. 19, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Ernest A. Morrison
         Milner House
         18 Parliament Street
         Hamilton, Bermuda HM 12




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


INTERMEC INC: Teams with Apriva to Provide Payment Processing
-------------------------------------------------------------
Intermec Inc. and Apriva have partnered to provide payment
processing capabilities on Intermec's CN3 Mobile Computer,
providing customers the highest level of security for credit
card compliance.

Apriva completed Class A certification of the CN3 Mobile
Computer using the Apriva Secure POS Suite running on the
device.  Apriva's Class A certification allows Apriva to provide
a choice of Level 1, direct merchant support, or Level 2, ISO
support, for the product.  The Class A certification verifies
that Apriva has fully reviewed and tested the solution and its
usability on multiple processing partner platforms.

"The combined solution from Intermec and Apriva will enable
customers to accept mobile payments on the CN3 with the
assurance that their payment solution meets the highest level of
security available.  Apriva's platform has achieved
certifications for both PCI DSS and MasterCard PTS which makes
them an ideal solution partner for our customers," commented
Retail Industry Marketing Director for Intermec, Brian Schulte.

"We are pleased to announce our partnership with Intermec and
are delighted to include Intermec in our Certified Secure
Program," said Bill Clark, Apriva's Senior Vice President of
Sales and Marketing.

                        About Apriva

Founded in 1999, Apriva --http://www.apriva.com/-- is the
leading wireless solution provider integrating the hardware,
software and network infrastructure required to develop and
deploy high-performance high-reliability solutions in the Point
of Sale (POS) and Secure Mobile Messaging markets.  Apriva
offers end-to-end solutions for Point of Sale that make it easy
and cost-effective to develop, deploy and maintain highly secure
and reliable business critical mobile applications.

                     About Intermec Inc.

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

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

                        *     *     *

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




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


DELPHI CORP: Bank of America Opposes Confirmation of Plan
---------------------------------------------------------
Bank of America, N.A., files an objection with the U.S.
Bankruptcy Court for the Southern District of New York, opposing
to confirmation of Delphi Corp. and its debtor-affiliates' First
Amended Joint Plan of Reorganization.

Representing Bank of America, N.A., John T. Gregg, Esq., at
Barnes & Thornburg LLP, in Grand Rapids, Michigan, contends that
the Plan proposes assumption and cure procedures that are
contrary to Sections 1123(b)(2) and 365(b)(1) of the Bankruptcy
Code.  The Plan also potentially terminates the Bank of
America's rights under its leases regardless of whether they are
assumed or rejected, Mr. Gregg asserts.

Bank of America clarifies that it does not oppose confirmation
of the Plan as long as:

   (1) the Debtors assume the Aircraft Leases and cure any and
       all the potential defaults thereunder; and

   (2) the guaranties, liens and security agreements to which
       Bank of America is entitled under the Leases survive and
       continue in existence after confirmation of the Plan.

Prior to the Petition Date, Bank of America and Delphi
Automotive Systems Human Resources, LLC, were parties to two
aircraft leases.

In July 2006, Bank of America filed three claims against the
Debtors, each for US$38,127,592 plus interest, for violations of
the Aircraft Leases.  Bank of America subsequently agreed to
withdraw its claims without prejudice pending the Debtors'
decision to assume or reject the Aircraft Leases.  In a Court-
approved stipulation, the Debtors agreed to provide Bank of
America with 10 days' prior notice of their election to assume
or reject the Aircraft Leases.

As of Jan. 10, 2008, the Debtors have neither assumed nor
rejected the Aircraft Leases.  The Debtors have also not
committed to provide Bank of America with new guaranties or
reaffirm the existing guaranties on the Aircraft Leases as part
of their cure obligations in the event that they assume the
Leases, Mr. Gregg informs the Court.

"Section 1123(b) of the Bankruptcy Code provides that a plan
may, subject to Section 365, provide for the assumption,
rejection, or assignment of an executory contract or unexpired
lease of the debtor not previously rejected under Section 365 .
. . Such assumption must occur by no later than plan
confirmation," Mr. Gregg reminds the Court.  The Plan, however,
states that the cure, as the sole requirement for assumption,
will not be determined for a period of 45 days or more after
confirmation.  In addition, the Plan authorizes the Debtors to
reject any contract or lease for a period of five days after a
final Court order establishing a cure amount in excess of that
which they have provided.  The Plan is therefore in direct
conflict with Sections 1123(b)(2) and 365(b)(1) because the
Debtors are improperly attempting to extend their time to
assume, reject, and provide cure and adequate assurance of
future performance under assumed contracts and leases, Mr. Gregg
contends.

The Debtors, according to Mr. Gregg, are seeking the approval of
procedures that require the Court to render an advisory opinion.
The Debtors should be required to cure any breach or default
under the Aircraft Leases, he maintains.

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.  The Court will convene the hearing to
consider confirmation of the Plan on Jan. 17, 2008.

(Delphi Bankruptcy News, Issue No. 106; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Moody's Assigns Ratings After Bankruptcy Emergence
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to Delphi
Corporation for the company's financing for emergence from
Chapter 11 bankruptcy protection:  Corporate Family Rating of
(P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned. The outlook is stable.

The (P)B2 CFR reflects the magnitude of the company's
indebtedness upon emergence, weak but improving coverage over
the intermediate term as the anticipated benefits of
restructuring initiatives take hold, and the absence of free
cash flow in its initial year after emergence.  The rating
recognizes substantial improvements in the company's cost
structure and operational efficiencies achieved during its
period of bankruptcy re-organization and ongoing benefits from
its global scale and manufacturing footprint.  However, the
rating also considers the extent of the company's exposure to
General Motors Corp.'s North American operations.  While GM's
North American exposure has significantly declined, it will
continue as the largest individual component in the customer
base, leaving Delphi Corp. vulnerable to any further reduction
in GM's production volumes or market share in this critical
region.

Delphi Corp.'s strengths include its geographic diversification,
and large book of long term contracts to supply components for
various vehicle platforms.  The company significantly reduced
its legacy liabilities through the bankruptcy process, shed
unprofitable operations, and identified other initiatives that
should improve its operating cost structure and better position
the company to compete in the auto parts supply business.
However, the full benefit of these initiatives will only be
achieved over time, and during the near term the company's
financial metrics will remain consistent with ratings at the low
end of the B range.  In particular, it is noted that the company
will require incremental restructuring disbursements of roughly
US$800 million over the next few years, which will likely
preclude free cash flow generation during 2008.  It is also
noted that the company will be emerging from bankruptcy at a
time when economic trends suggest potential for further weakness
in automotive sales.  While the benefits of restructuring
initiatives should yield improvement in financial metrics over
time, economic pressures could temper the rate of improvement.
Consequently, Moody's views the company's rating profile as more
consistent with the B2 rating category at this time.

The stable outlook is supported by Delphi Corp.'s liquidity
profile, expectations that the pace of operational improvements
will gain traction over the intermediate term, and the company's
participation in multiple geographic regions with different
growth prospects.  These factors along with an expected
transition to positive free cash flow in 2009 have the potential
to produce stronger coverage ratios and lower leverage going
forward.

Ratings assigned:

  -- Corporate Family Rating, (P)B2

  -- Probability of Default Rating, (P)B2

  -- US$2,950 million first lien term loan, (P)Ba3 (LGD-2, 26%)

  -- US$825 million of second lien term debt, (P)B3 (LGD-4,
     60%)

  -- Speculative Grade Liquidity rating, SGL-2

Outlook, stable

Delphi Holdings Luxembourg S.ar.l.:

  -- EUR Equivalent of US$750 million first lien term loan
     guaranteed by Delphi Corp., (P)Ba3 (LGD-2, 26%)

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 CORP: S&P Expects to Put B Rating After Chapter 11 Exit
--------------------------------------------------------------
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings:

  -- A 'B+' issue rating (one notch above the corporate credit
     rating), and '2' recovery rating to the company's proposed
     US$3.7 billion senior secured first-lien term loan; and

  -- A 'B-' issue rating (one notch below the corporate credit
     rating), and '5' recovery rating to the company's proposed
     US$825 million senior secured second-lien term loan.

The expected ratings are based upon preliminary terms and
conditions and assume successful placement of the loans as
represented to S&P.  Any changes to the terms of the loans prior
to placement may result in different ratings.  In addition, the
expected ratings are subject to confirmation and substantial
consummation of Delphi's plan of reorganization, and to S&P's
receipt and satisfactory review of final documentation.  The
expected ratings reflect Delphi's highly leveraged financial
risk profile, based on poor profitability and near-term negative
cash flow in North America despite substantial cost improvements
obtained in the company's reorganization.  The ratings also
reflect Delphi's vulnerable business risk profile as an
automotive supplier that still depends highly on the very
difficult North American market in general, and on former parent
General Motors Corp. (GM; B/Stable/B-3) for sales as well as
ongoing operational support.

Pro forma for the proposed exit financings and emergence from
bankruptcy, Delphi would have total debt of US$5.35 billion, or
a little more than US$8 billion, including Standard & Poor's
adjustments for underfunded postretirement benefits and the
present value of operating leases.

In S&P's debt ratio calculations, S&P also treated as debt
Delphi's proposed US$1.1 billion of junior convertible preferred
equity.  This preferred equity, which GM will hold after
emergence, has no dividend and minimal voting rights--
characteristics that leads S&P to view it as a temporary piece
of Delphi's capital structure.  Although this equity has no
maturity and could be replaced without an increase in Delphi's
debt (for example, if GM converts it into common equity or if a
third party purchases it), S&P believes it is also possible that
Delphi could raise debt in the future and use proceeds to
repurchase the junior preferred--in effect, reproducing the
capital structure under an earlier version of Delphi's plan of
reorganization, before weakness in the credit markets forced a
reduction in planned emergence debt levels.

S&P has not treated as debt the proposed US$800 million in
Series A and Series B convertible preferred equity, to be held
by Appaloosa Management L.P. and other plan investors after
emergence, because S&P consider these tranches to be more
permanent in nature.

Delphi's leverage will remain high after emergence, with
adjusted debt to expected 2008 EBITDA of about 6.5x.  This
calculation excludes restructuring costs, but incorporates
various transactions that lower adjusted leverage and that will
take place soon after emergence.  These transactions include
Delphi's payment of a US$1.2 billion "catch-up" contribution to
its worldwide pension plans, and the transfer of US$1.5 billion
in net pension liabilities to GM in exchange for a US$1.5
billion cash payment to the same.  Excluding the junior
preferred equity in S&P's ratio calculations, pro forma 2008
leverage would be a little less than 6x.

"Following emergence, we would characterize Delphi's business
risk profile as vulnerable," said Standard & Poor's credit
analyst Gregg Lemos Stein.  "Delphi has made significant strides
in shedding burdensome legacy costs in North America and in
transforming the company's mix of businesses during bankruptcy.
Nevertheless, customer pricing pressure and competition are
severe, and production volumes are likely to remain volatile--
especially in North America, where vehicle demand has been
sluggish and the outlook remains clouded amid increasing signs
of macroeconomic weakness."

Other steps Delphi has taken, or is in the process of taking, to
address its cost structure include:

  -- Dramatically reducing its U.S. hourly work force to about
     17,000 as of the end of 2007 from nearly 35,000 prior to
     bankruptcy via asset sales and attrition programs that GM
     partly subsidizes.  Additional planned asset sales will
     result in further U.S. headcount reductions over the next
     few years.

  -- Significantly reducing labor costs for remaining U.S.
     hourly workers (about US$27 per hour plus benefits to
     start, but increasing over time) in exchange for lump-sum
     payments, also subsidized by GM.

  -- Selling or closing 31 of the 39 U.S. manufacturing sites
     in operation as of the bankruptcy filing, plus additional
     non-U.S. plants mainly in higher-cost European locations.

  -- Transferring virtually all of its U.S. hourly other
     postemployment benefit liabilities to GM soon after
     emergence, reducing liabilities by more than US$8 billion.

  -- Freezing its U.S. defined-benefit pension plans as of
     emergence and replacing them with a defined-contribution
     plan.

In addition to these items, Delphi will also receive from GM
ongoing cash payments that will reduce Delphi's cost for
remaining United Auto Workers (UAW) employees to about US$26 per
hour, including benefits.  The UAW accounts for a majority of
Delphi's U.S. work force.  GM also has agreed to support noncore
manufacturing sites so that they are cash flow neutral to Delphi
prior to their sale or closure.

Despite the magnitude of these cost-cutting initiatives and the
exit from weaker product segments, S&P expects profitability to
return to only acceptable levels by the end of the 2008 at the
earliest.  S&P expects EBITDA margin, excluding restructuring
expense, to improve to about 8% of sales in 2008, compared with
less than 2% in 2007.  Margins should be higher in Europe and
Asia-Pacific, which account for a growing minority share of
Delphi's sales (about 37% and 15%, respectively, based on
expected 2008 revenues and excluding noncontinuing businesses).
However, this won't be enough to offset weak margins in North
America, which represents about 44% of projected 2008 revenues.
South America accounts for the remaining 4%.

Customer diversity has improved, but GM exposure remains a risk
factor.  Delphi expects GM to account for about 30% of sales in
2008, excluding noncontinuing businesses.  Prior to Delphi's
bankruptcy in 2005, this figure was about 50%. S&P expects
Delphi to continue to gradually diversify its customer base.
However, further market share losses or sudden production cuts
by GM would still pressure Delphi's results, potentially
negating the future cost savings Delphi aims to achieve in areas
such as administrative overhead and materials purchasing.

After emergence, continued cash usage in North America will
challenge Delphi's liquidity.  Standard & Poor's expects free
cash flow from global operations to be negative in 2008,
excluding a series of transactions with GM following emergence
and the US$1.2 billion catch-up pension contribution.  However,
S&P expects borrowing availability will be sufficient to fund
expected cash usage and ongoing restructurings.  An unrated
US$1.6 billion asset-based lending (ABL) revolving credit
facility will have about US$1.4 billion of borrowing
availability after anticipated borrowings and outstanding-but-
undrawn LOCs are taken into account.  Governing the ABL is a
borrowing base calculation, under which GM accounts receivable
can account for no more than 25% of eligible accounts receivable
and inventory, or 20% beginning in 2010.  Therefore, a GM
production decline would not severely reduce ABL borrowing
availability.  Cash balances after the post-emergence
transactions will be about US$800 million, but only about US$100
million will be in the U.S., where cash usage is greatest.

The cash costs of Delphi's ongoing restructuring efforts could
total nearly US$500 million in 2008.  Delphi plans to make
additional pension contributions for the next several years, on
top of the US$1.2 billion catch-up contribution, in an effort to
bring its U.S. plans to fully funded status.  However, these
should be manageable, averaging about US$150 million per year,
with some latitude as to timing.  Delphi's proposed exit
financings include minimal maturities through the end of the
decade.

As with most automotive original equipment suppliers, working
capital needs are highest in the middle of the calendar year
because of typical seasonal production patterns, and this
results in weaker cash flow in the first and second quarters.
S&P expects Delphi's cash flow to benefit from improved terms,
with its suppliers following emergence from bankruptcy,
potentially offsetting its cash usage in early 2008.  However,
S&P remains concerned about cash flow prospects in the U.S. over
the longer term.

Standard & Poor's expects to rate Delphi's proposed US$3.7
billion first-lien senior secured term loan 'B+', one notch
higher than the corporate credit rating.  This and the expected
recovery rating of '2' indicate that lenders can expect
substantial (70%-90%) recovery in the event of a payment default
or bankruptcy.  Delphi's proposed US$825 million second-lien
secured term loan is expected to be rated 'B-', one notch lower
than the company's corporate credit rating.  This and the
expected recovery rating of '5' indicates that lenders can
expect modest (10%-30%) recovery.

S&P expects the outlook to be negative, reflecting Delphi's cash
use in North America, ongoing restructuring needs, and the
uncertain outlook for vehicle demand in the U.S. in 2008.  S&P's
expected ratings assume that Delphi will continue to make some
progress on its cost structure and profitability, enabling it to
reduce leverage, including Standard & Poor's adjustments, to 6x
or less over time.  S&P could lower the ratings if overall
leverage or negative cash flow in North America failed to
improve, or if liquidity were to diminish.  On the other hand,
S&P could revise the outlook to stable, perhaps by the end of
2008, if Delphi demonstrates positive and sustainable cash flow
for debt reduction, enabling it to reduce leverage to
significantly less than 6x, including S&P's adjustments.  S&P is
unlikely to upgrade the company or revise the outlook to
positive, given the current challenges facing the North American
auto supplier industry and sluggish vehicle demand.


DELTA AIR: Studying Sale of Comair While Reviewing Mergers
----------------------------------------------------------
Delta Air Lines Inc., is studying a possible sale of its
regional jet service Comair while a board panel reviews merger
possibilities, Bloomberg News reports.

In an interview with Bloomberg, Delta spokeswoman Betsy Talton
said the airline is evaluating options to sell its regional
unit, "but no decision has been made."

Chief Executive Officer Richard Anderson projected that the
Board will decide on the sale in October 2007; however, no
updates as of this quarter have been disclosed.

Ms. Talton declined to comment on the progress of the Board
Committee regarding shareholder pressure to boost stock value,
Bloomberg says.

The Financial Times points Delta's delay on the Comair decision
to the airline's consideration of a merger with United Air Lines
Corporation or another competitor.

As previously reported, investor Pardus Capital Management LP,
in November 2007, urged Delta and United to merge.  The hedge
fund cited the merger's necessity amid skyrocketing jet-fuel
prices.

Unidentified people familiar with the matter confirmed that
Delta asked the board panel and its merger advisers, Merrill
Lynch & Co. and Greenhill & Co., to come up with decisions.
Thereafter, JPMorgan Chase & Co., will have to act on the
options already discussed for Comair, the Financial Times said.

                       About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.  The
company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on
April 30, 2007.  The Court entered a final decree closing 17
cases on Sept. 26, 2007.

As of Sept. 30, 2007, the company's balance sheet showed total
assets of $32.7 billion and total liabilities of $23 billion,
resulting in a $9.7 billion stockholders' equity.  At Dec. 31,
2006, deficit was $13.5 billion.

(Delta Air Lines Bankruptcy News, Issue Number 86; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter Oct. 18, 2007,
Standard & Poor's Ratings Services affirmed its ratings on Delta
Air Lines Inc. (B/Positive/--) and revised the rating outlook to
positive from stable.  The outlook revision is based on
continued strong earnings, cash flow generation, and debt
reduction.


FIDELITY NAT'L: To Announce 2007 Financial Reports on Feb. 14
-------------------------------------------------------------
Fidelity National Information Services, Inc. has reiterated its
outlook for full year 2007 earnings.  Consistent with its
previous guidance issued Oct. 24, 2007, the company anticipates
full year 2007 adjusted net earnings of approximately US$1.90
per diluted share, and adjusted cash earnings of approximately
US$2.44 per diluted share.  These expectations are based on a
preliminary review of the company's unaudited full year and
fourth quarter 2007 results, and are subject to adjustments
arising in the course of completing the fourth quarter and year-
end financial closing process.

Fidelity National will announce fourth quarter and full year
2007 financial results before the open of regular market trading
on Thursday, Feb. 14, 2008.

                    About Fidelity National

Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. (NYSE: FIS) --
http://www.fidelityinfoservices.com/-- provides core processing
for financial institutions; card issuer and transaction
processing services; mortgage loan processing and mortgage
related information products; and outsourcing services to
financial institutions, retailers, mortgage lenders and real
estate professionals.  FIS has processing and technology
relationships with 35 of the top 50 global banks, including nine
of the top ten.  Nearly 50% of all US residential mortgages are
processed using FIS software.  FIS maintains a strong global
presence, serving over 7,800 financial institutions in more than
60 countries worldwide, including Brazil and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Standard & Poor's Ratings Services has placed its
ratings, including the 'BB' corporate credit rating, on Fidelity
National Information Services Inc. on CreditWatch with negative
implications.

Moody's Investors Service has placed Fidelity National
Information Services' ratings on review for possible downgrade:

-- US$1.6 billion First Lien Senior Secured Term Loan B Ba1

-- US$2.1 billion First Lien Senior Secured Term Loan A Ba1

-- US$900 million First Lien Senior Revolving Credit
    Facility Ba1

-- US$200 million 4.75% (Certegy) notes due September 2008
    Ba1

-- Corporate Family Rating Ba1.


JAPAN AIRLINES: Mitsubishi UFJ to Buy 49% of JALCard for JPY40B
---------------------------------------------------------------
Mitsubishi UFJ Financial Group will acquire a 49% stake in Japan
Airline International Co., Ltd.'s credit card unit for about
JPY40 billion, Thomson Financial, citing the Nikkei business
daily, reports.

MUFG was expected to notify JAL of its final decision, the
Thomson Financial report notes.

Credit Saison Co., which is among the bidders, has decided to
withdraw its offer, states Thomson Financial, citing the
business daily.

According to the report, officials from Mitsubishi UFJ and JAL
were not immediately available for comment.

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

                        *     *     *

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

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

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


JAPAN AIR: To Set Up Cargo Service Venture with Mitsui, et al.
--------------------------------------------------------------
Japan Airlines Corp. (9205.TO) will set up a joint venture this
April with Mitsui & Co. (8031.TO), Mitsubishi Corp. (8058.TO)
and others to operate cargo flight services, Market Watch
reports, citing an earlier report by the Yomiuri Shimbun.

According to the Yomiuri report, the new venture will be set up
in a bid to fight intense global competition.

The new joint venture will oversee and streamline Japan Air's
cargo flight units, but the airline will continue to operate
cargo jets, Trading Market notes.

In the year ended March 31, 2007, Japan Air's cargo flight
business racked up sales of JPY220 billion, but incurred an
operating loss of JPYY10 billion due to stiff competition,
Trading Market recounts.

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

                        *     *     *

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

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

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


KENDLE INT'L: Hires Philip Davies as Phase I Vice President
-----------------------------------------------------------
Kendle International Inc. has appointed Philip J.W. Davies to
the position of Vice President of Phase I.  Mr. Davies will
provide global leadership to strengthen and grow the company's
Phase I business, which includes a Clinical Pharmacology Unit in
The Netherlands and a bioequivalence unit in West Virginia, and
will focus on expanding Phase I capabilities globally.  Mr.
Davies will be based in Kendle's Cincinnati headquarters and
will report directly to Chairperson and Chief Executive Officer,
Candace Kendle, PharmD.

"Phase I is a rapidly growing area of opportunity and is an
integral part of Kendle's business plan, with the market
expected to grow between 13.4 and 16 percent annually through
2010," said Dr. Kendle.  "I am pleased to welcome Phil to this
key leadership role as Kendle focuses on the strategic expansion
of our early stage capabilities to meet our customers' needs."

Mr. Davies brings more than two decades of pharmacology
expertise to this position.  He joins Kendle from Eli Lilly and
Company where he served most recently as Director of Global
Exploratory and Program Phase Medical Operations.  He has been
with Eli Lilly since 2001, serving in multiple roles of
increasing responsibility, including Director, Global
Exploratory Medicine Operations; Director, Global Clinical
Pharmacology Operations; and Director, United States Clinical
Pharmacology Operations.  Prior to Eli Lilly, Mr. Davies served
as Director of Kendle's Clinical Pharmacology Unit in The
Netherlands and previously held Clinical Pharmacology roles in
Germany and the UK.

                         About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, Europe,
Asia/Pacific, Africa and Latin America including Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2007, Standard & Poor's Rating Services has revised its
outlook on Kendle International Inc. to positive from stable.
S&P also revised its issue rating on the company's amended
US$53.5 million revolver to 'BB' with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default.  At the same time, S&P
affirmed all existing ratings, including its 'B+' corporate
credit rating, on the company.


PROPEX INC: Weak Earnings Prompt Moody's to Downgrade Ratings
-------------------------------------------------------------
Moody's Investors Service has downgraded its debt ratings of
Propex, Inc. -- corporate family and probability of default,
each to Caa2 from Caa1, senior secured first lien to B3 from B2
and senior unsecured to Caa3 from Caa2.  Moody's also placed
these ratings on review for further downgrade because of the
continuing non-compliance with the leverage covenants of the
senior secured bank credit facility and the uncertainty of how
the company will resolve this Event of Default under the Credit
Agreement.  The speculative grade liquidity rating is unchanged
at SGL-4.

The downgrades were prompted by the company's inability to
timely secure relief from the covenant breach, first disclosed
on Oct. 26, 2007.  Moody's believes that the enterprise value of
Propex may be pressured lower, mainly because of continuing weak
demand for the company's products, which could stress already
weak earnings and operating cash flow.  This could complicate
the company's efforts to resolve the default condition and to
regain access to the revolving credit.

The Caa2 corporate family rating reflects Moody's belief that
the probability of default has increased as more than 75 days
have passed with no resolution of the Event of Default.  The
Caa3 senior unsecured rating reflects Moody's expectation that
noteholders could receive less than a full recovery in a
negotiated debt restructuring.  The current weak fundamentals of
the company's core North American product markets are likely to
limit improvements in earnings and operating cash flows to
levels that would ensure adequate coverage of debt service
obligations beyond the near term.

All ratings remain on review for further downgrade because of
the uncertain resolution of the ongoing Event of Default.  The
review will focus on the company's plans for stabilizing its
capital structure, including its ability to regain access to a
revolving line of credit.

Downgrades:

  -- Corporate Family Rating, Downgraded to Caa2 from Caa1

  -- Probability of Default Rating, Downgraded to Caa2 from
     Caa1

  -- Senior Secured Bank Credit Facility, Downgraded to B3 from
     B2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to
     Caa3 from Caa2

Loss Given Default Assessments:

  -- Senior Secured Bank Credit Facility, Changed to 28 - LGD2
     from 29 - LGD2

Outlook Actions:

  -- Outlook, Changed To Rating Under Review From Stable

Propex Inc., based in Chattanooga, Tennessee is the world's
largest independent producer of primary and secondary carpet
backing and a leading manufacturer and marketer of woven and
nonwoven polypropylene fabrics and fibers used in geosynthetic
applications and a variety of other industrial applications such
as fabric bags/containers, fabric protective coverings and
concrete fiber reinforcement.  The company became a stand-alone
company following the acquisition of the BP Fabrics and Fibers
Business of BP p.l.c by The Sterling Group, L.P., Genstar
Capital, L.P., Laminar Direct Capital, L.P., Paribas North
America Inc. and members of management in December 2004.  The
company has manufacturing operations in North America, Europe
and Brazil.


SYNIVERSE TECH: Appoints Jeffrey Gordon as Chief Tech Officer
-------------------------------------------------------------
Syniverse Technologies has named Jeffrey S. Gordon as chief
technology officer, succeeding Paul Wilcock who is retiring
after 20 years with the company.

"It has been a privilege working with Paul," said Tony Holcombe,
the company's President and Chief Executive Officer.  "He not
only led the development and introduction of products and
services that are the foundation of our company today, but he
also is an outstanding leader in our organization."

Mr. Wilcock will remain with Syniverse through March 31 to
assist with the organizational transition, and will continue on
a consulting basis for the following twelve months.

Holcombe said that although Wilcock will be missed, he is
looking forward to working with Gordon.

"Jeff brings to us a wealth of technology leadership experience
in the wireless space, and his broad global experience is a
perfect fit for Syniverse as we continue to grow our business
throughout the world," he said.

Mr. Gordon joins Syniverse after 19 years in senior technology
roles.  Most recently, he was senior vice president of industry
solutions at Convergys Corporation (NYSE: CVG).  Prior to
Convergys, he held a wide range of key technology positions at
Bell Atlantic, IBM and General Electric.  Mr. Gordon, who is the
author of seven U.S. patents relating to systems architecture
and wireless communications, also served on the boards of
Intelesolve, Edge Capital and Convergys Information Management
India.

"I'm very pleased to join the Syniverse team," Mr. Gordon said.
"The company plays a vital role in providing interoperability
and clearing house services for mobile operators worldwide, and
has an outstanding reputation for customer service.  I look
forward to working with Syniverse customers to make sure the
solutions we offer them meet both their business and technology
requirements."

Mr. Gordon is a graduate of the IBM Systems Research Institute
and earned his bachelor's degree in electrical engineering
honors from Purdue University.

                      About Syniverse

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

                        *     *     *

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


TEREX CORP: Inks Acquisition Deal with ASV for US$488 Million
-------------------------------------------------------------
Terex Corporation has reached a definitive agreement to acquire
A.S.V. Inc. through a tender offer followed by a merger.  The
transaction is valued at approximately US$488 million, or US$18
per fully diluted share of ASV common stock, and is subject to
the valid tender of a majority of ASV's fully diluted common
shares, regulatory approvals and other customary conditions.
Terex expects the transaction to close by the end of the first
quarter of 2008.

"ASV is a leader in compact track loader technology and with the
global reach of Terex, we see tremendous opportunity for
expanding ASV product sales," said Ronald M. DeFeo, Terex
Chairman and Chief Executive Officer.  "The ASV acquisition is
an excellent strategic and cultural fit and provides a great
addition to our product offerings as Terex continues to grow as
a global construction equipment manufacturer.  From a financial
perspective, we expect that ASV will add approximately $220-250
million in sales on a 2008 full-year basis and we are confident
that this acquisition will enhance future earnings growth
potential for Terex."

ASV compact track loaders feature a patent-protected
undercarriage and exert one-tenth the ground pressure of a skid
steer loader, resulting in much less ground or turf damage
during work.  In addition, compact track loaders offer increased
traction and greater stability.  ASV compact track loaders will
join an existing Terex compact equipment range of backhoe-
loaders, mini excavators, compact wheel loaders, site dumpers,
compaction rollers, light towers, generators and telehandlers.

"This combination with Terex is a perfect fit for ASV," said
Richard A. Benson, Chairman and CEO of ASV.  "We gain access to
the resources and know-how of a much larger company with a very
impressive global footprint.  ASV will have access to a broader
product line and our production facilities could benefit
significantly from the incremental volume of Terex machines.
The timetable for meeting ASV's strategic priorities is
accelerated considerably by the merger, which is a big plus for
employees, dealers and the communities in which we do business.
Caterpillar Inc. (NYSE:CAT) a large ASV customer and owner of
23.5% of ASV shares, has indicated its support for the merger."

"We are truly excited to welcome ASV, its team members and
distributors to the Terex Construction family," said Robert
Isaman, President, Terex Construction.  "There is no question
that our combination with ASV represents a great step forward
for both companies and that our customers in the construction,
landscaping and homeowners with acreage segments will be the
ultimate beneficiaries of our expanded product offerings."

                         About ASV

ASV, Inc. -- http://www.asvi.com/-- designs, manufactures and
sells rubber track machines and related components, accessories,
and attachments.  Its purpose-built chassis and patented rubber
track undercarriage technology are unique and lead all rubber
track loaders in innovation and performance.  ASV products are
able to traverse nearly any terrain with minimal damage to the
ground, making them effective in markets such as construction,
landscaping, forestry and agriculture.  ASV's wholly owned
subsidiary Loegering Mfg., Inc. designs, manufactures and sells
traction products and attachments for the skid-steer industry.

                  About Terex Corporation

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services.  The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other.  The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.

                        *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.
These ratings still hold to date.  Moody's said the outlook is
stable.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB, which still hold to date.  S&P said
the rating's outlook is stable.


VASOMEDICAL INC: Posts US$64,000 Net Loss in Qtr. Ended Nov. 30
---------------------------------------------------------------
Vasomedical Inc. reported its financial results for the three
months ended Nov. 30, 2007.

Total revenues were US$1,388,000 in the second quarter of fiscal
2008, compared with total revenues of US$1,523,000 in the second
quarter of fiscal 2007.  Revenues from equipment sales increased
approximately 4% to US$597,000 in the three months ended
Nov. 30, 2007, as compared to US$575,000 for the same period for
the prior year.  Equipment rentals and services were US$791,000
in the three months ended Nov. 30, 2007, down approximately 17%
from US$948,000 for the same period in the previous year.
Revenue from equipment rental and services represented 57% of
total revenue in the second quarter of fiscal 2008 compared to
62% in the second quarter of fiscal 2007.  This decrease in
revenue resulted primarily from a 16% decrease in service-
related revenue and a 56% decline in rental revenue.

The company recorded a net loss attributable to common
shareholders of US$64,000 during the three months ended
Nov. 30, 2007, compared to a loss of US$369,000, during the
three months ended Nov. 30, 2006.  The decrease in the net loss
compared to the prior-year quarter reflects a US$420,000, or
36%, decrease in operating expenses as a result of continuing to
restructure our costs to be better aligned with potential near-
term sales.

Dr. John C.K. Hui, President and Chief Executive Officer of
Vasomedical, commented, "As we end the 2nd quarter of 2008, it
is apparent that the financial status of the company has
improved significantly due to cost cutting measures and the
injection of new capital.  We have been focusing on sales
related to the treatment of refractory angina, which is
reimbursed domestically, and at the same time expanding our
international market to explore additional claims such as heart
failure and the applications of EECP(R) therapy as a preventive
treatment for cardiovascular disease.  Going forward, we will
concentrate on growing our sales, while at the same time
continuing to expand our clinical data to support EECP(R)
therapy as a safe and effective treatment to gain widespread
recognition from both physicians and the public."

As of Nov. 30, 2007, the company had cash and cash equivalents
balances of US$2,556,000 compared with US$850,000 as of
May 31, 2007 and working capital as of Nov. 30, 2007, of
US$3,107,000 compared with US$1,320,000 as of May 31, 2007.

                    Going Concern Doubt

As reported in the Troubled Company Reporter on Sept. 8, 2006,
Miller Ellin & Company LLP, in New York, expressed substantial
doubt about Vasomedical Inc.'s ability to continue as a going
concern after auditing the company's financial statements
for the fiscal year ended May 31, 2006.  The auditing firm
pointed to the company's recurring losses from operations and
net capital deficiency.

                     About Vasomedical

Vasomedical Inc. (OTC BB: VASO.OB) --
http://www.vasomedical.com/-- develops, manufactures and
markets EECP(R) therapy systems to deliver its proprietary form
of enhanced external counterpulsation therapy.  EECP(R) therapy
is a noninvasive, outpatient therapy used in the treatment of
ischemic cardiovascular diseases, currently used to manage
chronic stable angina and heart failure.

The company has operations in Brazil, China and the United
Kingdom.


* BRAZIL: Petrobras' Oil Output Up to 1,854,748 bpd in December
---------------------------------------------------------------
Petroleo Brasileiro SA's oil production in Brazil was 1,854,748
barrels per day in December, 5.3% more than November's 1,760,598
barrels per day.  The 94,000-barrel-per-day surge was achieved
as a result of platform P-54 and new wells at platforms P-52 and
FPSO Cidade de Vitoria going online.  The P-54 and the P-52 are
in the Roncador field, in the Rio de Janeiro Sea, while the FPSO
Cidade de Vitoria, in the Golfinho field, off the Espírito Santo
coast.

On December 25 2007, the company set another production record,
when it lifted 2,000,238 barrels, 87,500 barrels more than the
previous record, which had been set on Oct. 23, 2006.  The
average oil production in domestic fields in 2007 was 1,792,000
barrels/day, 0.7% more than a year ago, when 1,778,000
barrels/day were produced.

Petrobras' joint oil and natural gas production in Brazil and
abroad, in barrel equivalent, in December, topped-out at
2,367,094 barrels/day, 4.9% more than in November.  Only
considering domestic fields, the joint oil and natural gas
production was 2,143,218 barrels of oil equivalent, a 5.2% rise
compared to the previous month.

The natural gas production in the domestic fields rose to 45.863
million cubic meters, nearly 5% more than in November.

The oil and natural gas volume, in barrel equivalents, in the
eight countries where Petrobras has production assets, reached
223,876 boe/day: 1.5% more than in November.

The company's exclusive oil production abroad reached 121,957
barrels/day, remaining at the same level as the volume lifted a
month earlier.

                 About Petroleo Brasileiro

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

                        *     *     *

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

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


* BRAZIL: Petrobras, Repsol & Burlington Discover Gas in Peru
-------------------------------------------------------------
The consortium formed by Petroleo Brasileiro SA (35.15%), Repsol
(41% - Operator) and Burlington Resources (23.85%) has
discovered gas in Peru, in exploratory well Kinteroni X1, in
Block 57, in the Cuzco province.

The first production tests, which are still in progress,
registered a flow of 1,000,000 cubic meters of gas and 198 cubic
meters of condensates per day.

The Kinteroni discovery structure is more than 22 kilometers
long and has some 115 meters of liquid gas and condensate
reservoirs.  Although the available data do not allow the
precise definition of the discovery's resources, the structure's
dimensions allow volumes of some 2 TFC (56 billion cubic meters)
to be expected.

Repsol and Petrobras are currently in the process of acquiring
Burlington's participation, which is pending formal approval by
the Peruvian authorities.

The new field that was discovered is near blocks 58 and 110,
where Petrobras has exploratory activities in which it has 100%
shares.

                 About Petroleo Brasileiro

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

                        *     *     *

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

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


* BRAZIL: Petrobras Concludes Placement of US$750MM Global Notes
----------------------------------------------------------------
Brazil's state-owned oil firm Petroleo Brasileiro SA aka
Petrobras said in a statement that it has concluded the
placement of US$750 million in global notes due March 2018.

Business News Americas relates that Citigroup Global Markets and
HSBC Securities are the transaction's underwriters.

Petrobras commented to BNamericas, "This reopening will
constitute a single issue fungible with the US$1 billion
launched on Nov. 1, 2007.  In total, there will be US$1.75
billion in issued bonds due on March 1, 2018."

The US$750 million in bonds will yield 5.86% per year and a
5.875% yearly coupon.  The transaction's spread is 205 basis
points over the American Treasury Bond.  The securities will pay
interest March 1 and Sept. 1 every year, starting March 2008,
Petrobras told BNamericas.

                 About Petroleo Brasileiro

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

                        *     *     *

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

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




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


60FUNDING 1ST: Sets Final Shareholders Meeting for Jan. 25
----------------------------------------------------------
60Funding 1st will hold its final shareholders meeting on
Jan. 25, 2008, at 4:00 p.m. at the office of the company.

These agendas 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.

60Funding 1st's shareholders agreed on Dec. 11, 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


AL BAIT: Sets Final Shareholders Meeting for Jan. 25
----------------------------------------------------
Al Bait UK Real Estate Fund Limited will hold its final
shareholders meeting on Jan. 25, 2008, at 9:00 a.m. at:

             Grant Thornton Limited
             P.O. Box 313, Anson Court
             La Route des Camps, St. Martin
             Guernsey GY1 3TF

These agendas will be taken during the meeting:

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

Al Bait's shareholders agreed on Dec. 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:

             Kenneth M. Krys
             Attention: Joanna Chong
             P.O. Box 10663SMB
             Grand Cayman, Cayman Islands
             Telephone: (345) 947-4700
             Fax: (345) 946-6728


EIKOS II: Will Hold Final Shareholders Meeting on Jan. 25
---------------------------------------------------------
Eikos II Limited will hold its final shareholders meeting on
Jan. 25, 2008, at:

             Deutsche Bank (Cayman) Limited
             Boundary Hall, Cricket Square
             Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

Eikos II's shareholders agreed on Dec. 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:

             David Dyer
             P.O. Box 1984, Grand Cayman KY1-1104
             Cayman Islands
             Telephone: (345) 949-8244
             Fax: (345) 949-5223


GOLD CUBED II: Will Hold Final Shareholders Meeting on Jan. 25
--------------------------------------------------------------
Gold Cubed II Limited will hold its final shareholders meeting
on Jan. 25, 2008, at:

             Deutsche Bank (Cayman) Limited
             Boundary Hall, Cricket Square
             Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

Gold Cubed's shareholders agreed on Dec. 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:

             David Dyer
             P.O. Box 1984, Grand Cayman KY1-1104
             Cayman Islands
             Telephone: (345) 949-8244
             Fax: (345) 949-5223


GOLD CUBED LTD: Sets Final Shareholders Meeting for Jan. 25
-----------------------------------------------------------
Gold Cubed Limited will hold its final shareholders meeting on
Jan. 25, 2008, at:

             Deutsche Bank (Cayman) Limited
             Boundary Hall, Cricket Square
             Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

Gold Cubed's shareholders agreed on Dec. 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:

             David Dyer
             P.O. Box 1984, Grand Cayman KY1-1104
             Cayman Islands
             Telephone: (345) 949-8244
             Fax: (345) 949-5223


JSB TAIWAN: Holding Final Shareholders Meeting on Jan. 25
---------------------------------------------------------
JSB Taiwan Auto One Limited will hold its final shareholders
meeting on Jan. 25, 2008, at:

             Deutsche Bank (Cayman) Limited
             Boundary Hall, Cricket Square
             Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

JSB Taiwan's shareholders agreed on Dec. 6, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

             David Dyer
             P.O. Box 1984, Grand Cayman KY1-1104
             Cayman Islands
             Telephone: (345) 949-8244
             Fax: (345) 949-5223


KULIK LIMITED: Sets Final Shareholders Meeting for Jan. 25
----------------------------------------------------------
Kulik Limited will hold its final shareholders meeting on
Jan. 25, 2008, at:

             Deutsche Bank (Cayman) Limited
             Boundary Hall, Cricket Square
             Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

Kulik's shareholders agreed on Dec. 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:

             David Dyer
             P.O. Box 1984, Grand Cayman KY1-1104
             Cayman Islands
             Telephone: (345) 949-8244
             Fax: (345) 949-5223


MERCARI INVESTMENTS: Sets Final Shareholders Meeting for Jan. 25
----------------------------------------------------------------
Mercari Investments Limited will hold its final shareholders
meeting on Jan. 25, 2008, at 2:30 p.m. at the office of the
company.

These agendas 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.

Mercari Investments' shareholders agreed 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:

             John Cullinane
             Derrie Boggess
             c/o Walkers SPV Limited
             Walker House, 87 Mary Street
             George Town, Grand Cayman KY1-9002
             Cayman Islands


PACIFIC CLIPPER: Sets Final Shareholders Meeting for Jan. 25
------------------------------------------------------------
Pacific Clipper Fund, Ltd., will hold its final shareholders
meeting on Jan. 25, 2008, at 4:30 p.m. at the office of the
company.

These agendas 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.

Pacific Clipper's shareholders agreed on Dec. 12, 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


RAB JAPAN: Will Hold Final Shareholders Meeting on Jan. 25
----------------------------------------------------------
Rab Japan Fund Limited will hold its final shareholders meeting
on Jan. 25, 2008, at 3:00 p.m. at the office of the company.

These agendas 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.

Rab Japan's shareholders agreed on Dec. 11, 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


RAB INDEX: Sets Final Shareholders Meeting for Jan. 25
------------------------------------------------------
Rab Index Opportunities Fund Limited will hold its final
shareholders meeting on Jan. 25, 2008, at 3:00 p.m. at the
office of the company.

These agendas 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.

Rab Index's shareholders agreed on Dec. 11, 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


RUSSIAN CENTURY: Final Shareholders Meeting Is on Jan. 25
---------------------------------------------------------
The Russian Century Fund, Ltd., will hold its final shareholders
meeting on Jan. 25, 2008, at 10:00 a.m. at the office of the
company.

These agendas will be taken during the meeting:

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

The Russian Century's shareholders agreed on Dec. 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:

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


SHINJUKU HOLDING: To Hold Final Shareholders Meeting on Jan. 25
---------------------------------------------------------------
Shinjuku Holding II, Inc., will hold its final shareholders
meeting on Jan. 25, 2008, at 1:30 p.m. at the office of the
company.

These agendas 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.

Shinjuku Holding's shareholders agreed 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


SIGNAL FINANCIAL: Sets Final Shareholders Meeting for Jan. 25
-------------------------------------------------------------
Signal Financial Corporation Limited will hold its final
shareholders meeting on Jan. 25, 2008, at:

             Deutsche Bank (Cayman) Limited
             Boundary Hall, Cricket Square
             Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

Signal Financial's shareholders agreed on Dec. 6, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             David Dyer
             P.O. Box 1984, Grand Cayman KY1-1104
             Cayman Islands
             Telephone: (345) 949-8244
             Fax: (345) 949-5223


WATT LIMITED: Holding Final Shareholders Meeting on Jan. 25
-----------------------------------------------------------
Watt Limited will hold its final shareholders meeting on
Jan. 25, 2008, at:

             Deutsche Bank (Cayman) Limited
             Boundary Hall, Cricket Square
             Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

Watt's shareholders agreed on Dec. 6, 2007, to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

             David Dyer
             P.O. Box 1984, Grand Cayman KY1-1104
             Cayman Islands
             Telephone: (345) 949-8244
             Fax: (345) 949-5223




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


FRESH DEL MONTE: John Inserra to Quit as Chief Fin'l Officer
------------------------------------------------------------
Fresh Del Monte Produce Inc. announced that John F. Inserra,
Executive Vice President and Chief Financial Officer, will
retire after a distinguished career of nearly 32 years with the
Company.  For the past 13 years, Mr. Inserra served as Fresh Del
Monte's Executive Vice President and Chief Financial Officer,
and he will continue in that role until the leadership
transition to a qualified successor is completed.

Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief
Executive Officer, said, "John has been an integral part of the
success of Fresh Del Monte over these past many years due in
large part to his dedication, integrity and leadership qualities
in guiding the Company's financial functions.  We will ensure
that his successor brings the same qualities to the position
after a seamless and smooth transition is complete."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Services has affirmed
its 'BB-' corporate credit rating on Fresh Del Monte Produce
Inc., and removed the rating from CreditWatch, where it was
placed with positive implications on Nov. 1, 2007.  S&P said the
outlook is stable.


SHAW GROUP: Unit Gets Task Order Contract from U.S. Army Corps
--------------------------------------------------------------
The Shaw Group Inc.'s Environmental & Infrastructure Group has
been awarded a two-year task order contract extension for work
at the Linde Formerly Utilized Sites Remedial Action Program
site in Tonawanda, New York.  The task order extension will be
executed under Shaw's Kansas City Total Environmental
Restoration Contract program.

Shaw's work at the former uranium-processing site includes
remedial action, building demolition, radiological
characterizations, excavation, transportation and disposal,
water treatment, final status surveys and site restoration
activities.  Shaw has completed work at five other FUSRAP sites
and has ongoing contracts at two additional sites.

"We are pleased to continue our work at the Linde FUSRAP site
and to play a critical role in cleaning up these sites and
returning them to a usable state," said Ronald W. Oakley,
president of Shaw Environmental & Infrastructure, Inc.  "Shaw
will continue to leverage its institutional knowledge of the
site and to provide cost-effective solutions to our client."

Shaw and its predecessor companies have been working at the
Linde site for the U.S. Army Corps of Engineers since 1999.  The
FUSRAP program was established to identify, investigate, and
clean up or control sites previously used by the U.S. Atomic
Energy Commission and its predecessor, the Manhattan Engineer
District.

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.




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


ECOPETROL: Says Crude Exports Increase 18% in 2007
--------------------------------------------------
Colombian state-run oil firm Ecopetrol said in a statement that
exports of its oil and refined products rose 18% to US$3.91
billion in 2007, compared to US$3.31 billion in 2006.

Business News Americas relates that Ecopetrol's exports totaled
175,050 barrels per day in 2007, about 1,190 billion greater
than the 2006's average.

Ecopetrol said in a statement that it imported US$513 million of
oil and refined products in 2007.

The figures include fuel exported by the Cartagena plant, but
not from other oil firms that operate in Colombia in association
with Ecopetrol or the state hydrocarbons regulator, BNamericas
states.

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

                        *     *     *

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


SOLUTIA INC: Plans to Offer US$400 Mil. Senior Unsecured Notes
--------------------------------------------------------------
Solutia Inc. is planning to offer US$400 million aggregate
principal amount of senior unsecured notes, which are expected
to mature in 2016.

As previously announced by Solutia on Oct. 31, 2007, the notes
offering is part of a US$2.0 billion exit financing package that
would be used to pay certain creditors upon Solutia's emergence
from Chapter 11 pursuant to its confirmed plan of
reorganization, and for the ongoing operations of the company
after emergence.  As part of this exit financing package,
Solutia also intends to enter into a senior secured asset-based
revolving credit facility in the aggregate principal amount of
US$400 million and a senior secured term loan facility in an
aggregate principal amount of US$1.2 billion.

The notes will be offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended, and outside the United States pursuant
to Regulation S under the Securities Act.  The notes have not
been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States without
registration or an applicable exemption from the registration
requirements.

The notes will be governed by an indenture that is expected
to contain covenants restricting Solutia's ability to, among
other things, incur indebtedness, pay dividends, incur liens,
and sell assets.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company has operations in Malaysia, China, Singapore, Belgium,
and Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  (Solutia Bankruptcy News, Issue
No. 113, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


* CUBA: Brazilian Leader's Visit to Include Oil Accord Signing
--------------------------------------------------------------
Brazilian President Luiz Inacio Lula da Silva will be signing
deepwater oil exploration accords with Cuba during his visit
this week, Romina Nicaretta and Andre Soliani at Bloomberg News
reports.

"Brazil is interested in helping Cuba discover whether they have
oil in deep waters, as the country is very close to the Mexican
gulf," the Brazilian leader was quoted by Bloomberg as saying.

Cuba, as reported previously, has started oil explorations in
the Gulf of Mexico, but so far, minimal discoveries were found.

According to Bloomberg, President Lula's visit is aimed at
boosting investment and trade ties with Cuba.  This interest
stems from an upsurge in Cuba's exports, which was reported at
US$8.92 billion between 2002 and 2006.  Brazil wants a bigger
part of that growth.  It registered US$343.8 million in exports
in Cuba for 2006.

Aside from the oil accord, Valor Economico reported that Brazil
wants to aid Cuba improve its roads and build a lube plant,
Bloomberg relates.

Moody's assigned these ratings on Cuba:

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




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


BANCO DE RESERVAS: Reports DOP3.25-Billion Gain in December 2007
----------------------------------------------------------------
Banco de Reservas de la Republica Dominicana has reported a
record profit of DOP3.25 billion in 2007, an increase of 9.9%
compared to 2006, Dominican Today reports, citing the bank's
administrator Daniel Toribio.

The bank's assets reached DOP133.7 billion in Dec. 31, 2007, an
increased of DOP15.2 billion compared with December 2006,
attributing it to the financial variables as well as the bank's
participation in sector private businesses, for which just this
year provided around RD$16.2 billion in loans and those of the
public sector fell around 4.9 billion, Mr. Toribio added,
according to the same paper.

Dominican Today notes that deposits for private sector rose
DOP13.3 billion while public sector amounted to DOP620 million.

Mr. Toribio said that the bank approved loans to fund farmers'
project with rice, beans, garlic and other crops, as well as
financing for the commerce, industry and the construction
industries, Dominica Today says.

Banco de Reservas de la Republica Dominicana --
http://www.banreservas.com.do/-- is an International
government-owned commercial bank located in Santo Domingo,
Dominican Republic.

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Fitch rated Banco de Reservas de la Republica
Dominicana, Banco de Servicios Multiples as:

   -- Foreign currency Issuer Default Rating 'B';
   -- Local currency IDR 'B';
   -- Short-term foreign currency IDR 'B';
   -- Short-term local currency IDR 'B';
   -- Individual rating: 'D';
   -- Support Rating of 4;
   -- Support Floor B;
   -- National long-term rating 'A+(dom)';
   -- National short-term Rating 'F1(dom)'.

Fitch said the rating outlook is positive.


* DOMINICAN REPUBLIC: Haina Port Goes Private Under HIT
-------------------------------------------------------
DR1 Newsletter relates that the Port of Haina went private as
the Haina International Terminal will take over operations of
the container port.

Port Authority director Jose Sanz Jiminian disclosed that the
leasers of the port have been working on the infrastructure.
The leaser aim to rebuild both sides of the port completely, DR1
adds.

Under the HIT project, a container port, a cruise ship facility
and a luxury yacht marina will be included.  Sanz Jiminian told
Diario Libre reporters in a telephone interview that massive
layoffs of dockworkers would not be an issue and that the
workers had received a 10% salary increase.

DR1 states that HIT is composed of the shipping companies that
use the Port of Haina.

                        *     *     *

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

                        *     *     *

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


* DOMINICAN REPUBLIC: Meets Inflation Goal Despite Lower Figure
---------------------------------------------------------------
Dominican Republic has met its inflation goal of single digit
inflation in agreement with the International Monetary Fund,
Dominican Today reports, citing the central bank.

According to the central bank, inflation was lower in December,
which was 8.88 percent in spite of the damages caused by storms
Noel and Olga, and rising oil prices, Dominican Today states.
In addition, last month's consumer prices drop 1.14 percent
compared to November's 1.80 percent.

The country was unable to record better figures due to the
damage crops and higher prices for supplies amd raw materials
from abroad, including corn, soya, oil and milk, the same
journal relates.

                        *     *     *

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

                        *     *     *

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




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


ALCATEL-LUCENT: Argentine Unit's Revenues Rose Up to 15% in 2007
----------------------------------------------------------------
Alcatel-Lucent Argentine unit's general director Javier
Rodriguez Falcon told Business News Americas that the firm's
revenues increased up to 15% in 2007, from 2006.

The main drivers of Alcatel-Lucent's growth in Argentine in 2008
would be the mass adoption of broadband through wired and
wireless technology, BNamericas says, citing Mr. Falcon.

Mr. Falcon commented to BNamericas, "I believe that this year we
will see the first deployment of WiMax technology based on the
standard e, which allows mobility.  We have some of our clients
studying WiMax development during 2008 and 2009."

Mr. Falcon told BNamericas that Alcatel-Lucent underwent
restructuring in October 2007.  It currently has three business
units:

          -- carrier,
          -- enterprise, and
          -- services.

The new carrier unit includes former fixed, wireless and
convergence units, BNamericas says, citing Mr. Falcon.

Alcatel-Lucent sees many opportunities in the local triple play
market once regulations let telecoms operators offer
broadcasting services.  The firm expects that sooner or later,
the regulator will allow the service as was the case in Mexico,
Brazil and Chile, Mr. Falcon told BNamericas.

"Over the next two years, operators will move towards a massive
deployment of broadband infrastructure.  I believe that by the
end of 2009 there will be approximately eight million broadband
connections compared to the current 2.4 million," Mr. Falcon
commented to BNamericas.

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

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

                        *     *     *

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

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




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


* HONDURAS: Boosting PetroCaribe Agreement with Venezuela
---------------------------------------------------------
The Honduran and Venezuelan governments have enhanced the terms
of the agreement governing the PetroCaribe oil initiative,
Prensa Latina reports.

Under the agreement, Honduras agreed to purchase 100% of its
crude and 30% of gasoline and diesel needs from Venezuela in
exchange for preferential prices and easy payment terms, the
same report says.  Honduras is to pay 60% of the price in cash,
while the balance is payable in 23 years with a one percent
annual interest rate.  The country expects to make a US$350
million annual purchase from Venezuela.

According to Prensa Latina, Honduras is the 17th member of the
oil initiative.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


AIR JAMAICA: Wants Byles, Lalor & Bagaloo as New Directors
----------------------------------------------------------
Air Jamaica will be making an offer to businessmen Richard Byles
and Dennis Lalor, and chartered accountant Wilfred Bagaloo to
join its board of directors, The Jamaica Observer reports.

The Observer relates that the appointment requires cabinet
approval.

Mr. Byles is the head and chief executive officer of Jamaican
life insurer Life of Jamaica and is credited with bolstering the
fortunes of the Maurice Facey-led Pan Jamaican Investment Group,
the report says.  He was the former chairperson of the National
Water Commission.  He is also a member of the board at Red
Stripe.

The Observer notes that Mr. Lalor is the chairperson of the
Insurance Company of the West Indies.  He used to serve the same
position in the Life of Jamaica.

According to The Observer, Mr. Bagaloo is a director of
PricewaterhouseCoopers.  He specializes in receiverships and
played a role in the liquidation of local insurance firm Dyoll
and the Don Crawford-led Century National Bank.

Mr. Bagaloo confirmed to The Observer that he had been invited
to serve on the Air Jamaica board.

"It is a great honor to be appointed to Air Jamaica's board of
directors.  I will do all I can to help in carrying out the wish
of the government, which is the divestment of Air Jamaica in the
quickest possible time.  I have gained considerable experience
in insolvency and corporate turnaround and I think I can
leverage that with Air Jamaica," Mr. Bagaloo commented to The
Observer.

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.


MAAX HOLDINGS: Posts US$2.8MM Operating Loss in Third Qtr. 2008
---------------------------------------------------------------
MAAX Holdings Inc. has announced earnings for the third quarter
ended Nov. 30, 2007.  Net sales for the third quarter of Fiscal
Year 2008 decreased 8.0% to US$104.2 million from net sales of
US$113.2 million for the third quarter of Fiscal Year 2007.
Operating loss of US$2.8 million for the third quarter of Fiscal
Year 2008 compares to an operating profit of US$1.0 million in
the third quarter of last year.

The results of the company's Bathroom sector continue to be
affected by adverse market conditions in the United States.  Net
sales decreased by US$5.0 million, or 4.9%, compared to the
third quarter of fiscal 2007, to reach US$96.4 million.  This
decrease is principally from the US market.  Consolidated sales
were favorably impacted by the stronger Canadian dollar.  The
Bathroom sector had an operating loss of US$1.4 million for the
third quarter of Fiscal Year 2008 compared to an operating
income of US$1.4 million for the third quarter of Fiscal Year
2007.  The decrease in operating income is essentially driven by
lower revenues resulting in fixed costs under absorption.

Sales for the company's Spa Sector were US$7.8 million, which is
US$4.0 million or 34.1% lower than for the third quarter of
Fiscal Year 2007, and is a result of soft markets conditions.
Operating loss of US$1.3 million compares to a loss of US$0.4
million last year, and is a result of sales volume shortfall
partly offset by a reduction in fixed expenses.

                     Financial Position

Free cash flow for the third quarter of Fiscal Year 2008 was
US$1.2 million compared with US$17.9 million for the same period
last year.  This decrease in cash flow compared to last year is
the result of lower cash contributions from both operations and
working capital.  Total net debt of US$508.6 million at
Nov. 30, 2007, increased from Aug. 31, 2007 levels of US$499.1
million, due to the stronger Canadian dollar and the accretion
of the Senior Discount Notes.  Discussions are ongoing with all
company stakeholders, with the goal of restructuring the
Company's debt obligations while allowing the business to
continue to operate in the ordinary course.

As of Nov. 30, 2007, the company is in breach by less than 1% of
certain of its debt covenants under its credit agreement with
its senior secured lenders.  Discussions are ongoing to
restructure the company's balance sheet.  This process is
progressing in a consensual and constructive manner that should
result in limited or no disruption to operations or to trade
with customers and suppliers.

On Jan. 7, 2008, the company entered into a forbearance
agreement, in which its senior secured lenders agreed, until at
least Feb. 1, 2008, to not pursue the potential event of
default, which was disclosed in a prior press release dated
Dec. 18, 2007.  The company also has an option under certain
conditions to extend this Forbearance Agreement until
March 19, 2008.  Of note, is that under the Forbearance
Agreement, the company will have full access to its revolving
credit facility, thus allowing the company to continue to
explore and pursue all alternatives and solutions relating to
the restructuring of its existing debt obligations while
operating in the ordinary course.

     Unusual Items and Measures Not Consistent with GAAP

To facilitate understanding of third-quarter results, several
tables are attached to this news release as supplemental
disclosures.  The operating results of MAAX account for unusual
items affecting the comparability of its results.  To measure
its performance and that of its business sectors from one period
to the next, without the variations caused by special or unusual
items, management uses certain measures not consistent with U.S.
GAAP, such as operating income and free cash flow.  These
measures have no standardized meaning as prescribed by U.S. GAAP
and may not be comparable to similar measures presented by other
companies.  Accordingly, they should not be considered in
isolation.

                         About MAAX

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

The company has operations in Jamaica and Puerto Rico.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Moody's Investors Service downgraded MAAX
Holdings Inc.'s corporate family rating to Ca from Caa2, and its
senior unsecured discount notes to C from Caa3, and also
downgraded MAAX Corporation's senior subordinated notes to Ca
from Caa3.   The downgrades were prompted by MAAX Corporation's
failure to make the Dec. 15, 2007 interest payment on its 9.75%
senior subordinated notes due 2012.  MAAX Holdings has an SGL-4
speculative grade liquidity rating.  Moody's said the rating
outlook is stable.


SUGAR COMPANY: Factories Need J$10 Million Investment
-----------------------------------------------------
Jamaican agriculture minister Christopher Tufton told Caribbean
360 that an estimated J$10 million investment will be needed to
re-equip the Sugar Company's factories in three years.

Minister Tufton commented to Caribbean 360, "The sugar cane
industry, over an extended period of time, has been absolutely
critical to many communities across Jamaica."

The divestment of the Sugar Company's factories will be
concluded this year, the report says, citing Minister Tufton.

Minister Tufton told Caribbean 360, "It's important to recognize
that this [the sugar industry] is not an industry that you could
just stop tomorrow and pull out of the landscape.  If that were
to happen, it would mean major social and economic dislocation."

Sugar is still the number one crop in Jamaica and is a major
contributor in terms of foreign exchange earnings, Caribbean 360
notes, citing Minister Tufton.

Minister Tufton explained to Caribbean 360, "Somewhere in the
region of 80 cents of every dollar from the sale of sugar is
retained locally.  Compared with tourism, the retention level is
in the region of 40-50 per cent."

Minister Tufton admitted to Caribbean 360 that the sugar
industry is challenged due to insufficient output, which makes
it hard for the crop to successfully compete on the world
market.  By 2009 there would also be a 36% drop in prices in the
European Union market.  The industry needs an estimated J$10
million over the next three years to re-equip factories.

Despite the challenges, there is a market for sugar cane,
Minister Tufton assured Caribbean 360.

Sugar cane is a versatile crop that can be exploited once it is
done efficiently, Caribbean 360 states, citing Minister Tufton.

The Sugar Company of Jamaica registered a net loss of almost
US$1.1 billion for the financial year ended Sept. 30, 2005, 80%
higher than the US$600 million reported in the previous
financial year.  Sugar Company blamed its financial
deterioration to the reduction in sugar cane production.
According to published reports, the Jamaican government has
taken responsibility for the payment of the firm's debts.  Radio
Jamaica has said that to date, the five sugar factories have
incurred J$3 billion in debts.




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


CKE RESTAURANTS: Renews Multi-Year Beverage Deal with Coca-Cola
---------------------------------------------------------------
CKE Restaurants, Inc., parent company of Carl's Jr.(R) and
Hardee's(R) restaurants, has renewed its multi-year beverage
contract with The Coca-Cola Company.  Under the terms of the
agreement, Coca-Cola Foodservice, the division of Coca-Cola
North America that serves the restaurant and foodservice
industry, will continue to be the beverage provider for CKE
Restaurants, supplying soft drinks including Coke(R), Diet
Coke(R), and Sprite(R), Minute Maid(R) juices and Dasani(R)
waters to Carl's Jr. and Hardee's locations nationwide.

"Carl's Jr. and Hardee's are known for our premium-quality
hamburgers.  And nothing goes better with our burgers than a
Coke," said CKE Restaurants president and Chief Executive
Officer, Andrew Puzder.  "Coca-Cola brings a full range of
products and support, including marketing and consumer insights,
as well as the leading fountain drinks for our customers.  I
look forward to continuing our long and successful partnership
with Coca-Cola for many more years to come."

"We love to partner our consumer-preferred brands with Carl's
and Hardee's because both are powerful brands in their own
right," said Coca-Cola FoodService president, Chris Lowe.  "We
look forward to continuing to help Carl's and Hardee's delight
consumers and build their business -- and ours."

                 About Coca-Cola FoodService

Coca-Cola FoodService serves the restaurant and hospitality
industry as part of The Coca-Cola Company -- http://www.thecoca-
colacompany.com-- , the world's largest beverage company.  Along
with Coca-Cola(R), recognized as the world's most valuable
brand, the company markets four of the world's top five
nonalcoholic sparkling beverage brands, including Diet Coke(R),
Fanta(R) and Sprite(R), and a wide range of other beverages,
including diet and light beverages, waters, juices and juice
drinks, teas, coffees, energy and sports drinks.  Through the
world's largest beverage distribution system, consumers in more
than 200 countries enjoy the company's beverages at a rate
exceeding 1.4 billion servings each day.

                    About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,036
franchised, licensed or company-operated restaurants in 42
states and in 13 countries -- including Mexico and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 10, 2007,
Standard & Poor's Ratings Services has revised its outlook on
Carpenteria, California-based CKE Restaurants Inc. to negative
from stable.  At the same time, S&P's has affirmed all the
ratings, including the 'BB-' corporate credit rating, on the
company.


CONSTELLATION COPPER: Equity Deficit at Sept. 30 Is US$17.7 Mil.
----------------------------------------------------------------
Constellation Copper Corporation reported its financial
results for the quarter ended Sept. 30, 2007.  The company's
management had determined it was impractical to meet the
original filing requirements and provide meaningful unaudited
financial statements until a management evaluation was
completed.

The company had a net loss of US$97.96 million for the third
quarter of 2007, compared to a net loss of US$10.13 million for
the third quarter of 2006.  The net loss in the third quarter of
2007 included an asset impairment of US$92.92 million, related
to continued production problems and the conversion to a leach
only operation at Lisbon Valley.

The net loss for the third quarter of 2007 included a realized
loss of US$6.46 million on derivative instruments, including
US$5.73 million on settlement of forward sales contracts,
US$549,000 on expiry of put options and US$185,000 final
settlement for deliveries of cathode copper under the terms of
the company's offtake agreement.

               Liquidity and Capital Resources

The company's cash balance at Sept. 30, 2007 was US$10.87
million compared to US$5,726,000 at Dec. 31, 2006.  The higher
cash balance in 2007 was due to proceeds from the issuance of
convertible debentures in March 2007, net of repayment of the
Lisbon Valley project financing, funding working capital,
settling forward contracts as they become due and additions to
mineral properties and property, plant and equipment.

Cash used in operating activities was US$8.03 million during the
third quarter of 2007, compared to US$17.74 million for the
third quarter of 2006.  Cash used to build inventories during
the third quarter of 2007 was US$7.04 million compared to
US$11.45 million during the third quarter of 2006.

During the third quarter of 2007, the company received
US$519,000 in connection with the exercise of options compared
to US$19.31 million received in the third quarter of 2006 from
the exercise of options and warrants.

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$72.68 million and total liabilities of US$90.40
million, resulting to a total shareholders' deficit of US$17.72
million.

                         Going Concern

The company related that there is significant doubt about the
its ability to continue as a going concern.  The cash balance of
US$10.87 million at September 30, has been reduced further to
approximately US$3.20 million at Dec. 31, 2007, and in order to
provide liquidity, the company is pursuing various near term
financing alternatives, including bank financing, equity
investment, mergers, and sale of certain assets or sale of the
entire company.

In late November 2007, as a result of a comprehensive management
evaluation of Lisbon Valley operations, the company disclosed
its decision to cease mining and crushing activities and convert
the Lisbon Valley mine to a leach only operation in early 2008.

The evaluation include analyses of various mining plans, waste
stripping requirements, contract mining arrangements, available
mining equipment, projected copper prices and extensive
operating cost and cash flow projections.  In connection with
the evaluation and conversion to a leach only operation, the
company recorded an asset impairment of US$92,918,000.

                  About Constellation Copper

Headquartered in Lakewood, Colorado, Constellation Copper
Corporation (CCU: TSX) -- http://www.constellationcopper.com/
-- evaluates and develops mineral properties in the United
States and Mexico.  The company holds its properties primarily
through three of its wholly owned subsidiaries, Lisbon Valley
Mining Co. LLC, Minera Terrazas S.A. de C.V. and San Javier del
Cobre S.A. de C.V. LVMC operates the Lisbon Valley copper mine,
which comprises three main deposits: Sentinel, Centennial and
GTO, plus the Cashin satellite deposit, with reserves and
resources totalling +50 million tons and grading an average
0.48% copper.  Minera Terrazas holds the company's interest in
the Terrazas zinc-copper project located in north- central
Mexico.  The property has a total resource of 90 million tonnes
grading 1.37% zinc and 0.32% copper in two adjacent deposits.
San Javier del Cobre S.A. de C.V. holds the company's interest
in the San Javier copper property located in northwestern
Mexico.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Constellation Copper said that negotiations with the
counterparty on the company's forward sales contracts continue
to progress but have not yet been finalized.

The company has obtained a verbal temporary waiver of the
payments that were due on Nov. 2, 2007, and Dec. 4, 2007, while
the negotiations continue.  The aggregate amount of the payments
is approximately US$3.8 million.


HARMAN INTERNATIONAL: Amends Fiscal Year 2008 Earnings Guidance
---------------------------------------------------------------
Harman International Industries Incorporated revised its
previously announced guidance for the current fiscal year ending
June 30, 2008.  The company now expects non-GAAP diluted EPS for
the 2008 fiscal year to be between US$3.00 and US$3.10, before
after-tax merger related costs of US$8.0 million, or US$0.13 per
diluted share but including the impact of the company's ongoing
accelerated share repurchase.  Because the accounting impact of
previously announced restructuring charges has not been
determined, it is not included in the current estimate and,
therefore, no GAAP diluted EPS for the fiscal 2008 is provided.

The change in guidance was prompted primarily by a major shift
in the market for Portable Navigation Devices.  In recent months
this sector has experienced significant pricing pressure, which
is affecting the entire industry.

"While the growth fundamentals of our core business remain
sound, the difficult PND environment presents a challenge.  As
we have indicated previously, we will be launching a record
number of automotive infotainment platforms in 2008.  Although,
we are not happy with the higher than planned R&D engineering
and material costs, the additional investment is necessary to
deliver the new platforms to our valued customers," said Dinesh
Paliwal, Vice Chairman and Chief Executive Officer.  "Harman
continues to have excellent business prospects, and we are
confident that we will capitalize on these opportunities as we
position our Company to achieve its full potential."

The company is implementing a series of strategic initiatives to
optimize its global footprint in manufacturing, engineering and
sourcing, to drive profitable growth and to enhance shareholder
value.  The company will provide further details on these
initiatives during its quarterly earnings conference call on
Feb. 5, 2008.

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

                        *     *     *

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


INTERSTATE HOTELS: Inks Agreements to Manage Marriott Courtyards
----------------------------------------------------------------
Interstate Hotels & Resorts Inc. has signed agreements to manage
two Courtyard by Marriott hotels, in Westborough, Massachusets
and Orange, Connecticut.  The hotels are owned by Pittsburgh-
based FFC Capital Corporation.  FFC Capital Corporation was
founded in 1998 by Milton Fine, former chairperson and co-
founder of Interstate Hotels Corporation, a predecessor company
to Interstate Hotels & Resorts Inc.

"We have a long-standing relationship with FFC and are thrilled
to have this opportunity to work with them again," said
Interstate Hotels chief executive officer, Thomas F. Hewitt.
"We are already examining other avenues of mutual interest, and
are looking forward to building on our relationship going
forward."

"Interstate is one of the country's premier management
companies, and we are delighted to have the opportunity to renew
our relationship," said FFC Capital Corp. president, Fred
Branovan.  "They have strong ties to the Courtyard brand and a
long track record of success, with proven systems and
exceptional people, and we have the utmost confidence in them."

The Courtyard by Marriott Westborough is a 98-room property
located in Westborough Technology Park, 20 miles west of
downtown Boston.  The hotel offers casual dining for breakfast
in the lobby's Courtyard Cafe, a full-service business center,
fitness center, indoor pool, and high-speed Internet access in
the public areas and the guest rooms.

The 121-room Courtyard by Marriott Orange is conveniently
located off of I-95, close to Yale University and downtown New
Haven.  Among the hotel's amenities are nearly 4,000 square feet
of meeting space, capable of accommodating groups of up to 250
people.

                   About FFC Capital Corp.

FFC Capital Corporation -- http://www.ffccapital.net-- is a
privately held company affiliated with Milton Fine, specializing
in investment management across various asset classes, including
marketable securities, bonds, stocks, private equities,
derivatives, hedge funds, venture capital funds and direct
ownership of real estate investments.

                   About Interstate Hotels

Headquartered in Arlington, Virginia, Interstate Hotels &
Resorts Inc. (NYSE: IHR)-- http://www.ihrco.com/-- as of Nov.
30, 2007, Interstate Hotels & Resorts owned seven hotels and had
a minority ownership interest through separate joint ventures in
22 hotels and resorts.  Together with these properties, the
company and its affiliates manages a total of 192 hospitality
properties with more than 43,000 rooms in 36 states, the
District of Columbia, Belgium, Canada,
Ireland, Mexico and Russia.  Interstate Hotels & Resorts also
has contracts to manage 15 hospitality properties with
approximately 4,400 rooms currently under construction.

                        *     *     *

Interstate Hotels & Resorts Inc. continues to carry Moody's
Investor Services' 'B1' long-term corporate family rating, which
was placed in January 2007.  Moody's said the rating's outlook
is negative.


URS CORP: EG&G Division Bags Air Force Contract for US$267 Mil.
---------------------------------------------------------------
URS Corporation's EG&G Division has been selected by the U.S.
Air Force's Air Education and Training Command to support its
Undergraduate Flight Training program.  The re-compete contract
includes a one-year base period and five one-year options
periods.  The maximum value of the contract to URS is US$267
million over the full six years.

Under the terms of the contract, URS will provide courseware
development, simulator and academic instruction for the T-1, T-
6, T-37 and T-38 aircraft, as well as combat systems officer
training, in support of the UFT program.

Commenting on the award, Randall A. Wotring, President of the
EG&G Division, said: "We are very pleased to have been selected
by the Air Force for this contract, which underscores URS'
position as a leader in military flight training.  URS has been
working with Air Force for 16 years to support the UFT program
and is proud to be continuing this important work."

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

                        *     *     *

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




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


* PERU: Repsol, Petrobras Discover Natural Gas Deposit
------------------------------------------------------
Spanish oil major Repsol YPF SA and Brazilian state-owned
company Petroleo Brasileiro SA have disclosed the finding of an
"important" natural gas reserve in the southeastern jungle of
Peru, Alex Emery and Kristin Rix at Bloomberg News reports.

According to the same report, the discovery points to about two
trillion cubic feet of gas in Block 57 in the borders of the
Camisea gas fields.  Repsol holds a 41% stake in the field,
while Petrobras has 35.15% stake.

This translates to million of dollars in income for Peru,
Bloomberg quotes President Alan Garcia as saying.  The country
is looking at US$5 billion in energy investments to boost
production.

Peruvian Energy Minister Juan Valdivia told Bloomberg that the
Block 57 find will help cover local demand for the next 30 to 40
years.

                        About Repsol

Repsol YPF, S.A., (IBEX-35:REP) is an integrated Spanish oil and
gas company with operations in 29 countries, the bulk of its
assets are located in Spain and Argentina.

                  About Petroleo Brasileiro

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

                        *     *     *

As reported on Dec. 26, 2007, Standard & Poor's Ratings Services
assigned BB+ long-term currency rating on Peru.


* PERU: Fitch Says Creditworthiness Is Due to Growing Exports
-------------------------------------------------------------
Peru's creditworthiness has benefited from favorable trends in
the global economy that have underpinned rapidly growing
exports, notably of metals and such non-traditional exports as
textiles and agro-industrial goods, as well as strong output
growth of around 6% per year.  As a result, key sovereign
financial ratios have been improving, evidenced by 2006
forecasts for net external debt to current external receipts of
41% (close to the 'BB' median), general government debt to GDP
of 35% (below the 'BB' median of 41.7%), and external financing
needs to official reserves of a comparatively low 4.8%.

Fiscal restraint, liability management operations, and sizable
balance of payments surpluses since 2001 have allowed net
repayments of public external debt and official foreign exchange
reserves to rise to record levels.  As a result, the public
sector's net external debt to current external receipts ratio
has been declining rapidly and is expected to reach around 27.1%
by the end of 2006, a material improvement from Fitch's forecast
of 35.9% at the time the Rating Outlook was revised to Positive
from Stable in November 2005.  Although this ratio remains well
above the 12.8% forecasted median for Fitch-rated 'BB'
sovereigns, it is steadily converging toward the median.
Furthermore, the government's external debt burden has been
partially mitigated by its astute debt re-profiling operations,
which have reduced the public sector's financing requirement to
a no more than 3% of GDP over the medium term, assuming the non-
financial public sector deficit is maintained at the targeted 1%
of GDP.

                       Credit Outlook

Given the underlying structural weaknesses of Peru's economy,
the transition to investment grade will likely take some time to
achieve.  While Fitch expects the trend in export and economic
diversification to continue, the diversification and financial
cushion achieved thus far are not yet consistent with an
investment grade rating.  Further reductions in net external
debt, particularly net public external debt, and a broadening of
exports and sources of economic growth, would bode well for
sovereign creditworthiness, as would further evidence that
political shocks will not derail current economic policies and
prudent fiscal policy in particular.

Strengths:

  -- Sound macroeconomic fundamentals.
  -- Solid external liquidity position.
  -- Manageable public sector financing requirement.

Weaknesses:

  -- Comparatively high public external debt indicators.
  -- Political uncertainty and weak institutions.
  -- High poverty and poor social indicators.

                     Recent Developments

Fitch's Analyst, Thereza Paiz Fredel said, "Peru's
creditworthiness continues to strengthen, underpinned by better-
than-expected public finance and external account performance,
which in turn has accelerated the improvement in key sovereign
financial ratios since Fitch revised Peru's outlook to Positive
from Stable in early November.  While a sustained positive terms
of trade shock has contributed to these trends, the government
has also behaved responsibly, restraining expenditure increases
prior to the presidential elections."

"Moderate fiscal restraint, liability management operations and
sizable balance of payments surpluses since 2001 have allowed
net repayments of public external debt.  As a result, the public
sector's net external debt to current account receipts ratio, a
key rating weakness in the past, has been declining rapidly and
is expected to reach around 27.1% by the end of this year, a
material improvement from Fitch's forecast of 35.9% at the time
the rating outlook was revised to Positive from Stable in
November 2005.  Although this ratio will remain substantially
above the 12.8% forecasted median for Fitch-rated 'BB'
sovereigns, it is steadily converging toward the median, a trend
that is expected to continue over our rating horizon." said Ms.
Fredel "Furthermore, the government's external debt burden has
been partially mitigated by its astute debt re-profiling
operations, which have reduced the public sector's financing
requirement to no more than 3% of GDP over the medium term,
assuming that the non-financial public sector deficit is
maintained at the targeted 1% of GDP.  Fitch is projecting
general government debt to decline to 35.0% of GDP by the end of
this year, substantially below the 'BB' median of 41.7%."

Fitch expects real GDP growth of around 6% this year compared
with 6.5% in 2005.  Based on preliminary data, growth maintained
a brisk pace during the first half of this year, reaching an
estimated 6.6%.  Buoyant domestic demand and better than
anticipated prices for Peru's commodity exports underpinned
growth in the first half, a trend that is expected to continue
in the latter half of the year.  With the exception of fishing,
all economic sectors expanded.  While growth could decelerate in
the latter half of the year due to a high base effect from the
previous year, confidence is soaring due to APRA's support of
the passage of the free trade agreement with the United States,
the choice of Luis Carranza as Finance Minister and statements
in President Alan Garcia's inaugural speech which bode well for
the general maintenance of the current policy framework.
Inflation also remains low, with 12-month inflation dropping to
1.6%, near the lower band of the central bank's inflation
target.  This, in turn, has allowed the BCRP to maintain the
discount interest rate below that of the Federal Reserve,
although it has increased from 4% at year-end 2005 to 5.25% in
June of this year.

"Solid balance of payments performance has been reflected in
international reserve accumulation of US$0.5 billion since the
end of 2005 and Peru's low external financing needs of about
4.8% of reserves.  Among 'BB' rated sovereigns, only Egypt has a
lower external financing need than Peru.  Similarly, reserve
accumulation, combined with the reduction of debt service
achieved through the government's debt reprofiling operations,
boosted Peru's liquidity ratio to 207% in 2006.  While this
compares favorably to a median of 156% for 'BB' rated
sovereigns, when adjusting the liquidity ratio to include
resident foreign currency bank deposits in the denominator, the
liquidity ratio falls to around 92%, highlighting the risks
associated with high, albeit declining, dollarization." said
Fitch Analyst, Shelly Shetty.

"Nevertheless, economic growth, and fiscal and external
developments in particular, are highly dependent on global
commodity prices, underpinning the country's vulnerability to
future commodity price shocks.  Metals -- gold, copper,
molybdenum and zinc, in particular -- have experienced a
spectacular rise in price since mid-2003.  While a downward
price correction for metals can be expected in the coming years,
global supply and demand fundamentals appear sufficiently robust
to alleviate concern about a sudden commodity price shock in the
near term.  Furthermore, Fitch believes that Peru is better
prepared to cope with lower mineral prices as the recent and
expected increase in export volumes of both traditional and non-
traditional goods should be sufficient to offset a gradual
decline in Peru's terms of trade." Ms. Shetty added.

                 Positive Public Finance Trends

At a forecasted 35% by the end of this year (compared with
Fitch's forecast of 37% last November), Peru's debt/GDP ratio is
below the median of 42%. Nevertheless, it should be highlighted
that GDP measures of public debt in Peru understate the
sovereign's debt burden, given its narrow export and tax base
and vulnerabilities to fluctuations in commodity prices.  Fitch
expects net public external debt as a proportion of current
external receipts to decline to 27% by year-end 2006, a marked
improvement from 106% in 2000, but still twice the 'BB' median
of 13%.  In light of the windfall income tax gains of late,
Peru's debt/revenues ratio has also improved dramatically and is
forecast to decline to 172% by year end.  While Peru is now the
'BB' median for this ratio, additional measures will need to be
taken to compensate for a gradual decline in income tax
revenues, from mining companies in particular, to stem a
deterioration of this ratio in the future.  In this regard, the
government's intention to present a proposal for tax reform by
year-end is positive for creditworthiness.

Last year's re-profiling transactions have provided amortization
relief on average of US$481mn each year between 2006 and 2009.
In addition, these market-based transactions have also improved
the structure of Peru's public debt.  Domestically issued debt
as a proportion of total public debt has increased from 15.8% at
year-end 2004 to 22.0% as of June 2006.  Similarly, sol-
denominated debt increased from 10% to 17.0% of total debt and
fixed-rate debt increased from 51.3% to 60.0% of the total
during this same period.  These operations help reduce Peru's
sensitivity to global interest rate hikes and future increases
in sovereign spreads to more normal levels.  Furthermore, the
authorities do not intend to tap international debt markets in
2006.

The government's improved access to the domestic capital markets
and high levels of domestic liquidity both strongly benefit
public financial flexibility.  Peru has been increasing its
reliance on bond debt; however, longer maturities and a move
toward local currency debt issuance help minimize refinancing
risk, particularly relative to peer credits such as Brazil.  If
the government maintains a slight surplus this year, its
financing needs could be as low as 1.5% of GDP this year.  Going
forward, assuming the government sticks to its 1% of GDP deficit
target, its financing needs will be between 2% and 3% of GDP per
year over the medium term, quite low relative to peers.

Rating List:

Foreign Currency:

  -- Long-Term Issuer Default Rating                    BB+
  -- Short-Term Issuer Default Rating                   B
  -- Outlook                                            Stable

Local Currency:

  -- Long-Term Issuer Default Rating                    BBB-
  -- Rating Outlook                                     Stable

Country Ceiling                                         BBB-

                        Rating Outlook

The outlook on the ratings is stable.  Given the underlying
structural weaknesses of Peru's economy, the transition to
investment grade will likely take some time to achieve.  While
Fitch expects the trend in export and economic diversification
to continue, the diversification achieved thus far is probably
not sufficiently robust enough to provide the insulation from
shocks implied by investment grade status.  Further reductions
in net external debt, particularly net public external debt,
would bode well for creditworthiness.  In addition, the
establishment of some type of mineral stabilization fund along
the lines of Chile's Copper Stabilization Fund, would be helpful
in minimizing the effects of a commodity price shock in the
future by providing budget and balance of payments support.




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


MACY'S INC: December 2007 Total Sales Down 7.4% to US$4.6 Bil.
--------------------------------------------------------------
Macy's, Inc. reported total sales of US$4.6 billion for the five
weeks ended Jan. 5, 2008, a decrease of 7.4% compared to total
sales of US$4.9 billion in the five weeks ended Dec. 30, 2006.
On a same-store basis, Macy's, Inc. sales were down 7.9% in
December.  This is below guidance for December same-store sales
to be down between 4% and 7%.

For the November-December period combined, Macy's, Inc.'s same-
store sales were down 1.1%.  This is consistent with guidance
for the company's fourth quarter same-store sales to be in the
range of down 2% to up 1%.

For the year to date, Macy's, Inc. sales totaled US$25.0
billion, down 0.5% from total sales of US$25.188 billion in the
first 48 weeks of 2006. On a same-store basis, Macy's, Inc.'s
year-to-date sales were down 1.0%.

"Given the calendar shift between November and December, we
noted previously that the two-month holiday selling period
needed to be viewed together rather than each month
individually," Terry J. Lundgren, Macy's, Inc. chairman,
president and chief executive officer, said.  "After a strong
November, we had hoped that a more positive sales trend would
continue through December.  But macroeconomic trends led
customers to spend cautiously for the holiday.  That said, we
remain on track to be within our guidance for same-store sales
in the fourth quarter, albeit at the low end of the range of
down 2% to up 1%."

The company expects January same-store sales to be down by 4% to
6% compared with last year.

Headquartered in Cincinnati and New York, Macy's Inc. (NYSE: M)
-- http://www.fds.com/-- is one of the nation's premier
retailers, with fiscal 2006 sales of $27 billion.  The company
operates more than 850 department stores in 45 states, the
District of Columbia, Guam and Puerto Rico under the names of
Macy's and Bloomingdale's.  The company also operates macys.com,
bloomingdales.com and Bloomingdale's By Mail.  Prior to June 1,
2007, Macy's Inc. was known as Federated Department Stores Inc.

                        *     *     *

As reported on Oct. 23, 2007, Moody's Investors Service affirmed
all ratings of Macy's Inc., including its long term rating of
Baa2, Prime 2 short term rating, and (P)Ba1 Preferred shelf
rating but changed the outlook to negative from stable.  The
change in outlook was prompted by the continuing negative
comparable store sales in the former May doors, credit metrics
that are at the trigger points cited in Moody's Credit Opinion
of Feb. 28, 2007, for a downgrade, and the uncertain outlook on
consumer spending that could further delay improvement in the
former May stores' performance.


NELSON HERNANDEZ: Case Summary & 14 Largest Unsecured Creditors
---------------------------------------------------------------
Debtors: Nelson Ramos Hernandez
         Carmen e Negron Berrios
         dba Bufete Legal Ramos Hernandez
         P.O. Box 7132
         Ponce, PR 00732

Bankruptcy Case No.: 08-00088

Chapter 11 Petition Date: January 10, 2008

Court: District of Puerto Rico (Old San Juan)

Debtors' Counsel: Modesto Bigas Mendez, Esq.
                  Bigas & Bigas
                  P.O. Box 7462
                  Ponce, PR 00732
                  Tel: (787) 844-1444

Total Assets: US$1,665,054

Total Debts:  US$1,599,445

Debtors' list of its 14 Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
Western Bank                   Bank loan           US$215,000
P.O. Box 1180                                     Collateral:
Mayaguez, PR 00681-1180                             US$20,833
                                                   Unsecured:
                                                   US$194,167

WesternBank                                        US$126,681
Dep de Cobros
P.O. box 1180
Mayaguez, PR 00681-1180

Doral Financial Corp           Bank loan            US$641,558
P.O. Box 71529                                     Collateral:
San Juan, PR 00936                                  US$700,000
                                                    Unsecured:
                                                     US$67,519

Internal Revenue Service                             US$61,041

Departamento de Hacienda                             US$24,048

Carlos Nieves Badillo                                US$17,500

Eurolease                                            US$37,751
                                                   Collateral:
                                                     US$27,000
                                                    Unsecured:
                                                     US$10,751

ECMC                                                 US$10,625

Raul N Perez Perez                                    US$9,610

Autoridad de Energia                                  US$6,042

Axesa Servicios de Information                        US$6,000

Xerox Corporation              Trade debt             US$6,000

LVNV Funding LLC                                      US$5,584

Crim                                                  US$4,167


SEARS HOLDINGS: Store Sales Drop 3.5% for Period Ended Jan. 5
-------------------------------------------------------------
Sears Holdings Corporation disclosed yesterday domestic
comparable store sales for the nine-week period ended
Jan. 5, 2008, for its Kmart and Sears stores.  Sears Domestic's
comparable store sales declined by 2.8% during the nine-week
period, while Kmart's comparable store sales declined by 4.2%.
Total domestic comparable stores sales declined 3.5% for the
nine-week period.

The company said it experienced lower sales across most
categories, with notable declines in the Sears apparel and
tools categories and the Kmart seasonal categories.  These
decreases were partially offset by increased sales within home
electronics at both store formats.  The company believes that
comparable store sales results reflect increased competition and
the negative impact of unfavorable economic conditions, such as
a weak housing market and consumer credit concerns.

Gross margin rates for this nine-week period declined
approximately 200 basis points due to the highly promotional
nature of this holiday selling season, markdowns taken to clear
seasonal products and the relatively high proportion of sales
attributable to the home electronics category, which has a lower
margin rate.

As a result of the lower sales and gross margin rates, the
company currently expects that net income for the fourth quarter
ending Feb. 2, 2008, will be between US$350 million and US$470
million, or between US$2.59 and US$3.48 per fully diluted share.
In the fourth quarter of the prior year, the company reported
net income of US$820 million, or US$5.33 per fully diluted
share.

For the full year ending Feb. 2, 2008, the company expects net
income to be between US$744 million and US$864 million, or
between US$5.13 and US$5.96 per fully diluted share.

During the ten weeks ended Jan. 11, 2008, the company
repurchased 4.9 million common shares at a total cost of US$513
million (or US$105.46 per share) under its share repurchase
program.  As of Jan.  11, 2008, the company had remaining
authorization to repurchase US$223 million of common shares
under the previously approved programs.

The company currently expects to end the fiscal year with
approximately US$1 billion in cash and cash equivalents,
excluding Sears Canada.  The expected cash and cash equivalents
balance indicated does not give effect to any share repurchase
activity after Jan. 11, 2008.  In addition, the company expects
year-end domestic merchandise inventory will be below the prior
year-end level of US$9.2 billion, even after including an
increase of approximately US$160 million from the conversion of
previously consigned inventory to owned inventory in Kmart's
pharmacy business.

                    About Sears Holdings

Based in Hoffman Estates, Illinois, Sears Holdings Corporation
(NASDAQ: SHLD) - http://www.searsholdings.com/-- parent of
Kmart and Sears, Roebuck and Co., is a broadline retailer with
approximately 3,800 full-line and specialty retail stores in the
United States, Canada and Puerto Rico.

                        *     *     *

Moody's Investor Service placed Sears Holdings Corporation's
probability of default rating at 'Ba1' in September 2006.
Moody's said the rating still hold to date with a stable
outlook.


SEARS HOLDINGS: Eyes Up to US$864 Million of Net Income
-------------------------------------------------------
Sears Holdings Corporation has announced domestic comparable
store sales for the nine-week period ended Jan. 5, 2008 for its
Kmart and Sears stores.  Sears Domestic's comparable store sales
declined by 2.8% during the nine-week period, while Kmart's
comparable store sales declined by 4.2%.  Total domestic
comparable stores sales declined 3.5% for the nine-week period.
The company experienced lower sales across most categories, with
notable declines in the Sears apparel and tools categories and
the Kmart seasonal categories.  These decreases were partially
offset by increased sales within home electronics at both store
formats.  Sears believes that comparable store sales results
reflect increased competition and the negative impact of
unfavorable economic conditions, such as a weak housing market
and consumer credit concerns.

Gross margin rates for this nine-week period declined
approximately 200 basis points due to the highly promotional
nature of this holiday selling season, markdowns taken to clear
seasonal products and the relatively high proportion of sales
attributable to the home electronics category, which has a lower
margin rate.  As a result of the lower sales and gross margin
rates, the company currently expects that net income for the
fourth quarter ending Feb. 2, 2008, will be between US$350
million and US$470 million, or between US$2.59 and US$3.48 per
fully diluted share.  In the fourth quarter of the prior year,
the company reported net income of US$820 million, or US$5.33
per fully diluted share.

For the full year ending Feb. 2, 2008, the company expects net
income to be between US$744 million and US$864 million, or
between US$5.13 and US$5.96 per fully diluted share.

During the ten weeks ended Jan. 11, 2008, the company
repurchased 4.9 million common shares at a total cost of US$513
million (or US$105.46 per share) under its share repurchase
program.  As of Jan. 11, 2008 the company had remaining
authorization to repurchase US$223 million of common shares
under the previously approved programs.

The company currently expects to end the fiscal year with
approximately US$1 billion in cash and cash equivalents,
excluding Sears Canada.  The expected cash and cash equivalents
balance indicated does not give effect to any share repurchase
activity after Jan. 11, 2008.  In addition, Sears expects year-
end domestic merchandise inventory will be below the prior year-
end level of US$9.2 billion, even after including an increase of
approximately US$160 million from the conversion of previously
consigned inventory to owned inventory in Kmart's pharmacy
business.

                    About Sears Holdings

Based in Hoffman Estates, Illinois, Sears Holdings Corporation
(NASDAQ: SHLD) - http://www.searsholdings.com/-- parent of
Kmart and Sears, Roebuck and Co., is a broadline retailer with
approximately 3,800 full-line and specialty retail stores in the
United States, Canada and Puerto Rico.

                        *     *     *

Moody's Investor Service placed Sears Holdings Corporation's
probability of default rating at 'Ba1' in September 2006.  The
rating still hold to date with a stable outlook.




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


CHRYSLER: Wants Getrag Joint Venture Resumed for 2009 Opening
-------------------------------------------------------------
Chrysler LLC is anxious that work on a joint venture with Getrag
Corp. will resume next week in time for the 2009 opening,
various sources report.  Construction of a US$530 million
transmission plant in Tipton County, Indiana, was suspended on
Dec. 21, 2007, due to a rift between Chrysler and Getrag.

As reported in the Troubled Company Reporter on June 22, 2007,
Chrysler, which was still under DaimlerChrysler AG, named Tipton
as the site of a new dual-clutch transmission manufacturing
plant with partner company, Getrag.  The US$530 million
investment is another step in Chrysler's "Powertrain Offensive"
-- US$3 billion in investments to produce more fuel-efficient
engines, transmissions and axles for the carmaker.

The Indianapolis Star disclosed that Chrysler has not cited
particular reasons of its discord with Getrag, however, auto
analysts say that the problem lies with Chrysler's streamlining
strategy, affecting the number of Getrag transmissions to be
produced once the plant opens in 2009.

A company spokesperson related that the deal will push through,
insisting that transmissions are needed for a new line of
engines, Reuters reports.  Government officials are hopeful that
the parties will resolve their differences because the
investment is likely to bring 1,400 jobs to the county.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Shuts Down Amuay Plant
----------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that its Amuay plant in the Paraguana refining
complex in Falcon was temporarily closed down due to power
failure.

Business News Americas relates that the problem came from a
power unit in Amuay's block 29.  Paraguana managers activated
emergency procedures at Amuay.

Petroleos de Venezuela said in a statement that operations at
the plant would be restored within five days.

According to BNamericas, Petroleos de Venezuela ensured fuel
supplies for domestic and markets.

Petroleos de Venezuela told BNamericas that it has enough
inventories.

BNamericas notes that Petroleos de Venezuela said its refinery
problems were normal.

However, industry analysts told BNamericas that the failures
indicate larger operational problems within Petroleos de
Venezuela.

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

                        *     *     *

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


                         ***********


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

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

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

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