TCRLA_Public/080205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, February 5, 2008, Vol. 9, Issue 25

                          Headlines

A R G E N T I N A

ACORA SRL: Trustee Filing Individual Reports in Court Tomorrow
CAMIONES SAN MARTIN: Trustee Filing Individual Reports Tomorrow
ELIAGRO SA: Files for Reorganization in Buenos Aires
FILL IN THE BLANKS: Trustee Filing General Report Tomorrow
FLOWER POWER: Trustee Verifies Proofs of Claim Until February 25

INVERSIONES Y REPRESENTACIONES: Fitch Ups Issuer Default Rating
JURYS SRL: Proofs of Claim Verification Deadline is March 10
PAPELERA UNIVERSAL: Files for Reorganization in Buenos Aires
PARAMIRO SA: Files for Reorganization in Buenos Aires Court
TYSON FOODS: Shareholders Pick Ten Board of Director Members

* BUENOS AIRES: ARS1.6 Bil. Loan Cues Moody's to Retain Ratings

B E R M U D A

FOSTER WHEELER: Improved Cash Flow Spurs S&P's Outlook Revision
WARNER CHILCOTT: Eyes Up to US$325-Mil. Cash Net Income in 2008

B R A Z I L

BANCO NACIONAL: Grants BRL1.97-Million Loan to Vale do Ivai
BAUSCH & LOMB: Completes Eyeonics Acquisition
DELPHI CORP: Anticipates Chapter 11 Emergence by March 31
KENDLE INT'L: Satish Tripathi To Oversee Global Regulatory Group
NET SERVICOS: 4th Quarter 2007 Net Profit Increases to BRL96MM

SANMINA-SCI: Elects John P. Goldsberry to Board of Directors
USINAS SIDERURGICAS: Moody's Assigns Ba1 Local Currency Rating

* BRAZIL: Regasification Terminals To Miss Operating Deadlines
* BRAZIL: Supermarket Sector Sales Increase 5.9% in 2007

C A Y M A N   I S L A N D S

EARLSWOOD LTD: To Hold Final Shareholders Meeting on February 7
PAI HEDGED: Proofs of Claim Filing Deadline is February 7
RETAIL BUSINESS: Sets Final Shareholders Meeting for February 7
SABOTEN HOLDINGS: Final Shareholders Meeting is on February 7
SHINSEI FUNDING: Holding Final Shareholders Meeting on Feb. 7

SHINSEI FUNDING CAYMAN: Final Shareholders Meeting on February 7
STOCKHORN CDO: Sets Final Shareholders Meeting for February 7
SPECIAL SELECT: To Hold Final Shareholders Meeting on February 7

C H I L E

AES GENER: To Implement Changes in Alto Maipo Hydro Project

C O L O M B I A

CORPORACION INTERAMERICANA: Gets Tenders & Consents on Sr. Notes

D O M I N I C A N   R E P U B L I C

ALCATEL-LUCENT: To Post 4Q & Full-Year 2007 Results on Feb. 8
CENVEO INC: Hires Dean Cherry as President-Envelope Operations

E L   S A L V A D O R

HANESBRANDS INC: Earns US$126.1 Million in Quarter Ended Dec. 29

G U A T E M A L A

AFFILIATED COMPUTER: Earns US$81.6 Mln in 2nd Qtr. Ended Dec. 31
AFFILIATED COMPUTER: Stifel Reiterates Buy Rating on Firm
BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Firm

J A M A I C A
AIR JAMAICA: Gov't Wants to Stop Allotting Budget for Airline
NAT'L COMMERCIAL: Court Refuses To Extend Cash Plus' Injunction

* JAMAICA: Bus Company To Dismiss 340 Employees To Reduce Costs

M E X I C O

CALPINE CORP: Emergence Prompts Moody's to Affirm B2 Ratings
CHEMTURA CORP: Closes Fluorochemicals Biz Sale to DuPont
GRUPO MEXICO: To Produce 635,000 Tons of Copper in 2008
TREOFAN HOLDINGS: S&P Holds CCC+ Ratings on New Commitment
US STEEL: Offers Capital Investment Program to Boost Production

VISTEON CORP: Selling Non-Core Aftermarket Facilities to Centrum
VITRO SAB: Year-Over-Year Consolidated Net Sales is US$2,560MM
WEST CORP: Dec. 31, 2007 Balance Sheet Upside-Down by US$2.2 Mln

P A N A M A

CHIQUITA BRANDS: Inks New Banana Pact with C.I. Banacol
CHIQUITA BRANDS: Posts US$28.2 Mln Net Loss in 2007 3rd Quarter

P E R U

GOODYEAR TIRE: Will Redeem US$650 Million in Sr. Secured Notes
QUEBECOR WORLD: U.K. Unit Placed Into Administration
QUEBECOR WORLD: Union Sees Job Cuts with Corby Unit Receivership

* PERU: Mine Workers to Stage Strike, May Affect Production

P U E R T O   R I C O

AEROMED SERVICES: Case Summary & 20 Largest Unsecured Creditors
BURGER KING: Reports US$49-Mln Net Income in 2008 Second Quarter
HORIZON LINES: Earns US$10.7 Million in Fourth Quarter of 2007
JETBLUE AIRWAYS: Signs Strategic Deal with Aer Lingus
MUSICLAND HOLDING: Liquidation Plan Declared Effective Jan. 30

SUNCOM WIRELESS: Commences Consent Solicitation on 8-1/2% Notes
TREASURE ISLAND: Case Summary & Eight Largest Unsec. Creditors
UNITED RUBBER: Case Summary & 10 Largest Unsecured Creditors
WERNER LADDER: Creditors Sue Former Owners, Insiders for US$1B

V E N E Z U E L A

CUMMINS INC: Net Income Climbs 3% to US$739 Million in 2007
CUMMINS INC: Promotes Pamela Carter as Distribution Biz Pres.
PETROLEOS DE VENEZUELA: In Talks With Cos. on Carabobo Project
PETROLEOS DE VENEZUELA: Mulls El Palito Expansion

* Large Companies with Insolvent Balance Sheets


                         - - - - -

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

ACORA SRL: Trustee Filing Individual Reports in Court Tomorrow
--------------------------------------------------------------
Monica Olga Rajo, the court-appointed trustee for Acora S.R.L.'s
bankruptcy proceeding, will present in the National Commercial
Court of First Instance in Buenos Aires the validated claims as
individual reports on Feb. 6, 2008.

Ms. Rajo verified creditors' proofs of claim until Nov. 16,
2007.

A general report that contains an audit of Acora's accounting
and banking records will be submitted in court on March 19,
2008.

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

The debtor can be reached at:

       Acora S.R.L.
       Irigoyen 1920
       Buenos Aires, Argentina

The trustee can be reached at:

       Monica Olga Rajo
       Viamonte 2359
       Buenos Aires, Argentina


CAMIONES SAN MARTIN: Trustee Filing Individual Reports Tomorrow
---------------------------------------------------------------
Patricia Monica Narduzzi, the court-appointed trustee for
Camiones San Martin S.A.'s bankruptcy proceeding, will present
in the National Commercial Court of First Instance in Dolores,
Buenos Aires, the validated claims as individual reports on
Feb. 6, 2008.

Ms. Narduzzi verified creditors' proofs of claim until
Nov. 20, 2007.

A general report that contains an audit of Camiones San Martin's
accounting and banking records will be submitted in court on
March 19, 2008.

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

The debtor can be reached at:

         Patricia Monica Narduzzi
         Necochea 94, Dolores
         Buenos Aires, Argentina


ELIAGRO SA: Files for Reorganization in Buenos Aires
----------------------------------------------------
Eliagro S.A. has requested for reorganization approval after
failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Eliagro to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 7 in Buenos Aires.  Clerk No. 14 assists the court
in this case.

The debtor can be reached at:

           Eliagro SA
           Yerua 4975
           Buenos Aires, Argentina


FILL IN THE BLANKS: Trustee Filing General Report Tomorrow
----------------------------------------------------------
Osvaldo Jose Raimundo, the court-appointed trustee for Fill In
The Blanks S.R.L.'s bankruptcy proceeding, will present in the
National Commercial Court of First Instance in Buenos Aires a
general report containing an audit of the bank's accounting and
banking records on Feb. 6, 2008.

Mr. Raimundo verified creditors' proofs of claim until
Oct. 8, 2007.  He submitted the validated claims in court as
individual reports on Nov. 20, 2007.

Mr. Raimundo is also in charge of administering Fill In The
Blanks' assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

         Osvaldo Jose Raimundo
         Rodriguez Pena 797
         Buenos Aires, Argentina


FLOWER POWER: Trustee Verifies Proofs of Claim Until February 25
----------------------------------------------------------------
Carlos Wolff, the court-appointed trustee for Flower Power SA's
reorganization proceeding, will be verifying creditors' proofs
of claim until Feb. 25, 2008.

Mr. Wolff will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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 Flower Power 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 Flower Power's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 11, 2008.

The debtor can be reached at:

        Flower Power SA
        Honduras 4900
        Buenos Aires, Argentina


INVERSIONES Y REPRESENTACIONES: Fitch Ups Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has upgraded these ratings of Inversiones y
Representaciones S.A.:

  -- Foreign currency Issuer Default Rating to 'B+' from 'B';
  -- Local currency IDR to 'B+' from 'B';
  -- $150 million notes due in 2017 to 'B+/RR4' from 'B';
  -- National Scale ratings to 'AA-(arg)' from 'A-(arg)'.

All ratings have a Stable Outlook.

The upgrade in the company's ratings reflects improvements in
its cash flow generation and the successful financings by the
company, and its subsidiary, APSA, during 2007 that have
improved the company's debt profile and lessened refinancing
risk.

The company's credit ratings are supported by its strong
business position in the Argentine real estate market.  Through
its subsidiary APSA (61.5% owned), the company has a 60% market
share in the shopping center segment of the market within Buenos
Aires, owning five malls.  APSA also owns and operates five
additional malls outside the city of Buenos Aires.  This
business unit, which includes a credit card division, accounts
for about 77% of the company's consolidated EBITDA.  Its second
most important business division is its office building segment,
accounting for about 12% of EBITDA.  The company is the clear
leader in the development and management of office buildings in
Buenos Aires, with a market share of approximately 20% in the
premium buildings class.  The balance of its EBITDA is derived
from three premium hotels, as well as its residential property
development division.  Importantly, both IRSA and APSA own key
parcels of land in strategic areas of Buenos Aires, which could
be sold to improve the company's liquidity, or used in new
developments.  The book value of this undeveloped land is
approximately US$100 million.

The company's 'B+' ratings reflect the cyclical nature of the
real estate market in Argentina, which is highly correlated with
the local economy, and the lack of geographic diversification of
the company's cash flows.  The company's credit ratings also
reflect the mismatch between its dollar denominated debt and
peso denominated cash flow.  Further factored into the ratings
are the company's reliance upon APSA for dividends for its debt
service, as well as payments on convertible bonds of APSA held
by IRSA.  During the company's fiscal year ended June 30, 2007,
dividends and payments from APSA accounted for 40% of its funds
from operations.

The company had US$435 million of debt as of Sept. 30, 2007. Its
consolidated debt consists of a US$150 million bond issued in
2007 that matures in 2017, a US$120 million bond issued by APSA
during 2007 that matures in 2017, and a US$50 million peso-
linked bond issued by APSA that amortizes between 2009 and 2012.
This debt is all unsecured.  Cash and marketable securities
totaled US$200 million as of Sept. 30, 2007.  During
October 2007, the company used US$40 million of its cash to
repay additional debt that matured during 2008 and 2009.

For the LTM ended Sept. 30, 2007, the company had a consolidated
EBITDA of US$95 million, an increase from US$89 million during
the 12 months ended June 30, 2006.  Its EBITDA is expected to
continue to improve due to high occupancy rates in the market
that have led to higher lease prices, strong sales in shopping
centers due to a relatively strong economic environment, plus
aggressive investments in office buildings during 2007 that
resulted in a 29% increase in leaseable office space and other
leased properties.  The company should also benefit from a newly
formed joint venture with the Brazilian residential real estate
developer Cyrela Brazil Realty S.A. (rated 'BB').  On a stand-
alone basis, the company's FFO includes the cash generation from
its office buildings and residential property developments plus
dividends from APSA and the hotels plus interest on APSA's
convertible notes.  For its fiscal year ended June 30, 2007,
this figure totaled about $30 million.  This figure is expected
to grow to around US$50 million in the coming years and should
allow the company to face its annual average debt service of
about US$16 million for 2009 and 2010 periods.

The company's leverage is moderate relative to the value of its
assets.  As of Sept. 30, 2007, its consolidated undepreciated
property value was estimated at US$994 million.  The value of
its offices buildings and land reserves is $375 million.  These
figures result in a consolidated Loan to Value ratio of less
than 40% and a stand-alone LTV ratio of 45%.  On a market value
basis, these ratios would be even lower.  The company is
currently in the process of acquiring a new office building in
Buenos Aires called 'Edificio Republica' for US$74 million.
About one-half of the purchase price is expected to be financed
with seller financed notes.  The company will likely borrow for
the balance of this payment, but could tap into its cash balance
if needed.  During January 2008, the company's cash position
improved when it sold 29.85% of its office building 'Edificio La
Nacion' to Techint Group for US$34.4 million.

Created in 1943, Inversiones y Representaciones S.A. aka IRSA
(NYSE: IRS) (BCBA: IRSA) is a leading company with activities in
the business of offices, commercial centers and hotels.  It is
the only company in the industry whose shares are listed on the
Bolsa de Comercio de Buenos Aires and The New York Stock
Exchange.  Through its subsidiaries, IRSA manages an expanding
top portfolio of shopping centers and office buildings,
primarily in Buenos Aires.  The company also develops
residential subdivisions and apartments (specializing in high-
rises and loft-style conversions) and owns three luxury hotels.
Additionally, IRSA owns a 11.8% stake in Banco Hipotecario,
Argentina's largest mortgage supplier in the country which
shareholder's equity amounted to ARS2,247.6 million.


JURYS SRL: Proofs of Claim Verification Deadline is March 10
------------------------------------------------------------
Eduardo Fernandez Prol, the court-appointed trustee for Jurys
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
until March 10, 2008.

Mr. Prol will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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 Jurys 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 Jurys' accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Jurys SRL
         Uruguay 695
         Buenos Aires, Argentina

The trustee can be reached at:

         Eduardo Fernandez Prol
         Belgrano 634
         Buenos Aires, Argentina


PAPELERA UNIVERSAL: Files for Reorganization in Buenos Aires
------------------------------------------------------------
Papelera Universal Group S.R.L. has requested for reorganization
approval after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Papelera Universal to negotiate a settlement with its
creditors in order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 13 in Buenos Aires.  Clerk No. 26 assists the court
in this case.

The debtor can be reached at:

           Papelera Universal Group S.R.L.
           Juan Ramirez de Velazco 274
           Buenos Aires, Argentina


PARAMIRO SA: Files for Reorganization in Buenos Aires Court
-----------------------------------------------------------
Paramiro SA has requested for reorganization approval after
failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Paramiro to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 2 in Buenos Aires.  Clerk No. 3 assists the court
in this case.


TYSON FOODS: Shareholders Pick Ten Board of Director Members
------------------------------------------------------------
Tyson Foods Inc.'s shareholders have elected ten members to the
Board of Directors at the company's 45th annual meeting.  Tyson
officials also announced plans to significantly expand its
poultry business in China through a joint venture with a Chinese
poultry company.

Those elected to the board, which includes six independent
directors, were Richard Bond, Scott Ford, Lloyd Hackley, Jim
Kever, Kevin McNamara, Jo Ann Smith, Barbara Tyson, Don Tyson,
John Tyson and Albert Zapanta.

Mr. Bond, who is also President and CEO of the company,
announced during the meeting that Tyson has signed a deal to
work with Jiangsu Jinghai Poultry Industry Group Co. Ltd., a
Chinese poultry breeding company, to raise and process chicken
under the Tyson brand for sale to consumers in eastern China.
Terms of the agreement were not disclosed, however, Tyson
officials have confirmed the company will have a 70% ownership
share in the business.

Tyson and Jinghai will build a new, fully integrated poultry
operation in Haiman City in the Jiangsu Province near Shanghai.
It will be called "Jiangsu Tyson Foods" and will include
development of live chicken operations and a chicken processing
plant.  The operation will produce fresh, retail packaged
chicken products sold under the Tyson brand name.

"Demand for high quality, fresh chicken in China is growing
faster than the existing domestic supply," said Mr. Bond.  "We
intend to help meet this need by becoming the first producer to
deliver brand name, high quality fresh chicken to consumers in
the eastern China market."

The two companies plan to break ground for the processing plant
as soon as Chinese government approvals are received and
currently expect to begin operations in 2009.  The companies
will also be working to finish a feedmill currently under
construction and to establish modern chicken farming operations
in the region to supply the plant.

"We believe Jinghai's extensive experience in poultry breeding
will provide the foundation needed to successfully build a
network of live poultry operations," said Rick Greubel,
international president for Tyson.  The joint venture will
initially start by producing 400,000 birds per week with plans
to eventually increase production to one million birds per week.

Products from the processing plant will be sold to retailers
serving the Shanghai, Jiangsu and Zhejiang Provinces, which have
a combined population of 139 million people.

Tyson already has a presence in China.  The company has a joint
venture poultry operation involved in producing further
processed chicken, including chicken nuggets and popcorn chicken
sold under the Tyson name.  Tyson also has part ownership in a
pork processing plant in China.

                      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.

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.


* BUENOS AIRES: ARS1.6 Bil. Loan Cues Moody's to Retain Ratings
---------------------------------------------------------------
Moody's said that the City of Buenos Aires' ratings will remain
unchanged following the recent declaration of potential
indebtedness of up to ARS1.6 billion budgeted for this year.

The current ratings include B2 (Global Scale) and Aa3.ar
(National Scale) foreign currency ratings and local currency
ratings of B1 (Global Scale) and Aa2.ar (National Scale).

In December 2007, the city legislature, by means of the Law Nr.
2570, approved the foundation of the Social Infrastructure Fund,
whose aim is to finance a large portion of the public
infrastructure projects that the city plans for the coming
years.

The City of Buenos Aires, under the guidance of Mayor Mauricio
Macri, could borrow up to ARS1.6 billion in the form of either,
financial loans or the issuance of public bonds.  In accordance
with the city's 2008 budget law, the amortization period of this
new debt should not be longer than seven years.

"Currently, the city has a manageable debt burden, which, in
terms of total revenues, has been decreasing over the past four
years", said Moody's Associate Analyst Patricio Esnaola.
According to preliminary data, he said, the total debt as of
September 2007 measured ARS1.7 billion, equivalent to 25.4% of
total revenues.  In 2003, total debt accounted for 54.9% of
total revenues.

"The city's capacity to generate own-source revenue, together
with the application of prudent fiscal policies on the expense
side, allows it to maintain an acceptable capacity to repay its
debt", said Mr. Esnaola.  "The increase in the stock of debt
related to the potential issuance, which probably will take
place before the end of June, remains manageable within the
city's fiscal framework".

At the end of 2008, the city estimates its debt level will be
roughly ARS3.2 billion, or 27.1% of total revenues budgeted for
that year.



=============
B E R M U D A
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FOSTER WHEELER: Improved Cash Flow Spurs S&P's Outlook Revision
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Foster Wheeler Ltd. to positive from stable.  At the same time,
S&P affirmed its 'BB' corporate credit rating on the company.
Foster Wheeler, a Clinton, New Jersey-headquartered provider of
petrochemical and power-related engineering and construction
services, reported total debt of approximately US$150 million at
Sept. 30, 2007.

"The outlook revision reflects Foster Wheeler's sustained
improvements in profitability and cash flow generation," said
S&P's credit analyst James T. Siahaan, "along with its ability
to maintain a firm backlog of geographically diversified
projects in the robust oil and gas and power markets."

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.


WARNER CHILCOTT: Eyes Up to US$325-Mil. Cash Net Income in 2008
---------------------------------------------------------------
Warner Chilcott Limited has announced a view of anticipated full
year 2008 results.

Total revenues for 2008 are expected to be in the range of
US$935 to US$945 million, with the growth primarily being driven
by LOESTRIN 24 FE, DORYX, FEMCON FE, and TACLONEX.  Gross profit
margin, as a percentage of total revenues, is anticipated to be
in the range of 80% to 81% in 2008.

Total selling, general and administrative expenses in 2008 are
anticipated to be in the range of US$228 to US$237 million,
which reflects the previously disclosed reduction of advertising
and promotional spend due to a reduction in DTC advertising in
2008 as compared to 2007.

Total R&D spend in 2008 is anticipated to be in the range of
US$57 to US$60 million.  Included in this amount is internal R&D
expense of US$54 to US$57 million and anticipated potential
milestone payments to third parties of US$3 million.

Based on the 2008 view, GAAP net income is expected to be in the
range of US$118 to US$128 million.  Cash net income in 2008 is
anticipated to be US$315 to US$325 million.  Using 251 million
Class A shares, the company expects cash net income per share to
be in the range of US$1.25 to US$1.30 for the full year 2008.

Cash net income refers to the company's net income adjusted for
the after-tax effects of two non-cash items: amortization of
intangible assets and amortization (or write-off) of deferred
loan costs related to the company's debt.

                    About Warner Chilcott

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2008, Standard & Poor's Ratings Services revised its
outlook on specialty drug manufacturer Warner Chilcott Corp.,
Warner Chilcott Limited's subsidiary, to positive from stable.
The ratings, including B+ corporate credit rating, were
affirmed.  "The outlook revision on the company reflects its
solid operational track record and improving financial profile
over the past two years," said S&P's credit analyst Arthur Wong.



===========
B R A Z I L
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BANCO NACIONAL: Grants BRL1.97-Million Loan to Vale do Ivai
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Econ“mico e Social's board has
approved a BRL1.97-million financing to Vale do Ivai S/A Acucar
e Alcool.  The resources will be directed to the construction of
the Technology Reference Center for the sugar-alcohol sector, in
the Municipality of Sao Pedro do Ivai, in the ambit of the
Bank's financing line, Innovation-Production.

The line, created in 2005, enables a financing of up to 100% of
the investment amount, which is fully carried out according to
the TJLP, Long-Term Interest Rate, used as a reference in the
majority of the financings granted by BNDES, which is currently
6.25% per year.  In the last two years, the Bank has already
disbursed BRL117 million on innovation projects.  In this case,
the Bank's share will be equivalent to 79% of the total
investment of the project, which is budgeted in BRL2.48 million.

BNDES's support will contribute to increase the competitiveness
of an important part of the Brazilian industry by enabling a
higher quality to the alcohol production of the factories, which
are clients of the Reference Center, and expanding the
productivity of yeasts.  The investments will also enable the
finding of new economic applications in yeasts.

With the resources, the company will develop models and
processes of alcohol fermentation and distillation, aiming to
obtain high performances, both in the production of alcohol and
yeast mass.  For this reason, the alcohol factories will be the
main beneficiaries of the research results, as the microorganism
(Sacharomysees Cerevisiae), which has been chosen for the
development of the studies, is a type of yeast which produces
bioethanol from saccharose.

Yeast is one of the several products which can be obtained from
the sugar cane, which is an excess of the sugar cane juice
fermentation, in the alcohol production.  Each liter of produced
alcohol leaves, as a residue, 30 grams of yeast on a dry basis.
In Brazil, it is estimated that only 10% of the yeast production
potential are used in the manufacture of products for human and
animal consumption.  The largest part of the productive
potential is either wasted by factories and distilleries, which
are not aware of the yeast distillation process in the
fermentation, or sold in the gross form, for the animal feeding,
without undergoing any type of industrial improvement.

The project will make feasible technological leaps in the areas
of yeast production of a better quality, sugar cane juice
fermentation and alcohol distillation, diffusion of new
processes for the companies in the sugar-alcohol sector and
breweries.  Besides this, it will reduce the consumption of
electrical and thermal energy and liquid effluents.

Regional impacts of the project - The center shall make feasible
technologies which can contribute to the improvement of the
competitiveness of sugar-alcohol factories and breweries of the
region.  The new products arising from the Reference Center,
when manufactured on industrial scale, will be able to generate
an increase in the manpower demand, which has a multiplier
effect in the region.

Vale do Ivai, established in 1981, operates in the sugar-alcohol
sector, with an installed milling capacity of 1.5 million tons
of sugar cane/crop.  The production forecast for the crop of
2007/2008 is 57 million liters of alcohol, 127 thousand tons of
sugar and 25 thousand tons of yeast cream.

                     About Banco Nacional

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

                        *     *     *

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


BAUSCH & LOMB: Completes Eyeonics Acquisition
---------------------------------------------
Bausch & Lomb has completed its acquisition of eyeonics,
inc.(TM), a privately held ophthalmic medical device company
headquartered in Aliso Viejo, Calif.  Financial terms of the
transaction were not disclosed.

Eyeonics now operates as a wholly owned subsidiary of Bausch &
Lomb.  Its crystalens(TM) intraocular lens, the first and only
U.S. Food and Drug Administration-approved accommodating IOL for
the treatment of cataracts, joins Bausch & Lomb's portfolio of
innovative ophthalmic surgical products for cataract,
vitreoretinal and refractive markets.

Nixon Peabody LLP acted as legal counsel to Bausch & Lomb.
Wilson Sonsini Goodrich & Rosati acted as legal counsel to
eyeonics, and Piper Jaffray & Co. served as a financial advisor
to eyeonics.

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.

                        *     *     *

Bausch & Lomb Incorporated still carries Moody's Ba1 Corporate
Family Rating, Ba1 Probability of Default Rating and Ba1 ratings
on certain existing senior unsecured notes.  Rating outlook was
revised to stable.


DELPHI CORP: Anticipates Chapter 11 Emergence by March 31
---------------------------------------------------------
Delphi Corp. and its debtor-affiliates expect to consummate
their First Amended Joint Plan of Reorganization on or before
March 31, 2008, Delphi Corp. Vice President and Chief
Restructuring Officer John D. Sheehan said in a regulatory
filing with the U.S. Securities and Exchange Commission.  As
reported in the Troubled Company Reporter on Jan. 28, 2008, the
Court entered an order confirming the Debtors' Plan, as
modified, on Jan. 25, 2008.

The Plan contemplates the reorganization of the Debtors and the
resolution of certain outstanding claims against and interests
in the Debtors.  On the Effective Date of the Plan, Delphi's
existing Common Stock, as well as all rights or claims arising
in connection therewith, will be cancelled.  On or after the
Effective Date, Reorganized Delphi will have outstanding up to
181,831,951 shares of New Common Stock.

As of Jan. 17, 2008, there were 565,025,907 shares of Existing
Delphi Common Stock issued and outstanding, Mr. Sheehan noted.

The Plan provides for the adoption of four of Delhi Corp.'s
incentive plans for its employees:

(1) the Delphi 2007 Short-Term Incentive Plan,

(2) the Delphi 2007 Long-Term Incentive Plan,

(3) the Delphi Supplemental Executive Retirement Program, and

(4) the Delphi Salaried Retirement Equalization Savings
     Program.

The Delphi Incentive Plans will become effective on the
Effective Date of the Plan.  Eligible participants of the Delphi
Incentive Plans will include Delphi's approximately 560 global
executives, including Delphi's principal executive officer,
principal financial officer, other executive officers and
controller and chief accounting officer, Mr. Sheehan reported.

The purpose of the STIP is to motivate and reward performance
and provide cash incentive awards, limited to an annual
individual maximum of US$7,500,000, to eligible employees who
contribute to the company's success, according to Mr. Sheehan.
The STIP is available for incentive programs not to exceed a
period of one year for eligible employees.

The purpose of the LTIP, Mr. Sheehan said, is to provide
incentive award programs to attract and retain exceptional
employees, to align those employees with the company's long-term
strategies and to best align the employee interests with those
of Delphi's stockholders.

The LTIP is designed to permit the payment of compensation that
qualifies as performance-based compensation under Section 162(m)
of the Internal Revenue Code of 1986 and provides for the grant
of various stock-based and cash-based awards, including stock
options, stock appreciation rights, restricted stock, and
restricted stock units, Mr. Sheehan elaborated.  The maximum
number of shares of Delphi Common Stock available for issuance
under the LTIP is equal to 8% of the number of fully diluted
shares of Common Stock outstanding immediately after
consummation of the Plan.  Awards of stock options and stock
appreciation rights are limited to an annual individual maximum
of 1,000,000 shares.  Awards of restricted stock and restricted
stock units are limited to an annual individual maximum of
500,000 shares.  Cash awards are limited to an annual individual
maximum of US$10,000,000.

The STIP and LTIP are administered by the Compensation and
Executive Development Committee of the Delphi Corp. Board of
Directors.  Awards may be made under the STIP and LTIP until the
tenth anniversary of the Effective Date.

The SERP is an unfunded, nonqualified defined benefit plan that
provides a benefit in conjunction with the Delphi Retirement
Program for Salaried Employees, a tax-qualified defined benefit
pension plan.  The purpose of the DB SERP, according to Mr.
Sheehan, is to assure that the company's eligible retiring
salaried executive employees will receive an overall level of
retirement benefits that are competitive with the peer group of
companies selected by the Delphi Compensation Committee.  Delphi
administers the SERP separately and distinctly from the
Retirement Program for Salaried Employees.

The SRESP is a funded, nonqualified defined contribution plan
that will replace the company's pre-existing supplemental
retirement programs.  The SRESP will be maintained primarily for
the purpose of providing deferred compensation to certain Delphi
executives, managers and other highly-compensated employees, Mr.
Sheehan said.  The purpose of the program, Mr. Sheehan
explained, is to supplement the company's tax-qualified defined
contribution savings plan and allow company nonelective
contributions and matching contributions to be made into a
nonqualified defined contribution savings plan in situations
where legal limitations under the tax-qualified defined
contribution savings plan have been reached.  "A participant is
always 100% vested in the amounts credited to his or her account
that are attributable to his or her deferrals.  A participant
will also be 100% vested in his or her employer and matching
contributions," Mr. Sheehan clarified.

A full-text copy of the Delphi 2007 Short-Term Incentive Plan is
available for free at the SEC's Web site:

                http://ResearchArchives.com/t/s?27b1

A full-text copy of the Delphi 2007 Long-Term Incentive Plan for
U.S. employees is available for free at the SEC's Web site:

                http://ResearchArchives.com/t/s?27b2

A full-text copy of the Delphi Supplemental Executive Retirement
Program is available for free at the SEC's Web site:

               http://ResearchArchives.com/t/s?27b3

A full-text copy of the Delphi Salaried Retirement Equalization
Savings Program is available for free at the SEC's Web site:

                     About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is a supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 110; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Moody's Investors Service assigned ratings to
Delphi Corporation for the company's financing for emergence
from Chapter 11 bankruptcy protection: Corporate Family Rating
of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  The outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


KENDLE INT'L: Satish Tripathi To Oversee Global Regulatory Group
----------------------------------------------------------------
Kendle International Inc. has hired Satish Tripathi, PhD, RAC as
Vice President, Global Regulatory and Quality.  Dr. Tripathi
will provide additional leadership to the Regulatory Affairs
Brand, overseeing the multi-functional global regulatory group
consisting of approximately 450 personnel.  He will focus on
driving growth in the company's regulatory brand, which includes
strategic clinical development planning, regulatory consulting
and submissions, clinical trial regulatory affairs, nonclinical
consulting, Chemistry, Manufacturing and Controls development,
medical writing and pharmacovigilance/safety services.

"We are thrilled to have someone with Satish's background and
experience as part of our regulatory leadership team," said
Melanie Bruno, PhD, Vice President, Global Regulatory Affairs,
Quality and Safety.  "His ability to analyze the regulatory
complexities of drug development and fashion a market
positioning strategy to help ensure commercial success
will provide a wonderful resource to Kendle's customers."

Dr. Tripathi served most recently as the Director of Worldwide
Regulatory Strategy at Pfizer (formerly Pharmacia).  Prior to
that, he was a Director of Global Regulatory Affairs at the
Biosciences Division of Baxter Healthcare Corporation in charge
of all global regulatory submissions within the Recombinant
Strategic Business Unit.  While at the U.S. Food and Drug
Administration, Dr. Tripathi served as a Pharmacology and
Toxicology Reviewer with an emphasis on oncology and pulmonary
products.

Dr. Tripathi earned his doctorate from the University of Glasgow
in Scotland, his Master of Philosophy from Bhopal University in
India and bachelor's and master's degrees from Jiwaji University
at Gwalior, India.  His post-doctoral fellowships include the
Massachusetts Institute of Technology, Emory University Medical
School and the Medical College of Wisconsin.

Dr. Tripathi will be based in Kendle's Chicago office.

                        About Kendle

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

                        *     *     *

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


NET SERVICOS: 4th Quarter 2007 Net Profit Increases to BRL96MM
--------------------------------------------------------------
Net Servicos de Comunicacao S.A. said in a statement that its
net profit rose 243% to BRL96 million in the fourth quarter
2007, from BRL28 million in the same quarter in 2006.

Business News Americas relates that Net Servicos' net revenues
increased 28% to BRL799 billion in the fourth quarter 2007,
compared to the fourth quarter 2006.  Its Ebitda rose 23% to
BRL216 million.

Net Servicos' net profit increased 151% to BRL208 million in
2007, from 2006.  Its revenue grew 28% to BRL2.90 billion, while
its Ebitda rose 26% to BRL804 million in 2007, compared to 2006.

According to BNamericas, Net Servicos Chief Financial Officer
Joao Adalberto Elek said in a conference call, "The figures of
quarter and year include [fellow television operator, acquired
in May last year] Vivax's results, which became an integral Net
subsidiary."

According to BNamericas, Net Servicos' paid television client
base increased 16% to 2.4 million in 2007, compared to 2006.
Its broadband subscribers grew 65% to 1.4 million, while its
fixed telephony customers grew 212% to 567,000.

Mr. Elek commented to BNamericas, "In the operational results,
we keep presenting attractive growth rates and above the market
average for all our products.  This is happening in a market
where there is strong competition.  We believe through our offer
of quality products, Net will continue similar growth."

BNamericas relates that Net Servicos' operational costs rose
30.7% to BRL1.38 billion in 2007, from 2006.  Its programming
costs increased 20.1%, mainly due to a growth in paid television
subscribers.  Other operational costs, mainly customer service
and hiring of Internet bandwidth, rose 75.9% in 2007, compared
to 2006.

Net Servicos' general, administrative and sale expenses
increased 35.9% to BRL736 million in 2007, from BRL541 million
in 2006, BNamericas says.  Due to higher commissions paid and a
bigger publicity budget, the firm's sales expenses rose 23.5%.
Meanwhile, general and administrative expenses increased 17.4%
due to increased consultancy fees associated with the purchase
of Vivax.

Mr. Elek told BNamericas that Net Servicos will begin
"amortizating" the main part of its debts by the end of 2010.

"For 2008, we believe the scene is very competitive.  However,
we continue believing we are well positioned in the market and
with a complete offer of products.  We are the only company to
offer convergent services due to our advanced infrastructure,
which combines fiber optic and coaxial cable," Mr. Elek
commented to BNamericas.

In 2008, Net Servicos would report capex similar to 2007, which
was BRL770 million, BNamericas notes.  Capex directed to the
acquisition of new subscribers would total BRL550 million in
2008.

Net Servicos is considering an additional spending of US$200
million for the acquisition of Big TV, depending on government
authorization.  The firm would also accelerate organic growth
using the money, BNamericas states, citing Mr. Elek.

               About Net Servicos de Comunicacao SA

Headquartered in Sao Paulo, Brazil, Net Servicos de Comunicacao
SA -- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1
-- is the largest cable company in Latin America with
approximately 2.4 million Pay TV subscribers as of
Sept. 30, 2007.  The company also offers bidirectional broadband
Internet access through its Virtua franchise and voice services
through Net Fone via Embratel.  The acquisition of BIGTV will
add 107 thousand and 56 thousand pay-TV and broadband
subscribers, respectively, to Net's subscriber base.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Moody's Investors Service assigned a Ba2 foreign
currency rating to the proposed up to US$200 million guaranteed
long term senior unsecured notes to be issued by Net Servicos de
Comunicacao S.A.  Moody's said the rating outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2008, Moody's did not change Net Servicos de
Comunicacao S.A.'s Ba2 global local currency corporate family
rating and Aa3.br Brazilian national scale rating following the
company's announced agreement to acquire 100% of the capital of
BIGTV Companies.  The transaction is subject to regulator and
anti-trust commission approvals.


SANMINA-SCI: Elects John P. Goldsberry to Board of Directors
------------------------------------------------------------
Sanmina-SCI Corporation has appointed John P. Goldsberry to the
company's board of directors effective Jan. 28, 2008.  Mr.
Goldsberry will serve as chairman of the audit committee.

Mr. Goldsberry meets the requirements as defined by NASDAQ and
Institutional Shareholder Services as a financial expert and an
independent director.

Mr. Goldsberry is a seasoned financial executive with broad
industry experience in investment banking, corporate finance and
computer and semiconductor manufacturing.  He has over 14 years
of chief financial officer experience with both public and
private companies and is chief financial officer and SVP-IT of
Gateway Inc.

Mr. Goldsberry also held CFO positions with TrueSpectra,
Calibre, Quality Semiconductor, DSP Group and the Good Guys and
served in a variety of corporate finance positions at Salomon
Brothers and Morgan Stanley.

Goldsberry earned a bachelor's degree in Applied Mathematics and
a Ph.D. in Business Economics from Harvard University.

"We are fortunate to have someone of John's caliber join our
board of directors," Jure Sola, chairman and chief executive
officer of Sanmina-SCI Corporation, stated.  "His financial
expertise and insight will bring an additional perspective and
significant value to the board and the audit committee."

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 4, 2007, Fitch affirmed these ratings for Sanmina-SCI
Corporation:

-- Issuer Default Rating at 'B+';
-- Senior secured credit facility at 'BB+/RR1'.
-- Senior unsecured notes at 'BB+/RR1';
-- Senior subordinated debt at 'B/RR5'.

Moody's Investor Service placed Sanmina-SCI Corp.'s long term
corporate family and probability of default ratings at 'B1' in
December 2007.  The outlook is stable.


USINAS SIDERURGICAS: Moody's Assigns Ba1 Local Currency Rating
--------------------------------------------------------------
Moody's America Latina has assigned a Ba1 local currency rating
and an Aa1.br rating on its Brazilian national scale to the
BRL500 million non-guaranteed subordinated debentures due 2013
to be issued by Usinas Siderurgicas de Minas Gerais S.A. (aka
Usiminas).  Net proceeds from the debentures issuance will be
used to partially fund the company's capex program.  The rating
outlook is stable.

The Ba1 rating of the debentures on the global scale reflects
the contractual and structural subordination of the debentures
to the company's senior obligations and was notched below the
Baa3 local currency issuer rating.  Unlike other debt securities
the debentures do not benefit from guarantees by Cosipa.

The company's Baa3 local currency issuer rating is supported by
its dominant position in the Brazilian flat-steel market, in
addition to its globally competitive production costs, which
reflect its large scale, almost full-capacity utilization, the
proximity of its facilities to high-grade iron-ore reserves,
efficient logistics, and partial self-sufficiency in coke and
energy.  As a low-cost producer, the compahy is well positioned
to manage the cyclicality of the steel industry from an
operational standpoint.  Its continued balance sheet de-
leveraging and accumulation of a substantive cash position over
the past years underpins its disciplined financial management.
It should also allow the company to finance its large capex
program in the coming years with relatively little difficulty.
Nevertheless, execution risk associated with the management of
the large capital-expenditure program is a constraining factor
on the rating.  While Moody's expects the company to benefit
from its ample access to the local and international capital
markets to finance the program with long-term debt, the rating
agency cautions that an eventual tightening of global liquidity
could more severely affect issuers located in emerging
economies.

While the Ba1 global scale rating reflects the default and loss
expectation on a global basis, the Aa1.br national scale rating
reflects the standing of its credit quality relative to other
domestic issuers.  National Scale Ratings are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Brazil are designated by
the ".br" suffix.  NSRs differ from global scale ratings in that
they are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the
same country.

The stable outlook reflects Moody's expectation that Usiminas
will continue to report healthy operating margins in the near
term while executing its investment program with financial
discipline, which includes the maintenance of leverage as
measured by Total Adjusted Debt to EBITDA below 2.5, moderate
payout of dividends and healthy liquidity.

Given the significant challenges deriving from the company's
capex program, an upgrade of its ratings is not foreseen in the
near term.  However, significantly weakened operating margins
resulting in CFO less Dividends to Net Debt consistently below
20% or a substantive deterioration of its liquidity position as
measured by cash balance plus unused committed credit facilities
to short-term debt below 1.3 for an extended period could place
downward pressure on Usiminas' ratings.  Also, a significant
increase in consolidated secured debt could negatively affect
Usiminas' unsecured debt ratings.

The company reported consolidated net revenues of
BRL13.6 billion (US$6.7 billion) in the twelve months ended
Sept. 30, 2007.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.


* BRAZIL: Regasification Terminals To Miss Operating Deadlines
--------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's
regasification terminals in Rio de Janeiro and Pecem, Ceara,
won't be able to start operating on their deadlines, Business
News Americas reports.

A Petroleo Brasileiro spokesperson told BNamericas that the 14
million cubic meter per day terminal in Rio de Janeiro will
begin operating in September 2008, instead of May 2008.

Published reports say that the delay in the launching of the Rio
de Janeiro terminal's operations indicates difficulties in
securing liquefied natural gas supplies.

According to BNamericas, Petroleo Brasileiro already secured
approval for the construction of the terminal from:

          -- Rio de Janeiro environmental regulator Feema,

          -- federal oil and gas regulator Agencia Nacional do
             Petroleo, and

          -- waterways transport regulator Antaq.

The SPU division of the planning ministry would approve the
project by April 30, 2008, BNamericas states.

Meanwhile, the six million cubic meter per day regasification
terminal in Ceara will begin operations July 8, 2008, instead of
May 1, 2008, due to a delay in the vessel conversion for
liquefied natural gas, BNamericas states, citing the
spokesperson.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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


* BRAZIL: Supermarket Sector Sales Increase 5.9% in 2007
--------------------------------------------------------
The Associated Press reports that Brazil's supermarket sector
recorded its biggest sales in five years, which is upped 5.9% in
real terms in 2007, according to Brazilian Supermarket
Association.

The sales, due to the country's rising purchasing power, was
taking into account the government's calculation of 4.46 percent
inflation, the association said.

Association president Sussumo Honda disclosed that the boosted
sales resulted to:

   * increased incomes,
   * credit expansion,
   * decline in unemployment,
   * government social programs and
   * rising food prices

AP relates that the association is expecting the 2008 sales
would keep at the same levels as in 2007.  Mr. Honda added that
the "fundamental solidity" of the Brazilian economy would
maintain the strong growth of sales.

                          *     *     *

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

EARLSWOOD LTD: To Hold Final Shareholders Meeting on February 7
---------------------------------------------------------------
Earlswood Limited will hold its final shareholders meeting
on Feb. 7, 2008, at:

             Cititrust (Cayman) Limited
             CIBC Financial Center, 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.

Earlswood Limited's shareholders decided on Dec. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Buchanan Limited
          P.O. Box 1170
          Grand Cayman KY1-1102, Cayman Islands


PAI HEDGED: Proofs of Claim Filing Deadline is February 7
---------------------------------------------------------
Pai Hedged Value Master Fund, Ltd.'s creditors are given until
Feb. 7, 2008, to prove their claims to John Cullinane and Derrie
Boggess, 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.

Pai Hedged's shareholder decided on Dec. 31, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


RETAIL BUSINESS: Sets Final Shareholders Meeting for February 7
---------------------------------------------------------------
Retail Business Partners will hold its final shareholders
meeting on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


SABOTEN HOLDINGS: Final Shareholders Meeting is on February 7
-------------------------------------------------------------
Saboten Holdings, Ltd., will hold its final shareholders meeting
on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


SHINSEI FUNDING: Holding Final Shareholders Meeting on Feb. 7
-------------------------------------------------------------
Shinsei Funding Cayman 1 will hold its final shareholders
meeting on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidator can be reached at:

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


SHINSEI FUNDING CAYMAN: Final Shareholders Meeting on February 7
----------------------------------------------------------------
Shinsei Funding Cayman 2 will hold its final shareholders
meeting on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


STOCKHORN CDO: Sets Final Shareholders Meeting for February 7
-------------------------------------------------------------
Stockhorn CDO, Limited, will hold its final shareholders meeting
on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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


SPECIAL SELECT: To Hold Final Shareholders Meeting on February 7
----------------------------------------------------------------
The Special Select Fund will hold its final shareholders meeting
on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

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

The liquidators can be reached at:

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



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

AES GENER: To Implement Changes in Alto Maipo Hydro Project
-----------------------------------------------------------
An AES Gener spokesperson told Business News Americas that the
firm will modify its US$600-million Alto Maipo hydro project,
after consultations with Chilean residents.

BNamericas relates that Alto Maipo includes the construction of
these two run-of-river plants:

          -- Alfalfal II in the Colorado sub-basin downstream
             from the Alfalfal I plant, and

          -- Las Lejas plant near the confluence of the Maipo
             river and El Manzano marsh.

According to the report, the Alfalfal II and Las Lejas plants
will bring 530 megawatts of capacity to Chile's central SIC
grid.

The spokesperson commented to BNamericas, "The changes will
improve the environmental conditions of the project.  The
proposed solutions are technologically possible but will require
more complicated engineering."

BNamericas relates that the works initially planned for El
Manzano zone will be moved 15 kilometers upstream.  These works
include the machine house for the Las Lajas plant.

Alfalfal II and Las Lejas will be remotely operated from a
control center that AES Gener has for its Alfalfal 1 and
Maitenes plants, BNamericas says.

The spokesperson told BNamericas, "The construction of new roads
into the mountain will be minimized and the new plans will use
more tunneling machines."

Over 95% of the works for the plants will be done underground.
AES Gener wants he project to be a clean development mechanism
under the Kyoto Protocol, which would let the firm produce
carbon credits, BNamericas states.

                         About AES Gener

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *     *     *

To date, AES Gener carries Moody's Ba2 long-term foreign bank
deposit rating with a stable outlook.  The firm also carries
Standard & Poor's BB+ long-term foreign issuer credit rating
with a positive outlook.



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

CORPORACION INTERAMERICANA: Gets Tenders & Consents on Sr. Notes
----------------------------------------------------------------
Corporacion Interamericana de Entretenimiento, S.A.B. de C.V.
had received, as of 5:00 p.m., New York City time, on Jan. 31,
2008, tenders and consents from holders of US$145,962,000 (or
approximately 78.7% of the aggregate principal amount) of the
company's 8.875% Senior Notes due 2015, pursuant to its
previously announced cash tender offer and consent solicitation.

As a result of the receipt of the requisite consents, on
Jan. 31, 2008 the company entered into a supplemental indenture
incorporating the proposed amendments to the indenture governing
the Notes, which eliminate or modify substantially all of the
restrictive covenants, certain events of default and related
provisions in the indenture.  The supplemental indenture will
become operative upon acceptance and payment by the Company of
the tendered Notes.

The Early Tender Date has now passed and withdrawal rights have
terminated.  Holders of Notes who have not already tendered
their Notes may do so at any time at or prior to 12:00 a.m., New
York City time, on Feb. 15, 2008, unless extended by the
company, but such holders will only be eligible to receive the
purchase price for their Notes, which is an amount equal to the
total consideration less the early tender premium.  Holders
whose Notes are accepted for payment will also be entitled to
receive accrued and unpaid interest in respect of such Notes
from the last interest payment date prior to the settlement date
to, but not including, the settlement date.

Consummation of the Offer and payment for the tendered Notes is
subject to the satisfaction or waiver of certain conditions,
including a financing condition.  The company's obligation to
purchase the Notes is not conditioned upon receipt of any
minimum principal amount of the Notes.  Further details about
the terms and conditions of the Offer are set forth in the
company's Offer to Purchase and Consent Solicitation Statement
dated as of Jan. 17, 2008 and the related Consent and Letter of
Transmittal.

Citi is acting as Dealer Manager for the Offer.  The Depositary
and the Information Agent is Global Bondholder Services
Corporation.  The Luxembourg Agent is Dexia Banque
Internationale a Luxembourg.

Requests for documentation should be directed to Global
Bondholder Services Corporation at (866) 794-2200.  Questions
regarding the Offer should be directed to Citi at (800) 558-3745
(toll-free) or (212) 723-6108 (collect).  Requests for
documentation may also be directed to the Luxembourg Agent at
+352 4590 1.

Corporacion Interamericana de Entretenamiento is a Mexican
entertainment company involved in the promotion of live events,
including concerts, theatrical productions, amusement parks,
betting on foreign sports and number games, trade fairs and
exhibitions, as well as sporting and other events.  The
company's operations are divided into five strategic areas:
Corporacion Interamericana Entertainment, which promotes musical
concerts, theatrical productions, family shows and other live
events; Corporacion Interamericana Las Americas, which centers
on the operation and development of the Las Americas Complex in
Mexico City, including the Las Americas Hippodrome; Corporacion
Interamericana Amusement Parks, which operates nine parks in
Mexico and two in Columbia and has also opened the Wannado City
Theme Park in Fort Lauderdale, Florida; Corporacion
Interamericana Commercial, which attracts and channels customers
via advertising and public relations, and Corporacion
Interamericana International, which develops live events outside
of Mexico, mainly in Argentina, Brazil, Colombia and the United
States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America
Jan. 21, 2008, Moody's Investors Service downgraded the ratings
of Corporacion Interamericana de Entretenimiento, S.A.B. de
C.V.:

  -- Corporate Family Rating -- downgraded to Ba3 from Ba2

  -- US$186 million Senior Unsecured Notes due 2015 --
     downgraded to Ba3 from Ba2

  -- MXN1,400 million in Certificados Bursatiles due 2010 --
     downgraded to A3.mx from A2.mx

  -- MXN500 million in Certificados Bursatiles due 2009 --
     downgraded to A3.mx from A2.mx

Moody's changed the outlook to stable from negative.



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

ALCATEL-LUCENT: To Post 4Q & Full-Year 2007 Results on Feb. 8
-------------------------------------------------------------
Alcatel-Lucent will publish its fourth quarter and full year
2007 results on February 8, 2008.

Patricia Russo, CEO of Alcatel-Lucent, and Hubert de Pesquidoux,
CFO, will present the fourth quarter and full year 2007 results
during a live audio webcast and conference call, which will be
held at 1:00PM CET.  The audio webcast will be available at
http://www.alcatel-lucent.com/4q2007

Dial-in instructions to participate in the Q&A session are
listed below:

  From the USA:                     800 230 1096

  From other countries:          +1 612 332 0637

The conference call will be available for digital replay from
February 8, 2008, at 5:15PM CET, ending on February 22, 2008, at
11:59PM CET at the following call in numbers:

  From the USA: 800 475-6701              access code: 907781

  From other countries: + 1 320 365 3844  access code: 907781

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

                         *     *     *

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

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


CENVEO INC: Hires Dean Cherry as President-Envelope Operations
--------------------------------------------------------------
Cenveo Inc. has appointed Dean E. Cherry to the position of
President of its Envelope Operations.  Mr. Cherry will report
directly to Mr.Burton.

Robert G. Burton, Cenveo's Chairman and Chief Executive Officer,
stated:

"I have personally worked with Dean for over 20 years at several
successful printing and publishing operations.  Dean is a strong
and proven leader who will deliver on our commitment to grow our
envelope business.  His business and marketing acumen, along
with his strong results-oriented approach, will immediately
raise the performance of those around him to a new level.  He
excels at aligning resources and assets directly to the needs
of customers.  Dean's strong understanding of manufacturing,
sales and administration functions will be a definite asset as
we complete the integration of Commercial Envelope and position
the Company to provide a greater level of focus on our customers
and higher degree of precision in responding to their needs."

With regards to his appointment, Mr. Cherry stated:

"I am extremely pleased to be given this opportunity. I have
worked closely with Bob over the years and know first-hand his
ability to lead a team that generates results that our
customers, employees and shareholders expect.  This new role
will allow me the opportunity to build upon the tremendous
foundation we now have in place at Cenveo to strengthen our
position as the premier envelope provider in the industry."

Mr. Cherry is a printing industry veteran who has served in a
series of senior management positions.  He recently held the
title of Group President, Integrated Print Communications and
Global Solutions, a US$4.5 billion division of RR Donnelley &
Sons.  In this position, Mr. Cherry had global P&L
responsibility for Direct Mail, Commercial Print, Global Capital
Markets, Business Communication Services, Forms and Labels,
Astron (Outsourcing) and Latin America.

                       About Cenveo Inc.

Cenveo Inc. -- http://www.cenveo.com/-- (NYSE:CVO),
headquartered in Stamford, Connecticut, is a leader in the
management and distribution of print and related products and
services.  The company provides its customers with low-cost
solutions within its core business of commercial printing and
packaging, envelope, form, and label manufacturing, and
publisher services; offering one-stop services from design
through fulfillment.  With over 10,000 employees worldwide,
Cenveo delivers everyday for its customers through a network of
production, fulfillment, content management, and distribution
facilities across the globe.

Cenveo acquired Cadmus Communications in a merger completed on
March 2007.  The company has operations in the US, India and the
Caribbean Rim, particularly in the Bahamas, Cuba, Jamaica,
Haiti, Dominican Republic, Puerto Rico, and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Standard & Poor's Ratings Services raised its
ratings on Cenveo Inc.  The corporate credit rating was raised
to 'BB-' from 'B+'.  S&P said the rating outlook is stable.



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

HANESBRANDS INC: Earns US$126.1 Million in Quarter Ended Dec. 29
----------------------------------------------------------------
Hanesbrands Inc. reported US$126.1 million of net income for the
three months ended Dec. 29, 2007, compared to US$208 million for
the three months ended Dec. 30, 2006.  For the full year of
2007, the company earned US$49.7 million compared to net
earnings of US$23.7 million in 2006.

Total net sales in the quarter increased by 2.4 percent to
US$1.16 billion - the fourth consecutive quarter of sales
growth.  By sequential quarter, sales in the fiscal year grew by
0.7%, 0.2%, 3.1% and 2.4%.  Total net sales for the full fiscal
year increased by US$71 million, or 1.6%, to US$4.47 billion.

"We capped a successful first year, in which we exceeded our
financial goals, with solid performance in the fourth quarter in
a tough consumer climate," said Hanesbrands Chief Executive
Officer Richard A. Noll.  "And, as we have done all year, we
continued to generate strong cash flow, using it to reduce long-
term debt by an additional $50 million in the quarter."

"One of our strategies is to invest in our largest and strongest
brands with innovative key items supported by great media,"
Mr. Noll said.  "This strategy is delivering results."

For the quarter and the full year, Hanes, Champion and Bali
brand sales increased.  The Champion brand has recorded double-
digit sales growth for three consecutive years.  For the full
year, sales to each of the company's top three customers
increased.

Operating profit in the quarter, based on generally accepted
accounting principles, increased to US$125.9 million, from
US$96.2 million a year ago.  For the year, operating profit
increased to US$388.6 million compared with US$366.2 million a
year ago.

Non-GAAP operating profit increased by 6.6% in the quarter and
3.3% in the year, to US$101.8 million and US$432.0 million,
respectively.  The company's non-GAAP operating profit margin, a
measure the company uses to better assess underlying performance
because it excludes actions, was 9.7% for the year, compared
with 9.5% last year.

"We achieved operating profit growth and improved our margins
during a year of significant change," Mr. Noll said.  "We
exceeded our goal to offset our stand-alone company costs and
selected increased investment in our business with cost savings
from consolidation and moving supply chain operations to
lower cost countries."

Hanesbrands used its continued strong cash flow from operations
to prepay long-term debt in the quarter by US$50 million.  Cash
flow from operations for the year increased by 28 percent to
US$359 million.  In fiscal 2007, Hanesbrands repaid US$178
million of long-term debt, repurchased US$44 million in company
stock and voluntarily contributed US$48 million to its qualified
pension plans.

Since Hanesbrands spun off in September 2006, the company has
reduced long-term debt by US$285 million and voluntarily
contributed US$96 million to its qualified pension plans.

                        Other Highlights

As part of continued investment in brands and marketing, the
Champion brand launched its "How You Play" advertising campaign
on Nov. 7, the first campaign for the brand since 2003.  On
Oct. 31, Hanesbrands announced a 10-year strategic alliance with
The Walt Disney Company that includes basic apparel exclusivity
for the Hanes and Champion brands, product co-branding,
attraction sponsorships and other brand visibility and signage
at Disney properties.  The alliance included the naming rights
for the stadium at Disney's Wide World of Sports Complex, now
known as Champion Stadium.

As part of its global supply chain strategy, Hanesbrands
acquired in December the Inversiones Bonaventure S.A. de C.V.
hosiery sewing operation in Las Lourdes, El Salvador.  The 900-
employee Bonaventure plant had been a contract sewing supplier
for Hanesbrands for 12 years.

"We are very pleased with our performance in our first year of
independence," Mr. Noll said.  "We delivered sales growth,
margin expansion and continued strong cash generation.  This
puts us in good position as we seek to achieve our long-term
growth goals for sales, operating profit and earnings per share.

"This would not have been possible without the significant
efforts of our worldwide workforce to manage change, embrace our
improvement strategies and focus on our competitiveness.  I
appreciate all of their efforts and commitment to our success."

Winston-Salem, North Carolina-based Hanesbrands Inc. --
http://www.hanesbrands.com/-- markets innerwear, outerwear and
hosiery apparel under consumer brands, including Hanes,
Champion, Playtex, Bali, Just My Size, barely there and
Wonderbra.  The company designs, manufactures, sources and sells
T-shirts, bras, panties, men's underwear, children's underwear,
socks, hosiery, casual wear and active wear.  Hanesbrands has
approximately 50,000 employees in 24 countries, including
Dominican Republic, El Salvador, Mexico, Puerto Rico, India and
China.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2007, Standard & Poor's Ratings Services revised its
ratings outlook for intimate apparel and activewear maker
Hanesbrands Inc. to positive from stable.  At the same time,
existing ratings on the company, including the 'B+' corporate
credit rating, were affirmed.



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

AFFILIATED COMPUTER: Earns US$81.6 Mln in 2nd Qtr. Ended Dec. 31
----------------------------------------------------------------
Affiliated Computer Services Inc. reported net income of
US$81.6 million for second quarter ended Dec. 31, 2007, compared
to net income of US$72.1 million for the same period in the
previous year.

"I am very pleased with our second quarter results," said
Lynn Blodgett, ACS president and chief executive officer.  "With
the uncertainty of ownership behind us we were able to focus on
selling more business, collecting our cash and growing earnings
per share.  Our financial goal is to deliver consistent, good
growth in revenue, signings and earnings."

"I feel we made very positive progress toward those goals this
quarter.  We need to continue improving our revenue growth rates
and I am confident that our improved signings this quarter and
in the future will be the main catalyst for accelerating our
growth.  We also demonstrated we can manage our collections and
capital expenditures.  I'm proud of the results our great team
delivered this quarter."

For six months ended Dec. 31, 2007, the company reported net
income of US$147.7 million, compared to net income of
US$133.5 million for the same period in the previous year.

Key highlights from ACS' fiscal year 2008 second quarter:

   -- Cash flow from operations during the second quarter was
      approximately US$323 million.  Free cash flow during the
      quarter was US$248 million.  This quarter's cash flow
      results benefited from improved collections on accounts
      receivable. Capital expenditures and additions to
      intangible assets were approximately US$74 million.

   -- During the quarter, the company's board of directors
      endorsed a US$1 billion share repurchase program and
      authorized a US$200 million share repurchase program.  The
      company used free cash flow to complete the US$200 million
      share repurchase program during the second quarter,
      purchasing approximately 4.5 million shares at an average
      price of US$44 per share.

Key year-to-date highlights for fiscal 2008:

   -- Cash flow from operations for year-to-date fiscal 2008
      was approximately US$331 million and free cash flow was
      US$181 million.  Capital expenditures and additions to
      intangibles were approximately US$150 million.

At Dec. 31, 2007, the company's balance sheets showed total
assets of US$6.03 billion, total liabilities of US$3.98 billion
and total stockholder's equity of US$2.05 billion.

            About Affiliated Computer Services Inc.

Headquartered in Dallas, Texas, Affiliated Computer Services
Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology services to
commercial and government clients.  The company has two segments
based on the clients it serves: commercial and government.  The
company provides services to a variety of clients including
healthcare providers and payers, manufacturers, retailers,
wholesale distributors, utilities, entertainment companies,
higher education institutions, financial institutions, insurance
and transportation companies.

                        *     *      *

As reported in the Troubled Company Reporter on Jan. 30, 2008,
Moody's Investors Service 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.  The ratings of
ACS remained under review for possible downgrade.


AFFILIATED COMPUTER: Stifel Reiterates Buy Rating on Firm
---------------------------------------------------------
Stifel Nicolaus & Company analysts have reiterated their "buy"
rating on Affiliated Computer Services Inc.'s shares,
Newratings.com reports.

Newratings.com relates that the target price for Affiliated
Computer's shares was increased to US$52 from US$51.

According to Newratings.com, Stifel Nicolaus said in a research
note that Affiliated Computer's revenues were in-line with
expectations for the second quarter of the fiscal year 2008,
while its earnings per share and free cash flows were
significantly ahead of expectations for the quarter.

Stifel Nicolaus told Newratings.com that Affiliated Computer's
"robust" contract signings would continue in the second half of
2008.

Newratings.com notes that the earnings per share estimates for
fiscal year 2008 and fiscal year 2009 were increased to US$3.56
from US$3.48 and to US$4.00 from US$3.99, respectively,
Newratings.com states.

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.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2008, Moody's Investors Service confirmed Affiliated
Computer Services' Ba2 corporate family rating with a stable
rating outlook.


BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Firm
------------------------------------------------------------
Panmure Gordon analyst Gert Zonneveld has kept his "buy" rating
on British Airways Plc's shares, Newratings.com reports.

Newratings.com relates that the target price for British
Airways' shares was set at 410 pounds.

According to Newratings.com, Mr. Zonneveld said in a research
note that British Airways' nine-month results were in-line with
expectations.

Mr. Zonneveld told Newratings.com that British Airways will
launch an all-business class service between London City and New
York next year.  To provide the service, British Airways ordered
two A318 planes.

British Airways seems to be on track to generating operating
margins of 10% in 2008, Newratings.com states, citing Panmure
Gordon.

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

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

                         *     *     *

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



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

AIR JAMAICA: Gov't Wants to Stop Allotting Budget for Airline
-------------------------------------------------------------
Jamaica's Prime Minister Bruce Golding told the Jamaica
Information Service that the government is considering removing
the airline from the national budget.

According to the Jamaica Information Service, Prime Minister
Golding admitted during his first one-hour radio call-in program
from Jamaica House that the government is spending over
US$100 million to maintain Air Jamaica.

Prime Minister Golding commented to the Jamaica Information
Service, "We have given instructions to the Ministry of Finance
and Public Service to have discussions with private interests
that will be prepared to come in and still run it, as Air
Jamaica still employs our pilots and flight attendants.  But
take it off our books so that the money we are spending to keep
Air Jamaica going, we can spend that to improve our education
and try and improve our hospitals and try and fix some roads."

Air Jamaica is important to Jamaica as it provides a significant
number of airlifts that are important to the tourism sector.  If
tourists are having problems coming to Jamaica "they will get
flights somewhere else and we will lose the business," the
Jamaica Information states, citing Prime Minister Golding.

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 own Air Jamaica
permanently.

                         *     *     *

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.

On July 21, 2006, Standard & Poor's Rating Services assigned a
"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, based on the government's
unconditional guarantee of both principal and interest payments.


NAT'L COMMERCIAL: Court Refuses To Extend Cash Plus' Injunction
---------------------------------------------------------------
Jamaica's Justice Marva McIntosh has refused to extend Cash Plus
Limited's injunction that prevented the National Commercial Bank
Jamaica Limited from closing its remaining seven accounts, Radio
Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on
Jan. 28, 2008, the injunction that a Jamaican court granted to
Cash Plus against the National Commercial expired last week.
Cash Plus had obtained the injunction blocking the National
Commercial from closing its accounts last year.  The attorneys
for Cash Plus sought another injunction against the National
Commercial before the Jamaican court.  The National Commercial's
management allegedly implemented precautionary measures to
protect its workers from angry supporters of alternative
investment schemes.  The management instructed the workers not
to wear their uniforms to work.  The instruction was reportedly
issued on Wednesday when persons accusing the National
Commercial of taking part of a plot to destroy alternative
investment schemes threatened the bank.  Justice Marva McIntosh
granted CASH Plus Limited a nine-day injunction, blocking the
National Commercial from closing the 16 accounts held with the
bank.  The injunction effectively prevented the National
Commercial from closing Cash Plus' accounts at its Duke Street
and Barry Street unit in Kingston by Dec. 4.  Some of Cash Plus'
account with the National Commercial include:

          -- remittance account,
          -- foreign currency account,
          -- Cash Mart Ltd,
          -- Cash Plus Foods Ltd,
          -- Atlantic Gas Distributors Ltd,
          -- ExMil Security Company Ltd operating and general
             accounts, and
          -- the Drax Hall Ltd development local and foreign
             currency accounts.

The National Commercial's legal representative Dave Garcia
explained to Radio Jamaica, "The judge found that Cash Plus was
in breach of its contract with NCB [National Commercial] and
that it breached that contract, by failing to supply NCB with
vital information that the bank had requested to comply with
statutory and regulatory requirements.  By reason of that
breach, the court found that NCB was put at risk and the bank
acted in response to that.  The judge also found that Cash Plus
was given sufficient time by NCB to close its accounts."

The attorneys for Cash Plus told Radio Jamaica that they will be
filing an appeal on the ruling.

Cash Plus' lead attorney Harold Brady told RJR News that he is
getting instructions from the firm on how to challenge the
ruling.  He said he heard that the National Commercial closed
the accounts immediately after the ruling was made.

According to Radio Jamaica, the National Commercial returned
Cash Plus' funds in the form of a manager's cheque.

Meanwhile, man of Cash Plus clients are wondering what is next
for Cash Plus, Radio Jamaica says.

Cash Plus will have to seek alternative arrangements to continue
operations and to provide refunds to its investors.  Based on
talks in the banking sector, Cash Plus will still comply with
banking regulations, Today's Money Limited chairperson Orville
Johnson told Radio Jamaica.

                  About National Commercial Bank

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the UK.

                        *     *     *

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 at 'B+'; short-term
foreign and local currency rating at 'B'; individual at 'D'; and
support at 4.

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

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.


* JAMAICA: Bus Company To Dismiss 340 Employees To Reduce Costs
---------------------------------------------------------------
Jamaican state-owned Jamaica Urban Transit Company will dismiss
at least 340 employees in February to lessen costs, the
Associated Press reports, citing transportation minister Mike
Henry.

Minister Henry told the AP that the Jamaica Urban will fire 256
fare collectors and 84 drivers.  About 100 were already laid
off.  The rest would be dismissed throughout the rest of the
month.

The AP relates that the Jamaica Urban chairperson Douglas
Chambers said in December 2007 that worker dismissals were
imminent as the firm was losing some US$423,000 per month.

Minister Henry assured the AP that the layoffs won't affect bus
routes and travel schedules.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2008, Moody's Investors Service said 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.

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

As reported on Oct. 16, 2007, Fitch Ratings affirmed Jamaica's
ratings and the Stable Outlook as:

  -- Foreign and local currency Issuer Default Ratings 'B+';
  -- Country ceiling 'BB-';
  -- Bond obligations 'B+/RR4'.



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

CALPINE CORP: Emergence Prompts Moody's to Affirm B2 Ratings
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Calpine
Corporation, including the company's Corporate Family Rating at
B2 and the B2 rating assigned to the company's senior secured
term loan and revolving credit facility, following the company's
emergence from bankruptcy.  Moody's also assigned a Speculative
Grade Liquidity Rating of SGL-3.  The rating outlook is stable.

"Calpine's emergence from bankruptcy will result in a
substantially less levered company as more than US$6 billion
of unsecured debt and other claims has been converted to equity,
which should enhance overall financial flexibility for this
merchant energy company", commented Vice President and Senior
Credit Officer, A.J. Sabatelle.

The rating affirmation reflects the degree of uncontracted
revenues and resulting cash flow expected to be generated by the
company's largely natural-gas fired merchant generation fleet
over the next several years.  While it has substantial hedges in
place for 2008 which should lock-in more than 70% of the
company's margin this year, the percentage of margin hedged
beyond 2008 declines leaving the company exposed to potentially
greater year-over-year cash flow and earnings volatility over
the next several years.  Moody's believes that the company's
funds from operations is expected to represent about 4.0-6.0% of
total adjusted debt in 2008 while FFO from 2009 through 2010 is
expected to average 5.0-8.0% of the company's projected average
adjusted debt.  Moody's also believes that its cash flow
coverage of interest expense should range between 1.5 to 1.9
over the same three year time frame.  These financial measures,
which incorporate Moody's standard adjustments, are consistent
with the financial measures of other B-rated independent power
producers.

Factored into this rating assessment is Moody's recognition that
the company's consolidated earnings and cash flow should improve
above the projected 2008 credit metrics and should be
accompanied by greater predictability due to stronger margins
anticipated across the key electric markets served by Calpine as
well as the expected in-service date of three new separate
generation projects in 2008, 2009, and 2010.  These three
projects, which are currently under construction, will provide,
when completed, highly predictable contracted revenues and cash
flows over an extended period based upon power purchase
arrangements already in place with high credit quality off-
takers.  The ratings further consider the substantial degree of
regional diversity that exists across the company's fleet, the
company's recent operating performance, the fleet's competitive
position in certain key markets, including California and to a
lesser extent, in Texas, and the long-term advantages associated
with having among the largest, most environmentally benign and
efficient natural gas-fired electric generation fleets in North
America.

Under the reorganization plan, approximately US$8.0 billion of
claims is being settled with cash.  Specifically, approximately
US$3.887 billion of borrowings under the company's debtor-in-
possession term loan was converted to exit financing maturing
March 29, 2014; US$3.978 billion will satisfy claims of the
company's second lien note holders; approximately US$151.3
million will meet other secured, administrative, priority and
convenience claims; and US$267.1 million will cover transaction
costs and professional fees.  Calpine Corp. is funding the
approximate US$8.0 billion with a combination of US$1.7 billion
of cash and the incurrence of term debt, including US$5.98
billion in secured term loans and a separate US$300 million one
year secured bridge term loan.  Moody's acknowledges that the
January 29th announcement that the company had entered into an
agreement for the sale of the Fremont Project to FirstEnergy
Generation for US$253.6 million substantially increases the
likelihood that the bridge financing will be repaid and
terminated during the first part of 2008.

Moody's observes that approximately US$4.1 billion of project
level debt at numerous subsidiaries will continue to exist under
the current terms and conditions in their respective project
loan financing documents.  Moody's understands that several of
these loan agreements have pricing terms that are above the
current market for similar project financings.  As such, Moody's
believes that the company will look to refinance several of
these financing arrangements over the next several years, which
should reduce consolidated interest expense further resulting in
better cash flow coverage metrics than projected in the
company's current forecasts.

Moody's further observes that the company's consolidated debt is
expected to decline modestly from emergence through the end of
2009 as scheduled amortization payments under the term loan
(US$61 million annually) and under various project loan
agreements (US$252 million in 2008 and US$268.7 million in 2009)
are expected to be offset by the incurrence of more than US$200
million of project level debt in 2008 and nearly US$300 million
of additional project level debt in 2009 to finance the
completion of the Russell City Energy and Otay Mesa generation
projects.

Moody's assignment of a Speculative Grade Liquidity rating of
SGL-3 reflects an expectation for adequate liquidity over the
next twelve months.  Moody's expects that Calpine to be modestly
free cash flow negative during 2008 due in large part due the
need to complete the Otay Mesa and Russell City Energy projects.
However, beginning in 2009, the company's internal cash flow
should cover capital requirements and maturing debt obligations
due to the expected decline in capital expenditure requirements
that year.  The company does not plan to maintain abundant
levels of unrestricted cash on its balance sheet (approximately
US$200 million) over the foreseeable future.  The SGL-3 rating
also considers the existence of nearly US$4 billion of project
level subsidiary debt whose related cash flow must first be used
to satisfy ongoing funding requirements of various project level
reserves before being available to fund any parent needs.
Virtually all of the project level financing documents have a
restricted payments test which can trap cash at the project
level during periods of weak project level performance, which
could negatively impact parent level liquidity.  External
liquidity is expected to be principally provided by the
company's US$1 billion secured revolving credit facility that
expires on March 29, 2014.  While the company does not forecast
any direct loan borrowing needs under the facility, letters of
credit, principally to satisfy working capital or hedging
requirements, are expected to be issued under the facility over
the course of the next several months.  Including the US$200
million of unrestricted cash on hand expected at Calpine, total
liquidity sources are expected to range from US$800 million to
US$1.2 billion over the course of the next twelve months.  The
financing documents contain three financial covenants: an
interest coverage ratio; a leverage ratio; and a senior leverage
ratio.  Based upon the company's projections, the company should
be able to reasonably meet these covenant requirements under the
bank facility. W ith respect to other forms of liquidity,
virtually all of the company's assets are pledged to creditors
under either project level subsidiary agreements or under the
company's first lien credit agreements, thereby limiting the
extent to which asset sales could provide a meaningful source of
additional liquidity for the company.

The stable rating outlook incorporates Moody's expectation that
the company will likely generate financial metrics that remain
in-line with other independent power companies whose CFR is B2.
Moody's believes that the company's FFO to adjusted debt will
register in the mid-single digits while cash coverage of
interest expense will remain less than 2.0 during the next three
years.  The stable outlook also reflects Moody's view that the
company's revenues and cash flow could have a fair amount of
volatility over the next several years given the commodity
nature of the independent power business and Moody's
understanding of the company's current commercial hedging
strategy.

In light of the fact that debt levels are not likely to
appreciably decline until after 2009, limited prospects exists
for the company's CFR to be upgraded within the next eighteen
months; however, to the extent that Calpine is able to meet or
exceed cash flow projections over the next eighteen months
resulting in greater than expected debt reduction, the company's
CFR could be upgraded, particularly if company's FFO to adjusted
debt reaches the high single digits on a sustainable basis and
if greater cash flow predictability develops beyond one year due
to contracts or hedges entered into by the company.

The rating could be downgraded if poor operating performance or
weaker than expected energy markets leads to a decline in
expected cash flows for Calpine resulting in the ratio of cash
flow to interest expense below 1.5 times or FFO to total
adjusted debt approaching 3% or below for an extended period.

These ratings were affected by this action:

Ratings affirmed:

  -- Corporate Family Rating at B2
  -- Probability of Default Rating at B2

Rating assigned/LGD Assessment assigned:

  -- Senior Secured Revolving Credit Facility at B2 (LGD3, 49%)
  -- Senior Secured Bank Term Loan Facility at B2 (LGD3, 49%)

Rating assigned:

  -- Speculative Grade Liquidity Rating at SGL-3.

Approximately US$7.0 Billion of Debt Securities Affected.

                       About Calpine

Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities
with electricity from clean, efficient, natural gas-fired and
geothermal power plants.  Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces.  Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.  The Company filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts.  As of Dec. 19, 2005,
the Debtors listed US$26,628,755,663 in total assets and
US$22,535,577,121 in total liabilities.

Calpine Corporation's foreign non-debtor affiliate agreed to
sell its 45% interest in the 525-megawatt Valladolid III Power
Plant, currently under construction on the Yucatan Peninsula in
Mexico.  Calpine is selling its equity interest to the two
remaining partners in the project, Mitsui & Co., Ltd. and Chubu
Electric Power Co., Inc., for a purchase price of approximately
US$43 million.


CHEMTURA CORP: Closes Fluorochemicals Biz Sale to DuPont
--------------------------------------------------------
Chemtura Corporation has completed the sale of its
Fluorochemicals business and related production facility to E.I.
du Pont de Nemours and Company in an all-cash deal for an
undisclosed amount.

"The sale is another step in our ongoing portfolio refinement
initiative.  We are actively divesting non-core businesses and
assets to enable us to better focus on our core businesses,"
said Chairman and Chief Executive Officer Robert L. Wood.
Chemtura completed the divestiture of its organic peroxides
business in May, its EPDM business in June and its optical
monomers business in October of 2007.

The approximately 25 employees who work for the Fluorochemicals
business have become employees of DuPont. The Fluorochemicals
business had revenues for 2006 of approximately US$56 million.
Included in the sale is the Fluorochemicals production unit at
Chemtura's El Dorado, Ark. plant.  Chemtura will retain
ownership of its other El Dorado facilities.  The company will
record the sale in its first quarter, 2008 financial
statements.

                    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.


GRUPO MEXICO: To Produce 635,000 Tons of Copper in 2008
-------------------------------------------------------
Grupo Mexico SA, de C.V. told Reuters that its copper production
would be 635,000 tons this year.

Grupo Mexico disclosed to Reuters that its copper output dropped
2% to 592,000 tons in 2007, compared to 2006, due to a strike at
its Cananea copper mine.

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2008, Rodrigo Heredia, analyst with Mexican bank IXE,
said that the Cananea protest would continue throughout the
first quarter 2008.  Grupo Mexico, at the labor ministry's
order, negotiated with the STMMRM union to try to end a four-
month impasse which has kept operations paralyzed at the firm's
Cananea copper mine, San Martin zinc mine and Taxco silver-lead-
zinc mine.  Grupo Mexico however failed to reach any agreement
with STMMRM.  Union spokesperson Carlos Pavon Campos said the
protests against Grupo Mexico would continue.  The union
demanded, among other things, the enhancement of safety
precautions in the mines as about 65 miners were killed in an
explosion at a Grupo Mexico coalmine last year.  Union leaders
claimed that Grupo Mexico refused to consider its
recommendations for the safety of workers at Cananea.  Grupo
Mexico alleged that the purpose of the union's protest was to
clear the name of their boss Napoleon Gomez, who escaped to
Canada in 2006 when arrest warrants for corruption charges were
issued against him.  The union denied the allegation.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, 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'.  The rating still holds to date with a stable
outlook.


TREOFAN HOLDINGS: S&P Holds CCC+ Ratings on New Commitment
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit ratings on Germany-based flexible packaging producer
Treofan Holdings GmbH and its operating subsidiary Treofan
Germany GmbH & Co. KG.

At the same time, the ratings were removed from CreditWatch
where they were placed with negative implications on
Dec. 7, 2007.  The outlook is negative.

The 'CCC+' issue rating on Treofan Germany's EUR170 million
subordinated second-lien notes was also affirmed and removed
from CreditWatch with negative implications.  The recovery
rating on the issue has been lowered to '4' from '3', indicating
average (30%-50%) recovery prospects for noteholders.

"The rating affirmation reflects Treofan's recently obtained
access to an incremental commitment of EUR20 million to an
existing EUR60 million available under a revolving credit
facility.  This will alleviate liquidity pressure over the
immediate term," said Standard & Poor's credit analyst Jacob
Zachrison.

Nevertheless, the company's ability to improve weak earnings
over the next 12 months is essential at the current rating
level.  In addition, operational challenges, high cash interest
costs, only modest flexibility in curtailing capital spending,
and cash outflows related to a new restructuring program, could
pressure liquidity and tighten covenant headroom over the near
term if operating performance fails to improve.

The ratings continue to reflect the group's aggressively
leveraged financial risk profile and strong competition in the
fragmented polypropylene film industry.  They also reflect the
group's weak track record of operating performance. These
negative factors are tempered by the group's leading niche
market positions, stemming from long-term relationships with
customers and well-diversified customer and geographic bases in
stable markets, including a recent expansion of its North
American operations in Mexico.

The negative outlook reflects our concerns that Treofan could
fail to improve its very weak cash flow generation over the near
term, and that the liquidity situation could tighten again.
These factors could contribute to a downgrade.

The outlook could be revised to stable if Treofan can improve
its operating performance and liquidity position, reducing the
risk of covenant breaches.

Treofan, based in Raunheim, Germany, is a leading manufacturer
of polypropylene film, which is primarily used to produce
flexible packaging as well as labels for food and other consumer
products.  Since two ownership changes, the company went through
two major restructuring programs, under one of which Goldman
Sachs became majority shareholder.  For fiscal year 2006 Treofan
reported EUR458.5 million revenues (EUR460 million in 2005) and
an EBITDA of EUR34.7 million.  The operating loss was EUR1.7
million.  The company has operation in Mexico.


US STEEL: Offers Capital Investment Program to Boost Production
---------------------------------------------------------------
United States Steel Corporation is developing a capital
investment program in excess of US$300 million for its Minnesota
Ore Operations' Keetac facility in Keewatin, Minn.  The program
would increase production, enhance overall environmental
performance, support the long-term viability of its Minnesota
Ore Operations, and create 75 full-time and 500 temporary
construction jobs.  The program would take an estimated 36
months after the permitting process to complete and would
modernize and improve a pellet production line that has been
idle since 1980.

The restart would involve energy-efficient technologies in
addition to new emission controls to exceed current
environmental standards.  The expansion would increase Keetac's
iron pellet production output by 3.6 million tons to a total
annual output of 9.6 million tons.  Upgrades to the mining,
concentrating and agglomerating processes would support the
increased production requirements. The program includes the
purchase of additional mining equipment and the installation of
additional processing equipment.

U.S. Steel, working with agencies and the appropriate
stakeholders, expects to file for environmental permits later
this year.

"U. S. Steel's Minnesota Ore Operations have been providing
iron-bearing pellets to our operations in the United States and
Europe for many years.  In 2007, we expanded our steelmaking
operations into Canada, creating an opportunity to increase our
production at Keetac in order to provide the same high-quality
product to our Canadian operations," said U.S. Steel Chairman
and Chief Executive Officer John Surma.  "We look forward to
workingcooperatively with Gov. Tim Pawlenty, the federal, state
and local elected officials representing the Iron Range, the
United Steelworkers, the Building Trades in Minnesota, and other
stakeholders involved in this important project."

Keetac produces six million tons of pellets annually.  Minnesota
Ore Operations is Minnesota's largest producer of iron ore
pellets, the key ingredient used to make steel.

                  About U.S. Steel Corporation

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

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

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

                          *     *     *

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


VISTEON CORP: Selling Non-Core Aftermarket Facilities to Centrum
----------------------------------------------------------------
Visteon Corporation has sold its non-core North American-based
aftermarket underhood and remanufacturing facilities to Centrum
Equities, XV, LLC, an affiliate of Centrum Properties, Inc.  The
operations sold include a manufacturing plant in Sparta, Tenn.,
and two plants in Reynosa, Mexico.

Specific terms of the transaction were not disclosed. The sale
does not include aftermarket mobile electronics products, which
Visteon maintains as part of its electronics group.

"This transaction is another step in our plan to restructure,
improve and grow our business by focusing on strategic product
lines, including advanced climate, interiors and electronics
products," said Donald J. Stebbins, Visteon president and chief
operating officer.

"We are pleased to be acquiring this business as part of our
growth strategy," said Terry Howard, chief executive officer of
Centrum Equities XV, LLC. Arthur Slaven, co-founder of Centrum
Properties, based in Chicago, Ill., added: "We are excited about
this investment and look forward to future growth opportunities
across the automotive aftermarket."

Visteon's Sparta, Tenn., facility (known as LTD Parts)
manufactures starters and alternators for aftermarket customers.
The two Reynosa, Mexico, facilities manufacture aftermarket
climate products, including radiators, compressors and
condensers. and also remanufacture steering pumps and gears.

                         Visteon Corp.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company has more than
170 facilities in 24 countries and employs around 50,000 people.

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.

                         *     *     *

Fitch Ratings affirmed its CCC issuer default rating and B
senior secured bank facility rating on Visteon Corp. on
April 2007.  At the same time, Fitch downgraded its CCC- senior
unsecured rating to CC.


VITRO SAB: Year-Over-Year Consolidated Net Sales is US$2,560MM
--------------------------------------------------------------
Vitro S.A.B. de C.V. has pre-released its Fiscal Year 2007
results.  Consolidated Net sales rose 6.7 percent Year-Over-Year
from US$2,398 million to US$2,560 million.  Consolidated EBITDA
rose 5.4 percent Year-Over-Year from US$371 million to
US$391 million.

The company expects to release Fourth Quarter 2007 and Full Year
2007 results on Feb. 26, after market close.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a
leading global glass producer, serving the construction and
automotive glass markets and glass containers needs of the food,
beverage, wine, liquor, cosmetics and pharmaceutical industries.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2007, Moody's Investors Service assigned a global
foreign currency rating of B2 to Vitro, SAB de CV's proposed
US$750 million senior unsecured guaranteed notes due 2012 and
2017, which are being offered in the context of a major
financial restructuring initiative the company announced on
Jan. 11, 2007.


WEST CORP: Dec. 31, 2007 Balance Sheet Upside-Down by US$2.2 Mln
----------------------------------------------------------------
West Corporation has reported its fourth quarter and full year
2007 results.

For the fourth quarter ended December 31, 2007, revenues were
US$539.6 million compared to US$496.4 million for the same
quarter last year, an increase of 8.7 percent.

The company's balance sheet for year ended Dec. 31, 2007 showed
a stockholders' deficit of US$2.2 million.

For the year ended Dec. 31, 2007, revenues were US$2.1 million
compared to US$1.8 million for 2006, an increase of 13.1
percent.   Revenue from acquired entities accounted for
US$164.2 million of the US$243.5 million increase.  Organic
revenue growth for 2007 was US$79.3 million, an increase of 4.3
percent over 2006.

"West had another solid year of growth and profitability,"
Thomas B. Barker, chief executive officer of West Corporation
said.  "For the first time, the company had revenues in excess
of US$2 billion. West also had record operating income in 2007."

"We will continue to focus our growth on those areas of our
business that are most profitable," Mr. Barker added.

During the quarter, the company recorded a US$15.0 million
accrual in the communication services segment related to a
potential settlement of its Sanford and Ritt class actions
previously disclosed in its periodic filings with the securities
and exchange commission and US$3.5 million in impairment and
site closure charges in its receivables management segment.
These two items resulted in a 530 basis point reduction in the
communication services segment fourth quarter operating margin,
a 490 basis point reduction in the receivables management fourth
quarter operating margin and a 340 basis point reduction in
consolidated fourth quarter operating margin.

                    Balance Sheet and Liquidity

At Dec. 31, 2007, West Corporation had cash and cash equivalents
totaling US$141.9 million and working capital of
US$187.8 million.   Fourth quarter depreciation expense was
US$26.1 million and amortization expense was US$19.8 million.
Cash flow from operating activities was US$68.2 million and was
impacted by cash paid for interest expense of US$106.9 million.
Adjusted EBITDA for the fourth quarter was US$142.6 million, or
26.4 percent of revenue.

Cash flow from operating activities for 2007 was
US$250.7 million, compared to US$196.6 million for 2006.  Cash
paid for interest expense in 2007 was US$302.5 million.
Adjusted EBITDA for 2007 was US$584.1 million (US$572.7 million
excluding non-recurring interest income), an increase of 16.4
percent, versus US$501.9 million in 2006.  Adjusted EBITDA as a
percent of revenue grew to 27.8 percent in 2007 from 27.0
percent in 2006.  A reconciliation of adjusted EBITDA to cash
flow from operating activities is presented below.

"During the quarter, we invested US$29.9 million in capital
expenditures primarily for equipment and infrastructure," Paul
Mendlik, chief financial officer of West Corporation stated.
"For the year, our capital expenditures totaled US$103.6
million, or 4.9% of revenues."

                      About West Corporation

Based in Omaha, Nebraska, West Corporation -- www.west.com --
provides outsourced communication solutions to companies,
organizations and government agencies.  West helps its clients
communicate effectively, maximize the value of their customer
relationships and drive greater profitability from every
interaction.  The company's integrated suite of customized
solutions includes customer acquisition, customer care,
automated voice services, emergency communications, conferencing
and accounts receivable management services.

The company also has operations in Australia, Canada, China,
Hong Kong, India, Jamaica, Mexico, Philippines, Singapore,
Switzerland and the United Kingdom.



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

CHIQUITA BRANDS: Inks New Banana Pact with C.I. Banacol
-------------------------------------------------------
Chiquita Brands International Inc. disclosed in a regulatory
filing with the Securities and Exchange Commission on
Jan. 30, 2007, that its subsidiary International Chiquita
International Limited, has entered into an agreement with an
affiliate of C.I. Banacol S.A., a Colombia-based producer and
exporter of bananas and other fruit products, relating to the
purchase of bananas produced in Colombia.

In 2004, Chiquita had sold its banana-producing and port
operations in Colombia to Banacol, and at that time had entered
into an 8-year banana purchase agreement.

Pursuant to the New Banana Agreement, which is effective as of
Jan. 1, 2008, Chiquita will purchase approximately 11 million
boxes per year of bananas produced by Banacol in Colombia
through June 2012 on terms comparable to the 2004 Banana
Agreement, but subject to a price increase of up to US$.25 per
40 lb. box if certain volume conditions are met and Banacol
continues to remain current in certain of its obligations to
Chiquita.

In connection with entering into the New Banana Agreement,
Chiquita and Banacol (i) terminated the 2004 Banana Agreement,
effective as of Jan. 1, 2008, (ii) terminated, effective as of
Dec. 31, 2007, an agreement which had been entered into in 2004
for Chiquita to purchase pineapples from affiliates of Banacol
and (iii) entered into other commercial arrangements.

The other commercial arrangements entered into by Chiquita and
Banacol in connection with the New Banana Agreement and the
termination of the 2004 Agreements include, among other things,
arrangements providing for: (i) Banacol to make payments to
Chiquita, or otherwise provide Chiquita with credits, of up to
approximately US$10.0 million in the aggregate between now and
2012, (ii) Chiquita to contract, subject to certain subcontract
rights and at prices approximating current fair market value,
for certain shipping space that otherwise would have been used
to ship pineapples to Chiquita under the 2004 Pineapple
Agreement, (iii) Banacol to increase its available supply to
Chiquita of bananas it produces in Costa Rica by approximately
two million boxes per year at prices approximating fair market
value for a minimum of two years.

            About Chiquita Brands International Inc.

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
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *     *

To date, Chiquita Brands International Inc. carries Moody's
Investors Service's B3 long-term corporate family and Caa2
senior unsecured debt ratings, which were placed on Nov. 6,
2006.  Outlook is Negative.


CHIQUITA BRANDS: Posts US$28.2 Mln Net Loss in 2007 3rd Quarter
---------------------------------------------------------------
Chiquita Brands International Inc. reported a net loss of
US$28.2 million, including US$4.0 million of charges relating to
an earlier disclosed plan to exit owned operations in Chile.
The company reported a net loss of US$96.4 million, including a
US$43.0 million goodwill impairment charge related to Atlanta
AG, the company's German distributor, in the year-ago period.

Third quarter net sales increased 2.8% to US$1.06 billion,
versus net sales of US$1.03 billion in the comparable period of
2006.  Quarterly sales rose primarily due to higher banana
pricing in core European and North American markets and
favorable foreign exchange rates, partially offset by lower
volumes in trading markets.

"As we had anticipated, our third quarter, excluding charges,
showed a modest improvement in year-over-year operating
results," said Fernando Aguirre, chairman and chief executive
officer. "While we continue to face rising industry costs and
other market challenges, we expect to deliver further year-over-
year progress in operating results in the fourth quarter and in
the year ahead.

"The banana pricing environment in Europe stabilized earlier in
the year and improved in the third quarter, particularly in the
aftermath of industry supply disruptions caused by Hurricane
Dean. In addition, our value-added salads business showed
significant year-on-year recovery in the third quarter, which we
expect to continue in the fourth quarter and in 2008."

The operating loss for the third quarter of 2007 was US$9.7
million compared to an operating loss of US$78.5 million in the
third quarter of 2006.  Operating results improved year-over-
year due to higher banana pricing in core European markets,
attributable to soft pricing in the year-ago period and to lower
industry supply in 2007 due to Hurricane Dean, which impacted
supply from the Caribbean beginning in late August 2007.

Operating results also benefited from the absence of direct
costs, such as lost raw product inventory and non-cancelable
purchase commitments, incurred in the third quarter 2006 related
to consumer concerns of the safety of fresh spinach products.
The third quarter 2006 also was affected by the Atlanta AG
goodwill impairment charge, which impacted both the Banana and
Other Produce segments.

                       Liquidity/Total Debt

The company's cash balance was US$124.0 million at
Sept. 30, 2007, compared to US$64.9 million at Dec. 31, 2006,
and US$101.6 million at Sept. 30, 2006.  Operating cash flow was
US$14.7 million for the three months ended Sept. 30, 2007,
compared to US$22.8 million for the same period in 2006.

The company repaid more than US$40.0 million of debt during the
quarter, from the proceeds of the ship sale transaction
completed in June.  As a result, the company's total debt at
Sept. 30, 2007, was US$815.0 million, compared to US$857.0
million at June 30, 2007.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$2.64 billion in total assets, US$1.76 billion in total
liabilities, and US$880.2 milllion in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?27a3

            About Chiquita Brands International Inc.

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
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *     *

To date, Chiquita Brands International Inc. carries Moody's
Investors Service's B3 long-term corporate family and Caa2
senior unsecured debt ratings, which were placed on Nov. 6,
2006.  Outlook is Negative.



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

GOODYEAR TIRE: Will Redeem US$650 Million in Sr. Secured Notes
--------------------------------------------------------------
The Goodyear Tire & Rubber Company has called for redemption on
March 3, 2008, all of its outstanding US$650 million of senior
secured notes due 2011.

The redemption will result in annualized interest expense
savings of approximately US$75 million to US$80 million, of
which about
US$65 million will be realized in 2008.

The notes are comprised of US$450 million of fixed rate notes,
which currently bear interest at 11.25%, and US$200 million of
floating rate notes, which currently bear interest at LIBOR plus
825 basis points.

The contractual redemption prices are 105.5% of the principal
amount of the fixed rate notes and 104 percent of the principal
amount of the floating rate notes.  In each case, accrued and
unpaid interest will be paid to the redemption date.

"These notes are our highest cost debt," Damon J. Audia,
Goodyear's vice president and treasurer, said.  "Eliminating
them is another step in our debt reduction process and helps us
move closer to achievement of our next stage metrics."

Mr. Audia said the company continues to evaluate other debt
reduction opportunities.

                       About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  The ratings still apply to
date.


QUEBECOR WORLD: U.K. Unit Placed Into Administration
----------------------------------------------------
Quebecor World Inc.'s United Kingdom subsidiary, Quebecor World
PLC, based in Corby, has been placed into administration.

Quebecor World said it has made significant investments in this
web offset facility in recent years.  These investments combined
with important employee and management contributions were
designed to turn around this business but these efforts have
been unsuccessful.  The UK facility has been cash negative since
the loss of an important contract three years ago.  Given the
overcapacity in the UK printing industry, challenging market
conditions and reduced demand for print in the UK market, the
Company does not believe the situation can be improved without
further investment and significant restructuring.

As a result, the Directors of the Quebecor World PLC having
regard to Quebecor World PLC's current financial position, have
decided that it would be in the best interests of its, employees
and creditors to appoint Ian Best and David Duggins of Ernst &
Young LLP as joint administrators of the Company effective on
Jan. 28, 2008.  Following their appointment, the Administrators
will consider all options with regard to the way forward
including a possible sale of the business.

The Corby facility is located in the central UK about 70 miles
north of London.  It currently employs approximately 290 people
and produces magazines, catalogs and specialty print products
for marketing and advertising campaigns.

The decision to place their Corby unit into administration is
not related to Quebecor World's filing for credit protection in
the United States and Canada and has no impact on its other
European facilities, the Company said.  The Company's other
European facilities continue to operate as usual serving many of
Europe leading publishers and retailers.

                       About Quebecor World

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

Quebecor World has approximately 27,500 employees working in
more than 120 printing and related facilities in the United
States, Canada, Argentina, Austria, Belgium, Brazil, Chile,
Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden,
Switzerland and the United Kingdom.

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

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.  (Quebecor World Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


QUEBECOR WORLD: Union Sees Job Cuts with Corby Unit Receivership
----------------------------------------------------------------
Unite Assistant General Secretary, Tony Burke, said the labor
group expects to see 300 potential job losses at Quebecor World
PLC, Quebecor World Inc.'s United Kingdom subsidiary, after the
Corby-based facility was been placed into receivership.

"January has been a bad month for the printing industry with
over 400 job losses in Polestar and Wiltshires alone," Mr. Burke
said.  "We are now looking at a further 300 potential job losses
at Corby."

"For our members and their families this is an unmitigated
disaster caused by classic mismanagement at the very top of the
company.  We don't blame the local management who have been kept
in the dark as much as the workforce have.  We hope that Corby's
customers will stay with the company.

"To watch the worlds second biggest printing company unravel in
this way is appalling.  Corby has been cut adrift from what many
now believe is a sinking ship.  Clearly the credit crunch in the
United States has affected the company but the way that the
crisis has been handled within the company is nothing short of
abysmal.

"Our first priority is our members and their families and since
the announcement yesterday we have been speaking to a number of
people within the industry with a view to seeing if they can
purchase the business as a going concern."

Unite local officials will be meeting with the local management
and the receivers over the next few days to ensure production
continues in the hope that there will be a purchaser for the
business.

                       About Quebecor World

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

Quebecor World has approximately 27,500 employees working in
more than 120 printing and related facilities in the United
States, Canada, Argentina, Austria, Belgium, Brazil, Chile,
Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden,
Switzerland and the United Kingdom.

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

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.  (Quebecor World Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


* PERU: Mine Workers to Stage Strike, May Affect Production
-----------------------------------------------------------
Peru's mining output may again be put in peril as unionized
workers threaten major strike in May, Alex Emery of Bloomberg
News reports.

According to Bloomberg, strikes cut copper output in Peru last
year, which event partly pushed the price of the metal higher.

The group, which represents about 28,000 miners, is calling for
new labor laws which would provide for better benefits like
rights for subcontracted labor, Bloomberg News said, citing a
union official.

Noting the early announcement of the planned strike, Luis
Castillo, general secretary of the Mining Federation, told
Bloomberg News that "[w]e're giving the government a lot of
advance notice so they can produce this legislation once and for
all.''

Labor conflicts are common in this field because of the risks it
carries.  Like a chain reaction, these disputes curtail mining
sector development, which leads to higher metal prices.

Citing the International Labor Organisation, Diego Cevallos of
Tierramerica relates that mining produces the most fatal
accidents and illnesses among its labour force, yet millions
work in this field without employment or health protections.

Peru is a major producer of widely used metals like copper,
zinc, and silver.



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

AEROMED SERVICES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Aeromed Services Corp.
        GPO Box 70344
        San Juan, PR 00936

Bankruptcy Case No.: 08-00518

Type of Business: The Debtor offers air ambulance services.
                  See: http://www.aeromedems.com/

Chapter 11 Petition Date: January 31, 2008

Court: District of Puerto Rico (Old San Juan)

Debtors' Counsel: Alexis Fuentes Hernandez
                  P.O. Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 607-3436

Estimated Assets: US$1 million to US$100 million

Estimated Debts:  US$1 million to US$100 million

Consolidated Debtors' List of 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Banco De Desarrolo Economico   working capital      US$1,785,689
P.O. Box 2134
San Juan, PR 00922-2134

Air Methods Corp.              helicopter services  US$1,020,000
7301 South Peoria              provider
Englewood, CO 80112

Era Med LLC                    helicopter services    US$508,206
1 Earhardt Drive, Suite        provider
Coatesville, PA 19320

Adm. Servicios Medicos De PR   medical control and    US$215,773
                               ancillary

Cuerros de Emergencias Medicas paramedics services     US$80,720

Maria Teresa Barrera           legal services          US$35,000

JAC Premium Financing          insurance lease         US$21,990

Department of Treasury of PR   taxes; interest &       US$15,400
                               penalties

O'Neill & Borges               professional services   US$13,352

Popular Auto Inc.              lease                    US$8,616

Progressive Medical Inc.       medical equipment        US$6,907

Municipio De San Juan          municipal business       US$5,218
                               license

Cingular                       cellular telephone       US$4,958
                               services

Emergency Response             ground ambulance         US$3,540
                               provider

Axesa Servicios de Informacion yellow pages             US$2,900
                               advertising

Trailer Van Corp.              trailer rental           US$1,900

World Net Telecommunication    Telephone & Fax          US$1,500
                               service

Blanco A/C and Refrigeration   maintenance services       US$760

GM Paramedical                 ground ambulance           US$600
                               provider

Parvel Ambulance               ground ambulance           US$600


BURGER KING: Reports US$49-Mln Net Income in 2008 Second Quarter
----------------------------------------------------------------
Burger King Holdings Inc. continued its strong financial
momentum and reported solid operating results for the second
quarter of fiscal 2008.  Positive worldwide comparable sales in
all segments and strong net restaurant growth primarily drove
this quarter's substantial improvements in revenue and earnings
over the prior year period.

For the three months ended Dec. 31, 2007, the company earned
US$49 million of net income compared to net income of
US$38 million for the same period in 2006.

Worldwide comparable sales were up 4.5 percent, making this the
16th consecutive quarter of positive comparable sales growth.
In the United States and Canada, comparable sales were up 4.2
percent, the 15th consecutive quarter of positive comparable
sales growth.  As a result, the company posted strong second
quarter fiscal 2008 revenues of US$613 million, up 10% from
US$559 million in the same quarter last year.

"Our strong worldwide performance across all regions and
business drivers confirmed our ability to execute on our
multifaceted strategic growth opportunities," said John Chidsey,
chief executive officer.  "Our top and bottom line expansion
highlights the continued momentum of our brand.  We succeeded in
a challenging macroeconomic environment with marketing
initiatives that drove increased sales and traffic, robust
international restaurant growth, and the profitability of our
highly franchised business model.

"Solid worldwide comparable sales were fueled by the
globalization of our products and promotions.  The Whopper(R)
50th anniversary was celebrated with local fare across many
countries.  Throughout the regions, we drove strong comps as
consumers sought the affordable pricing, quality and innovation
of both our value and premium offerings."

Mr. Chidsey continued, "In the United States and Canada, the
launch of our Homestyle Melts exceeded expectations, and we
increased family traffic with promotions such as SpongeBob's
Atlantis SquarepantisTM and iDogTM.  In Europe, comps were
lifted by our continued emphasis on premium offerings such as
the Angry Whopper(R) sandwich and BK FusionsTM Real Dairy Ice
Cream."

System-wide trailing 12-month average restaurant sales (ARS)
reached a record high - posting an 8 percent increase to
US$1.25 million compared to US$1.16 million for the same period
in the prior year. For the second quarter of fiscal 2008,
system-wide ARS increased 8% to US$322,000 compared to
US$297,000 in the same quarter last year.

As guided, worldwide company restaurant margins remained
unchanged from the prior year period.  Despite higher commodity
costs, the company maintained margins primarily due to strong
comparable sales, continued improvements in UK company
operations and savings in North America derived from the rollout
of the flexible batch broiler. In the U.S., company restaurant
margins actually increased 30 basis points to 16.2%.

                          Uses Of Cash

During the second quarter, the company declared and paid a cash
dividend of US$0.0625 per share.  The company also retired an
additional US$25 million in debt using cash flow generated from
operations.  Going forward, the company plans on using a portion
of its excess cash to repurchase shares under the previously
announced US$100 million Share Repurchase Program.

"We continued to execute on our plan of remodeling and
rebuilding restaurants in the U.S., an initiative which is
expected to increase profitability," said Ben Wells, chief
financial officer. "Additionally, we have executed several small
restaurant acquisitions and have facilitated a number of
restaurant sales between franchisees.  We believe that our
proactive portfolio management will help us attain our
forecasted financial and development objectives."

                          Future Growth

The company reported significant increases in its restaurant
count in the second quarter, opening a net 105 units worldwide.
During the first six months of fiscal 2008, the company has
opened 112 restaurants on a net basis, the highest net
restaurant growth in six years, and double the net restaurant
growth from the same period in fiscal 2007.

"We executed on our worldwide development strategy with the
opening of over 100 net new restaurants.  Additionally, we
entered into development agreements with new franchisees in
Colombia, Brazil and Romania.  I remain confident in our ability
to grow the brand worldwide, including net restaurant growth in
the U.S. and Canada segment," Mr. Chidsey said.

The company has structured its third-quarter fiscal 2008
promotional calendar to continue the brand's momentum.  The
innovative Whopper(R) Freakout media campaign remained on air
this month. According to advertising industry researcher IAG,
these commercials were twice as effective as the company's
competitors on consumer recall and likeability.

Other scheduled promotions for the third quarter of fiscal 2008
are geared towards attracting fans of all ages.  NFL in-
restaurant partnership merchandising and an NFL Mobile tour are
expected to appeal to sports enthusiasts, and popular classics
such as Snoopy(R), Cabbage Patch Kids(R) Minis, Monster Jam(R)
Trucks, and SpongeBob SquarePantsTM are expected to drive family
traffic.

Mr. Chidsey concluded: "Our results this quarter substantiate
our ability to outperform the restaurant industry despite
macroeconomic pressures.  The third quarter is off to a great
start with strong January comps driven by traffic. The momentum
is expected to remain throughout the second half of the year as
we continue to promote our value menu and premium products,
satisfying both cost-conscious consumers and guests seeking
indulgence.

"We have great confidence in our business strategy and the
strong momentum in all facets of our business - marketing,
products, development and operations.  As we maximize our
strategic growth opportunities, we expect to exceed our initial
financial guidance for fiscal 2008.  We have increased our
year over year earnings per share growth guidance to be in
excess of 15 percent.  We remain committed to delivering top of
the industry financial performance, creating significant value
for our shareholders."

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/-- operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from
Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and
US$250 million Senior Secured Term Loan


HORIZON LINES: Earns US$10.7 Million in Fourth Quarter of 2007
--------------------------------------------------------------
Horizon Lines, Inc. has reported results for the fourth quarter
and full year ended Dec. 23, 2007.  Net income for the fourth
quarter of 2007 was US$10.7 million versus net income of
US$10.6 million in the fourth quarter of 2006.

"The fourth quarter of 2007 brought to a close a year of many
accomplishments for Horizon Lines," said Chairperson, President
and Chief Executive Officer, Chuck Raymond.  "Over the past
year, we have managed to offset soft market conditions in Puerto
Rico and rising fuel costs by aggressively managing costs and
introducing valuable complementary services to our customers.
Going forward, we will continue to execute on our long term
strategy of offering our customers innovative shipping and
logistics solutions to enhance our core service offerings.  We
believe we are well positioned for continued growth and
profitability in our markets."

    Fourth Quarter and Full Year 2007 Financial Highlights

"2007 presented some challenges and opportunities for us," said
Executive Vice President and Chief Financial Officer, Mark
Urbania.  "Despite the continuing soft market in Puerto Rico and
unprecedented increases in fuel prices, we were able to generate
net income and earnings per share that were in line with the
2006 fourth quarter and full year periods and our expectations.
These challenges were offset by improved cargo mix, a stable
rate environment in all three of our offshore markets, and the
benefits of our cost reduction efforts.  In addition, our debt
refinancing and US$28.5 million share repurchase in August of
2007 and our US$50 million share buyback program initiated in
November, which is now complete, will significantly benefit our
shareholders in 2008 and beyond."

Operating Revenue

Operating revenue increased by US$28.5 million or 9.9% to
US$316.0 million for the quarter, compared to US$287.5 million
for the fourth quarter of 2006.  The growth in revenue was
driven by cargo mix upgrades, rate improvement and revenue from
acquisitions, which more than offset some volume softness.

Operating Income

Operating income for the fourth quarter of 2007 was US$20.5
million compared to US$22.5 million for the fourth quarter of
2006.  Absent the impact of secondary offering expenses,
operating income in the 2006 fourth quarter would have been
US$22.9 million.

EBITDA and Adjusted EBITDA

Earnings before net interest expense, taxes, depreciation and
amortization was US$35.9 million for the fourth quarter of 2007
compared to US$37.9 million for the 2006 fourth quarter.
Excluding the non-recurring loss on extinguishment of debt and
secondary offering expenses, adjusted EBITDA would have been
US$38.9 million for the fourth quarter of 2006.

Net Income and Adjusted Net Income

Net income for the fourth quarter of 2007 was US$10.7 million or
US$.32 per diluted share versus net income of US$10.6 million or
US$.31 per diluted share in the fourth quarter of 2006.  After
adjustment to exclude the loss on early extinguishment of debt
and secondary offering expenses, adjusted fourth quarter 2006
net income was US$11.5 million or US$.34 per diluted share.

                    2007 Full Year Results

For the full year 2007, net income was US$28.9 million or US$.85
per diluted share compared to net income of US$72.4 million or
US$2.14 per diluted share in 2006.  After adjustment to exclude
non-recurring loss on extinguishment of debt in 2007 and 2006,
secondary offering expenses in 2006, and certain tax adjustments
in 2007 and 2006, adjusted net income was US$45.9 million or
US$1.36 per diluted share in 2007 versus adjusted net income of
US$45.0 million or US$1.33 per diluted share in 2006.

The company completed its US$50 million share repurchase program
this past month.

    Fourth Quarter and Full Year 2007 Performance Highlights

"Our team really pulled together to accomplish a number of
significant achievements in 2007," Mr. Raymond stated.  "We
successfully executed our TransPacific (TP-1) fleet enhancement
initiative, and all five new vessels are now operating in the
new TP-1 service.  We also accomplished the re-deployment of our
Jones Act tonnage.  As a result, we now have the appropriate
capacity in all trades to support volume growth in future years,
which will further improve the cost efficiency and reliability
of the ocean services we provide to our customers."

"We completed a capital structure refinancing that is generating
significant benefits in terms of a lower cost of capital,
improved cash flow, enhanced flexibility and greater liquidity
that will allow us to take advantage of future growth
opportunities," Mr. Raymond continued.  "2007 also saw us
accomplish a corporate realignment that resulted in the creation
of Horizon Logistics, which will enable us to grow our fully
integrated logistics services offerings.  We also successfully
completed the first full year of our Horizon EDGE process re-
engineering and customer service program.  Horizon EDGE is
delivering significant process improvements that are benefiting
our customers and associates, while yielding cost savings that
have met our internal targets and have somewhat mitigated the
softness in Puerto Rico.  In addition, we successfully
integrated the Hawaii Stevedores, Inc. and Aero Logistics
acquisitions, which have been earnings and cash flow accretive
since inception."

                           Outlook

"Looking ahead, we expect solid earnings growth in our core
shipping business and expect to see increased momentum in our
new logistics business as we continue to implement our growth
strategy in 2008," Raymond concluded.  "We believe we are well
positioned to significantly grow earnings and free cash flow in
2008, despite the uncertain national economic outlook."

Based on current market conditions, the company updated its
earnings guidance for the full year 2008, with projections of
operating revenue at US$1,345 - US$1,365 million, EBITDA at
US$175 - US$185 million, and diluted earnings per share at
US$2.01 - US$2.26.  Free cash flow is projected at US$115 -
US$125 million.

                     About Horizon Lines

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizon-lines.com/-- is a domestic
ocean shipping and integrated logistics company comprised of two
primary operating subsidiaries.  Horizon Lines LLC operates a
fleet of 21 U.S.-flag containerships and 5 port terminals
linking the continental United States with Alaska, Hawaii, Guam,
Micronesia and Puerto Rico.  Horizon Logistics LLC offers
customized logistics solutions to shippers from a suite of
transportation and distribution management services designed by
Aero Logistics, information technology developed by Horizon
Services Group and intermodal trucking and warehousing services
provided by Sea-Logix.

                          *     *     *

Moody's Investor Services placed Horizon Lines Inc.'s long-term
corporate family and probability of default ratings at 'B1' in
July 2007.  The ratings still hold to date with a stable
outlook.


JETBLUE AIRWAYS: Signs Strategic Deal with Aer Lingus
-----------------------------------------------------
JetBlue Airways Corporation and Aer Lingus, Ireland's low-fares
counterpart, have officially entered into a strategic
partnership that will come into effect on April 3, 2008.

The innovative partnership will enable Irish and U.S. customers
to book a single low fare reservation between Ireland and more
than 40 continental U.S. destinations, connecting through
JetBlue's home base at New York's John F. Kennedy International
Airport.

Upon arrival to JFK and after customs clearance, Aer Lingus
customers connecting to a domestic JetBlue flight can
conveniently check-in and drop their bags at Aer Lingus'
transfer desk in the arrivals lobby at Terminal 4.  Once
complete, customers can travel via the AirTrain to JetBlue's
Terminal 6 for their domestic connection.  Customers traveling
from the U.S. to Ireland will be able to check their bags at
their JetBlue domestic destination and will pick them up again
in Dublin or Shannon.

"Our partnership with Aer Lingus is a perfect fit with our brand
and culture, and we are thrilled to extend our route network to
a vibrant new stream of customers from Ireland," said Dave
Barger, Chief Executive Officer of JetBlue Airways.

Mr. Barger added, "On JetBlue, Customers enjoy their vacation
beginning with the JetBlue Experience -- free, live TV at every
seat, complimentary name brand snacks and comfy leather seats
with the most legroom of any other airline in coach.  And did I
mention our award-winning customer service?"

Commenting, Dermot Mannion, Aer Lingus CEO, said, "With a strong
customer base, brand strength and position in the U.S. market,
JetBlue is a natural partner for Aer Lingus.  We are proud to be
pioneering the model of linking low fare networks and offering
Aer Lingus customers to easily connect across the U.S. through
JetBlue's Terminal 6 at JFK.  The partnership will also expose
millions of U.S. passengers to the Aer Lingus website and brand
and further consolidate aerlingus.com as the premier way to book
flights to Ireland from North America."

Domestic service will be operated by JetBlue's fleet of Airbus
A320 and EMBRAER E190 aircraft.  Both aircraft feature comfy
leather seats equipped with personal seatback TVs that offer
JetBlue's signature in-flight entertainment: 36 channels of
free, live DIRECTV programming.  The airline's EMBRAER 190
aircraft also offer more than 100 channels of free XM Satellite
Radio; its A320 fleet is currently being retrofitted to provide
the same service.  On flights longer than two hours, a selection
of first-run movies and bonus features from FOX InFlight(tm) is
also available.

JetBlue's new Irish customers will have convenient connections
to more than 40 destinations via New York/JFK, including:
Austin, TX; Buffalo, Rochester and Syracuse, NY; Burlington, VT;
Denver, CO; Fort Lauderdale, FL; Las Vegas, NV; New Orleans, LA;
San Diego, CA; and Seattle, WA.

                        About Aer Lingus

Aer Lingus Group plc -- http://www.aerlingus.com/-- is an Irish
low-cost, low-fares airline, providing both long-haul and short-
haul passenger transportation services.  Aer Lingus' low-cost,
low-fares model is centred on maintaining low unit cost,
offering one-way fares, maintaining effective fleet utilisation
and developing the Aer Lingus brand.

                      About JetBlue Airways

Headquartered in Forest Hills, New York, JetBlue Airways
(Nasdaq:JBLU) -- http://www.jetblue.com/-- is a passenger
airline that provides customer service on point-to-point routes.
As of Feb. 14, 2007, JetBlue operated approximately 502 daily
flights.  The company serves 50 destinations in 21 states,
Puerto Rico, Mexico and the Caribbean.  The company operates a
fleet of 98 Airbus A320 and 23 Embraer 190 aircrafts.  The
company's operations primarily consists of transporting
passengers on its aircraft, with domestic United States
operations, including Puerto Rico, accounting for approximately
97.1% of its capacity during the year ended Dec. 31, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Fitch Ratings affirmed these debt ratings of
JetBlue Airways Corp.: issuer default rating at 'B'; and senior
unsecured convertible notes at 'CCC' with a recovery rating of
'RR6'.  Fitch said the rating outlook is stable.


MUSICLAND HOLDING: Liquidation Plan Declared Effective Jan. 30
--------------------------------------------------------------
Musicland Holding Corp. and its affiliated debtors' Second
Amended Joint Plan of Liquidation was declared effective on
Jan. 30, 2008, James A. Stempel, Esq., at Kirkland & Ellis
LLP, in New York, informs the Honorable Stuart M. Bernstein of
the U.S. Bankruptcy Court for the Southern District of New York.

As of the Plan Effective Date, and in accordance with the Plan,
the Official Committee of Unsecured Creditors is deemed
dissolved, and the members are released from any further duties
and responsibilities in the Chapter 11 Cases.

The Plan Committee is automatically deemed substituted in the
place and stead of the Creditors Committee as plaintiff in all
adversary proceedings commenced by the Creditors Committee prior
to the Effective Date.

The Plan Committee will succeed to all rights, benefits and
protections of the Creditors Committee with respect to the
adversary proceedings and will have standing post-confirmation
to pursue and, if appropriate, compromise and settle all claims
asserted in the adversary proceedings and any other claims which
the Creditors Committee is entitled or authorized to pursue
pursuant to the Bankruptcy Code or prior Court orders.

The Plan Committee is comprised of persons designated by the
Creditors Committee and is charged with the monitoring and
oversight of Hobart Truesdell -- the "Responsible Person" under
the Plan -- and all liquidation and distribution activities.

The Responsible Person is deemed the representative of the
Debtors' estates and will make all distributions required under
the Plan.

All requests for payment of Fee Claims for services rendered
through January 18, 2008, must be filed with the Court no later
than March 3, 2008.  The Professionals will jointly file their
Fee Claims with their third interim application for compensation
and reimbursement of expenses covering the time period
Dec. 1, 2006, through the Confirmation Date.  Any and all prior
deadlines for filing Third Interim Fee Applications are vacated.

Any Claim for damages arising by reason of the rejection of any
prepetition executory contract or unexpired lease or unexpired
sublease must be filed on or before February 29, 2008.  Upon the
failure of any entity to file the claim on or before that date,
the entity will be forever barred from asserting a claim on
account of the rejection of the unexpired lease, unexpired
sublease or executory contract, but will nevertheless be bound
by the provisions of the Plan.  Nothing will extend any prior
Bar Date set by prior Court order.

Holders of Administrative Expense Claims arising after
April 30, 2006, that either (i) do not have its Administrative
Expense Claims listed on the Administrative Expense Claim
Schedule or (ii) do not agree with or object to the amount
proposed as its Allowed Administrative Expense Claim on the
Administrative Expense Claim Schedule must file an
Administrative Expense Request requesting payment of the
Administrative Expense Claim no later than Feb. 17, 2008.
Administrative Expense Requests not filed within the applicable
time period will be forever barred and will not be enforceable
against the Debtors or the estates.

The Debtors will either allow, pursuant to settlement, court
order or otherwise, or object to the claims filed by "Local
Taxing Authorities"  by no later than March 30, 2008, and will
schedule a hearing on any objection within 45 days of it being
filed.

All Holders of Priority Tax Claims and Local Taxing Authorities
who hold Secured Claims on account of unpaid taxes will receive
interest at the rate prescribed in Section 511 of the Bankruptcy
Code.  The interest will begin to accrue as of the Plan
Effective Date.  To the extent they are oversecured, all Local
Taxing Authorities who are Holders of Secured Claims on account
of unpaid taxes will be paid interest on the claims as allowed
pursuant to Section 506(b) of the Bankruptcy Code at their
statutory rate as required by Section 511 from the Petition Date
through the Plan Effective Date.

A full-text copy of the order confirming the Debtors' Second
Amended Joint Plan of Liquidation is available for free at:

              http://researcharchives.com/t/s?2750

As reported in the Troubled Company Reporter on Jan. 24, 2008,
the Court confirmed the Debtors' Plan on Jan. 18, 2007.

                    About Musicland Holding

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

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  The hearing to consider confirmation of the
2nd Amended Joint Plan started on Nov. 28, 2006.  (Musicland
Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SUNCOM WIRELESS: Commences Consent Solicitation on 8-1/2% Notes
---------------------------------------------------------------
SunCom Wireless, Inc. is commencing a consent solicitation to
amend the indenture under which its 8 1/2% Senior Notes due 2013
were issued.  The consent solicitation is being conducted in
connection with the proposed merger between SunCom Holdings and
a wholly-owned subsidiary of T-Mobile USA, Inc., pursuant to
which SunCom Wireless will survive as a wholly-owned subsidiary
of T-Mobile USA.  T-Mobile USA is a wholly-owned subsidiary of
Deutsche Telekom AG.  The terms and conditions of the consent
solicitation are described in the Consent Solicitation
Statement, dated Feb. 1, 2008, and the related Consent Form,
which will be distributed to holders of the Notes.

The proposed amendments to the indenture governing the Notes
would eliminate substantially all the existing requirements for
SunCom Wireless to provide periodic reports and financial
statements.  The proposed amendments would also limit the
company's compliance certificate obligations to the requirements
set forth in the Trust Indenture Act.  Completion of the Merger
is not conditioned on success of the consent solicitation.

The consent solicitation will expire at 5:00 p.m., New York City
time, on Feb. 14, 2008, unless extended or earlier terminated by
the company.  Persons in whose name the Notes were registered as
of the close of business on Jan. 31, or any other person who has
been validly authorized to vote Notes by each holderare eligible
to deliver their consent to the amendments.  A Holder may revoke
such Consent at any time prior to the time the company has
received valid Consents from Holders of a majority in principal
amount of the Notes outstanding and notified the Trustee of such
receipt.

Consummation of the consent solicitation is conditioned upon
satisfaction or waiver of the conditions set forth in the
Consent Solicitation Statement, including closing of the Merger
and receipt of Consents from a majority in principal amount of
the Notes outstanding prior to Feb. 14, 2008.  Assuming the
conditions to the consent solicitation are met, the company will
promptly pay, upon the consummation of the Merger, a consent
payment to each Holder who has delivered, and not validly
revoked, a Consent prior to  Feb. 14, 2008.  The consent payment
will be in the amount of US$1.00 for each US$1,000 principal
amount of Notes with respect to which such Holder has validly
delivered a Consent.  The Notes will be redeemable beginning
June 1, 2008 at a price of US$1,042.50 per US$1,000 principal
amount plus accrued and unpaid interest.  T-Mobile USA has
advised SunCom Wireless that, subject to the consummation of the
Merger, it intends to issue a call notice exercising this
redemption right on or promptly after the later of April 2, 2008
(the earliest date allowed by the Indenture for issuing such
notices) and the closing of the Merger.

Approval of the proposed amendments would reduce the company's
costs following the Merger, including costs associated with
preparation of SEC reports, quarterly preparation of compliance
certificates and other administrative matters.

Citi is acting as solicitation agent for the consent
solicitation.  For additional information regarding the terms of
the consent solicitation, please contact Citi at 800-558-4745
(toll-free) or 212-723-6106 (collect).  Requests for documents
may be directed to Global Bondholder Services, which is acting
as the information agent and tabulation agent for the consent
solicitation, at 866-873-6300 (toll-free) or 212-430-3774
(collect).

                      About SunCom Wireless

Based in Berwyn, Pennsylvania, SunCom Wireless Holdings Inc.
(NYSE: TPC) (OTC: SWSH.OB) -- http://www.suncom.com/-- offers
digital wireless communications services to more than one
million subscribers in the southeastern United States, Puerto
Rico and the U.S. Virgin Islands.  SunCom is committed to
delivering Truth in Wireless by treating customers with respect,
offering simple, straightforward plans and by providing access
to the largest GSM network and the latest technology choices.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 9, 2007,
Standard & Poor's Ratings Services raised its ratings on SunCom
Wireless Holdings Inc., including the corporate credit rating,
which was raised to 'B-' from 'CCC+'.


TREASURE ISLAND: Case Summary & Eight Largest Unsec. Creditors
--------------------------------------------------------------
Debtor: Treasure Island Hospitality Group, Inc.
        Carr. 172 KM 13.5
        Bo. Bayamon
        P.O. Box 1466
        Cidra, PR 00739

Bankruptcy Case No.: 08-00453

Chapter 11 Petition Date: January 30, 2008

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Francisco R. Moya Huff, Esq.
                  BCO Popular Building
                  Suite 401 Tetuan 206
                  San Juan, PR 00901-1802
                  Tel: (787) 723-0714
                  Fax: (787) 725-3685

Total Assets: US$0

Total Debts:  US$1,156,957

Debtor's list of its Eight Largest Unsecured Creditors:

   Entity                                          Claim Amount
   ------                                          ------------
Jose R. Hernandez Colon                              US$958,848
c/o Ricardo E. Carrillo Delgado, Esq.
403 Calle del Parque Suite 6
San Juan,PR 00912

Corporacion Rodum                                    US$165,965
P.O. Box 9023422
San Juan, PR 00902-3422

OR Special Security Services                          US$10,000
Urb. Las Delicias
Calle Francisco G. Marin
Suite 3912
Ponce, PR 00728-2705

L & M Sales & Services                                 US$8,256

Serrales                                               US$5,955

Mendez & Co.                                           US$3,538

The Marketing Partners, Inc.                           US$3,000

Division de Impresos UPR                               US$1,395


UNITED RUBBER: Case Summary & 10 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: United Rubber Inc.
        Luchetti Street 14
        Villalba, PR 00766
        Tel: (787) 847-3400

Bankruptcy Case No.: 08-00490

Type of Business: The Debtor markets fabricated rubber products.

Chapter 11 Petition Date: January 30, 2008

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  Law Office of Carlos Rodriguez Quesada
                  P.O. Box 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867

Total Assets: US$84,985

Total Debts:  US$1,202,763

Debtor's list of its 10 Largest Unsecured Creditors:

   Entity                                          Claim Amount
   ------                                          ------------
Internal Revenue Services                            US$543,904
Centro Novios Plaza Building
474 Hostos Avenue, Suite 207
Mayaguez, PR 00680

Departmento De Hacienda                              US$293,540
P.O. Box 9024140
San Juan, PR 00902

Compania de Fomento Industrial de Puerto Rico        US$160,117
P.O. box 362350
San Juan, PR 00936

Depto del Trabajo y Recursos Humanos                  US$72,917

Corporacion Fondo del Seguro del Estado               US$68,746

Municipio de Villalba                                 US$36,642

Centro de Recaudacion de Ingresos Munici              US$17,394

UPS Puerto Rico                                        US$3,872

Autoridad de Acueductos y Alcantarillado               US$3,082

Gemasco Jose A Torres                                  US$2,550


WERNER LADDER: Creditors Sue Former Owners, Insiders for US$1B
--------------------------------------------------------------
Creditors of Werner Holding Co. (DE) Inc., now known as Old
Ladder Co. (DE) Inc., have filed with the U.S. District Court
for the Southern District of New York a US$1,000,000,000 damage
lawsuit against the company's former owners and other insiders,
accusing them of stripping nearly US$500,000,000 in cash out of
the company before its bankruptcy liquidation.

According to the Associated Press, an "expensive bid" to
restructure Werner Holding Co. (DE), Inc., and its debtor-
affiliates in Chapter 11 failed in 2007, "leaving hedge funds
including Levine Leichtman Capital Partners to take over the
Debtors' remaining operations in a deal that left more than
US$1 billion in unpaid debt."

"Shareholders and insiders transformed the otherwise successful
company into their own mint, causing it to incur hundreds of
millions of dollars in unnecessary bank and bond debt,"
according to court papers filed on Jan. 24, 2008, in the
District Court.

The lawsuit alleges that former owners drained the company of
cash in 1997 and in 2003, while "hiding serious problems
including crumbling relationships with its largest customer,
Home Depot," AP relates.  In addition, creditors were dismayed
when the former owners reduced workforce in half by transferring
jobs to Mexico.  The complaint further alleges that Werner
insiders, aided and abetted by professionals, lied to lenders
and bondholders while piling on debt and "sent the company into
its death spiral," the report adds.

The creditors are seeking damages from members of the Werner and
Solot families that once owned the company, and from investors
and advisers, including:

   * Britain-based Investcorp Bank B.S.C.;

   * Leonard Green & Co., a US$5,300,000,000 private equity fund
     based in Los Angeles;

   * Murray Devine & Co., a financial valuation firm in
     Philadelphia; and

   * adviser Loughlin Meghji & Co. Inc.

The action was commenced by Old Ladder Litigation Co., LLC, the
litigation designee on behalf of the Liquidation Trust as
defined in the Second Amended Plan of Liquidation, as confirmed
on Oct. 25, 2007.  Pursuant to the Plan, the Litigation Designee
was established and appointed to investigate and prosecute
causes of action against third parties, including those held by
the Debtors against former shareholders, officers, directors,
managers and professionals.  The Plan also authorizes the
Litigation Designee to evaluate and determine strategy,
prosecute and resolve the Causes of Action, and to effectuate
the transfer of those privileges, protections and immunities.

A spokeswoman for Investcorp declined to comment, while Leonard
Green, Murray Devine, and Loughlin Meghji were not available for
comment, AP says.  Members of the Werner and Solot families
could not be reached for comment on the case, AP further
discloses.

           New Werner Says It Is Not Part of US$1-Bil. Suit

Werner Co. clarified that it is not the subject of the
litigation commenced by a litigation trust set up by the
bankruptcy estate of the former company on Jan. 24, 2008, in the
U.S. District Court in the Southern District of New York.

Werner Co. is a newly formed corporation that purchased
substantially all the assets of the old Werner companies during
their bankruptcy in 2007.  New Werner is a separate company and
is not a party to the litigation involving the remnants of the
former companies.

"We want to assure all of our customers, suppliers and other
stakeholders that Werner continues to be a strong, growing and
vibrant company and its employees are committed to maintaining
Werner's position as the leading climbing products manufacturer
and distributor in the world," said Bill Allen, Chief Executive
Officer of Werner.  "Our product line and customer service
continues to be world class in our industry."

"We've issued this press release to clarify the news reports
of this lawsuit so that our business partners will not
experience confusion about our company.  Werner Co. is not being
sued in the case and any suggestion that it is a defendant is
baseless and inaccurate.  Unfortunately, new Werner Co.
continues to be mistaken for the former company that was in
bankruptcy," said Mr. Allen.

Steve Deckoff, Chairman of the Board of Werner Co. stated,
"On behalf of the Board of Directors and the investors of the
company, I want to reinforce our support of Werner and its
employees.  We are extremely disappointed that there has been
confusion regarding this case and new Werner will continue to
work to assure that it doesn't experience any negative impact
from this lawsuit."

                       About Werner Ladder

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates
filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del.
Case No. 06-10578).

The company has operations in Puerto Rico.

The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-
counsel.  Jefferies & Company serves as the Creditor Committee's
financial advisor.  At March 31, 2006, the Debtors reported
total assets of US$201,042,000 and total debts of
US$473,447,000.  The Debtors' exclusive period to file a chapter
11 plan expired on June 30, 2007.

On June 11, 2007, the Werner Debtors completed the sale of
substantially all of their assets for US$265,000,000 to an
investor group led by Black Diamond Capital Management LLC.  The
new company assumed the name "Werner Co."

On June 19, 2007, the Creditors Committee submitted its
Liquidating Plan and Disclosure Statement for Werner.  On
Sept. 10, 2007, the Committee filed an Amended Plan and
Disclosure Statement.  On Sept. 13, 2007, the Committee filed
its 2nd Amended Plan and on September 14, the Court approved the
adequacy of the Amended Disclosure Statement explaining the 2nd
Amended Plan.  The Court confirmed the 2nd Amended Plan on
Oct. 25.

Werner Co. is a newly formed corporation that purchased
substantially all the assets of the old Werner companies during
their bankruptcy in 2007.  (Werner Ladder Bankruptcy News, Issue
No. 50; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)



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

CUMMINS INC: Net Income Climbs 3% to US$739 Million in 2007
-----------------------------------------------------------
Cummins Inc. released its financial results for 2007, completing
a year of record sales and earnings -- the fourth straight year
of record financial performance for the company.  Cummins' sales
rose 15 percent to US$13.05 billion, from US$11.36 billion in
2006.

Net income rose to US$739 million, a 3% increase compared to
US$715 million, or US$3.55 a share, in 2006.  Earnings Before
Interest and Taxes (EBIT) of US$1.23 billion, or 9.4% of sales,
represent a 4% increase from 2006 when the Company earned
US$1.18 billion, or 10.4% of sales.

The record results came despite the expected significant drop in
the North American heavy-duty truck market as a result of
emissions changes that took effect Jan. 1, 2007.  Industry-wide
sales in that market declined nearly 50% in 2007, but Cummins'
increased share in that market as well as strong growth across
most of the rest of the company's businesses and
regions more than offset the decrease.

"2007 was an outstanding year for Cummins," said Chairman and
Chief Executive Officer Tim Solso.  "This record-setting
performance in the face of significant challenges validates our
message that Cummins truly has become a more diversified, global
power leader.  Most importantly, our efforts continue to benefit
our shareholders, who have enjoyed an average annual return of
over 55 percent on their investment over the past five years."

Cummins' fourth quarter sales of US$3.5 billion also were a
quarterly best for the company, and were 16 percent higher than
the same period in 2006.  Net earnings for the quarter increased
5 percent to US$198 million, from US$189 million during the same
period in 2006. EBIT increased 7% to US$324 million (9.2% of
sales), compared to US$303 million, or 10% of sales.

The company's strong performance in the fourth quarter was led
by gains in the Power Generation and Distribution segments,
although all four of the company's operating segments -- Engine,
Power Generation, Distribution and Components -- reported record
sales for the fourth quarter and for all of 2007.

Global Power Generation sales increased 28% in the fourth
quarter to US$840 million, while Segment EBIT of US$86 million
was 39% higher than the same period in 2006.  Strong gains
around most of the world in commercial generator sales and
significant growth in alternator sales in Europe and China were
key drivers for the segment in the fourth quarter.

The company's Distribution segment reported sales of US$468
million in the fourth quarter, a 21% improvement from the same
period in 2006.  Record Segment EBIT of US$56 million was 44%
higher than during the fourth quarter of 2006.

Sales and Segment EBIT also improved in the Components segment,
despite some operational issues associated with rapid growth
that affected profitability in two of the segment's businesses -
- Emission Solutions and Turbo Technologies.  The company is
aggressively managing these issues, and expects improved profit
performance from both businesses in 2008.

Still, Components sales in the fourth quarter rose 30% from the
same period in 2006 to US$777 million, while Segment EBIT more
than doubled to US$47 million in the quarter.

Although revenues were higher in the Engine segment, profits
were lower for both the fourth quarter and the full year due to
costs associated with the release of new products in North
America to meet the 2007 EPA emissions regulations.

The engine business also invested heavily around the globe for
capacity expansion and new products.  Notable investments
include the light duty diesel engine program in Columbus,
Indiana, and the two light commercial vehicle engine platforms
for the Chinese truck market.  These two new platforms for this
rapidly growing 1.1 million unit market in China will be
manufactured as part of our joint venture partnership with
Foton.

At the same time, Cummins also gained significant share in key
engine markets during 2007 - especially in the North American
heavy-duty truck engine market, where the company's market share
exceeded 40% for the last nine months of the year.  The
company's 2007 product, which is based on Cummins' proven cooled
Exhaust Gas Recirculation technology, has performed as well as
expected and has been well-received by customers.

In the fourth quarter, the company received significant
recognition from two leading industry organizations: J.D. Power
and Associates awarded Cummins one of its prestigious customer
satisfaction awards for the performance and cost of ownership of
the company's new heavy-duty truck engine.  Diesel Progress
magazine named Cummins its "Newsmaker of the Year" for 2007,
primarily for work around meeting the 2007 EPA emissions
standards.

                          2008 Outlook

The company expected to extend its record financial performance
to a fifth straight year in 2008.  Sales are forecast to
increase 12% from 2007 levels and the company expects to
generate EBIT of 10% of sales in 2008.

The company's financial performance over the last four years has
resulted in a strong balance sheet, which has given Cummins the
flexibility to invest in the people, products, facilities and
technologies necessary to take advantage of growth opportunities
around the world.  Cummins expects to spend between US$550
million and US$600 million on capital projects in 2008.

The company expected the North American truck engine markets to
rebound somewhat from 2007, despite the uncertainty that exists
in the U.S. economy.  Additionally, Cummins expects to maintain
its market share gains from 2007 in key segments such as heavy-
duty and medium-duty truck and bus.

The Distribution segment continues to grow to provide support
for the increasing number of Cummins' products around the globe.
The company's Power Generation business is forecast to remain
extremely strong in 2008, with demand being driven by global
infrastructure needs, while the Components segment is
forecasting improved profit performance - especially in its two
fastest-growing businesses, Turbo Technologies and Emission
Solutions.

"We are extremely pleased with our 2007 performance and are
excited about the prospects for 2008," Mr. Solso said.  "All the
pieces are in place for Cummins to take advantage of the many
profitable growth opportunities in front of us - now and in the
years to come."

                          About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                         *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


CUMMINS INC: Promotes Pamela Carter as Distribution Biz Pres.
-------------------------------------------------------------
Cummins Inc. has promoted Pamela Carter, President - Cummins
Filtration, to the role of President - Cummins Distribution
Business, effective Feb. 2.

She succeeded Rich Freeland, who was named President of Cummins'
Components group following the recently announced retirement of
Rick Mills.  In her new role, Ms. Carter will oversee the
Company's global distribution network which is the primary path
to market of Cummins products and consists of 500 distributors
and more than 5,000 dealers in over 160 countries.

"We're very excited to have someone as experienced and talented
as Pamela step into the leadership role of our Distribution
Business," said Cummins President and Chief Operating Officer
Joe Loughrey.  "Distribution is a critical part of our strategy
going forward, and we are counting on Pamela to make this
business even more successful in the future."

Ms. Carter, 58, joined Cummins in 1997 as Vice President and
General Counsel, after a distinguished legal and political
career that included a term as Indiana Attorney General,
becoming the first elected African-American female Attorney
General in U.S. history.  She joined the leadership team of
Cummins Filtration residing in Belgium in 2000 and assumed her
current position in 2005 in Nashville, which is Cummins
Filtration's global headquarters.

Cummins Filtration is the largest and most profitable business
in the company's Components segment and employs approximately
5600 people worldwide.

"Cummins is poised to continue its strong growth around the
world, and I am honored to be given the responsibility to build
on the good work Rich has done in the Distribution business,"
said Ms. Carter, who will relocate to Cummins' headquarters in
Columbus, Ind. "I am proud of the work the Cummins Filtration
team has done in the past several years to create a business
that is a leader in nearly every market it serves, and am
confident that such success will continue."

A successor to Ms. Carter at Cummins Filtration is expected to
be named in the near future.

                        About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                        *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


PETROLEOS DE VENEZUELA: In Talks With Cos. on Carabobo Project
--------------------------------------------------------------
Petroleos de Venezuela SA is in discussions with companies who
may have interest in developing the state oil company's Carabobo
field in the Faja del Orinoco, Venezuelan Oil Minister Rafael
Ramirez told Bloomberg News.

Total SA has expressed interest in the bidding process, details
of which will be available in a few weeks, Bloomberg says.

Faja del Orinocso, which holds more than a trillion barrels of
oil, is expected to increase its production to 2 million barrels
a day within the next five years, Bloomberg News relates.

The company said on its Web site that international firm Ryder
Scott has quantified 30,660 million barrels of standard original
oil in place in Block Carabobo, Carabobo Area of the Orinoco oil
belt.  Proven reserves are estimated at some 6,000 million
barrels, with a recovery  rate of 20 percent, the company said,
according to the report submitted by the Canadian firm.

Block Carabobo 2, Carabobo Area, is one of the 27 blocks
comprising the Orinoco Magna Reserva Project, which is intended
to quantify and certify 228,000 million barrels of crude oil.
Including the present reserves at 88,000 million barrels,
overall reserves are therefore expected to add 316,000 million
barrels.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Mulls El Palito Expansion
-------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA, along
with petrochemical company Pequiven and the infrastructure
ministry, is considering the expansion of the El Palito plant,
state news agency Agencia Bolivariana de Noticias reports.

Business News Americas relates that Petroleos de Venezuela said
last month that it would expand El Palito's capacity to boost
the production of gasoline components.  In Carabobo, El Palito
can process up to 140,000 barrels per day to produce fuels for
Venezuela.

According to Agencia Bolivariana, the two firms and the ministry
formed a government commission to study the expansion.

BNamericas notes that the commission is considering various
offers, but have not determined any start date or required
amount of investment.

Once the expansion project is approved, works could take up to
10 years.  The community surrounding El Palito could be moved to
another location, Agencia Bolivariana states.

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

                          *     *     *

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


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

                                     Total
                                  Shareholders  Total
                                     Equity    Assets
Company                 Ticker      (US$MM)   (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3     (23.61)      52.76
Kuala                    ARTE3     (33.57)      11.86
Bombril                  BOBR3    (472.88)     413.81
Caf Brasilia             CAFE3    (876.27)      42.83
Chiarelli SA             CCHI3     (63.93)      50.64
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (793.61)     439.83
Marambaia                CTPC3      (1.38)      79.73
DTCOM-DIR To Co          DTCY3     (14.16)       9.24
Aco Altona               ESTR      (49.52)     113.90
Estrela SA               ESTR3     (62.09)     118.58
Bombril Holding          FPXE3  (1,064.31)      41.97
Fabrica Renaux           FTRX3      (5.55)     136.60
Cimob Partic SA          GAFP3     (63.56)      94.60
Gazola                   GAZ03     (43.13)      22.28
Haga                     HAGA3    (114.40)      17.96
Hercules                 HETA3    (240.65)      37.34
Doc Imbituba             IMB13     (20.49)     209.80
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Minupar                  MNPR3     (39.46)     154.47
Nova America SA          NOVA3    (300.97)      41.80
Recrusul                 RCSL3     (59.33)      25.19
Telebras-CM RCPT         RCTB30   (149.58)     236.49
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (75.19)      47.05
Semp Toshiba SA          SEMP3      (4.68)     153.68
Tecel S Jose             SJ0S3     (13.24)      71.56
Sansuy                   SNSY3     (67.08)     201.64
Teka                     TEKA3    (331.28)     536.33
Telebras SA              TELB3    (149.58)     236.49
Telebras-CM RCPT         TELE31   (149.58)     236.49
Telebras SA              TLBRON   (148.58)     236.49
TECTOY                   TOYB3      (3.79)      38.65
TEC TOY SA-PREF          TOYB5      (3.79)      38.65
TEC TOY SA-PF B          TOYB6      (3.79)      38.65
TECTOY SA                TOYBON     (3.79)      38.65
Texteis Renaux           TXRX3    (103.01)      76.93
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (104.65)   1,975.79
Wiest                    WISA3    (140.97)      71.37


                            ***********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
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