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

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

          Thursday, January 24, 2008, Vol. 8, Issue 17

                          Headlines

A R G E N T I N A

SECUPYME XXXI: Moody's Puts B1 Global Currency Rating
NORTHWEST AIRLINES: Commences Merger Talks with Delta Air & UAL
TELEFONICA DE ARGENTINA: Raising Rates to 14% Beginning March 15
TELECOM PERSONAL: Increasing Rates by 8% in Some Plans

* ARGENTINA: Gets US$600-Million Loan for Investment Projects


B A H A M A S

BANK OF BARODA: United Forum of Bank Unions Calls 1-Day Strike


B E R M U D A

MGS MANAGED: Proofs of Claim Filing Deadline Is Jan. 30
SEA CONTAINERS: Wants SC Iberia & YMCL Guarantees Approved


B O L I V I A

* BOLIVIA: Atlas Must Cede Karachipampa Guarantee by Feb. 20


B R A Z I L

ASPEN TECHNOLOGY: Deloitte Declines Re-Appointment as Accountant
BANCO BRADESCO: Insurance Group Buys Mediservice for BRL84.9MM
COMPANHIA SIDERURGICA: Okays Three-for-One Stock Split
EMPRESA ENERGETICA: Moody's Confirms Ba2 Senior Unsec. Rating
FURNAS CENTRAIS: Court Vetoes Subcontracted Workers Replacement

JAPAN AIRLINES: Extends Flyer Programs with China Air & Mexicana
JAPAN AIRLINES: To Adjust Domestic Fares in FY08 Due to Oil Hike
KRATON POLYMERS: Hires Steve Temblay as VP & Chief Fin'l Officer
PARANA BANCO: 4th Quarter 2007 Net Profits Increase to BRL36.1MM
PROPEX INC: Wants Access to US$60 Million DIP Financing

PROPEX INC: Wants Court Nod to Use BNP Paribas' Cash Collateral
PROPEX INC: Wants to Employ King & Spalding as Lead Counsel
PROPEX INC: Bankruptcy Filing Cues Moody's to Cut CFR to Ca
PROPEX INC: Bankruptcy Filing Cues S&P To Cut Corp. Rating to D
SANYO ELECTRIC: Hires Execs from Financial Firms to Head Units

SANYO ELECTRIC: To Sell Mobile Phone Unit to Kyocera for JPY50BB
SANYO ELECTRIC: Kyocera Buyout Won't Affect Ratings, S&P Says
TELE NORTE: Offers Contax Share to GP in Exchange for Oi Shares
UAL CORP: Commences Merger Talks w/ Delta Air & Northwest Air
UAL CORP: Reports Highest Annual Pre-tax Income Since 1999

* BRAZIL: Petrobras Says Pre-Salt Layer Has Exploratory Success


C A Y M A N   I S L A N D S

AAA 2006-1: Final Shareholders Meeting Is Today
ACA CDS: Holding Final Shareholders Meeting Today
ALBANY INTERNATIONAL: Final Shareholders Meeting Is Today
ALLIANCE DHO: To Hold Final Shareholders Meeting Today
ALLIANCE GLOBAL: To Hold Final Shareholders Meeting Today

ARBOR I: Final Shareholders Meeting Is Today
BALEARES LEASING: Holding Final Shareholders Meeting Today
BAMBOO SHIPFINANCE: Final Shareholders Meeting Is Today
BANK OF INDIA: Earns INR5.12 Bil. in Qtr. Ended Dec. 31, 2007
BLUE AND RED: Holding Final Shareholders Meeting Today

BRAZIL REPACKAGED: To Hold Final Shareholders Meeting Today
CHAMBERS STREET: Final Shareholders Meeting Is Today
CMBSPOKE 2005-II: Holding Final Shareholders Meeting Today
COMET ALPHA: To Hold Final Shareholders Meeting Today
DUKE FUNDING II: Final Shareholders Meeting Is Today

DUKE FUNDING III: Holding Final Shareholders Meeting Today
EQUITY SPECIAL: Final Shareholders Meeting Is Today
FY FUNDING: To Hold Final Shareholders Meeting Today
GSCP GF: Final Shareholders Meeting Is Today
HIGH RIDGE: Holding Final Shareholders Meeting Today

KNIGHT II: Final Shareholders Meeting Is Today
MARINER CDO: Holding Final Shareholders Meeting Today
MASTR CI-3: To Hold Final Shareholders Meeting Today
M.F. CAPITAL: Final Shareholders Meeting Is Today
M.T. CAPITAL: Holding Final Shareholders Meeting Today

PARMALAT SPA: Creditors Convert Warrants for 46,169 Shares
PETRA CAPITAL: Final Shareholders Meeting Is Today
PETRA CAPITAL II: Holding Final Shareholders Meeting Today
PLATO INVESTMENT: Final Shareholders Meeting Is Today
ROBECO CDO: To Hold Final Shareholders Meeting Today

STUYVESANT CDO: Holding Final Shareholders Meeting Today
TRIPLE ONE: Final Shareholders Meeting Is Today
VENEZUELA INVESTMENTS: Holding Final Shareholders Meeting Today
Y & M: Final Shareholders Meeting Is Today


C O L O M B I A

GENERAL MOTORS: Sales Up by 19% in LatAm, Africa & Middle East
SOLUTIA INC: DuPont Demands Payment of US$1,394,718 Admin. Claim
SOLUTIA INC: Files 2nd Supplement to Stock Offering Prospectus


E C U A D O R

* ECUADOR: Launching Trade Office in Iran Next Month


E L   S A L V A D O R

ALCATEL-LUCENT: Names Andy Williams as Services Biz Chief


G U A T E M A L A

MILLICOM INTERNATIONAL: Redeems US$200 Mil. 4% Convertible Bonds


H O N D U R A S

* HONDURAS: Will Likely Join Petrocaribe


M E X I C O

BAUSCH & LOMB: Projects 4th Qtr. Revenues of Up to US$660 Mil.
ENESCO GROUP: Amended Plan Confirmation Hearing Moved to Jan. 30
FEDERAL-MOGUL: 75 Chapter 11 Cases Dismissed Effective Dec. 27
JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on March 3
GLOBAL POWER: Emerges from Chapter 11 Bankruptcy

MOVIE GALLERY: Creditor Groups Ink Pact to Support Ch. 11 Plan
U.S. STEEL: Enters Into Technical Exchange Deal with JFE Steel
X-RITE INC: Names Lynn Lyall as EVP, CFO & Secretary


P E R U

QUEBECOR WORLD: Chapter 11 Filing Cues Moody's to Drop Ratings

* PERU: To Complete Free-Trade Deal Talks with Canada


P U E R T O   R I C O

SEARS HOLDINGS: Giving More Control to Units Under Reorg. Plan
UNIVISION COMM: Appoints Monica Talan as Corp. Communications VP


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Three Plants Have Refining Problems


                         - - - - -


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


SECUPYME XXXI: Moody's Puts B1 Global Currency Rating
-----------------------------------------------------
Moody's Latin America has assigned a rating of Aa3.ar (Argentine
National Scale) and of B1 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero SECUPYME XXXI issued
by Banco de Valores S.A. -- acting solely in its capacity as
Issuer and Trustee.

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantizar S.G.R., which is a
financial guarantor in Argentina. Garantizar has a rating of
Aa3.ar (Argentine National Scale) and of B1 (Global Scale, Local
Currency).

The rating assigned to this transaction is primarily based on
the rating of Garantizar.  Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to this transaction.  The rating addresses the payment
of interest and principal on or before the legal final maturity
date of the securities.

                          Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in US dollars. The rated securities
will bear a 7.5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate
bills of exchange denominated in US dollars signed by
agricultural producers and guaranteed by Garantizar S.G.R.  The
bills of exchange will bear the same interest rate as the rated
securities.

Although the rated securities are denominated in US dollars,
they are payable in Argentine pesos at the exchange rate
published by Banco de la Nacion Argentina as of the day prior to
the date that the funds are initially deposited into the Trust
account.  As a result, the dollar is used as a currency of
reference and not as a mean of payment.  For that reason, the
transaction is considered to be denominated in local currency.

If, eight days before the final maturity date, the funds on
deposit in the trust account are not sufficient to make payments
to investors, the Trustee is obligated to request Garantizar to
make payment under the bills of exchange.  Garantizar, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors.  Interest on the securities will accrue up to the
date on which the funds are initially deposited by either
Garantizar, the exporter, or the individual producers into the
Trust account.

                        Rating Action

US$3,956,000 in Fixed Rate Debt Securities of "Fideicomiso
Financiero SECUPYME XXXI", rated Aa3.ar (Argentine National
Scale) and B1 (Global Scale, Local Currency)

Issuer: Fideicomiso Financiero SECUPYME XXXI

  -- VRD, Assigned B1


NORTHWEST AIRLINES: Commences Merger Talks with Delta Air & UAL
---------------------------------------------------------------
Northwest Airlines Corp. and UAL Corp. have engaged in formal
merger talks with Delta Air Lines Inc., reports The Wall Street
Journal.

WSJ says Delta, which is in the early stages of discussions with
both Northwest and UAL, hopes to reach an agreement with one of
them over the next two weeks.

Delta is anticipating a deal disclosure early as mid-February
after Delta's board meeting scheduled early in the month, says
the report.

"A special committee of the board is working with management to
explore strategic options, including potential consolidation
transactions.  However, we are not providing updates, while this
process is ongoing," Delta spokeswoman Betsy Talton, said.

Northwest and UAL declined to comment.

A UAL-Delta or a Northwest-Delta merger, which would likely be a
stock for stock transaction, would make Delta the largest
airline in the world, according to reports.

Experts in the airline industry, however, believe that a
Northwest-Delta merger is more likely as Delta's Chief Executive
Richard Anderson was previously CEO at Northwest, and is already
well acquainted with Northwest's operations.

Senator Johnny Isakson, a Georgia Republican, said that Mr.
Anderson told him in December that if there's a merger or an
acquisition, Delta would keep its name and Atlanta hub,
Bloomberg News reports.

                  About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts.  On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  On
May 21, 2007, the Court confirmed the Debtors' Plan.  The Plan
took effect May 31, 2007.

                        *     *     *

Moody's Investor Services placed Northwest Airlines Corp.'s
long-term corporate family and probability of default ratings at
'B1' in May 2007.  The ratings still hold to date with a stable
outlook.


TELEFONICA DE ARGENTINA: Raising Rates to 14% Beginning March 15
----------------------------------------------------------------
Telefonica de Argentina told Argentine news daily La Nacion that
it will increase rates as much as 14% starting March 15 due to
rising operational costs.

Business News Americas relates that rates for Telefonica de
Argentina's fixed line plan Linea Control 600 will increase ARS8
to ARS62.80 per month.   Its budget mobile plan Ahorro de
Movistar will increase 9.5% to ARS38.50 a month.

According to BNamericas, the budget mobile plan will be replaced
by the plan Ahorro Comunidad, which costs ARS45.00 a month.

BNamericas notes that Telefonica de Argentina's marketing
manager Cristian Magnalardo reportedly commented, "We raised the
price, but we also raised consumer credit 9.5%. On the other
hand, we have decided to stop with the ARS35 plan because 95% of
the new contracts were Comunidad plans, which allows you to talk
for 50% of the price with other Movistar users."

"All of the changes are to allow people to be able to talk for
longer," Mr. Magnalardo told BNamericas.

Meanwhile, mobile telephony operator Telecom Personal would
increase rates 8% in some of its plans, BNamericas states.

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

                        *     *     *

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


TELECOM PERSONAL: Increasing Rates by 8% in Some Plans
------------------------------------------------------
Mobile telephony operator Telecom Personal would increase rates
8% in some of its plans, Business News Americas reports.

Meanwhile, Telecom Personal parent Telefonica de Argentina told
Argentine news daily La Nacion that it will increase rates as
much as 14% starting March 15 due to rising operational costs.
Rates for Telefonica de Argentina's fixed line plan Linea
Control 600 will increase ARS8 to ARS62.80 per month.   Its
budget mobile plan Ahorro de Movistar will increase 9.5% to
ARS38.50 a month.

According to BNamericas, the budget mobile plan will be replaced
by the plan Ahorro Comunidad, which costs ARS45.00 a month.

BNamericas notes that Telefonica de Argentina's marketing
manager Cristian Magnalardo reportedly commented, "We raised the
price, but we also raised consumer credit 9.5%. On the other
hand, we have decided to stop with the ARS35 plan because 95% of
the new contracts were Comunidad plans, which allows you to talk
for 50% of the price with other Movistar users."

"All of the changes are to allow people to be able to talk for
longer," Mr. Magnalardo told BNamericas.

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

                        *     *     *

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


* ARGENTINA: Gets US$600-Million Loan for Investment Projects
-------------------------------------------------------------
The Inter-American Development Bank has approved a US$600
million conditional credit line for investment projects and a
first US$200 million loan within this CCLIP to Argentina to
support a provincial agricultural services program.

The Ministry of Economy and Production of Argentina will carry
out the program through the Agriculture, Livestock, Fisheries
and Food Secretariat.  The Secretariat's agricultural
development policy is aimed at economic-productive consolidation
and expansion of the sector in the different regions, seeking
greater complementarity between public and private institutions.

"The goal of the conditional credit line and the first operation
is to contribute to the development of regional rural economies
by making them more competitive and increasing their
agricultural exports," said IDB team leader Gabriel Montes.

"The purpose of the first individual loan operation is to foster
a sustainable increase in the coverage and quality of the rural
economic infrastructure for food and agriculture services and
promote private investment," added Mr. Montes.  "The CCLIP
allows for effective support and long-term continuity in a key
sector for development."

This is the second phase of the Provincial Agricultural Services
Program that was started by the national government in 1996 and
has been designed to support the economic development of the
rural economies of Argentina's provinces.

The program covers two main areas: infrastructure and food and
agriculture services, and rural food and agriculture businesses
that will promote development initiatives for agricultural
clusters and incentives to invest in food and agriculture supply
chains.

The loan is for a 25-year term with a four-year grace period, at
an adjustable interest rate.

Local counterpart funds for the loan total US$50 million.

                        *     *     *

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




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


BANK OF BARODA: United Forum of Bank Unions Calls 1-Day Strike
--------------------------------------------------------------
Bank of Baroda has informed the Bombay Stock Exchange that the
United Forum of Bank Unions has served a notice informing the
bank of its decision to go on a nationwide strike on
Jan. 25, 2008.

According to the bank, it is taking all the necessary steps for
the smooth functioning of the bank's branches and offices to
deal with the strike in the event it materializes on the
indicated date.

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

                        *     *     *

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

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




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


MGS MANAGED: Proofs of Claim Filing Deadline Is Jan. 30
-------------------------------------------------------
MGS Managed Futures Funds Limited's creditors are given until
Jan. 30, 2008, to prove their claims to Beverly Mathias, 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.

MGS Managed's shareholders decided on Jan. 14, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


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, 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).




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


* BOLIVIA: Atlas Must Cede Karachipampa Guarantee by Feb. 20
------------------------------------------------------------
Bolivian state-run mining firm has extended to Feb. 20, 2008,
Canadian firm Atlas Precious Metals' deadline to surrender a
US$850,000 guarantee required to start a project to rehabilitate
the Karachipampa smelter, state news service Agencia Boliviana
de Informacion reports.

Business News Americas relates that the initial deadline was
Jan. 15.  Comibol signed in June 2005a 35:65 joint venture
accord with Atlas Precious to restore operations at the 51,000-
ton-per-year Karachipampa plant to treat silver concentrates.
The project needs a US$174 million total investment.

Atlas Precious sent a letter to Comibol asking for the
extension, as it also wants to sign the documents to transfer
control of Karachipampa, news daily Opinion says, citing Comibol
head Hugo Miranda.

No further extensions will be made.  Once Atlas Precious fails
to meet all requirements by the new deadline Comibol could
conduct the reactivation, Mr. Miranda told Agencia Boliviana.

                        *     *     *

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




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


ASPEN TECHNOLOGY: Deloitte Declines Re-Appointment as Accountant
----------------------------------------------------------------
Aspen Technology Inc. disclosed that its independent registered
public accounting firm Deloitte & Touche LLP, is declining to
stand for re-appointment for the fiscal 2008 audit.

There is no disagreement between the company and Deloitte on any
matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.

AspenTech's Audit Committee has begun the process of selecting a
successor independent registered public accounting firm, and it
will make an announcement when this process concludes.

Deloitte's decision does not impact their engagement to complete
the audit of AspenTech's financial statements as of
June 30, 2006 and 2007 and for each of the three years in the
period ended June 30, 2007.  In addition, Deloitte has agreed to
be engaged for the review of the company's interim consolidated
financial statements included in its Quarterly Report on Form
10-Q for the quarter ended Sept. 30, 2007.

While substantial progress has been made in these efforts, the
company has requested from the Nasdaq Listings Qualification
Panel an additional extension to February 8 to file the above
financial statements and related reports with the SEC and comply
with Nasdaq listing requirements.  There can be no assurance
that the Nasdaq Listing Qualifications panel will grant the
company's request, and failure to grant the request would likely
result in the company's securities being delisted from the
Nasdaq Global Market.

Brad Miller, Aspen's Chief Financial Officer, said "We believe
we are in the final stages of completing our work on the
accounting positions related to income taxes.  Once completed,
this would bring to close the previously disclosed detailed
review of our financial accounting and put the company in a
position to become current in its filings."

                    About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                        *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


BANCO BRADESCO: Insurance Group Buys Mediservice for BRL84.9MM
--------------------------------------------------------------
Banco Bradesco S.A. informed its stockholders, clients and to
the market in general that Grupo Bradesco de Seguros e
Previdencia (Bradesco Insurance and Private Pension Group) by
means of Bradesco Seguros S.A., on Jan. 21, 2008, entered into a
"Quotas Assignment Agreement" with Marsh Corretora de Seguros
Ltda., parent company of Mediservice - Administradora de Planos
de Saude Ltda., acquiring the control of the Mediservice for
BRL84.9 million.

Mediservice has been operating in Brazil for more than 20 years,
with a solid participation in the development and implementation
of corporate health care plans, with offices located in the
cities of Sao Paulo, Rio de Janeiro and Salvador.

About Mediservice, the bank pointed out:

    * the company has more than 300,000 users throughout Brazil;

    * Mediservice relies on a network of approximately 30,000
      associate members, among physicians, dentists,
      laboratories, diagnosis centers, clinics, hospitals and
      emergency services; and

    * Mediservice is one of the major companies in the managed
      health care plans segment.

The acquisition means an important strategic step to Grupo
Bradesco de Seguros e Previdencia and enables the expansion of
its client base within a very competitive segment, in addition
to strengthening its positioning in the market of health group
plan operators.  Also, this acquisition will enable scale gains,
adding value to the Group and consolidating its leadership
position in the supplementary health market.

The materialization of this operation is subject to the approval
of appropriate authorities.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Standard & Poor's Ratings Services maintained the
'BB+' ratings on both of Banco Bradesco SA's foreign and local
currency counterparty credit rating, however it changed the
ratings outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-


COMPANHIA SIDERURGICA: Okays Three-for-One Stock Split
------------------------------------------------------
Companhia Siderurgica Nacional said in a filing with the Bovespa
stock exchange that its shareholders have authorized during a
meeting on Tuesday a three-for-one stock split.

According to Companhia Siderurgica's filing, shareholders who
attended the meeting represented 53.3% of the firm's voting
capital.

The filing says that the shareholders also approved the
cancellation of four million shares in Companhia Siderurgica's
treasury.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets, tin
mill products and tinplate.  The company also runs its own iron
ore, manganese, limestone and dolomite mines and has strategic
investments in railroad companies and power supply projects.
The group also operates in Brazil, Portugal and the U.S.

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Standard & Poor's Ratings Services revised its
outlook on Brazil-based steel maker Companhia Siderurgica
Nacional and related entity National Steel S.A. to positive from
stable.  At the same time, Standard & Poor's affirmed its 'BB'
corporate credit rating on CSN and its 'B+' rating on NatSteel.


EMPRESA ENERGETICA: Moody's Confirms Ba2 Senior Unsec. Rating
-------------------------------------------------------------
Moody's America Latina has confirmed Empresa Energetica de Mato
Grosso do Sul S.A.'s senior unsecured issuer ratings of Ba2 and
Aa3.br on the Brazil national scale.  Also confirmed were the
ratings for the company's senior unsecured local currency
debentures, also at Ba2 and Aa3.br.  The rating outlook is now
stable.  This action concludes the review for possible downgrade
that Moody's initiated on Sept. 6, 2007, following industry
regulator ANEEL's decision to reduce the company's Regulatory
Asset Base on a retroactive basis.

On Dec. 5, 2007, after reviewing the appeal filed by the Empresa
Energetica, ANEEL published its final decision to reduce the
company's Net Regulatory Asset Base by BRL125 million and Gross
Regulatory Asset Base by BRL265 million, effective retroactively
to April 2003.  These amounts are lower than those in ANEEL's
original August 2007 decision, which were reductions of BRL185
million and BRL383 million, respectively.  As a result of the
Regulatory Asset Base reduction, ANEEL required that the company
reduce its average tariffs by 6.6% starting in December 2007 for
the period through April 2008.  After April 2008, tariffs are
subject to the second periodic tariff review.  Because the
reduction was retroactive to 2003, the company's tariffs will be
further cut by an amount estimated to result in lost revenues of
approximately BRL183 million over the next five years, partly
offset by pending tariff adjustments of about BRL43 million,
resulting in an estimated annual cash flow impact of BRL28
million.

The recent 6.6% tariff reduction, along with an additional
tariff reduction in April 2008, when the second periodic tariff
review will take place, is expected to be partly offset in 2008
by extraordinary revenues for the reimbursement of investments
on behalf of the federal government's "Luz para Todos" program,
which aims to provide electricity service to low income rural
residents.  The amount to be reimbursed will be discussed with
the regulator during the tariff review process.  Thus, the
expected drop in revenues brought on by the Regulatory Asset
Base reduction and resulting lower tariffs should be partially
offset by other pending tariff increases, therefore allowing the
company to maintain credit metrics in line with its rating
category.

However, in spite of incurring just a one-month cash effect from
the tariff reduction in fiscal 2007, Empresa Energetica is
obligated to recognize the full BRL183 million expected loss in
its fourth quarter 2007 financial statements.  This is likely to
cause a breach in the debenture's Debt to EBITDA financial
covenant of 3.5, which could cause early acceleration when the
company files its first quarter financial statements in
April 2008.  However, given the strategic importance of the
company and the group's track record in Brazil, Moody's expects
it to receive support from EDP Energias do Brasil (EDB; Ba2,
Aa3.br/STA), either through negotiations with the debenture
holders or by providing financial resources or guarantees.  EDB
Energias had approximately BRL600 million of cash as of
Sept. 30, 2007.

Empresa Energetica de Mato Grosso do Sul SA (aka Enersul),
headquartered in Campo Grande, Brazil, is an electricity
distribution utility serving approximately 695,000 clients in
the agrarian state of Mato Grosso do Sul.  In the last twelve
months ending on Sept. 30, 2007, the company reported net
revenues of BRL823 million.


FURNAS CENTRAIS: Court Vetoes Subcontracted Workers Replacement
---------------------------------------------------------------
The Brazilian federal labor court has disallowed the replacement
of 4,300 subcontracted workers with 4,000 full-time employees at
federal power firm Furnas Centrais Eletricas, overturning a
state court ruling, Business News Americas reports.

Labor court judge Rider de Brito explained to BNamericas that
the state court decision could cause severe disruption of public
order, security and the economy.

BNamericas relates that Furnas Centrais' subcontracted employees
launched a one-day protest against replacement plans.  However,
the strike didn't affect power generation and transmission
operations.  The workers had scheduled another strike on
Jan. 22, 23, 29 and 31.

The labor court told BNamericas that about 45% of Furnas
Centrais' workforce is outsourced.

According to BNamericas, the labor also objected the timeframe
stipulated to replace the subcontracted employees.

"Thirty days to replace all subcontracted workers are not enough
due to the large number of professionals working under this
status and due to internal measures that certainly need to be
taken into consideration," Judge de Brito told BNamericas.

Headquartered in Rio de Janeiro, Furnas is one of Brazil's
largest electricity generation and transmission utility
companies.  Furnas is closely held, with 99.5% of its shares
owned by Eletrobras, the Brazilian Federal Government's
holding company that controls about 39% of the country's
installed power generation capacity and approximately 56% of
high voltage energy transmission countrywide.  Furnas operates
10 hydro-power plants representing some 92% of its total
installed capacity of 9,458 megawatts (8% is represented by 2
thermal power plants).  The company also owns about 19,278
kilometers of transmission lines, mainly in the southeast and
mid-west regions of Brazil.  These assets include the
transmission line connecting the Itaipu power plant, which
supplies energy consumption to the most industrialized region of
the country.  Furnas is also responsible for trading the nuclear
energy generated by Eletronuclear (99.8% Eletrobras), hich
represents about 23% of energy sales volume.  In 2006, Furnas
reported net earnings of BRL364 million (about US$165 million)
on BRL5,325 million (US$2,416 million) net revenues.

As reported ion the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's America Latina Ltda. affirmed its Ba1
global local currency issuer rating for Furnas Centrais
Eletricas S.A.


JAPAN AIRLINES: Extends Flyer Programs with China Air & Mexicana
----------------------------------------------------------------
From Feb. 1, 2008, Japan Airlines International Co., Ltd., will
inaugurate reciprocal frequent flyer program agreements with
China Eastern Airlines and Mexicana Airlines.

The agreement will enable members of the JAL Mileage Bank, JAL's
frequent flyer program, to accumulate mileage on China Eastern
Airlines' and Mexicana's air networks and redeem flight mileage
on China Eastern Airlines and Mexicana international and
domestic award tickets.  China Eastern Airlines and Mexicana
frequent flyer programs members will also be able to accumulate
and redeem mileage on JAL's network.

The two new bilateral agreements increase JAL's total number of
frequent flyer program partner airlines to 13, further extending
and enhancing the network and benefits available to JMB members.

JAL already has frequent flyer tie-ups with Air France, Emirates
as well as oneworld member airlines American Airlines, British
Airways, Cathay Pacific Airways (including affiliate Dragonair),
Finnair, Iberia, LAN, Malev, Qantas, and Royal Jordanian.

JAL Mileage Bank members will be able to accumulate JMB mileage
when traveling on China Eastern Airlines or Mexicana flights
from Feb. 1, 2008, excluding China Eastern Airlines's flights
serving between China and Japan.  JMB award tickets can be
redeemed on both international and domestic China Eastern
Airlines and Mexicana Airlines flights.

For China Eastern Airlines' flights, award applications can be
made by JMB members from Feb. 1, 2008, departing on and after
Feb. 8, 2008.  For Mexicana flights, award applications can be
made by JMB members from Jan. 22, 2008, departing on and after
Feb. 1, 2008.

JAL Mileage Bank's more than 20.69 million members can
accumulate mileage not only by flying with JAL Group and its JMB
partner airlines, but also by staying at JMB partner hotels and
by using the services of various other JMB partner companies.

Members can exchange mileage for a choice of awards, including
flights, ticket upgrades, and JAL Coupons.

Japan Airlines, Asia's biggest airline group, serves some 213
airports in 33 countries and territories worldwide.  The group
network extends over 235 international passenger, 39
international cargo, and 160 domestic routes, making a total of
over 1,200 flights a day and carrying on average over 58 million
passengers per year.

                      About China Eastern

Established in June 1988, China Eastern Airlines is one of the
biggest airlines of China.  Based in Shanghai, China Eastern
Airlines operates over 350 domestic routes in China, and serves
a total of 41 destinations worldwide including cities in
Australia, Europe, Korea, Japan, North America and Southeast
Asia.

                     About Mexicana Airlines

Mexicana Airlines, one of the largest airlines in Mexico, began
its operations more than 85 years ago.  In addition to
comprehensive network coverage of Mexico, the airline has the
most extensive international network out of Mexico City
connecting more than 50 destinations in North America, Central
and South America, and the Caribbean.

                      About Japan Airlines

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

                        *     *     *

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

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

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


JAPAN AIRLINES: To Adjust Domestic Fares in FY08 Due to Oil Hike
----------------------------------------------------------------
Japan Airlines International Co., Ltd., submitted an application
with the Japanese Ministry of Land Infrastructure, and Transport
requesting a revision of domestic normal economy fares and
round-trip discount economy fares for flight departures in the
1st half of FY2008, the period from April 1 to Sept. 30, 2008.

Fuel prices have remained high with the price of Singapore
kerosene-type jet fuel having risen above US$100 dollars per
barrel.  The company has been conducting a wide range of
countermeasures to limit the full impact of the price increase
including fuel hedging, fuel consumption reductions, and the
introduction of more fuel-efficient small and medium-sized
aircraft to its fleet.

Despite these measures, the company is reluctantly obliged to
ask its domestic passengers to bear part of the burden caused by
the unprecedented increase in the price of fuel over the past
few years.

As a result, the JAL Group has decided to increase just Japan
domestic normal economy fares and round-trip discount economy
fares.  JAL will increase these fares by on average 9% during
the first half of FY2008, the 6 month period starting
April 1, 2008.

The increase will also affect other fares linked to normal adult
fares such as normal child fares.

Such discounted fares as bargain, special flight discount, and
"Otomo de Mile" fares will not be affected by this increase.

Supplements payable for domestic travel in First Class or Class
J will not be increased.

                      About Japan Airlines

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

                        *     *     *

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

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

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


KRATON POLYMERS: Hires Steve Temblay as VP & Chief Fin'l Officer
----------------------------------------------------------------
Kraton Polymers LLC has appointed Stephen (Steve) E. Tremblay,
as Vice President and Chief Financial Officer effective
Jan. 21, 2008.  He replaced Nicholas G. Dekker, who has been
serving as Chief Financial Officer since October 2006.  Mr.
Dekker will remain with Kraton through April 1, 2008, to ensure
a seamless transition period.

In his role, Mr. Tremblay will be responsible for managing
Kraton's finance and accounting functions.  He will report to
Kevin M. Fogarty, President and Chief Executive Officer.

Mr. Tremblay brings to Kraton extensive senior management
experience at Vertis, Inc., where he worked since 1997 in
various financial positions, including Chief Financial Officer.
Vertis provides direct mail, printing services, media and
technology capabilities through a network of facilities
across the United States.  Previously, Mr. Tremblay worked at
Wellman, Inc., and began his career in 1983 with Ernst and Young
in the accounting and auditing practice.

"Steve brings with him a wealth of experience and knowledge in
leading international finance teams, interactions with capital
markets, and working closely with operational management to
drive fundamental improvement.  We are very pleased to have
Steve join our leadership team at Kraton," said Mr. Fogarty.

"On behalf of the entire Kraton team, we additionally want to
thank Nick for his dedication and contributions to Kraton since
first joining the company in 2000, and most recently, in his
capacity as Chief Financial Officer," said Mr. Fogarty.

Mr. Tremblay graduated with a Bachelor of Science in Business
Administration from Bryant University, and is a Certified Public
Accountant.

Based in Houston, Texas, Kraton Polymers LLC --
http://www.kraton.com/-- produces styrenic block copolymers.
SBCs are highly-engineered thermoplastic elastomers, which
enhance the performance of numerous products by delivering a
variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.  Its production
facilities are located in the United States, Germany, France,
The Netherlands, Brazil, and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2007, Moody's Investors Service has affirmed Kraton
Polymers LLC's B1 corporate family rating but revised the
company's outlook to negative as Moody's expects continued
margin weakness, due to delays in passing on the full extent of
raw material cost increases to Kraton customers, which will
diminish free cash flow from operations over the next 12 to 18
months.


PARANA BANCO: 4th Quarter 2007 Net Profits Increase to BRL36.1MM
----------------------------------------------------------------
Parana Banco told Business News Americas that its net profits
increased 169% to BRL36.1 million in the fourth quarter 2007,
compared to fourth quarter 2006.  BNamericas relates that Parana
Banco's earnings grew 117% to BRL113 million in 2007, from 2006.

Parana Banco's return on equity dropped to 18.6% in the fourth
quarter 2007, from 26.2% in the same quarter 2006, BNamericas
says.  Meanwhile, its return on equity declined to 18.2% in
2007, from 27.6% in 2006.

According to BNamericas, Parana Banco's loan portfolio rose
88.1% to BRL1.17 billion in 2007, compared to 2006.  It handed
out BRL1.01 billion in new loans for 2007, about 48.5% higher
than 2006.  New loans increased 89.7% to BRL365 million in the
fourth quarter 2007, from the same period last year.

The report says that Parana Banco's revenue from loan operations
rose 51.2% to BRL80.0 million in the fourth quarter 2007,
compared to the same period in 2006, and increased 29.5% to
BRL275 million for the entire 2007.

BNamericas notes that the concentration on payroll loans let
Parana Banco improve its non-performing loan ratio to 1.70% from
2.20%.

Parana Banco's net assets increased to BRL1.88 billion in 2007,
compared to 2006, BNamericas states.

Parana Banco is a niche bank in the segment of payroll discount
lending, primarily to public-sector employees.  The bank's
adjusted total assets of US$375 million as of June 2006
represented less than 1% of total assets in the Brazilian
banking industry.  The bank is a relevant part of a broader
conglomerate (J. Malucelli), with operations in different
sectors and concentrated in the South of Brazil.  Standard &
Poor's does not assign ratings to any company in the J.
Malucelli group, and the ratings assigned to the bank do not
incorporate potential support from shareholders.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating and senior unsecured debt
rating on Parana Banco S.A. to 'B+' from 'B'.  The ratings were
removed from CreditWatch Positive where they were placed
June 11, 2007.  At the same time, S&P affirmed the 'B' short-
term counterparty credit rating on the bank.  S&P said the
outlook is stable.


PROPEX INC: Wants Access to US$60 Million DIP Financing
-------------------------------------------------------
Propex Inc. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Eastern District of Tennessee, on
an interim and final basis, to obtain postpetition secured
loans, advances, and other financial accommodations of up to $60
million, subject to the terms and conditions of a credit
agreement and related loan documents between the Debtors and BNP
Paribas, as administrative agent for certain financial
institutions.

Henry J. Kaim, Esq., at King & Spalding, LLP, in Houston, Texas,
proposed lead counsel of the Debtors, relates that the Debtors
do not have sufficient available sources of working capital to
operate their businesses in the ordinary course without
postpetition financing.  The Debtors believe that the DIP
financing with BNP Paribas presents the best option available to
them and would enable them to preserve their value as a going
concern.

The salient terms of the proposed DIP Facility are:

Borrower.          Propex, Inc.

Guarantors.        Propex Holdings, Inc., Propex Concrete
                   Systems Corporation, Propex Fabrics
                   International Holdings I Inc., Propex Fabrics
                   International Holdings II Inc., and all other
                   existing and future subsidiaries of Propex,
                   except for foreign subsidiaries under certain
                   conditions.

Lenders.           A syndicate of financial institutions
                   arranged by BNP Paribas Securities Corp.,
                   which includes BNP Paribas and Black Diamond
                   Commercial Finance, L.L.C.

                   BNP Paribas will serve as administrative
                   agent under the DIP Facility.

Commitment &
Availability.      The Credit Agreement provides for a revolving
                   credit facility of US$60 million in the
                   aggregate, of which up to US$20 million may
                   be used for the issuance of letters of
                   credit.

Availability.      Up to US$10 million of the DIP Facility will
                   be available for draw on the Closing Date,
                   and thereafter will be available, subject to
                   a budget approved by the Administrative
                   Agent, on a revolving basis during the period
                   commencing the day after the Closing Date and
                   ending on the earlier of:

                      (i) the one year anniversary of the
                          Closing Date,

                     (ii) the date of substantial consummation
                          of a plan of reorganization which pays
                          all obligations under the DIP Facility
                          in full in cash, and

                    (iii) the date on which an unmatured default
                          or event of default under the DIP
                          Facility occurs.

                   In the event that a hearing on confirmation
                   of a plan of reorganization begins in the
                   Chapter 11 cases on or before the Maturity
                   Date, that date will be extended for an
                   additional 90 days; provided, however, that
                   only US$20,000,000 may be borrowed prior to
                   the entry of a Final Order.

Purpose.           The DIP Facility will be used to (i) pay fees
                   and expenses associated with the financings
                   and (ii) provide for the working capital
                   requirements and other general corporate
                   purposes of Propex, Propex Holdings and their
                   subsidiaries during the Debtors' Chapter 11
                   cases.

Priority and
Liens.             All obligations under the DIP Facility will,
                   at all times:

                   * be entitled to super-priority claim status
                     in the Chapter 11 cases; provided that
                     those claims will not be paid from the
                     proceeds of avoidance actions;

                   * be secured by a perfected first priority
                     lien on all unencumbered property and
                     assets of the Debtors, with the exception
                     of proceeds of avoidance actions;

                   * be secured by a perfected junior lien on
                     all property and assets of the Debtors that
                     are subject to valid and perfected liens in
                     existence at the time of the commencement
                     of the Chapter 11 cases or to valid liens
                     in existence at the time of the
                     commencement; and

                   * be secured by a perfected first priority,
                     senior priming lien on all the property of
                     the Debtors of any kind, senior to (a) the
                     liens that secure the obligations of the
                     Debtors under the $360,000,000 Prepetition
                     Credit Facility and (b) any liens to which
                     the liens are senior.

Carve-Out.         The Primed Liens and liens and rights granted
                   to the DIP Agent and DIP Lenders are subject
                   in each case only to (i) in the event of an
                   occurrence and during the continuance of an
                   Event of Default, the payment of allowed and
                   unpaid professional fees and disbursements
                   incurred after the Event of Default by the
                   Debtors and any statutory committees
                   appointed in the Chapter 11 cases in an
                   aggregate amount to be agreed upon, (ii)
                   allowed and unpaid Professional Fees incurred
                   prior to notice of an Event of Default; and
                   (iii) the payment of the fees pursuant to
                   Section 1930 of the Judicial and Judiciary
                   Procedures Code.

Interest.          All amounts outstanding under the Senior
                   Credit Facilities will bear interest, at the
                   option of Propex, at the Base Rate or at the
                   reserve adjusted LIBOR Rate plus, in each
                   case, an applicable margin of 4%.

Events of
Default.           Events of Default include, among other
                   things, failure to pay amounts due under the
                   DIP Facility.  In addition, it will be an
                   event of default if Propex has not:

                      (i) delivered to the Lenders a
                          comprehensive five-year business
                          plan and projections on or before the
                          six-month anniversary of the Petition
                          Date;

                     (ii) delivered to the DIP Lenders a
proposed
                          reorganization plan on or before the
                          eight-month anniversary of the
Petition
                          Date; and

                    (iii) filed with the Bankruptcy Court a
                          proposed reorganization plan and
                          accompanying disclosure statement on
                          or before the nine-month anniversary
                          of the Petition Date.


Fees and
Expenses.          * An aggregate closing fee equal to 2% of
                     the commitments in respect of the DIP
                     Facility earned and payable on the Closing
                     Date

                   * An unused Commitment Fee equal to 0.75% of
                     the average unused facility amount

                   * A prepayment fee equal to 2% of the
                     Revolving Loan Commitment Amount in the
                     event of a voluntary termination of the DIP
                     Facility.

Indemnification
                    The Credit Agreement provides for full
                    indemnification rights in favor of the Agent
                    and DIP Lenders except for liability
                    resulting solely from their gross negligence
                    or willful misconduct.

The Debtors, on Jan. 18, 2008, submitted a copy of the most
recent draft of the Credit Agreement.  A full-text copy of the
draft is available for free at:

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

Mr. Kaim notes that the Credit Agreement has not been executed
by the parties due to time constraints and is still subject to
final negotiations.

                        About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants Court Nod to Use BNP Paribas' Cash Collateral
---------------------------------------------------------------
Propex Inc. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Eastern District of Tennessee to
use BNP Paribas Securities Corp.'s cash collateral.  Prior to
Jan. 18, 2008, the working capital needs of the Debtors were met
primarily by a US$360 million senior credit facility.

Pursuant to the terms and conditions of a prepetition credit
agreement and related documents, a syndicate of financial
institutions arranged by BNP Paribas Securities Corp., which
serves as administrative agent for the lender, agreed to provide
the senior credit facility, comprised of a US$260 million term
loan, a US$50 million revolving facility and a US$50 million
bridge loan facility.

The Prepetition Credit Facility was secured by perfected, valid,
binding and non-avoidable first priority security interests and
liens upon substantially all of the assets of the Debtors.

In April 2006, the Debtors used the estimated after-tax proceeds
from the sale of one of their plants to repay the US$50 million
bridge loan and to pay US$11.5 million of the term loan.  In
January 2007, the Prepetition Lenders waived, among other
things, the Debtors' compliance with certain financial
covenants, and required the Debtors to pay US$20 million in debt
related to the credit facility from cash-on-hand.

In September 2007, the Debtors were in default under the
Prepetition Credit Agreement.  They were unable to refinance the
facility.  As of the Petition Date, the Debtors were indebted in
the aggregate principal of about US$230 million to the
Prepetition Lenders.

Substantially all of the cash generated by the Debtors'
businesses as of the Petition Date constitutes "cash
collateral," as the term is defined in Section 363(a) of the
Bankruptcy Code, and is subject to the interest of the
Prepetition Lenders.

The financial lenders under a postpetition credit agreement,
under which (i) BNP Paribas also serves as administrative agent
and (ii) the the lenders have agreed to provide a US$60 million
loan in favor of the Debtors, will also hold an interest in the
Debtors' cash.  The DIP Documents provide that the Debtors'
obligations under the DIP Facility will be secured by, among
other things, (i) a perfected first priority, senior priming
lien on all the property of the Debtors of any kind, senior to
the liens that secure the obligations of the Debtors, under the
Prepetition Loan Documents; (ii) first priority lien on all
unencumbered property and assets of the Debtors.

The Debtors intend to use the Cash Collateral of the Prepetition
Lenders and of the DIP Lenders, pursuant to the terms of a
monthly budget and cash forecast approved by BNP Paribas.

Pursuant to an agreement with BNP Paribas, the Debtors may use
the Cash Collateral during the period commencing immediately
following the entry of an interim order granting approval of the
DIP Financing through the date that is 10 days after the
occurrence of an event of default under the DIP Facility.

Pursuant to Section 364 of the Bankruptcy Code, the Prepetition
Lenders as holders of the Primed Liens will receive adequate
protection to the extent of any diminution in value of their
collateral in the form of:

   (i) replacement liens on all assets of the Debtors' estates,
       junior to the liens securing the DIP Facility and a
       superpriority claim junior to the superpriority claim
       granted to the DIP Lenders; provided that neither the
       superpriority claim or liens will be paid from or attach
       to the proceeds of avoidance actions; and

  (ii) subject to the rights of all parties under Section 506(b)
       of the Bankruptcy Code, the payment of reasonable fees
       and expenses of the agent under the Prepetition Loan
       Documents, and, subject to the rights of all parties
       under Section 506(b) of the Bankruptcy Code, the payment
       of interest at the respective contractual non-default
       rates set forth in the Prepetition Loan Documents.

Henry J. Kaim, Esq., at King & Spalding, LLP, in Houston, Texas,
proposed lead counsel of the Debtors, relates that the Debtors
require the immediate use of the Cash Collateral and financing
for, among other things, the purchase of their inventory,
maintenance of their facilities, and other working capital
needs.

                        About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants to Employ King & Spalding as Lead Counsel
-----------------------------------------------------------
Propex Inc. and its debtor-affiliates ask authority of the U.S.
Bankruptcy Court for the Eastern District of Tennessee to employ
King & Spalding LLP, as their lead counsel in their Chapter 11
cases.

Lee McCarter, executive vice president and chief financial
officer of Propex, Inc., relates that the Debtors selected King
& Spalding because of the firm's extensive experience and
expertise in business reorganizations and bankruptcy
proceedings.

Mr. McCarter asserts that King & Spalding has the necessary
legal background to deal effectively with many of the potential
legal issues and problems that may arise in the context of the
Debtors' bankruptcy cases.

As the Debtors' lead counsel, King & Spalding will:

   * advise the Debtors on their powers and duties as debtors-
     in-possession in the continued management and operation of
     their business;

   * take all necessary action to protect and preserve the
     estates of the Debtors, including the prosecution of
     actions on the Debtors' behalf, the defense of any actions
     commenced against the Debtors, the negotiation of disputes
     in which the Debtors are involved, and the preparation of
     objections to claims filed against the Debtors' estates;

   * prepare on behalf of the Debtors all necessary motions,
     applications, answers, orders, reports, and other papers in
     connection with the administration of the Debtors' estates;

   * negotiate and prepare a plan of reorganization, a
     disclosure statement, documents relating to the disposition
     of assets, and other related documents on behalf of the
     Debtors;

   * advise the Debtors on federal and state regulatory matters;

   * advise the Debtors on finance, and finance-related matters
     and transactions, as well as matters relating to the sale
     of the Debtors' assets; and

   * perform other legal services for the Debtors as may be
     necessary and appropriate.

In exchange for the contemplated legal services, the Debtors
will pay King & Spalding based on the firm's applicable hourly
rates:

           Professional                 Hourly Rate
           ------------                 -----------
           Attorneys                 US$275 to US$800
           Clerks/Legal Assistants   US$120 to US$255

The Debtors will also reimburse the firm for expenses it may
incur, including travel costs and temporary employment of
additional staff, relating to any work undertaken.

King & Spalding has done, has been paid fees and expenses for,
intellectual property work for the Debtors.  As a result, King &
Spalding received a US$200,000 retainer from the Debtors on
Jan. 3, 2008.  Furthermore, prior to the Petition Date, the firm
received payments, aggregating US$69,918, from the Debtors, in
contemplation or in connection with the Chapter 11 cases.

Henry J. Kaim, Esq., a partner of King & Spalding, assures the
Court that his firm is a "disinterested person," as the term is
defined in Section 101(14) of the Bankruptcy Code.

Mr. Kaim notes that as of the Petition Date,  King & Spalding
had an outstanding balance of more than US$70,000 for its
services and expenses incurred.  If the Court approves payment
of the fees, King & Spalding will write off the amounts and and
will not assert an unsecured claim for the amounts against the
Debtors.  The firm will also write off approximately US$250,000
of fees and expenses for non-reorganization work incurred
prepetition, and will not assert a claim for the amounts.

                         About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of us$585,700,000 and
total debts of us$527,400,000. (Propex Bankruptcy News, Issue
No. 1; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Bankruptcy Filing Cues Moody's to Cut CFR to Ca
-----------------------------------------------------------
Moody's Investors Service has downgraded its debt ratings of
Propex, Inc. -- corporate family to Ca from Caa2, probability of
default to D from Caa2, senior secured to Caa2 from B3 and
senior unsecured to C from Caa3.  The downgrades follow the
company's Jan. 18, 2008 announcement that it filed for Chapter
11 protection in United States Bankruptcy Court in Chattanooga,
Tennessee.  Its speculative grade liquidity rating remains
SGL-4.  The outlook is stable.  Moody's also will withdraw all
of its debt ratings of the company because of the bankruptcy
filing.

The probability of default rating of D reflects that timely
payments of interest and principal amortization are not likely
to occur because of the bankruptcy filing.  Moody's used a
fundamental EBITDA multiple to estimate the enterprise value of
Propex Inc. and the family level loss-given-default rate because
of the company's weakened financial condition.  Moody's believes
that the expected family recovery rate is not materially
different from the standard 50% assumption of its Loss Given
Default Rating Methodology.  An assumed EBITDA multiple of four
times supports Moody's belief of about a 50% expected family
recovery rate.  The LGD-2 Loss Given Default Assessment of the
senior secured credit facility implies that the potential exists
for lenders to receive less than a full recovery.  The LGD-5
Loss Given Default Assessment of the senior unsecured notes
implies a significant loss on these notes.

The previous rating action for the company was on Jan. 14, 2008,
when Moody's downgraded the company's ratings; corporate family
rating to Caa2 from Caa1 because of its inability to timely
secure relief from the covenant breach of the senior secured
credit agreement, first disclosed on Oct. 26, 2007.

Downgrades:

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

  -- Corporate Family Rating, Downgraded to Ca from Caa2

  -- Senior Secured Bank Credit Facility, Downgraded to Caa2
     from B3

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

Outlook Actions:

  -- Outlook, Changed To Stable From Rating Under Review

  -- Outlook, to be Changed To Rating Withdrawn From Stable

Loss Given Default Assessments:

  -- Senior Secured Bank Credit Facility, Changed to 27 - LGD2
     from 28 - LGD2

  -- Senior Unsecured Regular Bond/Debenture, Changed to 80 -
     LGD5 from 81 - LGD5

Ratings to be Withdrawn:

  -- Probability of Default Rating, previously rated D

  -- Corporate Family Rating, previously rated Ca

  -- Senior Secured Bank Credit Facility, previoualy rated
     Caa2, 27-LGD2

  -- Senior Unsecured Regular Bond/Debenture, previously rated
     C, 80-LGD5

Propex Inc. -- http://www.propexinc.com/-- manufactures primary
and secondary carpet backing.  The company also manufactures and
markets woven and non-woven polypropylene fabrics and fibers
used in geosynthetic and a variety of other industrial
applications.  The company has manufacturing operations in North
America, Europe and Brazil.

The company disclosed a net loss of US$60.7 million in three
months ended Sept. 30, 2007, compared to a net loss of US$6.5
million in the same period in 2006.  At Sept. 30, 2007, the
company's balance sheet showed total assets of US$585.7 million
and total liabilities of US$527.4 million, resulting in a
US$58.3 million stockholders' equity.


PROPEX INC: Bankruptcy Filing Cues S&P To Cut Corp. Rating to D
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Propex Inc. to 'D' from 'CCC'.  In addition,
S&P lowered the senior secured and senior unsecured ratings to
'D'.

"The downgrades follow Propex's announcement that it has filed
for protection under Chapter 11 of the U.S. Bankruptcy Code,"
said S&P's credit analyst Henry Fukuchi.

The company will continue to operate its facilities and offices
in the ordinary course of business while it restructures its
balance sheet.  It has arranged a US$60 million credit facility
for which it is seeking Court approval.

S&P removed the ratings from CreditWatch with negative
implications, where they were placed on Oct. 8, 2007, on
concerns that the company's leveraged financial profile and
liquidity would continue to deteriorate in the current
challenging environment.

Operating results have been weak at Propex Inc. due to low
residential construction activity and declines in the domestic
housing markets, which have caused earnings, cash flow, and the
financial profile to deteriorate to subpar levels.

Propex Inc. -- http://www.propexinc.com/-- manufactures primary
and secondary carpet backing.  The company also manufactures and
markets woven and non-woven polypropylene fabrics and fibers
used in geosynthetic and a variety of other industrial
applications.  The company has manufacturing operations in North
America, Europe and Brazil.

The company disclosed a net loss of US$60.7 million in three
months ended Sept. 30, 2007, compared to a net loss of US$6.5
million in the same period in 2006.  At Sept. 30, 2007, the
company's balance sheet showed total assets of US$585.7 million
and total liabilities of US$527.4 million, resulting in a
US$58.3 million stockholders' equity.


SANYO ELECTRIC: Hires Execs from Financial Firms to Head Units
----------------------------------------------------------------
Sanyo Electric Co. appoints executives from financial firms to
head its main units in a management reshuffle scheduled to take
effect April 1, reports Jiji Press.

According to the report, the appointed officers transferred from
Sanyo's shareholder firms in the financial industry.

The report states that Sanyo will appoint Vice President Koichi
Maeda, formally at Sumitomo Mitsui Banking Corp., to head its
semiconductor business.  Sumitomo Mitsui is a major shareholder
of Sanyo, relates Jiji Press.

Kazuhiko Suruta, from Daiwa Securities SMBC Co., will head the
solar cell business, while Kentaro Yamagishi, from Goldman Sachs
Group Inc., will spearhead Sanyo's business strategy division,
notes Jiji Press.

                        Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                         *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

The company also carries Standard & Poor's 'BB-' long-term
corporate credit rating.


SANYO ELECTRIC: To Sell Mobile Phone Unit to Kyocera for JPY50BB
----------------------------------------------------------------
Sanyo Electric Co. said it will sell its mobile phone operations
to Kyocera Corp., Associated Press reports.

According to the report, the deal, which has yet to be set on
paper, will be cost Kyocera about JPY40-50 billion.  The deal is
scheduled to be completed by April 1.

Reuters relates that according to a Sanyo spokesman, the final
selling price of Sanyo's mobile phone unit will be set by
September.

Under the agreement, about 2,000 employees in Sanyo's mobile
phone operation will be transferred to Kyocera, which will
continue to use the Sanyo brand on handsets at home and
overseas, relates AP.

AP notes that, in a statement, Sanyo said that with the
"intensified competition from rival companies," and "in order to
meet the best interest of the business and its stockholders,
Sanyo has. . .concluded that a transfer of the business to
Kyocera would be the ideal situation."

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                        *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: Kyocera Buyout Won't Affect Ratings, S&P Says
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Sanyo Electric Co. Ltd. (BB-/Stable/--) would not be affected by
the company's final agreement to sell its mobile telephone
business to Kyocera Corp.  The effective date of sale is
scheduled for April 1, 2008.  The business value has been agreed
upon by both companies at JPY50 billion, although the final
amount is subject to adjustments related to the amount of
outstanding debt and the amount of cash and deposits to be
transferred on the effective date.

Standard & Poor's considers the sale of the mobile telephone
business, which is characterized by fierce competition and
volatile profitability, to be a positive factor for Sanyo
allowing it to enhance its business franchise and concentrate
its management resources on its core businesses, particularly
rechargeable batteries and solar cells.  The final agreement,
however, is largely consistent with the basic agreement reached
in October 2007, while the effect of the sale on Sanyo's credit
quality is likely to be such that it remains within the range of
the current rating.

An upgrade will depend on Sanyo's steady progress in enhancing
the competitiveness of its core businesses, as laid down in the
current medium-term management plan, and improving cash flow
generation and financial stability.  Meanwhile, continued close
attention must be paid to any change in support from the
financial institutions, which are Sanyo's major shareholders, as
well as to any judgment passed down by the Tokyo Stock Exchange,
which placed Sanyo's shares on the supervising post after it
recently voluntarily restated its earnings reports.

                        Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                         *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

The company also carries Standard & Poor's 'BB-' long-term
corporate credit rating.


TELE NORTE: Offers Contax Share to GP in Exchange for Oi Shares
---------------------------------------------------------------
News daily Valor Economico reports that Brazil's investment
group GP Investimentos has received an offer to increase its
shares in call center company Contax Participacoes in return for
its shares in Oi, fka Tele Norte Leste Participacoes.

Business News Americas relates that once GP Investimentos
accepts the offer, it would leave the telephony sector but would
boost its share in Contax Participacoes.

According to BNamericas, Tele Norte and Contax main controllers
La Fonte and Andrade Gutierrez are considering delivering to GP
Investimentos a share of Contax Participacoes' stocks as their
part in the deal.

BNamericas notes that the shares to be possibly acquired by GP
Investimentos would increase in their original value.  Contax
Participacoes could be responsible for the call center services
of Brasil Telecom, which would be acquired by Tele Norte.

Meanwhile, pension funds would unload part of their shares in
Tele Norte to make the merger with Brasil Telecom possible,
BNamericas says.  They questioned the transparency of including
Contax Participacoes in the talks with GP Investimentos.

Possible forms of payment are being revised due to pension funds
discontent, BNamericas states.

                About Contax Participacoes

Contax Participacoes S.A. is engaged in the provision of
outsourcing contact center services to commercial and civil
companies and its only controlled company, TNL Contax S.A. in
Brazil.  Contax Participacoes specializes in designing,
implementing, and operating complex contact centers, aiming at
helping its clients to improve their customer relationships and
maximize the value they provide to them.  The company offers a
variety of channels of communication to interact with customers,
including voice, web, e-mail, mail and fax services.  Among
Contax Participacoes' clients are many of Brazil's large-scale
companies of the telecommunications, financial services,
utilities and Internet sectors, among others.  By the end of
2006, the company had 49,132 employees and operated 22,407
workstations distributed throughout 16 contact centers in
eight Brazilian states. The Company is part of the Telemar
Group.

                    About GP Investimentos

GP Investimentos Ltda. is the investment firm created in 1993 by
the controlling shareholders of Lojas Americanas S.A., Companhia
Cervejaria Brahma (currently Ambev) and Banco de Investimentos
Garantia S.A. (currently CSFB Garantia).  GP Investimentos
undertakes principal transactions on behalf of the Partners and
third-party investors.

                    About Brasil Telecom

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional long-
distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                    About Telemar Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes SA -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

As reported on April 27, 2007, Standard & Poor's placed on
CreditWatch with negative implications the 'BB+' corporate
credit rating on Tele Norte Leste Participacoes S.A.  The
creditwatch resulted from TmarPart's decision to buy out its
holding company's preferred shares.


UAL CORP: Commences Merger Talks w/ Delta Air & Northwest Air
-------------------------------------------------------------
UAL Corp. and Northwest Airlines Corp. have engaged in formal
merger talks with Delta Air Lines Inc., reports The Wall Street
Journal.

WSJ says Delta, which is in the early stages of discussions with
both Northwest and UAL, hopes to reach an agreement with one of
them over the next two weeks.

Delta is anticipating a deal disclosure early as mid-February
after Delta's board meeting scheduled early in the month, says
the report.

"A special committee of the board is working with management to
explore strategic options, including potential consolidation
transactions.  However, we are not providing updates, while this
process is ongoing," Delta spokeswoman Betsy Talton, said.

Northwest and UAL declined to comment.

A UAL-Delta or a Northwest-Delta merger, which would likely be a
stock for stock transaction, would make Delta the largest
airline in the world, according to reports.

Experts in the airline industry, however, believe that a
Northwest-Delta merger is more likely as Delta's Chief Executive
Richard Anderson was previously CEO at Northwest, and is already
well acquainted with Northwest's operations.

Senator Johnny Isakson, a Georgia Republican, said that Mr.
Anderson told him in December that if there's a merger or an
acquisition, Delta would keep its name and Atlanta hub,
Bloomberg News reports.

                        About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

                        *     *     *

Fitch Ratings, on May 2007, affirmed the Issuer Default Ratings
of UAL Corp. and its principal operating subsidiary United
Airlines Inc. at B-.


UAL CORP: Reports Highest Annual Pre-tax Income Since 1999
----------------------------------------------------------
UAL Corporation reported on Jan. 22, 2008, pre-tax income of
US$695 million for 2007, the highest since 1999.  Pre-tax income
excluding special items and severance was US$606 million, US$665
million higher than 2006.

The company:

     -- Reported annual diluted earnings per share (EPS) of
        US$2.79, despite a basic loss per share of US$0.47 in
        the fourth quarter.

     -- Increased annual mainline passenger unit revenue (or
        PRASM) by 7.1 percent year-over-year, excluding special
        items, through continued capacity discipline and revenue
        execution, with fourth quarter mainline PRASM increasing
        13.1 percent year-over-year.

     -- Continued its focus on controlling costs, with 2007
        annual operating expenses increasing 1.1 percent versus
        2006.

     -- Generated operating cash flow of US$2.1 billion in 2007,
        a 37 percent increase from 2006.

     -- Strengthened its balance sheet in 2007 by reducing on
        and off balance sheet debt by US$2.3 billion, including
        a reduction of nearly US$700 million in the fourth
        quarter.  The company ended the year with an
        unrestricted cash and short-term investments balance of
        US$3.6 billion as of Dec. 31, 2007, and restricted cash
        of US$0.8 billion.

     -- Announced a special distribution of US$2.15 per share of
        UAL common stock, or approximately US$250 million, to
        holders of record as of Jan. 9, 2008.

     -- Reported that employees had earned about US$170 million
        of cash payments related to 2007 performance, composed
        of approximately US$110 million in profit-sharing, US$40
        million in Success Sharing incentives and US$20 million
        from the special distribution.

                  2007 Earnings Growth Driven
                 By Strong Revenue Performance

The company generated net income of US$403 million in 2007, the
first full-year profit since 2000, excluding reorganization
items.  Excluding special and reorganization items and
severance, 2007 net income of US$352 million was US$417 million
higher than 2006.

On a full-year basis, the company reported pre-tax income of
US$695 million, or US$606 million excluding special items and
severance, resulting in a pre-tax margin of 3.0 percent compared
to a negative 0.3 percent for full-year 2006.  The company
generated US$1.0 billion of operating income for the year, or
US$948 million excluding special items and severance, US$515
million or nearly 120 percent higher than 2006, more than
doubling operating margin to 4.7 percent.

The company's fourth quarter results were negatively affected by
the sharp rise in the price of fuel.  While the company reported
passenger unit revenue growth that was among the best in the
industry, consolidated fuel expense increased US$359 million as
fuel prices rose more than 25 percent versus last year.  As a
result, the company reported an operating loss of US$64 million
for the fourth quarter of 2007, a pre-tax loss of US$98 million
and a net loss of US$53 million, US$8 million better than the
fourth quarter of 2006.

"Our employees and management team made real progress in 2007 to
strengthen the core airline and provide a return to
shareholders, delivering the highest annual profit since 1999,"
said Glenn Tilton, United chairman, president and CEO.  "We will
continue to improve in 2008, as we add breadth to our leadership
team in areas critical to the success of our strategy such as
strategic sourcing and information technology, that we will
leverage to reduce our costs, improve our operation and
strengthen the infrastructure we use to deliver enhanced
services for our customers."

Annual operating expenses increased 1.1 percent versus 2006,
while full-year 2007 mainline CASM, excluding fuel, special
items and severance, was up 3.1 percent.  Fourth quarter
operating expenses increased by US$531 million or approximately
11.6 percent year-over-year primarily due to the US$359 million
increase in consolidated fuel expense.  Fourth quarter mainline
CASM, excluding fuel and special items, of 8.28 cents was up 9.2
percent year-over-year driven mainly by lower capacity, higher
heavy maintenance volumes, increased purchased services expense
for information technology deployment and efficiency and revenue
improvement initiatives, as well as higher profit-sharing
expense.  Additionally, the severe winter storms that took place
in Chicago and Denver in December increased staffing, glycol and
other related costs for the quarter.

The company's consolidated passenger revenue for the fourth
quarter includes approximately US$55 million of non-cash revenue
relating to the quarterly amortization of the benefit from the
change to the expiration period for inactive Mileage Plus
accounts announced in January 2007.  In addition, at year-end
when miles expired for the first time under the new policy, the
company recorded mileage expiration that was higher than it had
estimated in previous quarters.  As a result, the company
recognized approximately US$66 million of incremental non-cash
revenue, bringing the total impact of the change in the policy
to US$121 million for the fourth quarter.  Offsetting this, the
change to deferred revenue accounting for the Mileage Plus
program, from the previous incremental cost method, decreased
passenger revenue by US$61 million in the fourth quarter of
2007, US$34 million lower than the effect of deferred revenue
accounting in the fourth quarter of 2006.  In total, these
Mileage Plus changes resulted in consolidated passenger revenue
increasing by US$60 million for the fourth quarter, and on a
year-over-year basis resulted in revenue increasing by US$155
million.

Annual mainline unit earnings, which is mainline revenue per
available seat mile (RASM) minus mainline CASM, excluding fuel,
special items and severance, increased 13.6 percent in 2007
compared to 2006.  Mainline unit earnings for the fourth quarter
of 2007 decreased to (0.19) cents from 0.07 cents a year ago,
while mainline unit earnings, excluding fuel and special items,
increased 19.2 percent to 3.91 cents from 3.28 cents last year.

Regional affiliates' annual contribution to operating income
increased US$45 million or 58 percent in 2007.  For the quarter,
the regional operation reported break-even operating income as a
9.6 percent increase in regional affiliate revenue was offset by
a 9.3 percent increase in operating expenses due to higher fuel
prices.

The company recorded a largely non-cash, full-year income tax
expense of US$297 million for 2007 and a non-cash income tax
benefit of US$43 million for the fourth quarter.  The effective
tax rates for the year and the quarter were 43 percent and 44
percent, respectively.  Because of its Net Operating Loss carry-
forwards, the company expects to pay minimal cash taxes for the
foreseeable future.

         Focus On Balance Sheet Improvement Continues

Despite the seasonally slower quarter and the rapid escalation
of fuel prices, the company generated positive operating cash
flow of US$132 million, ending the year with an unrestricted
cash and short-term investments balance of US$3.6 billion and a
restricted cash balance of US$756 million.

Including both on and off balance sheet debt and deducting the
debt securities the company repurchased during the year, the
company reduced total debt by US$2.3 billion in 2007.  On the
same basis, during the fourth quarter, the company reduced total
debt by US$681 million, including a US$500 million pay down on
its credit facility and the repurchase of US$20 million of debt
securities. The repurchased securities are classified as
available-for-sale investments in the consolidated balance
sheet.  The company separately records interest income and
interest expense on the repurchased notes; the related savings
in financing costs from these investments are included in the
total savings from debt repurchases noted below.

The company expects to reduce annual net financing costs by
approximately US$120 million through the transactions it has
implemented in 2007.

Full-year free cash flow, defined as operating cash flow less
capital expenditures, increased by 23 percent year-over-year to
US$1.5 billion, and to US$1.7 billion after excluding the impact
certain aircraft refinancing transactions in 2007.  Fourth
quarter free cash flow was a negative US$98 million, reflecting
the significant increase in fuel prices and a US$120 million
year-over-year increase in capital expenditures to US$230
million.

On Jan. 23, 2008, the company will make a special distribution
of US$2.15 per share to common stockholders.  The total payment
to stockholders will be approximately US$250 million, including
approximately US$20 million to employee shareholders.

"We made significant financial strides in 2007 -- delivering
among the best revenue and free cash flow performance in the
industry, paying down more than US$2.0 billion of debt and
continuing our focus on cost control," said Jake Brace, EVP and
chief financial officer.  "We are pleased to be making a US$250
million distribution to our shareholders tomorrow, and that
employees earned US$170 million in cash payments related to our
2007 performance -- a well earned reward for their hard work
throughout the year."

                 Strong Revenue Growth Enabled
               By Continued Capacity Discipline

The company's focus on capacity discipline and revenue execution
continues to drive strong revenue performance both
internationally and domestically.  Total revenues, excluding
special items, increased by 3.9 percent in 2007 compared to the
prior year and increased by 9.7 percent in the fourth quarter
versus the same period last year, driven by growth in passenger
and cargo revenue that was partially offset by the elimination
of pass-through sales for our fuel subsidiary, UAFC.

Full-year 2007 consolidated passenger revenue per available seat
mile (PRASM), excluding special items, increased 6.5 percent
year-over-year, driven by a 5.9 percent increase in passenger
yield, which includes the effect of the changes in Mileage Plus
accounting.

The company's 2007 mainline RASM increased by 4.7 percent, as
the increase in passenger yield was partially offset by a
decline in other operating revenues due to the elimination of
US$307 million in pass-through sales for our fuel subsidiary,
UAFC. Excluding UAFC and special items, mainline RASM increased
by 6.5 percent from 2006.

Total passenger revenues increased by 11.6 percent in the fourth
quarter compared to the prior year driven by a 13.0 percent
consolidated yield improvement, which includes the effect of
changes in Mileage Plus accounting.  Fourth quarter mainline
domestic PRASM increased by 12.3 percent, aided by a 5.0 percent
reduction in capacity.  International markets continued to
produce strong unit revenue growth; international PRASM grew
14.9 percent in the fourth quarter compared to the same period
last year despite a 5.0 percent increase in international
capacity year-over-year.

In total, consolidated PRASM increased by 12.6 percent versus
the fourth quarter of 2006.  Fourth quarter mainline PRASM
increased by 13.1 percent on a 1.2 percent decrease in traffic,
a 1.0 percent decrease in capacity and a 13.5 percent increase
in yield.

                      About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

                        *     *     *

Fitch Ratings, on May 2007, affirmed the Issuer Default Ratings
of UAL Corp. and its principal operating subsidiary United
Airlines Inc. at B-.


* BRAZIL: Petrobras Says Pre-Salt Layer Has Exploratory Success
---------------------------------------------------------------
Petroleo Brasileiro SA's exploration & production director,
Guilherme Estrella, during a press conference held at Petrobras'
main office building, said: "All of the pre-salt blocks achieved
exploratory success, something that confirms the region's high
prospectivity."  The discovery of the natural gas and condensate
field in the area called Jupiter, in the Santos Basin,
reinforced the notion there is practically no exploratory risk
in pre-salt layer.

In the Santos Basin alone, the company has stakes in 13 blocks
in initial exploratory phase in the pre-salt layer.

Mr. Estrella also highlighted the similarities between the Tupi
and Jupiter dimensions.  "This new field's geological structure
indicates an area of 1,200 square kilometers, similar to
Tupi's."  The pioneer well, 1-BRSA-559-RJS (1-RJS-652), called
Jupiter, is nestled at a final depth of 5,252 meters, 290 km off
the Rio de Janeiro State coast, and 37 km from the Tupi area, at
a water depth of 2,187 m.

The discovery is located in reservoirs at depths of some 5,100
meters, and the rock that bears hydrocarbons is more than 120
meters thick, above other gas-producing reservoir average.

The consortium will advance with the activities and make the
investments required to check this new field's dimensions, as
well as the natural gas and condensate reservoir
characteristics.  A discovery evaluation plan is being
elaborated and will be sent to the NPA, as foreseen in the
concession agreement.

Business News Americas relates that Petrobras holds an 80% stake
in the well while Portuguese oil firm Galp owns 20% of the well.

A Petrobras spokesperson told BNamericas that the firm will
conduct an evaluation plan for the area.  The plan will let the
firm determine the accurate volumes of recoverable natural gas.

Mines and energy minister Edison Lobao commented about the block
to news service Agencia Estado, "It is a mega natural gas field.
It will help Brazil, in the short term, to be self-sufficient in
natural gas."

Rio de Janeiro-based brokerage Banco do Brasil market analyst
Nelson Rodrigues do Santos told BNamericas that the new find is
good for Petrobras and Galp.  However, the analyst said that the
recoverable reserves in the well must be determined.

"Then, we need to learn how Petrobras will redirect these
natural gas volumes to Rio de Janeiro," Mr. Rodrigues do Santos
commented to BNamericas.

Mr. Rodrigues do Santos told BNamericas that natural gas has its
own transportation logistics and that Petrobras may convert it
to liquefied natural gas or connect BM-S-24 to Rio through
special transmission lines.  According to the analyst, the main
advantage is that the well is near Tupi and this will help
Petrobras in terms of synergies and cost reductions.  However,
output from the block will be possible next decade.

Sao Paulo-based brokerage Ativa market analyst Monica Araujo
said in a report to investors that the BM-S-24 evaluation plan
will be disclosed in the next six to 12 months.

"The natural gas business is not very relevant to Petrobras'
consolidated results, but the company sees this operation as
strategic," Ms. Araujo told BNamericas.

                        *     *     *

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


AAA 2006-1: Final Shareholders Meeting Is Today
-----------------------------------------------
AAA 2006-1 Ltd. will hold its final shareholders meeting on
Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


ACA CDS: Holding Final Shareholders Meeting Today
-------------------------------------------------
ACA CDS 2002-1, Limited, will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


ALBANY INTERNATIONAL: Final Shareholders Meeting Is Today
---------------------------------------------------------
Albany International Receivables Corporation will hold its final
shareholders meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

Albany International's shareholders agreed on Oct. 31, 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


ALLIANCE DHO: To Hold Final Shareholders Meeting Today
------------------------------------------------------
Alliance DHO, Limited, will hold its final shareholders meeting
on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


ALLIANCE GLOBAL: To Hold Final Shareholders Meeting Today
---------------------------------------------------------
Alliance Global Diversified Holdings, Limited, will hold its
final shareholders meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


ARBOR I: Final Shareholders Meeting Is Today
--------------------------------------------
Arbor I Ltd. 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.

Arbor I's shareholder agreed 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:

             Beverly Bernard
             Mitzi D. Smith
             P.O. Box 1109
             Grand Cayman KY1-1102, Cayman Islands
             Telephone: 949-7755
             Fax: 949-7634


BALEARES LEASING: Holding Final Shareholders Meeting Today
----------------------------------------------------------
Baleares Leasing Ltd. will hold its final shareholders meeting
on Jan. 24, 2008, at 10:45 a.m. at:

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


BAMBOO SHIPFINANCE: Final Shareholders Meeting Is Today
-------------------------------------------------------
Bamboo Shipfinance Corporation will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

Bamboo Shipfinance's shareholders agreed on Nov. 2, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


BANK OF INDIA: Earns INR5.12 Bil. in Qtr. Ended Dec. 31, 2007
-------------------------------------------------------------
The Bank of India posted a net profit of INR5.12 billion on
revenues totaling INR37.05 billion for the three months ended
Dec. 31, 2007.  The result is a huge improvement compared to the
figures earned during the corresponding quarter in 2006 --
INR2.55 billion profit on revenues of INR26.41 billion.

With operating expenses of INR6.62 billion and interest
expenditure of INR20.72 billion, the bank booked an operating
profit of INR9.71 billion in Oct.-Dec. 31, 2007.  The bank also
recorded INR2.31 billion in provision and contingencies and
INR2.28 billion in taxes.

During the quarter, BoI raised Tier I capital of INR1.55 billion
in the form of Innovative Perpetual Debt Instrument, the bank
noted.

A copy of the bank's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

               http://ResearchArchives.com/t/s?2740

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *     *     *

Moody's Investors Service gave a Ba2 rating to the bank's
Foreign LT Bank Deposits.


BLUE AND RED: Holding Final Shareholders Meeting Today
------------------------------------------------------
Blue and Red Corporation will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

Blue and Red's shareholders agreed on Oct. 31, 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


BRAZIL REPACKAGED: To Hold Final Shareholders Meeting Today
-----------------------------------------------------------
Brazil Repackaged Bonds Limited will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


CHAMBERS STREET: Final Shareholders Meeting Is Today
----------------------------------------------------
Chambers Street CDO, Ltd., will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


CMBSPOKE 2005-II: Holding Final Shareholders Meeting Today
----------------------------------------------------------
CMBSPOKE 2005-II, Ltd., will hold its final shareholders meeting
on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

CMBSPOKE 2005-II's shareholders agreed on Nov. 16, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


COMET ALPHA: To Hold Final Shareholders Meeting Today
-----------------------------------------------------
Comet Alpha Ltd. will hold its final shareholders meeting on
Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

Comet Alpha's shareholders agreed on Oct. 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:

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


DUKE FUNDING II: Final Shareholders Meeting Is Today
----------------------------------------------------
Duke Funding II, Ltd., will hold its final shareholders meeting
on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


DUKE FUNDING III: Holding Final Shareholders Meeting Today
----------------------------------------------------------
Duke Funding III, Ltd., will hold its final shareholders meeting
on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


EQUITY SPECIAL: Final Shareholders Meeting Is Today
---------------------------------------------------
Equity Special Situations IV (Cayman) Limited will hold its
final shareholders meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


FY FUNDING: To Hold Final Shareholders Meeting Today
----------------------------------------------------
F.Y. Funding, Ltd., will hold its final shareholders meeting on
Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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


GSCP GF: Final Shareholders Meeting Is Today
--------------------------------------------
GSCP GF II Limited will hold its final shareholders meeting on
Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


HIGH RIDGE: Holding Final Shareholders Meeting Today
----------------------------------------------------
High Ridge CLO 2007-II, Limited, will hold its final
shareholders meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


KNIGHT II: Final Shareholders Meeting Is Today
----------------------------------------------
Knight II Funding Ltd. will hold its final shareholders meeting
on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


MARINER CDO: Holding Final Shareholders Meeting Today
-----------------------------------------------------
Mariner CDO 2002, Ltd., will hold its final shareholders meeting
on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


MASTR CI-3: To Hold Final Shareholders Meeting Today
----------------------------------------------------
MASTR CI-3 will hold its final shareholders meeting on
Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

MASTR CI-3's shareholders agreed on Oct. 24, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


M.F. CAPITAL: Final Shareholders Meeting Is Today
-------------------------------------------------
M.F. Capital Corporation will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

M.F. Capital's shareholders agreed on Oct. 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:

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


M.T. CAPITAL: Holding Final Shareholders Meeting Today
------------------------------------------------------
M.T. Capital Corporation will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

M.T. Capital's shareholders agreed on Oct. 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:

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


PARMALAT SPA: Creditors Convert Warrants for 46,169 Shares
----------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by EUR46,169
to EUR1,652,466,014 from EUR1,652,419,845.

The share capital increase is due to the exercise of 46,169
warrants.

The latest status of the share allotment is that 33,500,932
shares representing approximately 2.0% of the share capital are
still in a deposit account c/o Parmalat S.p.A., of which:

    * 13,446,885 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,476,689 shares as at Dec. 20, 2007);

    * 20,053,148 or 1.2% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

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

      -- 19,933,148 or 1.2% of the share capital that pertain to
         currently undisclosed creditors (compared with
         20,334,819 shares as at Dec. 20, 2007).

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

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

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

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

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

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


PETRA CAPITAL: Final Shareholders Meeting Is Today
--------------------------------------------------
Petra Capital Limited will hold its final shareholders meeting
on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


PETRA CAPITAL II: Holding Final Shareholders Meeting Today
----------------------------------------------------------
Petra Capital II Limited will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


PLATO INVESTMENT: Final Shareholders Meeting Is Today
-----------------------------------------------------
Plato Investment Management Corporation will hold its final
shareholders meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


ROBECO CDO: To Hold Final Shareholders Meeting Today
----------------------------------------------------
Robeco CDO Finance Limited will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


STUYVESANT CDO: Holding Final Shareholders Meeting Today
--------------------------------------------------------
Stuyvesant CDO II, Ltd., will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


TRIPLE ONE: Final Shareholders Meeting Is Today
-----------------------------------------------
Triple One Funding Limited will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


VENEZUELA INVESTMENTS: Holding Final Shareholders Meeting Today
---------------------------------------------------------------
Venezuela Investments Limited will hold its final shareholders
meeting on Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


Y & M: Final Shareholders Meeting Is Today
------------------------------------------
Y & M Capital will hold its final shareholders meeting on
Jan. 24, 2008, at:

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

These agendas will be taken during the meeting:

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

Y & M' shareholders agreed on Oct. 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:

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




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


GENERAL MOTORS: Sales Up by 19% in LatAm, Africa & Middle East
--------------------------------------------------------------
General Motors Latin America, Africa and Middle East (GM LAAM)
region set an all-time CYTD record in 2007, selling 1,235,913
vehicles, up 200,600 units over 2006.  GM's volume increase of
19.4 percent for the year outpaced the industry growth rate for
the region.  In addition, LAAM's annual market share increased
to 17.2 percent for the year, representing its highest annual
share.

GM LAAM sold an all-time quarterly record 341,000 units in the
fourth quarter of 2007 to propel the growth.  This constitutes
an 18 percent increase year-over-year.

Maureen Kempston Darkes, GM group vice president and president
of GM LAAM said, "LAAM had a solid year of growth.  Strong
demand for GM products, strong economies and the right product
mix - lead by Chevrolet - all played a role in the growth for
2007."

"We are effectively utilizing GM's global product portfolio,
investing in our markets, strengthening our dealer network and
customer service and always evaluating new engineering and
manufacturing opportunities.  We are seeing significant growth
in our emerging markets and, with some diligence, expect the
growth to continue into 2008."

GM LAAM's record-breaking year was led by Brazil, which is now
GM's third largest market behind the U.S. and China.  All-time
records were set by GM in Argentina, Brazil, Chile, Colombia,
Egypt and Venezuela.  Chevrolet Corsa, Aveo and Celta were the
top three sellers across the region in 2007.

                          About GM

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

                        *     *     *

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

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


SOLUTIA INC: DuPont Demands Payment of US$1,394,718 Admin. Claim
----------------------------------------------------------------
E.I. DuPont de Nemours and Company asks the U.S. Bankruptcy
Court for the Southern District of New York to compel Solutia
Inc. and its debtor-affiliates to immediately pay a US$1,394,718
administrative claim.

DuPont sold certain product on an exclusive basis to Solutia
Inc., pursuant to a contract dated Jan. 1, 2002.  The Contract
was assumed by Solutia pursuant to an order approved by the
Court in Oct. 19, 2005.

Allan L. Hill, Esq., at Phillips Lytle LLP, in New York, relates
that the Contract contained a "Meet or Release" provision, which
provided that if Solutia received an offer from a third party
supplier to supply Material to Solutia at a lower price than the
price currently charged by DuPont, then Solutia could demand
that DuPont either match the price of the new offer or release
Solutia from its obligation to purchase the Material from
DuPont.  By letter dated Feb. 17, 2006, Solutia invoked the
"Meet or Release" provision.

DuPont elected to "meet" the offer of the third party supplier,
effective immediately, subject to a third party audit to
determine whether Solutia met the terms of the "Meet or Release"
provision, Mr. Hill says.  Solutia and DuPont entered into an
amendment to the Contract as of March 1, 2006, to reflect those
new terms.  The Contract Second Amendment states that "if the
third party auditor . . . concludes that Solutia has failed to
comply with the meet or release clause of the Contract . . .
this Amendment shall be null and void and the Contract shall
continue as if this Amendment were never executed."

By letter agreement dated March 31, 2006, Solutia and DuPont
agreed to the terms under which a third party auditor would make
the determination of whether Solutia properly invoked the "Meet
or Release" provision.

On Aug. 29, 2007, BDO Seidman LLP, the third party auditor,
issued a report setting forth its conclusion that "Solutia did
not meet the terms of the 'Meet or Release' clause."

As a result of the BDO report, the Contract Second Amendment
setting forth reduced prices for the Material provided by DuPont
to Solutia is, by its own terms, null and void.  Mr. Hill
contends that DuPont is entitled to the difference between what
Solutia paid for Material between March 1, 2006, and
Dec. 31, 2006, and what Solutia should have paid in absence of
the Contract Second Amendment, plus interest and certain
rebates.  Solutia has refused to pay the Claim Amount.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  (Solutia Bankruptcy News, Issue
No. 114; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.


SOLUTIA INC: Files 2nd Supplement to Stock Offering Prospectus
--------------------------------------------------------------
Solutia Inc. filed with the Securities and Exchange Commission a
second supplement to its Nov. 21, 2007 prospectus with respect
to the rights offering for 28,906,562 shares of new common
stock.  The Supplement dated Jan. 14, 2008, amends and updates
the Prospectus.

Solutia is pursuing a proposed private placement of debt
securities and is meeting with potential lenders for its
anticipated new senior secured asset-based revolving credit
facility and new senior secured term loan facility.

The securities to be issued in the proposed private placement
will not be registered under the Securities Act of 1933, as
amended, and will not be offered or sold absent registration or
an applicable exemption from registration requirements.  Solutia
expects, but cannot provide any assurances that it will emerge
from bankruptcy by the end of January 2008.

Solutia distributed rights to subscribe for 28,906,562 shares of
the company's new common stock to certain pre-petition general
unsecured creditors, noteholders and holders of common stock.

Eligible creditors to participate in the creditor rights
offering may purchase new common stock at US$13.33 per share.
Eligible stockholders that will participate in the equity rights
offering may purchase new common stock at US$17.23 per share.

Solutia disclosed that the closing price of its new common stock
was reported on the New York Stock Exchange at US$17.60 per
share as of Jan. 11, 2008.  The ticker symbol for the stock is
"SOA."  Currently the ticker symbol also includes the "wi"
notation, which means the stock is being traded on a "when
issued" basis. The "wi" notation will be removed when the stock
begins "regular way" trading.

Rosemary L. Klein, senior vice president, general counsel and
corporate secretary of Solutia, reports that assuming that the
confirmed Plan is consummated, certain creditors, holders of
equity interests or other entities may own significant portions
of the new common stock and may be principal stockholders of the
newly reorganized company.

The potential principal stockholders of reorganized Solutia
include Merrill Lynch, Pierce, Fenner and Smith Incorporated;
funds managed by Longacre Fund Management, LLC, and by Murray
Capital Management, Inc.; Bear, Stearns & Co. Inc.; Highland
Crusader Holding Corporation, and UBS Securities, LLC.

Those companies and their affiliates may potentially be holders
of up to 31% of the outstanding new common stock as a result of
their commitment obligation in case the creditor rights offering
at US$13.33 per share is not fully funded, according to Ms.
Klein.

Additionally, the Monsanto Company may potentially be a holder
of up to 17% of the outstanding new common stock, assuming the
equity rights offering at US$17.23 per share is not fully
funded.

Ms. Klein says that a significant portion of Solutia's debt and
equity is held in street name and through nominees.  Holders of
the company's debt, equity and claims are also able to trade in
those holdings until it emerges from Chapter 11.

Therefore, Solutia is unable to ascertain from the claims and
equity registers in its Chapter 11 case the aggregate amount of
new common stock that the potential principal stockholders, or
any other entity, will own of the emerged company.

A full-text copy of the Second Supplement to the Prospectus is
available for free at:

             http://ResearchArchives.com/t/s?273d

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and $3,223,000,000 in debts.

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  (Solutia Bankruptcy News, Issue
No. 114; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed $1.2 billion senior secured
term loan and a '3' recovery rating, indicating the likelihood
of a meaningful (50%-70%) recovery of principal in the event of
a payment default.  The ratings are based on preliminary terms
and conditions.  S&P also assigned its 'B-' rating to the
company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.




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


* ECUADOR: Launching Trade Office in Iran Next Month
----------------------------------------------------
The Ecuadorian government told Spanish news agency EFE that it
would launch a trade office in Iran in February.

According to newKerala.com, Ecuadorian President Rafael Correa
commented to a radio station, "In February we'll be inaugurating
the trade office in Tehran."

Trade relations with Iran is under the Ecuadorian government's
policy of trade expansion in the Middle East, Asia and Latin
America, newKerala.com relates, citing President Correa.

                        *     *     *

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


ALCATEL-LUCENT: Names Andy Williams as Services Biz Chief
---------------------------------------------------------
Alcatel-Lucent S.A. disclosed that Andy Williams will become
President of the company's Services Business. He will be a
member of the management committee.  He replaces John Meyer who
is leaving the company to become the CEO and President of Acxiom
Corporation.

Andy Williams currently heads the Network Operations business
globally for Alcatel-Lucent's Services group.

"Andy Williams is a very experienced business leader with
extensive knowledge of the communications industry," said Pat
Russo, CEO of Alcatel-Lucent.  "Throughout his career Andy
Williams has had a broad set of experiences including senior
positions running a large Services business, identifying and
assessing business opportunities, creating solutions and
developing and transforming businesses."

Andy Williams headed the former Lucent Technologies European
business, responsible for all of the company's activities in the
region.  He joined the company in 2005 from IBM, where he worked
for 25 years and held a number of senior leadership positions.

Prior to joining the former Lucent company, he served as general
manager of the Public Sector Services business in EMEA, part of
IBM Global Services.  His was responsible for the overall region
IT services business in Public Sector, including profit and
loss, consulting, systems integration and strategic outsourcing.

Andy Williams holds degrees in mathematics from Cambridge
University in the U.K.

                     About Alcatel-Lucent

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

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

                        *     *     *

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

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




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


MILLICOM INTERNATIONAL: Redeems US$200 Mil. 4% Convertible Bonds
----------------------------------------------------------------
Millicom International Cellular S.A. has completed the early
redemption of its US$200,000,000 4% Convertible Bonds due 2010,
as is permitted under the agreement.

Following the conversion of US$1 million of bonds into 28,686
SDRs in October 2007, the bondholders have converted a further
US$196 million of the remaining US$199 million of the
outstanding bonds into 5,407,327 Ordinary Shares and 215,144
SDRs.  The company has repaid in cash the face value of US$3
million of bonds and accrued interest to those bondholders who
did not convert their bonds as of the conversion deadline of
Jan. 11, 2008.  This process is pursuant to Section 7(b) of the
terms and conditions of the 4% Convertible Bonds due 2010.  The
total number of Millicom shares outstanding following the
conversion is 108,041,517.

Marc Beuls, Millicom Chief Executive Officer commented, "The
redemption of the 4% Convertible Bonds will reduce our corporate
debt and, over time, we will increase debt within our operating
companies which will increase balance sheet efficiency and have
a positive impact on the consolidated tax position.  Millicom
will save some US$15.8m in interest costs by paying back this
debt early."

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America
Nov. 16, 2007, Moody's Investors Service has upgraded ratings of
Millicom International Cellular S.A.  The corporate family
rating was upgraded to Ba2 from Ba3 and the rating on the
existing senior notes was upgraded to B1 from B2.  Moody's said
the outlook on the ratings is stable.




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


* HONDURAS: Will Likely Join Petrocaribe
----------------------------------------
The Honduran National Congress is evaluating the country's entry
into the Latin American energy cooperation initiative called
Petrocaribe, various reports say.

Honduran Presidential Minister Enrique Flores, according to
Prensa Latina, offered to send authorities from the Honduran
Central Bank and the Finance Ministry, among others, to the
congressional analysis.

"We are convinced that Petrocaribe is completely beneficial for
the people of Honduras," Inside Costa Rica states, citing Mr.
Flores.

Mr. Flores considered Venezuelan President Hugo Chavez's
proposal as an avenue for Honduras to pay for fuel with goods
and services, the same paper adds.

Poor countries could get oil at lower prices and soft financing
conditions even without their own fuel sources through
Petrocaribe, Prensa Latina affirms.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


BAUSCH & LOMB: Projects 4th Qtr. Revenues of Up to US$660 Mil.
--------------------------------------------------------------
Bausch & Lomb Inc. disclosed Sunday certain preliminary and
unaudited fourth-quarter and full-year 2007 financial metrics.

While the company has not yet finalized its financial close
process, including purchase accounting associated with the
recently completed merger with affiliates of Warburg Pincus, it
currently projects it will report fourth-quarter net sales of
between US$654.0 million and US$660.0 million, compared to
US$597.6 million in the same period in 2006.

The company currently projects fourth-quarter Adjusted EBITDA of
between US$120.0 million and US$126.0 million, compared to
US$85.7 million in the year-ago period.

For the full year, Bausch & Lomb currently projects it will
report net sales between US$2.513 billion and US$2.519 billion,
compared to US$2.292 billion in 2006.

The company currently projects full-year Adjusted EBITDA of
between US$408.0 million and US$414.0 million, compared to
US$338.5 million in 2006.

These selected financial metrics are estimates and subject to
change.  Bausch & Lomb's auditors have not completed their audit
procedures for the year ended Dec. 29, 2007.  Bausch & Lomb
cautions investors not to place undue reliance on the company's
preliminary financial information as herein presented.

Adjusted EBITDA excludes: non-cash stock compensation expense;
direct charges associated with the MoistureLoc(R) lens care
solution recall; the impact of the 2007 reversal of certain
Brazilian tax reserves based on amnesty granted by the tax
authority; expenses incurred in connection with brand rebuilding
efforts subsequent to the MoistureLoc recall; fees and other
costs associated with the merger between the company and
affiliates of Warburg Pincus; fees associated with the defense
of product liability cases related to the MoistureLoc recall and
shareholder lawsuits, as well as the cost of actual MoistureLoc
claims settled; fees related to accounting investigation and
enhanced audit procedures; and other adjustments.

Estimated adjustments to EBITDA included in the company's
current projections for the fourth quarter and full-year 2007
totaled approximately US$93.0 million and US$132.0 million,
respectively.  Such adjustments to EBITDA totaled US$19.4
million and US$98.4 million for the fourth quarter and full-year
2006, respectively.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- is an eye health company whose
core businesses include soft and rigid gas permeable contact
lenses and lens care products, and ophthalmic surgical and
pharmaceutical products.  Founded in 1853, the company employs
more than 13,000 people worldwide and its products are available
in more than 100 countries.

                        *     *     *

Bausch & Lomb Inc. still carries Moody's Investors Service 'B2'
corporate family, 'B1' bank loan debt, 'Caa1' senior unsecured
debt, and 'B2' probability of default ratings, which were last
placed on Oct. 5, 2007.


ENESCO GROUP: Amended Plan Confirmation Hearing Moved to Jan. 30
----------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Illinois continued the hearing to Jan. 30, 2008, at 10:00 a.m.
to consider confirmation of Enesco Group, Inc. and its debtor-
affiliates' Second Amended Chapter 11 Plan of Liquidation.

The Court previously set Nov. 28, 2007, to consider confirmation
of the Debtors' Second Amended Liquidation Plan.

The Debtors related that the Plan proposes to liquidate the
remaining assets of the Debtors and distribute the proceeds to
the holders of the allowed claims.  The principal source of the
distributions will be:

   a) cash on hand as of the effective date of the Plan;

   b) proceeds from the Debtors' lender settlement;

   c) proceeds and tax refunds arising out of the resolution of
      the Hong Kong Tax Dispute;

   d) proceeds from the Contingency Litigation Agreement; and

   e) Litigation Trust Proceeds.

           Summary Treatment of Claims Under The Plan

The Plan proposes that all holders of allowed administrative
claims, allowed priority claims, other than the Internal Revenue
Service, and the allowed non-tax priority claims will have their
allowed claims paid in full on or about the effective date of
the plan from the proceeds of the Lender Settlement.

In addition, within 60 days of the effective date, general
unsecured creditors will receive their pro-rate share of
US$480,000 from the proceeds of the Lender Settlement.  The
Debtors say that general unsecured creditors are expected to
receive 27% of their claims.  Unsecured creditors will further
be entitled to receive additional future distribution.

Within the same time frame, the Internal Revenue Service will
receive US$650,000 from the proceeds of the Lender Settlement
and will be entitled to receive additional future distribution.

Additional contributions, the Debtors say, are however,
contingent on future recoveries by the Debtors and are not
guaranteed.  The Contingency Litigation Trust, the Debtors add,
are also not guaranteed.

        Summary Creditor Treatment if Plan is Not Confirmed

The Debtors tell the Court that if the Plan is not confirmed,
then they are not substantively consolidated for purposes of the
Plan or their cases are converted to ones under Chapter 7 of the
Bankruptcy Code.

At the conclusion of the Chapter 7 cases, administrative claims
will still be paid in full.  However, tax priority claims
holders will only receive 4.9% of their claims.  General
Unsecured Creditors on the other hand, will receive nothing.

The Debtors reveal that the primary reasons for the
significantly smaller distributions under this scenario are:

   1) the proceeds and other benefits from the:

      -- Lender Settlement;
      -- the Contingency Litigation Agreement; and
      -- the resolution of the Hong Kong Tax Dispute,

      will be substantially compromised or lost, resulting in a
      significantly smaller recovery by the Debtors' estates;
      and

   2) there will be additional administrative costs if the
      Plan is not confirmed.

                     About Enesco Group

Based in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The company also has Latin-American operations in Mexico.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  Adelman & Gettleman Ltd. represents the
Official Committee of Unsecured Creditors as bankruptcy counsel.
In schedules of assets and debts filed with the Court, Enesco
disclosed total assets of US$61,879,068 and total debts of
US$231,510,180.


FEDERAL-MOGUL: 75 Chapter 11 Cases Dismissed Effective Dec. 27
--------------------------------------------------------------
James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, relates that bankruptcy cases of 75
Non-Plan Debtors were dismissed on Dec. 27, 2007, without
prejudice:

   * AE Dayton Services Limited
   * AE Group Machines Limited
   * AE Holdings Limited
   * AE International Limited
   * AE Limited
   * AE Sales (Africa) Limited
   * Amber Supervision Limited
   * Associated Engineering Group Limited
   * Awncast Limited, Bearings (North-Western) Limited
   * Colvan Rubber Co. Limited
   * Contact 100 Limited
   * Cosmid Limited
   * Cranhold Limited
   * Dealings Limited
   * Dumplington Services Limited
   * E W Engineering Limited
   * Engineering Components Limited
   * Federal-Mogul Acquisition Company Limited
   * Federal-Mogul Brake Systems Limited
   * Federal-Mogul Export Services Limited
   * Federal-Mogul U.K. Limited
   * FHE Technology Limited
   * FP Diesel Limited
   * G.B. Tools & Components Exports Limited
   * Genthope Limited, High Precision Equipment Limited
   * Inblot Limited
   * Instantwonder Limited
   * Kings Park Housing Limited
   * Lalton Limited
   * Lanoth Precision Equipment Limited
   * Leeds Piston Ring & Engineering Co. Limited
   * M.T.A. (Kettering) Limited
   * Mantro Engineering Co. Limited
   * Mobile Distrbuting (Spares) Limited
   * Moores Plastic Units Limited
   * Ontall Limited
   * Payen (Europe) Limited
   * Pecal Limited
   * Presswork-Components Limited
   * Sintration Eight Limited
   * Sourcelook Limited
   * Specialloid Limited
   * STS (1996) Limited
   * T&N Shelf Eight Limited
   * T&N Fifteen Limited
   * T&N Shelf Five Limited
   * T&N Shelf Four Limited
   * T&N Shelf Fourteen Limited
   * T&N Shelf Nine Limited
   * T&N Shelf Six Limited
   * T&N Shelf Sixteen Limited
   * T&N Shelf Ten Limited
   * T&N Shelf Thirteen Limited
   * T&N Shelf Thirty Limited
   * T&N Shelf Thirty One Limited
   * T&N Shelf Thirty Three Limited
   * T&N Shelf Twenty-Eight Limited
   * T&N Shelf Twenty Five Limited
   * T&N Shelf Twenty Four Limited
   * T&N Shelf Twenty Nine Limited
   * T&N Shelf Twenty-Two Limited
   * T&N Shelf Two Limited
   * T&N Trade Marks Limited
   * T&N Welfare Trust Limited
   * TBA Belting (Residual) Limited
   * Telford Rubber Processors Limited
   * The British Piston Ring Company Limited
   * Tinblo Limited
   * Touchdown Adhesive Products Limited
   * Tynoda Limited
   * Vanwall Cars Limited
   * Wellworthy Property Developments Limited
   * Wiliam C. Jones (Polymers) Limited

As previously reported, Judge Fitzgerald ruled that the 75 Non-
Plan Debtors' Chapter 11 cases will be dismissed without
prejudice as of the Effective Date of the Federal-Mogul
Corporation and its debtor-affiliates' Fourth Amended Joint Plan
of Reorganization.  The Fourth Amended Plan became effective on
Dec. 27, 2007.

According to Mr. O'Neill, each of the Non-Plan Debtors is a U.K.
Debtor that has:

   (i) either few or no known third party creditors;

  (ii) no history of using asbestos or manufacturing, selling or
       distributing asbestos-containing products; and

(iii) never to the U.S. Debtors' knowledge been named in any
       asbestos-related lawsuits or comparable proceedings.

Moreover, each of the Non-Plan Debtors is either a dormant
company, a holding company for various dormant entities, or, in
a small number of cases, solely conducts operations that are for
the benefit of other corporate entities with the Federal-Mogul
group of companies.

                    About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The Fourth Amended Plan
was confirmed by the Bankruptcy Court on Nov. 8, 2007, and
affirmed by the District Court on Nov. 14.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 10, 2008, Moody's Investors Service confirmed the ratings
of the reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated
Nov. 28, 2007.

As reported on Jan. 7, 2008, Standard & Poor's Ratings Services
assigned its 'BB-' corporate credit rating to Southfield,
Michigan-based Federal-Mogul Corp. following the company's
emergence from Chapter 11 on Dec. 27, 2007.  S&P said the
outlook is stable.


JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on March 3
-----------------------------------------------------------
Jabil Circuit Inc.'s Board of Directors has approved payment of
a quarterly dividend to shareholders of record as of
Feb. 15, 2008.  The dividend of US$0.07 per share is payable on
March 3, 2008.

The company intends to continue to pay regular quarterly
dividends; however the declaration and payment of future
dividends are discretionary and will be subject to determination
by the Board each quarter following its review of the Company's
financial performance.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 14, 2008, Moody's Investors Service has assigned a Ba1
rating to Jabil Circuit, Inc.'s proposed offering of US$300
million senior notes due 2018 and affirmed its existing ratings
and negative outlook.

At the same time, Fitch Ratings also assigned a 'BB+' rating to
Jabil Circuit, Inc.'s proposed Rule 144A offering of US$300
million senior unsecured notes due 2018.

Fitch currently rates Jabil Circuit as:

   -- Issuer default rating 'BB+';
   -- Senior unsecured revolving credit facility 'BB+';
   -- Senior unsecured debt 'BB+'.


GLOBAL POWER: Emerges from Chapter 11 Bankruptcy
------------------------------------------------
Global Power Equipment Group Inc. has successfully reorganized
its business operations and emerged from chapter 11 bankruptcy
protection.  The company has completed the steps necessary to
cause its Plan of Reorganization to become effective, including
securing US$150 million in exit financing and completing its
rights offering and private placement that raised US$71 million
in new capital for the company.

"After almost a year and half in the bankruptcy process, our
company achieved an extraordinary milestone and exited chapter
11 with a sound financial position in order to remain a global
leader as an equipment and services provider to the power
infrastructure, energy and process industries," John Matheson,
President and Chief Executive Officer of Global Power, said.
"Our dedicated employees and management team have a great sense
of pride for our company's accomplishments and remain committed
to serving our strong customer base.  We thank our customers and
stakeholders for their perseverance, and going forward we pledge
to continue providing the highest quality products and
services."

Consistent with the terms of the order confirming the Plan, the
company entered into a US$150 million exit financing package
with a group of lenders led by Morgan Stanley Senior Funding,
Inc., as lead arranger, bookrunner and administrative agent.
The exit-financing package consists of a US$60 million revolving
credit facility and a US$90 million term loan.

In accordance with the Plan, the funds from the exit financing
and new equity investment will be used, in part, to pay all
allowed creditor claims of Global Power and its Williams and
Braden subsidiaries in full.  A separate cash reserve of US$34
million has been established for the payment of allowed
unsecured claims against the company's Deltak, L.L.C.
subsidiary.

In addition to the payment of allowed claims, Global Power will
also be issuing approximately 134 million shares of new common
stock to its shareholders and participants in the new equity
investment, and it will issue warrants for approximately 16
million additional shares as consideration to the group of
shareholders that fully backstopped the rights offering and
private placement.  Under the rights offering and private
placement, the share price was dependant upon the final amount
of equity capital raised by the company.  The final amount of
equity capital raised by the company was US$71 million,
resulting in a per share price of US$0.85 for the new common
stock issued pursuant to the Plan.  The company has begun its
initial distributions of cash and new common stock provided for
under the Plan and it expects to complete initial distributions
by the end of January 2008.

With the company's successful emergence from chapter 11, Global
Power has a new five-member board of directors.  The directors,
in addition to John Matheson, are Carl Bartoli, Terence Cryan,
Eugene I. Davis, and Charles Macaluso.

               About Global Power Equipment Group

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

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

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

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


MOVIE GALLERY: Creditor Groups Ink Pact to Support Ch. 11 Plan
--------------------------------------------------------------
Movie Gallery, Inc. disclosed that all of its key creditor
groups have entered into an agreement to support the company's
Plan of Reorganization filed on Dec. 22, 2007.  The Consenting
Holders include Sopris Capital Advisors LLC, holders of just
over two-thirds of the debt under Movie Gallery's first lien
credit agreement, holders of a majority of the debt under Movie
Gallery's second lien credit agreement and holders of a majority
of the debt under Movie Gallery's 11% Senior Notes.  Pursuant to
the agreement, Sopris will place US$50 million into escrow in
support of its commitment to backstop the rights offering to be
offered in connection with the Plan.

As reported in the Troubled Company Reporter in Dec. 26, 2007,
the company filed its Plan and Disclosure Statement with the
U.S. Bankruptcy Court for the Eastern District of Virginia,
Richmond Division late last year.  The Plan provides for:

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

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

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

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

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

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

"We appreciate the cooperation of our major constituents and
believe that their strong support will facilitate our successful
restructuring," Joe Malugen, Chairman, President and Chief
Executive Officer of Movie Gallery, said.  "In addition, we
thank our customers, our business partners and the partners and
associates of Movie Gallery and Hollywood Video for their
continued loyalty.  We are making significant progress in our
efforts to reposition the Company for improved performance and
we look forward to creating value for all of its stakeholders
upon emergence."

Movie Gallery will ask the Bankruptcy Court to confirm the Plan
early in the second quarter of 2008, and expects to emerge from
bankruptcy shortly thereafter.  The Plan and Disclosure
Statement have not been approved by the Bankruptcy Court.  As a
result, the Plan and Disclosure Statement may be materially
modified before approval.

                      About Movie Gallery

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

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

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

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors have asked the Court to extend
their plan-filing exclusive periods to June 13, 2008.  (Movie
Gallery Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


U.S. STEEL: Enters Into Technical Exchange Deal with JFE Steel
--------------------------------------------------------------
United States Steel Corporation and JFE Steel Corporation have
entered into a technical exchange agreement under which they
will share expertise in the general areas of steelmaking
practices, benchmarking and other areas of mutual interest.  The
exchange of technical know-how is expected to help U.S. Steel
and JFE Steel improve productivity, promote efficiency, and
bring better steel products to the market at lower costs.

The program, which will be managed by each company's research
and technology organizations, will include periodic meetings,
cooperative technical exchange programs and plant visits in
North America, Europe and Japan.

Commenting upon the agreement, U.S. Steel Executive Vice
President and Chief Operating Officer, John H. Goodish said,
"Today's global steel industry faces many challenges including
competition from alternate materials, environmental
responsibility, and rising energy and raw materials costs.  U.S.
Steel and JFE are leaders in independent steelmaking research
and technology.  By sharing our expertise in a variety of
steelmaking areas, we will each become more globally competitive
and enhance the sustainability of steel -- the raw material of
modern society."

                      About U.S. Steel

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U.S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works.  On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2007, Standard & Poor's Ratings Services assigned its
'BB+' senior unsecured rating to the proposed offering of up to
US$400 million in senior unsecured notes due Feb. 1, 2018, of
United States Steel Corp. (BB+/Negative/--).  These notes are
being issued under the company's unlimited shelf registration
filed on March 5, 2007.


X-RITE INC: Names Lynn Lyall as EVP, CFO & Secretary
----------------------------------------------------
X-Rite Incorporated has appointed Lynn J. Lyall as its Executive
Vice President, Chief Financial Officer and Secretary.  Mr.
Lyall will succeed Mary E. Chowning, who has decided to retire.
Mr. Lyall will assume the role on March 3, 2008 and Ms. Chowning
will stay with the company through April 15, 2008, to assist
with the transition.

Mr. Lyall brings extensive global finance and business
experience to X-Rite from his current position as Chief
Financial Officer for Alticor, Inc, a US$6 billion global
consumer products business.  Prior to Alticor, he held the
position of Chief Financial Officer at Blockbuster Entertainment
Group from 1997 to 1999 and spent seven years in positions of
increasing responsibility with Cadbury Schweppes, PLC.  Mr.
Lyall earned a Bachelor of Arts degree in Mathematics and
Economics and a Master of Management degree in Accounting and
Finance, both from Northwestern University, and began his career
in public accounting with Arthur Andersen.

"Lynn Lyall has demonstrated outstanding leadership and
management acumen as Chief Financial Officer of both Alticor and
Blockbuster," stated Thomas J. Vacchiano, Jr., Chief Executive
Officer.  "He brings a wealth of experience and financial acumen
that will greatly enhance our ability to leverage our global
leadership position and drive our next stage of growth.  I look
forward to working with Lynn as we build on our strong
foundation and continue to execute our business strategy."

Mr. Vacchiano continued, "After nearly five years with X-Rite,
Mary Chowning has decided it is time to pursue life outside the
Company.  Mary has been an inspirational force in the
transformation of the company and in building a strong global
finance organization.  We wish her the very best in her future
endeavors."

"I am honored to be assuming CFO responsibilities at this
exciting time in X-Rite's history," commented Mr. Lyall.  "My
priorities will focus on supporting our growth strategy and
completing the Amazys and Pantone integration efforts.  I am
extremely confident in the future of this Company and look
forward to furthering its goals."

                       About X-Rite

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite is
global, with 21 offices throughout Europe, Asia, and the
Americas, serving customers in 100 countries.

The X-Rite Latin America sales team provides assistance to
customers in Mexico, Central and South America, and the
Caribbean.  X-Rite's sales team works together with highly
qualified local vendors and distributors to ensure the best
possible personalized customer assistance, offering a wide and
unparalleled array of products, support and repair services.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, Moody's Investors Service has confirmed X-Rite,
Inc.'s B1 corporate family rating, affirmed the speculative
grade liquidity rating of SGL-1 and revised the outlook to
negative in view of the additional leverage and integration risk
associated with the company's recently announced acquisition of
Pantone, Inc.




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


QUEBECOR WORLD: Chapter 11 Filing Cues Moody's to Drop Ratings
--------------------------------------------------------------
Moody's Investors Service has downgraded Quebecor World Inc.'s
corporate family rating to Ca.  The company's debt instruments
and those of related companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, were also downgraded
to Ca.  In addition, the company's probability-of-default rating
was downgraded to D to respond to the company's Jan. 21, 2008
announcement that it had applied for creditor protection under
the Companies' Creditors Arrangement Act in Canada and Chapter
11 of the United States Bankruptcy Code in the United States.
The company's announcement also indicated that, pending court
approval, it had entered into a US$1.0 billion financing
commitment with Credit Suisse and Morgan Stanley that will allow
the company "to meet all current operating needs, including
wages, benefits and other operating expenses" as it restructures
its operations and finances.  Following these rating actions,
Moody's will withdraw all of the relevant ratings.

Downgrades:

Issuer: Quebecor World, Inc.

  -- Corporate Family Rating, Downgraded to Ca from Caa2

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

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
     (LGD4, 67) from Caa2 (LGD4, 67)

Issuer: Quebecor World Capital Corp.

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
     (LGD4, 67) from Caa2 (LGD4, 67)

Issuer: Quebecor World Capital ULC

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
     (LGD4, 67) from Caa2 (LGD4, 67)

Outlook Actions:

Issuer: Quebecor World, Inc.

  -- Outlook, Changed To Stable From Negative

Issuer: Quebecor World Capital Corp.

  -- Outlook, Changed To Stable From Negative

Issuer: Quebecor World Capital ULC

  -- Outlook, Changed To Stable From Negative

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.


* PERU: To Complete Free-Trade Deal Talks with Canada
-----------------------------------------------------
Peru and Canada will wrap-up this week a series of talks for a
free-trade agreement between them, Reuters reports, citing
Peruvian trade minister Mercedes Araoz.

Mr. Araoz said in a statement that the deal's final details were
worked out late Monday, however, Canada's trade ministry claimed
that the deal is not yet done, Reuters relates.

According to the report, Peru inked a free-trade pact with the
United States in December and wanted to trade with other
countries, fearing about a U.S. economic downturn.

Mr. Araoz told local radio that the country could run the risk
of being in a difficult situation if it focused on the United
States.

Peru, Reuters says, is planning to reach trade agreements with
China, Singapore and Mexico this year.

Peruvian President Alan Garcia disclosed that the economy has an
8 percent growth a year and free trade would lift earnings in a
country where 40 percent of people live in poverty, Reuters
states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Fitch assigned BB+ Long-Term Issuer Default
Rating and B Short-Term Issuer Default Rating to Peru.  Fitch
said the rating outlook is stable.

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




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


SEARS HOLDINGS: Giving More Control to Units Under Reorg. Plan
--------------------------------------------------------------
Sears Holdings Corp. will amend the structure of its
organization in order to provide its "operating businesses with
more control, authority and autonomy," Reuters reports, citing
the company's e-mailed message.

According to the e-mail statement, the company will elect a
leader and an advisory committee, consisting of executives, to
handle each operating unit, Reuters says.

Reuters relates that the changes in Sears' organizational
structure was initially reported by The Wall Street Journal.

                   About Sears Holdings

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

                        *     *     *

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


UNIVISION COMM: Appoints Monica Talan as Corp. Communications VP
----------------------------------------------------------------
Univision Communications Inc. has hired that Monica Talan as its
Vice President of Corporate Communications, effective
immediately.  In this position, Ms. Talan will be responsible
for managing the company's strategic communications and media
relations efforts and promoting Univision's suite of market-
leading assets.  Ms. Talan will be based in New York and report
to Maryam Banikarim, Chief Marketing Officer for Univision
Communications Inc.

Ms. Banikarim commented, "I am pleased to welcome MĒnica to the
Univision family.  She has a proven track record of implementing
and executing communications programs for both English- and
Spanish-language communities.  Monica's broad knowledge of the
industry and strong relationships with relevant media will allow
her to enhance the Company's already deep connection and rapport
with all constituencies and make her an excellent addition to
Univision."

Ms. Talan said, "I am delighted to join the Univision team and
look forward to building on the excellent reputation that the
Company has garnered in the industry at this exciting time.  I
am thrilled to have the opportunity to continue my work with the
Hispanic community with a company that is clearly the leading
player in the media landscape."

Ms. Talan spent more than 10 years at Fleishman-Hillard, most
recently serving as Senior Vice President and Partner, where she
acted as senior counselor and strategist for general and
Hispanic market initiatives.  Previously, Ms. Talan was Public
Relations Manager for Enron Latin America.  Earlier in her
career, Ms. Talan served as International Media Coordinator for
the Texas Department of Commerce.  She is a graduate of The
University of Texas at Austin.

Headquartered in Los Angeles, Calif., Univision Communications
Inc., (NYSE: UVN) -- http://www.univision.net/-- owns and
operates more than 60 television stations in the U.S. and Puerto
Rico offering a variety of news, sports, and entertainment
programming.  The company had about US$2.6 billion in debts at
Dec. 31, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Fitch Ratings downgrades these ratings:

   -- USUS$7.7 billion senior secured bank loans due 2014
      'B+/RR3';

   -- 3.50% senior secured notes due 2007 to 'B+/RR3' from 'BB';

   -- 3.875% senior secured notes due 2008 to 'B+/RR3' from
      'BB';
   -- 7.85% senior secured notes due 2011 to 'B+/RR3' from 'BB';

   -- US$500 million second lien term loan due 2009 'B-/RR5';

   -- US$1.5 billion 9.75%/10.50% senior unsecured notes due
      2015 'CCC+/RR6'.




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


PETROLEOS DE VENEZUELA: Three Plants Have Refining Problems
-----------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's El
Palito, Cardon, and Amuay plants are experiencing "profound"
refining problems, Business News Americas reports, citing an
industry source.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2008, a source at El Palito plant said that operations
at the refinery has restarted after an electrical outage shut
down units.

As reported on Jan. 22, 2008, Petroleos de Venezuela also
restarted operations at its Amuay and Cardon plants.  Petroleos
de Venezuela had said that its Amuay plant in the Paranguana
refining complex in Falcon was temporarily closed down due to
power failure.  The problem came from a power unit in Amuay's
block 29.  Paraguana managers activated emergency procedures at
Amuay.

The source commented to BNamericas, "They [the plants] are
importing high-octane components and are desperately looking for
a cargo of finished mogas [gasoline]."

According to BNamericas, some industry analysts have said that
Petroleos de Venezuela has refining problems partly due to
investment deficits and insufficient qualified personnel.

A Petroleos de Venezuela spokesperson told BNamericas that the
three plants were operating normally.  However, he didn't
confirm or deny reports that they were importing gasoline
components, saying, "That would be strategic information that we
don't release, but it's generally not like that."

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

                        *     *     *

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


                         ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
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               * * * End of Transmission * * *