TCRLA_Public/080123.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 23, 2008, Vol. 8, Issue 16

                          Headlines

A R G E N T I N A

TIMKEN CO: Signs Acquisition Agreement with Boring Specialties

* ARGENTINA: Paper Mill Not Hurting River, Latest Study Says


B A R B A D O S

KINGSWAY FINANCIAL: Hires Shelly Gobin as VP/Chief Fin'l Officer


B E R M U D A

ASPEN INSURANCE: UK Unit Projects Strong Insurance Demand Growth
FINANCIAL SOLUTIONS: Final Shareholders Meeting Is Tomorrow
GEORGE FISCHER: Holding Final Shareholders Meeting Today
PETRO-CANADA MANAGEMENT: Final Shareholders Meeting Tomorrow
SEA CONTAINERS: Wants SC Iberia & YMCL Guarantees Approved

WELCH TECHNOLOGY: Final Shareholders Meeting Is Tomorrow


B O L I V I A

MUTUAL GUAPAY: Bolivian Banking Regulator Intervenes Firm


B R A Z I L

MRS LOGISTICA: Julio Fontana Neto To Head Railway Group's Board
PETROLEO BRASILEIRO: Discovers Gas Field in Pre-Salt Layer

* BRAZIL: Petrobras Awards Cascade & Chinook Deals to Technip
* BRAZIL: Petroleo Brasileiro Supplying Gas to Copergas


C A Y M A N   I S L A N D S

ASIA IG: Sets Final Shareholders Meeting for Jan. 24
BASIS YIELD: Judge Gerber Denies Recognition Under Chapter 15
BASSO PRIVATE: Proofs of Claim Filing Deadline Is Jan. 24
BEGONIA LIMITED: Proofs of Claim Filing Ends on Jan. 24
BLUEPOINT CORP: To Hold Final Shareholders Meeting on Jan. 24

BLUE OCEAN: Proofs of Claim Filing Is Until Jan. 24
CALLIDUS INTERNATIONAL: Proofs of Claim Filing Ends on Jan. 24
CHAMBERS STREET: Proofs of Claim Filing Is Until Jan. 24
CHIMES FINANCE: Holding Final Shareholders Meeting on Jan. 24
CP MENA: Proofs of Claim Filing Deadline Is Jan. 24

CRAMOND LIMITED: Proofs of Claim Filing Is Until Jan. 24
FLUTE FINANCE: Sets Final Shareholders Meeting for Jan. 24
GAVOTTE SHIPPING: Proofs of Claim Filing Ends on Jan. 24
GEMINI BB: Proofs of Claim Filing Deadline Is Jan. 24
GLASGOW MACKINTOSH: Proofs of Claim Filing Ends on Jan. 24

GRANTCHESTER INVESTMENT: Proofs of Claim Filing Ends on Jan. 24
JLOC VI: Proofs of Claim Filing Deadline Is Jan. 24
JLOC X: Proofs of Claim Filing Is Until Jan. 24
KAKEHASHI CAPITAL: Proofs of Claim Filing Ends on Jan. 24
KAWASAKI DICE: Proofs of Claim Filing Is Until Jan. 24

MAJESTIC MOUNTAINS: Proofs of Claim Filing Ends Tomorrow
MAPLETREE REAL: Proofs of Claim Filing Deadline Is Jan. 24
MARNAR FINANCE: Sets Final Shareholders Meeting for Jan. 24
MEMBERSHIP III: Proofs of Claim Filing Ends on Jan. 24
METAL PORTFOLIO: Proofs of Claim Filing Deadline Is Jan. 24

METAL PORTFOLIO: Sets Final Shareholders Meeting for Jan. 25
MPJ EQUITY: Proofs of Claim Filing Deadline Is Jan. 24
MTH PREFERRED: Proofs of Claim Filing Ends Jan. 24
OTEMACHI EQUITY: Proofs of Claim Filing Ends Jan. 24
PYLOS III: Proofs of Claim Filing Is Until Jan. 24

QUED PARTNERS: Proofs of Claim Filing Deadline Is Jan. 24
ROOT BROKERS: Proofs of Claim Filing Deadline Is Jan. 24
S&H RAILWAY: Proofs of Claim Filing Is Until Jan. 24
SCHOONER FINANCE: Holding Final Shareholders Meeting on Jan. 24
S&N CREDIT: Proofs of Claim Filing Deadline Is Jan. 24

SHOWINA INVESTMENT: Proofs of Claim Filing Ends on Jan. 24
STAY-CALM LIMITED: Proofs of Claim Filing Ends on Jan. 24
TTB FINANCE: Proofs of Claim Filing Ends on Jan. 24
WAT FUNDING: Proofs of Claim Filing Ends on Jan. 24
YH CO: Proofs of Claim Filing Deadline Is Jan. 24

ZARANDI LIMITED: Proofs of Claim Filing Ends on Jan. 24


C H I L E

SHAW GROUP: Environmental Unit Bags Two Contracts from U.S. Army
SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy


C O L O M B I A

QUEBECOR WORLD: Files for Chapter 11 Protection in Manhattan
QUEBECOR WORLD: Case Summary & 57 Largest Unsecured Creditors


C O S T A   R I C A

US AIRWAYS: Teams with Lifelock on Theft Prevention Service


E C U A D O R

* ECUADOR: To Complete Oil Contract Talks Before Referendum


E L   S A L V A D O R

* EL SALVADOR: Power Firm Relaunches El Chaparral Tender


G U A T E M A L A

BRITISH AIRWAYS: Launches Heathrow Terminal


H O N D U R A S

CONTINENTAL AIRLINES: Reports 2007 Pre-Tax Income of US$566 Mil.


J A M A I C A

NATIONAL COMMERCIAL: Refers Olint Lawsuit to External Counsel


M E X I C O

CHRYSLER LLC: Makes Organizational Changes at Mopar
DURA AUTOMOTIVE: Wants to Assume GM Component Supply Agreement
GRUPO MEXICO: Can't Lay Off Protesting Cananea Workers
MCDERMOTT INT'L: Subsidiary Bags US$100MM Installation Contract


P E R U

QUEBECOR WORLD: Gets CCAA Order for Creditor Protection


P U E R T O   R I C O

DIRECTV GROUP: Board Okays US$1-Billion Stock Repurchase Program
MUSICLAND HOLDING: Parties Extend Trade Claims Filing to Feb. 29


U R U G U A Y

* URUGUAY: Paper Mill Not Hurting Argentina, Latest Study Says


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Earmarks US$1.2 Bil. for Social Programs
PETROLEOS DE VENEZUELA: Restarts El Palito After Power Outage
PETROLEOS DE VENEZUELA: Gets Assembly OK for CNPC Joint Venture

* VENEZUELA: UNHRC OKs Micro-Credit Loans to Colombian Refugees


                         - - - - -


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A R G E N T I N A
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TIMKEN CO: Signs Acquisition Agreement with Boring Specialties
--------------------------------------------------------------
The Timken Company has entered into an agreement to acquire the
assets of Boring Specialties Inc., a leading provider of a wide
range of precision deep-hole oil and gas drilling and extraction
products and services.  Based in Houston, Texas, BSI had 2006
sales of approximately US$48 million and employs 190 people.

The acquisition will extend Timken's presence in the growing
energy market by adding BSI's value-added products to its wide
range of alloy steel products for oil and gas customers.  Terms
of the acquisition, which Timken expects to be accretive during
the first year of ownership, were not disclosed.

Founded in 1972 by Charlie Elder, BSI primarily serves the oil
and gas industry, with value-added products used in the
manufacture of down-hole drilling and completion components.
Timken steel is used in a number of BSI's products.  Mr. Elder
will continue as president of the new entity following
successful completion of the transaction.

"Customers operating in an oilfield environment face some of the
most demanding conditions on earth, and both Timken and BSI
provide the products they need to succeed," said Salvatore J.
Miraglia, president - Steel Group.  "As the search for new
energy reserves goes farther afield and deeper below the
surface, we believe that together we can capitalize on growth
opportunities that alone we could not have tapped."

The transaction is subject to customary closing conditions,
including expiration or termination of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended.  Timken expects the transaction to close in the first
quarter of 2008.

Timken solutions span a variety of energy and power-generation
applications from windmill gearboxes to energy exploration.  The
demanding conditions encountered in oil and gas drilling lead
companies to turn to Timken for high-quality steel products that
can withstand the extremes encountered below the earth's
surface.

                      About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- is a manufacturer of highly
engineered bearings and alloy steels.  It also provides related
components and services such as bearing refurbishment for the
aerospace, medical, industrial and railroad industries.  The
company has operations in Argentina, Australia, Belgium, Brazil,
Canada, China, Czech Republic, England, France, Germany,
Hungary, India, Italy, Japan, Korea, Mexico, Netherlands,
Poland, Romania, Russia, Singapore, South America, Spain,
Taiwan, Turkey, United States, and Venezuela and employs 27,000
employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


* ARGENTINA: Paper Mill Not Hurting River, Latest Study Says
------------------------------------------------------------
A report from the Green Cross Organization said that the paper
mill constructed along the river border between Argentina and
Uruguay is not causing pollution, confirming the results of a
previous environmental study made by the National Environment
Directions, Prensa Latina relates.  The non-governmental
organization's study was for the period Oct. 11 to
Dec. 20, 2007.

The US$1.2 billion paper mill, constructed by Metsa-Botnia Oy,
represents Uruguay's biggest foreign investment, which published
reports said will add 2% to its GDP.  The mill caused a serious
rift between Argentina and Uruguay's relationship.

The two governments have long argued over the effects that a
paper mill would cause on the river's habitat as well as the
communities, like Colon and Gualeguayhu, near it. Uruguay
originally approved the construction of two mills by Metsa-
Botnia and Empresarial Ence SA.  Once the conflict escalated,
Ence decided to move its mill's location away from the river.
Botnia, however, continued building on the original site.

Uruguay presented studies that ensure the safety of the river,
but the Argentine government and environmentalists argued and
protested to the contrary.  The Uruguayans claimed in reports
that the protests and blockades staged against it caused serious
economic losses to the country.

Because the parties were not able to settle the issue, they
sought the International Court of Justice in The Hague's
intervention.  While the complaint awaits a final decision from
the Court, Spanish King Juan Carlos I acted as a mediator in an
attempt to reconcile the two parties.  However, the Spanish
monarch's efforts were not met with success.

Meanwhile, the latest Green Cross study did not stop Argentine
protesters to continue with their cause.  According to a report
from Merco Press, pickets are still held in Fray Bentos against
the Botnia plant while bridges leading to Uruguay are still
blocked.

                        *     *     *

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 B
short-term sovereign local and foreign long-term ratings on
Argentina.  Standard & Poor's also placed 4 sovereign foreign
currency recovery rating and a BB transfer and convertibility
assessment rating.  Standard & Poor's says the outlook for these
ratings is stable.

Fitch Ratings assigned these ratings on Argentina:

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




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KINGSWAY FINANCIAL: Hires Shelly Gobin as VP/Chief Fin'l Officer
----------------------------------------------------------------
Financial Services Inc. has appointed Shelly Gobin as Vice
President and Chief Financial Officer.

Ms. Gobin, who has over 15 years experience in the insurance
industry, joined Kingsway over 10 years ago.  Since then, she
has held increasingly progressive executive roles at Kingsway
and has been significantly involved in all financial reporting
and capital raising initiatives over this time.  In her new role
she will assume responsibility for financial reporting, capital
management, taxation strategy and investor relations for the
corporate group.  Ms. Gobin is a Chartered Accountant and holds
a Bachelor of Commerce degree from the University of Toronto.

"Shelly and I have worked very closely over the years and she
has proved a valuable member of the executive team at Kingsway,"
said President and Chief Executive Officer, Shaun Jackson.  "She
has built a strong and credible financial team within the
organization and her experience will ensure a seamless
transition of the financial management of the company.  Her
appointment is well deserved and reflects her strong technical
abilities, dedication, and financial and operational knowledge
of Kingsway."

                  About Kingsway Financial

Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) is one of
the largest truck insurers and non-standard automobile insurers
in North America based.  The company's primary business is
trucking insurance and the insuring of automobile risks for
drivers who do not meet the criteria for coverage by standard
automobile insurers.  It currently operates through thirteen
wholly owned insurance subsidiaries in Canada and the United
States.  Canadian subsidiaries include Kingsway General
Insurance Company, York Fire & Casualty Insurance Company and
Jevco Insurance Company. U.S. subsidiaries include Universal
Casualty Company, American Service Insurance Company, Southern
United Fire Insurance Company, Lincoln General Insurance
Company, U.S. Security Insurance Company, American Country
Insurance Company, Zephyr Insurance Company, Mendota Insurance
Company, Mendakota Insurance Company and Avalon Risk Management,
Inc.  The company also operates reinsurance subsidiaries in
Barbados and Bermuda.

The common shares of Kingsway Financial Services Inc. are listed
on the Toronto Stock Exchange and the New York Stock Exchange,
under the trading symbol "KFS."

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Standard & Poor's Ratings Services lowered its
senior unsecured and long-term counterparty credit ratings on
Toronto-based Kingsway Financial Services Inc. to 'BB+' from
'BBB-'.  S&P also lowered the debt ratings on Kingsway's
subsidiaries to 'BB+' from 'BBB-'.  S&P said the outlook is
negative.




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ASPEN INSURANCE: UK Unit Projects Strong Insurance Demand Growth
----------------------------------------------------------------
Aspen Insurance UK, an Aspen Insurance Holdings Limited
subsidiary, has issued a detailed report on the state of Nursing
and Residential Care Homes in the UK.

Aspen believes that demand for insurance cover among Nursing and
Residential Care Homes is set for strong and rapid growth as the
sector expands and responds to ongoing reforms and structural
changes.  Key developments that are set to drive the increase in
demand include the likely transfer of much of the care services
for older people currently provided by the NHS to Local
Authorities and private providers.

Almost one million people over the age of 65 are in care, many
as long-term patients in NHS facilities.  With resources
stretched, there has to be change.  Last month, the Government
published a consultative White Paper entitled Valuing People Now
(the closing date for responses is 12 March 2008).  A key
proposal is the transfer of resources and responsibilities from
the NHS to Local Authorities.

These reforms have been proposed against a background of growing
criticism of the quality of care being provided for older people
within both NHS and Local Authority facilities.  As highlighted
in the new Aspen Opinion, 'Nursing Homes and Residential Care -
Flagging the bad risks', the challenge of providing appropriate
standards of care has been heightened by the growing difficulty
of finding loyal, competent and caring personnel within one of
the UK's lowest paid sectors.

To tackle mounting costs and deliver better quality care, the
Health Secretary Alan Johnson has also recently announced
sweeping reforms of how Local Authorities will manage their
obligations (Putting People First).  This includes giving Local
Authorities greater control over the funding and design
of care for older people to enable them to provide more
individually-tailored services.  Older people or their relatives
will receive a monthly cheque to purchase the types of care they
require, rather than being subject to a 'one-cap-fits-all' Local
Authority package.

Within 20 years, the number of older people requiring round-the-
clock care is expected to reach 1.3 million.  While the
Government's new approach may achieve some reduction in
residential care placements in the short-term, the demographics
suggest that the overall demand will continue to increase.

The pressure on care services created by rising demand is likely
to be compounded the restructuring of the sector.  The vision of
transferring care responsibilities from the NHS set out in
Valuing People Now is likely to be endorsed by the Health
Service Commission Audit, due in 2008.  This includes
transferring the management of some 200 currently NHS-run Care
Homes to Local Authorities, which are likely to purchase care
services from charities and other private organisations.  The
transfer of provision will in turn increase demand for insurance
cover.

Tony Spice, Head of Aspen's International Casualty Reinsurance
explains, "The world's ageing population has stretched available
resources, and this is leading to public insistence on legal
frameworks to curb abuse and raise care standards.  Suppliers
have struggled to deliver the required quality of care,
and the rising need for care homes is going to increase the
risks for care facility managers."

Mr. Spice continues, "As the new Aspen Opinion describes, the
potential risks facing care facility managers have been
highlighted by the recent scandals at NHS hospitals in Sutton
and Cornwall.  As a result of the issues raised by these
scandals, and consistent with Valuing People Now, around 200 NHS
facilities might no longer be NHS-run and will become the
responsibility of Local Authorities.  Many Local Authorities
will in turn contract out the day-to-day provision of care to
private agencies including charities and commercial enterprises,
who will require significant additional insurance services."

"Alongside the significant issue of care for older people, there
are growing calls for a complete revamp of the delivery of care
for people with learning disabilities.  This includes proposals
to transfer responsibility for people with learning disabilities
who are not ill or under treatment or assessment from the NHS to
Local Authorities.  If the relevant funding reforms can be
agreed, Local Authorities are in turn likely to contract out
much of this care provision to charities and other agencies."

"As charities and other agencies take on more of the day-to-day
responsibility for care provision, they will require Employers
Liability, Public Liability, Medical Malpractice, Products
Liability, Professional Indemnity and Directors & Officers
protection at least," says Mr. Spice.  "Our research shows that
the provision of care is a high-risk area where large insurance
claims can emerge from a wide range of daily operations.
However, too many care homes are not fully aware of the risks.
We believe that the insurance companies providing coverage to
this growing sector need to consider the warning signs alerting
them to poor or lax management, which are flagged in our newly
published Aspen Opinion."

Aspen Insurance UK Limited provides insurance cover for the
liability risk of care facilities and related services.

                    About Aspen Insurance

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) -- http://www.aspen.bm/-- provides
reinsurance and insurance coverage to clients in various
domestic and global markets through wholly owned subsidiaries
and offices in Bermuda, France, the United States, the United
Kingdom, and Switzerland.

                        *     *     *

Aspen Insurance Holdings Limited still carries Moody's Investors
Services 'Ba1' Preferred Stock rating which was placed on
Dec. 21, 2005.  Moody's said the outlook is stable.


FINANCIAL SOLUTIONS: Final Shareholders Meeting Is Tomorrow
-----------------------------------------------------------
Financial Solutions Ltd. will hold its final shareholders
meeting on Jan. 24, 2008, at 10:00 a.m. at:

        Canon's Court
        22 Victoria Street
        Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.


GEORGE FISCHER: Holding Final Shareholders Meeting Today
--------------------------------------------------------
George Fischer Finance Ltd. will hold its final shareholders
meeting on Jan. 23, 2008, at 9:30 a.m. at:

         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

     -- passing of a resolution dissolving the
        company.


PETRO-CANADA MANAGEMENT: Final Shareholders Meeting Tomorrow
------------------------------------------------------------
Petro-Canada Management Services Ltd. will hold its final
shareholders meeting on Jan. 24, 2008, at 9:00 a.m. at:

        Canon's Court
        22 Victoria Street
        Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


SEA CONTAINERS: Wants SC Iberia & YMCL Guarantees Approved
----------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
enter into two Deed of Guarantees in favor its two wholly owned
non-debtor subsidiaries, Sea Containers Iberia SA and Yorkshire
Marine Containers Ltd., in connection with a potential
settlement by SCL and certain of its subsidiaries, of
intercompany claims asserted by GE SeaCo SRL and its
subsidiaries.

Sanjay Bhatnagar, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that many of the GE SeaCo
Entities' claims against the Debtors are currently under a
pending arbitration proceeding.  However, the Parties excluded
certain claims from arbitration in an attempt to consensually
resolve those claims.

The excluded claims consist of more than US$90,000,000 in
intercompany claims asserted by GE SeaCo out of ordinary course
business transactions between the Parties.

After extensive negotiations among the Parties, the Official
Committee of Unsecured Creditors of Sea Containers Ltd. and the
Official Committee of Unsecured Creditors of Sea Containers
Services Ltd., reached a stipulation for the resolution of the
Intercompany Claims, the terms of which are yet to be finalized.

As a condition to their entry into the Stipulation, the
directors of SC Iberia and YMCL have required that SCL provide
certain guarantees in exchange for releasing their receivable
balances against the GE SeaCo Entities, Mr. Bhatnagar discloses.
Accordingly, SCL made arrangements to provide postpetition
guarantees to SC Iberia and YMCL for the value of their
receivables due from the GE SeaCo Entities, amounting to
US$585,861 for YMCL and US$189,858 for SC Iberia.

Each Guarantee is payable solely to the extent necessary to fund
recoveries of sums owed to creditors of SC Iberia and YMCL,
other than the SCL Entities, and only upon the occurrence of the
earlier of:

   -- certain insolvency events with respect to SC Iberia and
      YMCL; or

   -- the Debtors' confirmation of a plan of reorganization that
      includes a final settlement of any of the Intercompany
      Claims.

The Stipulation provides that as of June 30, 2007, the GE SeaCo
Entities owe approximately US$4,300,000 to SCL and its
subsidiaries on account of all Intercompany Claims.  The amount
would be adjusted based on certain payments made by and between
the GE SeaCo Entities and the SCL Parties subsequent to June 30.

Pursuant to the Stipulation, after accounting for the post-June
30 payments, the GE SeaCo Entities agree to set aside at least
US$600,000 in a segregated account as the net balance owing to
the SCL Parties.  The funds would remain in the segregated
account for SCL's benefit, pending resolution of all the GE
SeaCo Entities' claims, including those subject to arbitration.

In addition, the GE SeaCo Entities would have the ability to
offset against the Segregated Account (i) allowed claims in the
bankruptcy cases, and (ii) claims that would arise on account of
certain avoidance actions against them.

The Parties agree that the Stipulation is the full and final
settlement of the Intercompany Claims, and upon its
consummation, the Parties would exchange mutual releases.

Mr. Bhatnagar contends that the Stipulation, if finalized, would
maximize value for the bankruptcy estates, and that SCL's grant
of the Guarantees is necessary to induce SC Iberia and YMCL to
enter into the Stipulation.

The Guarantees serve the Debtors' interests in helping to ensure
that third-party claims against SC Iberia and YMCL are funded,
thus, avoiding the need for the third-party claimants to resort
to collection efforts, which may reach back to the bankruptcy
estates, Mr. Bhatnagar explains.

                    About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, 2007, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.

The Court gave the Debtors until Feb. 20, 2008 to file a plan of
reorganization.  (Sea Containers Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


WELCH TECHNOLOGY: Final Shareholders Meeting Is Tomorrow
--------------------------------------------------------
Welch Technology Fund, Ltd., will hold its final shareholders
meeting on Jan. 24, 2008, at 2:00 p.m. at:

       Wakefield Quin
       Chancery Hall, 52 Reid Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.




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MUTUAL GUAPAY: Bolivian Banking Regulator Intervenes Firm
---------------------------------------------------------
A spokesperson of Bolivian banking regulator Superintendencia de
Bancos y Entidades Financieras de Bolivia told Business News
Americas that the watchdog has ordered the intervention of local
savings and credit mutual institution Mutual Guapay.

According to BNamericas, Mutual Guapay failed to comply with
requests from the regulator to improve its financial situation.

Mutual Guapay had negative equity of BOB62.1 million as of
Nov. 30, 2007, BNamericas relates, citing the regulator.

The regulator will will tender Mutual Guapay's assets and
liabilities, BNamericas states.




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MRS LOGISTICA: Julio Fontana Neto To Head Railway Group's Board
---------------------------------------------------------------
MRS Logistica's head Julio Fontana Neto was unanimously chosen
to head  of national railway concessionaires association
Associacao Nacional dos Transportadores Ferroviarios's advisory
board, Associacao Nacional said in a statement.

Business News Americas relates that Mr. Neto will take the place
of Benony Schmitz Filho of Ferrovia Tereza Cristina.  He will
chair the board from 2008-09.

The ANTF has 10 railroads of over 28,000 kilometers long that
transport millions of tons of cargo per year, BNamericas states.

The MRS consortium is a railway freight transport company
established in 1996 to operate approximately 1,700 kilometers of
track in the states of Minas Gerais, Rio de Janeiro e Sao Paulo.
MRS's rail network is also linked to the Central Atlantic,
Vitoria-Minas and Sao Paulo Railroads, offering intramodal
transportation options to the other parts of the country.  The
company mainly transports cargo for its principle shareholders.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 24, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based railroad
company MRS Logistica S.A.  S&P revised the outlook to positive
from stable.


PETROLEO BRASILEIRO: Discovers Gas Field in Pre-Salt Layer
----------------------------------------------------------
Petroleo Brasileiro SA announced that the consortium formed by
Petrobras (80% - Operator) and Galp Energia (20%) to explore
block BM-S-24, in ultradeep Santos Basin waters, informed that
well 1-BRSA-559-RJS (1-RJS-652), called Jupiter, has proved the
existence of a large natural gas and condensate field in the
Santos Basin's pre-salt layer.  The pioneer well is at a final
depth of 5,252 meters, 290 km off the coast of the state of Rio
de Janeiro and 37 km east of the Tupi area, at a water depth of
2.187 meters.

The discovery was communicated to the NPA Jan. 21, and is
located in reservoirs at depths of some 5,100 meters.  The
hydrocarbon-bearing rock is more than 120 meters thick, and this
structure's area's dimensions may be similar to that of the Tupi
discovery.

The consortium will proceed with the required activities and
make the investments necessary not only to check this new
field's dimensions, but also to determine the natural gas and
condensate-bearing reservoir characteristics.  A Discovery
Assessment Plan is being elaborated and will be forwarded to the
NPA as provided for in the Concession Agreement.

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

                        *     *     *

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


* BRAZIL: Petrobras Awards Cascade & Chinook Deals to Technip
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA has granted
French oil and gas services company Technip two contracts to
assist in the development of the Cascade and Chinook gas fields
in the Gulf of Mexico, Technip said in a statement.

Business News Americas relates that under the engineering,
procurement, construction and installation contract signed with
Petroleo Brasileiro, Technip will provide five freestanding
hybrid riser systems for the Cascade and Chinook fields.  The
other contract involves the deployment of the Cascade infield
flowlines and gas export pipeline.  Work under this contract
includes:

          -- welding 120 kilometers of six-inch and nine-inch
             steel pipelines,

          -- designing and building 10 pipeline end terminations
             and two in-line tees, and

           -- deploying the pipelines and associated structures.

Technip commented to BNamericas, "Offshore installation is
scheduled to commence in the third quarter of 2009."

The two contracts total over US$300 million, BNamericas states,
citing Technip.

                       About Technip

Technip is a France based company engaged in the engineering and
construction services in the field of hydrocarbons and
petrochemicals.  The company's main operations and engineering
centers and business units are located in France, Italy,
Germany, the United Kingdom, Norway, Finland, the Netherlands,
the United States, Brazil, Abu-Dhabi, China, India, Malaysia and
Australia.  Technip manufactures flexible pipes and umbilicals,
and builds offshore platforms in its manufacturing plants and
fabrication yards in France, Brazil, the United Kingdom, the
United States, Finland and Angola.  The company has a fleet of
specialized vehicles for pipeline installation and sub sea
construction. Technip operates in four segments: SURF (Sub sea,
Umbilical's, Risers and Flow lines), Facilities, Onshore-
Downstream and Industries.

                  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: Petroleo Brasileiro Supplying Gas to Copergas
-------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA will
continue supplying Pernambuco state natural gas distributor
Copergas some 1.1 million cubic meters per day of natural gas
under a new contract, Business News Americas reports, citing a
Copergas spokesperson.

The spokesperson told BNamericas that Petroleo Brasileiro and
Copergas will disclose details of the new supply contract later
this week and that the contract could be firm and flexible or
interruptible.

BNamericas relates that Petroleo Brasileiro must sell fuel oil
for the same price as natural gas if it fails to supply natural
gas to Copergas under the firm and flexible contracts.
Meanwhile, Petroleo Brasileiro may fail to deliver natural gas
under the interruptible contract without any conditions.

The report says that Copergas had wanted to get more natural gas
from Petroleo Brasileiro.

Petroleo Brasileiro is renegotiating contracts with distributors
so it can redirect natural gas to thermoelectric plants, as
hydro reservoirs are lower than normal, BNamericas notes.

Meanwhile, some Pernambuco officials are trying to convince
Petroleo Brasileiro to construct its third liquefied natural gas
regasification plant at Suape port in the state, BNamericas
states.

                        *     *     *

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
===========================


ASIA IG: Sets Final Shareholders Meeting for Jan. 24
----------------------------------------------------
Asia IG CDO Limited will hold its final shareholders meeting on
Jan. 24, 2008, at 10:45 a.m. at:

             HSBC Financial Services (Cayman) Limited
             P.O. Box 1109, George Town
             Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

          1) accounting of the winding-up process; and
          2) authorizing the 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.

Asia IG's shareholders decided on Dec. 5, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


BASIS YIELD: Judge Gerber Denies Recognition Under Chapter 15
-------------------------------------------------------------
The Hon. Robert Gerber of the U.S. Bankruptcy Court for the
Southern District of New York denies the summary judgment
request of Hugh Dickinson, Stephen John Akers, and Paul Andrew
Billingham, as joint official liquidators of Basis Yield Alpha
Fund (Master), for recognition of the company's Cayman Islands
liquidation proceeding as a "foreign main proceeding," under
Section 1517(b)(1) of the U.S. Bankruptcy Code or as a "foreign
nonmain proceeding" under Section 1517(b)(2).

Judge Gerber has previously ruled that any hearing on the
Liquidators' Chapter 15 Petition will be an evidentiary hearing.
Judge Gerber required the Liquidators to provide relevant
evidence to make factual findings relevant to determining
whether the Cayman Islands were Basis Yield's "center of main
interest," or whether Basis Yield maintained an establishment
there.

The Liquidators, however, have argued that, with no objections
filed, there is no evidence which contradicts that Basis Yield's
COMI is the Cayman Islands.  In their Summary Judgment Motion,
the Liquidators maintained that, because their is no evidence to
the contrary, under Section 1516(a), they are entitled to a
presumption that Cayman Islands is Basis Yield's COMI.

In the Chapter 15 Petition, the Liquidators have stated that:

   * Basis Yield is registered in the Cayman Islands and
     maintains its registered office there;

   * its only "investors," are two feeder funds, which are both
     domiciled in the Cayman Islands;

   * Fortis Prime Fund Solutions (Cayman) Ltd., a Cayman Islands
     company, serves as administrator to both Basis Yield and
     each of its feeder funds;

   * Pac-Rim Investments, Ltd., also a Cayman Islands company,
     is Basis Yield's investment manager;

   * Basis Yield's pre-Chapter 15 petition attorneys and
     auditor, Walkers and Ernst & Young, are Cayman Islands
     entities; and

   * the hedge fund's financial books and records, including the
     investor register, are currently located in the Cayman
     Islands.

In a 28-page memorandum, signed January 16, 2008, Judge Gerber
says none of the papers filed by the Liquidators have addressed,
in any meaningful way, any of the factors that would support
recognition of Basis Yield's Cayman Islands as a foreign main
proceeding.

Judge Gerber notes that the Liquidators have been "strikingly
silent" as to the nature or extent of any business activity
Basis Yield conducts in the Cayman Islands.  He adds that they
were silent, among other things, as to whether Basis Yield
staffed any employees or managers in the Cayman Islands; whether
any of its assets were in the Cayman Islands; and the location
from which Basis Yield's funds were in fact managed.

"The Liquidators' conspicuous failure to try to establish, or
even plead, facts supporting the existence of a main proceeding,
even after the submission of the comments of one of its
creditors, Citigroup Global Markets Ltd., makes any reasonable
observer wonder why," Judge Gerber says.

Judge Gerber further notes that the Liquidators' Summary
Judgment Motion raises the issues as to:

   (1) whether failure to object by stakeholders divest the
       Court of the power to make its own determination as to
       whether the requirements of Section 1517 have been
       satisfied; and

   (2) whether a presumption embodied in Section 1516 precludes
       the Court from considering the actual facts -- under
       circumstances where the Liquidators's showing has been
       strikingly silent and where the few facts that are known
       raise issues as to their position and make further
       inquiry appropriate.

Judge Gerber states that he cannot endorse the Liquidators'
reliance on Section 1516(c) in their argument that they are
entitled to a presumption that Basis Yield's COMI is in Cayman
Islands for two reasons:

   (a) there is enough "evidence to the contrary" --
       organization of Basis Yield under a Cayman Islands
       stature that raises red flags as to whether that
       jurisdiction could be the fund's COMI -- to decline use
       of a Section 1516 presumption as a substitute for actual
       evidence; and

   (b) the Court has the power to satisfy itself that the
       requirements for recognition under Section 1517 have been
       satisfied, and has a right like any other federal court
       to inquire under Rule 614 of the U.S. Federal Rules of
       Evidence.

Judge Gerber concurs with the observations of Judge Lifland in
In re Bear Stearns High-Grade Structured Credit Strategies
Master Fund, Ltd., 374 B.R. 122, 130 (Bankr. S.D.N.Y. 2007),
that recognition under Section 1517 is not a "rubber stamp
exercise."

Rather, consistent with Judge Lifland's determination in Bear
Stearns' case and the views of the drafters of Chapter 15 and
the United Nations Commission on International Trade Law on
which chapter 15 was based, Judge Gerber rules that a court
engaging in a recognition determination under Section 1517 is
not bound by parties' failure to object.

Judge Gerber says he needs to consider all relevant facts,
including facts that are not yet presented before granting
Chapter 15 Petition.  He further concludes that Basis Yield is
not yet entitled to Chapter 15 recognition as a matter of law,
but makes clear that he does not, in any way, rule out the
possibility that facts could be adduced at an evidentiary
hearing sufficient to entitle Basis Yield recognition under
Chapter 15.

The Court will hold the evidentiary hearing on the Chapter 15
Recognition Motion at the earliest practical time consistent
with the requirements of Section 1517(c).

The Liquidators' evidentiary presentations will be made in
accordance with the Case Management Order, dated
Sept. 5, 2007, subject to an adjustment of time with respect to
the submission of direct testimony affidavits, which will be
submitted early enough to permit the Court to advise the
Liquidators of any desire to call witnesses whose testimony has
not already been set forth by affidavit.

Judge Gerber also reinstates duties under the Factual Matters
Order, dated Sept. 12, 2007.

                     About Basis Yield

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

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.
(Basis Yield Bankruptcy News, Issue No. 11; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000)


BASSO PRIVATE: Proofs of Claim Filing Deadline Is Jan. 24
---------------------------------------------------------
Basso Private Opportunities Fund Ltd.'s creditors are given
until Jan. 24, 2008, to prove their claims to Joshua Grant and
Richard Gordon, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Basso Private's shareholder decided on Nov. 26, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


BEGONIA LIMITED: Proofs of Claim Filing Ends on Jan. 24
-------------------------------------------------------
Begonia Limited's creditors are given until Jan. 24, 2008, to
prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

          Buchanan Limited
          Attention: Francine Jennings
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Fax: (345) 949-0360


BLUEPOINT CORP: To Hold Final Shareholders Meeting on Jan. 24
-------------------------------------------------------------
Bluepoint Corporation Ltd. will hold its final shareholders
meeting on Jan. 24, 2008, at the office of the company.

These agendas will be taken during the meeting:

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

Bluepoint Corporation's shareholder decided on Dec. 5, 2007, to
placethe company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Wilder Gonzalez Penino
             c/o 6 Cardinall Avenue
             3rd Floor, P.O. Box 501
             Grand Cayman KY1-1106, Cayman Islands


BLUE OCEAN: Proofs of Claim Filing Is Until Jan. 24
---------------------------------------------------
Blue Ocean Shipping's creditors are given until Jan. 24, 2008,
to prove their claims to Christopher Ruark and Giles Le Sueur,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

          Christopher Ruark
          Giles Le Sueur
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


CALLIDUS INTERNATIONAL: Proofs of Claim Filing Ends on Jan. 24
--------------------------------------------------------------
Callidus International Limited's creditors are given until
Jan. 24, 2008, to prove their claims to Stuart K. Sybersma and
Ian A.N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Callidus International's shareholder decided on Dec. 4, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Stuart K. Sybersma
          Ian A.N. Wight
          Deloitte
          P.O. Box 1787, George T
          Grand Cayman, Cayman Islands, B.W.I.
          Telephone: (345) 949 7500
          Fax: (345) 949 8258


CHAMBERS STREET: Proofs of Claim Filing Is Until Jan. 24
--------------------------------------------------------
Chambers Street CDO II, Ltd.'s creditors are given until
Jan. 24, 2008, to prove their claims to Kareem Robinson and
Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Chambers Street's shareholders agreed on 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:

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


CHIMES FINANCE: Holding Final Shareholders Meeting on Jan. 24
-------------------------------------------------------------
Chimes Finance Limited will hold its final shareholders meeting
on Jan. 24, 2008, at 10:45 a.m. at:

             HSBC Financial Services (Cayman) Limited
             P.O. Box 1109, George Town
             Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

          1) accounting of the winding-up process; and
          2) authorizing the 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.

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

The liquidators can be reached at:

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


CP MENA: Proofs of Claim Filing Deadline Is Jan. 24
---------------------------------------------------
CP Mena Hoc Ltd.'s creditors are given until Jan. 24, 2008, to
prove their claims to Linburgh Martin and Jeff Arkley, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

CP Mena's shareholder decided on Dec. 4, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          Linburgh Martin
          Jeff Arkley
          Attention: Neil Gray
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbor Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Telephone: (345) 949 8455
          Fax: (345) 949 8499


CRAMOND LIMITED: Proofs of Claim Filing Is Until Jan. 24
--------------------------------------------------------
Cramond Limited's creditors are given until Jan. 24, 2008, to
prove their claims to Royhaven Secretaries Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Cramond Limited'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 liquidator can be reached at:

          Royhaven Secretaries Limited
          Attention: Andrew Leggatt
          Coutts House, 1446 West Bay Road
          P.O. Box 707, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 945-4777
          Fax: 945-4799


FLUTE FINANCE: Sets Final Shareholders Meeting for Jan. 24
----------------------------------------------------------
Flute Finance Limited will hold its final shareholders meeting
on Jan. 24, 2008, at 10:45 a.m. at:

             HSBC Financial Services (Cayman) Limited
             P.O. Box 1109, George Town
             Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

          1) accounting of the winding-up process; and
          2) authorizing the 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.

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

The liquidators can be reached at:

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


GAVOTTE SHIPPING: Proofs of Claim Filing Ends on Jan. 24
--------------------------------------------------------
Gavotte Shipping Corporation's creditors are given until
Jan. 24, 2008, to prove their claims to Christopher Ruark and
Giles Le Sueur, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

          Christopher Ruark
          Giles Le Sueur
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


GEMINI BB: Proofs of Claim Filing Deadline Is Jan. 24
-----------------------------------------------------
Gemini BB Funding Company's creditors are given until
Jan. 24, 2008, to prove their claims to Ali Mudeen and Sabina
Jerrybandan, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

          Ali Mudeen
          Sabina Jerrybandan
          Attention: Janeen Aljadir
          Caledonian Trust (Cayman) Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 914 -4943
          Fax: (345) 814-4859


GLASGOW MACKINTOSH: Proofs of Claim Filing Ends on Jan. 24
----------------------------------------------------------
Glasgow Mackintosh Master Fund Limited's creditors are given
until Jan. 24, 2008, to prove their claims to Joshua Grant and
Richard Gordon, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


GRANTCHESTER INVESTMENT: Proofs of Claim Filing Ends on Jan. 24
---------------------------------------------------------------
Grantchester Investment Fund I, Ltd.'s creditors are given until
Jan. 24, 2008, to prove their claims to DMS Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Grantchester Investment's shareholders decided on Dec. 24, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          DMS Corporate Services Ltd.
          Attention: Jenny Suto
          Ansbacher House
          20 Genesis Close, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Fax: (345) 946 7666


JLOC VI: Proofs of Claim Filing Deadline Is Jan. 24
---------------------------------------------------
JLoc VI Limited's creditors are given until Jan. 24, 2008, to
prove their claims to Daniel Rewalt and Giles Le Sueur, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

          Daniel Rewalt
          Giles Le Sueur
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


JLOC X: Proofs of Claim Filing Is Until Jan. 24
-----------------------------------------------
JLoc X Limited's creditors are given until Jan. 24, 2008, to
prove their claims to Daniel Rewalt and Giles Le Sueur, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

          Daniel Rewalt
          Giles Le Sueur
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


KAKEHASHI CAPITAL: Proofs of Claim Filing Ends on Jan. 24
---------------------------------------------------------
Kakehashi Capital Holding Inc.'s creditors are given until
Jan. 24, 2008, to prove their claims to Griffin Management
Limited, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

          Griffin Management Limited
          Attention: Janeen Aljadir
          Caledonian Trust (Cayman) Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 914 -4943
          Fax: (345) 814-4859


KAWASAKI DICE: Proofs of Claim Filing Is Until Jan. 24
------------------------------------------------------
Kawasaki Dice Holdings, Inc.'s creditors are given until
Jan. 24, 2008, to prove their claims to Christopher Ruark and
Giles Le Sueur, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

          Christopher Ruark
          Giles Le Sueur
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


MAJESTIC MOUNTAINS: Proofs of Claim Filing Ends Tomorrow
--------------------------------------------------------
Majestic Mountains Limited's creditors are given until
Jan. 24, 2008, to prove their claims to Buchanan Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

          Buchanan Limited
          Attention: Francine Jennings
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Fax: (345) 949-0360


MAPLETREE REAL: Proofs of Claim Filing Deadline Is Jan. 24
----------------------------------------------------------
Mapletree Real Estate Mezzanine Fund I Limited's creditors are
given until Jan. 24, 2008, to prove their claims to S.L.C.
Whicker and K.D. Blake, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

Mapletree Real's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          S.L.C. Whicker
          K.D. Blake
          Attention: Dorra Mohammed
          KPMG
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4475 / 345-949-4800
          Fax: 345-949-7164


MARNAR FINANCE: Sets Final Shareholders Meeting for Jan. 24
-----------------------------------------------------------
Marnar Finance Limited will hold its final shareholders meeting
on Jan. 24, 2008, at 10:45 a.m. at:

             HSBC Financial Services (Cayman) Limited
             P.O. Box 1109, George Town
             Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

          1) accounting of the winding-up process; and
          2) authorizing the 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.

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

The liquidators can be reached at:

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


MEMBERSHIP III: Proofs of Claim Filing Ends on Jan. 24
------------------------------------------------------
Membership III Corporation's creditors are given until
Jan. 24, 2008, to prove their claims to Piccadilly Cayman
Limited, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Membership III'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 liquidator can be reached at:

          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, George Town
          Grand Cayman KY1-1006, Cayman Islands

Contact for inquiries:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210


METAL PORTFOLIO: Proofs of Claim Filing Deadline Is Jan. 24
-----------------------------------------------------------
Metal Portfolio Fund Ltd.'s creditors are given until
Jan. 24, 2008, to prove their claims to Andrew Hersant and Chris
Humphries, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


METAL PORTFOLIO: Sets Final Shareholders Meeting for Jan. 25
------------------------------------------------------------
Metal Portfolio Fund Ltd. will hold its final shareholders
meeting on Jan. 25, 2008, at 9:00 a.m. at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


MPJ EQUITY: Proofs of Claim Filing Deadline Is Jan. 24
------------------------------------------------------
MPJ Equity Investment Inc.'s creditors are given until
Jan. 24, 2008, to prove their claims to Bobby Toor and Richard
Gordon, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidators can be reached at:

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


MTH PREFERRED: Proofs of Claim Filing Ends Jan. 24
--------------------------------------------------
MTH Preferred Capital 2 (Cayman) Limited's creditors are given
until Jan. 24, 2008, to prove their claims to Chris Ruark and
Giles Le Sueur, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

MTH Preferred'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:

          Chris Ruark
          Giles Le Sueur
          Maples Finance Jersey Limited
          Le Masurier House, La Rue Le Masurier
          St Helier, Jersey


OTEMACHI EQUITY: Proofs of Claim Filing Ends Jan. 24
----------------------------------------------------
Otemachi Equity Investment Inc.'s creditors are given until
Jan. 24, 2008, to prove their claims to Bobby Toor and Richard
Gordon, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidators can be reached at:

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


PYLOS III: Proofs of Claim Filing Is Until Jan. 24
--------------------------------------------------
Pylos III Limited's creditors are given until Jan. 24, 2008, to
prove their claims to Piccadilly Cayman Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Pylos III'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 liquidator can be reached at:

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

Contact for inquiries:

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


QUED PARTNERS: Proofs of Claim Filing Deadline Is Jan. 24
---------------------------------------------------------
Qued Partners Ltd.'s creditors are given until Jan. 24, 2008, to
prove their claims to Gordon I. MacRae and Naul C. Bodden, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Qued Partners' shareholder decided on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Gordon I. MacRae
          Naul C. Bodden
          Attention: Korie Drummond
          Kroll (Cayman) Limited
          P.O. Box 1102, Bermuda House
          4th Floor, Cayman Financial Center
          Grand Cayman Ky1-1102, Cayman Islands
          Telephone: (345) 946-0081
          Fax: (345) 946-0082


ROOT BROKERS: Proofs of Claim Filing Deadline Is Jan. 24
--------------------------------------------------------
Root Brokers Limited's creditors are given until Jan. 24, 2008,
to prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

          Buchanan Limited
          Attention: Francine Jennings
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Fax: (345) 949-0360


S&H RAILWAY: Proofs of Claim Filing Is Until Jan. 24
----------------------------------------------------
S&H Railway Co., Ltd.'s creditors are given until Jan. 24, 2008,
to prove their claims to Bobby Toor and Richard Gordon, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

S&H Railway's shareholders agreed on Dec. 14, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          Christopher Ruark
          Daniel Rewalt
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SCHOONER FINANCE: Holding Final Shareholders Meeting on Jan. 24
---------------------------------------------------------------
Schooner Finance Limited will hold its final shareholders
meeting on Jan. 24, 2008, at 10:45 a.m. at:

             HSBC Financial Services (Cayman) Limited
             P.O. Box 1109, George Town
             Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

          1) accounting of the winding-up process; and
          2) authorizing the 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.

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

The liquidators can be reached at:

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


S&N CREDIT: Proofs of Claim Filing Deadline Is Jan. 24
------------------------------------------------------
S&N Credit Co., Ltd.'s creditors are given until Jan. 24, 2008,
to prove their claims to Christopher Ruark and Giles Le Sueur,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

S&N Credit's shareholders agreed on April 16, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          Christopher Ruark
          Giles Le Sueur
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SHOWINA INVESTMENT: Proofs of Claim Filing Ends on Jan. 24
----------------------------------------------------------
Showina Investment Limited's creditors are given until
Jan. 24, 2008, to prove their claims to Buchanan Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

          Buchanan Limited
          Attention: Francine Jennings
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Fax: (345) 949-0360


STAY-CALM LIMITED: Proofs of Claim Filing Ends on Jan. 24
---------------------------------------------------------
Stay-Calm Limited's creditors are given until Jan. 24, 2008, to
prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Stay-Calm Limited's shareholders agreed on Dec. 13, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Buchanan Limited
          Attention: Francine Jennings
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Fax: (345) 949-0360


TTB FINANCE: Proofs of Claim Filing Ends on Jan. 24
---------------------------------------------------
TTB Finance Cayman Limited's creditors are given until
Jan. 24, 2008, to prove their claims to Joshua Grant and Jan
Neveril, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


WAT FUNDING: Proofs of Claim Filing Ends on Jan. 24
---------------------------------------------------
Wat Funding Limited's creditors are given until Jan. 24, 2008,
to prove their claims to Daniel Rewalt and Giles Le Sueur, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

          Daniel Rewalt
          Giles Le Sueur
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


YH CO: Proofs of Claim Filing Deadline Is Jan. 24
-------------------------------------------------
YH Co. Ltd.'s creditors are given until Jan. 24, 2008, to prove
their claims to Daniel Rewalt and Giles Le Sueur, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

          Daniel Rewalt
          Giles Le Sueur
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


ZARANDI LIMITED: Proofs of Claim Filing Ends on Jan. 24
-------------------------------------------------------
Zarandi Limited's creditors are given until Jan. 24, 2008, to
prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

          Buchanan Limited
          Attention: Francine Jennings
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Fax: (345) 949-0360




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


SHAW GROUP: Environmental Unit Bags Two Contracts from U.S. Army
----------------------------------------------------------------
The Shaw Group Inc.'s Environmental & Infrastructure Group has
been awarded two task order contracts by the U.S. Army Corps of
Engineers, Tulsa District for work to be performed at Oklahoma
military installations.

Under its Comprehensive Environmental Contract, Shaw will remove
munitions from approximately 80 acres of land at Fort Sill
during the next six months.  The value of Shaw's contract, which
was already included in the company's previously announced
backlog, was not disclosed.

Shaw's second task order contract is under its Corps of
Engineers Tulsa Architect-Engineer prime contract for work at
Vance Air Force Base.  Over the next 18 months, Shaw will
evaluate the implementation and performance of selected
environmental remediation systems in various areas of the base
to help the Air Force determine if the systems are or will be
protective of human health and the environment.  The value of
Shaw's contract, already included in the company's previously
announced backlog, was not disclosed.

"We are pleased to be a contractor of choice for the Corps of
Engineers under the Tulsa contract.  Shaw has worked at Fort
Sill continuously since 1996, performing a variety of
environmental remedial actions, and we look forward to applying
technical solutions that make this project a success," said
Ronald W. Oakley, president of Shaw's Environmental &
Infrastructure Group.  "Shaw's work at Vance Air Force Base
extends back more than 12 years and this project further
reinforces the company's position as a leading provider of
environmental services."

                      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.


SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy
---------------------------------------------------------
The Shaw Group Inc. reported that Entergy Louisiana, LLC has
signed a definitive agreement for the Fossil Division of Shaw's
Power Group to proceed with engineering, procurement and
construction services to re-power the existing Unit 3 at Entergy
Louisiana's Little Gypsy station in St. Charles Parish, near New
Orleans.  The value of Shaw's contract, which will be added to
its second quarter fiscal 2008 backlog, was not disclosed.

Shaw's EPC work will include replacing an existing natural gas-
fired boiler with two new circulating fluidized bed boilers that
will supply steam to an existing steam turbine generator at
Little Gypsy 3.  The new facility is expected to be completed
early in 2012.

"We are pleased to have received from Entergy the full notice to
proceed on the Little Gypsy 3 re-power project, which will
provide residents and businesses in the New Orleans area with
the power needed to continue the rebuilding and revitalization
of the city and the region," said J.M. Bernhard Jr., Shaw's
chairman, president and chief executive officer.  "The Shaw
Group and Entergy are two Fortune 500 companies headquartered in
Louisiana, and it is a proud moment when two of the state's
largest companies can join forces to bolster the economic
fortunes of our state."

"At its peak, this project will create more than 1,500 new and
good-paying jobs, but also will rely on a number of local
products and services, which extends the benefits of the Little
Gypsy 3 project to many other businesses and families in
Louisiana," Mr. Bernhard said.

                      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
===============


QUEBECOR WORLD: Files for Chapter 11 Protection in Manhattan
------------------------------------------------------------
Quebecor World Inc. has filed for Chapter 11 bankruptcy
protection with the U.S. Bankruptcy Court for the Southern
District of New York after a deal to raise new money failed,
Chris Fournier of the Bloomberg News reports.

As reported in the Troubled Company Reporter on Jan. 17, 2008,
the company had accepted a CDN$400 million rescue financing
proposal submitted jointly by Quebecor Inc. and Tricap Partners
Ltd., a private equity fund managed by Brookfield Asset
Management Inc.

The proposal contemplates an interim financing facility of
CDN$200 million, which will be made available to the company in
accordance with its cash flow needs, subject to receipt or
waiver on Jan. 16, 2008.  The financing further contemplates
that on or prior to March 31, 2008, the CDN$200 million interim
facility will be replaced by a recapitalization plan comprised
of an aggregate CDN$400 million issuance of Senior Secured Notes
due 2012 to Quebecor Inc. and Tricap Partners.

As reported in the Troubled Company Reporter on Jan. 18, 2008,
Quebecor World said that it was unable to pay the $19.5 million
interest due Jan. 15, 2008, on its outstanding $400 million
9.75% Senior Notes due 2015.  The publishing company had
difficulties trying to raise money after banking institutions
further restricted credit terms, which was prompted by U.S.
subprime mortgage losses, Bloomberg relates.

According to CEO Jacques Mallette, market conditions spurred the
company to seek for bankruptcy protection, Bloomberg says.
"Under the circumstances, it was probably the best thing for
them to do," Bloomberg quotes Jarislowsky Fraser Ltd. partner
Denis Durand.

In addition, Quebecor World disclosed that in connection with
the waivers obtained from its banking syndicate and the sponsors
of its securitization program on Dec. 31, 2007, it had not
obtained by Jan. 15, 2008, US$125 million of new financing, as
had been required under the terms of the waivers, the TCR
reports.

Parent company Quebecor Inc. and subsidiary, Quebecor Media
Inc., have not filed for bankruptcy protection.

                  About Quebecor World Inc.

Based in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/--
provides market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America, including
Colombia, and Asia.  In the United States, it has 82 facilities
in 30 states, and is engaged in the printing of books,
magazines, directories, retail inserts, catalogs and direct
mail.  In Canada it has 17 facilities in five provinces, through
which it offers a mix of printed products and related value-
added services to the Canadian market and internationally.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.


QUEBECOR WORLD: Case Summary & 57 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Quebecor World (U.S.A.), Inc.
             150 42nd Street
             New York, NY 10034

Bankruptcy Case No.: 08-10152

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Quebecor World Capital II, L.L.C.          08-10153

        Quebecor World Capital Corp.               08-10154

        Quebecor World Capital II, G.P.            08-10155

        Quebecor Printing Holding Co.              08-10156

        Quebecor World Johnson & Hardin Co.        08-10157

        Quebecor World Buffalo, Inc.               08-10158

        Quebecor World San Jose, Inc.              08-10159

        Quebecor World Northeast Graphics, Inc.    08-10160

        Quebecor World U.P./Graphics, Inc.         08-10161

        Quebecor World Great Western Publishing,   08-10162
        Inc.

Type of Business: The Debtors provide market solutions,
                  including marketing and advertising
                  activities, and print solutions to retailers,
                  branded goods companies, catalogers and to
                  publishers of magazines, books and other
                  printed media.  They have around 100 printing
                  and related facilities in North America, Latin
                  America and Asia.  In the United States, they
                  have 82 facilities in 30 states, and are
                  engaged in the printing of books, magazines,
                  directories, catalogs and direct mail.  In
                  Canada, they have 17 facilities in five
                  provinces, through which they offer a mix of
                  printed products and related value-added
                  services to the Canadian market and
                  internationally.  Their primary print services
                  categories are magazines, retail inserts,
                  catalogs, books, directories, direct mail,
                  pre-media, logistics and other related value-
                  added services.  See
                  http://www.quebecorworldinc.com/

Chapter 11 Petition Date: January 21, 2008

Court: Southern District of New York (Manhattan)

Debtors' Counsel: Anthony D. Boccanfuso, Esq.
                  Arnold & Porter, L.L.P.
                  399 Park Avenue
                  New York, NY 10022
                  Tel: (212) 715-1315
                  Fax: (212) 715-1399

Consolidated Quarterly Financial Condition as of September 2007

Total Assets: US$5,554,900,000

Total Debts:  US$4,140,700,000

Debtors' Consolidated List of 57 Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Royal Bank of Canada as        revolving credit   US$735,000,000
Administrative Agent under a   facility; value
Revolving Credit Facility      of security:
Attention: Nigel Delph         US$135,000,000
One Liberty Plaza, 4th Floor
New York, NY 10006-1404

Wilmington Trust Co., as       notes              US$450,000,000
Indenture Trustee for 8.75%
Senior Notes due in 2016
Attention: Geoffrey J. Lewis
Rodney Square North
1100 North Market Street
Wilmington, DE 19801
Tel: (302) 636-6438
Fax: (302) 636-4145

                               notes (as          US$400,000,000
                               indenture trustee
                               for 9.75% senior
                               notes due in 2015)

                               notes (as          US$398,200,000
                               indenture trustee
                               for 6.125% senior
                               notes due in 2013)

                               notes (as          US$199,900,000
                               indenture trustee
                               for 4.875% senior
                               notes due in 2008)

Societe Generale (Canada),     equipment          US$184,321,796
under an Equipment Financing   financing loan;
Agreement                      value of
Attention: Benoit Desmarais,   security:
Managing Director Export       US$135,000,000
Finance
1501 McGill College Avenue,
Bureau 1800
Montreal (Quebec) H3A 3M8
Tel: (514) 841-6014
Fax: (514) 841-6259

Abitibi Consolidated Sales     trade debt           US$9,256,226
A.R. Department
1228 Paysphere Circle
Chicago, IL 60674
Tel: (914) 640-8600
Fax: (914) 640-8900

Cellmark Paper, Inc.           trade debt           US$6,633,295
A.R. Department
P.O. Box 7777
Philadelphia, PA 19175-0509
Tel: (203) 363-7820
Fax: (203) 363-7825

Midland Paper                  trade debt           US$5,488,174
A.R. Department
6330 West Sunset Road
Chicago, IL 60674
Tel: (847) 777-2552
Fax: (847) 777-2551

Bowater, Inc.                  trade debt           US$4,082,616
A.R. Department
P.O. Box 7
Catawba, SC 29704
Tel: (800) 952-1582
Fax: (803) 282-9562

A.I.G. Credit Corp. of Canada  premium financing    US$3,694,951
Attention: Isabelle Gervais,   agreement
Branch Manager, Assistant
Vice-President
2000 McGill College Avenue,
Suite 1200
Montreal, QC H3A 3H3 Canada
Tel: (514) 987-2905
Fax: (514) 987-5326

Catalyst Paper, Inc.           trade debt           US$3,339,490
A.R. Department
3600 Lysander Lane, 2nd Floor
Richmond, B.C. CA. V7B 1C3
Tel: (604) 247-4400
Fax: (604) 247-0512

The Bank of New York as        notes                US$3,200,000
Indenture Trustee for 6.50%
Senior Notes Due in 2027
Attention: Arlene Thelwell
Assistant Vice-President
Global Trust Services,
Americas
101 Barclay Street, 4E
New York, NY 10286
Tel: (212) 815-4869
Fax: (212) 815-5008

Graphic Communications         trade debt           US$2,610,161
A.R. Department
International Union
Local 765
70 Fox Chapel Drive
Hudson, OH 44239
Tel: (330) 668-1993
Fax: (330) 650-8999

Norske Skog U.S.A., Inc.       trade debt           US$2,448,176
A.R. Department
P.O. Box 8500-52978
Philadelphia, PA 19178-2978
Tel: (203) 254-5292
Fax: (203) 254-5290

Stora Enso North America       trade debt           US$2,408,160
A.R. Department
2386 Collections, Center Drive
Chicago, IL 60693-0023
Tel: (800) 888-70STORA
Fax: (203) 356-2375

Packaging Corp. of America     trade debt           US$2,214,339
A.R. Department
36596 Treasury Center
Chicago, IL 60694-6500
Tel: (334) 749-1788
Fax: (847) 482-4545

U.P.M. Kymmeme, Inc.           trade debt           US$2,016,229
A.R. Department
999 Oakmont Plaza, Suite 200
Westmont, IL 60559
Tel: (630) 850-3310
Fax: (630) 850-3322

Myllykoski North America       trade debt           US$1,904,950
A.R. Department
P.O. Box 4235, Station A
Toronto, ON, CA M5W 5P7
Tel: (514) 878-1977
Fax: (514) 878-2155

Aaron Direct                   trade debt           US$1,795,527
A.R. Department
161 Washington Street,
11th Floor
Conshohocken, PA 19428
Tel: (610) 940-0800
Fax: (610) 940-0132

Day International, Inc.        trade debt           US$1,461,126
A.R. Department
P.O. Box 643526
Pittsburgh, PA 15264-3526
Tel: (800) 877-8187
Fax: (513) 226-1466

NewPage Corp.                  trade debt           US$1,441,655
A.R. Department
23504 Network Place
Chicago, IL 60673-1235
Tel: (847) 285-4800
Fax: (847) 285-4846

At Clayton Corp.               trade debt           US$1,376,237
A.R. Department
P.O. Box 911405
Dallas, TX 75391-1405
Tel: (203) 861-1190
Fax: (203) 861-1170

Roosevelt Paper Co.            trade debt           US$1,063,058
A.R. Department
P.O. Box 790208
St. Louis, MO 63179
Tel: (800) 323-1778
Fax: (708) 771-7979

Horizon Paper Co.              trade debt           US$1,030,897
A.R. Department
P.O. Box 10374
Newark, NJ 07193-0374
Tel: (212) 682-5820
Fax: (212) 986-0689

Quebecor World Baird-Ward,     pension plan           US$900,000
Inc. Retirement Plan           funding
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Quebecor World Buffalo, Inc.   pension plan           US$990,000
Retirement Plan for Hourly     funding
Employees
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Quebecor World Kingsport, Inc. pension plan           US$990,000
Retirement Plan for Hourly     funding
Bargaining Unit Employees of
Kingsport, Hawkins, Sherwood
and Distribution
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Quebecor World Mount Morris    pension plan           US$990,000
II, Inc. Employees' Pension    funding
Plan
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

The Pension Plan for Hourly    pension plan           US$990,000
Employees of the Salem Gravure funding
Division of Quebecor World
(U.S.A.), Inc.
Attention: Helen Levine State
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Quebecor World Pension Plan    pension plan           US$990,000
Attention: Helen Levine State  funding
Street Bank and Trust Co.,
N.A.
Two World Financial Center
225 Liberty Street
New York, NY 10281
Tel: (917) 790-4172
Fax: (917) 786-2096

Milwood, Inc.                  trade debt             US$931,984
A.R. Department
P.O. Box 960
Vienna, OH 44473-0960
Tel: (330) 359-5220
Fax: (330) 359-5781

Nippon Paper Industries U.S.A. trade debt             US$899,188
Co.
A.R. Department
P.O. Box 11626
Tacoma, WA 98411-6626
Tel: (206) 623-1772
Fax: (360) 457-8675

Atmos Energy Marketing, L.L.C. utility debt           US$897,041
A.R. Department
13430 Northwest Freeway,
Suite 700
Houston, TX 77040
Tel: (713) 688-7771

A.E.P. Industries              trade debt             US$872,832
A.R. Department
P.O. Box 8500-50590
Philadelphia, PA 19178-8500
Tel: (800) 477-AEPI
Fax: (708) 389-3515

Blue Heron Paper Co.           trade debt             US$848,968
A.R. Department
1200 West 7th Street,
Suite T2-210
Department 2964
Oregon, OR 97045-1809
Tel: (503) 650-4211
Fax: (503) 650-4595

H.B. Fuller Co.                trade debt             US$834,873
A.R. Department
P.O. Box 73515
Chicago, IL 60673-7515
Tel: (888) 351-3521
Fax: (214) 285-8739

Xpedx                          trade debt             US$815,551
A.R. Department
P.O. Box 32467
Hartford, CT 06150-2467
Tel: (201) 934-5115
Fax: (201) 934-5188

Tembec Enterprises, Inc.       trade debt             US$783,953
A.R. Department
4542 Paysphere Circle
Chicago, IL 60674
Tel: (819) 627-8111
Fax: (819) 627-3177

Verso Paper                    trade debt             US$757,133
A.R. Department
3630 Park 42 Drive, Suite 160D
Cincinnati, OH 45069
Tel: (800) 258-8852
Fax: (888) 293-0958

Oji Paper Canada, Ltd.         trade debt             US$725,518
A.R. Department
1200 West 73rd Avenue,
Suite 1100
Port Mellon, BC CA VON 2S0
Tel: (604) 884-5223
Fax: (604) 884-2170

Federal Express                trade debt             US$666,199
A.R. Department
P.O. Box 1140, Department A
Memphis, TN 38101-1140
Tel: (800) 622-1147
Fax: (901) 395-2000

Rock Tenn Co.                  trade debt             US$617,010
A.R. Department
P.O. Box 102064
Norcross, GA 30071
Tel: (770) 448-2193
Fax: (678) 291-7666

Stadacona, Inc.                trade debt             US$603,882
A.R. Department
1000 Stewart Avenue
Glen Burnie, MD 79443
Tel: (410) 590-8298
Fax: (418) 525-2995

Preprint Logistics Management  trade debt             US$597,628
A.R. Department
105 Filley Street, Unit A
Bloomfield, CT 06002
Tel: (800) 596-2335
Fax: (860) 286-9290

Caraustar                      trade debt             US$582,410
A.R. Department
3082 Pacific Avenue
Austell, GA 30106
Tel: (770) 948-6101
Fax: (770) 732-6209

Forbo Adhesives                trade debt             US$581,447
A.R. Department
Station A
Toronto, ON CA M5W 4K9
Tel: (919) 433-1300
Fax: (919) 433-1301

Gould Paper Corp.              trade debt             US$532,047
A.R. Department
2148 Paysphere Circle
Chicago, IL 60674-2148
Tel: (847) 441-6820
Fax: (847) 490-5376

Goss International Americas    trade debt             US$504,402
A.R. Department
Lockbox 835055
Atlanta, GA 30353-5055
Tel: (603) 740-5965
Fax: (603) 940-5970

M.E.G.T.E.C. Systems, Inc.     trade debt             US$495,562
A.R. Department
Lockbox 14268
Chicago, IL 60693-4268
Tel: (920) 336-5715
Fax: (920) 337-1534

Georgia Power Co.              utility belt           US$489,781
A.R. Department
241 Ralph McGill Boulevard
Northeast
Atlanta, GA 30308
Tel: (404) 506-6526
Fax: (404) 506-3771

M.S.C. Industrial Supply Co.,  trade debt             US$483,826
Inc.
A.R. Department
Department Ch 0075
Palatine, IL 60055-0075
Tel: (800) 645-7271

Randstad Staffing Services     trade debt             US$476,637
A.R. Department
P.O. Box 2084
Carol Stream, IL 60132-2084
Tel: (877) 922-2468

Applied Industrial             trade debt             US$476,257
A.R. Department
22510 Network Place
Chicago, IL 60673-1225
Tel: (216) 426-4000
Fax: (216) 426-4822

Merced Irrigation District     utility debt           US$467,385
A.R. Department
Merced Irrigation District
744 West 20th Street
Merced, CA 95340
Tel: (209) 722-5761
Fax: (209) 722-6421

Motion Industries, Inc.        trade debt             US$458,562
A.R. Department
P.O. Box 404130
Atlanta, GA 30384-4130
Tel: (209) 529-0261
Fax: (209) 529-1812

Hess Corp.                     utility debt           US$422,835
A.R. Department
1185 Avenue of the Americas
New York, NY 10036
Tel: (212) 997-8500
Fax: (212) 536-8593

Sempra Energy Solutions        utility debt           US$386,623
A.R. Department
101 Ash Street, 9th Floor
San Diego, CA 92101
Tel: (619) 696-3100
Fax: (619) 696-3103

Suez Energy Resources          utility belt           US$383,783
A.R. Department
Corporate Communications
Suez Energy North America,
Inc.
1990 Post Oak Boulevard,
Suite 1900
Tel: (713) 636-0000
Fax: (713)636-1364




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


US AIRWAYS: Teams with Lifelock on Theft Prevention Service
-----------------------------------------------------------
US Airways has entered a strategic alliance with LifeLock to
provide the nation's leading identity theft prevention tool to
US Airways Dividend Miles Members.  Members are eligible for a
10 percent discount and 1,000 Dividend Miles when enrolling with
LifeLock.  LifeLock works to make personal information useless
to identity thieves and backs up the service with a US$1 million
guarantee.

"Whether you spend a great deal of time traveling or staying at
home, identity theft can be crippling," Chief Executive Officer
Todd said Davis.  "This partnership with US Airways shows the
airline's commitment to ensuring that their customers' personal
information is kept safe."

Located in a secure facility in Tempe, Arizona, LifeLock enables
"locks" by setting and automatically renewing fraud alerts with
the major credit bureaus, removing member names junk mail lists
and guaranteeing the service with a US$1 million service
guarantee.  Recently, LifeLock added an additional service to
all clients -- free of charge -- called WalletLock(TM).
WalletLock works to cancel and replace all documents and
personal identifying information inside a wallet if it is lost
or stolen.

In February 2007, the Federal Trade Commission released its
annual report highlighting that for the seventh consecutive
year, identity theft tops the list of consumer complaints.  In
2006, identity theft cost Americans US$1.1 billion dollars, the
highest amount ever.  A multi-billion dollar crime, identity
theft is non-discriminatory, hitting Americans in every age
range from infants to seniors.  Since January 2005, more than
110 million Americans have received letters notifying them that
their personal information has been lost or stolen.  The letters
have come from universities, doctors, dentists, hospitals,
lawyers, the federal government, local law enforcement, the
military, retirement communities, banks, credit bureaus and
several non-profit organizations.

"The safety and satisfaction of our customers is a top priority
for our airline," said Fernand Fernandez, director, customer
loyalty and marketing programs with US Airways.  "As we continue
to expand the benefits offered within our Dividend Miles
Program, protecting our customers from the growing threat of
identity theft is very important to us.  LifeLock is a simple
and effective preventative tool.  Our Dividend Miles Members
will appreciate this added security element."

                       About LifeLock

LifeLock -- http://www.lifelock.com/-- helps consumers to
render their personal information useless to thieves, backing up
its service with a one million-dollar service guarantee.  Famous
for its CEO giving out his Social Security Number in advertising
and national press, the company is experiencing astounding
growth.  Located in a secure facility in Tempe, Arizona,
LifeLock is a private company backed by Kleiner Perkins Caufield
and Byers as well as Bessemer Venture Partners.  Winner of the
2007 American Business Award for the Best Radio Advertising
Campaign, LifeLock was a finalist for 10 other ABA awards,
including Best New Company and Best New Product/Service.
Recently the company was named recipient of the Red Herring 100
Global Award as one of the Top 100 start-ups in the world.

                      About US Airways

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) -
http://www.usairways.com/-- primary business activity is the
ownership of the common stock of US Airways, Inc., Allegheny
Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc.,
MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc.,
Material Services Company, Inc., and Airways Assurance Limited,
LLC.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

                        *     *     *

US Airways Group Inc.'s US$1.6 billion secured credit facility
due 2014, currently being syndicated, carries Standard & Poor's
Ratings Services 'B' rating.  That rating was assigned in March
2007.




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


* ECUADOR: To Complete Oil Contract Talks Before Referendum
-----------------------------------------------------------
Ecuador Government will finish renegotiating oil contracts with
private sector companies before a referendum occurred on a new
Constitution, Mercedes Alvaro at Dow Jones Newswires reports,
citing President Rafael Correa.

According to Dow Jones, a new Constitution has been schedule to
be done by May 24 with a referendum scheduled for 45 days after
the document is complete.

Private companies, including Petroleo Brasileiro SA, Repsol YPF
and several smaller companies would likely start renegotiation
of their contracts, which talks officially began Monday, the
same paper relates.

The Correa administration, Dow Jones says, wanted to change
current participation contracts to service contracts.  Last
October, Mr. Correa raised the state's take of extraordinary oil
company profits to 99% from 50%.

                        *     *     *

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

As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Fitch Ratings affirmed and removed from Rating
Watch Negative the long-term foreign currency Issuer Default
Rating of Ecuador at 'CCC', the country ceiling at 'B-' and the
short-term IDR at 'C'.  Fitch said the rating outlook is stable.

In addition, these bond ratings were affirmed:

-- Uncollateralized foreign currency bonds at 'CCC/RR4';
-- Collateralized foreign currency Par and Discount Brady
    bonds at 'CCC+/RR3'.




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


* EL SALVADOR: Power Firm Relaunches El Chaparral Tender
--------------------------------------------------------
El Salvador's state-run power firm CEL said in a statement that
it has relaunched a tender for the construction of the
65.7-megawatt El Chaparral hydro project.

Business News Americas relates that CEL declared in December
2007 the initial tender void as bidders failed to meet bidding
rule requirements.  Consortium Constructor Chaparral -- made up
of Brazil's Andrade Gutierrez and Germany's Voith Siemens Hydro
Power -- and Italian firm Astaldi presented offers in May 2007
for the US$140-million project.

According to BNamericas, project works include the power plant
and dam to be constructed in the lower zone of the Torola river
basin.

BNamericas notes that bidding rules will be soled from
Jan. 24-31 for US$10,000.  Bidders are given until April 30 to
present offers.

The Central American Bank for Economic Integration will help
finance the El Chaparral project, BNamericas states.

                        *     *     *

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




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


BRITISH AIRWAYS: Launches Heathrow Terminal
-------------------------------------------
British Airways has launched a new terminal at Heathrow Airport,
the Associated Press reports.

According to the AP, Terminal 5 has 112 stores and restaurants
and costs US$8.4 billion.  It will serve the airline's clients.
First flight from the terminal will be on March 27.

British Airways' commercial director Robert Boyle told the press
that the airline can't afford to have its reputation compromised
by inadequacies at Heathrow.

Mr. Boyle commented to the AP, "We have to compete with
business-class-only airlines, traditional ones and no-frill
ones.  Each year, surveys of frequent flyers around the world
praise BA and criticize Heathrow for its delays, poor baggage
handling and crowded terminals."

Plans also are also being developed for the replacement of
Terminal 2, which is Heathrow's oldest terminal, with a new one
called Heathrow East, the AP states.

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

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

                        *     *     *

As of Jan. 2, 2008, British Airways plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.




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


CONTINENTAL AIRLINES: Reports 2007 Pre-Tax Income of US$566 Mil.
----------------------------------------------------------------
Continental Airlines reported on Thursday 2007 pre-tax income of
US$566.0 million, up 53% percent over 2006 pre-tax income of
US$369.0 million.  Excluding US$24 million of previously
disclosed pre-tax special items, Continental's pre-tax income
for the full year was US$542.0 million, a 78% improvement over
2006 pre-tax income of US$304 million excluding special items.

Continental reported pre-tax income of US$71.0 million for the
fourth quarter 2007.  Excluding previously disclosed pre-tax
special items, Continental recorded fourth quarter 2007 pre-tax
income of US$24.0 million compared to the fourth quarter 2006
pre-tax loss of US$4.0 million excluding special items.

Continental will record a special non-cash tax charge in the
fourth quarter, but has not finalized the amount given the
technical nature of the issue.  As a result, today the company
is presenting its pre-tax results.  By mid-February, Continental
will finalize the special non-cash tax charge, and will report
its net results in the company's Form 10-K.

"The outstanding performance of our team has once again set us
apart from the competition," said Larry Kellner, Continental's
chairman and chief executive officer.  "Thanks to the hard work
of my co-workers, on Feb. 14, we will distribute US$158.0
million in profit sharing, US$47.0 million more than we
distributed for 2006, and the largest profit sharing
distribution in our company's history."

                   Revenue and Capacity

Total revenue of US$14.2 billion for the year increased
US$1.1 billion, or 8.4%, over the same period in 2006.  Total
revenue of US$3.5 billion for the fourth quarter increased
US$366.0 million, or 11.6%, over the same period in 2006.  As a
result of increases in all mainline geographic regions as well
as regional operations, Continental reported record fourth
quarter and full year passenger revenue.

Consolidated revenue passenger miles for the fourth quarter
increased 4.1% year-over-year on a capacity increase of 4.7%,
resulting in a fourth quarter consolidated load factor of 79.4%,
0.4 points lower than the fourth quarter record set in 2006.
Consolidated yield for the fourth quarter increased 7.1% year-
over-year.  Consolidated revenue per available seat mile for the
fourth quarter increased 6.7% year-over-year due to increased
yields.

Mainline RPMs in the fourth quarter of 2007 increased 5.4% over
the fourth quarter 2006, on a capacity increase of 6.1%.
Mainline load factor was 79.7%, down 0.5 points year-over-year.
Continental's mainline yield increased 7.6% over the same period
in 2006.  As a result, fourth quarter 2007 mainline RASM was up
6.9% over the fourth quarter of 2006.

"Our passenger revenue performance for the fourth quarter and
full year was superb," said Jeff Smisek, Continental's
president.  "We continued to grow our passenger revenue at a
pace significantly greater than our capacity growth, which is a
testament to our excellent pricing and revenue management,
operational and marketing performance."

                     Financial Results

Continental's mainline cost per available seat mile increased
4.1% in the fourth quarter compared to the same period last
year.  CASM increased 2.6% for full year 2007 as compared to
2006.

During the quarter, the price of a barrel of West Texas
Intermediate crude oil closed at a peak of US$98.18 per barrel
on Nov. 23, 2007.  Earlier this month, crude oil prices reached
a new intra-day record high of US$100.09 per barrel.
Continental's annualized fuel costs increase by approximately
US$45.0 million for each US$1-per-barrel rise in the price of
crude.

"Great cost performance backed up by impressive revenue growth
enabled us to record a pre-tax profit in the fourth quarter,"
said Jeff Misner, Continental's executive vice president and
chief financial officer.  "The entire Continental team once
again outperformed the competition."

Continental continues to enhance its fuel efficiency.  The
carrier is about 35.0% more fuel efficient per mainline revenue
passenger mile than it was in 1997.  With mainline RPMs up 6.5%
for the year, mainline fuel consumption increased only 4.8%.

During the quarter, Continental installed winglets on seven of
the company's 737-500s and one 737-900 aircraft, and now has
winglets on 206 of its mainline aircraft.  All of the company's
737-700s, 800s and 757-200s have winglets, as do select
airplanes from Continental's 737-300, -500 and -900 series
fleets.  Winglets increase aerodynamic efficiency and decrease
drag, reducing fuel consumption and emissions by up to five
percent.

Continental hedged approximately 32.0% of its fuel requirements
for the fourth quarter of 2007.  As of Dec. 31, 2007, the
company had hedged approximately 20.0% of its projected fuel
requirements for the first quarter of 2008 and 5.0% for the
second quarter of 2008.

Continental ended the fourth quarter with approximately
US$2.8 billion in unrestricted cash and short-term investments.

                 About Continental Airlines

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,100 daily departures throughout Belize, Mexico, Europe
and Asia, serving 154 domestic and 138 international
destinations including Honduras and Bonaire.  More than 400
additional points are served via SkyTeam alliance airlines.
With more than 44,000 employees, Continental has hubs serving
New York, Houston, Cleveland and Guam, and together with
Continental Express, carries about 67 million passengers per
year.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2007, Fitch Ratings has affirmed the debt ratings of
Continental Airlines, Inc. as:

   -- Issuer Default Rating at 'B-';
   -- Senior unsecured debt at 'CCC'/RR6

Fitch said the Rating Outlook is Stable.

As of March 2007, Continental Airlines carries Moody's Investors
Service's B2 corporate family rating.  The company also carries
Moody's B3 senior unsecured rating and Caa1 preferred stock
rating.




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


NATIONAL COMMERCIAL: Refers Olint Lawsuit to External Counsel
-------------------------------------------------------------
The National Commercial Bank said in a press statement that it
has referred the Jamaican Supreme Court's injunction regarding
the closing of Olint Corporation Ltd.'s accounts to its external
counsel.

Radio Jamaica didn't state the name of the bank's counsel.

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2008, the Supreme Court had ruled on Dec. 25, 2007,
that Olint Corporation was illegally trading in securities and
should get proper licenses.  The National Commercial had
informed Olint Corporation that it would be closing its three
accounts at the Hagley Park Road unit and in other locations
across Jamaica.  Olint Corporation was then forced to seek the
injunction.  The injunction Olint Corporation obtained from the
Supreme Court expires on Jan. 25, 2007.  Olint Corporation
obtained an interim injunction in the Jamaican Supreme Court
preventing the National Commercial from closing its accounts.

Radio Jamaica relates that the injunction prevents the National
Commercial from destroying documents relating to Olint
Corporation's accounts.  The court also ordered the National
Commercial to make available to Olint Corporation all
communication between the bank and other commercial institutions
about the possible closure of the accounts.

The National Commercial's group marketing and communications
head Sheree Martin said in a press statement that the bank has
never encouraged nor authorized the destruction of documents
relevant to any case in which it is involved.

The National Commercial is keen on disclosing any documents in
its possession provided they are not privileged and there is no
statutory or legal restriction preventing it from making the
disclosures, Radio Jamaica says, citing Ms. Martin.

The National Commercial's counsel will be filing a response to
the Supreme Court, Radio Jamaica notes.

Meanwhile, Olint Corporation told Radio Jamaica that it is
preparing contingency plans that will implement if it loses in
its legal case against the National Commercial.

Olint Corporation told Radio Jamaica that it would be able to
continue operating using its overseas banking links.  The firm
said that its operations are 100% cash-based.

Olint Corporation admitted that it doesn't ensure a rate of
return.  Only what is earned is credited to a member's account,
as opposed to offering guaranteed returns, Radio Jamaica states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited:

          -- long-term foreign and local currency Issuer Default
             Ratings (IDR) at 'B+';

          -- short-term foreign and local currency rating at
             'B';

          -- individual at 'D';

          -- support at 4.

The rating outlook on the bank's ratings is stable, in line with
Fitch's view of the sovereign's creditworthiness.




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


CHRYSLER LLC: Makes Organizational Changes at Mopar
---------------------------------------------------
Chrysler LLC announced Jan. 18, 2008, organizational changes and
appointments in Mopar and Global Alliance Operations.  The
changes will take immediate effect following Christine K.
Cortez' announcement of her intent to retire from her position
as senior vice president at global service and parts.

"Chrysler is grateful to Chris for her 31 years of dedicated
service and many contributions," James E. Press, Chrysler vice
chairman and president said.  "She leaves with our most sincere
well wishes."

Simon Boag has been appointed as president at Mopar, Global
Service and Parts, reporting to Mr. Press.  Boag will be
responsible for global service, international service and parts,
global parts marketing, service contracts and global parts
supply chain management.  Boag was recently appointed executive
vice president at global alliance operations.

"As a result of Chris' decision to retire, Simon will
immediately assume this critical new role," Mr. Press disclosed.
"Simon's strong background in manufacturing operations and
procurement is a great fit with the needs of Mopar.  It's
important that he continue our focus on the customer and this
incredibly strong brand."

Scott R. Garberding replaces Boag and has been appointed vice
president - global alliance operations, reporting to Chrysler
vice chairman and president Thomas W. LaSorda.

Mr. Garberding will lead the operations side of Chrysler's
automotive alliances designed to expand the company's global
presence.  He will also work closely with Michael Manley,
executive vice president to international sales, marketing and
business development.  Mr. Garberding most recently served as
vice president - supplier quality.

                     About Chrysler LLC

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

                        *     *     *

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


DURA AUTOMOTIVE: Wants to Assume GM Component Supply Agreement
--------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates seek
the authority of the U.S. Bankruptcy Court for the District of
Delaware to assume a component supply agreement between the
Debtors and General Motors Corp.  The Debtors also seek the
Court's authority to file the CSA and any related materials
under seal.

Before the Petition Date, the Debtors entered into purchase
agreements with GM.  According to DURA's Chapter 11
Petition, sales to GM comprises 10% of the Debtors' total annual
revenues.

In the summer of 2007, the Debtors and GM entered into a
component supply agreement, which modified the Prepetition GM
Purchase Contracts.  The CSA modifies, among other things, the
pricing agreement between the Debtors and GM.

The Debtors and GM agree that, as a condition to assumption of
the CSA, the Debtors will file any assumption motion, the CSA,
and any related materials, under seal, Albert Togut, Esq., at
Togut, Segal & Segal, LLP, in New York, relates.

Mr. Togut says the CSA contains confidential and commercially
sensitive information that if publicly disclosed may harm the
Debtors' business relationship with GM.

Mr. Togut tells the Court that the Debtors have provided copies
of the Assumption Motion to GM, the Official Committee of
Unsecured Creditors and the office of the U.S. Trustee for the
District of Delaware.

He adds that interested parties may obtain additional
information about the CSA and the Assumption Motion from the
Debtors.  Additional information will be disclosed by the
Debtors, with consent from GM, to any requesting party subject
to a confidentiality agreement relating to that additional
information.

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.   (Dura Automotive
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


GRUPO MEXICO: Can't Lay Off Protesting Cananea Workers
------------------------------------------------------
A court in Mexico has ruled that striking workers at Grupo
Mexico SA, de C.V.'s Cananea mine can't be dismissed, the
Associated Press reports.

According to the AP, protesters can continue working at the
mine.

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2008, the Mexican labor board declared that the five-
month strike by workers at Cananea was illegal.  The strikers
had obtained in December 2007 authorization from a Mexican court
to continue their protests.  The Mexican national mining-
metalworkers union STMMRM launched demonstrations against the
labor ministry's decision.

The AP notes that the court ruling reversed a labor board
decision that the protest was illegal and that strikers would
lose their jobs.  The union had won a temporary injunction
against the labor board ruling.

However, the labor ministry told Mica Rosenberg at Reuters that
the court ruling supported an earlier labor board decision to
declare the strike illegal.

A Grupo Mexico official explained to Reuters, "The only thing
the decision says is that we can't fire the striking workers,
and those who want to continue working can.  The mine is open
and operational."

Meanwhile, union spokesperson Carlos Pavon commented to Reuters,
"Our lawyers say the court reversed the decision of the labor
board and is considering the union's injunction."

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook is stable.


MCDERMOTT INT'L: Subsidiary Bags US$100MM Installation Contract
---------------------------------------------------------------
McDermott International Inc. disclosed that subsidiary of J. Ray
McDermott, S.A. was recently awarded a contract by Woodside for
the Pluto Offshore Platform north west of Karratha, Western
Australia.

The scope of work for this contract includes the installation
engineering, transportation and installation of the complete
platform.  Contracts of this nature are typically valued at
approximately US$100 million, and this contract was recorded in
McDermott's Offshore Oil & Gas Construction segment's backlog
during the fourth quarter of 2007.

"The award of this contract is an excellent follow-up to the
successful transportation and installation that J. Ray completed
on the Angel Platform, also for Woodside and it demonstrates our
strength of experience in installation projects offshore
Australia," said Bob Deason, Chief Executive Officer of J. Ray.
"We look forward to working with Woodside once again."

The substructure, a four-leg extended base tower with a launch
weight of 10,000 metric tons, will be secured with drilled and
grouted foundations by J. Ray's 3,080-ton capacity construction
barge, the DB30.  The DB30 will also lift and install the
topsides.  Work will commence in the first quarter of 2008 and
is expected to be completed fourth quarter 2009.

The Pluto gas field was discovered in April 2005 in the
Carnarvon Basin.  The field is located approximately 190
kilometers north west of Karratha.

McDermott International, Inc. (NYSE:MDR)
-- http://www.mcdermott.com/--is a leading worldwide energy
services company.  McDermott's subsidiaries provide engineering,
construction, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the
energy and power industries, including the U.S. Department of
Energy.  The company operates in most major offshore producing
regions throughout the world, including the U.S. Gulf of Mexico,
Mexico, the Middle East, India, the Caspian Sea and Asia
Pacific.  Operations in this segment are primarily conducted
through its subsidiary, J. Ray McDermott, S.A.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 5, 2007, Moody's raised MII's Corporate Family Rating to
Ba3 from B1.

Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1,
its Probability of Default Rating to B1 from B2 and its senior
secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%)
and The Babcock & Wilcox Company's senior secured bank facility
rating to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).  The rating
outlook for J. Ray is positive, while the rating outlooks for
MII and B&W are both stable, according to Moody's.




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


QUEBECOR WORLD: Gets CCAA Order for Creditor Protection
-------------------------------------------------------
Quebecor World Inc. has obtained an Order for creditor
protection under the Companies' Creditors Arrangement Act.

Under the terms of the Order, Ernst & Young Inc. will serve as
the Court-appointed Monitor under the CCAA process and will
assist the company in formulating its restructuring plan.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Montreal-based printing
company Quebecor World Inc. to 'D' from 'CCC'.  Standard &
Poor's also lowered the rating on the company's US$400 million
9.75% senior unsecured notes due 2015 to 'D' from 'CCC-'.  In
addition, S&P lowered the rating on the company's other senior
unsecured notes to 'CC' from 'CCC-'.  The preferred stock rating
remains unchanged at 'D'.  With these rating actions, S&P also
removed the ratings from CreditWatch with negative implications,
where they were placed Aug. 9, 2007.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service has downgraded Quebecor
World Inc.'s corporate family rating by two notches to Caa2.




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


DIRECTV GROUP: Board Okays US$1-Billion Stock Repurchase Program
----------------------------------------------------------------
The DIRECTV Group Inc.'s Board of Directors has approved the
repurchase of up to US$1 billion of its common stock, from time
to time through open market purchases or in negotiated
transactions, using available cash on hand and cash expected to
be provided by operations.  The timing and amount of such
transactions depend on a variety of factors, including market
conditions.  The program may be suspended or discontinued at any
time.

DIRECTV Group had recently completed its US$1.0 billion stock
repurchase program announced on Aug. 9, 2007.  Since February
2006, DIRECTV Group has repurchased approximately US$5 billion
of its common stock through repurchase programs that have been
approved and announced from time to time.  DIRECTV Group had
total assets as of Sept. 30, 2007, of approximately US$15
billion, total revenues for the first nine months of 2007 of
approximately US$12 billion, and cash or cash equivalents of
approximately US$1.2 billion.

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

                        *     *     *

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

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


MUSICLAND HOLDING: Parties Extend Trade Claims Filing to Feb. 29
----------------------------------------------------------------
In a stipulation approved by the U.S. Bankruptcy Court for the
Southern District of New York, Musicland Holding Corp. and its
debtor-affiliates, the Official Committee of Unsecured
Creditors, and the Informal Committee of Secured Trade Vendors
further extend, until Feb. 29, 2008 or the effective date of the
Debtors' second amended plan of liquidation, the Creditors
Committee's period to file the DIP Secured Trade Creditor claims
against certain entities.

These entities include Buena Vista Home Entertainment, Inc.,
Metro-Goldwyn-Mayer Home Entertainment, LLC, Warner Home Video,
Inc., Credit Suisse International, Cargill Financial Services
International, Inc., Varde Investment Partners, L.P., Bond
Street Capital, LLC, and Hain Capital Group, LLC.

                       About Musicland

Based in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products in the United States and Puerto Rico.  The Debtor and
14 of its affiliates filed for chapter 11 protection on
Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).  James
H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T. Power, Esq.,
at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  At March 31, 2007, the Debtors disclosed
US$20,121,000 in total assets and US$321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  The hearing to consider confirmation of the
2nd Amended Joint Plan started on Nov. 28, 2006.

(Musicland Bankruptcy News, Issue No. 44; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)




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


* URUGUAY: Paper Mill Not Hurting Argentina, Latest Study Says
--------------------------------------------------------------
A report from the Green Cross Organization said that the paper
mill constructed along the river border between Argentina and
Uruguay is not causing pollution, confirming the results of a
previous environmental study made by the National Environment
Directions, Prensa Latina relates.  The non-governmental
organization's study was for the period Oct. 11 to
Dec. 20, 2007.

The US$1.2 billion paper mill, constructed by Metsa-Botnia Oy,
represents Uruguay's biggest foreign investment, which published
reports said will add 2% to its GDP.  The mill caused a serious
rift between Argentina and Uruguay's relationship.

The two governments have long argued over the effects that a
paper mill would cause on the river's habitat as well as the
communities, like Colon and Gualeguayhu, near it. Uruguay
originally approved the construction of two mills by Metsa-
Botnia and Empresarial Ence SA.  Once the conflict escalated,
Ence decided to move its mill's location away from the river.
Botnia however, continued building on the original site.

Uruguay presented studies that ensure the safety of the river,
but the Argentine government and environmentalists argued and
protested to the contrary.  The Uruguayans claimed in reports
that the protests and blockades staged against it caused serious
economic losses to the country.

Because the parties were not able to settle the issue, they
sought the International Court of Justice in The Hague's
intervention.  While the complaint awaits a final decision from
the Court, Spanish King Juan Carlos I acted as a mediator in an
attempt to reconcile the two parties.  However, the Spanish
monarch's efforts were not met with success.

Meanwhile, the latest Green Cross study did not stop Argentine
protesters to continue with their cause.  According to a report
from Merco Press, pickets are still held in Fray Bentos against
the Botnia plant while bridges leading to Uruguay are still
blocked.

                        *     *     *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018, at 'B+'.




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


PETROLEOS DE VENEZUELA: Earmarks US$1.2 Bil. for Social Programs
----------------------------------------------------------------
Rafael Ramirez, Petroleos de Venezuela SA's president, said that
the company has set aside US$1.2 billion for social programs,
the Associated Press says.  He added that a new subsidiary in
the agricultural sector will be launched, a move that met with
criticism from some sectors that claimed non-oil investments
hurt oil output.

The AP relates that this new unit will use US$150 million to buy
milk, beef, chicken, sugar, and other agricultural products for
distribution to the public.

This plan is on top of the US$15.6 billlion investment budget
this year that was reported in several papers.  The higher
investment budget is aimed at boosting the oil sector's output
to 5.8 million per day by 2012, from the current three million
barrels of daily output.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Restarts El Palito After Power Outage
-------------------------------------------------------------
A source at Venezuelan state-owned oil firm Petroleos de
Venezuela SA's El Palito plant told Reuters that operations at
the refinery has restarted after an electrical outage shut down
units.

According to El Universal, Petroleos de Venezuela had reported
last week that a catalytic cracker and other units in El Palito
were out of order due to a power failure.

The power outage began in the middle of January, El Universal
relates, citing a source.

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, a cat cracker at El Palito also went offline
after attempts to boost runs at the unit.  The increased runs
boosted pressure inside the cracking unit.  They threw one of
the unit's turbines off balance and damaged turbine blades.
Petroleos de Venezuela SA had said it would expand its El Palito
plant to boost the production of gasoline components.  El Palito
processes some 140,000 barrels per day to produce fuels for the
Venezuelan market.  Petroleos de Venezuela had been buying
significant amounts of gasoline components in recent months from
other nations to meet domestic demand.  The pre-ignition
catalytic converter project for El Palito will increase the
flexibility of the plant's fluid catalytic cracking plant.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Gets Assembly OK for CNPC Joint Venture
---------------------------------------------------------------
Venezuela's National Assembly has allowed Corporacion Venezolana
del Petroleo SA., a Petroleos de Venezuela SA subsidiary, to
form a joint venture with China National Petroleum Corp. to
produce oil in the South American country, various reports say.

The government's Official Gazette said in a statement that the
joint venture, called Sinovensa SA, will be 60 percent owned by
Venezuela and 40 percent by CNPC, Bloomberg News reports.

CNPC spokesperson told Business News Americas that Petrosumano,
a second joint venture between the two companies, has
anticipated the assembly approval, adding that CNPC has been in
the planning stages for its 2008 budget in Venezuela.

BNamericas relates that PDVSA would invest more than US$10
billion with CNPC.

The two joint ventures, Mr. Chavez disclosed in September, would
process heavy crude from the Orinoco and working on new projects
on the Junin 4 and Carabobo blocks in Orinoco, the same paper
states.

According to President Hugo Chavez, Venezuela has eyed exporting
oil to more than triple to China by 2009 and increased
deliveries more than sixfold within 10 years, Forbes.com
reports.

In addition, PDVSA President Rafael Ramirez stressed that the
new production capacity could be processed at refineries due to
be constructed in the Venezuelan cities of Caripito, Batalla de
Santa Ines and Cabruta, Bnamericas notes.

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

                        *     *     *

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


* VENEZUELA: UNHRC OKs Micro-Credit Loans to Colombian Refugees
---------------------------------------------------------------
The United Nations High Commissioner for Refugees has signed an
agreement with the Venezuela to grant micro-credits to Colombian
refugees in Venezuela, El Universal reports.

Under the deal, which is estimated at US$700,000, would grant
loans on about 10,000 refugees, the same paper states.

Venezuelan state-run Sovereign People's Bank will provide the
funds, according to UNHRC spokesperson William Spindler.

Report shows that the refugees, many of whom are applying for
asylum, are located in the Venezuelan states of Zulia, Tachira,
and Apure, on the border with Colombia.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at
'B'and the Country Ceiling at 'BB-'.  Fitch said the outlook on
the ratings remains stable.


                         ***********


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

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

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

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