TCRLA_Public/080207.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

           Thursday, February 7, 2008, Vol. 9, Issue 27

                             Headlines


A R G E N T I N A

ALITALIA SPA: Faces EUR1.25 Bln Damages Suit Over Malpensa Plan
ALITALIA SPA: To Give up Around 180 Milan Malpeansa Slots
CALIMBOY SA: Trustee Verifies Proofs of Claim Until February 29
CHRYSLER LLC: Inks Interim Pact w/ Chrysler; Operations Continue
CHRYSLER LLC: Wants Stay Lifted to Recover Tooling from Plastech

DAWN FOODS: Files for Reorganization in Buenos Aires Court
GALERIA DA VINCI: Files for Reorganization in Buenos Aires Court
LANCI IMPRESORES: Files for Reorganization in Buenos Aires Court
SANTANDER RIO: Launches Series XLI Gabarino Securitization
TRAVE SA: Trustee to File Individual Reports on March 12

TRIAGRO SRL: Proofs of Claim Verification is Until February 18

* ARGENTINA: President Projects 10% Annual Economic Growth

B A H A M A S

HARRAH'S ENTERTAINMENT: Seth Palansky to Lead Sports Division

B E L I Z E

CONTINENTAL AIR: Credit Suisse Maintains Firm's Outperform Rating

B E R M U D A

GLOBAL CROSSING: To Extend IP VPN Network at Superdrug

B R A Z I L

BAUSCH & LOMB: Raymond Elliott & Richard Wallman Joins Board
BENCHMARK ELECTRONICS: Earns US$21 Million in Fourth Quarter 2007
FORD MOTOR: Toyota & Ford Unaffected By Plastech's Bankruptcy
GOL LINHAS: Offering Travel Insurance With Sul America
SEAGATE TECHNOLOGY: Earns US$403 Million in 2007 Second Quarter

SPANSION INC: Posts US$49.5 Mil. Net Loss in 2007 Fourth Quarter
TAM SA: Board Grants Acquisition of 4 Million Preferred Shares
UAL CORP: Wants American Moulding Held in Contempt
UAL CORPORATION: Court Allows Illinois IRS' US$256,562 Tax Claim
UAL CORP: Resolves IAA Claims Through US$1 Million Sale of Stock

WEIGHT WATCHERS: Inks Joint Venture with Groupe DANONE for China

C A Y M A N   I S L A N D S

ACM HIGH: Proofs of Claim Filing Deadline is February 21
ACM BERNSTEIN: Proofs of Claim Filing Is Until February 21
ACM STRATEGIC: Last Day to File Proofs of Claim is February 21
AMARETE LIMITED: Proofs of Claim Filing Deadline Is February 18
BERNSTEIN OFFSHORE: Proofs of Claim Filing Ends on February 21

CLOUDVIEW OFFSHORE: Proofs of Claim Filing Is Until February 21
GLEACHER EQUITY: Sets Final Shareholders Meeting for February 18
HH DISTRIBUTION: Proofs of Claim Filing Deadline Is February 21
INTERNATIONAL MERCANTILE: Proofs of Claim Filing Ends on Feb. 20
MARCO POLO: Last Day to File Proofs of Claim is February 21

MARKET NEUTRAL: Proofs of Claim Filing Deadline is Feb. 21
MERCURIUS INT'L: Proofs of Claim Filing Deadline Is February 18
MONACH LIMITED: Proofs of Claim Filing Is Until February 21
NAICO INDEMNITY: Proofs of Claim Filing Ends on February 18
UBS PACTUAL: Proofs of Claim Filing Deadline Is February 18

UBS PACTUAL: Last Day to File Proofs of Claim is February 21

C H I L E

ELECTRONIC DATA: To Pay US$0.05 Per Share Dividend on March 10
FREEPORT-MCMORAN: Unit Pays Government IDR17 Trillion in 2007
SCIENTIFIC GAMES: Inks Ticket Manufacturing Deal With China Sports

C O L O M B I A

BANCOLOMBIA SA: C. R. Lopez to Fill Newly Created VP Position
BANCOLOMBIA SA: Increasing Dividend by 6.77% to COP142 per Share
ECOPETROL: To Produce 425,000 Barrels of Oil Equivalent Daily
ECOPETROL: To Drill First Cano Sur Well with Royal Dutch Shell
SOLUTIA INC: To Pay DTE US$773,364 to Cure PrePetition Default

SOLUTIA INC: Aims to Assume Wal-Mart Deals Under Terms of Plan
SOLUTIA INC: Wants to Hire Quinn Emanuel as Conflicts Counsel

C O S T A   R I C A

SIRVA INC: Commences Prepackaged Chapter 11 Case to Pare Debt
SIRVA INC: Case Summary & 30 Largest Unsecured Creditors

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Court To Hear Appeal on Fraud Case
GENERAL CABLE: Picks Brian Robinson as EVP, CFO & Treasurer
PRC LLC: U.S. Trustee Appoints Seven-Member Creditors Committee
PRC LLC: Wants to Hire Philip Goodeve as Chief Financial Officer
PRC LLC: Gets Court OK to Hire Epiq as Claims & Noticing Agent

G U A T E M A L A

TECO ENERGY: Net Profits in Guatemala Will be Lower in 2008
TECO ENERGY: Joining Power Supply Tender in Guatemala

M E X I C O

BRISTOW GROUP: December 2007 Qtr. Net Income Up 91% to US$20.1MM
CALPINE CORP: Closes Blue Spruce's US$90-Mln Loan Refinancing
CALPINE CORP: S&P Assigns 'B' Corporate Rating on Chapter 11 Exit
DESARROLLODORA HOMEX: Main Shareholders Acquire 5.1% More Shares
GMAC LLC: Moody's Drops Senior Unsecured Rating to B1 from Ba3

GREENBRIER COS: Analysts Upgrade Firm's Shares To Outperform
HARMAN INT'L: Reports US$43-Mln Net Income in Qtr. Ended Dec. 31
KRONOS INC: Paul Lacy to Quit as President
LIBBEY INC: Paying US$0.025 Per Share Cash Dividend on March 4
MOVIE GALLERY: Court Okays CIO Seth Levy's Employment Terms

MOVIE GALLERY: Wants Court Nod on Second Amended DIP Credit Pact
MOVIE GALLERY: Judge Tice Okays 1st Amended Disclosure Statement
PRUDENTIAL BANK: Moody's Assigns Ba2 Currency Deposit Ratings

P A N A M A

AES CORP: Inks Pact Selling Interests in Power Plant & Coal Mine

P E R U

QUEBECOR WORLD: U.S. Court Okays Donlin Recano as Claims Agent
QUEBECOR WORLD: Justice Mongeon Approves E&Y as CCAA Monitor
QUEBECOR WORLD: Court Extends Noteholders' BIA Preference Period
QUEBECOR WORLD: Gets Interim OK to Use US$1 Billion DIP Facility

P U E R T O   R I C O

AVNET INC: Operating Unit Signs Global Distribution Deal With Alps
DORAL FINANCIAL: Declares Cash Dividend on Preferred Stocks
R&G FINANCIAL: Gets Approval to Pay February Preferred Dividends

V E N E Z U E L A

TIMKEN CO: Board Declares US$0.17 Per Share Quarterly Dividend
* VENEZUELA: Workers Union Warns Indefinite Strike Extensio


                         - - - - -

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

ALITALIA SPA: Faces EUR1.25 Bln Damages Suit Over Malpensa Plan
---------------------------------------------------------------
SEA S.p.A. has filed a EUR1.5 billion damages suit against
Alitalia S.p.A. over the carrier's decision to downscale its
operations at Milan's Malpensa airport, Thomson Financial reports.

"We have decided to act legally against Alitalia to obtain damages
for the very serious damage deriving from the behaviour of the
airline," SEA chairman Giuseppe Bonomi told Thomson Financial.
"The action is a duty under our obligations to our company and its
shareholders."

Mr. Bononi said Alitalia violated a hub partnership agreement and
contracts with SEA and its SEA Handling unit, Thomson Financial
relates.

Mr. Bononi noted that SEA designed and developed Malpensa as
Alitalia required in terms of infrastructures, facilities and
organization, Agenzia Giornalistica Italia reports.  However, Mr.
Bononi added, the investments are rendered useless by Alitalia's
downscale plan.

According to Mr. Bononi, Alitalia's downscale plan will cut
traffic at Malpensa by 6 million passengers and will reduce the
airport's results by EUR70 million, Thomson Financial says.

The SEA chairman said the airport operator is finding ways to
contain its losses in 2008 and 2009.

                          About Alitalia

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

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

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


ALITALIA SPA: To Give up Around 180 Milan Malpeansa Slots
---------------------------------------------------------
Alitalia S.p.A. will release around 180 of its 357 slots at
Milan's Malpensa airport as part of its downscale strategy,
Thomson Financial reports, citing an official at Italian slot
coordinator Assoclearance.

Alitalia said the slots are unused ones during the summer season,
which starts March 30, 2008, and ends Oct. 25, 2008.

The Assoclearance official, however, stressed that the released
slots are not for sale.

                          About Alitalia

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

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

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


CALIMBOY SA: Trustee Verifies Proofs of Claim Until February 29
---------------------------------------------------------------
Haydee Liliana Villagra, Olga Raquel Amoroso, Mirta Liliana Giles,
Oscar A. Colombo y Mabel I -- the court-appointed trustee for
Calimboy S.A.'s reorganization proceeding, will be verifying
creditors' proofs of claim until Feb. 29, 2008.

Haydee Liliana will present the validated claims in court as
individual reports on April 11, 2008.  The National Commercial
Court of First Instance in Concepcion del Uruguay, Entre Rios,
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 Calimboy 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 on
May 26, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 9, 2008.

The debtor can be reached at:

        Calimboy S.A.
        San Martin 793
        Buenos Aires, Argentina

The trustee can be reached at:

        Haydee Liliana Villagra, Olga Raquel Amoroso
        Mirta Liliana Giles, Oscar A. Colombo y Mabel I.
        Alem 55 y Galarza 658 Concepcion del Uruguay
        Entre Rios, Argentina


CHRYSLER LLC: Inks Interim Pact w/ Chrysler; Operations Continue
----------------------------------------------------------------
Chrysler LLC and Plastech Engineered Products Inc. and its debtor-
affiliates have reached an agreement that ends the idling of
Chrysler plants as a result of a dispute, Terry Kosdrosky of the
Wall Street Journal reports.

Pursuant to an interim agreement reached yesterday noon, Plastech
resumed its shipment of car parts and components to Chrysler,
which enabled the auto maker to resume its plant operations.  The
arrangement will continue until February 15, says WSJ.

The temporary disruption was caused by a tooling dispute over the
parties, with Chrysler attempting to grab its tooling equipment
over at Plastech's plants and transfer them to other suppliers so
its operations would not suffer.

Chrysler sued Plastech in Court LLC, seeking a declaration that it
has the right to immediate possession of a number of tools used by
Plastech.  The tools are used by Plastech to manufacture component
parts it supplies to Chrysler.

Chrysler asserts that, pursuant to certain prepetition agreements,
it possesses:

   (a) unconditional and exclusive ownership interest in all the
       tools Plastech uses in manufacturing component parts for
       Chrysler; and

   (b) unconditional right to possess the tools immediately.

Michael C. Hammer, Esq., at Dickinson Wright PLLC, in Detroit,
Michigan, notes that Plastech is insolvent and is no longer able
to meet the production requirements of Chrysler.

Mr. Hammer asserts that if Chrysler does not transfer production
of its parts to an alternate supplier, the company will lose
production of approximately 500 end-item parts resulting to:

   -- a halt of the production of its entire corporate fleet of
      vehicles, which amounts to approximately 2,300,000
      vehicles;

   -- idling of at least 14 plants; and

   -- the lay off of associated workers for an undetermined
      period of time.

Chrysler has been blamed for Plastech's bankruptcy.  Frank Merola,
Esq., counsel for the second lien lenders in the Debtors' Chapter
11 cases, told the Honorable Phillip Shefferly of the U.S.
Bankruptcy Court for the Eastern District of Michigan that
Chrysler's "precipitous" actions caused them to file for
bankruptcy, WSJ relates.  Chrysler strongly denied this assertion.

Judge Shefferly, who commented that the agreement was a "sensible
thing", has set February 13 to hear the parties' dispute, WSJ
reports.

                    About Plastech Engineering

Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is full-service automotive supplier
of interior, exterior and underhood components.  It designs and
manufactures blow-molded and injection-molded plastic products
primarily for the automotive industry.  Plastech's products
include automotive interior trim, underhood components, bumper and
other exterior components, and cockpit modules.  Plastech's major
customers are General Motors, Ford Motor Company, and Toyota, as
well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States.  The company's products are
sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services.  The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities of
US$695,000,000.  (Plastech Bankruptcy News, Issue No. 1;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       About Chrysler LLC

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

                          *     *     *

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


CHRYSLER LLC: Wants Stay Lifted to Recover Tooling from Plastech
----------------------------------------------------------------
Chrysler LLC, Chrysler Motors Company LLC, and Chrysler Canada
Inc., ask the U.S. Bankruptcy Court for the Eastern District of
Michigan to promptly lift the automatic stay to allow them to
recover certain tooling from Plastech Engineered Products, Inc.
and its debtor-affiliates, in accordance with the terms of their
prior agreements with the Debtors and an order by the Wayne County
Circuit Court.

Chrysler intends to remove the tooling from certain Plastech
plants and transfer production of component parts to alternate
suppliers so as to avoid hampering its operations.

Michael C. Hammer, Esq., at Dickinson Wright PLLC, in Detroit,
Michigan, relates that Plastech provided Chrysler with numerous
component parts, including door panels, floor consoles and engine
covers.  Chrysler utilizes the component parts in its manufacture
of virtually all lines of Chrysler, Dodge and Jeep vehicles --
approximately 2,300,000 vehicles per year.

The Debtor supplies approximately 500 end item part numbers to
Chrysler, with the number becoming even greater if color of parts
is separated.  Each of those parts has at least one, and usually
more, Tools or items of Tooling associated with it.

Component parts provided by Plastech are used at Chrysler's
assembly plants in the United States, Canada and Mexico.  In
addition, the Debtor's parts are used in Chrysler's various
engine plants and in various vehicle kits that are sent to
international locations for assembly.

The Debtor utilizes certain specialized tooling in the
manufacture of the Parts for Chrysler.  Some of this Tooling was
manufactured by the Debtor pursuant to tooling purchase orders
issued by Chrysler.  Other Tooling was provided to the Debtor by
Chrysler.

The Debtor's supply of the Parts to Chrysler is governed by
supply agreements: (a) Chrysler's Production Purchasing General
Terms and Conditions, (b) individual Purchase Orders, (c) a
Financial Accommodation Agreement dated Feb. 12, 2007, (d) a
Second Financial Accommodation Agreement dated January 22, 2008,
and (e) an Amended Long Term Productivity Agreement dated
Feb. 12, 2007.

In early 2007, as a result of the Debtor's ongoing financial
struggles, Chrysler and various other customers of the Debtor
entered into the Accommodation Agreement, under which they
provided the Debtor with financial accommodations totaling
US$46,000,000, so that Plastech could continue to operate and
supply parts to Chrysler and its other customers.  Chrysler and
certain of its affiliates provided US$6,900,000 of the financial
accommodations to the Debtor.

In exchange for the material financial accommodations provided by
Chrysler, the Debtor agreed to these terms:

   -- The Tooling, i.e. all tooling, dies, test and assembly
      fixtures, jigs, gauges, patterns, casting patterns,
      cavities, molds, and documentation, together with any
      accessions, attachments, parts, accessories, substitutions
      replacements and appurtenances thereto used by Plastech in
      connection with manufacture of component and service parts
      for Chrysler is owned by Chrysler.

   -- Chrysler will have the right to take immediate possession
      of the Tooling at any time without payment of any kind
      should it elect to exercise that right.

   -- In the event of a dispute between the parties over whether
      any Tooling is owned by Chrysler, the Tooling will be
      presumed to be owned by Chrysler pending resolution of the
      dispute.

After execution of the Accommodation Agreement, the Debtor
advised Chrysler that it was again facing additional financial
crises that would cause an interruption in the production of
component parts unless Chrysler provided Plastech additional
financial accommodations.

In order to obtain continued production of Parts from the Debtor,
Chrysler and various other customers of the Debtor entered into
the Second Accommodation Agreement on Jan. 22, 2008.  Under the
terms of the Second Agreement, Chrysler agreed to pay the Debtor
US$10,700,000 than required by the then existing Supply
Agreements.  In total, and with the additional financial
accommodations provided to the Debtor by Chrysler and other
customers, the Debtor received US$40,000,000 in accelerated
payments pursuant to the terms of the Second Accommodation
Agreement.

In return for the financial accommodations provided by Chrysler
under the Second Accommodation Agreement, the Debtor agreed to
continue to supply component parts to Chrysler in accordance with
the POs, and expressly again acknowledged and affirmed all of the
terms and conditions of the Accommodation Agreement relating to
Tooling.

Notwithstanding the material financial accommodations, the Debtor
defaulted on its obligations under the Supply Agreements, and made
extraordinary economic demands of Chrysler, Mr. Hammer tells the
Bankruptcy Court.

Accordingly, Chrysler determined that it was necessary to take
immediate possession of the Tooling, so as to resource production
of component parts used to be manufactured by Plastech.  On Feb.
1, 2008, Chrysler terminated its POs, and other relevant contracts
with the Debtor and demanded that the Debtor deliver immediate
possession of all of the Tooling to Chrysler.  The Debtor did not
comply with Chrysler's request.  Chrysler thus began commencing
actions against the Debtor in the various jurisdictions in which
the Tooling is located, including Canada, seeking appropriate
orders of injunctive relief from the various state courts
permitting Chrysler to immediate possession of the Tooling.

On Feb. 1, 2008, Chrysler obtained an order of possession from
the Wayne County Circuit Court.  The Circuit Court Order required
the Debtor to allow Chrysler immediate and continuing access to
all of its plants at which any of the Tooling was located, so that
Chrysler could immediately take possession of the Tooling.
Chrysler mobilized teams of trucks on the afternoon of Feb. 1, and
sent them to the Debtor's Michigan locations to retrieve Tooling.
As the teams were in the process of entering the Debtor's
facilities, the Debtor filed sought Chapter 11 protection and
advised Chrysler's counsel of that petition.

The ongoing prosecution of the State Court Actions and the
enforcement of the State Court Orders were each stayed by virtue
of the Debtor's Chapter 11 petition, and Chrysler accordingly
notified its teams to stand down and leave the Debtor's premises
without Chrysler's Tooling.

Mr. Hammer avers that the Debtor, now clearly using the automatic
stay as a sword, seeks to delay Chrysler from obtaining the
Tooling, assumingly in hopes of extracting additional financial
accommodations.  The Debtor has discontinued production of the
Parts, having already breached the Supply Agreements, and Chrysler
has no duty or obligation to provide the accommodations, he adds.

Chrysler believes that the Debtor will continue to refuse to
release the Tooling, while at the same time halting production of
the Part, thus creating tremendous jeopardy to Chrysler.

Accordingly, it is necessary that Chrysler receive immediate
relief from the automatic stay, and that the Court order the
Debtor to immediately cooperate with Chrysler in its repossession
of Chrysler's Tooling, Mr. Hammer argues.  He asserts that
immediate relief is required so that Chrysler can gain immediate
possession of the Tooling and begin production with alternate
suppliers, so as to avoid mounting damage claims.

Mr. Hammer explains that Chrysler's damages are existing and
ongoing, as two Chrysler assembly plants have already been forced
to shut down as a result of the Debtor's failure to provide Parts.

Mr. Hammer also notes that the Tooling is, without question, the
sole and exclusive property of Chrysler.  Accordingly, the
automatic stay does not apply, and the Court should order the
Debtor to facilitate delivery of the Tooling to Chrysler, he
asserts.

Even if the automatic stay does apply, "cause" exists to lift the
stay, Mr. Hammer contends.  "Because the Debtor has no ownership
rights in the Tooling one way or the other, by definition, the
Debtor has no equity in the Tooling," he asserts.

If the automatic stay is not terminated so that Chrysler can
complete the process of taking possession of the Tooling,
Chrysler will continue to suffer material damage as additional
assembly plants close, Mr. Hammer avers.  "Such damages will far
outweighing any possible detriment to the Debtor."

                    About Plastech Engineering

Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is full-service automotive supplier
of interior, exterior and underhood components.  It designs and
manufactures blow-molded and injection-molded plastic products
primarily for the automotive industry.  Plastech's products
include automotive interior trim, underhood components, bumper and
other exterior components, and cockpit modules.  Plastech's major
customers are General Motors, Ford Motor Company, and Toyota, as
well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States.  The company's products are
sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services.  The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities of
US$695,000,000.  (Plastech Bankruptcy News, Issue No. 1;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       About Chrysler LLC

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

                          *     *     *

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


DAWN FOODS: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------
Dawn Foods Internacional S.R.L. has requested for reorganization
approval after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Dawn Foods 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 in Buenos Aires.

The debtor can be reached at:

          Dawn Foods Internacional S.R.L.
          Reconquista 458
          Buenos Aires, Argentina


GALERIA DA VINCI: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------------
Galeria Da Vinci S.A.C.I.F.I.A. has requested for reorganization
approval after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Galeria Da Vinci 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 in Buenos Aires.

The debtor can be reached at:

          Galeria Da Vinci S.A.C.I.F.I.A.
          Parana 224
          Buenos Aires, Argentina


LANCI IMPRESORES: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------------
Lanci Impresores S.R.L. has requested for reorganization approval
after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Lanci Impresores 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 in Buenos Aires.

The debtor can be reached at:

          Lanci Impresores S.R.L.
          Mom 2862
          Buenos Aires, Argentina


SANTANDER RIO: Launches Series XLI Gabarino Securitization
----------------------------------------------------------
Banco Santander Rio S.A. has launched its series XLI Garbarino
financial securitization for up to ARS101 million, Business News
Americas reports.

Banco Santander Rio said in a press statement that the
subscription period will end on Feb. 8.

BNamericas relates that the securitization will be issued in three
tranches:

          -- A series, for up to ARS90.6 million with a 12%
             coupon due October 2008;

          -- B, floating rate series for up to ARS3.79 million
             due December 2008; and

          -- C series for up to ARS6.63 million maturing
             July 2010.

According to BNamericas, the B securities has Argentina's Badlar
interest rate -- -- the average interest rate banks pay for
deposits over ARS1 million -- plus 450 basis points.  The interest
rate on the floating rate debt securities will never be higher
than 21% or lower than 16%.

The securitization was backed by consumer loans originated by
household goods retailer Garbarino and technology shop Compumundo,
BNamericas states.

Banco Santander Rio S.A. is headquartered in Buenos Aires,
Argentina.  The bank had ARS$16.2 billion (US$5.3 billion) in
total assets and ARS$12.6 billion (US$4.1 billion) in deposits
as of December 2006.

                        *     *     *

On Nov. 13, 2007, Moody's said that Banco Santander Rio S.A.'s
long term foreign currency deposit rating of Caa1 is limited by
the country ceiling for foreign currency deposits.  Banco
Santander Rio's B2 foreign currency debt program is based on the
bank's Ba1 global local currency deposit rating.


TRAVE SA: Trustee to File Individual Reports on March 12
--------------------------------------------------------
Horacio Alfredo Larrivey, the court-appointed trustee for Trave
S.A.'s bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance in Gualeguaychu, Entre Rios, on March 12, 2008.

Mr. Larrivey verified proofs of claim until Dec. 31, 2007.

A general report that contains an audit of Trave's accounting and
banking records will be submitted in court on
April 25, 2008.

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

The debtor can be reached at:

         Trave S.A.
         Urquiza 1957, Gualeguaychu
         Entre Rios, Argentina

The trustee can be reached at:

         Horacio Alfredo Larrivey
         Santa Fe 107, Gualeguaychu
         Entre Rios, Argentina


TRIAGRO SRL: Proofs of Claim Verification is Until February 18
--------------------------------------------------------------
Javier Alejandro Abdala, the court-appointed trustee for Triagro
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 18, 2008.

Mr. Abdala will present the validated claims in court as
individual reports on April 1, 2008.  The National Commercial
Court of First Instance Parana, Entre Rios, 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 Triagro 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 Triagro's accounting
and banking records will be submitted in court.

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

The debtor can be reached at:

         Triagro S.R.L.
         25 de Mayo 450, Edificio Trigal
         Parana, Entre Rios
         Argentina

The trustee can be reached at:

         Javier Alejandro Abdala
         Avenida Echagae 1007, Parana
         Entre Rios, Argentina


* ARGENTINA: President Projects 10% Annual Economic Growth
----------------------------------------------------------
A 10% yearly economic growth is Argentine President Cristina
Fernandez's priority during her administration, according to Drew
Benson at Dow Jones Newswires.

However, Ms. Fernandez, who said she will do everything possible
to attain that goal, did not provide details as to what the
government plans to do to boost economic growth, Dow Jones
relates.

Citing the National Statistics Institute, Bill Faries of Bloomberg
News relates that Argentina's economy expanded 9.6 percent in
November from a year earlier, breaking the 9.2 percent median
estimate of eight economists surveyed by Bloomberg.

According to Bloomberg News, the pace was a result of increased
consumer spending.

"Consumption is flying in Argentina.  This economy just keeps
moving," Santiago Lopez Alfaro, an economist with Delphos
Investments in Buenos Aires, told Bloomberg News.

Argentina's economy, Bloomberg News says, is in its fifth year of
growth averaging more than 8 percent a year, fueled by domestic
consumption and record international prices for exports like soy
and wheat.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned B+
long-term sovereign local and foreign currency ratings and B
short-term sovereign local and foreign long-term ratings on
Argentina.  Standard & Poor's also placed 4 sovereign foreign
currency recovery rating and a BB transfer and convertibility
assessment rating.   Standard & Poor's rating outlook is stable.



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

HARRAH'S ENTERTAINMENT: Seth Palansky to Lead Sports Division
-------------------------------------------------------------
Harrah's Entertainment Inc. has named Seth Palansky as
Communications Director for the World Series of Poker(R) and the
company's Sports & Entertainment division.  Mr. Palansky, for the
past five years, has overseen corporate communications efforts for
the NFL Network, the league's owned and operated television
channel.

Mr. Palansky will replace Gary Thompson, who was named Director of
Corporate Communications for Harrah's Entertainment.  Mr. Palansky
will assume his new role March 3 and report to Jeffrey Pollack,
Commissioner of the WSOP and Vice President of Sports &
Entertainment for Harrah's.  Mr. Thompson will continue to advise
Pollack and will lead efforts to re-launch the Poker Hall of Fame.

"Seth's extensive sports and entertainment marketing experience
and personal network of global media contacts will serve us well
as we enter a new and exciting period of growth for poker's No. 1
brand," said Mr. Pollack.

"I am looking forward to joining the WSOP team," said
Mr. Palansky.  "There are a lot of exciting things going on at
Harrah's and I can't wait to get started."

As official spokesman for the NFL Network and for the league on
television and media-policy issues, Mr. Palansky reported directly
to NFL President and Chief Executive Officer Steve Bornstein and
NFL Senior Vice President Greg Aiello.  As the first employee of
the NFL Network, Mr. Palansky oversaw the launch of the channel
and was responsible for all corporate communications strategy and
media relations functions pertaining to distribution, marketing,
legal, government affairs, programming, production, talent
relations and sales.

Prior to that, he managed media relations for News Corporation's
cable asset Fox Sports Net, a collection of 15 regional cable
networks that owned the television rights to 67 MLB, NBA and NHL
teams.  Previously, he worked in management positions with various
sports and entertainment public relations firms and as director of
operations for a wholesale clothing company.

Mr. Palansky is the second NFL executive to join the WSOP team. Ty
Stewart, Director of Sponsorship and Licensing for the brand, was
at the NFL for eight years before assuming his current position at
Harrah's.

                  About Harrah's Entertainment

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

                          *     *     *

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



===========
B E L I Z E
===========

CONTINENTAL AIR: Credit Suisse Maintains Firm's Outperform Rating
-----------------------------------------------------------------
Credit Suisse analysts have kept their "outperform" rating on
Continental Airlines Inc's shares, Newratings.com reports.

Newratings.com relates that the target price for Continental
Airlines' shares was increased to US$38 from US$36.

According to Newratings.com, Credit Suisse said in a research note
that Continental Airlines' January traffic and revenues surpassed
expectations.

Credit Suisse told Newratings.com that the increase in the target
price partly indicates favorable industry fundamentals.

Earnings per share estimate for the first quarter of 2008 was
increased to -US$0.10 from -US$0.40 to show lower fuel prices and
inclusion of two fuel surcharges during January.

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,100 daily departures throughout Belize, Mexico, Europe
and Asia, serving 154 domestic and 138 international
destinations including Honduras and Bonaire.  More than 400
additional points are served via SkyTeam alliance airlines.
With more than 44,000 employees, Continental has hubs serving
New York, Houston, Cleveland and Guam, and together with
Continental Express, carries about 69 million passengers per
year.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2007, Fitch Ratings affirmed Continental Airlines Inc.'s
'B-' Issuer Default Rating and 'CCC'/RR6 Senior unsecured debt
rating.  Fitch's Rating Outlook is Stable.

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



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

GLOBAL CROSSING: To Extend IP VPN Network at Superdrug
------------------------------------------------------
Global Crossing Ltd will extend its fully managed Internet
Protocol Virtual Private Network into an additional 200 Superdrug
retail outlets.  The total value of Global Crossing's contract
with the leading UK health and beauty chain is GNP2.3 million over
three years.

Transforming the existing ISDN network, Global Crossing's high
quality IP VPN is designed to improve customer service, reduce
waiting times for in-store transactions and cut operating costs.

The network is VoIP-enabled and handles Superdrug's intranet
traffic -- including logging staff hours and providing stock and
pricing updates -- as well as customers' online credit
authorisations and loyalty cards.  Additionally, the new managed
IP VPN is scalable and will accommodate future growth.

Superdrug previously had a positive experience with Global
Crossing's fully managed IP VPN network linking its administrative
offices and warehouses through a combination of access options
including DSL, E1 and Ethernet.  "As a result, Global Crossing's
fully private network had already proved itself capable of
delivering the combination of speed, cost effectiveness and
security we required," confirmed Superdrug's IT infrastructure
manager, Jamie Duc.

                        Measurable Gains

In order to reduce queues and improve customer service, a key goal
was to reduce credit card processing times by more than half --
from the typical time of 15-20 seconds to seven seconds, which
beats the average for the industry.  "We're currently operating at
less than three seconds per transaction, well ahead of our
objective," confirmed Mr. Duc.  "Reduced response times in
recording staff attendances are similarly well ahead of target."

Another benefit of consolidating services within the new IP VPN
network has been the consistency of charges.  "We now know
precisely what our monthly communication costs will be, making
budgeting much easier and predictable," he said.

"The Superdrug IP VPN installation clearly reflects Global
Crossing's experience and expertise in delivering a managed
network to the retail marketplace," confirmed Anthony Christie,
managing director, EMEA, Global Crossing.  "In particular, it
highlights our ability to provide communications solutions which
meet the sectors demanding time pressures, in a disparate variety
of locations and within typically tight space
constraints."

                          Looking Ahead

The new IP VPN will also form the backbone for future retail
services offered by Superdrug as they become available.  Using the
service provider's managed network, the company also plans to beta
test Global Crossing's forthcoming voice solution which, Superdrug
believes, will potentially deliver significant benefits in reduced
overheads and management costs.

"We've clearly demonstrated to Superdrug that Global Crossing can
deliver a reliable network, enabling them to realise an immediate
reduction in costs," confirmed Mr. Christie.  "We're already
making a significant contribution to Superdrug's improved
profitability, implementing a network that is directly aligned
with its long-term business goals to succeed in a
fiercely competitive retail sector."

Mr. Duc concurred: "With the help of Global Crossing, we're
delivering improved staff productivity and a better in-store
customer experience, by reducing congestion and providing a faster
service.  At the same time, the introduction of Global Crossing's
IP VPN has improved operational efficiency and delivered a direct
return on our investment."

                     About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, and the United Kingdom.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

                         *     *     *

At Sept. 30, 2007, Global Crossing Ltd.'s balance sheet showed
total assets of US$2.6 billion, total debts of US$2.7 billion and
a US$74 million stockholders' deficit.

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Global Crossing Ltd. said in a statement that its
net loss increased 75% to US$89 million in the third quarter
2007, compared to US$51 million in the third quarter 2006.



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

BAUSCH & LOMB: Raymond Elliott & Richard Wallman Joins Board
------------------------------------------------------------
Bausch & Lomb Inc. disclosed that J. Raymond Elliott and Richard
F. Wallman have joined its Board of Directors.

"Our board of directors is helping guide the company into an
extended period of growth," said Gerald M. Ostrov, board chairman
and chief executive officer, Bausch & Lomb.  "Ray and Richard
further enhance the board's expertise in global business expansion
and healthcare markets.  We look forward to benefiting from their
insight and knowledge."

Mr. Elliott served as chairman, president and chief executive
officer of Zimmer Holdings, Inc. from 2001 until his retirement in
2007.  Prior, Mr. Elliott spent almost 30 years in general
management positions in the healthcare, media and consumer
products industries.  He began his career with American Hospital
Supply Corporation, culminating in the role of president of the
Far East divisions in Tokyo, Japan.  Mr. Elliott recently joined
the board of Boston Scientific Corporation.  He holds a B.A.
degree from the University of Western Ontario, Canada.

Mr. Wallman was senior vice president and chief financial officer
of Honeywell International, Inc. from 1995 until his retirement in
2003.  Prior, he was vice president and controller at IBM
Corporation, and held leadership positions at Chrysler Corporation
over the course of 14 years.  He is a director of Ariba,
Convergys, Hayes Lemmerz International, Lear Corporation, and
Roper Industries.  Mr. Wallman holds a B.S. degree in
electrical engineering from Vanderbilt University and an M.B.A.
from the University of Chicago.

Mr. Elliott and Mr. Wallman join board members Joseph P. Landy,
Elizabeth H. Weatherman and Sean D. Carney, all managing directors
of Warburg Pincus LLC, and D. Scott Mackesy, general partner,
Welsh Carson Anderson & Stowe.

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.


BENCHMARK ELECTRONICS: Earns US$21 Million in Fourth Quarter 2007
-----------------------------------------------------------------
Benchmark Electronics Inc. reported sales of US$735 million for
the quarter ended Dec. 31, 2007, compared to US$737 million for
the same quarter in the prior year.  Fourth quarter net income was
US$21 million.  In the comparable period of 2006, net income was
US$28 million.

Excluding restructuring charges, integration costs, amortization
of intangibles and the impact of stock-based compensation costs,
the Company would have reported net income of US$25 million in the
fourth quarter of 2007.  Excluding restructuring charges and the
impact of stock-based compensation costs, the Company would have
reported net income of US$29 million in the fourth quarter of
2006.

Sales for the years ended Dec. 31, 2007 and 2006 were each
US$2.9 billion.  Net income for the year ended Dec. 31, 2007 was
US$93 million.  In the prior year, net income was US$112 million.

Excluding restructuring charges, integration costs, amortization
of intangibles, the impact of stock-based compensation costs and a
discrete tax benefit related to a previously closed facility, the
company would have reported net income of US$98 million in 2007.
Excluding restructuring charges, the impact of stock-based
compensation expense and a tax benefit resulting from the closure
of our UK facility, the company would have reported net income of
US$113 million in 2006.

"In 2007 we achieved several major goals -- we expanded our
customer base, enhanced our manufacturing and engineering
capabilities, completed the integration of recent acquisitions,
and realigned our manufacturing facilities," said Chief Executive
Officer, Cary T. Fu.  "We are delighted to have the heavy lifting
behind us.  We are on an excellent pathway for increased business
from new and existing customers in 2008."

          Fourth Quarter 2007 Financial Highlights

   -- Operating margin for the fourth quarter was 3.0% on a GAAP
      basis and was 3.7%, excluding restructuring charges,
      integration costs, amortization of intangibles and the
      impact of stock-based compensation expense.

   -- Cash flows provided by operating activities for the fourth
      quarter were approximately US$59 million.

   -- Cash and short-term investments balance was US$382 million
      at Dec. 31, 2007.

   -- Total debt outstanding was US$13 million.

   -- Accounts receivable was US$486 million at Dec. 31, 2007;
      calculated days sales outstanding were 60 days.

   -- Inventory was US$362 million at Dec. 31, 2007; inventory
      turns were 7.6 times.

   -- Repurchases of common shares through Feb. 4, 2008, were
      US$74 million.

                          2008 Outlook

For 2008, the company expects top line growth of 5-8% for the year
and earnings per share growth in the range of 15-20%, excluding
amortization of intangibles and the impact of stock-based
compensation expense.

Looking forward, sales for the first quarter of 2008 are expected
to be between US$700 million and US$725 million.

                   About Benchmark Electronics

Based in Angleton, Texas, Benchmark Electronics Inc. (NYSE: BHE) -
- http://www.bench.com/-- manufactures electronics and provides
services to original equipment manufacturers of computers and
related products for business enterprises, medical devices,
industrial control equipment, testing and instrumentation
products, and telecommunications equipment.  The company's global
operations include facilities in The Netherlands, Romania,
Ireland, Brazil, Mexico, Thailand, Singapore, and China.

                         *     *      *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Moody's Investors Service has assigned a Ba2
(LGD-3, 39%) rating to Benchmark Electronics, Inc.'s new 5-year
US$100 million senior secured revolving credit facility due 2012
and affirmed the company's Ba3 corporate family rating.  The
rating outlook is stable.


FORD MOTOR: Toyota & Ford Unaffected By Plastech's Bankruptcy
-------------------------------------------------------------
While Chrysler LLC said that it could close four of its U.S.
plants due to Plastech Engineered Products, Inc. and its debtor-
affiliates' failure to deliver component parts, Ford Motor Co. and
Toyota Motor Corp. said their automotive production won't be
affected by the auto-parts supplier's Chapter 11 filing.

Ford said that Plastech's Chapter 11 filing won't adversely
affect the auto maker's production, The Wall Street Journal
reports.  "We've had no impact," said Mark Fields, Ford's
President of the Americas.  "We anticipate, for the time being,
to be able to continue our production."

"We're not out shopping to take this business elsewhere
at this point," Mr. Fields told WSJ.

According to Reuters, Toyota said it continues to receive parts
from Plastech.  "We have had no interruption in supplies," Mike
Goss said.  "Plastech has told us that they will continue
production and we will monitor the situation closely."

As previously reported, Chrysler terminated its supply contracts
with Plastech.  Chrysler has sought court permission to seize
certain equipment from Plastech's plants, so that it could
transfer production of its parts to an alternate supplier.  It
warned that absent the transfer, it will lose production of
approximately 500 end-item parts, halting the production of its
entire corporate fleet of vehicles.

Plastech's major customers include General Motors, Ford
Motor Company, and Toyota.

                    About Plastech Engineering

Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is full-service automotive supplier
of interior, exterior and underhood components.  It designs and
manufactures blow-molded and injection-molded plastic products
primarily for the automotive industry.  Plastech's products
include automotive interior trim, underhood components, bumper and
other exterior components, and cockpit modules.  Plastech's major
customers are General Motors, Ford Motor Company, and Toyota, as
well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is certified
as a Minority Business Enterprise by the state of Michigan.
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States.  The company's products are
sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The Debtors
chose Jones Day as their special corporate and litigation counsel.
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services.  The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000.  (Plastech Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                        About Ford Motor

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

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

                         *     *     *

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


GOL LINHAS: Offering Travel Insurance With Sul America
------------------------------------------------------
Published reports in Brazil say that Gol Linhas Aereas
Inteligentes S.A. has collaborated with insurer Sul America
Companhia Nacional de Seguros to offer the Servico Assistencia
Premiada insurance to its passengers.

Business News Americas relates that Servico Assistencia provides
several types of personal accident coverage.  The insurance costs
BRL3 during the two first days of travel, and BRL1.5 more for each
extra day.

Sul America's life and pension vice president Renato Russo told
financial daily Jornal do Commercio that the company wants to to
offer a wide-ranging service at a low cost that would be easy and
quick to sign up for.

                       About Sul America

Headquartered in Rio de Janeiro, Brazil, Sul America Companhia
Nacional de Seguros operates in partnership with ING and is
primarily active in the field of life insurance.  Through its
subsidiaries, the company is active across three areas: insurance
and private pension plans, financial services and asset management
and management of medical services.  The company's principal
investments include interests in Sul America Investimentos e
Participacoes S.A., Sul America Seguros de Vida e Previdencia
S.A., Sul America Seguro Saude S.A., Sul America Investimentos e
Distribuidora de Titulos e Valores Mobiliarios S.A., Sul America
Servicos Medicos S.A., Gerling Sul America S.A.-Seguros
Industriais and Brasilveiculos Companhia de Seguros, all of them
wholly owned.  The company forms part of the SulAmerica Group
conglomerate and operates under this brand.

                        About Gol Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch has also affirmed the outstanding
US$200 million perpetual bonds and US$200 million of senior
notes due 2017 at 'BB+' as well as the company's 'AA-' (bra)
national scale rating.  Fitch said the rating outlook is stable.


SEAGATE TECHNOLOGY: Earns US$403 Million in 2007 Second Quarter
---------------------------------------------------------------
Seagate Technology reported net income of US$403.0 million on
revenue of US$3.42 billion for the second quarter ended Dec. 28,
2007, compared with net income of US$140.0 million on revenue of
US$3.00 billion in the same period ended Dec. 29, 2006.

Results for the three months ended Dec. 28, 2007, includes
approximately US$31.0 million of purchased intangibles
amortization and other charges associated with the Maxtor, EVault
and MetaLINCS acquisitions and also a net gain from asset sales of
approximately US$15.0 million.  Excluding these items, non-GAAP
net income was US$419.0 million.  Included in both GAAP and non-
GAAP results are restructuring charges of approximately US$27.0
million.

For the six months ended Dec. 28, 2007, Seagate reported revenue
of US$6.71 billion and net income of US$758.0 million, compared
with revenue of US$5.79 billion and net income of US$159.0 million
in the same period ended Dec. 29, 2006.

Results for the six months ended Dec. 28, 2007, includes
approximately US$61.0 million of purchased intangibles
amortization and other charges associated with the Maxtor, EVault
and MetaLINCs acquisitions and also a net gain from asset sales of
approximately US$15.0 million.  Excluding these items, non-GAAP
net income was US$804.0 million.  Included in both GAAP and non-
GAAP results are restructuring charges of approximately US$32.0
million.

"Seagate's strong financial performance in the quarter reflects
the company's solid business model and expanded product portfolio,
which positioned us well in a favorable industry environment
characterized by seasonal strength across all storage markets and
continued growth in global demand," said Bill Watkins, Seagate
chief executive officer.

"During the quarter, Seagate achieved record shipments and
experienced some capacity constraints, underscoring the phenomenal
growth of digital content in both the consumer and commercial
markets.  Based on unit demand across all categories, we entered
the March quarter in a position of strength.  The storage industry
remains one of the world's most important and exciting industries.
We are confident Seagate's vision, technology, and operational
excellence will drive us to continued strong financial and
operating performance in the March quarter and double-digit year-
over-year growth."

                         Stock Repurchase

During the quarter ended Dec. 28, 2007, the company repurchased
approximately 9.3 million of its common shares related to its
share repurchase plan.  The average price of the shares delivered
to the company in the December quarter was US$27.00.  The company
has authorization to purchase approximately US$474.0 million of
additional shares under the current stock repurchase program and
the company anticipates utilizing the remaining authorization
within the March quarter.

                          Balance Sheet

At Dec. 28, 2007, the company's consolidated balance sheet showed
US$10.61 billion in total assets, US$5.53 billion in total
liabilities, and US$5.08 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 28, 2007, are available for
free at http://researcharchives.com/t/s?27bb

                     About Seagate Technology

Headquartered in Scotts Valley, California, and registered in
Cayman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, Consumer Electronics and
Branded Solutions.  The company has sale office in Brazil.

                        *     *     *

Seagate Technology still carries Standard & Poor's BB+ long-term
foreign issuer credit and long-term local issuer credit ratings.
Outlook is stable.


SPANSION INC: Posts US$49.5 Mil. Net Loss in 2007 Fourth Quarter
----------------------------------------------------------------
Spansion Inc. reported a net loss of US$49.5 million for the
fourth quarter ended Dec. 30, 2007, compared to a net loss of
US$71.6 million in the previous quarter.

For the fourth quarter of 2007, the company reported net sales of
US$652.8 million, an increase of 7.0% compared to net sales of
US$611.1 million in the third quarter of 2007.

For the fourth quarter of 2007 gross margin rose to 20.0% compared
to 18.0% percent in the third quarter of 2007 and sequential
operating loss decreased by US$13.0 million, or 22.0%, to
US$46.2 million.

"The fourth quarter reflected significant operational improvement
as gross margin improved.  The overall pricing environment was
encouraging and the book-to-bill ratio was strong at 1.3," said
Bertrand Cambou, president and chief executvie officer, Spansion
Inc.  "The strategic investment plan for our 300mm, SP1 facility
is on track and we expect to begin recognizing revenue in the
first quarter as we are already qualified at leading customers."

                        Annual Highlights

For the fiscal year ended Dec. 30, 2007, net sales declined 3.0%
to US$2.5 billion from US$2.58 billion in the same time period
last year.

Net loss for fiscal year 2007 was US$263.5 million, compared to a
net loss of US$147.8 million for fiscal year 2006.  Net loss for
fiscal year 2007 includes approximately US$60.0 million in
operating costs related to the strategic investment in SP1, the
company's new 300mm, 65nm, wafer fabrication facility.

                          Balance Sheet

At Dec. 30, 2007, the company's consolidated balance sheet showed
US$3.81 billion in total assets, US$2.18 billion in total
liabilities, and US$1.63 billion in total stockholders' equity.

                       About Spansion Inc.

Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ:
SPSN) -- http://www.spansion.com/-- designs, develops,
manufactures, markets and sells flash memory solutions for
wireless, automotive, networking and consumer electronics
applications.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.

                         *     *     *

To date, Spansion Inc. still carries Moody's 'B3' long term
corporate family rating last placed on Dec. 5, 2005.  Outlook
is Stable.


TAM SA: Board Grants Acquisition of 4 Million Preferred Shares
--------------------------------------------------------------
TAM SA's Board of Directors approved the acquisition of preferred
shares issued by the company to be held in treasury and
subsequently cancelled or transferred, without reducing the
company's capital stock.

The acquisition will respect the limit of up to 4,000,000 (four
million) preferred shares, equivalent to 5.56% of the total of
this class of shares currently in circulation.  The authorization
will remain in effect for a maximum period of 365 days, as of
Jan. 30.

The acquisition operations will be conducted on stock exchanges at
market prices, through the mediation of these institutions:

   a) UBS Pactual Corretora de Titulos e Valores Mobiliarios
      S.A., with head offices at Av. Brigadeiro Faria Lima,
      3.729, 10 degrees andar - part, Sao Paulo - SP, listed on
      the tax rolls under CNPJ no. 43.815.158/0001-22; and

   b) Credit Suisse (Brasil) S.A. CTVM, with head offices at Av.
      Brigadeiro Faria Lima, no. 3.064, 13 degrees andar - part,
      Jardim Paulistano, Sao Paulo - SP.

                         About TAM SA

TAM SA (Bovespa: TAMM4 and NYSE: TAM) -- http://www.tam.com.br/
-- operates regular flights to 47 destinations throughout
Brazil.  It serves 72 different cities in the domestic market
through regional alliances.  Additionally, it maintains code-
share agreements with international airline companies that allow
passengers to travel to a large number of destinations
throughout the world.  TAM was the first Brazilian airline
company to launch a loyalty program.  The program has over 3.3
million subscribers and has awarded more than 3.6 million
tickets.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based airline
TAM S.A.  S&P said the outlook is stable.


UAL CORP: Wants American Moulding Held in Contempt
--------------------------------------------------
American Moulding, by and through Development Specialist Inc.,
has decided to proceed in a California Bankruptcy Court with
discharged litigation against UAL Corporation and its debtor-
affiliates, including United Air Lines, Inc., in violation of
the Bankruptcy Code, the Debtors' Plan of Reorganization and the
Court's order confirming the Debtors' Plan, Micah E. Marcus,
Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, relates.

American Moulding and its counsel's open disavowal of the
Bankruptcy Code, the Plan and the Confirmation Order has caused
the Debtors substantial damages which accrue on a daily basis as
the Debtors expend legal fees preparing for the defense of the
barred claims, Mr. Marcus tells the Court.

Despite actual service of all of the relevant notices by the
Debtors, American Moulding failed to file administrative claims
with respect to any alleged preference liability of the Debtors,
or any claim for that matter, prior to the Plan's administrative
bar date, Mr. Marcus states.

Nevertheless, Mr. Marcus says, American Moulding filed an
adversary case against the Debtors on Oct. 12, 2007, alleging a
right to recover certain payments it made to the Debtors during
the course of the Debtors' bankruptcy.  All of the events on
which American Moulding based its Complaint occurred prior to the
Confirmation date.

Accordingly, the Debtors ask the Hon. Eugene R. Wedoff of the U.S.
Bankruptcy Court for the Northern District of Illinois, overseeing
the Debtors' chapter 11 case filed in 2002, to:

   -- hold in contempt of Court, American Moulding and any
      counsel who assisted it in proceeding with the discharged
      litigation against the Debtors; and

   -- require American Moulding and its counsel to reimburse the
      Debtors for all costs and expenses associated with
      defending against American Moulding's case.

                        About UAL Corp.

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

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News, Issue No. 152
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).

                         *     *     *

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


UAL CORPORATION: Court Allows Illinois IRS' US$256,562 Tax Claim
----------------------------------------------------------------
United Airlines Inc. and the Illinois Department of Revenue
have agreed to resolve their dispute on the Department's request
for the allowance of its administrative expense against United.

With the approval from U.S. Bankruptcy Court for the Northern
District of Illinois, the parties agree that the Department's
administrative expense priority claim for sales and use taxes
against United, be allowed for US$256,562, plus related penalties
and interest.

The Department will not assert any further administrative
expenses for sales and use taxes against United.

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

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News, Issue No. 152
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).

                         *     *     *

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


UAL CORP: Resolves IAA Claims Through US$1 Million Sale of Stock
----------------------------------------------------------------
The Indianapolis Airport Authority and The Bank of New York Trust
Company, N.A., as trustee for a US$220,705,000 Indianapolis
Airport Authority 6.5% Special Facility Revenue Bonds, Series
1995A, previously asserted Claim Nos. 45035, 45036 and 45037
against United Air Lines Inc., in United's Chapter 11 proceedings.

The IAA Claims assert that United has obligations to the IAA or
the Indenture Trustee based on:

   (i) certain alleged obligations relating to the
       US$220,705,000 Indianapolis Airport Authority 6.5%
       Special Facility Revenue Bonds, Series 1995A; and

  (ii) alleged obligations relating to alleged "missing
       property" of the IAA, certain obligations to perform
       certain preventative maintenance and repairs, and
       obligations to maintain the premises in a suitable
       condition.

The IAA and Indenture Trustee have alleged that the IAA Claims
should be granted administrative priority status in United's
bankruptcy proceedings.

Consequently, United objected to the IAA Claims on various
grounds, and has asserted, inter alia, that the IAA Claims should
be disallowed.

After significant discovery and litigation on the IAA Claims, the
U.S. Bankruptcy Court for the Northern District of Illinois stayed
further litigation in late 2005, pending a ruling from the United
States Court of Appeals for the Seventh Circuit on United's appeal
of an order issued by the Court.  The order held that certain bond
interest obligations under an agreement between United and Denver
International Airport were lease obligations and not merely
prepetition unsecured claims.

To resolve their dispute the parties entered into a stipulation,
which provides that, United will pay to the Indenture Trustee, in
full and final satisfaction of United's obligations to both the
IAA and the Indenture Trustee on account of the Bond Rent Claims
and the Non-Rent Claims, a cash payment for US$1,000,000.

United will sell shares of New UAL common stock to generate
US$1,375,000 in cash.  As soon as reasonably practicable, United
will distribute the Stock Proceeds, less the fees and costs
incurred by United in connection with the Stock Sale, to the
Indenture Trustee.

United will pay the Cash Payment within 10 days after the
Settlement Order becomes a final order.

The Settlement Consideration will be paid by, or on behalf of
United to the Indenture Trustee, and the Indenture Trustee will
then distribute the Settlement Consideration to holders of the
Bonds pursuant to the terms and conditions of the indenture that
relates to the Bonds.

The Trustee will be permitted to set a special record date for
purposes of making distributions.

The Indenture Trustee may terminate the Stipulation on notice to
United and IAA, at any time prior to conclusion of the hearing on
the Stipulation, if the Indenture Trustee receives objections to
the Stipulation from holders of a majority in principal amount of
the Bonds.  The Stipulation will be deemed null and void if
terminated.

                         About UAL Corp.

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

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News, Issue No. 152
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).

                         *     *     *

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


WEIGHT WATCHERS: Inks Joint Venture with Groupe DANONE for China
----------------------------------------------------------------
Weight Watchers International Inc.and Groupe DANONE have signed a
joint venture agreement to establish a weight management business
in the People's Republic of China based on the successful Weight
Watchers approach to weight loss.  The joint venture, 51% owned by
Weight Watchers International and 49% owned by Groupe DANONE,
combines Weight Watchers' unrivalled expertise, experience and
know-how as the world's leading provider of weight management
services with Groupe DANONE's world-class expertise in healthy
consumer products and extensive knowledge of the China marketplace
and the Chinese consumer.

"We are excited to partner with Groupe DANONE for the expansion of
our weight management approach into the Chinese marketplace.  This
new joint venture will facilitate and drive Weight Watchers entry
into one of the world's key markets, leveraging the unique
strengths of each company," said Weight Watchers International
President and Chief Executive Officer, David Kirchhoff.  "We
believe that Groupe DANONE is the ideal partner for Weight
Watchers with its experience in China, its knowledge of Chinese
consumers and its mission to bring healthy food to the world's
population."

Groupe DANONE Vice President of the Board, Jacques Vincent added:
"For Groupe DANONE in China, this joint venture is completely
consistent with the commitment of Danone to bring to the Chinese
consumers products and solutions with a positive impact on their
health.  This joint venture will offer to Chinese consumers a
world famous approach dedicated to eating right and healthy
living."

The new joint venture is expected to commence retail operations in
China within the next year.

                       About Groupe DANONE

Groupe DANONE (Euronext Paris: BN) is a Fortune 500 company and
one of the most successful healthy food companies in the world.
Its mission is to bring health through tasty, nutritious and
affordable food and beverage products to as many people as
possible.  Groupe DANONE with 200 plants and 88,000 employees has
a presence in all five continents and over 120 countries.  In
2006, the group recorded 14 billion euros sales.  In 2007, the
group acquired Numico, and reinforced its leading positions in
healthy food in four business lines: fresh dairy products, waters,
baby food, and medical nutrition.

               About Weight Watchers International Inc.

Headquartered in New York City, Weight Watchers International Inc.
(NYSE: WTW) -- http://www.weightwatchersinternational.com/--
provides weight management services, with a presence in 30
countries around the world, including programs in Brazil, the
Netherlands, and New Zealand.  The company serves its customers
through Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2007, Weight Watchers International Inc.'s consolidated
balance sheet at June 30, 2007, showed US$1.04 billion in total
assets and US$2.04 billion in total liabilities, resulting in a
US$991,266 total stockholders' deficit.

In August 2001, Moody's Investor Services placed Weight Watchers
International Inc.'s long-term corporate family and bank loan debt
ratings at "Ba1".  These ratings hold to date.



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

ACM HIGH: Proofs of Claim Filing Deadline is February 21
--------------------------------------------------------
ACM High Grade Strategy Fund's  creditors are given until
Feb. 21, 2008, to prove their claims to Linburgh Martin and
John Sutlic, 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.

ACM High'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:

   Linburgh Martin and John Sutlic
   Attn: Kim Charaman
   Close Brothers (Cayman) Limited
   Fourth Floor, Harbour Place
   P.O. Box 1034, Grand Cayman KY1-1102
   Telephone: (345) 949 8455
   Fax:       (345) 949 8499


ACM BERNSTEIN: Proofs of Claim Filing Is Until February 21
----------------------------------------------------------
ACM Bernstein Absolute Return Credit Strategy Fund's creditors are
given until Feb. 21, 2008, to prove their claims to Linburgh
Martin and John Sutlic, 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.

ACM Bernstein'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:

          Linburgh Martin and John Sutlic
          Attn: Kim Charaman
          Close Brothers (Cayman) Limited
          Fourth Floor Harbor Place
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Fax: (345) 949 8499


ACM STRATEGIC: Last Day to File Proofs of Claim is February 21
--------------------------------------------------------------
ACM Strategic High Grade Fund's creditors are given until
Feb. 21, 2008, to prove their claims to Linburgh Martin and
John Sutlic, 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.

ACM Strategic'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:

   Linburgh Martin and John Sutlic
   Attn: Kim Charaman
   Close Brothers (Cayman) Limited
   Fourth Floor, Harbour Place
   P.O. Box 1034, Grand Cayman KY1-1102
   Telephone: (345) 949 8455
   Fax:       (345) 949 8499


AMARETE LIMITED: Proofs of Claim Filing Deadline Is February 18
---------------------------------------------------------------
Amarete Limited's creditors are given until Feb. 18, 2008, to
prove their claims to K. Beighton and K.D. Blake, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Amarete's shareholders agreed on Jan. 15, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          K. Beighton and K.D. Blake
          KPMG
          Attn: Bekilizwe Dube
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4464 / 345-949-4800
          Fax: 345-949-7164


BERNSTEIN OFFSHORE: Proofs of Claim Filing Ends on February 21
--------------------------------------------------------------
Bernstein Offshore Fund SPC's creditors are given until
Feb. 21, 2008, to prove their claims to Linburgh Martin and John
Sutlic, 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.

Bernstein Offshore'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:

          Linburgh Martin and John Sutlic
          Attn: Kim Charaman
          Close Brothers (Cayman) Limited
          Fourth Floor Harbor Place
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Fax: (345) 949 8499


CLOUDVIEW OFFSHORE: Proofs of Claim Filing Is Until February 21
---------------------------------------------------------------
Cloudview Offshore Fund's creditors are given until
Feb. 21, 2008, to prove their claims to Geoffrey Varga and Bill
Cleghorn, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Cloudview Offshore's shareholder decided on Dec. 11, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Geoffrey Varga and William Cleghorn
          Attn: Bernadette Bailey-Lewis
          Kinetic Partners Cayman LLP
          Harbor Center
          P.O. Box 10387APO
          Grand Cayman, Cayman Islands
          Telephone: (345) 623 9903
          Fax: (345) 623 0007


GLEACHER EQUITY: Sets Final Shareholders Meeting for February 18
----------------------------------------------------------------
Gleacher Equity Opportunity Fund Ltd. will hold its final
shareholders meeting on Feb. 18, 2008, at 10:00 a.m. at 60 Arch
Street, Greenwich, Connecticut, USA.

These agendas will be taken during the meeting:

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

Gleacher Equity's shareholders decided on Jan. 9, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Walkers
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9001
          Cayman Islands


HH DISTRIBUTION: Proofs of Claim Filing Deadline Is February 21
---------------------------------------------------------------
HH Distribution Inc.'s creditors are given until Feb. 21, 2008, to
prove their claims to David M.L. Roberts and Jonathan Nicholson,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

HH Distribution's shareholders agreed 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:

          David M.L. Roberts and Jonathan Nicholson
          P.O. Box 1569
          Grand Cayman KY1-1110, Cayman Islands
          Telephone: 345 949 4018
          Fax: 345 949 7891


INTERNATIONAL MERCANTILE: Proofs of Claim Filing Ends on Feb. 20
----------------------------------------------------------------
International Mercantile Bureau Limited's creditors are given
until Feb. 20, 2008, to prove their claims to Whitney Fearnhead,
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.

International Mercantile's shareholder decided on Dec. 17, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Whitney Fearnhead
          c/o Maples and Calder
          Attorneys-at-law
          P.O. Box 309, George Town
          Ugland House, South Church Street
          George Town, Grand Cayman
          Cayman Islands


MARCO POLO: Last Day to File Proofs of Claim is February 21
-----------------------------------------------------------
Marco Polo Hotels International Limited's creditors are given
until Feb. 21, 2008, to prove their claims to Kevin Chung Ying,
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.

Marco Polo's shareholder decided on Dec. 28, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

   Kevin Chung Ying Hui
   16th Floor, Ocean Centre
   Harbour City, Canton Road
   Kowloon, Hong Kong
   Tel: 1 345 949 2648
   Fax: 1 345 949 8613


MARKET NEUTRAL: Proofs of Claim Filing Deadline is Feb. 21
----------------------------------------------------------
Market Neutral Equity Strategy Sub-Fund's creditors are given
until Feb. 21, 2007, to prove their claims to Linburgh Martin
and John Sutlic, 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.

Market Neutral'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:

   Linburgh Martin and John Sutlic
   Attn: Kim Charaman
   Close Brothers (Cayman) Limited
   Fourth Floor, Harbour Place
   P.O. Box 1034, Grand Cayman KY1-1102
   Telephone: (345) 949 8455
   Fax:       (345) 949 8499


MERCURIUS INT'L: Proofs of Claim Filing Deadline Is February 18
---------------------------------------------------------------
Mercurius International Fund Limited's creditors are given until
Feb. 18, 2008, to prove their claims to David Walker and Lawrence
Edwards, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Mercurius International's shareholder decided on Jan. 11, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          David Walker and Lawrence Edwards
          PricewaterhouseCoopers
          Attn: Jyoti Choi
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 914 8657
          Fax: +1 (345) 945 4237


MONACH LIMITED: Proofs of Claim Filing Is Until February 21
-----------------------------------------------------------
Monach Limited's creditors are given until Feb. 21, 2008, to prove
their claims to David M.L. Roberts and P.N.A. Mosely, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Monach's shareholder decided on Dec. 18, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          David M.L. Roberts and P.N.A. Mosely
          Cayman Management Ltd.
          P.O. Box 1569
          Ground Floor Harbor Center
          George Town, KY1-1110, Grand Cayman
          Cayman Islands
          Telephone: (345) 949 4018
          Fax: (345) 949 7891


NAICO INDEMNITY: Proofs of Claim Filing Ends on February 18
-----------------------------------------------------------
Naico Indemnity (Cayman) Ltd.'s creditors are given until
Feb. 18, 2008, to prove their claims to Chandler (USA) Inc., 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.

Naico Indemnity's shareholder decided on Dec. 21, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Chandler (USA) Inc.
          c/o Chandler Insurance Management Ltd.
          P.O. Box 1854, Waterfront Center
          North Church Street, Grand Cayman KY1-1110
          Cayman Islands


UBS PACTUAL: Proofs of Claim Filing Deadline Is February 18
-----------------------------------------------------------
UBS Pactual High Income Fund, Ltd.'s creditors are given until
Feb. 18, 2008, to prove their claims to Carolina Tepedino and Iuri
Rapoport, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

UBS Pactual's shareholder decided on Jan. 7, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          Carolina Tepedino and Iuri Rapoport
          c/o Banco UBS Pactual S.A.
          Av. Brigadeiro Faria Lima 3.729 - 9th Floor
          Sao Paulo, SP, 04538-133, Brazil

Contact for inquiries:

          OGIER
          Attn: Susan Taylor
          Queensgate House
          South Church Street, P.O. Box 1234
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (345) 949 9876
          Fax: (345) 949 1986


UBS PACTUAL: Last Day to File Proofs of Claim is February 21
------------------------------------------------------------
UBS Pactual Orbit Debt Fund, Ltd.'s  creditors are given until
Feb. 21, 2008, to prove their claims to Iuri Rapoport and
Carolina Tepedino, 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.

UBS Pactual's shareholder decided on Jan. 7, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

   Iuri Rapoport and Carolina Tepedino
   Banco UBS Pactual S.A.
   Praia de Botafogo, 501
   5th Floor, Torre Corcovado
   Rio de Janeiro, RJ 2250-040
   Brazil



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

ELECTRONIC DATA: To Pay US$0.05 Per Share Dividend on March 10
--------------------------------------------------------------
The Electronic Data System Corp. Board of Directors has declared a
dividend on the common stock of US$0.05 per share, payable March
10, 2008, to shareholders of record as of the close of business
Feb. 20, 2008.

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS) --
http://www.eds.com/-- is a global technology services company
delivering business solutions to its clients.  The company founded
the information technology outsourcing industry more than 40 years
ago.  The company delivers a broad portfolio of information
technology and business process outsourcing services to clients in
the manufacturing, financial services, healthcare, communications,
energy, transportation, and consumer and retail industries and to
governments around the world.  The company has locations in
Argentina, Australia, Brazil, China, Chile, Hong Kong, India,
Japan, Malaysia, Mexico, Puerto Rico, Singapore, Taiwan, Thailand
and South Korea.

                        *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


FREEPORT-MCMORAN: Unit Pays Government IDR17 Trillion in 2007
-------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc.'s Indonesian unit PT Freeport
Indonesia paid a total of IDR17 trillion (US$1.8 billion) to the
Indonesian government in 2007, Antara News reports.

The company said that their obligations to the Indonesian
government consisted of corporate income tax, employee income tax,
regional tax and other kinds of taxes totaling US$1.4 billion.
The company will also pay royalties of US$164 million and
dividends of UD$216 million.

According to the report, the 2007 contribution to government was
bigger than the US$1.6 billion in 2006, due to fluctuations in
commodity prices and the output of the company whose mines are
located in Mimika district, Papua.

In the period 2002-2007, the report recounts, the company paid the
Indonesian government a total of US$6.9 billion dollars in
corporate income tax, employee income tax and regional tax,
US$5.5 billion in other taxes, 731 US$US dollars in royalties and
US$654 million in dividends.

The company obtained the right to mine gold and copper in Mimika
district for another 40 years under its phase II work contract
signed with the government in 1991, the report adds.

                      About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service revised Freeport-McMoRan
Copper & Gold Inc.'s outlook to positive and affirmed all of its
other ratings.  The ratings reflect the overall probability of
default of Freeport, to which Moody's assigns a PDR of Ba2.

The affirmed ratings include the company's Ba2 Corporate Family
Rating and Ba2 Probability of Default Rating.


SCIENTIFIC GAMES: Inks Ticket Manufacturing Deal With China Sports
------------------------------------------------------------------
Scientific Games has signed a contract for the manufacturing of
instant tickets with China Sports Lottery Printing, Ltd. (CSLP),
in the People's Republic of China.

Through one of the company's joint ventures in China, Scientific
Games will establish, working together with the CSLP, a state of
the art instant ticket manufacturing facility at an existing CSLP
location as soon as the press can be manufactured and delivered.
This facility will be operated by the joint venture for a 15-year
period.  Revenues to Scientific Games will be based on a
percentage of sales.

Scientific Games Chairperson and Chief Executive Officer, Lorne
Weil stated, "We are honored and excited at the opportunity to
work with the CSL and its affiliate CSLP to help build a state-of-
the art instant ticket printing facility in China.  This project
will facilitate the growth of CSL's instant ticket lottery and
enable it to become a world leader."

                     About Scientific Games

Headquartered in New York City, Scientific Games Corporation
(Nasdaq: SGMS) - http://www.scientificgames.com/-- is an
integrated supplier of instant tickets, systems and services to
lotteries worldwide.  The company is a supplier of fixed odds
betting terminals and systems, amusement and skill with prize
betting terminals, interactive sports betting terminals and
systems, and wagering systems and services to pari-mutuel
operators.  It is also a licensed pari-mutuel gaming operator in
Connecticut, Maine and the Netherlands and is a supplier of
prepaid phone cards to telephone companies.  Scientific Games'
customers are in the United States and more than 60 other
countries.  The company has additional productions and operating
facilities located in Austria, Chile and the United Kingdom.

                         *     *     *

Moody's Investor Services placed Scientific Games Corporation's
probability of default rating at 'Ba2' in September 2006.  The
rating still hold to date with a stable outlook.



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

BANCOLOMBIA SA: C. R. Lopez to Fill Newly Created VP Position
-------------------------------------------------------------
At a meeting held on Feb. 4, 2008, Bancolombia S.A. Board of
Directors created a new vice-presidency position that will be
managing the bank's treasury products and the investment
portfolio.  This new position will be named Vice President of
Treasury.  The Board designated Carlos Alberto Rodriguez Lopez to
fill this position.  Mr. Rodriguez Lopez will become a
representative of the bank once he is authorized by the
Superintendency of Finance.

Mr. Rodriguez Lopez holds undergraduate and postgraduate degrees
in economics from Universidad de los Andes and an MBA from Insead
(France).  Among other positions, he has been Director of the
Market Transactions Department of the Colombian Central Bank,
General Manager of Public Credit and National Treasury, Vice
President of Development of the Colombian Stock Exchange, and
Manager of Corporate Finance at Interconexion Electrica S.A.  He
has also been professor at Universidad de los Andes.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.  Bancolombia
is the only Colombian company with an ADR level III program in the
New York Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency deposit
ratings and Ba1 long-term foreign currency subordinated bond
rating for Bancolombia, S.A.


BANCOLOMBIA SA: Increasing Dividend by 6.77% to COP142 per Share
----------------------------------------------------------------
Bancolombia will seek its shareholders approval on March 10 to
increase its dividend by 6.77% to COP142 per share and per
quarter, compared to the dividends paid last year, Business News
Americas reports.

According to Bancolombia's press statement, the new dividend will
be  COP586 per year.  It will be payable from the first business
day of each calendar quarter:

          -- April 1, 2008;
          -- July 1, 2008;
          -- Oct. 1, 2008; and
          -- Jan. 2, 2009.

Bancolombia's board will also propose allotting COP370 billion to
boost the legal reserve and fund its growth plan this year,
BNamericas states.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings downgraded Bancolombia's Individual
rating to 'C/D' from 'C', Local currency long-term IDR to 'BB+'
from 'BBB-' and Local currency short-term rating to 'B' from 'F3'.
Fitch's rating outlook is stable.


ECOPETROL: To Produce 425,000 Barrels of Oil Equivalent Daily
-------------------------------------------------------------
Colombian state-run oil firm Ecopetrol's head Javier Gutierrez
told Business News Americas that the company will produce about
425,000 barrels of oil equivalent per day in 2008.

Ecopetrol produced an average of 399,000 barrels of oil equivalent
per day last year, BNamericas says, citing Mr. Gutierrez.

Mr. Gutierrez told BNamericas that Ecopetrol will invest US$3.8
billion this year, drawing from its own resources.

Ecopetrol wants its production to reach 550,000 barrels of oil
equivalent per day by 2011, BNamericas states.

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

                         *     *     *

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


ECOPETROL: To Drill First Cano Sur Well with Royal Dutch Shell
--------------------------------------------------------------
Colombian state-owned oil firm Ecopetrol will drill ts first well
in the Cano Sur block with the Royal Dutch Shell in 10 days,
Business News Americas reports, citing a project official.

As reported in the Troubled Company Reporter-Latin America on
Jul. 19, 2007, Ecopetrol said that it signed a contract with Royal
Dutch Shell for the joint exploration of the Cano Sur block in
Llanos Orientales.  The 653,662-hectare Cano Sur is in the
southeast of the Villavicencio city.  State hydrocarbons regulator
Agencia Nacional de
Hidrocarburos ratified the contract.  Ecopetrol and Shell will
each have a 50% stake in Cano Sur.

Ecopetrol will operate Cano Sur during the exploratory stage,
BNamericas states.

                       About Royal Dutch

Royal Dutch Shell plc is engaged in all principal aspects of the
oil and natural gas industry, and also has interests in chemicals
and additional interests in power generation and renewable energy
(mainly in wind and advanced solar energy).  The company operates
in five segments: Exploration & Production, which searches for and
recovers oil and natural gas around the world and is active in 38
countries; Gas & Power, which liquefies and transports natural
gas, and develops natural gas markets and related infrastructure;
Oil Products, which include all of the activities necessary to
transform crude oil into petroleum products and deliver these to
customers worldwide; Chemicals, which produces and sells
petrochemicals to industrial customers globally, and Other
Industry Segments and Corporate, which include Renewables and
Hydrogen.  In May 2007, Rubis acquired the German liquefied
petroleum gas distribution subsidiary from Shell.

                        About Ecopetrol

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

                         *     *     *

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


SOLUTIA INC: To Pay DTE US$773,364 to Cure PrePetition Default
--------------------------------------------------------------
Solutia Inc., and Detroit Edison Company, doing business as DTE
Energy, are parties to:

    -- an energy purchase agreement for the sale and supply of
       electric power, as amended;

    -- a general service water agreement; and

    -- an amended and restated steam services agreement.

Solutia is seeking to assume the DTE Contracts with a proposed
cure amount of US$327,917.  DTE objected to Solutia's assumption
of the contracts and asserted that US$773,364 was the prepetition
amount due and owing by Solutia under the DTE Contracts.

The parties have agreed that Solutia will pay US$773,364 to cure
any and all remaining prepetition defaults under the DTE
Contracts.  Upon approval from the U.S. Bankruptcy Court for the
Southern District of New York of the Stipulation, DTE's
Objection will be deemed withdrawn, with prejudice, without any
further action from the parties.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22, 2007,
the Debtor re-filed a Consensual Plan & Disclosure Statement and
on Nov. 29, 2007, the Court confirmed the Debtors' Consensual
Plan.  (Solutia Bankruptcy News, Issue No. 116; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          *     *     *

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

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


SOLUTIA INC: Aims to Assume Wal-Mart Deals Under Terms of Plan
--------------------------------------------------------------
Solutia Inc. and its debtor-affiliates intend to assume certain
executory contracts with Wal-Mart Stores Inc., pursuant to the
terms of the Debtors' confirmed Fifth Amended Joint Plan of
Reorganization.

In the ordinary course of operating under the Wal-Mart Contracts,
Wal-Mart may be entitled to take credits or contractual
adjustments for defective products, rebates or other
contractually permitted items that are currently unknown or that
will accrue after the date of the Debtors' assumption of the Wal-
Mart Contracts.

The parties have agreed that notwithstanding the proposed cure
amounts of the contracts, Wal-Mart and its subsidiaries and
affiliates are allowed to assert in the ordinary course any
chargebacks that are currently unknown or that will accrue after
the Assumption Date pursuant to the terms of the Wal-Mart
Contracts without regard to the date on which Wal-Mart or its
subsidiary or affiliate purchased the product giving rise to the
Chargeback.

Nothing in the Stipulation constitutes a waiver of the Debtors'
rights to dispute any Chargeback for reasons other than that the
claims were not made before the Assumption Date.

                          About Wal-Mart

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22, 2007,
the Debtor re-filed a Consensual Plan & Disclosure Statement and
on Nov. 29, 2007, the Court confirmed the Debtors' Consensual
Plan.  (Solutia Bankruptcy News, Issue No. 116; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          *     *     *

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

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


SOLUTIA INC: Wants to Hire Quinn Emanuel as Conflicts Counsel
-------------------------------------------------------------
Solutia Inc., and its Debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to employ
Quinn Emanuel Urquhart Oliver & Hedges LLP, as their special
litigation and conflicts counsel for matters arising in or related
to the Debtors' Chapter 11 cases, nunc pro tunc to Jan. 22, 2008.

According to Rosemary L. Klein, general counsel of Solutia and an
authorized officer of each of the other Debtors, because of Quinn
Emanuel's experience in matters concerning complex bankruptcy and
commercial litigation, the firm is well-suited to deal effectively
with many of the potential legal issues that may arise in the
Debtors' Chapter 11 cases.

Ms. Klein tells the Court that attorneys at Quinn Emanuel have
served as counsel to the debtors, trustees or creditors
committees in numerous bankruptcy cases, including American Home
Mortgage Holdings Inc., Enron, Fruit of the Loom, K-Mart and
Parmalat.

As special counsel, Quinn Emanuel will:

   (a) advise the Debtors regarding their ability to initiate
       actions to protect their rights under certain Oct. 25,
       2007 Commitment Letter -- with respect to Solutia's exit
       financing -- and related documents and enforce the
       Commitment Parties' legally binding commitments for the
       benefit of their estates;

   (b) advise the Debtors regarding their ability to initiate
       actions to protect their rights as against the Debtors'
       postpetition lenders; and

   (c) commence and conduct any and all litigation necessary or
       appropriate to assert rights held by the Debtors, protect
       assets of the Debtors' Chapter 11 estates or otherwise
       further the goal of completing the Debtors' successful
       reorganization.

The Debtors will pay Quinn Emanuel in accordance with its
standard hourly rates and reimburse the firm of actual and
necessary expenses.  The firm informs the Court that its rates
are subject to period adjustment to reflect economic and other
conditions.  The firm's current hourly rates are:

              Partners               US$660 - US$950
              Other Attorneys        US$380 - US$950
              Legal Assistants       US$250 - US$280

Susheel Kirpalani, Esq., a member of Quinn Emanuel, relates that
the firm is not currently representing any of the creditors listed
on the Debtors' 50 largest unsecured creditors list on any matters
relating to the Debtors.  He continues that the firm has
represented, currently represents and will continue to represent
entities that are claimants of, or interest holders in the
Debtors, in matters completely unrelated to the Debtors or their
Chapter 11 cases.

Mr. Kirpalani discloses that Quinn Emanuel has represented, or
represents, these entities:

    -- Deutsche Bank Securities Inc.:  The firm represents
       Deutsche Bank in another bankruptcy case.  Deutsche Bank
       waived any potential conflict of interest that might
       arise from Quinn Emanuel's commencement of litigation
       against Deutsche Bank in unrelated matters; and

    -- Teachers Insurance and Annuity Association of America:
       TIAA became the beneficial owner of an unsecured claim
       against Solutia.  Following a Court-approved settlement
       with Solutia in 2005, TIAA became the holder of an
       allowed unsecured claim.  Quinn Emanuel's representation
       of TIAA ceased upon approval of the settlement.

Quinn Emanuel has not, does not, and will not represent any
entities or any of their respective affiliates or subsidiaries,
in matters related to the Debtors, their Chapter 11 cases, or
other matters directly adverse to the Debtors during the pendency
of their cases, Mr. Kirpalani assures the Court.

Mr. Kirpalani asserts that the firm is a disinterested person, as
the term is defined by Section 101(14) of the Bankruptcy Code.

                        About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22, 2007,
the Debtor re-filed a Consensual Plan & Disclosure Statement and
on Nov. 29, 2007, the Court confirmed the Debtors' Consensual
Plan.  (Solutia Bankruptcy News, Issue No. 116; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          *     *     *

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

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



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

SIRVA INC: Commences Prepackaged Chapter 11 Case to Pare Debt
-------------------------------------------------------------
SIRVA Inc. has reached an agreement with its lenders to
restructure its senior secured debt through a voluntary,
pre-packaged Chapter 11 Reogranization, which will allow it to
finalize the restructuring of its debt while continuing to operate
its business and serve its customers.  SIRVA's operations outside
of the U.S. are not part of the Chapter 11 filing.

SIRVA said it is taking this action to free up its operations from
a heavy debt service burden and to strengthen its balance sheet so
that it is better positioned to weather the continuing weak U.S.
housing market.  The restructuring is embodied in a plan of
reorganization which received overwhelming support from the
company's lenders.

The plan will reduce SIRVA's outstanding bank debt by
approximately US$200 million and annual cash interest expense by
approximately US$54 million.  As a result of the plan, the
outstanding capital stock of the company will be canceled upon
consummation of the restructuring.

"SIRVA undertook a comprehensive strategic review to evaluate all
the options for restructuring our balance sheet and, after careful
consideration, determined that a pre-packaged Chapter 11 filing
provided the most efficient way forward for the company," said
Robert W. Tieken, chief executive officer.  "We believe this
approach is in the best interest of our employees, customers,
agents and suppliers because it reduces the excessive amount of
interest expense we had to pay, allowing us to dedicate more of
our capital to our business operations."

The company emphasized the Chapter 11 filing will not impact day-
to-day operations for employees, customers, agents, suppliers and
general business operations in the U.S. SIRVA has sought, and
expects to receive, authority to continue to operate on a normal
basis during the in-court restructuring, which it expects to
complete in 60 to 90 days.

These "first-day motions" would ensure that employee pay and
benefits are fully protected, all current and future obligations
to its customers and agents are fulfilled, and suppliers will be
paid in full.  Furthermore, as part of its agreement with its
lenders, SIRVA will provide a full recovery to the vast majority
of its general unsecured creditors.

             SIRVA Arranges US$150-Mil. DIP Financing

To supplement its liquidity position, the company has arranged
for debtor-in-possession financing, with an initial commitment of
US$150 million, from members of its current lender group.  The DIP
financing will convert into a US$215 million senior secured credit
facility upon emergence, US$130 million of which will be available
for revolver borrowings and letters of credit.

"Our financing commitment provides additional reassurance to
employees, customers, agents and suppliers that we can meet all of
our ongoing commitments," Mr. Tieken said.

"The ability to come to a consensual debt-for-equity agreement
with our lenders demonstrates our lenders' belief in SIRVA's
business model and their long-term faith in the company,"
continued Mr. Tieken.  "When our financial restructuring efforts
are complete, we will be in a better position to serve our
customers and capitalize on new opportunities within the global
relocation landscape."

The company and its domestic subsidiaries filed their voluntary
Chapter 11 petitions in U.S. Bankruptcy Court for the Southern
District of New York.  The main case has been assigned case number
08-10375.

                         About SIRVA Inc.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK)  -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base.  The
company handles all aspects of relocation, including home purchase
and home sale services, household goods moving, mortgage services
and home closing and settlement services.  SIRVA conducts more
than 300,000 relocations per year, transferring corporate and
government employees along with individual consumers.  SIRVA's
brands include Allied, Allied International, Allied Pickfords,
Allied Special Products, DJK Residential, Global, northAmerican,
northAmerican International, Pickfords, SIRVA Mortgage, SIRVA
Relocation and SIRVA Settlement.  The company has operations in
Costa Rica.


SIRVA INC: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------
Lead Debtor: SIRVA, Inc.
             700 Oakmont Lane
             Westmont, IL 60559

Bankruptcy Case No.: 08-10433

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        D.J.K. Residential, L.L.C.                 08-10375
        A Five Star Forwarding, Inc.               08-10376
        A Relocation Solutions Management Co.      08-10377
        A Three Rivers Forwarding, Inc.            08-10378
        Allied Freight Forwarding, Inc.            08-10379
        A.V.L. Transportation, Inc.                08-10380
        Alaska U.S.A. Van Lines, Inc.              08-10381
        Allied Alliance Forwarding, Inc.           08-10382
        Allied Continental Forwarding, Inc.        08-10383
        Allied Domestic Forwarding, Inc.           08-10384
        Allied Intermodal Forwarding, Inc.         08-10385
        Allied International N.A., Inc.            08-10386
        Allied Interstate Transportation, Inc.     08-10387
        Allied Transcontinental Forwarding, Inc.   08-10388
        Allied Transportation Forwarding, Inc.     08-10389
        Allied Van Lines Terminal Co.              08-10390
        Allied Van Lines, Inc.                     08-10391
        Allied Van Lines, Inc. of Indiana          08-10392
        Americas Quality Van Lines, Inc.           08-10393
        Anaheim Moving Systems, Inc.               08-10394
        Cartwright Moving & Storage Co., Inc.      08-10395
        Cartwright Van Lines, Inc.                 08-10396
        City Storage & Transfer, Inc.              08-10397
        C.M.S. Holding, L.L.C.                     08-10398
        Executive Relocation Corp.                 08-10399
        Federal Traffic Service, Inc.              08-10400
        Fleet Insurance Management, Inc.           08-10401
        FrontRunner Worldwide, Inc.                08-10402
        Global Van Lines, Inc.                     08-10403
        Global Worldwide, Inc.                     08-10404
        Great Falls North American, Inc.           08-10405
        Lyon Van Lines, Inc.                       08-10406
        Lyon Worldwide Shipping, Inc.              08-10407
        Manufacturing Support Services, L.L.C.     08-10408
        Meridian Mobility Resources, Inc.          08-10409
        Move Management Services, Inc.             08-10410
        N.A. (U.K.) G.P. Corp.                     08-10411
        N.A.C.A.L., Inc.                           08-10412
        N.A.V.L., L.L.C.                           08-10413
        NorAm Forwarding, Inc.                     08-10414
        North American Forwarding, Inc.            08-10415
        North American International Holding Corp. 08-10416
        North American International N.A., Inc.    08-10417
        North American Logistics, Ltd.             08-10418
        North American Van Lines of Texas, Inc.    08-10419
        North American Van Lines, Inc.             08-10420
        Relocation Risk Solutions, L.L.C.          08-10421
        R.S. Acquisition Holding, L.L.C.           08-10422
        R.S. Acquisition, L.L.C.                   08-10423
        SIRVA Container Lines, Inc.                08-10424
        SIRVA Freight Forwarding, Inc.             08-10425
        SIRVA Global Relocation, Inc.              08-10426
        SIRVA Imaging Solutions, Inc.              08-10427
        SIRVA M.L.S., Inc.                         08-10428
        SIRVA Relocation, L.L.C.                   08-10429
        SIRVA Settlement of Alabama, L.L.C.        08-10430
        SIRVA Settlement, Inc.                     08-10431
        SIRVA Worldwide, Inc.                      08-10432
        Trident Transport International, Inc.      08-10434

Type of Business: The Debtors provide relocation solutions
                  (relocation services and moving services) to
                  more than 12,000 corporate clients and
                  governmental agencies, as well as a number of
                  individual consumers around the world.  Their
                  services include transferee counseling, home
                  purchase programs, real estate broker and
                  agent referrals to assist transferees with
                  home sales and purchases, mortgage
                  originations, expense management, movement of
                  household goods, global program management,
                  and the provision of destination settling in
                  services.  They globally market and deliver
                  these services under the SIRVA Relocation
                  brand, as well as a variety of household
                  goods.  They provide relocation services
                  through its operating centers located in the
                  U.S., Asia, continental Europe, U.K.,
                  Australia and New Zealand.  They operate in
                  three segments: Global Relocation Services,
                  Moving Services North America and Moving
                  Services Europe and Asia Pacific.  See
                  http://www.sirva.com/

Chapter 11 Petition Date: February 5, 2008

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Debtors' Counsel: Marc Kieselstein, Esq.
                  Kirkland & Ellis, L.L.P.
                  200 East Randolph Drive
                  Chicago, IL 60601
                  Tel: (312) 861-2000
                  Fax: (312) 861-2200

Consolidated Quarterly Financial Condition as of September 2007:

Total Assets:  US$924,457,299

Total Debts: US$1,232,566,813

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
SIRVA U.K. Pension Scheme      U.K. Pension        US$31,808,000
SIRVA Trustees, Ltd.           Guarantee
Attention: Stephen Holland
Heritage House,
345 Southbury Road
Enfield, Middlesex,
EN1 1UP, U.K.
Tel: 44-2082198200
Fax: 44-2082198041

Owner Operators Independent    Litigation           US$5,000,000
Drivers Association            Settlement
Attention: Daniel E. Cohen
The Cullen Law Firm, P.L.L.C.
1101 30th Street Northwest,
Suite 300
Washington, D.C. 20007
Tel: (202) 944-8600
Fax: (202) 944-8611

TEAM Relocations               Vendor               US$3,805,945
Attention: Tim Roemer
Drury Way
London, U.K. NW10 0NJ
Tel: 44-2089551333
Fax: 44-2089551336

Johnson & Johnson              Client               US$3,401,878
Attention: Ruth Davis
U.S. Route 1 & Aaron Road
New Brunswick, NJ 08902
Tel: (732) 524-4000
Fax: (732) 524-5031

Abbot Laboratories             Client               US$2,790,563
Attention: Tillie Scanian
1401 North Sheridan Road,
D-311-A3A-3
North Chicago, IL 60064
Tel: (847) 937-8655
Fax: (847) 937-4766

UnitedHealth Group             Client               US$2,526,369
Attention: Thomas Valerius
9900 Bren Road
East Mail Route, MN008-B217
Minnetonka, MN 55343
Tel: (952) 936-7329
Fax: (952) 936-3052

U.S. Department of Treasury    Client               US$1,190,166
Attention: Office of the
Treasurer
1500 Pensnsylvania Avenue
Northwest, Room 2134
Washington, D.C. 20220
Tel: (202) 622-2000
Fax: (202) 622-6464

Beltmann Group, Inc.           Agent                US$1,186,570
Attention: Dann W. Battina
2480 Long Lake Road
Roseville, MN 55113
Tel: (651) 639-2800
Fax: (651) 639-2933

3M Co.                         Client               US$1,068,416
Attention: Judy Knepp
3M Center Building 224-02-W-15
St. Paul, MN 55144
Tel: (651) 733-1110
Fax: (651) 736-2133

Cargill, Inc.                  Client               US$1,018,896
Attention: Sandy Palmer
P.O. Box 9300, MS 83
Minneapolis, MN 55440
Tel: (952) 742-6125
Fax: (952) 742-6502

MacDermid, Inc.                Client                 US$775,479
Attention: Deb Christensen
245 Freight Street
Waterbury, CT 06702
Tel: (203) 575-5700
Fax: (203) 575-5630

Mills Van Lines, Inc.          Agent                  US$723,842
Attention: Robert K. Mills
14675 Foltz Industrial Parkway
Strongsville, OH 44136
Tel: (440) 846-0200
Fax: (440) 846-0606

Ward North American            Agent                  US$704,341
Attention: Kevin Ankenbauer
17275 Green Mountain Road,
Suite 100
San Antonio, TX 78247
Tel: (210) 655-8623
Fax: (210) 967-5420

PetSmart, Inc.                 Client                 US$569,782
Attention: Marci Renfro
19601 North 27th Avenue
Phoenix, AZ 85027
Tel: (623) 395-6100
Fax: (623) 395-6517

The North American Coal Corp.  Client                 US$560,270
Attention: Patty Kropp
Signature Place II
14785 Preston Road,
Suite 1100
Dallas, TX 75254
Tel: (972) 239-2625
Fax: (972) 387-1328

Comcast Communications, Inc.   Client                 US$553,548
Attention: Mary Pennington
1500 Market Street,
8 Floor East Tower
Philadelphia, PA 19102
Tel: (215) 665-1700
Fax: (215) 981-7790

Bayshore Transportation        Agent                  US$519,948
Systems, Inc.
Attention: Linda L. Piazza
901 Dawson Drive
New Castle, DE 19713
Tel: (302) 366-0220
Fax: (302) 366-8085

K.P.M.G., L.L.P.               Client                 US$500,000
Attention: Cathy A. Schultz
Three Chestnut Road
Montvale, NJ 07645
Tel: (201) 307-7306
Fax: (201) 505-6305

Accretive Solutions Houston,   Vendor                 US$497,687
L.L.P.
Attention: Gary Horn
10375 Richmond Avenue
Houston, TX 77042
Tel: (713) 266-8288
Fax: (713) 266-8299

United Launch Alliance, L.L.C. Client                 US$485,517
Attention: Susan Moore
9100 East Mineral Circle,
MS-U6001
Centennial, CO 80112
Tel: (720) 922-7100

Wells Fargo Home Mortgage      Client                 US$461,636
Attention: Amy Simpson
Client Accounting
P.O. Box 340
Frederick, MO 21705
Tel: (301) 662-5413
Fax: (301) 662-7020

John Deere                     Client                 US$413,338
Attention: Chelsey Allaman
H.R. Shared Services Center
3800 Avenue of the Cities,
Suite 108
Moline, IL 61265
Tel: (309) 748-0587
Fax: (309) 749-2345

Exxon Mobile                   Customer Accounts      US$406,000
Attention: Reanna Hamel        Receivables Credits
4500 Dacoma Street
corner BH3546
Houston, TX 77092
Tel: (713) 680-5148
Fax: (262) 313-4153

Winn-Dixie Stores, Inc.        Client                 US$401,648
Attention: Kara Church
5050 Edgewood Court
Jacksonville, FL 32254
Tel: (904) 783-5828
Fax: (904) 370-7224

Coleman American Moving        Agent                  US$382,536
Services, Inc.
Attention:
William J. Brakefield
#1 Covan Drive
Midland City, AL 36350
Tel: (334) 983-6500
Fax: (334) 983-6716

Palmer Moving & Storage Co.    Agent                  US$378,627
Attention: Jeffrey W. Palmer
24660 Dequindre
Warren, MI 48091
Tel: (586) 834-3400
Fax: (586) 834-3414

Ketchum Directory Advertising  Vendor                 US$354,032
Attention: Liz Okesson
225 North Michigan Avenue,
12th Floor
Chicago, IL 60611
Tel: (312) 946-8091
Fax: (312) 946-8297

Edward Jones                   Client                 US$340,406
Attention: Ginger Noblitt
1245 J.J. Kelley Memorial
Drive
St. Louis, MO 63131
Tel: (314) 515-2000
Fax: (314) 515-3269

Cytec Industries, Inc.         Client                 US$337,206
Attention: Steve Nackerson
5 Garrett Mountain Plaza
West Paterson, NJ 07424
Tel: (973) 357-3100
Fax: (973) 357-3065

Safeway Inc.                   Client                 US$334,711
Attention: Arlene McCort
5918 Stoneridge Mall Road
Pleasanton, CA 94588
Tel: (925) 467-3508
Fax: (925) 937-7809

Land O'Lakes                   Client                 US$331,602
Attention: Naomi Roodell
P.O. Box 64101
St. Paul, MN 55164
Tel: (651) 481-2865
Fax: (651) 234-0800



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

BANCO INTERCONTINENTAL: Court To Hear Appeal on Fraud Case
----------------------------------------------------------
The Dominican Republic's Third Court of Appeals 3rd Penal Chamber
will hear the appeal of former Banco Intercontinental chief Ramon
Baez Figueroa and other defendants of the fraud case, Dominican
Today reports.

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Mr. Figueroa filed an appeal on the National
District court's sentence in the bank's fraud case.  The court
sentenced Mr. Figueroa for his role in Banco Intercontinental's
2003 bankruptcy with 10 years imprisonment, over DOP63-billion in
damages, and a DOP2.5-billion fine.

Dominican Today relates that Banco Intercontinental's financial
adviser Luis Alvarez Renta was given 10 years in prison.  The
bank's executive vice president Marcos Baez Cocco were convicted
of hiding data to avoid the control of the banking authorities and
conceal the bank's financial situation.

The Court of Appeals First Penal Chamber was initially chosen to
hear the case.  However, judges Miriam German, Julio Cesar Cano,
and Katia Miguelina Jimenez withdrew from the case due to various
reasons, Dominican Today states.

Located in Dominican Republic, Banco Intercontinental aka
Baninter collapsed in 2003 as a result of a massive fraud and a
resulting deficit of US$2.2 billion.  As a consequence, all of
its branches were closed.  The bank's current and savings
accounts holders were transferred to the bank's new owner --
Scotiabank.  The bankruptcy of Baninter was considered the
largest in world history, in relation to the Dominican
Republic's Gross Domestic Product.  The resulting deficit was
equal to 12% to 15% of the country's national GDP.  It costs
Dominican taxpayers DOP55 billion and resulted to the country's
worst economic crisis.


GENERAL CABLE: Picks Brian Robinson as EVP, CFO & Treasurer
-----------------------------------------------------------
General Cable Corporation's Board of Directors has elected Brian
J. Robinson to the post of Executive Vice President, Chief
Financial Officer and Treasurer effective immediately.  Mr.
Robinson will continue to report to Gregory B. Kenny, President
and Chief Executive Officer of General Cable.

"This is a well-deserved recognition by the Board of the value
that the Company places on Brian's operating and strategic
leadership," said Gregory B. Kenny, President and Chief Executive
Officer of General Cable.  "Since January 2007, Brian has led our
Corporate Finance Team through two debt issuances totaling over
$800 million, and four acquisitions, including the $1.2 billion of
revenues PDIC business.  He has also been instrumental in driving
improved controls and best practices in our global finance
organization."

Mr. Robinson has held the title of Senior Vice President, Chief
Financial Officer and Treasurer since January 2007.  Mr. Robinson
became Controller for General Cable in 2000 and assumed the
additional responsibility of Senior Vice President and Treasurer
in March 2006.  He began his career at Deloitte & Touche LLP in
1991, and in 1997 moved from Cincinnati, Ohio to London, England,
where he served as Audit Manager focused on accounting services
for global companies.  In 1999, Mr. Robinson joined General Cable
as Assistant Controller.

Mr. Robinson holds a Bachelor of Science degree in Accounting from
the University of Dayton and received his CPA certification in
1993.

                       About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
gimail ntransmission products); and communications (wire for low-
voltage signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                         *     *     *

In September 2007, Moody's Investors Service assigned a rating of
B1 to the proposed US$400 million senior unsecured convertible
notes of General Cable Corporation.


PRC LLC: U.S. Trustee Appoints Seven-Member Creditors Committee
---------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, appoints seven
members to the Official Committee of Unsecured Creditors in the
Chapter 11 cases of PRC LLC and its debtor-affiliates.

The Creditors Committee members are:

   1. Verizon Communications Inc.
      Attention: William Vermette, Assistant General Counsel
      1133 19th Street, Northwest
      Washington, DC 20026
      Tel: (703) 886-3301

   2. IAC/InterActiveCorp.
      Attention: Gregg Winarski, Associate General Counsel
      555 West 18th Street
      New York, NY 10011
      Tel: (212) 314-7376

   3. iEnergizer (USA) Inc.
      Attention: Ashish Madan, Vice President
      1120 Avenue of the Americas
      New York, NY 10036
      Tel: (917) 642-4126

   4. SER Solutions, Inc.
      Attention: Jamie Oliver
      45925 Horseshoe Drive, Suite 150
      Dulles, VA 20147
      Tel: (703) 948-5645

   5. TMP Worldwide Avertising & Communications, LLC
      Attention: Emerson Moore, General Counsel
      205 Hudson Street, 5th Floor
      New York, NY 10013
      Tel: (646) 613-2060

   6. Excel Marketing Solutions, Inc.
      Attention: Lee Massie Gills, Executive Vice President
      11441 Apple Valley Drive
      Frisco, TX 75034
      Tel: (214) 705-9156

   7. NICE Systems Inc.
      Attention: David Ottensoser, General Counsel
      301 Route 17 North, 10th Floor
      Rutherford, NJ 07070
      Tel: (201) 964-2772

                         About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of US$354,000,000 and total debts of
US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


PRC LLC: Wants to Hire Philip Goodeve as Chief Financial Officer
----------------------------------------------------------------
PRC, LLC, and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
H. Philip Goodeve as their chief financial officer as of
Dec. 1, 2007.

The Debtors selected Mr. Goodeve as their consultant because of
his extensive experience in finance, strategy and management
positions, according to PRC Chief Executive Officer Jerry
McElhatton.  He relates that in August 2007, Mr. Goodeve was
initially retained as a consultant by Diamond Castle Holdings,
LLC, the Debtors' equity sponsor with respect to the purchase of
the Debtors from its previous owner.  From Sept. 1, 2007, to
the date of bankruptcy, Mr. Goodeve's services have consisted of
serving as PRC's chief financial officer, thus gaining invaluable
and extensive knowledge of the Debtors' business, financial
affairs, and capital structure.

Under the consulting agreement, Mr. Goodeve will receive US$75,000
in monthly fee, to be paid in bi-weekly installments.  He is also
entitled to a consummation fee for US$550,000 if the
reorganization is confirmed within five months after the
bankruptcy filing, and an additional US$300,000 if it is confirmed
within one year.

"If the restructuring is confirmed later than five months but
earlier than one year after the Petition Date, the consummation
fee will be prorated," Mr. McElhatton says.  He adds that Mr.
Goodeve will get US$300,000 if the reorganization is confirmed
later than one year but earlier than 13 months, and will be
reimbursed of any expenses incurred related to work undertaken.

PRC has proposed that Mr. Goodeve should not be required from
filing quarterly fee applications, pointing out that he is not
being employed as a professional under Section 327 of the
Bankruptcy Code.  The company will require him, however, to (i)
file reports of payment earned and expenses incurred on at least
a quarterly basis, and (ii) provide notice to the United States
Trustee and all official committees.

Subject to Court approval, PRC agrees to indemnify Mr. Goodeve
under the terms of its operating agreement and other liability
insurance, which PRC has purchased for its officers and
consultants.

                          About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of US$354,000,000 and total debts of
US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


PRC LLC: Gets Court OK to Hire Epiq as Claims & Noticing Agent
--------------------------------------------------------------
PRC LLC and its debtor-affiliates obtained authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Epiq Bankruptcy Solutions, LLC as their noticing agent, as of
Jan. 18, 2008.

The Debtors sought the services of Epiq as they expect more than
1,000 creditors to file proofs of claim in their Chapter 11
cases.  The Debtors are concerned that noticing, docketing and
maintaining the claims would be time-consuming and burdensome for
the office of the clerk of the bankruptcy court.

As noticing agent, Epiq is expected to:

   -- inform all potential creditors about the bankruptcy
      petition and the first meeting of creditors;

   -- maintain an official copy of the Debtors' schedules of
      assets and liabilities, and statements of financial
      affairs;

   -- notify potential creditors of the existence and amount of
      their claims as stated in the schedules of assets and
      liabilities, and statements of financial affairs;

   -- docket all claims received, maintain the official claims
      register for the Debtors on behalf of the office of the
      clerk, and provide the clerk with certified duplicate
      unofficial claims register on a monthly basis, unless
      otherwise directed;

   -- record all transfers of claims and provide notices of the
      transfers;

   -- make changes in the official claims register pursuant to
      Court order; and

   -- assist in the solicitation, calculation and distribution
      of votes required to further the confirmation of plans of
      reorganization.

Epiq agreed to provide the services on these terms and conditions
stated in their standard bankruptcy services agreement dated
Jan. 18, 2008:

   (a) The Debtors should make monthly payments to Epiq.

   (b) Epiq reserves the right to reasonably increase its
       prices, charges and rates on January 2nd of each year.
       However, if the increases exceed 10%, Epiq will be
       required to give 60 days prior written notice to the
       Debtors.

   (c) The Debtors should pay Epiq all taxes, including sales,
       use and excise taxes, but not personal property or income
       taxes.

   (d) The Debtors should pay Epiq any actual charges as a
       result of the Debtors' error or omission.

   (e) In the event of termination due to the Debtors' default,
       the Debtors should be liable for all amounts then owing.

The firm's hourly rates are:

   Clerk                      Rate Range        Average Rate
   -----                      ----------        ------------
   Clerk                      US$40-US$60         US$50.00
   Case Manager (Level 1)     US$125-US$175       US$142.50
   IT Programming Consultant  US$140-190          US$165.00
   Case Manager (Level 2)     US$185-220          US$202.05
   Senior Case Manager        US$225-275          US$247.50
   Senior Consultant          To be determined  To be determined

Epiq also agreed that the level of Senior Consultant activity
will vary by engagement.  If certain services are required, the
usual average rate is US$295 per hour.  In connection with the
engagement, no fees will be billed for creation of a Case
Specific Website or for services rendered during the first six
months of the case by Epiq's director of operations.

Fees billed in connection with the preparation of schedules and
statements of financial affairs will be billed hourly, subject to
a cap on fees.  Any additional professional services not covered
by the proposal will be charged at hourly rates, including any
outsourced data input services performed.  Outside vendors may
charge a premium for weekend and overtime work.

Epiq will be indemnified and will not be held liable for any
losses, damages, claims, among others, as a result of Epiq's
rendering of services.

Epiq Senior Vice-President and Director of Operations Daniel C.
McElhinney assures the Court that Epiq is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code, as modified by Section 1107(b).

                         About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of US$354,000,000 and total debts of
US$261,000,000.  (PRC LLC Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)



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

TECO ENERGY: Net Profits in Guatemala Will be Lower in 2008
-----------------------------------------------------------
Teco Energy Inc.'s chief financial officer Gordon Gillette said in
a Web cast that the company's net profits from Guatemala will be
lower this year, compared to last year, Business News Americas
reports.

According to BNamericas, Teco Energy's net profits rose 18.9% to
US$44.7 million in its Guatemala operations last year, compared to
2006, due to higher power sale volumes and prices.

Mr. Gillette told BNamericas that Teco Energy's 2008 net profits
from Guatemala would be below 2007 levels due to a US$1.9-million
equity adjustment last year, higher scheduled maintenance in 2008
and lower spot market sales opportunities in Guatemala.

BNamericas relates that Teco Energy's Guatemalan operations
include:

          -- 120-megawatt coal-fired San Jose plant,
          -- 78-megawatt simple cycle Alborada plant, and
          -- a 24% interest in power utility Eegsa.

Headquartered in Tampa, Florida, TECO Energy Inc. (NYSE:TE)
-- http://www.tecoenergy.com/-- is an integrated energy-related
holding company with regulated utility businesses, complemented
by a family of unregulated businesses.  Its principal
subsidiary, Tampa Electric Company, is a regulated utility with
both electric and gas divisions (Tampa Electric and Peoples Gas
System).  Other subsidiaries are engaged in waterborne
transportation, coal and synthetic fuel production and electric
generation and distribution in Guatemala.

                         *     *     *

On Oct. 30, 2007, Fitch Ratings assigned a BB+ long-term issuer
default rating on Teco Energy Inc.  Fitch placed the outlook on
rating watch positive.


TECO ENERGY: Joining Power Supply Tender in Guatemala
-----------------------------------------------------
Teco Energy Inc.'s chief financial officer Gordon Gillette said in
a web cast that the company will bid for the supply of at least
200 megawatts to Guatemalan distributors Deorsa and Deocsa,
Business News Americas reports.

BNamericas relates that Deorsa and Deocsa launched in November
2007 a tender for a 15-year power supply contract, which includes
the construction of a coal-fired plant with 200 megawatts of
minimum capacity.

According to BNamericas, bids must be submitted by April 17, 2008.
Bidders must:

          -- have built at least two thermoelectric plants,
          -- have assets of least US$1 billion, and
          -- have a minimum B corporate rating on Fitch's scale.

BNamericas notes that the signing of the contract will be in May
2008.  The winner would begin supplying power to Deorsa and Deocsa
in 2012.

Teco Energy would finance the project through non-recourse
funding, BNamericas states, citing Mr. Gillette.

Headquartered in Tampa, Florida, TECO Energy Inc. (NYSE:TE)
-- http://www.tecoenergy.com/-- is an integrated energy-related
holding company with regulated utility businesses, complemented
by a family of unregulated businesses.  Its principal
subsidiary, Tampa Electric Company, is a regulated utility with
both electric and gas divisions (Tampa Electric and Peoples Gas
System).  Other subsidiaries are engaged in waterborne
transportation, coal and synthetic fuel production and electric
generation and distribution in Guatemala.

                         *     *     *

On Oct. 30, 2007, Fitch Ratings assigned a BB+ long-term issuer
default rating on Teco Energy Inc.  Fitch placed the outlook on
rating watch positive.


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

BRISTOW GROUP: December 2007 Qtr. Net Income Up 91% to US$20.1MM
----------------------------------------------------------------
Bristow Group Inc. has reported financial results for its December
2007 quarter.

                      Highlights include:

For the quarter ended Dec. 31, 2007:

   -- Revenue of US$261.5 million increased by 24% over the
      December 2006 quarter.  Revenue gains occurred primarily
      in the company's Europe, West Africa and Southeast Asia
      business units, driven by increases in rates for
      helicopter services, increased demand for helicopter
      services from existing customers and the addition of new
      aircraft.

   -- Operating income of US$36.7 million increased 82% from
      US$20.2 million in the December 2006 quarter, and
      operating margin increased to 14.1% versus 9.6% for the
      December 2006 quarter.  The improvements were primarily
      the result of higher revenue and the inclusion in the
      December 2007 quarter of US$4.1 million of gains on
      disposal of assets compared to US$1 million for the
      December 2006 quarter.  Additionally, operating income and
      margin were impacted by the items discussed below.

   -- Net income of US$20.1 million increased 91% from US$10.5
      million for the December 2006 quarter.  Net income for the
      December 2007 quarter includes the previously announced
      loss of US$6.2 million on the sale of the company's Grasso
      Production Management business in November 2007, which is
      presented as discontinued operations.

   -- Operating results for the December 2007 quarter included
      these items:

      -- An impairment charge of US$1.8 million related to
         inventory utilized on S-61 search and rescue configured
         aircraft.

      -- US$2.5 million of retroactive compensation cost
         increases recorded within the West Africa operations
         resulting from the completion of union negotiations.

      -- US$1.5 million of retroactive rate increases with a
         major customer in Nigeria.

      Excluding these items, operating income would have been
      US$39.5 million, operating margin would have been 15.1%,
      income from continuing operations would have been US$28
      million and diluted EPS from continuing operations would
      have been US$0.92.

For the nine months ended Dec. 31, 2007:

   -- Revenue of US$752.5 million increased 20% over the same
      period of fiscal year 2007 due to revenue gains in most
      business units, driven by increases in rates for
      helicopter services, increased demand for helicopter
      services from existing customers and the addition of new
      aircraft.

   -- Operating income of US$115.3 million increased 45% from
      US$79.4 million for the nine months ended Dec. 31, 2006,
      and operating margin increased to 15.3% versus 12.7% for
      the nine months ended Dec. 31, 2006.  The improvements
      were primarily the result of the improvement in rates.
      Additionally, operating income and margin were impacted by
      the items discussed below.

   -- Net income of US$76.8 million increased 64% from US$46.8
      million for the nine months ended Dec. 31, 2006.  Net
      income for the nine months ended Dec. 31, 2007, includes
      the previously announced loss of US$6.2 million on the
      sale of the Grasso business in November 2007, which is
      presented as discontinued operations.

   -- Operating results for the nine months ended Dec. 31, 2007,
      included these items:

      -- An impairment charge of US$1.8 million related to
         inventory utilized on S-61 search and rescue configured
         aircraft.

      -- Reversal of US$1 million of previously accrued SEC
         settlement costs.

      -- Reversal of a US$5.4 million accrual for sales tax
         contingency in Nigeria.

      Excluding these items, operating income would have been
      US$110.7 million, operating margin would have been 14.7%,
      income from continuing operations  would have been US$78.5
      million and diluted EPS from continuing operations would
      have been US$2.58.

Capital and Liquidity:

   -- The Dec. 31, 2007 consolidated balance sheet reflected
      US$959.3 million in stockholders' investment and US$607.8
      million of indebtedness.

   -- Bristow Group had US$315.3 million in cash and an undrawn
      US$100 million revolving credit facility.

   -- The group generated US$57.8 million of cash from operating
      activities, US$344.8 million in net proceeds from the
      issuance of 7 1/2% senior notes, US$23 million of cash
      from asset dispositions and US$22.0 million in net cash
      from the sale of Grasso during the nine months ended Dec.
      31, 2007.

   -- The company used US$288.8 million for capital
      expenditures, primarily for aircraft, and US$14.6 million
      for the acquisitions of Bristow Academy and Vortex during
      the nine months ended Dec. 31, 2007.

   -- Aircraft purchase commitments totaled US$344.7 million for
      28 aircraft, with options totaling US$472.6 million for 34
      aircraft as of Dec. 31, 2007.

Bristow Group Inc. President and Chief Executive Officer, William
E. Chiles said, "We remain very pleased with our operational and
financial performance. The delivery of new aircraft as well as
rate increases in several operating regions produced strong
revenues and earnings performance in the December quarter.  We
renegotiated and extended the last of our major contracts in
Nigeria at significantly better rates during the quarter, which
should result in improved operating margins for our West Africa
business unit and move us closer to meeting our return oncapital
goal for this region.  We also saw improved rates from the North
Sea."

"We continued to invest in our fleet with the exercise of options
on eight additional aircraft, including five large- and three
medium-sized helicopters from Sikorsky and Eurocopter." Mr. Chiles
added.

Mr. Chiles concluded, "During the quarter we also completed the
sale of our Grasso Production Management business, which makes
Bristow Group a pure play in helicopter transportation services
principally to the offshore energy industry."

                       About Bristow Group

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS) --
http://www.bristowgroup.com/-- fka Offshore Logistics Inc.,
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United States
Gulf of Mexico and the North Sea.  The company also has
operations, both directly and indirectly, in offshore oil and gas
producing regions of the world, including Alaska, Australia,
Mexico, Nigeria, Russia and Trinidad.  The company also provides
production management services for oil and gas production
facilities in the United States Gulf of Mexico.

                          *     *     *

Standard & Poor's Ratings Services placed Bristow Group Inc.'s
long term corporate family and senior unsecured debt ratings at
'Ba2' in January 2006.  The ratings still hold to date with a
negative outlook.


CALPINE CORP: Closes Blue Spruce's US$90-Mln Loan Refinancing
-------------------------------------------------------------
Calpine Corporation's indirect subsidiary, Blue Spruce Energy
Center LLC, has received funding for its US$90 million senior term
loan refinancing, maturing Dec. 31, 2017.

Joint Lead Arrangers Co-Bank, ACB and Siemens Financial Services,
Inc. underwrote the project finance facility, and Co-Bank will
serve as administrative agent.  Net proceeds from the senior term
loan will be used to refinance all outstanding indebtedness under
the existing Blue Spruce term loan facility, to pay fees and
expenses related to the transaction and for general corporate
purposes.  This financing extends the tenor of the previous loan
and is at a significantly lower interest rate.  The benefits of
the additional liquidity and lower interest expense flow through
to Calpine.  Calpine and its affiliates will not be responsible
for the debts or other obligations of Blue Spruce.

Blue Spruce LLC owns the Blue Spruce Energy Center in Aurora,
Colorado, and is a stand-alone, indirect subsidiary of Calpine.
Blue Spruce Energy Center currently operates under a 10-year power
contract with Public Service Company of Colorado for up to 310
megawatts of the power plant's full capacity and related energy
and ancillary services.  Power deliveries commenced in mid-2003
and extend through April 2013.

                          About Calpine

Headquartered in San Jose, California and founded in 1984, Calpine
Corporation -- http://www.calpine.com/--  is a major U.S. power
company, currently capable of delivering nearly 24,000 megawatts
of clean, cost-effective, eliable, and fuel-efficient electricity
to customers and communities in 18 states in the United States.
The company owns, leases, and operates low-carbon, natural gas-
fired, and renewable geothermal power plants.

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 Corp.'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.


CALPINE CORP: S&P Assigns 'B' Corporate Rating on Chapter 11 Exit
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to San Jose, California-headquartered power company
Calpine Corp. following the company's emergence from bankruptcy
Chapter 11 filing on Jan. 31, 2008.  The outlook is stable.

Standard & Poor's also assigned its 'B+' rating (one notch higher
than the corporate credit rating) and '2' recovery rating to
Calpine's $7.3 billion senior secured facility, indicating the
expectation of substantial recovery (70%-90%) in event of a
payment default.  This facility consists of a $6.0 billion term
loan, a $300 million bridge loan, and a $1 billion revolving
credit facility.

Calpine's 'B' corporate credit rating reflects these weaknesses:

  -- Calpine is highly levered and its cash flows remain
     extremely vulnerable to gas price volatility.

  -- Ongoing cash collateral requirements could hinder Calpine's
     ability to expand, and impair its business strategy if
     liquidity becomes an issue.

  -- Other regions of the country, especially the Southeast,
     continue to have substantial surplus capacity, and
     consequently, poor cash flow prospects.

  -- Entry of substantial base load generation, especially in
     Texas, could hurt dispatch profile and gross margins.

  -- High hydro conditions will likely lead to lower power
     prices in California.

     These are the offsetting strengths:

  -- Calpine owns 7% of the capacity in California and nearly
     10% of the capacity in the Electric Reliability Council of
     Texas -two heavily gas-driven markets that are expected to
     remain so.

  -- Calpine's fleet is new, has heat rates of about 7,000 BTU
     per kilowatt-hour (BTU/kWh), and will be among the first
     gas-fired plants to dispatch in any region.  Accordingly,
     it has strong operating characteristics.

  -- Improving merchant market fundamentals in many regions of
     the country and difficulty in permitting new coal plants
     augur well for cash flow over the next few years.

  -- Regional capacity markets, such as the ones in the New
     England Power Pool and the Pennsylvania New Jersey Maryland
     Interconnection, may provide additional revenue stability.

  -- Potential carbon legislation could significantly aid clean
     gas-fired capacity such as owned by Calpine.

  -- A hedging program that seeks to contract a high proportion
     of its margins over the upcoming two years will provide for
     some cash flow stability.

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.


DESARROLLODORA HOMEX: Main Shareholders Acquire 5.1% More Shares
----------------------------------------------------------------
Desarrolladora Homex, S.A.B de C.V. main shareholders, the de
Nicolas family, led by the Board of Directors Chairperson,
Eustaquio de Nicolas Gutierrez, has acquired 17,142,857 common
shares of Homex (representing 5.1% of the company) from EIP
Investment Holdings L.L.C., COMM V.A. in a private transaction.
Through this purchase, the de Nicolas family now holds, directly
or indirectly, 40.0% of Homex's capital.

After the sale, EIP Investment continues to hold approximately
3.4% of the company's common stock and the public float remains
above 56.6%.

Homex Chairperson of the Board, Mr. Eustaquio de Nicolas noted,
"It pleases us that we are able to express our confidence in the
Mexican housing market in this way, as well as our confidence in
the continued prosperity of Homex and its ability to provide
significant value creation for all our shareholders at the same
time.  We reiterate our commitment to Homex, which we continue to
believe is uniquely positioned to take full advantage of future
opportunities in the Mexican housing industry to benefit home
buyers, our employees and stockholders."

"EIP has been a significant private investor for Homex since 2002
and a strategic partner for the company who has added value to all
our shareholders.  The private equity fund team led by Gary
Garrabrant was also instrumental during our U.S. IPO and attracted
important awareness of Homex and its prospects among a key cadre
of institutional investors.  We appreciate their interest and
support," Mr. de Nicolas concluded.

                          About Homex

Desarrolladora Homex (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx-- is a vertically integrated home
development company focused on affordable entry-level and middle-
income housing in Mexico.  It is one of the most geographically
diverse homebuilders in the country.  Homex is the largest
homebuilder in Mexico, based on revenues, number of homes sold and
net income.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's affirmed Desarrolladora Homex's national
scale issuer rating at A3.mx, and global scale local currency
issuer rating at Ba3.  Moody's said the rating outlook remains
positive.


GMAC LLC: Moody's Drops Senior Unsecured Rating to B1 from Ba3
--------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
rating of GMAC LLC to B1 from Ba3.  Separately, the senior
unsecured rating of Residential Capital LLC was downgraded to B2
from Ba3.  The rating outlook for both firms is negative.  The
GMAC rating action is a result of Moody's downgrade of Residential
Capital's ratings.

Since Dec. 21, 2007, the ratings of GMAC and ResCap had been
aligned at Ba3, reflecting Moody's view that GMAC would likely
provide support to ResCap and that such support could compromise
GMAC's stand-alone (ex-ResCap) credit profile.  During the fourth
quarter of 2007, GMAC did in fact provide support to ResCap, by
acquiring its debt at a cost of approximately US$740 million,
representing a substantial discount to par, and thereafter
contributing the debt to ResCap.  Upon retiring the debt, ResCap
recognized a US$1.1 billion capital benefit that helped it avoid
breaching its minimum tangible net worth financial covenant.  In
Moody's view, GMAC's willingness to use its cash and capital for
this purpose diluted its own liquidity and capital positions.

GMAC's rating downgrade contemplates that the firm will likely
continue to provide capital support to ResCap in the near term,
primarily through similar open-market debt repurchases.  Moody's
has come to believe, however, that GMAC may have a limited
tolerance for supporting ResCap if its performance and condition
fail to meet management expectations for improvement during the
first half of 2008.  GMAC's further support of ResCap could result
in additional strains on its capital and liquidity positions.  In
relation to this, creditors' appetite to extend credit to GMAC
beyond current commitments could be affected by GMAC's continued
willingness to provide support to ResCap.

"Given GMAC's strategic importance to GM, we think that GMAC's
owners will not risk the firm's viability in its efforts to
stabilize ResCap," said Moody's analyst Mark Wasden.  "GMAC's B1
rating incorporates our expectation of the level of capital that
GMAC could be required to provide to ResCap during the first two
quarters of 2008, while ResCap confronts its operational issues.
Beyond this horizon, we believe further support from GMAC to be
less certain, as continued underperformance on the part of ResCap
could signal a failure of the firm to regain solid footing" Mr.
Wasden added.  This perspective results in GMAC's B1 rating being
positioned one-notch above ResCap's B2 rating.

The negative rating outlook assigned to GMAC's rating incorporates
the continuing uncertainty regarding the extent and nature of the
support GMAC may provide to ResCap.  The negative outlook also
reflects other pressures on GMAC's stand-alone profile arising
from its association with ResCap, including higher borrowing costs
and potential constraints to its access to critical funding
support.  GMAC is also beginning to contend with deteriorating
asset quality measures, brought about by a less conducive credit
environment that could also have a deleterious effect on its
access to funding and its profitability.

Key strengths continue to be its valuable auto finance origination
and servicing franchise, its position of strength in terms of its
financing share of General Motors Corp. auto sales, and its
diligent liquidity and credit risk management practices.  Absent
the ResCap related stresses, GMAC's stand-alone profile could
warrant a slightly higher rating profile.  A significant
constraint to higher ratings, again setting ResCap aside, is the
firm's high stand-alone leverage and its continuing business risk
concentrations with lower-rated GM(CFR at B3).

Based in Detroit, GMAC LLC -- http://www.gmacfs.com/-- (formerly
General Motors Acceptance Corporation) is a provider of retail and
wholesale auto financing, auto insurance and warranty products,
and through its wholly-owned subsidiary Residential Capital LLC,
residential mortgage products and services.  GMAC was established
in 1919 and currently employs about 31,000 people worldwide.  Its
Latin American operations are located in Argentina, Brazil, Chile,
Colombia, Mexico and Venezuela.  GMAC reported a preliminary 2007
fourth quarter consolidated net loss of US$724 million.


GREENBRIER COS: Analysts Upgrade Firm's Shares To Outperform
------------------------------------------------------------
Morgan Keegan analysts have upgraded Greenbrier Companies Inc's
shares to "outperform" from "market perform," Newratings.com
reports.

According to Newratings.com, Morgan Keegan said in a research note
that there is a high possibility of Greenbrier being purchased at
a price significantly higher than its current share price.

Morgan Keegan told Newratings.com that Carl Ichan raised his stake
in Greenbrier to about 10%, and he may completely acquire the
firm.  Meanwhile, Bear Stearns analysts have upgraded Greenbrier's
shares to  "outperform" from "peer perform," Newratings.com
states.

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

                         *     *     *

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


HARMAN INT'L: Reports US$43-Mln Net Income in Qtr. Ended Dec. 31
----------------------------------------------------------------
Harman International Industries Incorporated earned US$43 million
for the second quarter ending Dec. 31, 2007, compared to
US$81 million of net income for the same quarter of 2006.  Net
sales for the quarter were US$1.066 billion, a 14.4 percent
increase compared to US$932 million for the same period last year.

"Although we continue to increase sales across all divisions, our
automotive earnings are under pressure due to portable navigation
devices (PND), product mix, and higher engineering and material
costs during a period of record launch activity," said Dinesh
Paliwal, Harman's Chief Executive Officer.  "We are accelerating a
number of strategic actions to improve our cost structure and
optimize our global footprint in the automotive sector, while
flattening our broader organization to instill a
strong culture of execution."

                      Summary Of Operations

Net sales continued to grow across all three divisions.  The
growth in overall net sales was primarily due to increased
shipments of infotainment systems to automotive customers and
higher sales of consumer and professional products to major
distributors.  Gross profit, as a percentage of net sales,
decreased 6.0 percentage points to 28.3 percent for the quarter
ending Dec. 31, 2007.  The gross margin decline was primarily in
the Automotive division which experienced lower margins on PND
products, product mix change, including higher sales of lower-
margin infotainment systems for mid-level vehicles, and higher
than expected material costs.

Selling, general and administrative (SG&A) expenses were US$240
million for the quarter, an increase of US$36 million from the
second quarter of fiscal 2007.  SG&A expenses in the quarter
include US$9 million of merger-related costs.  SG&A was also
impacted by higher engineering costs and foreign currency
translation.

Operating income for the quarter ending December 31, 2007 was
US$61 million, or 5.7 percent of sales, compared to US$116
million, or 12.4 percent of sales, in the same period last year.
The decrease in operating income was driven by PND, product mix,
and higher engineering, material and merger costs.

The effective tax rate for the second quarter fiscal 2008 was 25.6
percent compared to 29.5 percent during the same period last year.
The lower effective tax rate was a result of the termination of
the merger agreement in the second quarter, which allowed merger
costs to be tax deductible, and lower corporate tax rates in
Germany.

Foreign currency translation positively impacted quarterly results
as the Euro strengthened approximately 12 percent compared to the
same quarter last year.  The Euro averaged US$1.45 in the second
quarter compared to US$1.29 in the same period last year.  As a
result, foreign currency translation improved sales by
approximately US$75 million and contributed US$0.15 to earnings
per diluted share in the quarter.

                     Strategic Appointments

Harman's Board of Directors has been expanded to eight members,
bringing new expertise and global range.  Brian Carroll has joined
from KKR, bringing strong financial expertise.  Dr. Harald
Einsmann, a German national who has worked with such industry
leaders as Procter & Gamble, the Wallenberg Group, and the Carlson
Group, brings international business experience.  Gary Steel, a
Scottish national with experience from Europe's Shell and ABB
Groups, adds deep expertise in human resources, restructuring, and
corporate governance.

The company has also announced several significant additions to
its senior management team in recent weeks:

    * Richard Sorota, an experienced executive with premium
      consumer brand companies, Procter & Gamble and Royal
      Phillips, has joined the Company as Consumer Division
      President.

    * John Stacey, with 20 years of experience in employee and
      organizational development across the Americas and Europe,
      is joining Harman as Vice President of Human Resources.

    * Robert Lardon has joined the Company as Vice President,
      Strategy and Investor Relations.  In addition to his
      experience as a management consultant at PwC, Accenture,
      and Booz Allen, Mr. Lardon was Chief Strategy Officer at
      Porter Novelli, a global Top 10 communications agency.

    * Kent Moerk, a Danish national, has been appointed to
      manage the newly established global PND business unit
      which will integrate the company's two lines of portable
      navigation devices.

    * Dr. Wolfgang Ptacek, who has held senior management
      positions at T-Mobile and Bosch, has been appointed Chief
      Technology Officer for Harman automotive operations
      worldwide.

    * Bronson Reed, an experienced international finance
      executive at ABB, joined the Company as Vice President,
      Group Controller.

In order to strengthen the leadership and to improve common
processes across multiple Harman businesses, the Company has
created the new position of Country Manager in the United States
and Japan, and will extend this concept shortly to Germany, China,
India, and Russia.  Blake Augsburger, who leads the global
Professional division, has taken this additional role in the US.
Ken Yasuda, President of Harman Consumer Japan, assumes the
additional group-wide country role in Japan.  These individuals
will serve as country champion for functional best practices, and
will directly participate in such business activities as project
risk reviews, large supply or investment proposals,
restructurings, and key human resource decisions.

                      Strategic Initiatives

During the fiscal second quarter, the company initiated an
extensive review of its global footprint and launched a number of
key initiatives to improve simplicity and cost.  In the third
quarter, restructuring of the Company's automotive footprint was
accelerated with the decision to close plants in Northridge,
California and Martinsville, Indiana.

Also during the third quarter, the Company decided to shut down
two smaller facilities in Massachusetts serving the Consumer
division.  These operations will be integrated with other Harman
facilities in California and New York.  Consolidations of
additional Harman manufacturing and engineering facilities in
Europe and Africa are under review.

These actions are expected to result in restructuring charges of
US$25 to US$30 million in the third quarter and US$5 to US$10
million in the fourth quarter of fiscal 2008.  About 1400 jobs
will be affected, of which 500 jobs will be eliminated and the
balance transferred to other Harman facilities in the United
States, Germany, China, and Mexico.

The company has added several hundred new jobs at its plants in
Mexico and China and extensive job training is now being
completed.  The company has also decided to add capacity to its
plant in Hungary in order to expand production of audio
electronics and speakers.

The company is in the final stage of completing its plan to
outsource its information technology infrastructure.  This step
will blend an outside service provider's solutions expertise with
emerging-country resources to bring us significant gains in both
agility and cost.  This initiative will also help us take a closer
look at alternative resources for project-related software,
systems and costs.

In the third quarter, the company also decided to consolidate
resources from Washington, DC and Northridge, California to its
new corporate headquarters in Stamford, Connecticut.  This will
accelerate the speed of decision making and improve coordination
across key company functions.

                             Outlook

The company expected continued growth in sales across its three
divisions, although the economic slowdown may affect some of this
growth.  Fiscal 2008 performance will be adversely affected by
lower PND margins, product mix, and higher engineering and
material costs due to several new infotainment platform launches.

"We expect the remainder of 2008 and 2009 to be difficult as we
complete the launch of a record number of infotainment platforms
and face continued pricing pressures," said Dinesh Paliwal.
"Management is responding aggressively to address these issues
with a company-wide restructuring program to improve productivity
and cost structure across manufacturing, engineering, and
sourcing."

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

                         *     *     *

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


KRONOS INC: Paul Lacy to Quit as President
------------------------------------------
Kronos(R) Incorporated disclosed that its president, Paul Lacy,
plans to retire from the company.  During his 20-year tenure,
Kronos grew from a small, US$26 million hardware company to a
US$662 million global enterprise software company.  An active
national search is already underway for Mr. Lacy's replacement.
Kronos anticipates that the transition will be completed no later
than June 2008.

"It is hard to put into words what Paul Lacy has meant to our
company," said Aron Ain, Kronos chief executive officer.  "Paul
embodies everything that makes Kronos a great place to work.  His
deep knowledge of all aspects of our business, as well as his
steady leadership, clear vision, and uncompromising integrity,
have been tremendous assets to Kronos.  We will miss Paul both
professionally and personally, and are grateful for all that he
has done for Kronos. We wish him happiness as he moves into a new
phase of his life."

Mr. Lacy joined Kronos in 1988 and has served as president since
2005, previously serving as executive vice president and chief
financial and administrative officer for the company.  During his
tenure, Mr. Lacy helped Kronos become one of the world's most
consistently performing enterprise software companies.  He led the
company's Initial Public Offering in 1992, and selected and
integrated 60 company and product acquisitions in North America
and in other parts of the world.

"It has been a distinct privilege to be part of Kronos' evolution
to one of the most respected and successful companies in the
technology industry," said Mr. Lacy.  "Kronos has provided me with
a wide range of opportunities and professional experiences,
culminating with taking the company private after 15 years as a
public company.  I will forever be grateful to my friends and
colleagues at Kronos for making my two decades
with this great company the most fulfilling period of my
professional career.  I am confident that the skilled and
compassionate leadership at Kronos will guide the company through
many more years of growth and success."

Headquartered in Chelmsford, Mass., Kronos Inc. --
http://www.kronos.com/-- provides a suite of solutions that
automate employee-centric processes, as well as tools to
optimize the workforce.  It provides workforce management
software, including time and attendance software and talent
management (recruiting) software.  The company offers its
products primarily in the United States, Canada, Mexico, the
United Kingdom, Australia, and New Zealand.

The company posted about US$617 million of revenues for the
twelve months ended March 31, 2007.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service assigned Kronos Inc. a
first time B2 corporate family rating and a stable rating
outlook.


LIBBEY INC: Paying US$0.025 Per Share Cash Dividend on March 4
--------------------------------------------------------------
Libbey Inc. Board of Directors has declared the company's
quarterly cash dividend of US$0.025 per share.  The dividend will
be paid on March 4, 2008, to shareholders of record as of Feb. 19,
2008.  As of Feb. 4, 2008, the company had 14,564,556 shares
outstanding.

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/--
operates glass tableware manufacturing plants in the United States
in Louisiana and Ohio, as well as in Mexico, China, Portugal and
the Netherlands.  Its Crisa subsidiary, located in Monterrey,
Mexico, is the leading producer of glass tableware in Mexico and
Latin America.  Its Royal Leerdam subsidiary, located in Leerdam,
Netherlands, is among the world leaders in producing and selling
glass stemware to retail, foodservice and industrial clients.  Its
Crisal subsidiary, located in Portugal, provides
an expanded presence in Europe.  Its Syracuse China subsidiary
designs, manufactures and distributes an extensive line of high-
quality ceramic dinnerware, principally for foodservice
establishments in the United States.  Its World Tableware
subsidiary imports and sells a full-line of metal flatware and
holloware and an assortment of ceramic dinnerware and other
tabletop items principally for foodservice establishments in the
United States.  Its Traex subsidiary, located in Wisconsin,
designs, manufactures and distributes an extensive line of plastic
items for the foodservice industry.  In 2006, Libbey Inc.'s net
sales totaled US$689.5 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2006, In connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products sector,
the rating agency confirmed its B2 Corporate Family Rating for
Libbey Glass Inc., and its B2 rating on the company's
US$306 million senior secured notes due 2011.  Additionally,
Moody's assigned an LGD3 rating to the notes, suggesting
noteholders will experience a 49% loss in the event of a default.


MOVIE GALLERY: Court Okays CIO Seth Levy's Employment Terms
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
approved the employment agreement that Movie Gallery Inc. and its
debtor-affiliates entered into with Seth Levy as chief information
officer.

Pursuant to the employment agreement, Seth Levy is expected to
manage their operations with respect to information technology.
The employment agreement will become effective and will continue
for 12 months with annual one-year extensions.

Peter J. Barrett, Esq., at Kutak Rock LLP, in Richmond, Virginia,
said the Debtors' chief information officer resigned in April
2007, and was replaced by John Rossman from Alvarez & Marsal
Business Consulting, LLC, on an interim basis.  Mr. Rossman,
however, resigned in October 2007.

The Debtors determined that Mr. Levy's extensive experience in
managing information technology projects for large retail
companies qualifies him to manage the Debtors' related
operations.  Notably, Mr. Levy served as senior vice president
for Logistics, chief information officer for Electronic Boutique
Holdings, president of EB Games Online, and director for Systems
and Programming in May Department Stores Company, Mr. Barrett
disclosed.

Under the agreement, Mr. Levy will receive an annual salary of
US$325,000, and a sign-on bonus of US$75,000.

Additionally, Mr. Levy will be entitled to participate in Movie
Gallery, Inc.'s executive officer bonus program and other
incentives, cash and equity compensation plans as determined by
the Board of Directors.

In the event that Mr. Levy is terminated, he agrees not to
compete with the Debtors for a period of one year from his
termination.

The Debtors and Mr. Levy also agreed, notwithstanding anything to
the contrary in the Agreement, that Mr. Levy is not entitled to
the severance benefits upon his termination.

                       About Movie Gallery

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

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

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

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors have until June 13, 2008 to file
their plan of reorganization.  (Movie Gallery Bankruptcy News
Issue No. 17; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Wants Court Nod on Second Amended DIP Credit Pact
----------------------------------------------------------------
Movie Gallery, Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Virginia to approve a
second amendment to their Secured Senior-Priority Debtor-In-
Possession Credit and Guaranty Agreement with Goldman Sachs Credit
Partners L.P., as syndication agent and documentation agent, and
The Bank of New York, as administrative agent and collateral
agent.

The Debtors' Second DIP Amendment provides them with increased
flexibility to manage their Chapter 11 operations and to
facilitate the implementation of their Plan of Reorganization,
Ronald A. Page, Jr., Esq., at Kutak Rock LLP, in Richmond,
Virginia, says.

Specifically, Mr. Page discloses, the Second Amended DIP Credit
Agreement modifies the definition of "Consolidated Adjusted
EBITDA" to appropriately address changes to estimates of rental
inventory salvage value.

Mr. Page states that the Second Amendment relaxes certain
financial covenants relating to the adjusted EBITDA, available
liquidity, and secured leverage ratios for fiscal month-end
periods ending January 6, February 10, March 9, April 6, May 11
and June 8, 2008.

In addition, the Second Amendment modifies the interest rate to
be paid for obligations under the DIP Credit Agreement, effective
on the date during which Requisite Lenders return signature pages
evidencing their approval.

Pursuant to Section 363(b) of the Bankruptcy Code, the Second
Amendment is conditioned on the Debtors' payment of an amendment
fee "equal to (a) 0.25% multiplied by (b) the aggregate Revolving
Exposure plus Term Loan Exposure of each Lender."  The Debtors
will also pay Goldman Sachs and the DIP Agents for all their out-
of-pocket expenses incurred during the negotiations and
preparation of the DIP Credit Agreement's second amendment, Mr.
Page tells Judge Douglas O. Tice, Jr.

Mr. Page submits that the payment of amendment fees and expenses
is "prudent and necessary to receive the benefits of the Second
Amendment", and is consistent with market rates.

A full-text copy of the Second Amended DIP Credit Agreement is
available for free at http://researcharchives.com/t/s?27c2

                       About Movie Gallery

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

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

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

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors have until June 13, 2008 to file
their plan of reorganization.  (Movie Gallery Bankruptcy News
Issue No. 17; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Judge Tice Okays 1st Amended Disclosure Statement
----------------------------------------------------------------
The Honorable Douglas O. Tice of the U.S. Bankruptcy Court for the
Eastern District of Virginia approved a first amended disclosure
statement explaining Movie Gallery, Inc. and its debtor-
affiliates' First Amended Joint Plan of Reorganization, at a
hearing held Feb. 5, 2008.

Judge Tice held that the First Amended Disclosure Statement
contains adequate information that would enable creditors to make
an informed decision on whether to accept or reject the Plan.

All objections that have not been withdrawn, sustained or settled
are overruled.

The Debtors' Plan will come before the Court for confirmation at
a hearing on April 9, 2008, at 2:00 p.m., Eastern Standard Time.
Parties have until March 24 to file objections to the Plan.

The Debtors filed the First Amended Disclosure Statement and Plan
on Feb. 4, 2008, to incorporate, among others (i) the key
creditor groups' agreement to support the Plan; (ii) a revision
to the treatment of claims to include creditors' projected
recoveries; (iii) a recovery analysis; and (iv) financial
projections.

The Plan Support Agreement has been signed by:

   (1) more than 40 different lenders collectively holding more
       than two-thirds of the debt under the Movie Gallery's
       first lien credit facilities;

   (2) approximately five lenders collectively holding more that
       half of the debt under Movie Gallery's second lien credit
       agreement; and

   (3) Sopris Capital Advisors LLC, in its capacity as a Second
       Lien Lender, holder of a majority of the debt under Movie
       Gallery's 11% senior notes.

Additionally, Sopris has committed to backstop a $50,000,000
rights offering under the Plan, and has placed $50,000,000 into
escrow in support of its backstop commitment.

The Amended Plan contemplates these restructuring transactions:

   * the Debtors will enter into the Amended and Restated First
     Lien Credit Agreement;

   * the Debtors will enter into the Amended and Restated Second
     Lien Credit Agreement;

   * Sopris will convert approximately $72 million plus accrued
     interest thereon, in Second Lien Claims into equity in the
     Reorganized Debtors;

   * the Debtors' outstanding $325 million 11% Senior Notes plus
     accrued interest, including approximately $174 million held
     by Sopris, will be converted into equity in the Reorganized
     Debtors;

   * the $50 million Rights Offering of additional New Common
     Stock is to be made available to eligible Holders of the
     11% Senior Notes, which Rights Offering is to be fully
     backstopped by Sopris;

   * the Debtors' General Unsecured Claims and remaining 9.625%
     Senior Subordinated Notes will be converted into equity in
     the Reorganized Debtors subject to the Holder's right to
     elect, as an alternative, a limited cash-out option as set
     forth in the Plan; and

   * the Reorganized Debtors will enter into an exit financing
     facility.

The Debtors have not yet secured the Exit Facility.

          Treatment & Recovery of Claims Under Plan

The Projected Recovery for each class of claim and interest under
the the Amended Plan are:

  Class  Description                          Recovery
  -----  -----------                          --------
    1    Other Priority Claims                  100%
    2    Other Secured Claims                   100%
    3    First Lien Claims                      100%
    4    Second Lien Claims                     100%
    5    Studio Claims Impaired                 100%
    6    11% Senior Note Claims                 22.1%
   7A    General Unsecured Claims against
          Movie Gallery, Inc.                   5.964%
   7B    General Unsecured Claims against
          Movie Gallery US, LLC                 13.613%
   7C    General Unsecured Claims against
          M.G.A. Realty I, LLC                  3.333%
   7D    General Unsecured Claims against
          M.G. Digital, LLC                     0.702%
   7E    General Unsecured Claims and
          9.625% Senior Subordinated Note
          Claims against Hollywood
          Entertainment Corporation             12.527%
   7F    General Unsecured Claims against
          MG Automation LLC                     3.333%
    8    Equity Interests in Movie
          Gallery, Inc.                         0%
    9    Intercompany Interests                 0%

Class 9 is impaired and is deemed to reject the Plan.
Accordingly, the Debtors are soliciting votes to accept or reject
the Plan from Holders of Claims in Classes 3, 4, 5, 6, 7A, 7B,
7C, 7D, 7E and 7F.  The Debtors are not seeking votes from the
Holders of Claims in Classes 1, 2, 8 and 9.

Sopris holds (i) $174,000,000 in principal amount of 11% Senior
Notes or 54% of the aggregate amount outstanding under the 11%
Senior Notes; (ii) $72,000,000 in Second Lien Claims or 41% of the
aggregate amount outstanding under the Second Lien Credit
Agreement; and (iii) a small percentage of the First Lien Claims.

Pursuant to the Plan, Sopris will receive about 41% of the
Unsecured Claim Equity Allocation; the Sopris Second Lien Equity
Allocation; at least 50% and as much as 100% of the Rights
Offering Equity Allocation; the Rights Offering Commitment Fee
payable in new common stock; and up to an additional 25% of the
Unsecured Claim Equity Allocation.

The Debtors estimate that as of the effective date of the Plan,
Sopris will hold between 64% and 85% of the new common stock,
subject to dilution by future stock issuances, including the
issuance of equity, restricted stock or options under the
Management and Director Equity Incentive Program, and by the
possible exercise of the Warrants.

The Plan provides holders of allowed claims under Classes 6, 7A,
7B and 7E, collectively, to receive an allocated portion of the
new common stock, the warrants to be issued under the Plan, and
the net proceeds realized by the Litigation Trust, except to the
extent that the holders make a cash-out election.

Sopris has agreed to provide up to $10,000,000 to fund an
alternate recovery in cash to holders of allowed general unsecured
claims in Classes 7A, 7B and 7E in lieu of the new  common stock.
The "cash-out" option will be capped at no more than 50% of the
value ascribed by the Plan to the new common stock that a creditor
would be entitled to receive on account of
an allowed claim.

The "warrants" will give holders of claims under Classes 6, 7A, 7B
and 7E the right to purchase, in the aggregate, 5% of the
fully-diluted new common stock at an exercise price equal to 200%
of the Rights Offering Exercise Price, with a term of seven years.

                Appointment of Litigation Trustee

On the Plan Effective Date, and in compliance with the provisions
of the Plan and the Litigation Trust Agreement, William Kaye, the
chairman of the Committee, will be appointed Litigation Trustee
in accordance with the Litigation Trust Agreement.

                           Feasibility

Section 1129(a)(11) of the U.S. Bankruptcy Code requires that the
Court find that Confirmation is not likely to be followed by the
debtor's liquidation of the Reorganized Debtors or the need for
further financial reorganization, unless the Plan contemplates
such liquidation.

For purposes of demonstrating that the Plan meets this
"feasibility" standard, the Debtors have analyzed the ability of
the Reorganized Debtors to meet their obligations under the Plan
and to retain sufficient liquidity and capital resources to
conduct their businesses.

The Debtors believe that the Plan meets the feasibility
requirement set forth in Section 1129(a)(11) of the Bankruptcy
Code, as confirmation is not likely to be followed by liquidation
or the need for further financial reorganization of the Debtors
or any successor under the Plan.  In connection with the
development of the Plan and for the purposes of determining
whether the Plan satisfies this feasibility standard, the Debtors
analyzed their ability to satisfy their financial obligations
while maintaining sufficient liquidity and capital resources.
Management developed a business plan and prepared financial
projections for the retail calendar years 2007 through 2010.

A full-text copy of the Financial Projections is available for
free at http://researcharchives.com/t/s?27cf

The Debtors' Projections reflect an anticipated emergence from
Chapter 11 as of May 11, 2008.  The Debtors' estimated cash
effects of emergence will constitute:

   * a compounded annual growth rate of 1.5% in rental revenue
     and merchandise sales;

   * a year-end store count of 3,540 stores, including Canadian
     stores, and an increase by 100 of Game Crazy stores in each
     of 2009 and 2010;

   * 53.8% gross margin in 2008, declining to 49.3% in 2010;

   * estimated gain of $311,900,000 consisting of cancellation of
     debt income associated with (a) the 11% Senior Notes, (b)
     the 9.625% Senior Subordinated Notes, (c) accounts payable,
     (d) accrued liabilities and (e) other general unsecured
     Claims, less (ii) the write-off of $25,500,000 of deferred
     financing fees and (iii) the $1,200,000 Rights Offering
     backstop fee;

   * $719,600,000 of outstanding debt upon emergence due to the
     extinguishment of the 11% Senior Notes and 9.625% Senior
     Subordinated Notes claims and the conversion of the Sopris
     Second Lien Claims converted into new common stock; and

   * maintenance of a minimum of $30,000,000 of book cash.

In general, as illustrated by the Projections, the Debtors
believe that with a significantly deleveraged capital structure,
the Debtors' business will return to viability.  The Debtors
project that the Reorganized Debtors should have sufficient cash
flow and availability to pay and service their debt obligations
and to fund operations.  The Debtors believe that Confirmation
and Consummation is not likely to be followed by the liquidation
or further reorganization of the Reorganized Debtors.
Accordingly, the Debtors believe that the Plan satisfies the
feasibility requirement of Section 1129(a)(11) of the Bankruptcy
Code.

                       Liquidation Analysis

The Debtors with the assistance of their restructuring and
financial advisors, have prepared a hypothetical liquidation
analysis in connection with the Disclosure Statement.  The
Liquidation Analysis indicates the estimated values that may be
obtained by Classes of Claims upon disposition of assets,
pursuant to a Chapter 7 liquidation, as an alternative to
continued operation of the Debtors' business under the Plan.


                            ASSETS
                                                           Total
                           Consolidated   Estimated    Estimated
                                Balance   Recovery %    Recovery
                          -------------   ----------  -----------
  Current Assets
   Cash and cash
   equivalents              $75,753,000    100%      $75,753,000
   Merchandise Inventory    153,025,000     39%       59,221,000
   Prepaid Expenses          50,937,000     74%       37,919,000
   Accounts Receivable        6,235,000     57%        3,534,000
   Store Supplies and
   other assets held
   for sale                   7,366,000     48%        3,504,000
                         --------------  ----------  -----------
  Total Current Assets      293,316,000     61%      179,931,000
                         ==============  ==========  ===========

   Rental Inventory, net    226,721,000     39%       87,741,000
   Property, furnishings
   and equipment, net       123,269,000      9%       11,616,000
   Goodwill, net                      0      0%                0
   Other intangibles, net    50,475,000      0%                0
   Deferred income tax
   asset, net                 1,774,000      0%                0
   Deposits and other
   assets investment
   in subsidiaries            7,389,000      0%        6,223,000
                         -------------- ----------  ------------
  Total Non-current
  Assets                    409,628,000    26%       105,580,000
                         -------------- ----------  ------------
  Total Assets/Proceeds    $702,944,000    41%      $285,511,000
                         ============== ==========  ============

  Chapter 7 Liquidation
   Expenses

  Winddown Costs                                   ($55,200,000)
  Professional Fees                                  (6,000,000)
  Trustee Fees and Commissions                       (7,726,000)
                                                    ------------
  Total Liquidation Expense                        ($68,926,000)
                                                    ------------
  Net Proceeds Available for Distribution           $216,585,000
                                                    ============


                             DISTRIBUTIONS

                                  Total                    Total
                              Estimated    Total       Estimated
                                  Claim   Dist.%    Distribution
                         --------------   ------   -------------
  Less Secured Claims
   DIP Term Loan          $101,393,000    100%      $101,993,000
   LT Debt Facility
   (First Lien)            598,374,000     19%       114,592,000
   Outstanding LCs
   (1st Lien)               25,030,000      0%                 0
   LT Debt Facility
   (2nd Lien)              189,576,000      0%                 0
                        --------------   ------     ------------
   Total Secured Claims    914,973,000      0%       216,585,000
                        ==============   ======     ============

  Remaining Distributable
  Value                                                        -

  Less Chapter 11 Admin
  & Priority Claims        103,287,000      0%                $0

  Remaining Distributable
  Value                                                        -

  Less General
  Unsecured Claims
   Subordinated Debt       341,861,000      0%                $0
   Other General
   Unsecured Claims        207,000,000      0%                $0
                        --------------   ------    -------------
  Total Unsecured
  Non-Priority Claims     $548,861,000      0%                 -
                         ==============   ======   =============
  Distributable Value
  Available for Equity                                         -

  Total Estimated
  Claims/Distributions  $1,567,121,000     14%      $216,585,000
                        ==============   ======     ============

A full-text copy of the Liquidation Analysis is available for
free at http://researcharchives.com/t/s?27d0

             Executory Contracts and Unexpired Leases

To address the landlords' objections to the Disclosure Statement,
the First Amended Plan provides that non-Debtor parties to
executory contracts or unexpired leases that are deemed rejected
as of the Plan Effective Date will have the right to assert any
claim on account of the rejected contract or lease, including
under Section 503 of the Bankruptcy Code; provided that the
claims must be filed by the applicable Claims Bar Date.

                Debtors Continue Talks with Lenders

The Debtors are currently soliciting prospective lenders regarding
their interest in conducting due diligence with respect to
providing the Exit Facility.  The Debtors are also currently in
discussions with Sopris regarding additional support for
approximately $25 million to be provided by Sopris that could be
utilized by the Debtors to realize additional liquidity during
periods of peak product purchasing.  No terms have been agreed to
and there are no assurances about the final terms or conditions of
the support.

"With the Court's authorization, we can now begin the
solicitation of stakeholder votes on our Plan, which is another
important step forward in our restructuring process.  We are very
proud of what we have accomplished thus far as we work to emerge
as a competitive and financially stable company.  On behalf of my
entire management team, we remain grateful for the unwavering
support of our dedicated partners and associates throughout our
restructuring process," Joe Malugen, chairman, president and
chief executive officer of Movie Gallery, said.

Movie Gallery will shortly begin the process of soliciting votes
for the Plan from eligible claim holders.  The Official Committee
of Unsecured Creditors in Movie Gallery's Chapter 11 proceedings
supported entry of the order approving the Disclosure Statement.
Assuming the requisite approvals are received and the Bankruptcy
Court confirms the Plan under the company's current timetable,
Movie Gallery expects to emerge from Chapter 11 on May 11, 2008.

A full-text copy of the Debtors' First Amended Plan is available
for free at:

              http://researcharchives.com/t/s?27d1

A full-text copy of the Debtors' First Amended Disclosure
Statement is available for free at:

              http://researcharchives.com/t/s?27d2

                      About Movie Gallery

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

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

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

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors have until June 13, 2008 to file
their plan of reorganization.


PRUDENTIAL BANK: Moody's Assigns Ba2 Currency Deposit Ratings
-------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of E+ to Prudential Bank, S.A.  At the same time, Moody's
assigned long- and short-term global local currency deposit
ratings of Ba2/Not Prime, respectively.  The bank was also
assigned foreign currency deposit ratings of Ba2/Not Prime.
Moody's also assigned long- and short-term Mexican National Scale
ratings of A2.mx/MX-2, respectively.  All these ratings have
stable outlooks.

According to Moody's, the BFSR of E+ reflects the bank's very
short track-record, which is reflected in current operational
losses, and the resulting challenges of generating sustainable
earnings within its defined niche strategy.  The bank's
predominantly fee-based earnings and low capital consuming
business results in limited risk profile.

Prudential Bank (Mexico) was established in mid-2007 with the
primary goal of distributing mutual funds that have been
previously offered by Prudential Financial, Operadora de
Sociedades de Inversion, S.A.  Prudential Operadora ranked as the
second largest independent mutual fund operation in Mexico.  The
bank's core business, therefore, leverages the existing market
presence and brand of its parent company, Prudential Financial.

Moody's noted, however, that as a newly established bank,
Prudential Bank (Mexico) faces a new set of entrenched
competitors, which also have extensive penetration in the Mexican
deposits market.  For that reason, the bank is challenged to
expand its investment business platform, and thus, its franchise
value and earnings generation, in such a competitive environment.

The rating agency observes that Prudential Bank (Mexico) is likely
to benefit from synergies with other companies of Prudential Grupo
Financiero, in the form of client references, marketing and
business development practices.  Outside of Asia, Mexico is among
Prudential's few international operations.

Prudential Bank (Mexico)'s Ba2 GLC deposit rating incorporates the
benefits of being part of the Prudential Financial network (rated
A3/P-2 by Moody's), particularly those stemming from the group's
strong brand name recognition and support in terms of funding,
risk policies as well as operating and marketing guidelines.

These ratings were assigned:

   -- Bank Financial Strength Rating: E+
   -- Global Local Currency Deposits, long term: Ba2
   -- Global Local Currency Deposits, short term: Not Prime
   -- Foreign Currency deposits, long term: Ba2
   -- Foreign Currency deposits, short term: Not Prime
   -- National Scale Rating, long term: A2.mx
   -- National Scale Rating, short term: MX-2
   -- Outlook: Stable

Prudential Bank (Mexico) is headquartered in Mexico City.  As of
September 2007, the bank reported MXN371 million in assets.



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

AES CORP: Inks Pact Selling Interests in Power Plant & Coal Mine
----------------------------------------------------------------
The AES Corporation has entered into an agreement to sell its
interests in the AES Ekibastuz power plant and Maikuben West coal
mine in Kazakhstan to Kazakhmys PLC, Kazakhstan's largest producer
of copper and one of the leading copper producers in the world.
AES will maintain its ownership and operation of its other
facilities located in Eastern Kazakhstan, which include thermal
and hydro generation capacity of approximately 2,688 MW and a
distribution business with over 400,000 customers.

AES will receive consideration of US$1.1 billion at closing and
will have the opportunity to receive, over three years, additional
consideration of up to US$381 million under earn-out provisions, a
management fee and a capital expenditure program bonus, for a
total consideration of up to US$1.48 billion.  The management
agreement duration is three years and runs through December 2010.

"This transaction is a good example of how active portfolio
management can create opportunities to increase value for our
shareholders," said Paul Hanrahan, AES President and Chief
Executive Officer.  "At the same time, we will maintain an
important presence in the growing Kazakhstan market."

Ekibastuz, a coal-fired power plant with current available
capacity of approximately 2,250 MW, and Maikuben, a coal mine, are
both located in Northern Kazakhstan.  AES acquired its initial
interests in Ekibastuz and Maikuben in 1996 and 2001,
respectively.  Since 1996, AES has invested over US$200 million in
modernization programs bringing into operation more than 2,000 MW
of generation capacity at Ekibastuz.

The sale is subject to certain regulatory and third-party
approvals and to customary purchase price adjustments.  The
transaction is expected to close in second quarter 2008.

Kazakhmys has its corporate headquarters in London and operations
in Kazakhstan and Germany.

                        About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

The company has Latin America operations in Argentina, Brazil,
Chile, Dominican Republic, El Salvador and Panama.

                          *     *     *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.

As of Feb. 6, 2008, the company still carries Fitch's 'BB/RR1'
rating on US$500 million issue of senior unsecured notes due 2017.



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

QUEBECOR WORLD: U.S. Court Okays Donlin Recano as Claims Agent
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave Quebecor World Inc. and its debtor-affiliates authority to
employ Donlin, Recano & Company, Inc. as their claims, notice and
balloting agent.

As reported in the Troubled Company Reporter on Jan 28, 2008,
Jeremy Roberts, Senior Vice-President Corporate Finance and
Treasurer of Quebecor World (USA) Inc., states that Bankruptcy
Clerk is not equipped to distribute notices, process all of the
proofs of claim filed, and assist in the balloting process in the
Debtors' Chapter 11 cases.  Thus, an independent third party is
needed to act on these related administrative tasks, he says.

Louis Recano, a principal of Donlin, Recano & Company, Inc.,
relates that the company has served more than 200 clients for
Chapter 11 cases globally and their services include noticing
solutions, claims administration, solicitation planning and
balloting, and plan distribution and tracking.

The Debtors wish to engage with Donlin Recano under terms and
conditions provided in a Standard Claims Administration and
Noticing Agreement.

The Debtors may further utilize other services offered by Donlin
Recano, including assisting the Debtors in preparing the master
creditor lists, gathering data related to the Debtors' schedules
and maintenance of a post office box for receiving claims.

The Debtors have paid Donlin Recano a retainer of US$50,000.

The firm will charge the Debtors at these rates:

    Senior Bankruptcy Consultant           US$205-250 per hour
    Case Manager                           US$180-200 per hour
    Technology/Programming Consultant      US$115-195 per hour
    Senior Analyst                         US$115-175 per hour
    Jr. Analyst                             US$70-110 per hour
    Clerical                                 US$40-65 per hour

The firm will also charge the Debtors for other services at their
regular rates, including laser printing at $0.12 per page, Web
hosting at $250 per month, among other things.

Mr. Recano asserts that the firm is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code and
holds no interest adverse to the Debtors or their estates for the
matters for which the firm is to be employed.

The firm can be reached at:

             Donlin Recano & Company, Inc.
             419 Park Avenue South
             New York, NY 10016
             Tel: (212) 481-1411
             Fax: (212) 481-1416
             http://www.donlinrecano.com/

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, Issue No. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Justice Mongeon Approves E&Y as CCAA Monitor
------------------------------------------------------------
Quebecor World Inc. and its Canadian Debtor affiliates obtained
permission from the Honorable Justice Robert Mongeon at the
Superior Court of Justice (Commercial Division), for the Province
of Quebec, in Canada, to appoint Ernst & Young Inc., as their
monitor in its insolvency proceedings under the Canadian
Companies' Creditors Arrangement Act.

As an officer of the Canadian Court, E&Y is expected to monitor
the Debtors' business and financial affairs.

The Monitor will not interfere with the Debtors' business and
financial affairs, and is not empowered to take possession of the
Debtors' property nor manage any of their business or financial
affairs.

The Debtors and their directors, officers, employees and agents,
accountants, auditors, and all other related parties will provide
the Monitor with unrestricted access to all of the Debtors'
properties, including premises, books, records, data, including
data in electronic form, and all other documents of the Debtors in
connection with the Monitor's duties and responsibilities.

The Monitor may provide creditors and other interested parties
with information relating to the Debtors.  The Monitor, however,
will not disclose any information that is considered confidential,
proprietary or competitive, or where the disclosure of information
would be prejudicial to the Debtors' restructuring process.

The Monitor will not incur any liability or obligation as a
result of its appointment and the fulfillment of its duties,
except any liability arising from its gross negligence or willful
misconduct.  No action will be commenced against the Monitor
relating to its appointment, except without prior leave of the
Canadian Court.

The Debtors will entitle the Monitor, its legal counsel, as
well as the Debtors' legal counsel, an administration charge
on the Debtors' Property, not exceeding CDN$5,000,000.

                       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, Issue No. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Court Extends Noteholders' BIA Preference Period
----------------------------------------------------------------
The Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec, in
Canada, authorized certain holders of notes issued by Quebecor
World Inc., to file a petition seeking to extend certain
preference periods under the Bankruptcy and Insolvency Act for
transactions entered by QWI in October 2007.

The noteholders allege that, in connection with the transactions,
QWI owes them "at least $1,000" as of Jan. 25, 2008, and has
ceased to meet their liabilities generally as they become due.

The preference period expired by the end of January 2008.

Ernst & Young, QWI's CCAA monitor, consented to the request for
extension of the preference period.

Justice Mongeon, however, noted that in accordance with his prior
order barring any actions or proceedings against QWI until
Feb. 20, 2008, the noteholders are prohibited from performing
other actions against QWI.

The noteholders are AIG Global Investment Corp., Avenue Capital
Management II Gen Par, LLC, MacKay Shields LLC, and Oaktree
Capital Management LP.

Jay Carfagnini, Esq., at Goodmans LLP, in Ontario, Canada,
represents the noteholders.

                       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, Issue No. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Gets Interim OK to Use US$1 Billion DIP Facility
----------------------------------------------------------------
Judge James Peck of the U.S. Bankruptcy Court for the Southern
District of New York authorizes Quebecor World Inc. and its
debtor-affiliates, in the interim, to enter into a
US$1,000,000,000 DIP facility with Credit Suisse Securities (USA),
LLC, and Morgan Stanley Senior Funding Inc.

The Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec, who
oversees the Debtors' insolvency proceedings under the
Canadian Creditors' Companies Arrangement Act, also authorizes
the Canadian Applicants to enter into the US$1,000,000,000 DIP
Facility.

Judge Peck authorizes the U.S. Debtors to borrow, pending a final
hearing, up to an aggregate of US$750,000,000 to purchase the
Receivables Portfolio from non-debtor Quebecor World Finance,
Inc., and pay for other general corporate purposes.

The DIP Lenders will be entitled an allowed administrative
expense claim with priority, subject only to a Carve-Out for
payment of professional fees and expenses, over all other kinds
of claims.

The Carve-Out means:

   (a) unpaid fees and expenses of professionals retained by the
       Debtors or any statutory committees that are incurred
       before an Event of Default in the DIP Facility;

   (b) unpaid fees and expenses of professionals retained by the
       Debtors or any statutory committees up to an amount not
       exceeding US$20,000,000, that are incurred after the
       occurrence of an Event of Default;

   (c) reasonable fees and expenses of a Chapter 7 trustee up to
       an amount not exceeding US$250,000; and

   (d) fees to be paid to the Court and the office of the U.S.
       Trustee.

Judge Peck will convene a hearing on March 6, 2008, at 10:00
a.m., to consider final approval of the US$1,000,000,000 DIP
Facility.  Objections are due February 28.

The U.S. Court also granted a series of other requests from
Quebecor World's subsidiaries in the United States.  Among other
things, the Court authorized the Company to continue to honor its
ongoing obligations to its employees and to honor all commitments
to the Company's customers so as to ensure that customers receive
the same high level of service they depend upon to meet their
advertising and publishing needs.

             Quebecor World Beats Deadline by Minutes

Bloomberg News reports that Judge Peck approved Quebecor
World's interim loan, part of the overall request to borrow
US$1,000,000,000, eight minutes before a 5 p.m. cut-off by the DIP
Lenders.

Quebecor World's request was approved Jan. 23, 2008.

"These have been two of the worst days we have ever seen in the
credit markets, that's why there's a commitment deadline," said
Douglas Bartner, Shearman & Sterling LLP, representing Credit
Suisse Group and Morgan Stanley.

                       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, Issue No. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



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

AVNET INC: Operating Unit Signs Global Distribution Deal With Alps
------------------------------------------------------------------
Avnet Inc.'s operating group, Avnet Electronics Marketing, and
Alps Electric Co. Ltd., a Japan-based developer and manufacturer
of electronic devices and components, have entered into a global
distribution agreement.

Under the agreement, Avnet will distribute the full line of Alps
products, including switches and encoders, sensors,
potentiometers, connectors, direct thermal printers, radio
frequency and optical devices on a worldwide basis.

Alps Electric is guided by a development concept that blends core
and proprietary technologies to produce a sophisticated and highly
functional line of devices for the broadcasting and
telecommunications fields.  Alps products enhance human-to-machine
interface and enable the comfortable operation of appliances for
unsurpassed machine-to-machine interface.

"Alps understands and embraces the concept of `art of
electronics,' which results in a unique and advanced line of
products for seamless designs," said Tom McCartney, senior vice
president of IP&E business development worldwide for Avnet
Electronics Marketing.  "Together, Avnet and Alps will
work with customers, from the design stage to production and
around the globe, to assure products meet their unique needs in a
functional and cost-effective way."

"We are delighted to combine the broad global presence of Avnet
and the outstanding quality performance of our products," said
Yasuo Sasao, general manager strategic sales and marketing
operations for Alps Electric.  "This combination will create
synergy and lead to a great success in marketing the growing range
of Alps products across global markets, especially also in adding
service values and by creating new customer relationships across
all geographies."

                         About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc. --
http://www.avnet.com/-- distributes electronic components and
computer products, primarily for industrial customers.  It has
operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                          *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


DORAL FINANCIAL: Declares Cash Dividend on Preferred Stocks
-----------------------------------------------------------
Doral Financial Corporation has declared regular monthly cash
dividends on its:

   -- 7% Noncumulative Monthly Income Preferred Stock, Series A,

   -- 8.35% Noncumulative Monthly Income Preferred Stock, Series
      B and

   -- 7.25% Noncumulative Monthly Income Preferred Stock,
      Series C for the quarter.

The dividend is paid monthly on Jan. 31, Feb. 28 and March 31,
2008.  The monthly dividend for Series A, B and C will be
US$0.2917, US$0.173958, US$0.151042 per share, respectively and
payable on Jan. 31, Feb. 28 and March 31, 2008. In the case of
Series A Preferred Stock, the dividend is paid to the record
holders as of close of business on Jan. 29, Feb. 27, and March 27,
2008.  In the case of the Series B and Series C Preferred Stock,
the dividend is paid to the record holders as of close of business
on Jan. 15, Feb. 15 and March 15, 2008.

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2007, Standard & Poor's Ratings Services said that its
'B' long-term counterparty credit rating on Doral Financial
Corp. remains on CreditWatch Positive, where it was placed
July 20, 2007.


R&G FINANCIAL: Gets Approval to Pay February Preferred Dividends
----------------------------------------------------------------
Puerto Rico chartered bank holding company, R&G Financial
Corporation, has received regulatory permission to pay its
dividend obligations for February on its four outstanding series
of preferred stock and on its trust preferred securities issues.
Regulatory approvals are necessary as a result of the company's
previously announced agreements with the Board of Governors of the
Federal Reserve System, the Federal Deposit Insurance Corporation
and Commissioner of Financial Institutions of the Commonwealth of
Puerto Rico.

                       About R&G Financial

Headquartered in San Juan, Puerto Rico, R&G Financial Corp. (PNK:
RGFC.PK) -- http://www.rgonline.com/-- is a financial holding
company with operations in Puerto Rico and the United States,
providing banking, mortgage banking, investments, consumer finance
and insurance through its wholly owned subsidiaries, R-G Premier
Bank, R-G Crown Bank, R&G Mortgage Corporation, Puerto Rico's
second largest mortgage banker, R-G Investments Corporation, the
company's Puerto Rico broker- dealer, and R-G Insurance
Corporation, its Puerto Rico insurance agency.  The company
operates 37 bank branches in Puerto Rico, 36 bank branches in the
Orlando, Tampa/St. Petersburg and Jacksonville, Florida and
Augusta, Georgia markets, and 44 mortgage offices in Puerto Rico,
including 36 facilities located within R-G Premier Bank's banking
branches.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Fitch downgraded the long-term issuer default
rating of R&G Financial Corporation to 'CCC' from 'BB-'.  Further,
R&G was placed on rating watch negative.  In addition, the long-
term IDR of R-G Premier Bank has been downgraded to 'B' from 'BB-
'.



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

TIMKEN CO: Board Declares US$0.17 Per Share Quarterly Dividend
--------------------------------------------------------------
Timken Company's board of directors has declared a quarterly cash
dividend of 17 cents per share.  The dividend is payable on March
4, 2008, to shareholders of record as of Feb. 15, 2008.  It will
be the 343rd consecutive dividend paid on the common stock of the
company.

                       About Timken Co.

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

                         *     *     *

The Timken Company still carries Moody's Investors Service's Ba1
senior unsecured deb rating on US$300 million Medium Term Notes,
Series A.


* VENEZUELA: Workers Union Warns Indefinite Strike Extension
------------------------------------------------------------
Work stoppage at  Ternium Sidor, Venezuela's largest steel
production plant, may continue as a union of 5,400 permanent
workers and 9,000 contract workers warned they will extend their
strike indefinitely if the company fails to meet their
demands, Kiraz Janicke of  Venezuelanalysis reports, citing Nerio
Fuentes, United Steel Industry Workers Union General Secretary.

According to the report, the union's move to extend the strike
came after Sidor management suspended negotiations for a
collective agreement.

Sidor management, Venezuelanalysis relates, found the workers'
demand fora US$32.56 daily salary increase  "totally inviable."

However, the company said it would review the proposal of Vice
Minister of Labor,  Rafael Chacon, of  a daily salary increase of
45 bolivars and a retroactive payment of Bs.F. 20,000.

Aside from the salary increase, the union is also seeking a
retroactive payment of Bs.F. 50,000 for each worker, for
retirement funds, Venezuelanalysis says.

                       About Ternium Sidor

Based in Bolivar, Venezuela, Ternium Sidor, is a private steel
company with average output of 4.2Mt/y of liquid steel.  The
company is controlled by Argentina's Trechint,
which holds a 60% stake.

                         *     *     *

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *