TCRLA_Public/080130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, January 30, 2008, Vol. 8, Issue 21

                          Headlines

A R G E N T I N A

ALITALIA SPA: Political Crisis Spurs Parties to Speed Up Talks
ALTO MOLINO: Court Concludes Reorganization
AVAYA INC: Jenne Distributors To Offer Mid-Market Biz to Dealers
MAGNA RE: Final Shareholders Meeting Is Tomorrow
MAPLE ROW: Holding Final Shareholders Meeting Tomorrow

PAN AMERICAN: Finds Large Oil Reserve in Chubut
PENNANT INSURANCE: Holding Final Shareholders Meeting Tomorrow
PIONEER NATURAL: Moody's Confirms Ba1 Corp. Rating; Outlook Neg.
ORVEA SRL: Proofs of Claim Verification Deadline Is Feb. 8
TYSON FOODS: To Cut Workforce at Emporia Plant by More Than 50%


B A H A M A S

HARRAH'S ENTERTAINMENT: Closes Merger with Hamlet
HARRAH'S ENTERTAINMENT: Acts on Rights to Accept Note Payments
ISLE OF CAPRI: Completes Acquisition of 43% IoC-Black Hawk Stake


B O L I V I A

* BOLIVIA: Gets US$18.5-Mln Interest-Free Loan from World Bank


B R A Z I L

AMERICAN AIRLINES: Staff Cuts Cause Flight Delays, Union Says
BANCO BRADESCO: Earns BRL2.2 Billion in 2007 Fourth Quarter
BANCO BRADESCO: Eyes Increase in Payroll-Linked Loans
BRASIL TELECOM: May Have To Commit To Universal Broadband Access
COMPANHIA DE BEBIDAS: Ups Tender Offer to US$45.375 Per Share

FIAT SPA: Posts EUR58.5 Billion in Revenues for Fiscal Year 2007
JABIL CIRCUIT: Earns US$62 Mil. in First Quarter Ended Nov. 30
MRS LOGISTICA: Transporting Manganese for Fermavi
TELE NORTE: May Have To Commit To Universalized Broadband Access
TEREX CORP: Minnesota Unit Begins Tender Offer to Buy ASV Shares

* BRAZIL: Siem To Build Two Fast Supply Vessels for Petrobras
* BRAZIL: Petrobras Signs Agreement w/ Warner & Village Roadshow
* BRAZIL: Petroleo Brasileiro Investing US$12B in Santos Basin
* BRAZIL: Petrobras To Own Piratininga Plant


C A Y M A N   I S L A N D S

BANK OF AYUDHYA: Uses THB10.17 Billion for Working Capital
BEAR STEARNS FUNDS: Proofs of Claim Filing Deadline Is Jan. 31
BIS (CAYMAN): Final Shareholders Meeting Is on Jan. 31
CP MENA: Sets Final Shareholders Meeting for Jan. 31
GEMINI BB: Holding Final Shareholders Meeting on Jan. 31

ING BARING: Sets Final Shareholders Meeting for Jan. 31
JPMORGAN ABSOLUTE: Sets Final Shareholders Meeting for Jan. 31
JPMORGAN ABSOLUTE RETURN: Final Shareholders Meeting on Jan. 31
KAKEHASHI CAPITAL: Sets Final Shareholders Meeting for Jan. 31


C H I L E

BELL MICROPRODUCTS: Has Until March 17 to Comply with Nasdaq
NORSKE SKOGINDUSTRIER: S&P Lowers Corporate Credit Rating to BB


C O L O M B I A

CHIQUITA BRANDS: Gets Consent Solicitation for 7-1/2% Sr. Notes
CHIQUITA BRANDS: Reports Prelim Full Year & Fourth Qtr. Results

* COLOMBIA: IMF Directors Urge Exchange Restriction Removal


D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Says Societe Generale Doesn't Own 50% of Parent
PRC LLC: Court Approves US$30 Million DIP Financing
PRC LLC: Court Okays Use of Lenders' Cash Collateral
PRC LLC: Wants to Employ Weil Gotshal as Bankruptcy Counsel

* DOMINICAN REPUBLIC: To Ink Trade Accord with Haiti


E C U A D O R

DOLE FOOD: Converts Salinas Equipment to B20 Bio-Diesel Fuel


E L   S A L V A D O R

CHOICE HOTELS: Bell to Build 50 Suites & Hotels by Oct. 31, 2009


G U A T E M A L A

AFFILIATED COMPUTER: Renews IT Contract with Northamption County
AFFILIATED COMPUTER: Moody's Confirms Ba2 Corp. Family Rating


G U Y A N A

FLOWSERVE CORP: Bags Major Pump Deal from China Nuclear Power


H A I T I

* HAITI: To Ink Trade Accord with Dominican Republic


J A M A I C A

AIR JAMAICA: Invicta Group Inks New Account with Airline
NATIONAL COMMERCIAL: Able to Contain Bad Debt Portfolio

* JAMAICA: Moody's Says B1 Rtg.'s Due to Readiness to Pay Debts


M E X I C O

BAUSCH & LOMB: Intention to Buy Eyeonics Won't Affect S&P's Rtg.
BERRY PLASTICS: Captive Buyout Cues S&P to Affirm Debt Ratings
CEMEX SAB: Reports US$2.4 Billion Net Income in Full Year 2007
CHEMTURA CORP: Selling Oleochemicals Business to PMC Group
CLEAR CHANNEL: S&P Retains B+ Corp. Credit Rating on Watch Neg.

FLEXTRONICS INT'L: Completes Avail Medical Products Acquisition
FOAMEX CORP: Launches Fabrication Branch in New Mexico
GREENBRIER COS: To Acquire American Allied's Operating Assets
GRUPO MEXICO: Closing Taxco Mine Due to Lack of Reserves
GRUPO MEXICO: Paying MXN0.90 Per Share Dividend on Feb. 15

MCDERMOTT INT'L: Unit Bags U.S. Gov't Contracts for US$500 Mil.
TELTRONICS INC: Partners with Access & Collier Business Systems


P A N A M A

NCO GROUP: US$ Depreciation Cues S&P to Remove Watch Developing


P U E R T O   R I C O

NBTY INC: Reports US$46MM Net Income in Qtr. Ended Dec. 31, 2007
SEARS HOLDINGS: Appoints W. Bruce Johnson as Interim CEO


V E N E Z U E L A

CHRYSLER LLC: Offers Compensation Packages to Hourly Workers


                         - - - - -


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


ALITALIA SPA: Political Crisis Spurs Parties to Speed Up Talks
--------------------------------------------------------------
Alitalia S.p.A. and Air France-KLM want to finalize the offer
sheet for the Italian government's 49.9% stake in the national
carrier weeks before the agreed deadline, Thomson Financial
reports citing Finanza & Mercati as its source.

The parties had planned to present a final contract within eight
weeks, but cut the period to four-to-five weeks following the
Italian political crisis, Finanza & Mercati relates.

Negotiations commenced mid-January 2008 following a go-signal
from the current administration, led by Romano Prodi.

Mr. Prodi tendered his resignation as Prime Minister on
Jan. 24, 2008, after losing a confidence vote in the Senate.
Mr. Prodi earlier lost a majority in the Italian Senate after
the Udeur party left the coalition government.  Mr. Prodi had
survived a confidence vote in the lower parliamentary.
President Giorgio Napolitano said he will defer a decision to
accept the resignation pending consultations with all the
political parties in the Parliament, BBC News relates.

"We confirm that it is our strong determination to present the
definitive offer within the timetable set out," Reuters reports
citing a source close to Air France.  "Despite the political
situation the Alitalia dossier remains a priority."

                        Calls for Review

Meanwhile, Roberto Formigoni, president of Italy's Lombardy
region, called for a reconsideration of the current exclusive
talks between Alitalia and Air France, citing the collapse of
the Prodi administration, Bloomberg News reports.

Mr. Formigoni and several politician and businessmen are
opposing Air France's plan to downscale Alitalia's operations in
Milan's Malpensa airport, Bloomberg News relates.

"Our priority is to ensure Alitalia is sold to a company that
keeps a service throughout the nation," Mr. Formigoni told
Bloomberg News.

Marco Tronchetti Provera, chairman of Pirelli & C. S.p.A., aired
a similar sentiment, saying that Malpensa should be a priority
in Alitalia's sales talks, Bloomberg News says.

"If we start to see concrete ideas about the relaunching of the
airport system, businessmen are ready to invest," Mr. Provera
was quote by Finanza & Mercati as saying.

As reported in the TCR-Europe on Jan. 24, 2008, Italian
ministers assured that the current political crisis in the
country will not affect sale talks.

"[Alitalia Chairman Maurizio] Prato has full powers to conduct
and conclude talks with Air France, with the duty to keep the
minister informed, even during a government crisis," Transport
Minister Alessandro Bianchi told Reuters.

"Nothing changes, even if there is a government crisis,"
Economic Development Minister Pierluigi Bersani told Thomson
Financial.

As reported on Jan. 17, 2007, Alitalia and Italy have commenced
exclusive sale talks with Air France-KLM.  The carriers have two
months to reach an agreement, which would be approved by the
government.

Tommaso Padoa Schioppa, Italy's finance minister, has delivered
a letter to Alitalia S.p.A. approving the commencement of
exclusive talks with Air France-KLM.

In its non-binding offer, Air France plans to:

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

   -- acquire 100% of Alitalia convertible bonds; and

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

Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700
jobs and defended plans to downsize Alitalia's operations in
Milan's Malpensa airport.

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

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

                        About Alitalia

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

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

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


ALTO MOLINO: Court Concludes Reorganization
-------------------------------------------
Alto Molino S.R.L. concluded its reorganization process,
according to data released by Infobae on its Web site.  The
closure came after the National Commercial Court of First
Instance in Salta homologated the debt plan signed between the
company and its creditors.


AVAYA INC: Jenne Distributors To Offer Mid-Market Biz to Dealers
----------------------------------------------------------------
Avaya Inc. disclosed that Jenne Distributors will offer the
company's mid-sized business solutions to its national base of
value-added resellers and dealers.

Jenne Distributors will distribute mid-market solutions based on
Avaya's market-leading IP telephony software platform, Avaya
Communications Manager, and also will provide training and
service support to its reseller network.

"We are pleased to strengthen our partnership with Avaya by
becoming a Master Distributor for Avaya enterprise products for
the mid-market," said Jenne Distributors Chief Executive
Officer, Rose Jenne.  "We are excited to offer our customers
access to Avaya's enterprise solutions, including IP telephony
products.  The quality, reliability and depth of the product
line and the price structure make these Avaya solutions a
perfect fit for our customers.  Jenne is committed to providing
a broad product selection, competitive pricing, quick delivery,
outstanding technical support and in-depth sales training.  Our
company brings the added benefit of both a technical inside
sales team and a seasoned field team, experienced in IP
telephony and converged solutions."

Jenne Distributors is adding to its portfolio of solutions the
Avaya MultiVantage Express(TM), a complete application-rich
solution for mid-sized businesses with up to 500 extensions.
MultiVantage Express is based on Avaya Communication Manager
software, running on an Avaya S8500 Media Server.  The company
is also providing Avaya S8300 and Avaya S8400 Media Servers with
Avaya Communication Manager software to its mid-market
customers.

In addition, Jenne Distributors offer two Avaya solutions for
small and medium businesses (SMBs): Avaya IP Office, a cost-
effective, easy-to-use converged voice and data communications
system designed for small and mid-sized companies, and the Avaya
Partner(R) Advanced Communications System, a simple, reliable
system with advanced telephony features for small, growing
businesses.

"Jenne Distributors has provided Avaya customers with
outstanding support for our SMB solutions, and we are confident
that the company's track record of success will continue with
Avaya Communications Manager-based solutions for the mid-
market," said Avaya North America Channel Sales vice president,
Kevin Cook.  "Avaya is pleased to expand its relationship with
Jenne as the company builds out its portfolio of Avaya
solutions."

According to CableLink Solutions' Randy Mobley, a certified
member of the Avaya BusinessPartner program and specialist in
the SMB market, Avaya IP Office enabled CableLink to penetrate
the SMB market.  "Now, the Avaya Communication Manager
portfolio, available through Jenne Distributors, will take us to
the next level with respect to the companies we service," Mr.
Mobley said.  "We are working with more sophisticated
requirements for some accounts now, and there is a real need for
tailoring enterprise solutions to the mid- size market."

                  About Jenne Distributors

Jenne Distributors is a leading North American supplier of
business telephone, data and computer telephony products and
solutions.  Since the company's founding in 1986, Jenne has been
committed to providing dealers and value-added
resellers with a broad product selection, competitive pricing,
fast delivery, outstanding technical support-plus ongoing sales
and technical training. Jenne strives to offer the most
comprehensive personal attention in the industry.  For more
information on Jenne visit http://www.jenne.comor call
1.800.422.6191.

                      About Avaya Inc.

Headquartered in Basking Ridge, New Jersey, Avaya Inc. (NYSE:
AV) -- http://www.avaya.com/-- designs, builds and manages
communications networks for more than one million businesses
worldwide, including more than 90% of the FORTUNE 500(R).  Avaya
is a world leader in secure and reliable Internet Protocol
telephony systems and communications software applications and
services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service has assigned a B2
corporate family rating to newly private Avaya, Inc. as well as
Ba3 ratings to its new senior secured US$200 million revolver
and US$3.8 billion term loan.  The company was acquired by TPG
Capital LLC and Silver Lake Partners on Oct. 26, 2007 for US$8.3
billion. Moody's also withdrew the company's previous Ba3
corporate family rating and shelf ratings, which were placed
under review for downgrade after the company announced the going
private transactions.  Moody's said the outlook is stable.


MAGNA RE: Final Shareholders Meeting Is Tomorrow
------------------------------------------------
Magna Re Ltd.'s final general meeting will be at 10:00 a.m. on
Jan. 31, 2008, at:

          Milligan-Whyte & Smith
          Mintflower Place, 2nd Floor
          8 Par-la-Ville Road, Hamilton HM 08
          Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.


MAPLE ROW: Holding Final Shareholders Meeting Tomorrow
------------------------------------------------------
Maple Row Partners (Bermuda) Ltd. will hold its final
shareholders meeting on Jan. 31, 2008, at:

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

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.


PAN AMERICAN: Finds Large Oil Reserve in Chubut
-----------------------------------------------
Chubut's provincial press office said in a statement that Pan
American Energy's Argentine subsidiary has discovered a large
oil reserve in the province.

According to Mercopress, Pan American made the discovery with
British Petroleum.

Chubut governor Mario Das Neves said in a statement that the new
reserve in the Escalante basin is twice what the province has
produced to date.  It could add some 100 million barrels to
Chubut's reserves.

Business News Americas relates that Governor Da Neves praised
new investment in exploration and production.  According to him,
Pan American invested about ARS700 million in Chubut last year.

Mercopress notes that the three new successfull wells drilled
110 kilometers west of Comodoro Rivadavia at a depth of 2.100
meters in the Escalante basin will let Chubut expand its yearly
production "to the range of 100 million barrels annually,
doubling the province's current extraction of 50 million
barrels."

Chubut officials told Mercopress that Pan American will invest
over US$1 billion in new exploration and drilling in 2008.
About 75% of the investment will go to Chubut, the first
Argentine province to renegotiate oil and gas accords with the
industry.

Pan American holds 54% of Chubut oil and gas licenses.  It has
had its license extended until 2027, Mercopress says.  The firm
will have to invest at least US$778 million in the next ten
years out of a total of US$2 billion until the end of the
contract.  Royalties will increase 15%.  Pan American will
invest some US$120 million in infrastructure and boost output 9%
per year until 2017.

A Pan American official told BNamericas that the firm would be
disclosing the details on the discovery with Argentine President
Cristina Fernandez before making the information public.  Pan
American's head would be meeting with President Cristina
Fernandez de Kirchner to give her first hand information.

"What you have read so far in the papers was neither released by
PAE [Pan Energy] nor with PAE consent," the official commented
to BNamericas.

Pan American Energy LLC is the second largest oil and gas
producer in Argentina.  Also, Pan American performs exploration
and production activities in Bolivia.  Total fiscal year 2006
production of 242 thousand barrels of oil equivalent per day was
split 51:49 between oil and gas.  Bolivia represented 23% of
proved reserves and 10% of both production and revenues at FY06.
The proved reserve life is 14 years and 60% of reserves are
developed.  Outside E&P, other assets include participation in
oil transportation, storage and loading, gas distribution and
power generation in Argentina, Uruguay and Bolivia.  Created in
1997 as a Delaware holding company, Pan American is owned 60% by
BP and 40% by Bridas.  The Argentine Branch has historically
been Pan American's primary subsidiary both in terms of assets
and revenues and the entity that assumes most of the financial
debt for the whole group.

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service upgraded Pan American
Energy LLC's global local currency issuer rating to Ba1 from
Ba2.  At the same time, Moody's upgraded Pan American Energy
LLC, Argentine Branch's foreign currency note ratings to Ba2
from Ba3.  The global local currency rating and foreign currency
note ratings have a stable outlook, says Moody's.  The company's
foreign currency Corporate Family Rating of B2, positive
outlook, was not affected by the rating actions, as the foreign
currency Corporate Family Rating is constrained by Argentina's
B2 ceiling, which has a positive outlook.


PENNANT INSURANCE: Holding Final Shareholders Meeting Tomorrow
--------------------------------------------------------------
Pennant Insurance Company Limited will hold its final
shareholders meeting on Jan. 31, 2008, at:

      Cox Hallett Wilkinson
      Milner House, 18 Parliament Street
      Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.


PIONEER NATURAL: Moody's Confirms Ba1 Corp. Rating; Outlook Neg.
----------------------------------------------------------------
Moody's has confirmed Pioneer Natural Resources Company's Ba1
corporate family rating, Ba1 probability of default rating, Ba1
(LGD 4; 56%) senior unsecured note ratings, and assigned a
negative rating outlook.  These actions remove the company from
an extended review for downgrade.

The review for downgrade spanned Pioneer Natural's transforming
asset rationalization program, its effort to reduce unit high
full-cycle costs, its formulation and execution of its large
share buyback program and its plans to form and take public two
master limited partnerships (MLP).  Assets contributed to an MLP
would comprise portions of the company's lowest risk assets that
also produce a disproportionate amount of its free cash flow.
The company's debt investors would no longer be directly
supported by those assets and structurally advantaged debt would
likely also be incurred on the MLP's assets.  It would divest
low risk free cash flow, that otherwise could be used directly
for debt reduction or reinvestment to, instead, distribute that
cash flow as yield to public MLP unit holders.  The company
would receive its share of distributions on its own holdings of
MLP units.

The rating confirmation partly reflects the reduced expected
scale of PXD's potential MLP's, reducing the scale of
uncertainty posed by the MLP's.  The MLP's inject uncertainty
concerning the risk mix of remaining assets as well as its use
of MLP IPO proceeds.  The confirmation also reflects emerging
sound production trends and the nearing of completion of the
company's Alaskan Oooguruk and Tunisian developments, with the
degree of production response being the key remaining risk.  An
adjunct to that is the company's statement that it will reduce
capital spending by roughly one third in 2008, to a level
roughly equal to expected cash flow, with a significant majority
of that spending focused on lower risk development projects,
including an estimated 550 to 600 development wells.

However, the negative outlook stems from Moody's need to assess
the company's risk mix of reserves after it release its 2007 10-
K; the quality of 2007 reserve replacement volumes; the
resulting components of its reserve replacement costs; and the
2008 outlook at the time.  In 2006, Pioneer Natural's core U.S.
organic reserve replacement costs were notably very high and
would need to decline in order to average out to a level of
capital reinvestment efficiency that is compatible with a Ba1
rating.  Added to fairly high production costs, the company has
displayed high unit full-cycle costs relative to its wellhead
price realizations.  While exacerbated by heavy capital spending
on already booked proved reserves, due to concentrating its
drilling activity on its high 39% proportion of proved
undeveloped reserves, the company's multi-year average of United
States, drillbit reserve replacement costs still has not been
competitive.

Moody's anticipates sector-wide positive price revisions of oil
reserves.  Accordingly, Moody's would assess the degree to which
the company reduced reserve replacement costs with strong new
extensions and discoveries, versus reserves added by price-
driven revisions of existing reserves.  To assess its progress
in reducing reserve replacement costs, Moody's will also assess
the degree to which changes in the proportion of proved
undeveloped reserves, relative to total proved reserves,
affected reserve replacement volumes and unit costs.

The negative outlook also reflects Moody's view that stock
buyback activity may remain a material element of the company's
effort to generate competitive shareholder returns as would the
significant potential, in Moody's view, for leveraged
acquisitions.  After completing its US$1 billion 2006 buyback
program, Pioneer Natural established US$750 million program for
2007, of which the great majority has yet to be used.

Nevertheless, the ratings are supported by an improving
underlying production trend, with 2007 production up from
2006 and 2006 production up 7% over pro forma 2005, coupled with
a supportive oil price outlook, expirations of legacy below
market hedges, and declining volumetric production payments.  It
is reasonable to conclude that the company's 2008 production
will get a bump up from heavy 2006 and 2007 capital outlays,
though the relative success and timeliness of its expected mid-
2008 start-up of Oooguruk will play a significant roll in its
ability to hit its organic production growth targets.

Further ratings support reflects that Pioneer Natural's 2008
capital spending is currently planned to be in the vicinity of
2008 cash flow after having far overspent cash flow in 2007.
After the divestiture of its high-risk GOM prospects, the
company's capital spending patterns display reduced reinvestment
risk, being focused on onshore activity.  Moody's believes that
the company has reconfigured itself to a more durable reserve
and production portfolio from which to attempt growth.

Pioneer Natural has executed a very major portfolio transition
to a lower risk base.  In Moody's view, it needs to demonstrate
sustainable production trends at competitive replacement costs
on its remaining largely mature higher cost asset base to retain
a Ba1 rating.  To attain a stable outlook, the company will need
to demonstrate sound production trends and competitive patterns
of (i) organic (drillbit) finding and development costs, (ii)
organic reserve and production replacement, (iii) total unit
full-cycle costs, and (iv) leveraged unit cash operating margin
coverage of organic and total reserve replacement costs.  Should
the company execute an IPO of Pioneer Southwest Energy Partners
MLP and use debt at the MLP, that debt will be consolidated into
its total debt.

In 2007, the company far outspent cash flow, making the harvest
from that capital spending particularly important this year.
The core to Pioneer Natural's credit strength remains its U.S.
operations.  Drillbit (organic) reserve replacement costs in the
U.S. at 2006 levels would erode credit strength.  The copmany's
2006 U.S. drillbit reserve replacement costs were a very high
US$39/boe and its organic replacement of U.S. production with
U.S. reserves was a low 70%.  Its worldwide 2006 drillbit
finding and development costs were also insupportably high at
US$36/boe.  While Moody's cannot yet deconstruct the components
and quality of the company's public reserve replacement volume
and cost guidance, it's indicating nearly a 50% reduction in
2007 reserve replacement costs.

Consolidated 2006 all-sources reserve replacement costs were
more competitive at just over US$18/boe.  However the lower cost
acquisition component of that number partly reflected purchases
of less prolific, lower asset value, mature properties, some of
which contained high proportions of the proved undeveloped
reserves.  Their production components also incur higher
production costs.  Much of the company's organic outlays are
devoted to locations already booked as proved undeveloped
reserves, which contributed to high 2006 organic reserve
replacement costs but that reduced preceding year's reserve
replacement costs.

The ratings remain constrained by the cumulative impact of
comparatively high unit full-cycle costs, high organic reserve
replacement costs, low productivity relative to the scale of the
company's reserve base, and below average cash flow coverage of
sustaining capital spending.  The full-cycle cost structure, the
production rate, and the production costs of its property base
indicate a need for below average leverage relative to a given
rating.  Pioneer Natural has a high organic reserve replacement
cost outlook and will need to demonstrate that its 2007 capital
spending program can generate its target production growth at
sufficiently competitive costs and margins.

Headquartered in Irving, Texas, Pioneer Natural Resources Co. is
an independent exploration and production company.  It holds
proven reserves of 789.1 million barrels of oil equivalent.  The
vast majority of its reserves are found within the United
States, but Pioneer also explores for and produces oil and gas
in Argentina, Canada, Gabon, South Africa, and Tunisia.  In
2004, it acquired Evergreen Resources, in a US$2.1-billion deal
that expanded its proven reserves by 33%.


ORVEA SRL: Proofs of Claim Verification Deadline Is Feb. 8
----------------------------------------------------------
Estudio Contable de Los Rios & Martino Asociados, the court-
appointed trustee for Orvea S.R.L.'s bankruptcy proceeding,
verifies creditors' proofs of claim until Feb. 8, 2008.

Estudio Contable will present the validated claims in court as
individual reports on March 24, 2008.  The National Commercial
Court of First Instance in Salta will determine if the verified
claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Orvea and its creditors.

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

A general report that contains an audit of Orvea's accounting
and banking records will be submitted in court on May 8, 2008.

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

The debtor can be reached at:

         Orvea S.R.L.
         Pellegrini 141, Ciudad de Salta
         Salta, Argentina

The trustee can be reached at:

         Estudio Contable de Los Rios & Martino Asociados
         Santa Fe 88, Ciudad de Salta
         Salta, Argentina


TYSON FOODS: To Cut Workforce at Emporia Plant by More Than 50%
---------------------------------------------------------------
As part of a strategy to optimize its commodity meat business,
Tyson Foods Inc. said in a press statement Friday that it is
restructuring operations at its Emporia, Kansas, beef plant.

According to the company, beef slaughter operations will cease
within the next few weeks.  However, the facility will still be
used as a cold storage and distribution warehouse and will
process ground beef.

In addition, the company said the Emporia facility will help
enhance efficiencies at some other Tyson plants by taking over
the processing of certain commodity and specialty cuts, which
have typically slowed production at those other locations.  The
company has no present plans to use the slaughter area of the
Emporia plant; however, the equipment there will be left intact.

The discontinuation of slaughter operations will result in the
elimination of approximately 1,500 of the 2,400 jobs currently
provided at the Emporia plant.  This will include people
employed in first and second shift slaughter, as well as second
shift processing.

Affected workers will continue to be paid and receive benefits
for 60 days.  Tyson Human Resources representatives will begin
meeting with them next week to discuss other employment
opportunities within the company.  The workers will be
encouraged to consider transferring to other Tyson locations,
such as company beef facilities at Finney County, Kansas; Dakota
City and Lexington, Nebraska; and Joslin, Illinois.  The company
will offer cash relocation incentives for qualified workers.
Those who transfer will retain their seniority as it relates to
the accrual of benefits, including vacation time, as well as
wage increases.

Tyson said it will also work cooperatively with the Kansas
Department of Labor to help provide workers with information
about unemployment benefits and help in finding employment
outside the company.

"This is an extremely difficult decision, given the great team
of people who work there and our investment in the plant," said
Dick Bond, president and CEO of Tyson Foods.  "However, we must
make changes to our commodity business model to effectively
manage through challenging market conditions.

"There continues to be far more beef slaughter capacity than
available cattle and we believe this problem will continue to
afflict the industry for the foreseeable future," said Mr. Bond.
"We estimate the current slaughter overcapacity in the industry
to be between 10,000 and 14,000 head of cattle per day.

"This imbalance is especially a problem for Emporia," he said.
"Cattle production has moved from eastern to western Kansas over
the past twenty to thirty years, and the Emporia plant is no
longer centrally located in relationship to where most of the
cattle it slaughters are raised."

In addition, the U.S. cattle herd is not growing.  Tyson sees
no signs of appreciable growth in the fed cattle supply over the
next two to three years, which is consistent with the opinions
of various industry analysts.  The rising price of grain,
caused in part by the use of corn for ethanol, has put pressure
on feed costs, land costs and the use of farm ground.  Further,
the number of cows being retained for calf production continues
to decline.

"At a time in the cattle cycle when cattle numbers should be at
or near their highest, the level of production is not
approaching its historic peaks and we do not see any increases
in fed cattle production in the foreseeable future," said Jim
Lochner, senior group vice president of Tyson Fresh Meats.

"In light of the slaughter overcapacity and the outlook for fed
cattle inventories, we have reviewed the operations of each of
our facilities, their location relative to available cattle
supplies, and have determined slaughter operations at the
Emporia facility should be discontinued," Mr. Lochner said.  "By
making this change, we'll be able to divert more cattle to our
other facilities, which are more strategically located, and
improve their capacity utilization."

                     About Emporia Plant

The Emporia plant has been part of Tyson Foods since the
company's purchase of IBP, inc. in 2001.  IBP bought the plant
from Armour & Co. in late 1967 and began production in 1969
after the facility had been extensively remodeled and expanded.

                      About Tyson Foods

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.

In addition to Emporia, Tyson's U.S. beef plants are located
in Amarillo, Texas; Dakota City, Nebraska; Denison, Iowa; Finney
County, Kansas; Joslin, Illinois, Lexington, Nebraska and Pasco,
Washington.  The company also has a beef complex in Canada, and
is involved in a vertically integrated beef operation in
Argentina.

                        *     *     *

Tyson Foods Inc. continues to carry Moody's Ba1 corporate family
rating and Ba2 probability of default rating.  Moody's said the
outlook is negative.




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


HARRAH'S ENTERTAINMENT: Closes Merger with Hamlet
-------------------------------------------------
Harrah's Entertainment, Inc., has completed its merger with
Hamlet Merger Inc., a Delaware corporation.  As a result of the
merger, the issued and outstanding shares of non-voting stock of
Harrah's are owned by entities affiliated with Apollo
Management, L.P. and TPG Capital, L.P. and the voting stock of
Harrah's is owned by Hamlet Holdings LLC, which is controlled by
individuals affiliated with Apollo Management, L.P. and TPG
Capital, L.P.  The merger was completed pursuant to the
Agreement and Plan of Merger dated as of Dec. 19, 2006, among
Hamlet Holdings LLC, Hamlet Merger Inc., and Harrah's
Entertainment, Inc.  Harrah's stockholders approved the merger
and merger agreement at a special meeting held on April 5, 2007.

As a result of the merger, Harrah's stock will cease to trade on
the New York Stock Exchange, the Chicago Stock Exchange and the
Philadelphia Stock Exchange at the close of the market today.

Under the terms of the merger agreement, Harrah's stockholders
are entitled to receive US$90 in cash for each share of Harrah's
common stock that they hold.  Mellon Investor Services, LLC, the
paying agent will mail letters of transmittal to all Harrah's
stockholders of record with instructions on how to deliver their
shares to the paying agent in exchange for payment of the merger
consideration to be distributed shortly after closing.
Stockholders of record should not surrender their stock
certificates until they have completed the letter of
transmittal.  Stockholders who hold their shares in "street
name" through a bank or broker should contact their bank or
broker to determine what actions they must take to have their
shares converted into cash, as such conversions will be handled
by the bank or broker.

                About Harrah's Entertainment

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Moody's Investor Service has assigned a
B2 Corporate FamilyRating and Speculative Grade Liquidity Rating
of SGL-3 to Harrah's Entertainment, Inc.  Moody's also assigned
ratings to the following new debt to be issued by Harrah's
Operating Company, Inc.: senior secured guaranteed bank
revolving credit facility at Ba2, senior secured guaranteed term
loans at Ba2, and senior unsecured guaranteed notes at B3.


HARRAH'S ENTERTAINMENT: Acts on Rights to Accept Note Payments
--------------------------------------------------------------
Harrah's Entertainment, Inc., has exercised its right to accept
for payment all of its outstanding (i) Senior Floating Rate
Notes due 2008, (ii) 8.875% Senior Subordinated Notes due 2008,
(iii) 7.5% Senior Notes due 2009, (iv) 7.5% Senior Notes Due
2009, (v) 7% Senior Notes due 2013, and (vi) Floating Rate
Contingent Convertible Senior Notes due 2024 tendered by 8:00
a.m. New York City time, on Jan. 28, 2008.

Pursuant to the terms of the Offer to Purchase and Consent
Solicitation Statement dated Dec. 21, 2007 and the related
Consent and Letter of Transmittal with respect to the Floating
Rate Notes, the 8.875% Notes, the 7.5% Notes (1998), the 7.5%
notes (2001) and the 7% Notes, issued by Harrah's Operating
Company, Inc., a subsidiary of Harrah's Entertainment, Harrah's
Operating has accepted for purchase and paid for (i)
US$81,150,000 of the outstanding US$250,000,000 principal amount
of its Floating Rate Notes; (ii) US$394,254,000 of the
outstanding US$400,000,000 principal amount of its 8.875% Notes;
(iii) US$131,225,000 of the outstanding US$136,294,000 principal
amount of its 7.5% Notes (1998); (iv) US$424,166,000 of the
outstanding US$425,000,000 principal amount of its 7.5% Notes
(2001) and (v) US$299,396,000 of the outstanding US$300,000,000
principal amount of its 7% Notes.  Pursuant to the terms of the
Offer to Purchase and Consent Solicitation Statement dated
Dec. 21, 2007, and the related Consent and Letter of Transmittal
with respect to the Convertible Notes, issued by Harrah's
Operating and Harrah's Entertainment, Harrah's Operating has
accepted for purchase and paid for US$374,592,500 of the
outstanding US$374,743,000 principal amount of its Convertible
Notes.

In connection with the tender offers for the Notes, as
previously announced, Harrah's Entertainment and Harrah's
Operating received the required consents with respect to the
8.875% Notes, the 7.5% Notes (1998), the 7.5% Notes (2001) and
the 7% Notes to eliminate substantially all of the restrictive
covenants and certain events of default included in the
indentures under which the above series of notes were issued.
In addition, Harrah's Entertainment and Harrah's Operating also
announced that all conditions, including obtaining the financing
to pay for the Notes, have been satisfied or waived.
Accordingly, the supplemental indentures relating to the 8.875%
Notes, the 7.5% Notes (1998), the 7.5% Notes (2001) and the 7%
Notes executed by Harrah's Entertainment, Harrah's Operating and
the trustee under the respective indentures became operative
upon the acceptance by Harrah's Entertainment and Harrah's
Operating for purchase with respect to the 8.875% Notes, the
7.5% Notes (1998), the 7.5% Notes (2001) and the 7% Notes
tendered to date.  Further, the company has notified the trustee
under the indenture governing the company's Floating Rate Notes
that the company intends to discharge the Floating Rate Notes in
accordance with the terms of that indenture and has deposited
the requisite funds with the trustee.  In addition, as a result
of the receipt of the requisite consent to adopt the proposed
amendments to the indenture pursuant to which the Convertible
Notes were issued, the Third Supplemental Indenture among
Harrah's Entertainment, Harrah's Operating and U.S. Bank
National Association, as trustee for the holders of the
Convertible Notes, has been executed. The proposed amendments,
which will (i) eliminate substantially all of the restrictive
covenants; (ii) eliminate or modify certain events of default
and related provisions and (iii) supplement the section with
respect to effect of reclassification, consolidation, merger,
share exchange or sale on conversion privilege contained in the
indenture under which the Convertible Notes were issued have
also become operative upon the acceptance by Harrah's
Entertainment and Harrah's Operating for purchase with respect
to the Convertible Notes tendered to date.

Harrah's Operating and Harrah's Entertainment have retained Citi
to act as lead dealer manager in connection with the tender
offers and consent solicitations.  Questions about the tender
offers and consent solicitations may be directed to Citi at
(800) 558-3745 (toll free) or (212) 723-6106 (collect).  Copies
of the Offer Documents and other related documents may be
obtained from Global Bondholder Services Corporation, the
information agent for the tender offers and consent
solicitations, at (866) 924-2200 (toll free) or (212) 430-3774
(for banks and brokers only).

                 About Harrah's Entertainment

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Moody's Investor Service has assigned a
B2 Corporate FamilyRating and Speculative Grade Liquidity Rating
of SGL-3 to Harrah's Entertainment, Inc.  Moody's also assigned
ratings to the following new debt to be issued by Harrah's
Operating Company, Inc.: senior secured guaranteed bank
revolving credit facility at Ba2, senior secured guaranteed term
loans at Ba2, and senior unsecured guaranteed notes at B3.


ISLE OF CAPRI: Completes Acquisition of 43% IoC-Black Hawk Stake
----------------------------------------------------------------
Isle of Capri Casinos Inc. has completed the acquisition of the
43% interest in Isle of Capri-Black Hawk LLC owned by an
affiliate of Nevada Gold & Casinos Inc.

As reported in the Troubled Company Reporter on Nov. 16, 2007,
Isle of Capri has executed a definitive agreement pursuant to
which it will acquire the 43% interest in Isle of Capri-Black
Hawk LLC.  Under the terms of the agreement, the company has
agreed to pay US$64.6 million for the remaining 43% interest.

Isle of Capri Casinos Inc. currently owns 57% of Isle of Capri-
Black Hawk LLC.  Isle of Capri-Black Hawk LLC owns Isle of
Capri-Black Hawk and Colorado Central Station, both of which are
in Black Hawk, Colorado.

                 About Nevada Gold & Casinos

Headquartered in Houston, Texas, Nevada Gold & Casinos Inc.
(AMEX:UWN) -- http://www.nevadagold.com/-- is a gaming company
involved in financing, developing, owning and operating
commercial gaming projects and financing and developing Native
American owned gaming projects. The company also has real estate
interests in Colorado, California, and Nevada.  It operates in
two segments: gaming projects and other assets.

               About Isle of Capri Casinos Inc.

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida.  The company also operates and has a 57% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                        *     *     *

Moody's Investor Services placed Isle of Capri Casinos Inc.'s
probability of default and long term corporate family ratings at
'B1' in June 2007.  The ratings still hold to date with a stable
outlook.




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


* BOLIVIA: Gets US$18.5-Mln Interest-Free Loan from World Bank
--------------------------------------------------------------
The World Bank's Board of Directors has approved a US$18.5
million, interest-free credit by the International Development
Association loan to increase coverage and quality of health
services that will improve the quality of life  of the
population, specifically mothers and children.

The project will contribute to involve and empower communities
so that they can participate in the decision making process on
health services and health outcomes.

The Expanding Access to Reduce Health Inequities Project
Adaptable Lending Program III credit is the last phase of a 12-
year Health Sector Reform program.  As a medium-term objective,
this APL series pursues reducing the infant and maternal
mortality rates by one-third.

"It is the third loan of a series, and has been triggered by
results on the ground", said David Tuchschneider, World Bank
resident representative in Bolivia.  "The project will also
reduce chronic malnutrition among children under 2 years and
increase health insurance coverage in poor areas.  It will
upgrade the National Information System so that it will be
integrated with Bolivia's new health insurance program", he
added.

For instance, the infant mortality rate has decreased from 67 in
1998 to 52 in 2006 and the under five-mortality rate decreased
from 92 in 1998 to 72 in 2006.

The loan will reduce occurrence of critical risk factors
affecting maternal and infant health in Bolivia's most
disadvantage communities.  This third phase will focus firstly
nation-wide and secondly it will target 166 of the most
vulnerable municipalities and 6 peri-urban areas surrounding
three cities.

This phase will also:

   -- strengthen national, regional and local capacities to
      respond to health needs;

   -- build human resource capacities and physical
      infrastructure including upgrading or purchasing
      equipment; and

   -- support the government's implementation of Su Salud health
      insurance program, among other actions.

                        *     *     *

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
===========


AMERICAN AIRLINES: Staff Cuts Cause Flight Delays, Union Says
-------------------------------------------------------------
The Allied Pilots Association has alleged that flight
cancellations at American Airlines are due to staff reductions,
Adfero Ltd. reports.

The Allied Pilots told Adfero that American Airlines lacks
sufficient pilots to man off-schedule flights during severe
weather and other unforeseen events like an increase in pilot
retirements.

The Allied Pilots head Captain Lloyd Hill commented to Adfero,
"Time and again, the evidence has pointed to a pilot shortage at
American Airlines.  Next month's numerous flight cancellations
are proof positive that management has failed to retain a
sufficient number of pilots to staff the operation.  Our
customers deserve better.  APA (the union) believes that when
you book a ticket on American Airlines, you should be able to
count on the airline to keep its end of the bargain."

The Allied Pilots is seeking for a federal mediator in its
contract talks with American Airlines, Adfero states.

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.

American Airlines flies to Belgium, Brazil, Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch Ratings affirmed the debt ratings of AMR
Corp. and its principal operating subsidiary American Airlines,
Inc., as:

AMR Corp.

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

American Airlines

  -- Issuer Default Rating at 'B-';
  -- Secured bank credit facility at 'BB-/RR1'.

Fitch says the rating outlook for both AMR Corp. and American
has been revised to positive from stable.


BANCO BRADESCO: Earns BRL2.2 Billion in 2007 Fourth Quarter
-----------------------------------------------------------
Banco Bradesco S.A. has earned BRL2.2 billion of net income on
BRL10.9 billion of net sales for the for the fourth quarter of
2007, compared to BRL$1.6 billion of net income for the same
quarter in 2006, the Associated Press reports.

AP relates that due to huge demand of loans across Latin
America's largest nation for buying homes and cars and for
business expansions, the profit rose 38%.

For the full year 2007, the bank has recorded profit of BRL8
billion, up from BRL5.1 billion in 2006.

The company's consumer credit portfolio upped 38.9% to BRL59.3
billion and its corporate loan portfolio climbed 41.7% to
BRL102.1 billion after a strong expansion of Brazil's economy,
the same paper states.

As disclosed by the bank, assets under management amounted to
BRL341.2 billion, a 28.5% increase.  Its American depository
shares in New York rosed 2.1%, from US$0.58 to US$27.55 on
Monday.

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-


BANCO BRADESCO: Eyes Increase in Payroll-Linked Loans
-----------------------------------------------------
Banco Bradesco Chief Executive Officer Marcio Cypriano told the
press that the bank's payroll-linked loans would increase and
help expand lending up to 25% in 2008, from 2007.

Business News Americas relates that Banco Bradesco wants to
boost payroll and retirement loans up to 110% this year,
compared to last year, as retail loans grow up to 29%.

Mr. Cypriano told BNamericas that car loans would increase up to
31% in 2008, from 2007, while housing loans will rise 29.6%.
The increase in these two types of laons will give retail
lending a lift this year.

Mr. Cypriano commented to BNamericas, "We expect payroll loans
will grow a lot this year as well as vehicle financing and
housing loans.  We have some quite aggressive targets."

Home loans would total BRL5.30 million by year-end, BNamericas
says, citing Mr. Cypriano.

According to BNamericas, Banco Bradesco increased payroll and
retirement loans 59.1% to BRL6.11 billion in 2007, from 2006.
The acquisition of niche bank Banco BMC in 2007 let Banco
Bradesco boost payroll loans generated by the bank 104% to
BRL4.70 billion.

Mr. Cypriano commented to BNamericas, "The rise in payroll-
linked loans comes from the retirement loans we already had and
the really strong growth at BMC.  BMC is projecting much higher
growth this year because now it has much easier access to
funding."

Banco Bradesco managing director Domingos Abreu told BNamericas
that the bank was beginning with a relatively small payroll loan
portfolio, as it would be impossible to double portfolio every
year.

The report says that Banco Bradesco boost lending 38.9% to
BRL161 billion in 2007, compared to 2006, as loans to
individuals increased 34.2% to BRL59.3 billion, loans to small
and medium-sized enterprises 46.7% to BRL44.0 billion, and
corporate loans 38.2% to BRL58.2 billion.

BNamericas reports that Banco Bradesco earned BRL2.19 billion in
the fourth quarter 2007, about 28.8% higher compared to the same
quarter last year.  The profit includes BRL64 million in one-
time gains from selling its 40% stake in insurer Indiana
Seguros.  Recurring profits for the fourth quarter 2007
increased 14.4% to BRL1.85 billion.

Meanwhile, Banco Bradesco's profits rose 58.5% to BRL8.01
billion in 2007, from 2006.  The bank had BRL341 billion in
total assets in 2007, BNamericas states.

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-


BRASIL TELECOM: May Have To Commit To Universal Broadband Access
----------------------------------------------------------------
The Brazilian government may ask Telemar Norte Leste SA and
Brasil Telecom to commit to universalized broadband access to
secure authorization of their proposed merger, news daily O
Estado de S Paulo reports.

Business News Americas relates that the current legislation
disallows the merger of fixed line carriers.  A presidential
decree would be needed for the legislation to be altered.

According to BNamericas, government technicians allegedly said
that the Brasil Telecom-Telemar Norte deal may be approved if
companies agree to provide universal high-speed broadband
services.

BNamericas notes that rural schools and public institutions
would benefit from the deal.

Fixed line operators agreed to take broadband infrastructure to
all Brazilian municipalities and provide free high-speed
Internet access to some 55,000 urban public schools, BNamericas
states.

                    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.

                   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.

                        *     *     *

To date, Brasil Telecom carries Moody's Investors Service's Ba1
senior unsecured and credit default swap ratings.


COMPANHIA DE BEBIDAS: Ups Tender Offer to US$45.375 Per Share
-------------------------------------------------------------
As of close of business on Jan. 28, 2008, Companhia de Bebidas
das Americas has announced that 6,277,001 Class B shares of its
subsidiary Quilmes Industrial, Societe Anonyme (Quinsa),
representing 71.3% of the outstanding Class B shares of Quinsa
not owned by the company or its subsidiaries, had been tendered
in and not withdrawn from the voluntary offer made by the
company, which exceeds the threshold of 5,968,722 Class B shares
at which the company agreed to increase the tender offer price.
Therefore, the tender offer price has been increased to US$4.125
per Class A share, US$41.25 per Class B share and US$82.50 per
ADS pursuant to the terms and conditions of the Offer to
Purchase.

Further, in order to comply with applicable law, the offer
period has been extended until 5:00 p.m. New York time (11:00
p.m. Luxembourg time) on Feb. 11, 2008.

All terms and conditions of the offer and of the price increase
are described in the Offer to Purchase, which was filed with the
United States Securities and Exchange Commission on
Dec. 28, 2007, and on its amendment, which will be filed with
the SEC on Jan. 29, 2008.  Shareholders of Quinsa can obtain the
Offer to Purchase and other documentsthat were filed with the
SEC for free at http://www.sec.govand http://www.ambev-ir.com.

The Offer Documentation was mailed to Quinsa shareholders by
Innisfree M&A Incorporated. Requests for the Offer Documentation
may be directed to Innisfree M&A Incorporated at +1 877 750 9501
(toll free in the U.S. and Canada) or at +00 800 7710 9970
(freephone in the EU), or in writing at 501 Madison Avenue, 20th
floor, New York, New York, 10022, U.S.A. Questions regarding the
offer may be directed to Credit Suisse Securities (USA) LLC at
+1 800 318 8219 (toll free in the U.S.).

                 About Companhia de Bebidas

Based in Sao Paulo, Brazil, Companhia de Bebidas das Americas,
aka AmBev (BOVESPA: AMBV4, AMBV3; and NYSE: ABV, ABVc) --
http://www.ambev.com.br/-- is the largest brewer in Latin
America and the fifth largest brewer in the world.

The company's beer brands include Skol, Brahma and Antarctica.
It also produces and distributes soft drink brands such as
Guarana Antarctica, and has franchise agreements for Pepsi soft
drinks, Gatorade and Lipton Ice Tea.

The company has been present in Canada since 2004 through
Labatt.  Founded in London, Ontario in 1847 and the proud
brewer of more than 60 quality beer brands, Labatt is Canada's
largest brewery.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2006,
Moody's Investors Service upgraded to Ba1 from Ba2 the foreign
currency issuer rating of Companhia de Bebidas das Americas aka
AmBev to reflect the upgrade of Brazil's foreign currency
country ceiling to Ba1 from Ba2.  AmBev's global local currency
issuer rating of Baa3 and the foreign currency rating of Baa3
for its debt issues remain on review for possible upgrade.


FIAT SPA: Posts EUR58.5 Billion in Revenues for Fiscal Year 2007
----------------------------------------------------------------
Fiat S.p.A. reported EUR58.5 billion in revenues for year ended
2007 compared with EUR51.8 billion in revenues for the year
ended 2006.  The revenues are driven by increased activity
across all major industrial businesses.

The Automobiles businesses posted revenues of EUR29 billion, on
the back of higher sales volumes at Fiat Group Automobiles,
whose revenues rose 13.1% to EUR26.8 billion.  Significant
contributions also came from Ferrari, whose revenues increased
15.3%, and Maserati, which recorded revenue growth of 33.7%.

Iveco had revenues of EUR11.2 billion due to outstanding sales
volume and improved pricing.

CNH-Case New Holland closed with revenues of EUR11.8 billion, up
12.5% from EUR10.5 billion in 2006.

Revenues in the Components and Production Systems businesses
totaled EUR13.4 billion, an overall increase of 8.2%.  Sales
increased 15.1% at FPT Powertrain Technologies and 12.2% at
Magneti Marelli.  Teksid revenues decreased by 20.0%, from
EUR783 million in 2007 from EUR979 million in 2006, in absolute
terms, mainly due to changes in the scope of consolidation

Comau reported a decline of 14.9%, in line with the reshaping of
the business initiated in 2006.

In the fourth quarter of 2007, Fiat Group revenues totaled
EUR15.8 billion, a 14.1% increase over EUR13.9 billion for the
fourth quarter in 2006, with all major sectors contributing to
the improvement.

In 2007, trading profit totaled EUR3.23 billion, an increase of
65.7% compared to the EUR1.95 million reported in 2006.  The
Automobiles businesses achieved trading profit of EUR1.09
million.

Fiat Group Automobiles, in particular, had a trading profit of
EUR803 million, an increase of EUR512 million compared to 2006,
while trading margin grew from 1.2% in 2006 to 3.0% in 2007.

Ferrari's trading profit totaled EUR266 million, an increase of
45.4%.  For the first time since its acquisition by Fiat in
1993, Maserati was profitable in 2007, achieving a trading
profit of EUR24 million against a loss of EUR33 million in
2006.

Agricultural and Construction Equipment had a trading profit of
EUR990 million, exceeding by EUR253 million the 2006 level;
trading margin grew from 7.0% in 2006 to 8.4% in 2007.

Iveco's trading profit also improved sharply from EUR546 million
in 2006 to EUR813 million in 2007, an increase of EUR267 million
or 48.9%.

In 2007, the Components and Production Systems business posted
trading profit of EUR509 million, representing a trading margin
of 3.8%.  The EUR161 million overall improvement reflects higher
trading profit at FPT Powertrain Technologies and Magneti
Marelli, and a much-reduced loss at Comau, whose reshaping plan
is starting to bear fruit.

Teksid's trading profit, down EUR9 million, improved by EUR16
million on a comparable scope of operations.

For the fourth quarter of 2007, trading profit was EUR947
million, up EUR405 million or 74.7% over Q4 2006, with
improvements across all businesses.

Operating income for the year totaled EUR3.15 billion. The
EIR1.09 million improvement from 2006 reflects higher trading
profit for EUR1.28 million, reduced by the difference of
EUR191 million in unusual items year-over-year

Gains of disposals worth EUR190 million in 2007 were more than
offset by restructuring costs of EUR105 million and other
one-off expenses of EUR166 million mainly related to the
remaining class of strategic suppliers in need of
rationalization.

In 2007, net financial expenses totaled EUR564 million and
included the positive impact of EUR70 million from two stock
option-related equity swaps, the financing costs for pension
plans and other employee benefits for EUR155 million, as well as
the one-off cost of EUR43 million related to the accelerated
redemption of CNH senior notes due 2011.

Investment income totaled EUR185 million in 2007, versus EUR156
million in 2006.  Income before taxes amounted to EUR2.77
million in 2007, against EUR1.64 million in 2006.

The improvement of EUR1.13 million is due to the EUR1.09 million
increase in operating income, lower net financial expenses of
EUR12 million and the increase of EUR29 million in investment
income.

Income taxes totaled EUR719 million, representing an effective
tax rate of 25.9%, at the low end of the expected income tax
rate range.

In 2007, net income before minority interest was EUR2.05
million, compared with income of EUR1.15 million in 2006.

Net industrial debt turned from EUR1.77 million at the end of
2006 to a net industrial cash position of EUR355 million at 2007
year end, reflecting strong net industrial cash flow of
approximately EUR2.7 billion, mainly as a result of positive
operating performance, partially offset by dividend distribution
of EUR0.3 billion and share repurchase for EUR0.4 billion.

Fiat Group's capital expenditures in 2007 for industrial
operations amounted to EUR3.7 billion, an increase of EUR0.8
billion against 2006.

The Group's cash position at December 31, 2007 was EUR6.9
billion compared with EUR8 billion at Dec. 31, 2006.  The
decrease follows the net reduction in external debt of about
EUR2.2 billion.

                      Outlook for 2008

The Western European automobile market is expected to remain
stable in 2008.  In this context, Fiat Group Automobiles expects
to gain market share in Italy and Western Europe, continuing to
leverage on the recently introduced Fiat 500, Fiat Bravo, Fiat
Linea, on the 2008 new model launches, as well as on new
engines.

The Brazilian market should continue to grow, posting in 2008 an
increase of more than 10% compared to 2007, and Fiat operations
are expected to maintain their leadership of the Brazilian
market.

Higher spending in advertising and network investments will
support Fiat Group Automobiles targeted volume growth of
approximately 200,000 units in 2008.

The agricultural equipment market is expected to grow in North
America, Europe and in Latin America and to remain flat in the
Rest of the World.  High global commodity prices and low levels
of agricultural stocks will lead to strong net farm incomes.
Increasing demand for corn and sugar cane to produce fuel
ethanol continues to support equipment sales.

The construction equipment market is expected to grow in Europe
and in the rest of the world, to be flat in Latin America and to
decrease in North America.  In the United States, further
declines in residential construction should be partly offset by
higher nonresidential and heavy construction activity. In North
America, housing starts are expected to continue declining but
will potentially stabilize later in the year; housing starts are
expected to be flat in Europe, Latin America and in the rest of
the world.

In this context, CNH expects to achieve a strong improvement in
unit volume along with continuing market share gains.  Momentum
of positive net pricing offsetting increases in certain raw
materials and components will continue.  In Western Europe, the
market for light, medium and heavy commercial vehicles is
expected to keep on growing, notably in the first half of the
year.

Central and Eastern European markets are expected to grow about
15% compared to 2007.  In this environment Iveco aims at gaining
market share thanks to new products and is targeting revenue
growth due to price repositioning and higher volumes.

To achieve its targets, the Fiat Group will continue to push
group-wide purchasing synergies, intensifying and accelerating
development of best-cost-country sourcing, strengthening
strategic partnerships with suppliers through long-term
contracts, and focusing on the implementation of world-class
manufacturing initiatives.

The Group confirms its targets for 2008: trading profit between
EUR3.4 and EUR3.6 billion, net income between EUR2.4 and EUR2.6
billion (earnings per share between EUR1.90/EUR2.00).

Consolidated net revenues will be in excess of EUR60 billion.
The Group expects to close the year again debt free, with a
minimum of EUR1.5 billion of net cash on hand.

While working on the achievement of these objectives, the Fiat
Group will continue to implement its strategy of targeted
alliances, in order to reduce capital commitments, and
reduce the related risks.

The Group's expectations for 2008 are based on the assumption
that the current turbulence in financial markets will have
limited contagion impact on the real economy, and at worst will
be limited to the U.S. market.  There is a concern that the
current crisis of confidence being experienced in the capital
markets will spill over and begin to severely restrict
consumption on a global scale.

The Group believes that such a scenario is unlikely:
nonetheless, if such conditions were to effectively materialize,
the Group believes that it would be able to fully sustain the
financial impact of a downward pressure on demand, albeit with
reduced operating performance and margins.

A full-text copy of Fiat SpA's financial results is available at
no charge at http://ResearchArchives.com/t/s?2777

                     About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 28,
2008, Moody's Investors Service affirmed Fiat SpA's Ba1
Corporate Family Rating, and the group's other long-term senior
unsecured ratings.  At the same time, the positive outlook was
maintained.  The short term Not Prime rating remains unchanged.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


JABIL CIRCUIT: Earns US$62 Mil. in First Quarter Ended Nov. 30
--------------------------------------------------------------
Jabil Circuit Inc. reported net income of US$62.0 million for
the first quarter of fiscal 2008 ended Nov. 30, 2007, compared
to net income of US$41.4 million for the same period in fiscal
2007.

"We are pleased to post a strong quarter with significantly
improved financial performance.  Cash flow from operations and
EBITDA margins were particularly strong and notably higher than
last year," said president and chief executive officer Timothy
L. Main.

Net revenue for the first quarter of fiscal 2008 increased 4.5%
percent to US$3.37 billion compared to US$3.22 billion for the
same period of fiscal 2007.

GAAP operating income for the first quarter of fiscal 2008
increased 62.0% to US$98.9 million compared to US$61.1 million
for the same period of fiscal 2007.

Jabil's first quarter of fiscal 2008 core operating income
increased 44.0% to US$122.1 million or 3.6% of net revenue
compared to US$85.0 million or 2.6% of net revenue for the first
quarter of fiscal 2007.  Core earnings increased 23.0% to
US$74.6 million compared to US$60.5 million for the first
quarter of fiscal 2007.

"In the first half of fiscal 2008, we expect core operating
income and EBITDA margins well above previous year levels.  In
the second half of fiscal 2008, we expect to continue our focus
on margin expansion, cash flow generation and higher returns on
invested capital.  As revenue increases in the second half, cash
flow generation and margin expansion is expected to be
particularly strong," said Main.

             Total Contractual Cash Obligations

At Nov. 30, 2007, the company had total contractual cash
obligations of US$1.71 billion, of which contractual obligations
for short and long-term debt arrangements totaled US$1.28
billion.

                        Balance Sheet

At Nov. 30, 2007, the company's consolidated balance sheet
showed US$6.73 billion in total assets, US$4.15 billion in total
liabilities, US$9.1 million in minority interest, and US$2.58
billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Nov. 30, 2007, are available
for free at http://researcharchives.com/t/s?2772

                     About Jabil Circuit

Headquartered in St. Petersburg, Florida, Jabil Circuit Inc.,
(NYSE: JBL) -- 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, Fitch Ratings assigned a 'BB+' rating to Jabil
Circuit Inc.'s proposed Rule 144A offering of $300 million
senior unsecured notes due 2018.

Moody's Investors Service also assigned a Ba1 rating to the
company's proposed offering of US$300 million senior notes due
2018 and affirmed its existing ratings and negative outlook.


MRS LOGISTICA: Transporting Manganese for Fermavi
-------------------------------------------------
MRS Logistica account manager Fernanda Bianco Padilha told
Business News Americas that the firm will sign a contract to
transport manganese in containers to Rio de Janeiro port from
the Belo Horizonte, Minas Gerais, for national manganese
producer Fermavi.

Business News Americas relates that the contract could be signed
by the first week in March.  Fermavi will be MRS Logistica's
first client in the area, sending some 5,000 twenty-foot
equivalent units per meter.

Ms. Padilha commented to BNamericas, "However we believe that
Fermavi will have the demand to transport around 10,000 twenty-
foot equivalent units per meter.  MRS expects another five or so
companies in the region will together transport 20,000 to 25,000
twenty-foot equivalent units per meter."

Manganese will be loaded at Fermavi and taken in trucks to the
MRS Logistica terminal operator in Sarzedo, Minas Gerais.  The
product will then be taken by train to Rio de Janeiro port for
export, BNamericas states.

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

                        *     *     *

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


TELE NORTE: May Have To Commit To Universalized Broadband Access
----------------------------------------------------------------
The Brazilian government may ask Telemar Norte Leste SA and
Brasil Telecom to commit to universalized broadband access to
secure authorization of their proposed merger, news daily O
Estado de S Paulo reports.

Business News Americas relates that the current legislation
disallows the merger of fixed line carriers.  A presidential
decree would be needed for the legislation to be altered.

According to BNamericas, government technicians allegedly said
that the Brasil Telecom-Telemar Norte deal may be approved if
companies agree to provide universal high-speed broadband
services.

BNamericas notes that rural schools and public institutions
would benefit from the deal.

Fixed line operators agreed to take broadband infrastructure to
all Brazilian municipalities and provide free high-speed
Internet access to some 55,000 urban public schools, BNamericas
states.

                    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.


TEREX CORP: Minnesota Unit Begins Tender Offer to Buy ASV Shares
----------------------------------------------------------------
Terex Corporation disclosed that Terex Minnesota, Inc., a wholly
owned subsidiary of Terex, has commenced a tender offer to
purchase all of the outstanding shares of A.S.V. Inc. common
stock for US$18.00 per share in cash.

The tender offer is being made pursuant to a merger agreement
with ASV, dated as of Jan. 13, 2008, and is scheduled to expire
at midnight, New York City time, at the end of Feb. 25, 2008,
unless extended.

The Board of Directors of ASV has recommended that holders of
shares of ASV common stock accept the Offer and tender their
shares in the Offer.

There is no financing condition to the tender offer.  The tender
offer is subject to the satisfaction of certain conditions set
forth in the Agreement, including there being validly tendered
and not withdrawn a majority of the total number of outstanding
shares of common stock of ASV on a fully-diluted basis, the
receipt of required regulatory approvals and clearances, and
other customary conditions.

                         About ASV

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

                  About Terex Corporation

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

                        *     *     *

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

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


* BRAZIL: Siem To Build Two Fast Supply Vessels for Petrobras
-------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA aka
Petrobras has awarded a contract to Norwegian oil services
company Siem to construct two fast supply vessels, Siem said in
a statement.

Business News Americas relates that under an eight-year charter,
Petrobras will pay Siem about US$45 million for the two vessels.

The vessels will be constructed in Brazil.  They will begin
operations in deep waters in the first quarter of 2010.  They
will be capable of cruising at 28 knots, BNamericas states,
citing Siem.

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

                        *     *     *

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

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


* BRAZIL: Petrobras Signs Agreement w/ Warner & Village Roadshow
----------------------------------------------------------------
Petroleo Brasileiro SA has entered an unprecedented market
agreement with Warner Bros. Pictures, and Village Roadshow
Pictures in Latin America through which the Brazilian energy
company will develop a product placement action consisting in
the company's presence in a mega Hollywood production with the
most varied forms of brand exposure in scenarios, scenes and
moments in the Speed Racer movie.

"The product placement action in Speed Racer will be screened
the world over and seeks to reinforce Petrobras' brand in the
international scenario, highlighting our work in developing
state-of-the-art technology, particularly bio-energy," said Luis
Antonio Vargas, Advertisement and Promotion manager for
PETROBRAS.  The agreement with Warner Bros. Pictures and Village
Roadshow Pictures also includes a promotional partnership for
the launch.

Speed Racer will take the classic Japanese animation series
created by Tatsuo Yoshida in the 1960's to the silver screen.
The film - directed and written by brothers Larry and Andy
Wachowski, creators of the Matrix trilogy, and produced by Joel
Silver (V for Vendetta and Matrix) - depicts the adventures of
young driver Speed (Emile Hirsch) and his powerful Mach 5 car on
the tracks.  In the quest for victories, Speed needs to overcome
a few challenges, such as his mysterious archenemy Racer "X"
(Matthew Fox).  The production also includes Christina Ricci as
Trixie, Speed's girlfriend, and John Goodman and Susan Sarandon
as the kid's parents.

Speed Racer will be distributed by Warner Bros. in association
with Village Roadshow Pictures and Silver Pictures Production
and is scheduled to debut in the United States on May 9 2008,
with simultaneous debuts in a large number of international
markets, including Brazil.

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

                        *     *     *

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

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


* BRAZIL: Petroleo Brasileiro Investing US$12B in Santos Basin
--------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's Santos
basin manager Jose Luiz Marcusso told the press that the company
will invest some US$12 billion in the Santos basin in 2008-12.

Business News Americas relates that the US$12 billion investment
excludes properties in the pre-salt layer like Tupi and Jupiter.

A Petroleo Brasileiro spokesperson commented to BNamericas,
"Petrobras [Petroleo Brasileiro] will review its investment plan
by mid-2008 to take into consideration those two discoveries."

Mr. Marcusso told BNamericas that the US$12 billion is for these
fields:

          -- Lagosta,
          -- Merluza,
          -- Mexilhao,
          -- Urugua,
          -- Tambau,
          -- Caravela, and
          -- Cavalo Marinho.

The fields' overall output will be 30 million cubic meters per
day of natural gas and 100,000 barrels per day of oil,
BNamericas says, citing Mr. Marcusso.

Mr. Marcusso commented to BNamericas, "In Mexilhao alone, we
should reach 15 million cubic meters per day of natural gas
production, which represents approximately 30% of Brazil's
current demand."

Mexilhao would produce up to 12 million cubic meters per day,
reporters say, citing Petroleo Brasileiro's exploration and
production director Guilherme Estrella.

According to BNamericas, investments in the project will total
US$2 billion, including eight wells and one fixed platform.

Mr. Marcusso told BNamericas that natural gas from Tupi and
Jupiter could flow through a pipeline to Mexilhao and on to the
gas treatment station to be constructed in Caraguatatuba, Sao
Paulo.

"This would be very positive," Mr. Marcusso commented to
BNamericas.  The Caraguatatuba plant can receiving gas from the
pre-salt areas, BNamericas says, citing Mr. Marcusso.

The treatment station will be ready in 2009.  Tupi would produce
up to 3.5 million cubic meters per day of natural gas in its
long-term duration test that begins late in 2008.  Petroleo
Brasileiro is considering other alternatives for Tupi when it
reaches full capacity, BNamericas states.

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

                        *     *     *

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

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


* BRAZIL: Petrobras To Own Piratininga Plant
--------------------------------------------
Brazilian power regulator Aneel has authorized Sao Paulo staet
water and power company EMAE to transfer its ownership of 470-
megawatt Piratininga thermo plant to Brazilian state-run firm
Petroleo Brasileiro SA aka Petrobras, Business News Americas
reports.

EMAE said in a statement that Petrobras will control Piratininga
through its unit Baixada Santista Energia.

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

                        *     *     *

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

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




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


BANK OF AYUDHYA: Uses THB10.17 Billion for Working Capital
----------------------------------------------------------
The Bank of Ayudhya PCL has reported to the Stock Exchange of
Thailand regarding the use of its capital increase for the
second half of 2007.

The bank said it has used a total of THB10.171 billion in
capital increase funds as working capital for its operations.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating, effective September 2007.


BEAR STEARNS FUNDS: Proofs of Claim Filing Deadline Is Jan. 31
--------------------------------------------------------------
Bear Stearns High-Grade Structured Credit Strategies Enhanced
Leverage (Overseas) Ltd. and Bear Stearns High-Grade Structured
Credit Strategies (Overseas) Ltd.'s creditors are given until
Jan. 31, 2008, to prove their claims to Kris Beighton, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

          Kris Beighton
          Attention: Lucy Henderson
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1-345-815-2638
          Fax: +1-345-949-7164


BIS (CAYMAN): Final Shareholders Meeting Is on Jan. 31
------------------------------------------------------
BIS (Cayman) Limited will hold its final shareholders meeting on
Jan. 31, 2008, at 10:00 a.m. at:

             Close Brothers (Cayman) Limited
             4th Floor, Harbor Place
             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 liquidator to retain the records
             of the company for a period of six years from the
             dissolution of the company, after which they may
             be destroyed.

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

The liquidator can be reached at:

             Linburgh Martin
             Attention: Delocita Pope
             Close Brothers (Cayman) Limited
             Fourth Floor, Harbor Place
             P.O. Box 1034, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345) 949 8455
             Facsimile: (345) 949 8499


CP MENA: Sets Final Shareholders Meeting for Jan. 31
----------------------------------------------------
CP Mena Hoc Ltd. will hold its final shareholders meeting on
Jan. 31, 2008, at 10:00 a.m. at:

             Close Brothers (Cayman) Limited
             4th Floor Harbor Place, 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 liquidator to retain the records
             of the company for a minimum of six years from
             the dissolution of the company, after which they
             may be destroyed.

CP Mena's shareholders agreed on Dec. 11, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


GEMINI BB: Holding Final Shareholders Meeting on Jan. 31
--------------------------------------------------------
Gemini BB Funding Company will hold its final shareholders
meeting on Jan. 31, 2008, at:

             Caledonian House
             69 Dr. Roy's Drive, 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.

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

The liquidator can be reached at:

             Ali Mudeen
             Caledonian Trust (Cayman) Limited
             Caledonian House, P.O. Box 1043
             Grand Cayman KY1-1102, Cayman Islands


ING BARING: Sets Final Shareholders Meeting for Jan. 31
-------------------------------------------------------
ING Baring Employee Services Limited will hold its final
shareholders meeting on Jan. 31, 2008, at 10:00 a.m. at:

             Close Brothers (Cayman) Limited
             4th Floor, Harbor Place
             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 liquidator to retain the records
             of the company for a period of six years from the
             dissolution of the company, after which they may
             be destroyed.

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

The liquidator can be reached at:

             Linburgh Martin
             Attention: Delocita Pope
             Close Brothers (Cayman) Limited
             Fourth Floor, Harbor Place
             P.O. Box 1034, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345) 949 8455
             Facsimile: (345) 949 8499


JPMORGAN ABSOLUTE: Sets Final Shareholders Meeting for Jan. 31
--------------------------------------------------------------
JPMorgan Absolute Return Mortgage Fund, Ltd., will hold its
final shareholders meeting on Jan. 31, 2008, at 9:00 a.m. at:

             Close Brothers (Cayman) Limited
             4th Floor, Harbor Place
             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 liquidator to retain the records
             of the company for a period of six years from the
             dissolution of the company, after which they may
             be destroyed.

JPMorgan Absolute's shareholders agreed on Nov. 21, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Warren Keens
             Attention: Kim Charaman
             Close Brothers (Cayman) Limited
             Fourth Floor, Harbor Place
             P.O. Box 1034, Grand Cayman, KYI-1102
             Cayman Islands
             Telephone: (345) 949 8455
             Fax: (345) 949 8499


JPMORGAN ABSOLUTE RETURN: Final Shareholders Meeting on Jan. 31
---------------------------------------------------------------
JPMorgan Absolute Return Mortgage Master Fund, Ltd., will hold
its final shareholders meeting on Jan. 31, 2008, at 9:30 a.m.
at:

             Close Brothers (Cayman) Limited
             4th Floor, Harbor Place
             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 liquidator to retain the records
             of the company for a period of six years from the
             dissolution of the company, after which they may
             be destroyed.

JPMorgan Absolute's shareholders agreed on Nov. 21, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Warren Keens
             Attention: Kim Charaman
             Close Brothers (Cayman) Limited
             Fourth Floor, Harbor Place
             P.O. Box 1034, Grand Cayman, KYI-1102
             Cayman Islands
             Telephone: (345) 949 8455
             Fax: (345) 949 8499


KAKEHASHI CAPITAL: Sets Final Shareholders Meeting for Jan. 31
--------------------------------------------------------------
Kakehashi Capital Holding Inc. will hold its final shareholders
meeting on Jan. 31, 2008, at:

             Caledonian House
             69 Dr. Roy's Drive, 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.

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

The liquidator can be reached at:

             Griffin Management Limited
             Attention: Janeen Aljadir
             Caledonian Trust (Cayman) Limited
             Caledonian House, P.O. Box 1043
             Grand Cayman KY1-1102, Cayman Islands




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


BELL MICROPRODUCTS: Has Until March 17 to Comply with Nasdaq
------------------------------------------------------------
Bell Microproducts Inc. has received the decision of the board
of directors of The Nasdaq Stock Market LLC granting the company
until March 17, 2008, to become compliant with NASDAQ's filing
requirement.

The company's common stock continues to trade on the Nasdaq
Global Market under the symbol "BELM," however, after
March 17, 2008, NASDAQ has informed the company that if the
company has not achieved compliance by that date, the company's
securities will be suspended from trading at the opening of
business on March 19, 2008, and a Form 25 will be filed with the
SEC to effect the delisting of the company's common stock.

Under instruction from a special committee of the company's
board of directors, the company, together with outside
accounting consultants, is working to review certain historical
accounting practices regarding reserves, accruals and estimates
and determine if adjustments are required, and if so, the
amounts thereof.

The special committee intends to review the results of the
company's work when it is completed, conduct additional
procedures as part of its ongoing review, and report the special
committee's final conclusions regarding the causes and
responsibility for the reported errors in accounting practices.
At that time, the special committee will determine if additional
remedial actions or disclosures are required.

The company relates that, due to the scope of the work to be
completed, it will be difficult to achieve compliance with
NASDAQ's requirements by March 17, 2008, and therefore no
assurances can be given that the company's common stock will
remain listed after that date.

                  About Bell Microproducts

Headquartered in San Jose, California, Bell Microproducts Inc.
(Nasdaq: BELM) -- http://www.bellmicro.com/-- is an
international, value-added distributor of high-tech products,
solutions and services, including storage systems, servers,
software, computer components and peripherals, as well as
maintenance and professional services.  Bell is a Fortune 1000
company that has operations in Argentina, Brazil, Chile and
Mexico.

                        *     *     *

The company has received waivers from its lenders into March
2008 relating to the filing of financial reports with the SEC
and the provision of audited financial reports.


NORSKE SKOGINDUSTRIER: S&P Lowers Corporate Credit Rating to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Norway-based forest product company
Norske Skogindustrier ASA to 'BB' from 'BB+'.  The rating
reflects lowered financial expectations resulting from demanding
newsprint market conditions and underperformance to S&P's
requirements at the previous rating level.  At the same time,
the 'B' short-term corporate credit rating was affirmed.  The
outlook is negative.

"The downgrade results from our lowered expectations for the
group's medium-term financial performance, aligning it to
requirements at the 'BB' level," said S&P's credit analyst
Andreas Zsiga.  "About a third of group sales come from the
European newsprint market, which faces tough volume and pricing
conditions in the wake of general global economic weakening,
continued pricing pressure from Canadian imports, and cost
inflation, in particular for recycled paper.  These conditions
offset the positive impact of the company's cost-cutting
measures."

Mr. Zsiga continued: "We believe European newsprint prices will
be pressured in 2008, despite European and North American
capacity closures and positive pricing momentum in the U.S.  The
pricing gap between North America and Europe continues to
encourage Canadian imports.  We also expect weakening economic
conditions in the U.S. and Europe to curb demand."

Further potential downside risk rests with risks for additional
newsprint capacity in the United Kingdom and a possible
accelerated shift in European advertising spending to electronic
media from printed, similar to the shift in the United States.

The negative outlook reflects the risk of continued medium-term
pressure on financial performance from adverse market conditions
or internal operating performance, weakening the group's
prospects of achieving credit measures consistent with the
current rating.  To accommodate the ratings, the company needs
to improve profitability and cash generation, achieving, for
example, a ratio of FFO to debt of about 20%.

The outlook could revert to stable if S&P sees performance
improving in line with its base case assumption.  This
requires material and sustainable improvement in cash flow
generation and credit-protection measures over the medium
term through further cost savings, and improved prices.  This
assumes that market fundamentals will improve over time as
capacity balance and prices recovers, supported by growing
demand and the marketwide capacity reductions.

Potential major portfolio adjustments or changes to the group's
strategy or business focus are not factored into the ratings.

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.  It has paper mills in Chile and Brazil.




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


CHIQUITA BRANDS: Gets Consent Solicitation for 7-1/2% Sr. Notes
---------------------------------------------------------------
Chiquita Brands International Inc. has announced a solicitation
of consents to amend the terms of the indenture for its 7-1/2%
senior notes due 2014, in connection with a proposed refinancing
of its senior credit facility that is intended to lower its
interest expense, extend maturities and provide additional
covenant flexibility.

The purpose of the consent solicitation is to amend provisions
in the indenture governing the Notes regarding the company's
ability to incur certain liens, as described in the consent
solicitation statement dated Jan. 28, 2008.

The record date for the consent solicitation is the close of
business, New York City time, on Jan. 25, 2008.  The consent
solicitation will expire at 5:00 p.m., New York City time, on
Feb. 4, 2008, unless extended.  The company is offering a
consent fee of US$20.00 per US$1,000 of principal amount of
Notes to each holder of record as of the record date who has
delivered (and has not validly revoked) a valid consent prior to
the Expiration Time.  The company's obligations to accept
consents and pay a consent fee is conditioned, among other
things, on the receipt of consents (not validly revoked) to the
amendments from holders of at least a majority in aggregate
principal amount of Notes, the consummation of a senior
unsecured convertible indebtedness transaction raising gross
proceeds of not less than US$125 million on or before Feb. 15,
2008, and other conditions, as more fully set forth in the
Consent Solicitation Statement.

For a complete statement of the terms and conditions of the
consent solicitation, the amendments to the indentures, and the
accompanying waivers, holders of the Notes should refer to the
Consent Solicitation Statement, which is being sent to all
holders of record of the Notes as of the record date.  Questions
from holders regarding the consent solicitation or requests for
additional copies of the Consent Solicitation Statement, the
Consent Form or other related documents should be directed to:

         Global Bondholder Services Corporation,
         Information Agent
         65 Broadway, Suite 723
         New York, New York 10006
         Tel: (866) 873-6300 (toll free) or
              (212) 430-3774 (call collect)

                     -- or --

         Solicitation Agent
         Morgan Stanley & Co. Incorporated
         Tel: (800) 624-1808 (toll free)

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

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

                        *     *     *

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

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


CHIQUITA BRANDS: Reports Prelim Full Year & Fourth Qtr. Results
---------------------------------------------------------------
Chiquita Brands International Inc. reported preliminary
unaudited selected results for the fourth quarter and full-year
2007 and announced the details of a proposed refinancing.  The
company is providing this information and certain financial
metrics on a one-time basis only and does not intend to update
this information prior to its regularly scheduled fourth quarter
and full-year 2007 conference call on Feb. 19, 2008 and
subsequent filings with the Securities & Exchange Commission.

Fourth quarter net sales increased approximately 6 percent year-
over-year to US$1.2 billion, and the company expects adjusted
operating income in the range of US$6-16 million and adjusted
EBITDA in the range of US$28-38 million.  For the full year, net
sales increased approximately 4 percent year-over-year to US$4.7
billion, and the company expects adjusted operating income in
the range of US$62-72 million and adjusted EBITDA in the range
of US$152-162 million.  A reconciliation of (i) adjusted EBITDA
and (ii) adjusted operating income amounts presented above to
estimated operating income is included in a Non-GAAP Financial
Measures.

The company reported liquidity that included cash in excess of
US$70 million, compared to US$65 million at year-end 2006, as
well as US$169 million of availability under its current
revolving credit facility.  The company remained in compliance
with its covenants under its existing debt facilities at
Dec. 31, 2007, and expects to remain in compliance with them.

"Our estimated fourth quarter results reflect improved year-
over-year operating performance in the fourth quarter, despite a
rising cost environment," said Fernando Aguirre, chairman and
chief executive officer.  "In addition, our business
restructuring announced in October remains on track to deliver
our targeted savings in 2008."

Mr. Aguirre added, "We will remain focused on three priorities
in 2008 to drive progress on our strategy to achieve
sustainable, profitable growth.  First, we will complete the
restructuring we began implementing in October to improve
profitability by consolidating our operations and simplifying
our overhead structure.  Second, we will seek to improve
execution and market performance in our core businesses, while
managing through a difficult cost environment.  Third, we will
continue to invest in long-term growth opportunities by
expanding the introduction of innovative, higher-margin products
that can help diversify our business by product, channel and
geography."

As announced in October, the company is exploring strategic
alternatives for its German distribution business, Atlanta AG,
including a possible sale, and does not expect to announce
developments with respect to this process unless and until its
board of directors has reached a decision.  There can be no
assurance regarding the timing or ultimate outcome of this
process.

                        2008 Outlook

While the company does not provide specific guidance for net
sales and net income, the company does expect improved year-on-
year performance in sales and operating income in 2008,
primarily due to contract and market price increases, including
fuel-related surcharges, and the benefits of the business
restructuring, which remains on track to deliver US$60-80
million in year-on- year cost savings in 2008.  The company does
expect significant year-on-year increases in industry and other
costs, which may exceed US$120 million in 2008, before fuel
hedging gains.  This amount includes fuel cost impacts on ocean
shipping of approximately US$35 million based on current market
forward rates, increases in the cost of purchased raw product
(primarily bananas) of US$40-50 million, as well as increases in
materials, banana production, discharge and other logistics
costs.

The following chart summarizes management's estimates of the
impact of certain other items on the company's results for 2008:


  (US$ millions)                  Full-Year 2008 Estimate (1)

  Capital Expenditures                   US$60-75
  Depreciation & Amortization            US$70-80
  Euro Hedging Costs (2)                    US$13
  Fuel Hedging Gains (3)                    US$18

   (1) The foregoing estimates constitute forward-looking
        statements and are subject to risks and uncertainties.

   (2) Euro hedging costs were US$19 million in 2007.  The 2008
       euro hedging cost estimates are based on current market
       forward rates in relation to the company's 2008 hedging
       portfolio, which includes euro put options at average
       strike rates of US$1.40 per euro covering approximately
       70 percent of the company's estimated net euro cash flow
       exposure.

   (3) The company realized a fuel hedging gain of US$12 million
       in 2007.  The 2008 fuel hedging gain estimates are based
       on current market forward rates as of Jan. 24, 2008.
       Approximately 65 percent of the company's expected core
       fuel needs in ocean shipping through January 2010 are
       hedged with bunker fuel swaps.

                    Proposed Refinancing

The company also announced that it is reviewing its capital
structure.  It is considering options including a potential
amendment or refinancing of its senior secured credit facility
and a convertible note offering, which is intended to lower the
company's interest expense, extend maturities and provide
additional covenant flexibility.

The company's total debt at year-end 2007 was US$814 million,
compared to US$1.029 billion a year ago, with minimal mandatory
principal repayment obligations during the next three years.
The company remained in compliance with its covenants under its
existing debt facilities at Dec. 31, 2007, and expects to remain
in compliance. The current secured credit facility includes a
Term Loan C, which had a balance outstanding of US$326 million
at Dec. 31, 2007, and a US$200 million revolving credit facility
used for seasonal working capital needs.  As of Dec. 31, 2007,
the revolving credit facility was undrawn and had availability
of US$169 million after outstanding letters of credit.

As part of its proposed refinancing, the parent company,
Chiquita Brands International, Inc., may consider issuing
convertible senior unsecured notes, the proceeds of which would
be used to partially prepay the existing Term Loan C.  In
connection with the proposed refinancing, the company announced
that it is seeking consent from holders of its 7 1/2 percent
senior notes due in 2014, in order to amend the terms of the
indenture under which the notes were issued.  Consummation of
the refinancing is subject to a number of market and other
conditions.  No assurance can be given that any such amendment
or refinancing of the company's capital structure can or will be
completed on terms that are acceptable to the company, if at
all.

                   Recent Price & Volume Data

The company reported increases in banana prices in all markets
for the fourth quarter 2007, compared to the same period a year
go.  In its Fresh Express value-added salads business, the
company reported significant year-on- year volume growth in the
fourth quarter 2007, while net revenue per case rose slightly.

North American banana pricing increased 7 percent year-on-year
in the fourth quarter, reflecting increases in base contract
prices and higher year-on-year surcharges linked to a third-
party fuel price index, and volume rose 1 percent.

Banana prices in the company's core European markets increased 5
percent year-on-year on a local currency basis (up 18 percent on
a U.S. dollar basis), reflecting favorable comparisons to the
year-ago quarter when the market had excess supply.  The
company's volume sold in the core European markets was down 7
percent year-over-year, due to constrained volume availability
and the company's strategy to maintain and favor its premium
quality product and price differentiation over market share.

In Asia Pacific and the Middle East, pricing rose 6 percent
year-on-year on a U.S. dollar basis, while volume fell by 9
percent year-over-year primarily as a result of continuing
supply constraints in the Philippines, which resulted in lower
yields of premium-quality fruit.

In the company's trading markets, which consist primarily of
European and Mediterranean countries that do not belong to the
European Union, pricing rose 14 percent year-over-year, while
the company's volume in this region declined 55 percent,
compared to the year-ago quarter when the market was
oversupplied.

Price and volume trends in the company's core markets in Europe
and North America were broadly similar thus far for the month of
January 2008, compared to trends in the fourth quarter of 2007.

In the Salads and Healthy Snacks segment, the company's volume
of retail value-added salads increased 10 percent year-over-year
in the fourth quarter, reflecting strong recovery in the value-
added salads category in the first full quarter following the
one-year anniversary of the E. coli outbreak, which affected the
industry beginning in September 2006.  The category recovery is
expected to continue at a more moderate pace in future quarters,
as more time passes from the anniversary of this event. During
the fourth quarter of 2007, the company also maintained
relatively stable net revenue per case, up 1 percent year-over-
year.

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

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

                        *     *     *

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

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


* COLOMBIA: IMF Directors Urge Exchange Restriction Removal
-----------------------------------------------------------
Some International Monetary Fund executive directors have
encouraged Colombian authorities to remove the exchange
restriction arising from the special regime for the hydrocarbons
sector.

The directors commended the Colombian authorities for their
implementation of significant economic reforms and prudent
macroeconomic policies, which, in the context of a favorable
global environment, have increased private investment,
strengthened economic growth and reduced unemployment, lowered
inflation, reduced the public debt ratio, and increased
international reserves.

The directors shared the authorities' concern that the rapid
economic growth of 2006-07 has led to overheating pressures,
with inflation exceeding the 2007 end-year target and the
external current account deficit rising.  Key policy challenges
facing the authorities are to achieve sustainable economic
growth with price stability through an appropriate macroeconomic
policy mix, while further enhancing productivity through the
ongoing structural reforms.  In this context, Directors endorsed
the authorities' tightening of the monetary policy stance, and
welcomed the strengthening of the fiscal position and the
authorities' commitment to long-term fiscal sustainability.
Given the prospect of an expansionary fiscal stance in 2008,
many directors urged the authorities to stand ready to tighten
fiscal policy to help reduce excess demand pressures.  Some
directors considered that further fiscal steps should await an
assessment of the impact on domestic demand of the recent
monetary policy tightening.

The directors noted that the current inflation-targeting
framework has served Colombia well, and generally agreed that it
would be premature at this juncture to adapt the framework by
moving to a longer-term inflation target on a rolling basis.
They agreed that the flexible exchange rate regime is consistent
with external stability.  They noted that the value of the peso
remains consistent with fundamentals, with the recent real
appreciation of the peso being driven largely by increased
confidence and stronger economic fundamentals.  Most directors
stressed that continued flexibility of the exchange rate is
important to underpin the inflation targeting framework and
allow the economy to respond rapidly to changes in external
conditions, while some directors saw merit in the automatic
intervention rule aimed at controlling exchange rate volatility.
They viewed the rising current account deficit as reflecting the
cyclical phase of the economy.  Directors welcomed the
relaxation of capital controls in late 2007, and endorsed the
authorities' view that capital controls are ineffective in the
long run.  A number of directors emphasized the importance of
phasing out capital controls, while some others supported them
as a short-term measure.

The directors welcomed the continued progress on structural
fiscal reform, including tax reform, intergovernmental
transfers, and the commercialization of the state oil company.
Many directors saw merit in continued reporting on the state oil
company's operations in budget documents, and a few Directors
suggested that the authorities also publish a measure of the
fiscal balance that includes this enterprise.  The directors
urged careful administration of the recent decree on special tax
zones to minimize negative revenue effects.  They also
encouraged the authorities to deepen the agenda of fiscal
reform.  On the revenue side, directors emphasized the
importance of a comprehensive tax reform, including a reduction
of the number of value added tax rates and tax exemptions, and
encouraged the authorities to build the necessary political
support for such a reform.  On the expenditure side, there is
scope for steps to reduce revenue earmarking and other budget
rigidities.  Some directors encouraged the authorities to move
forward with the privatization of two national electricity
companies.

The directors welcomed the finding that the banking sector
remains well capitalized, with a low level of non-performing
loans and a high level of loan loss provisioning.  They urged
continued vigilance in view of the increase in nonperforming
loans for consumer credit.  In this regard, they commended the
ongoing efforts to further strengthen the financial system,
including the introduction of counter-cyclical provisioning in
the banking system, reinforcement of risk-based supervision,
improvement of the regulatory framework for the supervision of
derivatives markets, and further liberalization of the insurance
sector.  They also emphasized the importance of increasing the
independence of the Financial Superintendent.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Standard & Poor's Ratings Services has assigned
BB+ long-term sovereign foreign currency rating and B short-term
sovereign foreign currency rating on Colombia.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Standard & Poor's Ratings Services assigned its
'BB+' long-term senior unsecured rating to the Republic of
Colombia's proposed 2027 Global Titulos de Tesoreria bond, a
bond denominated in Colombian pesos but payable in US dollars.




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


AES DOMINICANA: Says Societe Generale Doesn't Own 50% of Parent
---------------------------------------------------------------
AES Dominicana told Dominican Today that French bank Societe
Generale doesn't own 50% of the shares of its parent company AES
Corp.

According to news daily Diario Libre, Societe Generale owns 50%
of AES shares.

AES Dominicana told Dominican Today that it regrets the
differences provoked between the shareholder partners of the
power firm EdeEste, the Dominican State and TCW.  AES Dominicana
clarified to Dominican Today that "it doesn't share these
differences and that it hasn't sued the Dominican State, neither
directly nor via a third party."

AES "detailed its businesses in Dominican Republic, including
100% of the shares in the power plant AES Andres and Dominican
Power Partner, and a 50% stake in the Itabo plant, in a
partnership with the Dominican State, Diario Libre states.

AES Dominicana is an energy group operating in the Dominican
Republic, which manages two of AES Corp.'s wholly owned
generation assets, Andres and Dominican Power.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304-megawatt
combined cycle generation facility with duel fuel capability
(gas and diesel) but with natural gas supplied through the
liquefied natural gas import facility serving as the primary
fuel while DPP is a 236-megawatt power plant comprising two
simple-cycle combustion turbines that can burn both natural gas
and fuel oil Number 2.  Both plants together have PPA contracts
with EDE-Este for 260 megawatts that increase over time, but
Andres is currently servicing all contracts given its greater
efficiency.  Andres LNG terminal includes a large tanker berth
and jetty, an LNG refueling pier, and a one million barrel
(160,000 cubic meters) LNG storage tank, as well as
regasification and handling facilities for both LNG and diesel.

Fitch ratings assigned a B- Long-term rating on AES Dominicana's
US$16 million senior unsecured notes.  On Feb. 27, 2007, Fitch
assigned a B- Long-term issuer default rating on the company.
Fitch said the outlook is stable.


PRC LLC: Court Approves US$30 Million DIP Financing
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized PRC LLC and its debtor-affiliates to obtain
US$30,000,000 in debtor-in-possession financing, of which
US$10,000,000 will immediately be made available to the Debtors,
pursuant to the Debtors' revolving credit facility with the
Royal Bank of Scotland Plc.

Philip Goodeve, chief financial officer of PRC, LLC, related
that to continue to operate their business in the ordinary
course, the Debtors determined, with the assistance of their
financial advisors, Evercore Partners, that they require
postpetition financing.

In view of the circumstances, certain of the lenders under a
US$160,000,000 prepetition credit facility, and who hold first
priority security interests in substantially all of the Debtors'
assets, have agreed to extend postpetition financing to the
Debtors.  The Debtors and RBS, as administrative agent, have
agreed to the terms of a senior secured superpriority debtor-in-
possession financing facility.

The Court also ruled that the amount of issued and outstanding
letters of credit under the revolving facility will not exceed
an aggregate of US$4,000,000 at any time.

                        About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 1;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Court Okays Use of Lenders' Cash Collateral
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized PRC LLC and its debtor-affiliates to use the cash
collateral of their pre-bankruptcy lenders.

To address their working capital needs and fund their
reorganization efforts, the Debtors require the use of cash
collateral of certain secured lenders under:

    -- a US$160,000,000 Amended and Restated First Lien Credit
       and Guaranty Agreement, dated as of Nov. 29, 2006, as
       amended and restated on Dec. 20, 2006; and

    -- a US$67,000,000 Amended and Restated Second Lien Credit
       and Guaranty Agreement, dated as of Nov. 29, 2006, as
       amended and restated on Dec. 20, 2006.

As of the date of bankruptcy, about US$119,400,000 was
outstanding under the First Lien Credit Agreement, and about
US$67,000,000 was outstanding under the Second Lien Credit
Agreement.

In connection with the Credit Agreements, the Debtors granted
liens and executed security agreements in favor of The Royal
Bank of Scotland, PLC, as agent for the Lenders, in
substantially all of the Debtors' assets, including cash
generated by their business and the company's bank accounts.

In accordance with an intercreditor agreement, the Second
Lienholders have agreed that liens on any collateral securing
obligations under the First Lien Credit Agreement will be senior
in all respects and prior to any lien on the collateral securing
obligations under the Second Lien Credit Agreement.

The First Lienholders have consented to the Debtors' use of Cash
Collateral in the ordinary course of business in accordance with
a Budget, subject to the adequate protection liens and payments.

Because the amounts that the Debtors intend to borrow on an
interim basis are permitted by the terms of the Intercreditor
Agreement, the Court should likewise find that the Second
Lienholders are deemed to have consented to the use of Cash
Collateral as provided in the Interim DIP Order.

Philip Goodeve, chief financial officer of PRC, LLC, asserted
that the use of cash collateral will provide the Debtors with
the additional necessary capital with which to operate their
business, pay their employees, maximize value, and successfully
reorganize under Chapter 11.

                    Adequate Protection

As adequate protection, RBS, for itself and on behalf of the
First Lienholders, will be granted replacement liens -- of
valid, perfected and enforceable security interest equivalent to
a lien granted under Section 364(c) of the U.S. Bankruptcy Code
in and upon all property of the Debtors.  The Second Lienholders
will be granted replacement liens subject only to the liens of
the First Lienholders.

The First and Second Lienholders' claims are also given a super-
priority administrative claims status.

                       About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 1;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants to Employ Weil Gotshal as Bankruptcy Counsel
-----------------------------------------------------------
PRC, LLC and its debtor-affiliates ask authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Weil, Gotshal & Manges LLP, as their primary bankruptcy counsel.

Weil Gotshal will:

   a. take all actions to protect and preserve the Debtors'
      estates;

   b. prepare legal documents on behalf of the Debtors;

   c. take necessary or appropriate actions in connection with a
      plan or plans of reorganization, disclosure statement and
      related documents; and

   d. provide other necessary legal services in connection with
      the prosecution of the bankruptcy cases.

Weil Gotshal will be paid on an hourly basis and be reimbursed
for the expenses it may incur for any related works undertaken.
The firm's hourly rates range from US$155 to US$950, depending
upon the level of seniority and expertise of the lawyer or
paralegal involved.  The firm also received a retainer fee and
an advance against expenses for US$2,022,780.

Alfredo R. Perez, Esq., at Weil Gotshal & Manges, LLP, in
Houston, Texas, assures the Court that the firm does not have
any connection with any of the Debtors or parties-in-interest.
He adds that Weil Gotshal is a "disinterested person" as that
phrase is defined in Section 101(14) of the Bankruptcy Code, as
modified by Section 1107(b).

                       About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 1;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


* DOMINICAN REPUBLIC: To Ink Trade Accord with Haiti
----------------------------------------------------
Dominican Today reports that the Dominican Republic will be
signing a trade agreement with Haiti.

The Dominican Republic's foreign minister Carlos Morales
Troncoso told Dominican Today that diplomatic relations with
Haiti are very good.  Haitian president Rene Preval will be
visiting the country in March.

According to Dominican Today, President Preval will be the
special guest to the Rio Group Summit, which will focus on:

   -- the situation in Haiti,
   -- the high cost of oil, and
   -- the increase in the prices of foods and other goods in the
      international market.

                        *     *     *

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

                        *     *     *

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




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


DOLE FOOD: Converts Salinas Equipment to B20 Bio-Diesel Fuel
------------------------------------------------------------
The Dole Food Company's Dole Fresh Vegetables Company told Fresh
Plaza that has converted its harvesting equipment in Salinas,
California, and in Yuma, Arizona, over to B20 Bio-diesel fuel.

Fresh Plaza relates that bio-diesel fuel is a domestic renewable
fuel for diesel engines derived from natural oils.

The Environmental Protection Agency told Fresh Plaza that bio-
diesel is the first and sole alternative fuel to have a complete
evaluation of emission results and potential health effects
presented to the U.S. EPA under the Clean Air Act Section 211
(b).

Fresh Plaza notes that the Environmental Protection determined
that B20 Bio Diesel has 20% less unburned hydrocarbons compared
to conventional diesel.  It has less carbon monoxide and has
particulate matter.

Dole's agriculture operations senior vice president Kevin Fiori
commented to Fresh Plaza, "Being good stewards of the
environment is very important to Dole and this includes reducing
emissions and using alternative sources of energy."

According to Fresh Plaza, Dole Food has been testing B20 Bio
Diesel since August 2007 in farm equipment and off road
vehicles.  The tests have positive results.

"Those of us in agriculture, who depend on the environment,
land, water, and air quality to grow foods, are keenly aware of
the importance of applying sustainable agricultural practices,"
Mr. Fiori told Fresh Plaza.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut! flowers
segment sources, imports and markets fresh-cut flowers, grown
mainly in Colombia and Ecuador, primarily to wholesale florists
and supermarkets in the U.S.

As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2007, Moody's Investors Service placed under review for
possible downgrade the ratings of Dole Food Company, Inc.,
including the company's B2 corporate family rating and B2
probability of default rating.  LGD assessments are also subject
to change.

Ratings placed under review for possible downgrade:

Dole Food Company, Inc.:

  -- Corporate family rating at B2

  -- Probability of default rating at B2

  -- Senior secured term loan B at Ba3

  -- Senior secured pre-funded letter of credit facility at Ba3

  -- Senior unsecured notes, bonds and debentures at Caa1

  -- Senior unsecured shelf, senior subordinated shelf and
     junior subordinated shelf at (P)Caa1

Solvest. Ltd.

  -- Senior secured term loan C at Ba3




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


CHOICE HOTELS: Bell to Build 50 Suites & Hotels by Oct. 31, 2009
----------------------------------------------------------------
Choice Hotels International and Bell Hospitality Group, LLC of
Oklahoma City, Oklahoma has executed a development agreement
under which Bell Hospitality will build a minimum of 50 MainStay
Suites and Suburban Extended Stay brand hotels, all of which are
scheduled to be under development by Oct. 31, 2009.  The
announcement was made in Los Angeles at the annual Americas
Lodging Investment Summit.

The companies also announced that they have simultaneously
executed the first nine franchise agreements under this
contract for MainStay Suites hotels in Tulsa, Oklahoma); Kansas
City, Missouri; Oklahoma City, Oklahoma; and Colorado Springs,
Colorado and Suburban Extended Stay Hotels in four Louisiana
markets -- New Orleans, Baton Rouge, Lafayette and Lake Charles.
All 50 hotels will be developed in the market areas of Oklahoma
City, Oklahoma; Tulsa, Oklahoma; Kansas City, Missouri; Denver,
Colorado; Colorado Springs, Colorado; Albuquerque, New Mexico;
New Orleans, Louisiana; Baton Rouge, Louisiana; Alexandria,
Louisiana; Lafayette, Louisiana; Lake Charles, Louisiana;
Austin, Texas; and Houston, Texas

"The fundamental strength of the extended stay market, coupled
with two well-segmented brands from Choice, is a powerful
combination that has us poised for success in this dynamic
segment," said Bell Hospitality LLC Chairperson, Garland Bell.
"We are also very confident that the MainStay Suites and
Suburban brands will be natural fits within a number of our
planned commercial mixed-use developments.  We've enjoyed
working with the Choice organization and we appreciate the great
support we've received from the extended stay team."

MainStay Suites, the mid-market extended stay hotel brand from
Choice Hotels, offers guests residential style amenities and
affordable rates with both large rooms and studios.  Travelers
will find enough room for an extended stay, with separate areas
for dressing, relaxing, sleeping and eating along with a full,
well-equipped kitchen, and large work area.  Suburban Extended
Stay Hotel is the economy extended stay brand of Choice Hotels,
providing guests a great value over a longer stay.  Suburban
brand hotels offer guests the essentials of home at affordable
rates for weekly or extended stays.  Both MainStay Suites and
Suburban brand hotels participate in the Choice Privileges
rewards program, which has over 6 million members worldwide.

"The commitment we are seeing from leading developers like
Garland Bell underscores the strong appeal of our extended stay
brands and highlights the market opportunity we have to
dramatically increase their distribution," said Choice Hotels
International extended stay brands president, Kevin Lewis.  "We
look forward to working with Bell Hospitality as we
significantly increase our distribution in major markets from
New Orleans to Houston to Denver -- and a number of cities in
between."

                      About Choice Hotels

Choice Hotels International -- http://www.choicehotels.com/
-- franchises more than 5,200 hotels, representing more
than 430,000 rooms, in the United States and more than 40
countries and territories.  The company has hotels in
Brazil, Costa Rica, El Salvador, Guatemala and Honduras.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2007,
Choice Hotels International Inc. reported total assets of US$332
million, total liabilities of US$403.4 million, and total
stockholders' deficit of US$71.4 million as of June 30, 2007.




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


AFFILIATED COMPUTER: Renews IT Contract with Northamption County
----------------------------------------------------------------
Affiliated Computer Services, Inc. has renewed a contract with
Northampton County, Pennsylvania, to provide information
technology services.  The contract has a length of up to six
years and a total value of US$13 million if all options are
exercised.

Affiliated Computer has provided IT services to Northampton
County since 1979.  The company was awarded the renewed contract
through a competitive bid process.

"ACS has a long-standing track record of providing tremendous
value to Northampton County," said county executive, John
Stoffa.  "ACS' extensive experience has helped the county keep
up with technology and best practices, enabling us to
consistently provide county residents with top-quality, cost-
effective services."

The contract provides technology services including technology
management and planning; help desk; application support and
development; infrastructure and network engineering; training
and administrative services; and support to the county nursing
home.

"ACS leads the industry in meeting the unique technology needs
of state and local governments nationwide," said Affiliated
Computer Services managing director of State and Local
Solutions, Ann Kieffaber.  "We're focused on helping Northampton
County serve its citizens through the timely and efficient
delivery of important services."

             About Affiliated Computer Services

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


AFFILIATED COMPUTER: Moody's Confirms Ba2 Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service has confirmed Affiliated Computer
Services' Ba2 corporate family rating with a stable rating
outlook.  This rating confirmation concludes a review for
possible downgrade initiated on March 20, 2007, which was
prompted by the company's announcement that founder and
chairperson, Darwin Deason, and private equity fund Cerberus
Capital Management, had proposed to buy the company.  The
ratings remained under review for possible downgrade following
Cerberus' withdrawal of its offer on Oct. 31, 2007, as the
termination triggered a public dispute between the chairperson
and the former outside directors.  The recent resignation of all
five former outside directors, at Mr. Deason's request, ended
the dispute.

Resolution of the board dispute has reduced near-term
uncertainty given the potential distraction to the ongoing
business that a protracted fight could have caused.
Nevertheless, the independence and effectiveness of the new
board's oversight remains a key corporate governance concern.

The Ba2 rating is supported by the company's size and
profitability, as measured by its adjusted pretax income
(US$464 million for the twelve months ended September 2007) and
returns on assets (4.2% adjusted for pensions and leases).
Moody's believes that Affiliated Computer's pretax income and
returns will remain within ranges appropriate for the Ba2 rating
given the company's relatively sizeable offshore employee
footprint (over 30% of commercial business employees domiciled
offshore) and continued growth in the higher margin BPO markets
(about 75% of total revenues) and government business segment
(about 40% of total revenues).  Although the company's organic
growth has slowed from mid-teens prior to 2005 to the low to mid
single digits, its contract renewal rate remains strong at 94%
in 2007.  Furthermore, Moody's believes that bookings level
should improve over the next twelve months as the disruptions of
the past year have subsided with management now focused on
stabilizing and growing the business.

The Ba2 rating is constrained by the company's financial
leverage and interest coverage, which collectively compare
to business services peers rated in the Ba3 category.  The
rating is further constrained by management's aggressive
financial policies, corporate governance concerns, the company's
sluggish bookings growth rates, legal overhang related to prior
improper stock options granting practices, and sizable capital
expenditures as a percentage of EBITDA (about 45% on a Moody's
adjusted basis).

The stable outlook reflects the company's relatively steady
internal revenue growth and solid operating margins, which are
supported by its competitively well-positioned and relatively
diversified BPO business portfolio.  The stable outlook assumes
that the likelihood of another potential leverage buy-out in the
current market is low and that new business awards will improve
due to renewed management focus on business fundamentals.

Ratings confirmed/assessments revised:

  -- Corporate family rating, Ba2

  -- US$500 million Senior Secured Notes due 2010 and 2015, Ba2,
     LGD 4, 53%

  -- US$1800 million Senior Secured Term Loan facility due 2013,
     Ba2, LGD 3, 43%

  -- US$1000 million Senior Secured Revolving Credit Facility,
     Ba2, LGD 3, 43%

Rating revised:

  -- Probability of default rating to Ba2 from Ba3

Rating assigned:

  -- Speculative grade liquidity rating of SGL-1

Approximately US$3.3 billion of rated debt affected.

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




===========
G U Y A N A
===========


FLOWSERVE CORP: Bags Major Pump Deal from China Nuclear Power
-------------------------------------------------------------
Flowserve Corporation has been selected to provide the China
Nuclear Power Engineer Co., Ltd. with concrete volute pumps for
the first phases of both the Hongyanhe and Ningde Nuclear Power
Plant projects.  The order is estimated to be between US$25 and
US$30 million.

The company has been processing the order and expects the
bookings to be reflected this quarter.

Hongyanhe is the first nuclear power project to be built in
northeast China and is located in Dalian City, Liaoning
Province.  A total of six generating units are planned for the
site, which will be constructed in several phases.  The first
phase, which will include two generating units, is scheduled to
be completed in 2011.

The Ningde nuclear power project is located in Qinyu Town,
Ningde City, Fujian Province.  This plant will have six units
that will be constructed in three phases.  The first phase of
the project will include two units and has an estimated
completion date of 2012.

"This contract is a result of Flowserve's focus on the nuclear
power market in China," said Flowserve Pump Division President
Tom Ferguson.  "Our Flowserve Changsha joint venture worked
closely with our partner Changsha Pump Works on the plan for
local manufacturing, which positions us well in this growth
market as China adds nuclear power generating capacity over the
next two decades."

China plans to significantly increase the country's installed
nuclear power to approximately four percent of the country's
total installed capacity by 2020.  To reach this goal, China
must build about 32 nuclear power units, of the size of the
planned Hogyanhe and Ningde projects in the next 15 years,
according to the Chinese National Development and Reform
Commission.

The Hongyanhe Nuclear Power Plant project is a joint venture
among China Guangdong Nuclear Power Holding Co., Ltd., China
Power Investment Corporation and Liaoning Construction
Investment Group.  The Ningde Nuclear project is a joint venture
of Guangdong Nuclear Power Investment Co., Ltd. and Datang
International Power Generation Co., Ltd. CGNPC will be
responsible for the project construction and the operation of
the first five years after commercial operation with
participation from CPIC.

            About China Guangdong Nuclear Power

China Nuclear Power Holding Co., Ltd. was established in
September 1994 with a registered capital of RMB10.2 billion.
Nuclear power is the core business.  China Guangdong Nuclear
Power Group (CGNPG) is the parent company of CGNPC, with
total assets of RMB60.2 billion and net assets valued at RMB26.3
billion, as of Feb. 28, 2007.

                      About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.




=========
H A I T I
=========


* HAITI: To Ink Trade Accord with Dominican Republic
----------------------------------------------------
Dominican Today reports that Haiti will be signing a trade
agreement with the Dominican Republic.

The Dominican Republic's foreign minister Carlos Morales
Troncoso told Dominican Today that diplomatic relations with
Haiti are very good.  Haitian president Rene Preval will be
visiting the country in March.

According to Dominican Today, President Preval will be the
special guest to the Rio Group Summit, which will focus on:

   -- the situation in Haiti,
   -- the high cost of oil, and
   -- the increase in the prices of foods and other goods in the
      international market.

                        *     *     *

Haiti is currently seeking international help to spur economic
development in the country.  President Rene Preval submitted
that the country's poverty, widespread unemployment and the
dilapidated state of infrastructure will be alleviated with
increased international assistance.




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


AIR JAMAICA: Invicta Group Inks New Account with Airline
--------------------------------------------------------
Invicta Group Inc. reported that its Travel Hot Link has signed
up two new accounts, one with Air Jamaica and the other with
Starwood's Hotels and Resorts.  The new accounts have been added
to the THL Web site.

THL will be promoting the 81 properties in the Southeast and
Caribbean of the various trademarks of Starwood's.  In addition
we will be aggressively promoting the new offers from Air
Jamaica.

Invicta Group Chief Operating Officer David Scott states, "We
will be adding click through banners to all of our websites,
promoting these new offers to be marketed via our email database
of 40 million travel enthusiasts."

                    About Invicta Group

Invicta Group Inc. is an Internet Media Company that specializes
in the Travel and Entertainment Industry.  The company has 2
subsidiaries that both use the Internet as their key media to
generate revenues: Travel Hot Link sells its Internet database
of 40 million travel enthusiasts to Travel Suppliers that want
to promote their discounted travel products: airline tickets,
hotel rooms, tour packages, and cruise cabins on the Internet
24/7.  The company has recently launched www.InvictaMusic.com to
diversify revenues and enter the Entertainment Industry.

                      About Air Jamaica

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

                        *     *     *

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

                        *     *     *

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


NATIONAL COMMERCIAL: Able to Contain Bad Debt Portfolio
-------------------------------------------------------
Radio Jamaica reports that the National Commercial Bank has
contained its bad debt portfolio despite a massive growth in
loans and advances.

The National Commercial's loan portfolio totaled J$60 billion in
the three months ended Dec. 31, 2007, compared to J$44.9 billion
during the same period in 2006, Radio Jamaica notes, citing the
bank's balance sheet.

According to Radio Jamaica, the National Commercial's non-
performing loans totaled J$1.5 billion in December 2007.  This
accounted for 2.5% of gross loans, which dropped from 3.7% in
December 2006.

The National Commercial alloted J$2.4 billion to credit losses
representing an overall coverage of 153% of non-performing
loans, Radio Jamaica states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Standard & Poor's Rating Services affirmed its
'B/B' counterparty credit and CD ratings on National Commercial
Bank Jamaica Ltd.  S&P said the outlook is stable.

                        *     *     *

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

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

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

          -- individual at 'D';

          -- support at 4.

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


* JAMAICA: Moody's Says B1 Rtg.'s Due to Readiness to Pay Debts
---------------------------------------------------------------
In its annual report on Jamaica, Moody's Investors Service says
that the country's B1 foreign currency government bond rating
reflects the government's strong willingness to service
obligations, a proven ability to respond to exogenous shocks and
a commitment to fiscal discipline.  Constraints to Jamaica's
ratings include low growth and a large public debt burden that
allows very little room to absorb shocks.

"Debt dynamics are complicated by persistently low growth,
leaving the bulk of the adjustment to fiscal austerity and
leaving Jamaica's fragile macroeconomic equilibrium continually
exposed to a variety of shocks that have the potential to
further increase the government's credit risk," said Moody's
Vice President and Senior Analyst Alessandra Alecci, author of
the report.

She said the new administration intends to kick-start growth via
a series of supply-side measures and fiscal restraint that would
generate investment and overall greater business confidence.
However, given the magnitude of the fiscal constraints, an
unfavorable global growth outlook and the prospects for
continued very high oil prices, Ms. Alecci said, there are
important obstacles, particularly for a small, highly indebted
open economy like Jamaica.  She added that Moody's will closely
monitor the progress of fiscal consolidation, with particular
emphasis on the wage agreement with civil servants.

"Given that the current rating incorporates the expectation that
debt ratios will improve, continued fiscal slippage could lead
to a reassessment of the current ratings for both local and
foreign-currency government obligations", said the analyst.
"Despite modest improvements over the past few years, the size
and composition of the government's debt stock leaves interest
payments still very vulnerable to pressure on either the
interest or exchange rate."

Moody's report, "Jamaica: 2008 Credit Analysis," is a yearly
update to the markets and is not a rating action.




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


BAUSCH & LOMB: Intention to Buy Eyeonics Won't Affect S&P's Rtg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on
Bausch & Lomb Inc. (B+/Stable/--) is not affected by its
intention to acquire Eyeonics Inc.  S&P's analysis of the
company's financial profile after the acquisition by Warburg
Pincus incorporated some cushion for debt-financed acquisitions.
In addition, the indication of EBITDA for 2007 exceeds S&P's
expectations for the year and, as a result, 2007 debt to EBITDA
should be more favorable than anticipated.  Notwithstanding
these factors, the acquisition may not be accretive in the near
term given its (publicly undisclosed) cost.

From a business perspective, eyeonics' crystalens intraocular
lens will complement the company's portfolio of monofocal IOLs;
currently, Bausch & Lomb is the only major player in the IOL
market (Advanced Medical Optics Inc. and Alcon both offer
multifocal IOLs) without a premium IOL.  The crystalens U.S. IOL
market share is estimated at about 30%.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.


BERRY PLASTICS: Captive Buyout Cues S&P to Affirm Debt Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' first-
lien and 'B' second-lien senior secured debt ratings on Berry
Plastics Corp. (formerly known as Berry Plastics Holding Corp.).
S&P removed the first- and second-lien senior secured debt
ratings from CreditWatch, where they were placed with negative
implications on Jan. 3, 2008, following the company's announced
acquisition of Captive Plastics Inc.  Pro forma for the debt-
financed acquisition, total debt was about US$3.9 billion at
Sept. 29, 2007.

"The ratings affirmation reflects our expectation that the
issuance of additional debt to fund Berry's acquisition
of privately held Captive Holdings Inc., parent of Captive
Plastics Inc., will not diminish recovery prospects for the
outstanding first- and second-lien debt in the post-acquisition
capital structure," said S&P's credit analyst Liley Mehta.

Berry Plastics has obtained financing commitments to fund the
acquisition for about US$500 million in cash, and expects it to
close in the first quarter of 2008, subject to customary closing
conditions.  Captive manufactures blow-molded bottles and
injection-molded closures for the food, health care, spirits,
and personal care markets at 13 plants in the United States.

The rating on Berry Plastics Group Inc., the parent of Berry
Plastics Corp., reflects the company's highly leveraged
financial profile, which offsets the company's fair business
profile with large market shares in niche segments, a well-
diversified customer base, and strong customer relationships.

With about US$3.5 billion in annual sales pro forma for the
Captive Plastics acquisition, Berry Plastics ranks among
the largest packaging companies in North America, with leading
positions in both the rigid and flexible plastic packaging
segments.

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


CEMEX SAB: Reports US$2.4 Billion Net Income in Full Year 2007
--------------------------------------------------------------
Cemex, S.A.B. de C.V. reported an increased of 30% on
consolidated net sales in the fourth quarter of 2007 to US$5.8
billion and 19% for the full year reaching US$21.7 billion
versus the comparable periods in 2006.  EBITDA grew 18% in the
fourth quarter of 2007 to US$1.1 billion and 11% for the full
year, reaching US$4.6 billion.

Cemex's Consolidated Fourth-Quarter and Full-Year Financial and
Operational Highlights:

    * Higher sales in the quarter were primarily attributable to
      the acquisition of Rinker and better supply-demand
      dynamics in most of our markets.  The infrastructure and
      residential sectors continue to be the main drivers of
      demand in the markets we serve.

    * Free cash flow after maintenance capital expenditures for
      the quarter was US$671 million, up 18% from US$570 million
      in the same quarter of 2006.  For the full-year 2007, free
      cash flow after maintenance capital expenditures was down
      4% to US$2.6 billion versus US$2.7 billion in 2006.

    * Operating income in the fourth quarter decreased 4%, to
      US$587 million, from the comparable period in 2006 and
      increased 1% to US$3.0 billion for the full-year 2007
      versus US$2.9 billion in 2006.

Hector Medina, Executive Vice President of Planning and Finance,
said: "Cemex achieved record financial results in 2007, despite
the continued uncertainty in the U.S. residential sector.  This
is a testimony to the resilience of our business model, the
discipline of our management team and the geographical
diversification of our business, which has delivered good
results in weak markets and will deliver better results as the
environment improves.  As we look forward to 2008, and with the
integration of Rinker fully completed, we are focused on paying
down debt and improving the efficiency of our operations."

                 Consolidated Corporate Results

In the fourth quarter of 2007, majority net income increased 43%
to US$538 million from US$377 million in the fourth quarter of
2006.  For the full-year 2007, majority net income increased 1%
to US$2.4 billion.  The increase in majority net income for the
quarter is due primarily to the Rinker acquisition.

Net debt at the end of the fourth quarter was US$18.9 billion,
representing a reduction of US$252 million during the quarter.
The net-debt-to-EBITDA ratio remained at 3.6 times for the
fourth quarter 2007.  Interest coverage reached 5.7 times during
the quarter, down from 8.4 times a year ago.

             Major Markets Fourth-Quarter Highlights

Cemex's operations in Mexico reported net sales of US$938
million in the fourth quarter of 2007, up 3% from the same
period in 2006.  EBITDA increased 1% to US$351 million, from
US$347 million in 2006.  Cement, ready-mix, and aggregates
volumes increased 2%, 4%, and 31%, respectively, during the
quarter compared to the fourth quarter 2006.

Net sales in its operations in the United States increased 57%
in the fourth quarter of 2007 to US$1.5 billion from US$923
million in the comparable period of 2006.  EBITDA increased 15%
to US$289 million versus the same period in the previous year.
Cement volumes decreased 1%, while ready-mix and aggregates
volumes increased 54% and 175%, respectively during the fourth
quarter compared with the same period in 2006.  These results
include the effect of the Rinker.

In Spain, our net sales for the quarter were US$489 million, up
9% from the fourth quarter of 2006, while EBITDA increased 26%
to US$146 million.  Domestic cement volume decreased 8% during
the fourth quarter of 2007 versus the same quarter in 2006.
Ready-mix and aggregates volumes decreased 5% and 6%,
respectively, during the quarter versus the same period of the
previous year.

The company's operations in the United Kingdom experienced a 6%
increase in net sales, to US$495 million, when compared with the
same quarter of 2006.  EBITDA decreased 98% to US$0.61 million
in the fourth quarter from US$28 million in the fourth quarter
of 2006.

During the fourth quarter of 2007, net sales in the Rest of
Europe region increased 3% to US$1.0 billion versus the
comparable period in the previous year.  EBITDA increased 15% to
US$96 million versus US$84 million in the comparable period of
2006.

Cemex's operations in South/Central America and the Caribbean
region reported net sales of US$529 million during the fourth
quarter of 2007, representing an increase of 20% from the same
period in 2006.  EBITDA increased 21% for the quarter to US$169
million versus US$140 million in 2006.

Fourth-quarter net sales in Africa and the Middle East region
were US$190 million, up 8% from the same quarter of 2006. EBITDA
decreased 3% to US$33 million for the quarter versus the
comparable period in 2006.

Operations in the Asia and Australia region reported a 525%
increase in net sales, to US$516 million, versus the fourth
quarter of 2006, while EBITDA was US$81 million, up 381% from
the same period in the previous year.  This increase was mainly
due to the integration of Rinker operations.

Cemex SA -- http://www.CEMEX.com/-- is a growing global
building solutions company that provides high quality products
and reliable service to customers and communities in more than
50 countries throughout the world.  Commemorating its 100th
anniversary in 2006, CEMEX has a rich history of improving the
well-being of those it serves through its efforts to pursue
innovative industry solutions and efficiency advancements and
to promote a sustainable future.

                        *     *     *

On May 30, 2005, Moody's Investors Service revised the
ratings outlook on Cemex S.A. de C.V.'s Ba1 ratings to positive
from stable.  Ratings affected include the company's Ba1 ratings
on approximately US$110 million in senior unsecured Euro notes
and its senior implied rating.


CHEMTURA CORP: Selling Oleochemicals Business to PMC Group
----------------------------------------------------------
Chemtura Corporation has reached agreement to sell its
oleochemicals business to PMC Group NA Inc. for an undisclosed
amount, subject to financing and other conditions including
customary closing conditions.  Included in the transaction is
Chemtura's production facility at Memphis, Tennessee.  Proceeds
from the sale will be used primarily for debt reduction.

The transaction is expected to close by the end of the first
quarter.

The oleochemicals business had revenues for 2007 of
approximately US$175 million.

"This transaction will be another step in improving our polymer
additives business by strategically divesting product lines to
better focus on the products and businesses where we have our
greatest strengths and leading market positions," Robert L.
Wood, Chemtura chairman and CEO, said.  "PMC Group NA Inc. is
committed to this business and its growth, which will be an
advantage to both customers and employees."

Chemtura's Memphis facility has about 260 employees, who are
expected to transfer to PMC Group NA Inc.  The facility produces
fatty acids, fatty esters, glycerin approved for pharmaceutical
applications, glycerol esters, amides, bisamides, stearates and
triglycerides.  The Memphis plant is the only producer of
primary amides in North America for the plastics additives
market.

                  About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a manufacturer and
marketer of specialty chemicals, crop protection, and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  The company has facilities in Singapore,
Australia, China, Hong Kong, India, Japan, South Korea, Taiwan,
Thailand, Brazil, Belgium, France, Germany, Mexico, and The
United Kingdom.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service placed Chemtura
Corporation's corporate family rating, CFR of Ba2 under review
for possible downgrade after reports that its "board of
directors has authorized management to consider a wide range of
strategic alternatives available to the company to enhance
shareholder value."

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and senior unsecured debt ratings of Chemtura Corp. on
CreditWatch with developing implications, after reports that
management is considering strategic alternatives, including sale
or merger of the company.


CLEAR CHANNEL: S&P Retains B+ Corp. Credit Rating on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.  S&P
originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.

"The company's pending LBO, led by Thomas H. Lee Partners L.P.
and Bain Capital Partners LLC, received FCC approval on
Jan. 24, 2008," explained S&P's credit analyst Michael Altberg.

The consummation of the merger is subject to certain conditions,
including the divestiture of grandfathered radio stations, in
approximately 42 markets, that no longer comply with FCC
multiple ownership rules.  Clear Channel expects to obtain
US$18.525 billion of new senior secured credit facilities and
US$2.6 billion of new senior unsecured notes in association with
financing the merger.

Upon close of the transaction, and barring any material changes
due to the divestiture of certain assets or change in financing
terms, S&P expects to lower Clear Channel's long-term corporate
credit rating to 'B' from 'B+'.  At the same time, S&P expects
to lower its rating on the company's US$6.32 billion of existing
senior unsecured notes, or US$4.9 billion assuming the
successful tender of its 7.65% senior notes due 2010 and 8%
senior notes due 2008 at its subsidiary, to 'CCC+' from 'B-'.
Based on the company's proposed financing, it will roll over
existing senior unsecured debt into the new capital structure,
but this debt will be structurally subordinate to both proposed
new bank debt and new senior unsecured notes.  The new bank debt
and the new senior unsecured notes will benefit from upstream
operating company guarantees, while the existing senior notes
will not.

Revenue and EBITDA increased 5.5% and 4.8%, respectively, for
the third quarter of 2007, as a 1% decline in radio revenue was
more than offset by 14% growth in outdoor advertising.  S&P is
concerned about the negative secular trends facing the radio
industry.  S&P believes Clear Channel has the ability to
slightly outperform the industry due to its significant
geographic and format diversity, offering some insulation from
economic downturn and providing advertisers with a broader
distribution platform.  Still, S&P believes that it will be
increasingly difficult for the company to achieve meaningful
EBITDA growth in the radio segment over the intermediate term.
Growth fundamentals in outdoor advertising remain strong, and
are not subject to the same competition that radio is from
alternative media such as the Internet.  S&P believes domestic
outdoor operations may benefit as the penetration of digital
displays grows, and international profitability may gradually
increase with continued investments in emerging markets.

S&P will continue to monitor developments surrounding the
closing of the proposed merger, in addition to the company's
progress in planned asset sales.  At the time of closing, S&P
expects to assign ratings to Clear Channel's proposed senior
secured credit facilities and proposed new senior unsecured
debt.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.


FLEXTRONICS INT'L: Completes Avail Medical Products Acquisition
---------------------------------------------------------------
Flextronics International Ltd. has completed the previously
announced acquisition of Avail Medical Products Inc., a
privately held, market leader in manufacturing disposable
medical devices.  As a division of the Flextronics Medical
segment, Avail Medical will continue to operate as a stand-alone
business.

"The acquisition of Avail expands our existing global design and
manufacturing capabilities creating a more robust and
competitive offering that now includes a wide range of
disposable medical devices such as catheters, wound management
and drug delivery devices.  The addition of Avail establishes
Flextronics as a leading supplier and partner for the medical
industry," said Flextronics Medical's president, Dan Croteau.
"This is a highly strategic acquisition for Flextronics and I am
pleased to welcome the talented Avail staff to our
organization."

Flextronics Medical segment is one of the fastest growing
Flextronics segments focused on providing outsourced design,
manufacturing and logistics services to the medical device and
equipment marketplace, including consumer diagnostic devices,
lab and life science equipment, imaging and patient monitoring
equipment, hospital beds, and drug delivery devices.  With the
combination of continued strong organic growth and the
acquisition of Avail Medical, Flextronics Medical expects to
generate US$850-US$950 million in revenue in the fiscal year
ending March 31, 2009, which represents a year-over-year
expected growth rate of 90%.

                      About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2007, Fitch Ratings has completed its review of
Flextronics International Ltd. following the company's
acquisition of Solectron Corp. and resolved Flextronics' Rating
Watch Negative status by affirming these ratings: Issuer Default
Rating at 'BB+'; and Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.
Fitch said the rating outlook is negative.

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new USUS$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.  The initial draw on the
term loan (US$1.1 billion) will finance the cash portion of the
merger consideration.


FOAMEX CORP: Launches Fabrication Branch in New Mexico
------------------------------------------------------
Foamex International Inc. has opened a fabrication and
distribution branch in Albuquerque, New Mexico.  The company's
new branch is strategically located to better service its
customers in the western region of the United States. The
Company anticipates that operations will commence at the new
location in February of 2008.

Commenting on the new location, Jack Johnson, President and
Chief Executive Officer of Foamex, said: "This new location is
consistent with our strategy to expand downstream operations and
better serve our customers in areas where we can utilize our
technology to add value."

Headquartered in Linwood, Pennsylvania, Foamex International
Inc. (FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning
for bedding, furniture, carpet cushion and automotive markets.
The company also manufactures polymers for the industrial,
aerospace, defense, electronics and computer industries.
Foamex has Asian locations in Malaysia, Thailand and China.  The
company's Latin American subsidiary is in Mexico.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through
05-12693).  Attorneys at Paul, Weiss, Rifkind, Wharton &
Garrison LLP, represent the Debtors in their restructuring
efforts.  Houlihan, Lokey, Howard and Zukin and O'Melveny &
Myers LLP are advising the ad hoc committee of Senior Secured
Noteholders.  Kenneth A. Rosen, Esq., and Sharon L. Levine,
Esq., at Lowenstein Sandler PC and Donald J. Detweiler, Esq., at
Saul Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. became effective and the company
emerged from chapter 11 bankruptcy protection on Feb. 12, 2007.

At July 1, 2007, Foamex International Inc.'s balance sheet
showed total assets of US$566.2 million and total liabilities of
US$823.5 million, resulting to a total stockholders' deficit of
US$257.3 million.


GREENBRIER COS: To Acquire American Allied's Operating Assets
-------------------------------------------------------------
The Greenbrier Companies has entered into a definitive agreement
to acquire substantially all of the operating assets of American
Allied Railway Equipment Company and its subsidiaries for US$83
million in cash, plus or minus working capital adjustments.  The
purchase price will be paid from Greenbrier's existing cash
balances and credit facilities.  The acquisition is subject to
customary closing conditions and approvals and is expected to be
immediately accretive to Greenbrier's annual earnings.

American Allied Railway Equipment Co., Inc. and its subsidiaries
American Allied Freight Car Co., Inc. and American Allied
Railway Equipment Co., South L.L.C. have been an innovative
supplier to the rail industry for over 40 years, with a strong
reputation for customer service.  The assets of American
Allied's three operating plants located in the midwestern and
southeastern United States are included in the acquisition.
Operating from two strategically located wheel facilities in
Washington, Illinois and Macon, Georgia, American Allied
supplies new and reconditioned wheelsets to freight car
maintenance locations as well as new railcar manufacturing
facilities.  American Allied also operates a parts
reconditioning business in Peoria, Illinois, where it
reconditions railcar yokes, couplers, side frames and bolsters.

American Allied's final calendar 2007 financial results are
expected to be about US$95 million in annual revenues and US$15
million in annual EBITDA, with a workforce approaching 130
employees.

Greenbrier president and chief executive officer, William A.
Furman said, "American Allied is an outstanding company that
shares our commitment to quality and customer service.  In
today's market, customers require a seamless shop network with
broad geographic coverage, close proximity to their operations,
and consistently high quality of service.  American Allied's
shops complement our current network very well and help us
fulfill this need.  These shops give us more capacity in the
higher demand central U.S. region and expand our geographic
coverage in the southeast, where we have had difficulty meeting
customer needs.  Their parts business also fits perfectly with
our current parts operations and will allow us to expand our
offerings efficiently. "

Mr. Furman continued, "This acquisition also represents a
continuation of our stated strategy to grow our higher margin,
less cyclical business units: marine barge manufacturing;
railcar repair, refurbishment & parts; leasing; and railcar
management services.  Post acquisition, we anticipate our
refurbishment & parts segment will generate in excess of US$500
million in annual revenues.  There are a limited number of
quality acquisition opportunities of this scale available in the
refurbishment & parts business and we are very pleased to have
American Allied join our network."

Mr. Furman concluded, "As recently as 2006, our refurbishment &
parts and leasing & services segments contributed only 22% of
revenues and 48% of margin, with the balance contributed by our
manufacturing segment.  Following our strategic diversification
efforts, in 2007, 40% of revenues and 68% of margin came from
these two reporting segments, and we believe these percentages
will continue to increase in 2008.  This diversification
provides greater stability to cash flow and earnings, and
strengthens Greenbrier in the current economic environment,
where new railcar demand in North America has slowed
significantly."

Greenbrier Rail Services president, Tim Stuckey said, "We are
delighted to welcome American Allied to the Greenbrier network
of shops.  This company has a well-justified reputation in the
industry for quality, reliability, on time delivery, and putting
the customer first, all core values in the way we conduct our
business.  In addition, its shops are some of the most
productive and efficient in the industry.  This acquisition is a
great fit which will improve our offerings considerably and
allow us to provide better service to large fleet owners.  It
will also strengthen our competitive position and create
additional economies of scale in our network."

Mr. Stuckey continued, "With the addition of American Allied's
three facilities, Greenbrier's shop network will include 38
facilities located across the U.S. and Mexico: 12 wheel shops,
21 repair and refurbishment locations, and five replacement
parts facilities.  We believe this expansion strengthens
Greenbrier's position as the largest independent refurbishment &
parts network in North America and one of the largest purchasers
of wheels in North America."

American Allied Railway Equipment Co., Inc. corporate vice
president, Robert Coup commented, "We are pleased to be
affiliating with The Greenbrier Companies.  The combined
organization will provide better service and support to our
valued customers, with quality goods that assist in controlling
maintenance costs of their railcars.  We also expect that
customers will see improved efficiencies in response levels that
will help meet the increasing demands of the rail industry on a
national basis."

              About Greenbrier Companies Inc.

Headquartered in Lake Oswego, Oregon, Greenbrier (NYSE: GBX) -
http://www.gbrx.com/-- is a supplier of transportation
equipment and services to the railroad industry.  The company
builds new railroad freight cars in its three manufacturing
facilities in the U.S. and Mexico and marine barges at its U.S.
facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 35 locations across North
America.  Greenbrier also builds new railroad freight cars and
refurbishes freight cars for the European market through both
its operations in Poland and various subcontractor facilities
throughout Europe.  Greenbrier owns approximately 9,000
railcars, and performs management services for approximately
138,000 railcars.

                        *     *     *

The Greenbrier Cos. Inc. continues to carry Moody's Investors
Service's 'B1' long-term corporate family rating, which was
placed in March 2007.


GRUPO MEXICO: Closing Taxco Mine Due to Lack of Reserves
--------------------------------------------------------
Grupo Mexico SA, de C.V., has confirmed to Business News
Americas that it will shut down its Taxco silver-lead-zinc mine
in Guerrero due to lack of reserves.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2007, Grupo Mexico said it planned to permanently
close down its Taxco silver and lead operation due to labor
problems and declining reserves.  Grupo Mexico SA said in a
statement that the drying up of reserves was accentuated by the
union, which since early 2006 has been
impeding the entry of contract personnel to prepare new mineral
veins.  According to the firm, the Taxco mine yielded 14,346
tons of zinc, 995,000 ounces of silver and 2,119 ton of lead in
2006, about less than 1% of the company's sales.

BNamericas relates that the labor ministry's federal arbitration
and reconciliation council ruled that the miners' protest over
collective contract, safety, and hygiene issues that started in
July at Taxco is legal.

According to BNamericas, Grupo Mexico is waiting on a resolution
requested in November 2007 from the arbitration and
reconciliation council to terminate employment contracts with
the Taxco workers.

Grupo Mexico subsidiary Minera Mexico said in a statement that
it is firm in its intention to stop operations at the unit.  The
planned shutdown was disclosed last year, months before the
union declared a protest.

Grupo Mexico explained to BNamericas that it will close Taxco
due to labor issues since 2006, which include protests and the
blocking of access to contractors for development and
exploration work at the mine.

A Grupo Mexico communications officer told BNamericas that the
firm may explore Taxco in the future for additional mineable
resources.

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

                        *     *     *

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


GRUPO MEXICO: Paying MXN0.90 Per Share Dividend on Feb. 15
----------------------------------------------------------
Grupo Mexico SA, de C.V., said in a filing with the Mexico City
bourse that it will pay a MXN0.90 per share dividend for all
outstanding shares.

According to the filing, the dividend will be payable on
Feb. 15.

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

                        *     *     *

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


MCDERMOTT INT'L: Unit Bags U.S. Gov't Contracts for US$500 Mil.
---------------------------------------------------------------
McDermott International Inc.'s The Babcock & Wilcox Company,
through a subsidiary, has received several major U.S. Government
contract awards.  These awards, valued at approximately US$500
million, were recorded in McDermott's Government Operations
segment backlog during the fourth quarter 2007.

These awards are for the manufacture of nuclear components in
support of U.S. defense programs and are part of the previously
announced US$1.7 billion series of orders anticipated to be
awarded by 2010.

"We are extremely pleased with these contract awards, which
represent a continuing agreement that was reached in 2007," said
John A. Fees, Chief Executive Officer of B&W.  "These awards
demonstrate our commitment to providing reliable and cost-
effective products to our customers, while also reflecting the
U.S. Government's confidence in our ability to meet their
ongoing needs."

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

                        *     *     *

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

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


TELTRONICS INC: Partners with Access & Collier Business Systems
---------------------------------------------------------------
Teltronics, Inc. has announced a newly formed partnership with
the team members of Access and Collier Business Systems,
Florida's Gulfcoast premier communications provider.  The
transaction is effective as of Jan. 18, 2008.  The new
relationship provides Teltronics the chance to build a strong,
direct sales presence both local and domestically to promote the
Cerato SE, Cerato IP, Cerato ME/LE (digital & VoIP switching
systems), OMNIWorks and the voice, data and network monitoring
solutions.

"We're pleased with the acquisition of Access Communications and
Collier Business Systems.  Teltronics has called Florida home
for 39 years selling through distributors worldwide but has
never had the opportunity to sell direct to the consumer in the
local area," said Teltronics President and Chief Executive
Officer, Ewen Cameron.  "This teaming gives Teltronics an
additional install base of over 3,500 satisfied customers who
are now backed directly by the manufacturer."

Access and Collier Business Systems Managing Partners, Chris
Fickey and John Mitchell said, "The acquisition gives us a
comprehensive, new product offering, more resources, improved
support and an added level of experience while continuing to
support any legacy communications system that our customers
currently own."

Access Communications and Collier Business Systems, serving
Southwest Florida for over 20 years, has provided a diverse
communications platform offering: telephone systems sales and
service, VoIP technology, Voice and Data Cabling, Communications
Consulting, and Voice Mail/Auto Attendant Systems.

                      About Teltronics

Headquartered in Sarasota, Florida, Teltronics Inc. (OTCBB:
TELT) -- http://www.teltronics.com/-- provides communications
solutions and services for businesses.  The company manufactures
telephone switching systems and software for small-to-large size
businesses and government facilities.  Teltronics offers a full
suite of Contact Center solutions -- software, services and
support -- to help their clients satisfy customer interactions.
Teltronics also provides remote maintenance hardware and
software solutions to help large organizations and regional
telephone companies effectively monitor and maintain their voice
and data networks.  The company serves as an electronic contract
manufacturing partner to customers in the US and overseas.

The company designs, installs, develops, manufactures and
markets electronic hardware and application software products
and also engages in electronic manufacturing services in the
telecommunication industry.  The company's products are
classified into intelligent systems management, digital
switching systems, voice over Internet protocol, customer
contact management systems and emergency response systems.
Overall operations are classified into three reportable
segments: Teltronics, Inc., Teltronics Limited (UK) and Mexico.
Its Mexico office is located at Naucalpan de Juarez.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 28, 2008,
Teltronics Inc.'s consolidated balance sheet at Sept. 30, 2007,
showed US$18.4 million in total assets and US$22.8 million in
total liabilities, resulting in a US$4.4 million total
stockholders' deficit.




===========
P A N A M A
===========


NCO GROUP: US$ Depreciation Cues S&P to Remove Watch Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services has removed its 'B+' long-
term counterparty credit rating on NCO Group Inc. from
CreditWatch Developing, where it was placed on Dec. 12, 2007.
At the same time, S&P affirmed its 'B+' rating on the company
and all associated issue ratings.  The outlook is negative.

"The outlook revision reflects our belief that the tougher
collection environment and the depreciating U.S. dollar may
continue to negatively affect NCO's results in 2008 and beyond,"
said S&P's credit analyst Rian Pressman.  These factors caused
NCO Group to moderately underperform relative to S&P's initial
expectations when the rating was initially assigned in late
2006.

This revised outlook does not reflect upon S&P's generally
positive opinion of NCO's pending acquisition of Outsourcing
Solutions Inc., a sizable competitor in the accounts receivable
management industry.  This acquisition significantly expands NCO
Group's accounts receivable management business, where it is
already the market leader.  The group's accounts receivable
management product mix, which is currently weighted heavily
toward third-party collections on a contingency-fee basis, will
become more balanced, given Outsourcing Solutions Inc.'s focus
on managing early-stage delinquent receivables, which is paid on
an FTE (a fixed-fee per full-time employee) basis.  In addition,
because Outsourcing Solutions has only a nominal portfolio of
purchased receivables, the contribution to the consolidated
organization's EBITDA from portfolio management activities will
decline.  S&P has previously cited the disproportionately high
contribution from this volatile business as a negative ratings
factor.  S&P also views integration risk as relatively low
because there is little client overlap and good IT compatibility
between the two companies.

The company's ownership group (One Equity Partners and certain
members of senior management) is contributing US$210 million of
additional equity to the US$325 million for Outsourcing
Solutions (US$24 million of deal and integration costs will also
be incurred).  Given the add-on term loan of US$139 million
required to consummate the transaction, S&P's expectations of
leverage have changed. Per management projections, S&P expects
debt-to-EBITDA and EBITDA interest coverage to approximate 4.3
and 2.3, respectively, for 2008 on a pro forma basis.  Although
these metrics are adequate for the current rating, continued
pressure on EBITDA because of the factors discussed above may
alter this conclusion.

The senior-secured bank loan and revolver (the original US$465
million plus a US$139 million add-on and US$100 million,
respectively) are guaranteed by all material direct and indirect
domestic subsidiaries of the borrower (NCO Group Inc.),
excluding those that contain CarVal, an affiliate of the
agriculture/food company Cargill, articipation and international
operations.  Approximately 26% of the total EBITDA, which S&P
expects the consolidated organization to generate, is forecast
to be attributed to these excluded subsidiaries, post-
acquisition.  The senior unsecured and senior-subordinated notes
(US$165 million and US$200 million, respectively) are both
subordinated in right of payment to the senior-secured
indebtedness.

S&P used an enterprise value approach to analyze the lenders'
recovery prospects, given the likelihood that the business would
retain value as an operating entity in the event of a
bankruptcy.  A default on the company's debt obligations would
most likely be the result of financial pressures caused by the
franchise's rapid expansion, adverse operational issues, lost
clients, competitive pressures, or the mispricing of portfolio
management purchases.

S&P's simulated default scenario also contemplates a fully drawn
revolving credit facility, a 200 basis point increase in LIBOR,
and a 200 basis point increase to the borrower's cost of capital
because of credit deterioration.  S&P used an EBITDA multiple of
4.0 to determine an enterprise valuation.  Based on this
simulated default scenario, lenders would be expected to realize
a substantial recovery (70%-90%) of principal for the secured
bank loan and revolver, which is reflective of a '2' recovery
rating.  As a result, the rating on the bank facilities is one
notch higher than the counterparty credit rating, while the
unsecured notes are two notches lower.

The negative outlook reflects the potential for continued
pressure on results because of the difficult collections
environment and depreciating U.S. dollar.  If these or other
circumstances cause NCO to underperform further, relative to
S&P's expectations, the rating will be lowered.  If
circumstances stabilize, the outlook will be changed to stable.

Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.




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


NBTY INC: Reports US$46MM Net Income in Qtr. Ended Dec. 31, 2007
----------------------------------------------------------------
NBTY, Inc., has announced results for the fiscal first quarter
ended Dec. 31, 2007.

For the fiscal first quarter ended Dec. 31, 2007, net sales were
US$511 million compared to US$506 million for the fiscal first
quarter ended Dec. 31, 2006, an increase of US$5 million or 1%.

Net income for the fiscal first quarter ended Dec. 31, 2007, was
US$46 million, or US$0.67 per diluted share, compared to US$51
million, or US$0.73 per diluted share, for the fiscal first
quarter ended Dec. 31, 2006.  This reflects the decrease in
earnings in the Direct Response/E-Commerce division.

Adjusted EBITDA for the fiscal first quarter of 2008 was US$87
million.  At Dec. 31, 2007, the company had total assets of
US$1.6 billion and working capital of US$603 million, of which
US$236 million consisted of cash and short-term investments.
The company is committed to using its cash and leverage to
increase shareholder value through opportunistic acquisitions
and stock repurchases.

In October 2007, NBTY purchased in open market transactions 296
thousand shares of its common stock for approximately US$11
million dollars.  These shares were purchased under an existing
publicly announced authorization.  The company anticipates
continuing such purchases on an opportunistic basis.  Based on
market conditions, these repurchases may be greater than
historical repurchases.

    Operations for Fiscal First Quarter Ended DeC. 31, 2007

Net sales for the Wholesale/US Nutrition division, which markets
Nature's Bounty, Solgar, Osteo Bi-Flex, Rexall, Ester-C and
other brands, increased US$12 million or 5% to US$259 million
from US$247 million for the prior like quarter.  Gross profit
for the Wholesale operation increased to 44%, compared with 40%
for the prior like quarter, reflecting greater efficiencies in
supply chain management.  The company is currently experiencing
higher purchase prices of certain raw materials.  It is
anticipated that a portion of these cost increases will be
reflected in the prices of the company's products.

The Wholesale/US Nutrition division utilizes valuable consumer
preference sales data generated by the company's Vitamin World
retail stores and Puritan's Pride Direct Response/E-Commerce
operations to empower its wholesale customers with this latest
data.  The Vitamin World stores are used as a laboratory for new
ideas and are an effective tool in determining and monitoring
consumer preferences. This information, as well as scanned sales
data from the Vitamin World stores, is shared on a real time
basis with our wholesale customers to give them a competitive
advantage.

Net sales for the North American Retail division increased US$1
million, or 2% to US$56 million for the fiscal first quarter
ended Dec. 31, 2007 compared with US$55 million for the prior
like quarter.  While Adjusted EBITDA was positive, this division
operated at an approximate US$1 million loss.

Same store sales for North American Retail increased 6% for the
fiscal first quarter of 2008.  The North American Retail
division continues to focus on rationalizing SKU's, enhancing
visual merchandising and increasing customer traffic.  During
the fiscal first quarter of 2008, the North American Retail
division closed 5 under-performing stores and added 2 new
stores.  At the end of the fiscal first quarter, the North
American Retail division operated a total of 534 stores
consisting of 454 Vitamin World stores in the United States and
80 LeNaturiste stores in Canada.  During the remainder of fiscal
2008, Vitamin World anticipates closing approximately 18 under-
performing stores and opening approximately 10 stores.

European Retail net sales for the fiscal first quarter of 2008
increased US$6 million, or 4% to US$159 million from US$153
million for the prior like period.  European Retail division
same store sales in local currency decreased 4%.  The European
Retail division continues to leverage its premier status, high
street locations and brand awareness in a difficult retail
environment.  The European Retail division consists of 514
Holland & Barrett and 31 GNC stores in the UK, 19 Nature's Way
stores in Ireland, and 70 DeTuinen stores in the Netherlands for
a total of 634 stores. During the fiscal first quarter of 2008
the European Retail division opened 8 stores.

Net sales from Direct Response/E-Commerce operations for the
fiscal first quarter of 2008 decreased US$14 million, or 28% to
US$37 million from US$52 million for the fiscal first quarter of
2007.  This division varies its promotional strategy throughout
the fiscal year.  In the fiscal first quarter 2007, Direct
Response utilized a highly promotional priced catalog, which was
not offered in the currently reported quarter.  Therefore, in
this less promotional quarter, Direct Response realized lower
results.  Direct Response's historical results reflect this
pattern and should therefore be viewed on an annual and not
quarterly basis.

The Direct Response operations include catalog and online
Internet sales.  This Division's strategic plan is to increase
Internet sales by continuing to incorporate new technologies.
For this fiscal first quarter online sales increased to 40% of
total Direct Response/E-Commerce sales compared to 36% for the
fiscal first quarter of 2007.  NBTY remains the leader in the
direct response and e-commerce sectors and continues to increase
the number of products available via its catalog and web sites.

NBTY Chairperson and Chief Executive Officer, Scott Rudolph
said:  "NBTY maintained its leadership position.  We are
confident that the initiatives we instituted in our direct
response business will be the cornerstone for generating
positive results.  We continue to enhance our position as the
global leader in the nutritional supplement industry and take
steps to best respond to cyclical changes in industry segments
and garner greater market share."

                         About NBTY

Headquartered in Bohemia, New York, NBTY Inc. (NYSE: NTY) --
http://www.NBTY.com/-- manufactures, markets and distributes
nutritional supplements in the United States and throughout the
world.  As of Sept. 30, 2005, it operated 542 Vitamin World and
Nutrition Warehouse retail stores in the United States, Guam,
Puerto Rico, and the Virgin Islands.

                        *     *     *

NBTY Inc.'s 7-1/8% senior subordinated notes due 2015 carry
Moody's Investors Service's Ba3 rating and Standard & Poor's B+
rating.


SEARS HOLDINGS: Appoints W. Bruce Johnson as Interim CEO
--------------------------------------------------------
Sears Holdings Corporation board of directors has appointed W.
Bruce Johnson, executive vice president, supply chain and
operations, to the additional role of interim chief executive
officer and president.  Mr. Johnson will replace Aylwin B.
Lewis, currently president and chief executive officer, who will
leave the company as of February 2, 2008, at the end of the
company's fiscal year.  Mr. Lewis will also step down from the
Sears Holdings board of directors at that time.  The company
will immediately commence a formal search to identify a
permanent chief executive officer.

Sears Holdings chairperson, Edward S. Lampert said, "We've
accomplished a great deal under Aylwin's leadership and we are
very grateful for his commitment to Sears during a critical time
in the company's history.  Aylwin played a key role in the
integration of Kmart and Sears and in implementing important
initiatives to enhance the profitability of the combined
business.  His hard work, dedication and enthusiasm have been a
great example for our associates and we wish him great success
in the future."

Mr. Lewis said, "Thanks to the many talented associates who
serve our millions of Sears Holdings customers, we have made
great progress since the Sears-Kmart merger was completed and I
am proud of our accomplishments so far.  There are many steps
yet to take, and I'm confident that with the strong leadership
and culture of learning the company will be successful."

Mr. Lampert continued, "We are entering a new phase in Sears'
evolution as a multi-channel retailer, as reflected by the new
operational structure we recently announced, and the board has
determined that now is the right time to put in place new
leadership to take the company forward.  As we realign Sears
into five different types of focused business units, we will be
redefining how our leaders operate by giving them greater
autonomy and accountability for their businesses. We intend to
put in place an operating model that allows managers to act with
the flexibility and speed required in today's dynamic and highly
competitive marketplace.

"We are fortunate that we have such a strong interim CEO in
Bruce Johnson.  Bruce is an experienced retail executive, who
among other accomplishments has effectively integrated and
improved our supply chain and increased our direct sourcing of
product.  In his new role, Bruce will oversee the separate
business units and will work to move our company forward quickly
in achieving the benefits of this more efficient organizational
structure."

Mr. Lampert will lead the board's search for a permanent chief
executive officer and will continue to focus on identifying and
attracting talented executives to the company.  Following the
appointment of Mr. Johnson, Mr. Lampert will no longer have any
direct reports. Mr. Johnson will continue to be a member of the
Office of the Chairperson.

Mr. Johnson joined Kmart in 2003 as senior vice president --
supply chain and operations and at the time of the merger was
appointed executive vice president -- supply chain and
operations for the combined company.  He was named to the Office
of the Chairperson in 2005 and took on store operations in 2006.

"I am excited to be taking on this role and I am focused on
continuing to transform Sears into a stronger, more efficient
company. While Sears and our industry are facing many
challenges, I believe that we are taking all the right steps to
build a great retailer.  We remain focused on ensuring that our
expense base is appropriate for the size of our business and we
continue to test new ideas, learn from the results, and
aggressively roll out new initiatives that we believe will
succeed and make a difference," said Mr. Johnson.

Mr. Johnson joined Kmart from Carrefour SA, where he was
director, organization and systems and a member of the
management board.  In this role, he had global responsibilities
for supply chain, information technology, store organization and
Internet based business-to-business activities.  Prior to this,
Mr. Johnson spent 16 years at Colgate-Palmolive Company in
various roles and worked as a management consultant at Booz
Allen & Hamilton and Arthur Andersen & Company. Mr. Johnson
received his BA, MBA and JD from Duke University.

                    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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 28, 2008, Fitch Ratings has affirmed its ratings of Sears
Holdings Corporation as:

   -- Long-term IDR 'BB';
   -- Senior notes 'BB';
   -- Secured bank facility 'BBB-'.

Fitch revised the rating outlook to negative from stable.
Approximately US$4 billion of total debt was outstanding as of
Nov. 3, 2007.




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


CHRYSLER LLC: Offers Compensation Packages to Hourly Workers
------------------------------------------------------------
Chrysler LLC has extended compensation packages to United Auto
Workers union member at plants in the United States in line with
its aim to cut 8,500-10,000 hourly jobs through 2008 as
disclosed in November, several papers report.

Lump sum packages of up to US$100,000 were allocated to hourly
employees at the Sterling Heights and Warren stamping plants,
the Trenton and Mack Avenue engine plants, Conner Avenue
Assembly Plant, Detroit Axle, Mt. Elliot Tool and Die, and the
Sterling Heights Vehicle Test Center, Tim Higgins of the Detroit
Free Press reports citing Chrysler spokeswoman Michele Tinson.

Workers at four facilities, namely, Toledo North in Toledo,
Ohio; St. Louis North and South in Fenton, Missouri; Belvidere,
Illinois; and Jefferson North in Detroit, Michigan, received
buyout proposals from the automaker early in January.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
Chrysler disclosed that it would make volume-related
reductions at several of its North American assembly and
powertrain plants.  Shifts will be eliminated at five North
American assembly plants which, combined with other volume-
related manufacturing actions, will lead to a reduction of
8,500-10,000 additional hourly jobs through 2008.

Additional actions include reductions of salaried employment by
1,000 and supplemental (contract) employment by 37%.  The
company also plans to eliminate hourly and salaried overtime and
reduce purchased services due to reduction in volume.  The
volume-related actions are in addition to 13,000 jobs
eliminated by the three-year Recovery and Transformation Plan
announced in February.  The objectives of the RTP remain the
same.

Sources say, citing Chrysler spokesman David Elshoff, that the
first buyout program called the "special incentive program" was
offered to workers who were 62 years old or older with 10 years
(or more) of service.  The buyout program presented these white-
collared workers three months' salary and either a vehicle
voucher worth US$20,000 after taxes or a US$20,000 tax-free
contribution to a retirement health care account, in addition to
full pension and retiree health benefits.

Workers ages 53 to 61 with at least 10 years of service who make
less than US$100,000 annually, as well as select workers ages 55
to 61 with 10 years of service who make US$100,000 or more in
salary will be offered Chrysler's second buyout program, which
provides full pension and retiree health care benefits," Eric
Morath of The Detroit News relates.  The program is otherwise
known as "the special early retirement program."

                     About Chrysler LLC

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

                        *     *     *

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



                        ***********


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
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Information contained herein is obtained from sources believed
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members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
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