TCRLA_Public/080212.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, February 12, 2008, Vol. 9, Issue 30

                             Headlines


A R G E N T I N A

ALITALIA SPA: Outgoing Prime Minister Vows to Complete Sale
ARROW ELECTRONICS: Earns US$114 Million in 2007 Fourth Quarter
COMPULBIKE SA: Files Reorganization Petition in Argentina
DANA CORP: Wants Court to Expunge 307 Scheduled Claims
GERIBA SRL: Proofs of Claim Verification Deadline is March 27

INCOFI SRL: Proofs of Claim Verification Ends on March 19
MIL OLIVOS: Proofs of Claim Verification is Until April 11
NERT SA: Proofs of Claim Verification Ends on March 10
OIS SA: Proofs of Claim Verification Deadline is April 9
TELECOM ARGENTINA: Telecom Italia Positive on Argentine Probe

TYSON FOODS: Board Picks Jim Kever as Lead Independent Director
TYSON FOODS: Unit Finalizes Plan to Restructure Kansas Operations

* ARGENTINA: Government's Inflation Reporting Faces Doubts

B O L I V I A

INTERMEC INC: Reports US$16.4-Mln Net Income in Fourth Quarter

B R A Z I L

BANCO NACIONAL: Funding BRL2.55B for Tele Norte Restructuring
DELPHI CORP: Court Allows 35 Trade Claims for US$52,000,000
DELPHI CORP: Proposal to Assign Steering Biz Contracts Disputed
DELPHI CORP: Wants Lease Decision Period Extended Until May 31
DELPHI CORP: Wants More Time to Remove Pending Civil Actions

DIRECTV GROUP: Buys Patent Portfolio License From TPL Group
DIRECTV GROUP: FCC Chair Backs Liberty-News Corp. Stake Swap
LOJAS COLOMBO: Bond Repurchase Prompts S&P's Rating Withdrawal
NOVELIS INC: Incurs US$49 Mil. Net Loss in Quarter Ended Dec. 31
TEREX CORPORATION: Hart-Scott-Rodino Waiting Period Expires

XERIUM TECH: Hires Stephen Light as New President & CEO

* BRAZIL: Creating Enforcement Team to Control Insider Trading

C A Y M A N  I S L A N D S

ABN AMRO EMERGING: Sets Final Shareholders Meeting for Feb. 22
ABN AMRO GENERAL: To Hold Final Shareholders Meeting on Feb. 22
ABN AMRO JAPAN: Sets Final Shareholders Meeting for February 22
CLOUDVIEW OFFSHORE: Final Shareholders Meeting is on February 23
MOORE STEPHENS: Sets Final Shareholders Meeting for February 22

C H I L E

INVENSYS PLC: Moody's Reviews Ratings for Possible Upgrade

C O L O M B I A

DOLE FOOD: Fitch Sees Positive on WTO Banana Tariff Policy Ruling
ECOPETROL: Heavy Crude Output Increases to 110,000 Barrels/Day

* COLOMBIA: Gets US$1.5 Million Grant for Biofuels Projects

C O S T A  R I C A

SIRVA INC: Court Okays Request to Borrow US$100M Under DIP Loan

D O M I N I C A N   R E P U B L I C

JETBLUE AIRWAYS: Christoph Franz Joins Board of Directors
JETBLUE AIRWAYS: Launching Santo Domingo Service on March 6
PRC LLC: Wants to Sell Property to Brett Houston for US$2.2 Mil.

* DOMINICAN REPUBLIC: S&P Puts Low B Ratings Under Negative Watch

E C U A D O R

* ECUADOR: Pending Antitrust Law to Address Retailer Speculation

E L  S A L V A D O R

ALCATEL-LUCENT: Incurs EUR443-Mln Net Loss in Full Year 2007

G U A T E M A L A

HUNTSMAN CORP: Board Paying US$0.10 Per Share Dividend on March 31

M E X I C O

EPICOR SOFTWARE: Earns US$22.4 Million in Quarter Ended Dec. 31
FREESCALE SEMI: Michael Mayer To Quit as Chairman & CEO
FREESCALE SEMICON: CEO Resignation No Rating Effect Says Moody's
IMPERIAL SUGAR: Halts Operations After Sugar Refinery Fire
UNITED RENTALS: Extends AT&T Network Services Deal for 3 Years

P E R U

QUEBECOR WORLD: D.E. Shaw Claims 1.2% Stake Ownership at Jan. 28
QUEBECOR WORLD: Magazine Arm Unaffected by Bankruptcy

P U E R T O  R I C O

APARTMENT INVESTMENT: Posts US$26.6MM Net Loss in 4th Qtr. 2007
COINSTAR INC: Wal-Mart Deal Cues S&P's Outlook Shift to Positive
GAMESTOP CORP: Board Okays US$130 Million Senior Notes Repurchase
GAMESTOP CORP: US$130MM Sr. Notes Buyback Cues S&P's Pos. Outlook

* PUERTO RICO: Moody's Comments on Possible Sales Tax Rate Cut

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Chavez Warns US$200 a Barrel Oil Price
PETROLEOS DE VENEZUELA: Mr. Ramirez Denounces Media Campaign
PETROLEOS DE VENEZUELA: Freeze Order No Rating Impact, S&P Says

* VENEZUELA: International Reserves Tops US$32 Billion, BCV Says
* VENEZUELA: To Deliver US$834 Mil. in Oil Shipments to Total SA

* Moody's Expects Global Default Rate to Rise in 2008
* Fitch to Address Latin America Sovereign Prospects Today

* Large Companies with Insolvent Balance Sheet


                         - - - - -

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

ALITALIA SPA: Outgoing Prime Minister Vows to Complete Sale
-----------------------------------------------------------
The caretaker Italian government will "do everything possible" to
sell its 49.9% stake in Alitalia S.p.A., Bloomberg News reports
citing Italian Prime Minister Romano Prodi.

President Giorgio Napolitano dissolved the Italian parliament on
Feb. 6, 2008, and set a snap election for April 13 and 14, 2008.
Mr. Prodi's administration will remain as caretaker government
until a new prime minister is elected into office.

"We will certainly do our best to make sure that this operation,
which no-one has had the courage to face despite being widely
recognized as necessary and unavoidable, makes it to the end," Mr.
Prodi was quoted by Agenzia Giornalistica as saying.  "We have
taken on this task and we will try to go all the way."

Alitalia and Air France-KLM SA have until mid-March to complete
exclusive talks and present a final binding offer to the Italian
government, which thereafter will decide whether to sell its stake
to the French carrier.

As previously reported in the TCR-Europe, Alitalia and Italy
commenced exclusive sale talks with Air France-KLM.

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

                          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.


ARROW ELECTRONICS: Earns US$114 Million in 2007 Fourth Quarter
--------------------------------------------------------------
Arrow Electronics Inc. reported fourth quarter 2007 net income of
US$114.0 million on sales of US$4.42 billion, compared with net
income of US$128.1 million on sales of US$3.49 billion in the
fourth quarter of 2006.  Sales increased 26 percent year over
year. On a pro forma basis, sales increased nine percent year over
year as acquisitions also benefited sales growth.  The company's
results for the fourth quarters of 2007 and 2006 include a number
of items that impact their comparability.  On a non-GAAP basis,
net income for the quarter ended Dec. 31, 2007 would have been
US$120.6 million and net income for the quarter ended Dec. 31,
2006, would have been US$88.6 million.

"We finished 2007 with outstanding performance in the fourth
quarter.  Sales, working capital to sales, and return on working
capital were all at record levels, and exceptional cash flow
generation of US$220 million in the fourth quarter brought 2007
operating cash flow to US$851 million," said William E. Mitchell,
chairman, president and chief executive officer.  "Our operating
margin was again at an industry leading level and our balance
sheet is at its strongest level in 10 years.  We are doing this
while continuing to invest in important initiatives that will take
us to even greater levels of growth and profitability."

Global enterprise computing solutions sales of US$1.61 billion
increased 111 percent year over year.  Growth was aided by the
impact of the acquisitions of KeyLink Systems Group, Alternative
Technology Inc. and the storage and security distribution business
of InTechnology plc.  On a pro forma basis, sales increased 22
percent year over year on strong growth in proprietary servers,
storage, software, and services.  "Sales pro forma for
acquisitions more than tripled the rate at which the overall
market is expected to have grown and our operating margin
strengthened significantly over last quarter, demonstrating the
tremendous operating leverage in our business.  Execution on our
strategic objectives in 2007 has resulted in a much stronger
organization with broader geographic reach into 22 countries,
increased market share in the fast growing product segments of
software and storage, and a more robust customer and supplier
base.  Arrow ECS is now the world's largest distributor of
enterprise storage and security and virtualization software, and
with increased scale, scope and capabilities, our strategy is
resonating with our customers and suppliers," added
Mr. Mitchell.

Global components sales of US$2.81 billion increased 3 percent
year over year.  "We again executed well and posted sales at the
high end of expectations.  In North America, we saw our first
increase in daily run rate since the third quarter of 2006 and
book to bill (the amount of sales booked for delivery as compared
with sales that have been billed) was above one in each of the
regions in which we operate.  As we continued along the path to
building best-in-class global capabilities and leveraging our
global scale, we moved closer to our financial targets for the
global components business in the fourth quarter.  Operating
income grew at more than three times the rate of sales growth and
we reduced the amount of working capital needed to support sales
by 160 basis points year over year.  Our strategic initiatives
around the world continue to take hold and we look forward to
additional progress in the upcoming year," Mr. Mitchell said.

The company's results for the fourth quarter of 2007 and 2006
include the items outlined below that impact their comparability:

   * During the fourth quarter of 2007, the company recorded a
     restructuring and integration charge of US$10.0 million
     (US$6.6 million net of related taxes) primarily related to
     initiatives taken by the company to improve operating
     efficiencies.

   * During the fourth quarter of 2006, the company settled
     certain tax matters covering multiple years.  As such, the
     company recorded a reduction in the provision for income
     taxes of US$44.7 million and related interest expense of
     US$6.2 million (US$3.8 million net of related taxes)
     related to periods prior to the fourth quarter of 2006.

   * During the fourth quarter of 2006, the company completed
     the valuation of identifiable intangibles associated with
     acquisitions completed in the fourth quarter of 2005.
     Accordingly, the company recorded the related amortization
     expense for the full year in the fourth quarter of 2006.
     The impact on net income was a decrease of US$1.2 million
     related to periods prior to the fourth quarter of 2006.

   * During the fourth quarter of 2006, the company recorded
     restructuring and integration charges and costs associated
     with pre-acquisition warranty and environmental claims of
     US$9.7 million (US$7.8 million net of related taxes).

"Based upon the information known to us today, we expect normal
seasonality in both our components and ECS businesses.  We believe
that total first quarter sales will be between US$3.925 and
US$4.225 billion, with global component sales between US$2.775 and
US$2.975 billion and global enterprise computing solutions sales
between US$1.15 and US$1.25 billion.  Earnings per share, on a
diluted basis, excluding any charges and including estimated
amortization of intangible assets of US$.03 to US$.04, are
expected to be in the range of US$.81 to US$.87, an increase of 9
percent to 18 percent from last year's first quarter," said Paul
J. Reilly, senior vice president and chief financial officer.

                        Full Year Results

Arrow's net income for 2007 was US$407.8 million on sales of
US$16.0 billion, compared with net income of US$388.3 million on
sales of US$13.6 billion in 2006.

Net income for 2007 includes a restructuring and integration
charge of US$11.7 million (US$7.0 million net of related taxes)
primarily related to initiatives taken by the company to improve
operating efficiencies and the acquisition of KeyLink.  Net income
for 2007 also includes an income tax benefit of US$6.0 million,
net, principally due to a reduction in deferred income taxes as a
result of the reduction in the statutory tax rate in Germany.
Excluding these items, net income would have been US$408.8 million
for 2007.

Net income for 2006 includes a restructuring and integration
charge and costs associated with pre-acquisition warranty and
environmental claims of US$16.1 million (US$11.7 million net of
related taxes) and a loss on prepayment of debt of US$2.6 million
(US$1.6 million net of related taxes).  During 2006, the company
settled certain tax matters covering multiple years. As such, the
company recorded a reduction in the provision for income taxes of
US$40.4 million and related interest expense of US$4.0 million
(US$2.4 million net of related taxes) related to tax years prior
to 2006.  Excluding these items, net income would have been
US$358.7 million for 2006.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                         *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


COMPULBIKE SA: Files Reorganization Petition in Argentina
---------------------------------------------------------
Compulbike S.A. has requested for reorganization approval after
failing to pay its liabilities since December 2007.

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

The case is pending in the National Commercial Court of First
Instance No. 12 in Buenos Aires.  Clerk No. 23 is assisting the
court in this case.

The debtor can be reached at:

           Compulbike S.A.
           Rodriguez Pena 434
           Buenos Aires, Argentina


DANA CORP: Wants Court to Expunge 307 Scheduled Claims
------------------------------------------------------
Dana Corporation and its affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to disallow and expunge 307
claims totaling US$10,549,663, listed in their Schedules of Assets
and Liabilities because those claims either have been (a)
satisfied by the Debtors in full during the pendency of their
Chapter 11 cases, or (ii) reduced to zero as a result of
reconciliation of the Debtors' books and records after the filing
of the Schedules.

The 10 largest Satisfied Claims are:

                                Scheduled
   Claimant                     Claim No.         Claim Amount
   --------                     ---------         ------------
   Acemco Automotive            54-F-1-19766       US$795,312
   B&C Machine Company          54-F-1-20099          453,315
   Mueller Impact               95-F-1-18463          364,619
   Watson & Chalin              54-F-1-23671          288,513
   HL Yoh Company               54-F-1-21338          228,042
   Omaha Steel Castings         54-F-1-22480          233,162
   Unity                        54-F-1-24139          215,410
   Avatar Components            54-F-1-20078          203,529
   UPS Customhouse Brokerage    73-F-1-16075          166,138
   Holland Group                54-F-1-21453          160,751

A list of the Satisfied Claims is available for free at:

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

The Debtors also ask the Court to disallow and expunge 36
Scheduled Claims totaling US$264,589.  Those Claims, according to
Corinne Ball, Esq., at Jones Day, in New York, relate to
executory contracts that the Debtors propose to assume under
their Third Amended Joint Plan of Reorganization.  Pursuant to
the proposed assumption, the Contract Claims will be resolved and
satisfied.

The 10 largest Contract Claims are:

                                Scheduled
   Claimant                     Claim No.         Claim Amount
   --------                     ---------         ------------
   Convisint                    64-F-1-15592        US$45,640
   Najico Spicer Co Ltd         54-F-5-100             38,996
   Fredericktown School         54-F-1-21144           33,791
   Automatic Data Processing    54-F-1-20069           16,675
   Kace Logistics               73-F-1-15884           13,067
   Knox County Career Center    54-F-1-21835           10,887
   Argo Partners                54-F-1-23575           10,152
   Shumaker Loop & Kendrick     54-F-1-23085            9,500
   System Scale Corp            54-F-1-23301            8,741
   Sourcenet Solutions Inc      54-F-1-23149            8,296

A list of the Contract Claims is available for free at:

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

Furthermore, the Debtors ask the Court to reduce the amount
asserted by seven claims.  Ms. Ball says that the Claims have
already been paid or otherwise satisfied, or has been deemed
satisfied and reduced in the Debtors' books and records.

The Overstated Claims are:

                          Scheduled      Original    Adjusted
   Claimant               Claim No.      Claim Amt.  Claim Amt.
   --------               ---------      ----------  ----------
   Merrill Lynch          54-F-1-20976   US$173,418  US$617,255
   Moores Machine         54-F-1-22254      346,393     292,657
   Atchinson Casting      54-F-1-20043      188,904     111,788
   Credit Suisse          54-F-1-20371      234,999      77,542
   Madison Investment     54-F-1-23041      318,821      67,480
   Ford Components        54-F-1-21122      113,641      27,117
   Pricewaterhousecoopers 54-F-1-22720      154,000       5,000

As reported in the Troubled Company Reporter on Feb. 6, 2008, Dana
and its debtor-affiliates' Third Amended Joint Plan of
Reorganization became effective as of Jan. 31, 2008, and the
Company emerged from Chapter 11 bankruptcy protection.

                          About Dana

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/--
designs and manufactures products for every major vehicle producer
in the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets
and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the adequacy
of the Disclosure Statement explaining their Plan.  Judge Burton
Lifland of the U.S. Bankruptcy Court for the Southern District of
New York entered an order confirming the Third Amended Joint Plan
of Reorganization of the Debtors on Dec. 26, 2007.  (Dana
Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


GERIBA SRL: Proofs of Claim Verification Deadline is March 27
-------------------------------------------------------------
Marta Susana Taboada, the court-appointed trustee for Geriba SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
March 27, 2008.

Ms. Taboada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Geriba 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 Geriba's accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Geriba SRL
         Araujo 1571/75
         Buenos Aires, Argentina

The trustee can be reached at:

         Marta Susana Taboada
         Ezeiza 2641
         Buenos Aires, Argentina


INCOFI SRL: Proofs of Claim Verification Ends on March 19
---------------------------------------------------------
Elsa Taborcias, the court-appointed trustee for Incofi SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
March 19, 2008.

Ms. Taborcias will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk No.
36, 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 Incofi 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 Incofi's accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Incofi SRL
         Bernardo de Irigoyen 330
         Buenos Aires, Argentina

The trustee can be reached at:

         Elsa Taborcias
         Carlos Pellegrini 1063
         Buenos Aires, Argentina


MIL OLIVOS: Proofs of Claim Verification is Until April 11
----------------------------------------------------------
Clorinda Paula Donato, the court-appointed trustee for Mil Olivos
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
until April 11, 2008.

Ms. Donato will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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 Mil Olivos 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 Mil Olivos' accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Mil Olivos SRL
         Chacabuco 761
         Buenos Aires, Argentina

The trustee can be reached at:

         Clorinda Paula Donato
         Maipu 42
         Buenos Aires, Argentina


NERT SA: Proofs of Claim Verification Ends on March 10
------------------------------------------------------
Mario Bekierman, the court-appointed trustee for Nert SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
March 10, 2008.

Mr. Bekierman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk No.
28, 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 Nert 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 Nert's accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Nert SA
         Lavalleja 858
         Buenos Aires, Argentina

The trustee can be reached at:

         Mario Bekierman
         Avenida Scalabrini Ortiz 258
         Buenos Aires, Argentina


OIS SA: Proofs of Claim Verification Deadline is April 9
--------------------------------------------------------
Ana Beatriz Bravo, the court-appointed trustee for Ois SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
April 9, 2008.

Ms. Bravo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 2 in
Buenos Aires, with the assistance of Clerk No. 4, 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 Ois 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 Ois' accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Ois SA
         Tte. Gral. Juan Domingo Peron 456
         Buenos Aires, Argentina

The trustee can be reached at:

         Ana Beatriz Bravo
         25 de Mayo 596
         Buenos Aires, Argentina


TELECOM ARGENTINA: Telecom Italia Positive on Argentine Probe
-------------------------------------------------------------
Telecom Italia believes that the result of the Argentine antitrust
agency's probe on Telecom Argentina would be positive for the
company, Dow Jones Newswires reports, citing a person familiar
with the situation.

Dow Jones relates that the antitrust agency would make a ruling by
the end of March on the probe it launched on Telecom Argentina in
2007.

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2007, the Argentine government created a two-person board
at Telecom Argentina to check whether Spanish firm Telefonica's
purchase of a stake in Telecom Italia affects competition and
whether the acquisition would lead to Telefonica having undue
influence on the decisions of Telecom Argentina, which Telecom
Italia controls.  A consortium of Italian companies and Telefonica
reached an accord on April 28, 2007, to indirectly acquire a 23.6%
controlling stake in European operator Telecom Italia.  Telecom
Italia owns 50% of Sofora, Telecom Argentina's controller.  Local
investment group Grupo Werthein, Telecom Argentina's second
biggest shareholder, claimed that Telefonica would eventually have
an impact on Telecom Argentina.  Comision Nacional asked Spanish
telecommunications firm Telefonica, Telefonica de Argentina's
parent firm, for additional documentation on its acquisition of a
controlling stake in Telecom Italia.

As reported on Oct. 30, 2007, Telefonica closed its acquisition of
an indirect controlling stake in Telecom Italia.

Dow Jones notes that the acquisition of the stake may conflict
with Argentine telecom Entel's privatization law, which created
two firms -- one in the north of Argentina and the other in the
south, which later became Telecom Argentina and Telefonica de
Argentina, respectively.  Under privatization law, the two
companies are not allowed to become shareholders in each other.

The antitrust agency extended in December 2007 its investigation
into Telecom Argentina by up to two months, Dow Jones says.

If the antitrust agency rules that Telecom Argentina and
Telefonica de Argentina have breached the privatization law, the
agency may ask Telefonica and Telecom Italia to sell their shares
in Telecom Argentina, Dow Jones states.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing. As of
December 31, 2006, its telephone system included approximately
4.09 million lines in service.

As of 2007, current approximate ownership of Telecom Argentina is:
* 54.74% by Nortel Inversora S.A., itself a consortium made up of:
-- Werthein Group (48%) -- Telecom Italia  -- France Telecom group
(2%); * 41.5% publicly traded; and * 4.21% employee stock
ownership program France Telecom sold its part of Telecom
Argentina to the WertheinGroup, an Argentine agricultural concern
owned in part by vice chairman Gerardo Werthein.  As of 2007,
current approximate ownership of Telecom Argentina is: * 54.74% by
Nortel Inversora S.A., itself a consortium made up of: -- Werthein
Group (48%) -- Telecom Italia group (50%) -- France Telecom group
(2%); * 41.5% publicly traded; and * 4.21% employee stock
ownership program.

                         *     *     *

On November 2006, Fitch Ratings assigned B long-term issuear
default rating on Telecom Argentina SA.  Fitch said the outlook is
positive.


TYSON FOODS: Board Picks Jim Kever as Lead Independent Director
---------------------------------------------------------------
Tyson Foods Inc.'s Board of directors, during its quarterly
meeting, has appointed Jim Kever as the company's lead independent
director and a new chairman of its Compensation Committee.

"Since becoming chairman, I've worked with the board on ways to
enhance our approach to corporate governance," said John Tyson,
chairman of Tyson Foods.  "These most recent measures are evidence
of the progress we continue to make in this important area of our
business."

Mr. Kever, who has been a director since 1999, was a former Envoy
Corporation Chief Executive Officer and founder of an investment
partnership.  He will preside over sessions where independent
directors meet outside the presence of insiders or company
management.

Mr. Kever will also serve on the board's Executive Committee,
which also includes Don and John Tyson.  The primary function of
the Executive Committee is to act on behalf of the board during
intervals between regularly scheduled quarterly meetings.  In
addition, Kever will continue to serve as chairman of the Audit
Committee.

The Tyson board also appointed Kevin M. McNamara to serve as
chairman of its Compensation Committee.  Mr. McNamara is Executive
Vice President, Chief Financial Officer and Treasurer of
HealthSpring, Inc. and joined the board in 2007.  The primary
functions of the Compensation Committee are to establish the
company's compensation policies and oversee the administration of
the company's employee benefit plans. This includes the annual
granting of options, which the company does four days after
announcement of earnings for the fiscal year.  The practice of
granting options on the same day each year was initiated three
years ago.

The newly-created Nominating Committee, to be composed entirely of
independent directors, will consist of Jim Kever, Albert C.
Zapanta, and Jo Ann R. Smith, who will serve as the chairperson.
They will be responsible for identifying qualified candidates to
serve as directors, a task previously handled by the
entire board.

The Nominating Committee's first task in 2008 is to identify
candidates to nominate to the board as a new independent director.
Once the identification and selection process is completed, which
is expected to occur before the end of the company's fiscal year
on Sept. 27, 2008, Tyson will have seven independent directors and
four inside directors.

Except for the Executive Committee, all committees of the Tyson
board have been composed solely of independent directors for many
years.  In addition to the Audit, Compensation and Nominating
Committees, the board also has a Governance
Committee, which is chaired by Lloyd V. Hackley, the Chancellor of
Fayetteville State University in North Carolina.

The Tyson Board of Directors currently includes Richard L. Bond,
Scott T. Ford and Barbara A. Tyson.

                     About Tyson Foods Inc.

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

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

                          *     *     *

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


TYSON FOODS: Unit Finalizes Plan to Restructure Kansas Operations
-----------------------------------------------------------------
Officials at Tyson Fresh Meats Inc., a Tyson Foods Inc.subsidiary,
have finalized plans for restructured operations at the company's
Emporia, Kansas, beef plant and have released a transition
schedule.

The final shift of beef slaughter operations at Emporia will be
February 13, while the remaining processing shift will end
February 15.  Meanwhile, the start of new, value-added beef
production at the plant will begin February 20.  The restructured
operations, which will employ between 600 and 700 people, will
involve cold storage and shipping, specialty beef processing and
ground beef processing.

Last month Tyson announced plans to modify beef operations at
Emporia, by discontinuing beef slaughter and some processing
operations.  The company initially reported the changes would
result in the elimination of about 1,500 of the plant's 2,400
jobs.  However, after additional analysis, company officials have
determined the restructuring will involve the elimination of an
additional 200 to 300 positions.

"When senior management made the initial decision to discontinue
slaughter operations, we believed it was important to promptly
notify our Team Members and make public disclosure," said Jim
Lochner, senior group vice president of Tyson Fresh Meats.

"Our first announcement was based on what we knew at the time of
the initial decision.  Since the announcement, we've been able,
with the assistance of the Emporia management team, to do a more
extensive study of future production options and now have a better
estimate of our staffing needs."

Workers with certain production skills are being selected to fill
many of the 600 to 700 jobs that will be part of the restructured
operation.  The process of notifying these workers, who will come
from the plant's previous first and second shift operations,
begins immediately and should be completed within a week.

Additional processing and cold storage workers at the Emporia
plant were given a layoff notice today, even though some of them
will ultimately remain on staff as part of restructured operations
at Emporia.

"We realize this is a difficult process for everyone involved,"
Mr. Lochner said.  "That's why we've worked as quickly as possible
to determine specifically what type of operation will remain at
Emporia and who we will need to run it successfully."

Virtually all of the Emporia workers who have been displaced are
being given the opportunity to work at one of the company's other
facilities.  So far, more than 500 have indicated an interest in
transferring to other Tyson beef plants.  This week, affected
workers are also being offered incentives to transfer to some of
the company's poultry plants.

Workers displaced by the cutbacks will continue to be paid and
receive benefits for 60 days, in accordance with federal law.
Even though many of them will not be working at the Emporia plant
during this 60 day period, they will continue to be paid during
this period and now have time to explore other employment
opportunities, including those available at Tyson.
The company has no current plans to resume beef slaughter
operations at Emporia.

                     About Tyson Fresh Meats

Tyson Fresh Meats Inc.  is a supplier of premium beef and pork, as
well as allied products, such as tanned hides used to make
leather.  The company markets it products globally.

Tyson Fresh Meats is a subsidiary of Tyson Foods Inc.

Headquartered in Dakota Dunes, South Dakota, Tyson Fresh Meats has
21 production sites in North America and employs almost 41,000
people.

                     About Tyson Foods Inc.

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

The company makes a wide variety of protein-based and prepared
food products at its 123 processing plants.  Tyson has
approximately 114,000 Team Members employed at more than 300
facilities and offices in 26 states and 80 countries.

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

                          *     *     *

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


* ARGENTINA: Government's Inflation Reporting Faces Doubts
----------------------------------------------------------
Argentina's lower than forecasted consumer prices in January
spurred concerns that officials continue to underreport
inflation, Andrea Jaramillo of Bloomberg News reports.

According to Bloomberg, Argentina's inflation-linked peso bonds
slipped to a two-week low on that report.

"The market is not convinced about the information being
reported and that's obviously taking a toll on inflation bonds,"
Juan Ignacio Di Santo, an analyst at Puente Hnos Sociedad de
Bolsa SA in Buenos Aires told Bloomberg.

Serena Saitto of Dow Jones Newswires earlier reported that
Argentina's statistics agency, INDEC, is under the International
Monetary Fund's scrutiny, as the international organization seeks
clarification of some methodology changes the agency introduced
last year for calculating prices in sectors such as tourism,
health, private schools and foods,

Reports of data manipulation are hounding the agency, however, the
government has repeatedly denied doing so, Dow Jones said.

An INDEC spokesman told Dow Jones that the agency had received an
e-mail from the Fund and that it is reviewing the questions laid
out in that mail.

An IMF spokesperson declined to comment on the matter, Dow Jones
said.

                           *     *     *

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 outlook for these ratings is
stable.



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

INTERMEC INC: Reports US$16.4-Mln Net Income in Fourth Quarter
--------------------------------------------------------------
Intermec Inc. reported its financial results for its fourth
quarter and fiscal year which ended Dec. 31, 2007.

For the three months ended Dec. 31, 2007, the company earned
US$16.4 million on net revenues of US$253 million compared to net
income of US$2.8 million on net revenues of US$219 million for the
same period in 2006.

"Intermec delivered a record revenue quarter with growth across
all geographic regions," said Patrick J. Byrne, President and
Chief Executive Officer.  "We demonstrated progress towards our
target business model of double digit growth and operating profit
by delivering improved gross margins and operating leverage from
Q4 of last year."

Fiscal year 2007 revenues were US$849 million and net earnings
were US$23 million compared to 2006 revenues of US$850 million and
earnings from continuing operations of US$32 million.

The company's 2007 results included senior management transition
costs and severance charges effecting SG&A expense of
US$1.8 million and US$4.9 million, in the fourth quarter and full
year 2007, respectively.

Fiscal year 2006 included a gain on Intellectual Property
settlements regarding its smart battery patents in the amounts of
US$16.5 million and a pre-tax gain of US$2.3 million from the sale
of an investment.  The company's 2006 results also included
restructuring charges of US$11.6 million.

Fourth quarter 2007 revenues increased 16 percent compared to the
fourth quarter of 2006.  Geographically during the fourth quarter,
North American revenues increased 7 percent over the comparable
prior-year period.  Revenues in Europe, Mid-East and Africa
increased 26 percent over the prior year period; while Latin
America and Asia Pacific increased 33 percent and 17 percent,
respectively.

During the fourth quarter, Systems and Solutions revenue increased
28 percent and Printer and Media revenues increased 1 percent over
the comparable prior-year period.  Service revenue was flat
compared to the prior-year period.

The company's 2007 effective tax rate from continuing operations
was 37.9 percent.  The comparative effective tax rate of 23.2
percent for 2006 was impacted primarily due to settlement of
foreign tax audits.  The effective tax rate for the fourth quarter
of 2007 was 37.2 percent compared to a net tax benefit realized in
the fourth quarter of 2006.

The company's cash equivalents and short-term investments
increased US$51 million in the quarter, primarily as a result of
cash flows from operations and approximately US$20 million from
note receivable maturities.  The cash equivalents and short-term
investments position at the end of the fourth quarter totaled
US$265.5 million.

                       About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                         *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.



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

BANCO NACIONAL: Funding BRL2.55B for Tele Norte Restructuring
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social will finance
BRL2.55 billion for the restructuring of Tele Norte Leste
Participacoes, news daily Valor Economico reports.

According to Valor Economico, the financing from Banco Nacional
will put Tele Norte on solid footing to bid for Brasil Telecom.

Business News Americas relates that the BRL2.55 billion has an
unprecedented characteristic in Banco Nacional's funding system.
Banco Nacional will be paid back according to the valorization of
the stocks from the firm that will be created after Tele Norte
acquires Brasil Telecom.

BNamericas notes that Banco Nacional will offer BRL1.25 billion to
Tele Norte shareholders Andrade Gutierrez and La Fonte so they
could purchase the stock of other shareholders like GP
Investimentos and Banco do Brasil insurance.  Banco Nacional will
offer BRL1.3 billion to Tele Norte's controller Telemar
Participacoes to conclude capital restructuring.  Andrade
Gutierrez and La Fonte will have 20% each of Telemar
Participacoes' capital.  Banco Nacional will also take advantage
of the valorization of the stocks for the BRL1.25 billion and the
BRL1.3 billion loans.

Andrade Gutierrez, La Fonte, and Telemar Participacoes will pay
off the loan with interest as established in contracts if the
stocks drop in value, BNamericas states.

                       About Telemar Norte

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

                      About Banco Nacional

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

                         *     *     *

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


DELPHI CORP: Court Allows 35 Trade Claims for US$52,000,000
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved separate stipulations between Delphi Corp. and its
debtor-affiliates, and certain trade claimants.

The stipulations, in essence, provide for the allowance of 35
claims filed against the Debtors for roughly US$52,000,000 in the
aggregate:

                                                     Allowed
   Claimant                             Claim No.  Claim Amount
   --------                             ---------  ------------
   Albrecht, George                        9773   US$1,439,976
   Campbell, Ray                           9784      2,659,593
   Carlisle Engineered Products Inc.      11910      3,595,420
   Crouse, James                           9774      1,101,532
   Cunningham, Charles                     9761      1,053,744
   DENSO International America, et al.    11244              0
   Deutsche Bank & SPCP                   14139      1,036,570
   Deutsche Bank Securities Inc.           9940      6,678,072
   Deutsche Bank Securities, Inc.         10724      1,342,252
   Deutsche Bank, Osram Sylvania & SPCP    9993      1,065,225
   Dils, Timothy                          11629        329,377
   Donald & Virginia Runkle                9787      9,683,853
   Donaldson Company, Inc.                10490        310,932
   Ebbert, William                        14243      2,529,342
   Flambeau Inc.                          12212        584,258
   Gaffe, Karen                            9986        327,387
   Grosse, Richard                         9992        449,552
   Heilman, David                          9785      2,551,128
   Kesler, Larry                          10213      1,197,634
   Key Safety Systems, Inc.                1790         82,475
   Kilroy Realty LP                       13268      2,186,444
   Kralovich, George                      11163        561,185
   Latigo Master Fund Ltd.                 2353      1,252,598
   Lear Corp.                             14015              0
   Lundberg, Edward                       11096        508,122
   Meier, Gerald T.                       10212        843,626
   Molex Connector Corp.                   7992        400,000
   Ohio Edison Company                    12181        589,907
   Rassini, S.A. de C.V.                  12399        401,165
   Satterthwaite, Richard C.              10217        219,197
   Sloan, George                           9782      1,646,483
   Solvay Advanced Polymers LLC            8192        115,290
   Solvay Fluorides LLC                    7089        550,066
   Tosch, Paul                             9783      4,118,745
   Zeilinger, Robert                      10195        923,589

Carlise reserves its right, pursuant to Section 503(b) of the
Bankruptcy Code, to seek administrative priority status for
US$168,880 of Claim No. 11910 as a valid reclamation claim.  Key
Safety Systems also reserves its right to assert administrative
priority status for US$3,803 of Claim No. 1790.

The Debtors, likewise, reserve their right to seek a judicial
determination that Key Safety Systems' and Carlisle's reserved
defenses are valid.

On the other hand, the Court disallows and expunges 28 claims in
their entirety:

                                       Disallowed
   Claimant                            Claim No.
   --------                            ----------
   Albrecht, Dorothy                       9764
   Campbell, Carolyn                       9763
   Crouse, Linda                           9759
   Cunningham, Mary Beth                   9786
   DENSO International America, et al.    10590
   DENSO International America, et al.    11241
   DENSO International America, et al.    11242
   DENSO International America, et al.    11243
   DENSO International America, et al.    11245
   DENSO International America, et al.    15026
   Deutsche Bank Securities, Inc.         16490
   Deutsche Bank Securities, Inc.         16491
   Dils, Paula                            11628
   Donald & Virginia Runkle                9758
   Ebbert, Mary                            9767
   Grosse, Carolyn                         9985
   Guide Corp.                            14070
   Heilman, Mary Ann                       9762
   Kesler, Marlene                        10216
   Kralovich, Janice                      11097
   Lear Corp.                             14016
   Lightsource Parent Corp.               14245
   Lundberg, Denys                        11100
   Meier, Barbara                         10270
   Satterthwaite, Karen                   10234
   Sloan, Kristin                          9757
   Tosch, Gay                              9765
   Zeilinger, Barbara                     10259

Claim Nos. 14070 and 14245 fail to state a claim upon which
relief may be granted, Judge Drain finds.

If the Debtors fail to confirm a reorganization plan by
July 1, 2008, that provides for treatment of unsecured claims that
is substantially similar to the amounts provided in the confirmed
First Amended Joint Plan of Reorganization, DENSO and Lear are
authorized to reassert their claims in, at most, these amounts:

   Claimant                             Claim No.    Claim Cap
   --------                             ---------    ---------
   DENSO International America, et al.    11244   US$3,391,804
   Lear Corp.                             14015      2,711,110

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 111; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

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

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

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


DELPHI CORP: Proposal to Assign Steering Biz Contracts Disputed
---------------------------------------------------------------
Thirty-four parties-in-interest have filed objections to Delphi
Corp. and its debtor-affiliates' proposal to assume and assign
certain executory contracts to the buyer of their steering and
halfshaft businesses.

Delphi is seeking to sell their steering business to Steering
Solutions Corp., an affiliate of Platinum Equity, LLC, subject to
higher and better offers.

The interested parties that filed responses to the assumption and
cure notices mailed by the Debtors are:

   * Alps Automotive, Inc.
   * American Aikoku Alpha, Inc.
   * Assembly Systems Innovators, LLC
   * BI Technologies Corp.
   * Canon U.S.A., Inc.
   * Castwell Products, LLC
   * E.I. du Pont de Nemours & Co.
   * F&G Multi-Slide Inc.
   * Freudenberg-NOK General Partnership
   * Furukawa Electric Company Ltd.
   * GMD Industries
   * Henkel Corp.
   * Hydro Aluminum North America, Inc.
   * Intermet Corp.
   * Lear Corp.
   * Liquidity Solutions, Inc.
   * MacArthur Corp.
   * Master Automatic, Inc.
   * Means Industries, Inc.
   * Millennium Industries Corp.
   * Nissan North America, Inc.
   * Robin Industries, Inc.
   * Rosler Metal Finishing USA, LLC
   * S&Z Metalworks, Ltd.
   * SKF USA Inc.
   * Small Parts, Inc.
   * Stoneridge, Inc.
   * Teleflex Inc.
   * Temic Automotive of North America, Inc.
   * The Timken Co.
   * Timken U.S. Corp.
   * United States Steel Corp.
   * Universal Bearings, LLC
   * ZF Boge Elastmetall, LLC

A number of the Responding Parties assert that the Debtors must
cure all defaults under their executory contracts before those
contracts may be assumed or assigned.  They also contend that the
Debtors have failed to provide adequate assurance of Steering
Holdings' or any other purchaser's future performance under the
contracts to be assumed.

Certain of the Responding Parties argue that the Debtors may not
assume certain portions of their contracts.  Rather, the Debtors
must either assume or reject the parties' entire contracts.

Several of the Responding Parties complain that the Debtors have
not provided sufficient information in the Assumption and Cure
Notices to enable them to identify the contracts to be assumed,
while others relate that they have not yet been able to identify
the contracts listed in the Notices.

Alps Automotive points out that certain of the Assumed Contracts
have already been rejected by the Debtors.

GMD Industries clarifies that its "Surcharge Implementation"
agreement with the Debtors is binding on certain of the Assumed
Contracts.

Certain of the Responding Parties also disagree with the cure
amounts for the assumption of their contracts, arguing that the
Debtors' proposed cure amounts are understated.

Specifically, 19 Cure Objectors assert that the Debtors owe them
cures at these amounts:

                                      Debtors'     Objector's
                                      Proposed     Proposed
   Cure Objector                      Cure Amount  Cure Amount
   -------------                      -----------  -----------
   American Aikoku Alpha, Inc.             5,823   US$415,761
   Assembly Systems Innovators, LLC       21,651      871,011
   BI Technologies Corp.                 167,743      189,736
   Castwell Products, LLC                108,063      138,425
   F&G Multi-Slide Inc.                        -      250,422
   Furukawa Electric Company Ltd.              -       58,992
   Hydro Aluminum North America, Inc.    533,760      603,421
   Liquidity Solutions, Inc.              43,080       86,009
   MacArthur Corp.                        23,206       43,041
   Master Automatic, Inc.                  3,013      153,868
   Millennium Industries Corp.           585,170    1,178,152
   Robin Industries, Inc.                  9,615       25,640
   S&Z Metalworks, Ltd.                        -        5,250
   SKF USA Inc.                          103,159      345,366
   Small Parts, Inc.                       1,536        7,599
   Stoneridge, Inc.                      436,312      564,996
   Temic Automotive of North America   2,255,696    2,516,096
   Universal Bearings, LLC               275,509      283,230
   ZF Boge Elastmetall, LLC                    -       17,830

Rosler Metal also asserts that the Debtors should pay it
US$585,346 as cure for the assumption of the parties' contracts.

As reported in the Troubled Company Reporter on Jan. 28, 2008,
Delphi will seek Court approval of the sale at the hearing on
Feb. 21, 2008.

Delphi said, in a news release, plans to conclude the sale as soon
as all regulatory approvals have been received.

Platinum Equity, through Steering Solutions, has offered to
purchase Delphi's global steering and halfshaft businesses for
US$447,000,000.  Delphi previously disclosed in January 2007 that
it was working on finalizing a sale and purchase agreement with
Platinum Equity regarding the sale of the businesses.

Pursuant to a Master Sale And Purchase Agreement dated
Dec. 10, 2007, have agreed to sell the global steering and
halfshaft businesses to Platinum Equity, but subject to
competitive bidding at an auction scheduled for Jan. 28, 2008.
Delphi said that Platinum Equity was the sole bidder for the
subject assets.

Steering Holding, LLC, previously opposed to Platinum Equity's
designation as stalking horse bidder on grounds that (i) the
proposed break up fee and expense reimbursements, which could
reach up to US$8,000,000, is not justified; and (ii) it could
provide a better offer for Delphi's steering and halfshaft
businesses.  The Court, however, denied Steering Holding's
objection, but the party was entitled to submit a competing bid
by Jan. 18, 2008, under the Court-approved protocol.

Under its steering and halfshaft businesses, Delphi designs and
manufactures steering and driveline systems and components for
automotive vehicle manufacturers and adjacent markets.  The
businesses operate 22 manufacturing plants in 15 locations
worldwide, five regional systems engineering centers, and 11
local customer support enters.  In addition, the businesses
employ approximately 9,700 individuals globally, about 5,625 of
whom work in the U.S.  The businesses' customer base includes
major domestic, transnational, and international original
equipment manufacturers, including General Motors Corp., Fiat,
Ford, DaimlerChrysler, and Chevy.  In 2006, the businesses
generated US$2,530,000,000 in revenues.

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 111; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

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

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

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


DELPHI CORP: Wants Lease Decision Period Extended Until May 31
--------------------------------------------------------------
Pursuant to Section 365(d)(4) of the Bankruptcy Code, Delphi
Corporation and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend the time
within which they may assume or reject unexpired leases of
nonresidential real property through and including the earlier of:

   (a) the effective date of their confirmed First Amended Joint
       Plan of Reorganization; and

   (b) May 31, 2008.

The Debtors are lessors or lessees with respect to roughly 80
unexpired leases of nonresidential real property, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in
Chicago, Illinois, relates.  Certain of the Real Property
Leases, he notes, are among the Debtors' primary assets and are
vital to their business.

The First Amended Plan provides for the assumption of all of the
Real Property Leases on the Plan Effective Date.  The Debtors'
current Lease Decision Deadline is Feb. 29, 2008.  Out of an
abundance of caution, the Debtors seek an extension of the Lease
Decision Deadline in the event the confirmed Plan does not become
effective by Feb. 29, 2008.

The Proposed Lease Decision Deadline will be subject to the terms
of the Plan and Plan Confirmation Order, Mr. Butler assures the
Court.  The Proposed Deadline, he adds, coincides with the
Debtors' current deadline to solicit acceptances of a
reorganization plan.

The Debtors have remained and fully intend to remain current with
respect to all outstanding postpetition rental obligations under
the Real Property Leases, Mr. Butler continues.  The non-debtor
parties to the Real Property Leases will not be prejudiced by the
proposed extension because the Debtors are making payments under
the Real Property Leases as they come due, he says.

If the Lease Decision Deadline is not extended, the Debtors may
face uncertainty with respect to their ability to assume or
reject the Real Property Leases if the Plan does not become
effective by the current Feb. 29, 2008 Lease Decision Deadline,
Mr. Butler maintains.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 111; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

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

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

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


DELPHI CORP: Wants More Time to Remove Pending Civil Actions
------------------------------------------------------------
Delphi Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to extend
their deadline to remove pending judicial and administrative
proceedings through the earlier of:

   (a) 30 days after the effective date of their Joint Plan of
       Reorganization; and

   (b) 30 days after the Court enters an order terminating the
       automatic stay with respect an action.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, relates, the Debtors are parties
to more than 200 judicial and administrative actions pending in
various courts or administrative agencies throughout the United
States.

The Debtors' current deadline to remove Actions in accordance
with Section 1452 of the Judiciary and Judicial Procedure Code
and Rule 9027 of the Federal Rules of Bankruptcy Procedure is
Feb. 29, 2008.

The Debtors expect to emerge from Chapter 11 during the first
quarter of the year.

An extension, Mr. Butler asserts, is necessary in the event that
the Debtors' bankruptcy emergence date is delayed beyond
Feb. 29, 2008.  An extension, he adds, will afford the Debtors an
opportunity to make fully informed and prudent decisions
concerning the possible removal of the claims and causes of
action in the Actions, thus protecting the Debtors' valuable
right to adjudicate the Actions economically if current or future
circumstances warrant their removal.

The Debtors' request will not prejudice any party whose
proceeding is removed from seeking remand under Section 1452(b)
of the Bankruptcy Code, Mr. Butler points out.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 111; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

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

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

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


DIRECTV GROUP: Buys Patent Portfolio License From TPL Group
-----------------------------------------------------------
The DIRECTV Group Inc. has purchased a Moore Microprocessor
Patent(TM) (MMP) Portfolio license from The TPL Group.  DIRECTV
distributes digital entertainment programming via satellite to
residential and commercial subscribers.

"We welcome DIRECTV to the rapidly growing list of MMP licensees,"
said Carl Silverman, Vice President, Licensing for Alliacense.
"The recently announced settlement with all remaining defendants
in TPL's MMP patent infringement case in Texas together with a
favorable Markman ruling have really ignited our licensing
activity."

The sweeping scope of applications using MMP Portfolio design
techniques continues to encourage the world's leading
manufacturers of end user products from around the globe to become
MMP Portfolio licensees.  Since January 2006 over 30 global
companies from the US, Europe, Japan, Korea and Taiwan have
purchased MMP Portfolio licenses.

The MMP Portfolio patents, filed by The TPL Group in the 1980s,
cover techniques that enable higher performance and lower cost
designs, and are fundamental to consumer and commercial digital
systems ranging from DVD players, cell phones and portable music
players to communications infrastructure, medical equipment
-- and automobiles which today have dozens of microprocessor-based
key features and benefits.

                       About MMP Portfolio

The Moore Microprocessor Patent Portfolio contains intellectual
property that is jointly owned by the privately-held TPL Group and
publicly-held Patriot Scientific Corporation (OTCBB: PTSC).  The
MMP Portfolio includes seven U.S. patents as well as their
European and Japanese counterparts.  It is widely recognized that
the MMP Portfolio protects fundamental technology used in
microprocessors, microcontrollers, digital signal processors
(DSPs), embedded processors and system-on-chip (SoC) devices.

                       About DIRECTV Group

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

                          *     *     *

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

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


DIRECTV GROUP: FCC Chair Backs Liberty-News Corp. Stake Swap
------------------------------------------------------------
U.S. Federal Communications Commission Chairman, Kevin J. Martin,
told reporters Friday that he will compel the agency to approve a
deal between Liberty Media Corporation and News Corp. at a meeting
on Feb. 26, 2008.

Under the deal, News Corp. will exchange its interest in DirecTV
Group Inc. with Liberty Media's interest in News Corp.  The deal
has been awaiting approval from the agency and the Department of
Justice for at least a year, according to the reports.

As reported in the Troubled Company Reporter on Dec. 8, 2006,
Liberty Media said it plans to exchange its stake in News
Corp. for 39% of DirectTV.

Greg Maffei, Liberty Media's chief executive officer said the
company at that time was holding talks about some alternatives
including DirectTV.  "One of the appeals of DirectTV is there's a
lot of financial flexibility," Mr. Maffei said.

If a deal is reached, Liberty Media might reduce its stake in
DirectTV to as small as 21.5%, Mr. Maffei further said in the
report.  Liberty Media, Mr. Maffei added, could keep the stake or
seek full control of the business, which would minimize taxes.

The parties has reached an US$11 billion deal that includes News
Corp.'s stake in DirectTV.

                        About News Corp.

News Corporation is a diversified international media and
entertainment company with operations in eight industry segments:
filmed entertainment; television; cable network programming;
direct broadcast satellite television; magazines and inserts;
newspapers; book publishing; and other.  The activities of News
Corporation are conducted principally in the United States,
Continental Europe, the United Kingdom, Australia, Asia and the
Pacific Basin.

                       About Liberty Media

Headquartered in Englewood, Colorado, Liberty Media Corporation
(NasdaqGS: LINTA) -- http://www.libertymedia.com/-- owns
interests in a broad range of electronic retailing, media,
communications and entertainment businesses.  Those interests are
attributed to two tracking stock groups: the Liberty Interactive
group, which includes Liberty's interests in QVC, Provide
Commerce, IAC/InterActiveCorp, and Expedia, and the Liberty
Capital group, which includes Liberty's interests in Starz
Entertainment, News Corporation, and Time Warner.

                     About The DIRECTV Group

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

                          *     *     *

As of Feb. 9, 2008, The DIRECTV Group Inc. still carries Standard
& Poor's Ratings Services' 'BB' corporate credit and 'BB-' senior
unsecured debt rating given on April 3, 2007.  The outlook remains
stable.


LOJAS COLOMBO: Bond Repurchase Prompts S&P's Rating Withdrawal
--------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B' long-term
corporate credit rating on Lojas Colombo S.A. and its 'B' debt
rating on the company's two-year Eurobonds issuance of
US$50 million.  The bonds were fully repurchased at maturity in
December 2007, and the company chose not to maintain its global
scale rating.

Lojas Colombo SA -- http://www.colombo.com.br-- is the fifth-
largest retail chain in Brazil.  Based in Rio Grande do Sul,
Brazil, the company has approximately 7,000 employees in 350
stores all over the States of Rio Grande do Sul, Santa Catarina,
Parana, Sao Paulo and Minas Gerais.


NOVELIS INC: Incurs US$49 Mil. Net Loss in Quarter Ended Dec. 31
----------------------------------------------------------------
Novelis Inc., a subsidiary of Hindalco Industries Limited,
reported a net loss of US$49 million for the third quarter of
fiscal year 2008, which ended on Dec. 31, 2007.  This compares
with a net loss of US$105 million for the corresponding period of
2006.

Novelis incurred a pre-tax loss of US$45 million on sales of
US$2,735 million, compared with the prior-year period when it
incurred a pre-tax loss of US$140 million on sales of US$2,472
million.  The US$95 million increase in pre-tax earnings reflects
significant underlying operational improvement.  This increase is
due to a number of positive business factors, including the
following:

   -- Product mix improvements and price increases added
      approximately US$45 million of pre-tax earnings compared
      with the prior-year period.

   -- The company's exposure to customer contracts with metal
      price ceilings was reduced by US$42 million, net of
      hedges, compared with the prior-year period.

   -- Corporate selling, general and administrative expenses
      were reduced by US$22 million driven by streamlining of
      corporate staff and costs related to financial reporting
      requirements in the prior year.

   -- Interest expense was US$10 million lower primarily due to
      penalty interest and the write-off of backstop commitment
      fees incurred during the prior year as a result of the
      company's delayed filings and lower interest rates in the
      current year.

The prior year's quarter included the benefit of a US$26 million
gain from the sale of an equity interest in a non-consolidated
affiliate and certain rights to develop hydroelectric power plants
in South America.

In addition to these items, pre-tax earnings during the quarter
ended Dec. 31, 2007, were impacted by certain income and expense
items associated with fair value adjustments recorded at the date
of acquisition.  The net pre-tax impact of these items was a
benefit of US$8 million primarily driven by the amortization of
accruals related to unfavorable contracts (recorded at fair value
at the date of acquisition) partially offset by higher
depreciation and amortization.

"While the bottom line is still not satisfactory, these results
reflect continued progress towards improving our performance in an
environment of high energy costs and volatile metal price and
currencies," said Martha Brooks, President and Chief Operating
Officer.  "Product mix improvements, price increases and reduced
exposure to contracts with metal price ceilings are examples of
the steps we have taken to improve our business fundamentals."

Included in the net loss of US$49 million for the third quarter of
fiscal year 2008 is US$4 million of income tax expense.
Significant tax items in the quarter included:

   -- US$32 million of tax expense related to exchange
      translation and re-measurement items;

   -- US$14 million of tax expense on valuation allowance
      increases primarily related to tax losses in certain
      jurisdictions where the company believes, based on current
      facts and circumstances, it will not be able to utilize
      those losses; and

   -- US$32 million of tax benefit associated with enacted tax
      rate changes.

Cash taxes paid during the third quarter of fiscal year 2008 were
US$19 million.

                          About Novelis

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                          *     *     *

In July 2007, Fitch Ratings affirmed the Issuer Default Rating for
Novelis Inc. and Novelis Corp. at 'B' and assigned a negative
rating outlook.  Fitch said the rating outlook is negative.  About
US$2.4 billion of debt is affected by the ratings.


TEREX CORPORATION: Hart-Scott-Rodino Waiting Period Expires
-----------------------------------------------------------
Terex Corporation disclosed the expiration of the mandatory
waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended, in connection with the cash tender offer
by Terex for all of the outstanding shares of common stock of
A.S.V., Inc. for US$18.00 per share.

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

                            About ASV

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

                         About Terex Corp.

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

                          *     *     *

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


XERIUM TECH: Hires Stephen Light as New President & CEO
-------------------------------------------------------
Xerium Technologies Inc. has appointed Stephen R. Light as its new
President and Chief Executive Officer, effective Feb. 11, 2008.
Mr. Light will also become a member of the company's board of
directors concurrently with the effectiveness of his appointment
as President and Chief Executive Officer.

Mr. Light comes to Xerium Technologies having recently completed
the highly successful turnaround of Flow International Corp., the
world's largest producer of industrial waterjet cutting and
cleaning equipment.  Prior to Flow, Mr. Light was President and
CEO of OmniQuip Textron and held senior level management positions
at General Electric, Emerson Electric and N.V. Phillips.

Mr. Light replaces Thomas Gutierrez, who has resigned as an
officer and director of the company.  The board of directors
expresses its thanks to Mr. Gutierrez for his contributions to the
company during his six-year tenure as CEO, including the
successful completion of the company's initial public offering in
2005.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                          *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1; Guaranteed
senior secured term loan B at B1 rating; and Guaranteed senior
secured revolving credit facility at B1 rating.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believed the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.


* BRAZIL: Creating Enforcement Team to Control Insider Trading
--------------------------------------------------------------
Brazil plans to create an enforcement division of 30 investigators
to control insider trading at the Sao Paulo exchange, according to
Fabio Alves of Bloomberg News.

There is also a plan to increase staff by 165 people, the report
says.

The move was considered after reports of leakage of almost all
corporate takeover information at the stock market before formal
notice to investors, Bloomberg says.

According to Bloomberg, the value of listed companies on Sao
Paulo's stock exchange has increased 10-fold since January 2003
to US$1.2 trillion while the benchmark Bovespa index of the most-
traded shares quintupled.

                          *     *     *

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

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



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

ABN AMRO EMERGING: Sets Final Shareholders Meeting for Feb. 22
--------------------------------------------------------------
ABN AMRO Emerging Markets Debt Hedge Fund Inc. will hold its final
shareholders meeting on Feb. 22, 2008, at 12:00 a.m. at the office
of the company.

These agendas will be taken during the meeting:

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

ABN AMRO Emerging's shareholders 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:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman KY1-9002
            Cayman Islands


ABN AMRO GENERAL: To Hold Final Shareholders Meeting on Feb. 22
---------------------------------------------------------------
ABN AMRO General Partner III Inc. will hold its final shareholders
meeting on Feb. 22, 2008, at 11:00 a.m. at the office of the
company.

These agendas will be taken during the meeting:

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

ABN AMRO General's shareholders 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:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman KY1-9002
            Cayman Islands


ABN AMRO JAPAN: Sets Final Shareholders Meeting for February 22
---------------------------------------------------------------
ABN AMRO Japan Equity Long Short Fund Inc. will hold its final
shareholders meeting on Feb. 22, 2008, at 11:30 a.m. at the office
of the company.

These agendas will be taken during the meeting:

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

ABN AMRO Japan's shareholders 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:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman KY1-9002
            Cayman Islands


CLOUDVIEW OFFSHORE: Final Shareholders Meeting is on February 23
----------------------------------------------------------------
Cloudview Offshore Fund will hold its final shareholders meeting
on Feb. 23, 2008, at 12:00 a.m. at:

             Kinetic Partners Cayman LLP
             Harbor Center, 42 North Church Street
             Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

Cloudview Offshore's shareholders decided on Jan. 8, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Geoffrey Varga
            Attn: Bernadette Bailey-Lewis
            Kinetic Partners
            P.O. Box 10387, Grand Cayman KY1-1004
            Cayman Islands
            Telephone: (345) 623 9900
            Fax: (345) 623 0007


MOORE STEPHENS: Sets Final Shareholders Meeting for February 22
---------------------------------------------------------------
Moore Stephens (Cayman Islands) Ltd. will hold its final
shareholders meeting on Feb. 22, 2008 at 9:00 a.m. at the
registered office of the company.

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and

   2) authorizing the liquidator to retain the records
      of the company for a period of six years from the
      dissolution of the company after which they may
      be destroyed.

Moore Stephens' shareholders decided on Jan. 8, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

      Richard L. Finlay
      Attention: Krysten Lumsden
      P.O. Box 2681, George Town
      Grand Cayman, Cayman Islands
      Telephone: (345) 945 3901
      Fax: (345) 945 3902



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

INVENSYS PLC: Moody's Reviews Ratings for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service has placed the ratings of Invensys Plc
on review for possible upgrade.  Ratings actions follow the
release of third quarter results showing the continuation of a
positive operating trend and reduction in legacy liabilities which
Moody's treats as debt, together with notification of the optional
redemption of around GBP 343 million of high yield bonds due March
2011 using cash on hand.  Moody's will withdraw the ratings on the
high yield bonds if these are fully redeemed in March 2008.

The rating action reflects the continued positive momentum in
underlying operating performance, together with the company's
demonstrated commitment to apply more conservative financial
policies that target toward a higher credit rating.  The intention
to call bonds marks a continuation of the company's pattern to
divest businesses and use proceeds or allocate free cash flows to
reduce absolute debt levels.  In particular, the sale of APV and
the Firex Safety and Reversing Valve divisions and use of proceeds
for debt reduction, together with the continued decreases in
legacy liabilities (i.e. comprising pensions, litigation,
taxation, environmental and transition costs) are key drivers for
the ratings.

The company's positive trend in operating performance, decreases
in legacy liabilities and debt reduction plans will see the
financial risk profile materially improve.  These plans will also
further simplify the capital structure, reduce future funding
costs and enhance financial flexibility.  Moody's estimates that
adjusted debt to EBITDA will move from above 3.0 times as at March
31, 2007 to less than 2.0 times on a proforma last 12 months basis
to Dec. 31, 2007, if all of the bonds are redeemed.  Similarly,
the adjusted EBIT interest cover ratio would move from around 2.0
times as at March 31, 2007 to closer to 3.0 times.

Moody's review will consider the forward outlook for Invensys'
businesses, particularly in light of the company's solid market
positions and strong brands, counterbalanced by exposure to
cyclical industries, strong competition and subdued performance in
the Eurotherm division, albeit that this contributes less than
7.5% of total group revenues.  Revision of the business footprint
and possible further changes to the capital structure also form
part of Moody's review which are also expected to be positive for
ratings.

A review of the company's on-going operational performance and
cash flow generation will also be an important ratings
consideration, particularly in light of the different economic
outlooks across the markets and sectors in which the company
operates.  Nevertheless, the material reduction in absolute debt
levels and legacy liabilities has already led to a strengthening
in the company's financial risk profile so continued positive
momentum along with the demonstration of sustainable performance
would see upward ratings pressure.  The impact from further
changes cited for the debt capital structure, plans to reinstate
dividends and other financial policy objectives, such as
targeting a higher credit rating, are additional factors being
considered as part of the review.

These ratings are affected:

  -- corporate family rating placed on review for possible
     upgrade;

  -- ratings on senior notes due 2010 and 2011 placed on review
     for possible upgrade.

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.
For the nine months ended Dec. 31, 2007, Invensys reported total
revenues from continuing operations of approximately GBP 1.59
billion.  In Latin America, the company has operations in
Argentina, Brazil, Chile, Mexico and Venezuela.

                         *     *      *

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2008, Fitch Ratings has upgraded UK-based Invensys PLC's
and Invensys International Holdings Ltd's Long-term Issuer Default
Ratings to 'BB' from 'BB-' with a stable outlook and removed them
from Rating Watch Positive.  Fitch has also affirmed the Short-
term IDR at 'B'.  Fitch says approximately GBP470 million of debt
is affected by the rating action.



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

DOLE FOOD: Fitch Sees Positive on WTO Banana Tariff Policy Ruling
-----------------------------------------------------------------
Fitch Ratings views the World Trade Organization's recent dispute
ruling in favor of the United States against the European Union on
its banana tariff policy as a potential positive for Dole Food
Company (Dole, IDR 'B-'; Outlook Negative).

While a final resolution has not been reached and the timing of
any changes to the current EUR176/metric ton tariff is still
uncertain, additional evidence continues to surface that a
possible reduction in European Union banana tariffs could occur in
the near-term.  In late 2007, a World Trade Org. dispute panel
ruled in favor of Ecuador that the current European Union import
regime was not in compliance with international trade rules.
These rulings follow continued negotiations between the European
Union and Latin American banana producing countries to cut import
duties and drop international trade suits.

On Jan 1, 2006, the European Union -- the second largest importer
of bananas behind North America -- implemented a 135% increase in
import tariffs on bananas.  The financial implications of these
changes have been substantial.  The incremental cost of the tariff
along with elevated bunker fuel shipping, procurement and
packaging costs have contributed to an approximate 200 basis point
reduction in Dole Food's EBITDA margin.  Since Dec. 31, 2005, the
company's margin has declined to 4.4% from 6.4%.

Dole Food's credit protection measures remain weak for the 'B-'
rating category.  For the latest twelve month period ended
Oct. 6, 2007, leverage was 8.2 times, interest coverage was 1.5
and funds from operations fixed charge coverage was 1.2.  While a
potential reduction in the current European Union banana tariff
would result in improved credit statistics, the company's overall
cost base will continue to be pressured by elevated fuel and
packaging costs which Fitch expects to remain high in the near-
term.

Fitch currently rates Dole Food, its Bermuda-based financing
subsidiary and its intermediate holding company as:

   -- Issuer Default Rating 'B-';
   -- Secured asset-based revolving facility 'BB-/RR1';
   -- Secured term loan B 'BB-/RR1';
   -- Senior unsecured debt 'CCC+/RR5'.

Solvest Ltd. (Bermuda-based Subsidiary):

   -- Issuer Default Rating 'B-';
   -- Secured term loan C 'BB-/RR1'.

Dole Holding Company, LLC (Intermediate Holding Company):

   -- Issuer Default Rating 'B-'.

The company had approximately US$2.4 billion in consolidated debt
as of the quarter ended Oct 6, 2007.  The Rating Outlook is
Negative.

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


ECOPETROL: Heavy Crude Output Increases to 110,000 Barrels/Day
--------------------------------------------------------------
Colombian state-run oil firm Ecopetrol's heavy crude production
average has increased to 110,000 barrels per day in 2008, compared
to 2006, Business News Americas reports, citing company executive
Diego Carvajal at the Hydrocarbons Resources Congress in
Cartagena.

According to BNamericas, Ecopetrol produced an average of 98,000
barrels per day of heavy crude last year.

BNamericas notes that Ecopetrol wants its heavy crude output to
increase to 121,000 barrels per day this year, and about 170,000
barrels per day by 2011.

Mr. Carvajal commented to BNamericas, "Heavy crude is fundamental
to Ecopetrol's growth strategy.  We're confident we will reach the
production increase goals we have set."

The report says that Ecopetrol will compete with public and
private majors and juniors during the upcoming heavy crude rounds
in Colombia.

Mr. Carvajal told BNamericas, "We're interested in any blocks we
could use to increase production."

BNamericas relates that Ecopetrol will spend a total of US$2.8
billion to boost output at its heavy crude blocks.  It will spend
about US$2.37 billion to modernize the Barrancabermeja plant that
processes heavy crude.  It will also spend US$658 million to boost
transport infrastructure.

An industry analyst told BNamericas that increased transit
infrastructure would greatly improve the economic feasibility of
heavy crude.  Heavy crude can be produced for US$3 per barrel.
Trucking prices can reach over US$10 per barrel where no pipeline
infrastructure exists.

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.


* COLOMBIA: Gets US$1.5 Million Grant for Biofuels Projects
-----------------------------------------------------------
The Inter-American Development Bank has approved a US$1.5 million
grant to promote investment in sustainable energy and biofuels
projects in Colombia.

The objective of the grant is to provide the Government of
Colombia with a solid framework and information that will enable
the investment in sustainable energy and biofuels projects, plans
and programs, through a set of tools, studies and
institutional strengthening.

The grant includes US$922,000 from the Bank's Japan Special Fund
and US$594,000 from the Japanese Trust Fund for Consultancy
Services.

The operation will help identify the strategic needs of a long-
term plan to generate renewable energy, energy efficiency and
biofuels.  One of the main added values of this technical
cooperation is that the main bottlenecks in the production chain
of biofuels will be identified, including available land, best
suitable crops to plant, roads and infrastructure required,
processing plants, storage and ports, as well as the needs in
capacity building and human resources.  The activities aimed at
achieving this goal include a biofuel market study and toolkit for
export of biofuels; a study to identify barriers and
opportunities for small size biofuel entrepreneurs; and the design
and implementation of a pilot program to promote efficient use of
energy and biofuels production among small entrepreneurs.

This operation, together with the recently approved grant
"Expanding Innovation, Science and Technology in Bioenergy",
executed by COLCIENCIAS as well as other grants currently in
execution to identify the most appropriate financial instrument to
promote investments in biofuels are a concrete example of the
technical assistance that the IDB is providing to the government
of Colombia in the promotion of biofuels.  With this technical
assistance, more than US$2.4 millions in grants, the IDB is
supporting Colombia's goal of transforming itself rom a biofuel
producer to a world biofuel leader.

The grant will be executed by Colombia's Ministry of Mines and
Energy.

                          *     *     *

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



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

SIRVA INC: Court Okays Request to Borrow US$100M Under DIP Loan
---------------------------------------------------------------
SIRVA Inc. and its debtor-affiliates sought and obtained the
bankruptcy court's authority, on an interim basis, to borrow up to
US$100,000,000 under a US$150,000,000 debtor-in-possession credit
facility with JPMorgan Securities, Inc., and JPMorgan Chase Bank,
N.A., as administrative agent for the lender parties and the DIP
Lenders.

Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York, the
Debtors' proposed counsel, tells Judge Peck that the Interim
Financing and the proceeds of the initial disbursement under the
DIP Agreement will be used to:

   (i) repay the 2008 Loans owed to the Debtors' prepetition
       senior secured lenders; and

  (ii) fund their working capital and general corporate needs
       during the Debtors' Chapter 11 cases, including the
       establishment of reserve deposits with cash management
       banks as necessary.

"This will ensure that the Debtors maintain ongoing operations
and avoid immediate and irreparable harm and prejudice to their
estates and all parties-in-interest pending the Final Hearing,"
Mr. Cieri says.

Mr. Cieri relates that the Debtors have a US$511,000,000 senior
credit facility through one of the Debtors, SIRVA Worldwide, Inc.

According to Mr. Cieri, the related credit agreement with
JPMorgan Chase Bank, N.A., and a consortium of other lenders,
consists of a US$175,000,000 revolving credit facility and a
US$336,000,000 term loan obligation.

On Jan. 2, 2008, Mr. Cieri relates, the Debtors amended the
Prepetition Credit Facility to provide access to and priority
for:

   (a) Revolving Credit Loans made after January 2, in excess of
       US$107,000,000;

   (b) Swing Line Loans after January 2; and

   (c) Reimbursement Obligations with respect to Letters of
       Credit which are issued, extended or renewed after
       January 2.

On Jan. 22, 2008, the Prepetition Credit Facility was amended
to permit an additional US$20,000,000 in term loans, all of which
are entitled to priority over the remaining loans issued pursuant
to the Prepetition Credit Facility.

Mr. Cieri says that the 2008 Loans were advanced primarily to
enable the Debtors to negotiate and solicit votes for their
Prepackaged Plan of Reorganization, filed Feb. 5, 2008.

"The availability of the 2008 Loans was critical in enabling the
Debtors to enter into these proceedings in an organized manner
and avoiding a 'free-fall' chapter 11 filing, thus preserving
value for all parties-in-interest," Mr. Cieri tells Judge Peck.
"The 2008 Loans were extended on the premise that they would be
repaid through the DIP Financing or any similar financing."

Beginning in December 2007, the DIP Agreement was negotiated.
Mr. Cieri also notes that the DIP Agreement contains an option
for the Debtors to convert the DIP Financing into an exit
financing facility after the Debtors exit Chapter 11.

The salient terms of the DIP Agreement are as:

  Borrower:              SIRVA Worldwide

  Guarantors:            SIRVA, Inc., CMS SIRVA, Inc., LLC, RS
                         Acquisition SIRVA, Inc., LLC, and all
                         of the direct and indirect domestic
                         subsidiaries of the Borrower, each as
                         a Debtor.

  Agent and Banks:       JPMCB, as DIP Agent, and the DIP
                         Lenders party to the DIP Agreement.

  Commitment:            (i) Up to US$85,000,000 revolving
                         credit facility with a US$60,000,000
                         sublimit for letters of credit and (ii)
                         up to US$65,000,000 term loan.

  Term:                  The earlier of (i) June 30, 2008, and
                         (ii) 30 days after the entry of the
                         Interim Order, in form and substance
                         reasonably satisfactory to the DIP
                         Agent, approving the DIP Financing, if
                         the final order has not been entered
                         before the 30-day period expires.

  Superpriority Claims:  All of the DIP Obligations will
                         constitute allowed senior
                         administrative claims against the
                         Debtors with priority over any and all
                         administrative expenses, adequate
                         protection claims and all other claims
                         against the Debtors.

  DIP Liens:             As security for the DIP Obligations,
                         these security interests and liens are
                         granted to the DIP Agent, subject only
                         to the Carve Out:

                         * First Lien on Unencumbered Property;

                         * Liens Junior to Existing Liens;

                         * Liens Priming Prepetition Credit
                           Facility Lenders' Liens; and

                         * Liens Senior to Certain Other Liens

  Carve Out:             The "Carve Out" for  (i) all fees
                         required to be paid to the Clerk of
                         the Court and to the Office of the
                         United States Trustee under Section
                         1930(a) of Title 28 of the United
                         States Code plus interest at a
                         statutory rate; (ii) fees and expenses,
                         up to US$250,000, incurred by a trustee
                         under Section 726(b); and (iii)
                         following receipt of notice by the DIP
                         Agent after the occurrence and during
                         the continuance of an Event of Default
                         under the DIP Agreement, the payment of
                         accrued and unpaid professional fees
                         and expenses incurred by the Debtors
                         and any statutory committee appointed
                         in the Debtors' cases and allowed by
                         the Court, in an aggregate amount not
                         exceeding US$5,000,000.  The Carve Out
                         will not be used to commence or
                         prosecute any Prohibited Claim.

  Underwriting and       An upfront fee equal to 2.00% of the
  Agency Fees:           maximum amount of the DIP Financing,
                         payable on the DIP Financing Effective
                         Date, plus an additional 1% of
                         approximately US$42,310,000 backstopped
                         under the Incremental Commitment
                         Letter.  The Borrower will also pay
                         agency fees to the DIP Agent of
                         US$250,000 per annum.

  Revolving Letter of    The Borrower will pay the Lenders
  Credit Fees:           having Revolving Exposure: letter of
                         credit fees equal to (x) 6.50% per
                         annum times (y) the aggregate
                         outstanding face amount available to
                         be drawn under all Letters of Credit.
                         The Borrower agrees to pay directly to
                         an Issuing Bank, for its own account,
                         (i) a fronting fee equal to 0.25%,
                         per annum, times the aggregate face
                         amount of all outstanding Letters of
                         Credit and (ii) documentary and
                         processing charges for any issuance,
                         amendment, transfer or payment of a
                         Letter of Credit.

  Conversion Fee:        Upon conversion of the DIP Agreement
                         into the Exit Facility Agreement, the
                         DIP Lenders will be entitled to a
                         conversion fee of 25% of the common
                         stock of reorganized SIRVA, Inc.

  Interest Rate:         All amounts outstanding under the DIP
                         Facilities will bear interest (i) at
                         the Base Rate plus 5.5% per annum or
                         (ii) at the LIBOR Rate plus 6.5% per
                         annum.

  Default Interest:      Following the occurrence and during
                         the continuance of an event of default,
                         the interest rates under the DIP
                         Financing will increase by an
                         additional 2.00% per annum and
                         additional interest will be payable on
                         demand.

A full-text copy of the draft of the DIP Agreement is available
for free at http://bankrupt.com/misc/SirvaDIPCreditAgreement.pdf

The Court will convene a hearing on Feb. 25, 2008, at 10:00
a.m., prevailing Eastern time, to consider final approval of the
Debtors' DIP Financing request.

                           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.

The company and 61 of its affiliates filed separate petitions for
Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case No.
08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis, L.L.P. is
representing the Debtor.  At its bankruptcy filing, the company
reported total assets of US$924,457,299 and total debts of
US$1,232,566,813 for the quarter ended Sept. 30, 2007.



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

JETBLUE AIRWAYS: Christoph Franz Joins Board of Directors
---------------------------------------------------------
JetBlue Airways Corporation has appointed Christoph Franz, Chief
Executive Officer of Swiss International Air Lines Ltd, to its
Board of Directors effective immediately.  Dr. Franz represents
the Deutsche Lufthansa Group, whose US$300 million investment in
JetBlue was recently completed.

"On behalf of the Board of Directors, I heartily welcome Christoph
to JetBlue," said Dave Barger, JetBlue's CEO.  "Our partnership
with Lufthansa and its world-renowned leadership team will help
strengthen our airline as we continue to build momentum with our
award-winning service and strong financial position.  Christoph,
as the leader of Swiss International Air Lines, brings tremendous
knowledge and understanding of the airline industry to JetBlue and
we believe he will be an asset to us in many ways."

Mr. Franz, age 47, is Swiss International Air Line's Chief
Executive Officer and has served in that capacity since 2004.
Prior to that, Mr. Franz spent nine years in top management
positions with Deutsche Bahn AG (DB), the German national railway,
ending as a member of the executive board in charge of
Passenger Transportation.  He holds a doctorate in Business
Administration at the Technische Universitat Darmstadt.

"I am honored to represent Deutsche Lufthansa's investment in
JetBlue as a member of the Board of Directors," Dr. Franz said.
"JetBlue has proven that a North American airline can create a new
and successful business model, based on value and low cost.  I
look forward to contributing to JetBlue's future success
in this role."

                      About JetBlue Airways

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

                         *     *     *

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


JETBLUE AIRWAYS: Launching Santo Domingo Service on March 6
-----------------------------------------------------------
JetBlue Airways Corp. told Dominican Today that it will launch its
Orlando-Santo Domingo service on March 6, 2008.

Dominican Today relates that JetBlue Airways had said it would
expand its Orlando International Airport service.  It will also
start daily nonstop flights from Orlando to Cancun on March 13.

JetBlue Airways told Dominican Today that it will extend
previously seasonal service on two Orlando routes to year-round
service:

          -- Orlando to/from Burlington, Vermont; and
          -- Orlando to/from Portland, Maine.

According to Dominican Today, JetBlue Airways will launch its
Orlando-Bogota, Colombia, flights later in 2008.  It is awaiting
authorization from the U.S. Department of Transportation.  JetBlue
Airways told Dominican Today that the Orlando-Bogota flight would
be Central Florida's sole nonstop service to South America.

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

                          *     *     *

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


PRC LLC: Wants to Sell Property to Brett Houston for US$2.2 Mil.
----------------------------------------------------------------
PRC LLC and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the Southern District of New York to assume
an amended agreement on the sale of about three acres of
undeveloped real property to J. Brett Houston for US$2,275,000.

The property, located at the southwest corner of Southwest 140th
Terrace and 119th Avenue, in Miami, Florida, was previously used
as a parking lot by employees working in one of PRC, LLC's call
centers -- the Kendal Center.  By April 2007, however, PRC ceased
its operations in that center, and the premises were vacated in
December 2007.  The Debtors paid US$50,128 in real estate taxes in
respect of the Property in 2007.

According to Alfredo R. Perez, Esq., at Weil, Gotshal & Manges
LLP, in Houston, Texas, relates that since the Property was no
longer needed for business operations, PRC began to explore a
possible sale of the asset.  According to him, PRC interviewed
two established real estate brokers before ultimately selecting
ComReal Miami, Inc., an experienced commercial real estate
brokerage firm, to sell the Property.

Beginning in February 2007, Mr. Perez continues, ComReal led an
active marketing campaign that included print, email and web
listings.  In May 2007, PRC received a US$1,200,000 offer from
West Tuscany, LLC, which PRC determined was unreasonably low.
Four months after, two additional bidders, Mr. Houston and Grand
Prize Chevrolet, exchanged offers and counteroffers.  PRC
ultimately  selected Mr. Houston's bid of US$2,695,707, and on
Oct. 17, 2007, PRC entered into a Purchase and Sale Agreement with
Mr. Houston.

During the contractual 60-day inspection period, however, Mr.
Houston notified PRC that, due to changes in market conditions
and the lack of interest shown by potential tenants for the
proposed newly developed space, he would complete the sale for
US$2,000,000.  After additional negotiations, Mr. Perez relates,
PRC and Mr. Houston executed an amendment to their Sale
Agreement, dated Dec. 14, 2007, adjusting the purchase price to
US$2,275,000 and extending the closing date to Jan. 31, 2008.

To preserve the benefits of the proposed sale, the Debtors and
Deerwood Financial Centre, LLC, as assignee of Mr. Houston,
entered into a second amendment to the Sale Agreement, dated
Jan. 28, 2008, extending the closing date to March 24, 2008,
to allow additional time for the Debtors to obtain Court approval
of their assumption of the Sale Agreement and the sale of the
Property.

The Second Amended Sale Agreement further provides that:

   (i) Mr. Houston will provide earnest money deposits
       for US$250,000 with Shutts & Bowen LLP, to be credited
       toward the purchase price at closing or retained by the
       Debtors as liquidated damages in the event of Mr.
       Houston's material breach or default.

  (ii) Aside from the real property, other assets to be sold
       include the buildings and improvements located in the
       area, if any; the Debtors' right, title and interest in
       easements, tenements, and appurtenances pertaining to
       the property; all fixtures found in the property, if
       any; and the Debtors' right, title and interest in all
       documents, including licenses, permits, architectural
       and engineering plans, among others.

(iii) An order authorizing the Debtors' assumption of the sale
       agreement should be entered by the Court on or before
       Feb. 27, 2008.

  (iv) The sale agreement may be terminated by the Debtors or
       by Mr. Houston in the event of a material breach or
       default by the other party.

   (v) The Debtors should pay US$182,000 in brokerage fees and
       commissions due to ComReal Miami, and Dave Colonna
       Properties, Inc.

Mr. Perez states that the purchase price represents fair market
value for the property, especially in light of the real estate
downturn in southern Florida.  He adds that they have fully
explored potential sales of the property, with ComReal doing the
marketing since February 2007, and have determined that a private
sale rather than an auction process is more appropriate.

Mr. Perez further says that the sale of the property will reduce
the Debtors' expenses as they no longer have to pay about
US$50,000 a year in real estate taxes.

The Debtors also request the Court to sell the property free and
clear of all liens, claims and encumbrances, saying that their
postpetition lenders do not object to the proposed sale
transaction.

                          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. 4;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


* DOMINICAN REPUBLIC: S&P Puts Low B Ratings Under Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long- and
'B' short-term sovereign credit ratings on the Dominican Republic
on CreditWatch with negative implications.  The CreditWatch
placement reflects uncertainty surrounding promissory notes due
between March and July 2008, including the possibility that they
will not be paid because they were issued illegally.  The matter
highlights institutional weakness, which is the key rating
constraint on the Dominican Republic.

S&P's credit analyst Richard Francis explained that the
outstanding promissory notes are part of a series totaling
US$130 million (0.3% of GDP) issued over the course of 2006 to
SunLand Corporation and sold to other investors.  Arrears arose in
September of 2007, and while these notes have now been brought
current, there is a substantial risk that the four remaining notes
in the amount of nearly US$6.8 million each and due in March,
April, June, and July of 2008 might not be paid on time, given
question that have arisen over their legality.  The Dominican
Republic has a history of poor debt management and lack of
transparency.  Furthermore, this incident calls into question the
integrity of the fiscal accounts.

According to Dominican Law 6-06 on Public Credit, all financial
obligations must be approved by Congress and signed by the
Minister of Finance in addition to undergoing several other
procedures, such as registration with the Office of Public Credit.
None of these procedures appears to have been followed in the
SunLand deal, leading to the question of legality under Dominican
law.

"While the government has undertaken reform aimed at institutional
strengthening in such areas as debt management and financial
supervision, the SunLand deal underscores the continued
limitations in the implementation of this reform. Government
financing is likely to become more costly if these issues
persist," Mr. Francis said.

S&P expects to resolve the CreditWatch placement when there is
clarification of the legality of the promissory notes,  the
government's intentions with regard to payment, and the impact
this incident will have on the government's ability to tap
international markets.



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

* ECUADOR: Pending Antitrust Law to Address Retailer Speculation
----------------------------------------------------------------
Ecuador is working on an antitrust law to address retailer
speculation that has contributed to an increase in the
country's inflation rate, Stephan Kueffner of Bloomberg News
cited President Rafael Correa as saying.

The country's producer prices rose 0.08 percent in January
while consumer prices rose 1.14 percent in February, according
to Bloomberg News.

President Correa sees the gap between both prices as
representative of excessive speculation by retailers,
the report says.

Bloomberg says Ecuador's inflation was 4.19 percent in January.
Central bank estimates inflation rate up to 3.76 percent this
year.

                         *     *     *

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

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



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

ALCATEL-LUCENT: Incurs EUR443-Mln Net Loss in Full Year 2007
------------------------------------------------------------
Alcatel-Lucent's Board of Directors reviewed and approved reported
these results for the fourth quarter and the full year 2007.

   -- Revenues of EUR5.23 billion, up 20% sequentially and 18%
      year-over-year

   -- Adjusted operating income of EUR 303 million or 5.8 % of
      revenues

   -- Adjusted net loss (group share) of EUR48 million including
      an impairment charge of EUR81 million

   -- Reported net loss (group share) of EUR2.58 billion
      including an impairment charge of EUR2.52 billion

                  For the Full Year 2007

   -- Revenues of EUR17.79 billion, down 2.5% at current rate,
      up 2.1% at constant rate

   -- Adjusted operating income of EUR110 million or 0.6 % of
      revenues

   -- Adjusted net loss (group share) of EUR443 million
      including an impairment charge of EUR377 million and a
      restructuring charge of EUR842 million

   -- Reported net loss (group share) of EUR3.52 billion
      including an impairment charge of EUR2.94 billion and a
      restructuring charge of EUR856 million

   -- Funded status of pensions and OPEB of EUR 2.81 billion at
      year-end 2007, up from EUR 2.44 billion at Sept. 30, 2007.

During the quarter, revenues grew 20.3 % sequentially and 18.4 %
year-over-year to EUR5,234 billion.  At constant EUR/USD exchange
rate, revenues grew 24.3 % sequentially and 25.4% year-over-year.
The Carrier business segment recorded a strong double-digit
growth, up 16.2% year-over-year at current exchange rate, driven
by wireline and wireless.  The Services business segment also
registered a strong 27% growth.  Finally, the Enterprise business
segment was up 3.8%.  The adjustedgross margin was 32.4% of sales,
impacted by a one-time charge of EUR 98 million, resulting from a
change in the cost recognition methodology for a large wireless
construction contract.  Adjusted operating income was EUR 303
million or 5.8% of sales. The company reduced approximately 1,600
positions in the quarter.

For the full year 2007, Alcatel-Lucent generated revenues of
EUR17.79 billion, down 2.5% year-over-year at current exchange
rate and up 2.1% at constant EUR/USD exchange rate.  The adjusted
operating income was EUR 110 million or 0.6 % of revenues.  The
company reduced 6,700 positions over the full year, before the
impact of managed services and acquisitions (approximately 1,400
people).  As expected, the company did retain most of its
operating expense savings (SG&A and R&D) in 2007 (approximately
EUR 280 million).  Due to the continuing decrease in the market
value of Alcatel-Lucent's shares during the second half of 2007
and its revised outlook, the company has carried out an additional
impairment test of goodwill in the fourth quarter of 2007. This
test led to an impairment charge of EUR2.52 billion in the
quarter, mainly impacting the goodwill allocated to CDMA and IMS
activities.

                      Executive Commentary

Chief Executive Officer commented, Patricia Russo commented:
"This quarter, we delivered solid year-over-year revenue growth
of 18.4% with the strongest performance in the carrier and
services businesses.  These results reflect the strengthening of
our position in IP and optics, a recovery of our GSM business and
the ramp up of WCDMA.

"Our adjusted gross margin - excluding the one-time impact of the
charge in the cost recognition methodology for this large wireless
construction contract -- was roughly flat quarter-over-quarter,
despite a challenging pricing environment and an unfavorable shift
in our geographic and product mix.  Our adjusted operating margin
has significantly improved sequentially, reflecting higher volumes
and, to a lesser extent, a reduction in our operating expenses."
Ms. Russo noted

"As we have said, 2007 was a transition year for the company as we
executed our integration plans in a difficult market environment.
Notwithstanding these challenges, the performance of our wireline,
enterprise and services business has been solid.  On the other
hand, the slower-than-expected ramp up of revenues in WCDMA and
NGN/IMS, two areas in which we have been investing, has severely
impacted profitability." Ms. Russo said.

                            Outlook

While Alcatel-Lucent does not traditionally provide quarterly
guidance, it is important to be reminded of the seasonal patterns
that impact the first quarter and which historically have resulted
-- in the case of the former Alcatel -- in a sequential drop in
revenues of 20% to 25%.  The company expects to incur a loss at
the adjusted operating income level in the first quarter of 2008
as a result of this seasonality.

Ms. Russo further added:  "While the long term prospects of our
industry remain good, the macroeconomic environment has created
uncertainty in our markets in the last few months.  Our initial
projections for 2008 indicate that the global Telecommunications
equipment and related services market should be flat to slightly
up at constant EUR/USD rate and slightly down at current rate."

"With this in mind, we will continue to execute against our three-
year plan.  The ongoing implementation of a more selective pricing
approach as well as product cost reduction program should enable
us to improve our gross margin.  We also intend to make continued
good progress in our fixed costs reduction plan." Ms. Russo
concluded.

Given the expected improvement in the gross margin as well as a
reduction in adjusted operating expenses, Alcatel-Lucent expects
an adjusted operating margin in the low to mid single digit range
in percentage of revenues in full year 2008.

                       Reported Results

In accordance with regulatory reporting requirements, the fourth
quarter 2007 and the full year 2007 reported results include the
non-cash impacts from purchase price allocation entries (PPA)
following the merger with Lucent Technologies.

For the fourth quarter 2007, Alcatel-Lucent's reported revenues
amounted to EUR5,234 million.  The reported gross profit was
EUR1,698 million, including the impact from PPA entries of EUR4
million.  Reported operating income (loss) was EUR155 million,
including the negative impact from PPA entries of EUR148 million.
For the quarter, reported net loss (group share) was EUR2,579
million including the negative impact from PPA entries of EUR2,531
million.

For the full year 2007, Alcatel-Lucent's reported revenues
amounted to EUR17,792 million.  The reported gross profit
was EUR5,709 million, including the impact from PPA entries of
EUR253 million.  Reported operating income (loss) was EUR707
million, including the impact from PPA entries of EUR817 million.
Reported net loss (group share) was EUR3,518 million including the
impact from PPA entries of EUR3,075 million.

                        Adjusted Results

In addition to the reported results, Alcatel-Lucent is providing
(non audited) adjusted results in order to provide meaningful
comparable information, which exclude the main non-cash impacts of
the purchase price allocation entries in relation with Lucent
business combination.  These non-cash impacts are very material
and non-recurring due to the different amortization periods
depending of the nature of the adjustments, as detailed in the
annex.   Reported figures are not comparable with the company's
main competitors and many other business players who have not
undergone any similar business combinations as the Lucent's one.
Prior period results refer to adjusted pro-forma combined
operations for Alcatel-Lucent as of Jan. 1, 2006.

For the fourth quarter, Alcatel-Lucent generated revenues of
EUR5,234 million, compared to a pro-forma EUR4,421 million in the
year-ago quarter, an increase of 18.4 %. The adjusted gross profit
was EUR1,694 million, 32.4 % of revenues, compared to an adjusted
pro-forma gross profit of EUR 1,447 million in the year-ago
quarter. Adjusted operating income (loss) was EUR303 million, 5.8%
of revenues, compared with an adjusted pro-forma operating income
(loss) of EUR3 million in the year-ago quarter. For the quarter,
adjusted net loss (group share) was EUR48
million.  The adjusted pro-formanet loss (group share) was EUR618
million in the fourth quarter 2006.

For the full year, Alcatel-Lucent's revenues were EUR17,792
million, compared to a pro-forma EUR18,254 million in 2006, a 2.5
% decrease at current exchange rate, or a 2.1% increase at
constant EUR/USD exchange rate.  The adjusted gross profit was
EUR5,962 million, 33.5 % of revenues, compared to an adjusted pro-
forma gross profit of EUR6,842 million in the year-ago quarter.
Adjusted operating income (loss) was EUR110 million, 0.6% of
sales, compared to an adjusted pro-forma operating income (loss)
of EUR925 million in 2006.  Adjusted net loss (group share) was
EUR443 million.  The adjusted pro-forma net income (group share)
was EUR522 million in 2006.

       Balance Sheet, Pension Status and Dividend Policy

The net (debt)/cash position was EUR271 million as of Dec. 31,
2007, compared with EUR124 million as of Sept. 30, 2007.  The
funded status of pensions and other post retirement benefits
amounted to EUR2,806 million at year-end 2007, up from
EUR2,436 million as of Sept. 30, 2007.  As part of the prudent
management of its funds, the group reduced its exposure to equity
markets in November 2007.  As of Dec. 31, 2007, the global asset
allocation of the group's funds was as follows: 20% in equity
securities, 60% in bonds and 20% in alternatives.  This compares
to respectively 36%, 48% and 16% as of Dec. 31, 2006.

In light of these results and of a more uncertain market outlook,
the board has determined that it is prudent to suspend dividend
payment for 2007.

                      About Alcatel-Lucent

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

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

                          *     *     *

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

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



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

HUNTSMAN CORP: Board Paying US$0.10 Per Share Dividend on March 31
------------------------------------------------------------------
Huntsman Corporation's board of directors has declared a US$0.10
per share cash dividend on its common stock.  The dividend is
payable on March 31, 2008, to stockholders of record as of
March 14, 2008.

Huntsman Corp. -- http://www.huntsman.com/-- is a global
manufacturer and marketer of differentiated chemicals.  Its
operating companies manufacture products for a variety of global
industries, including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction, technology,
agriculture, health care, detergent, personal care, furniture,
appliances and packaging.  Originally  known for pioneering
innovations in packaging and, later, for rapid and integrated
growth in petrochemicals, the company has 13,000 employees and
operates from multiple locations worldwide.   Its Latin American
operations are in Argentina, Brazil, Chile, Colombia, Guatemala,
Panama and Mexico.

                         *     *     *

As reported in the Troubled Company Reporter on June 28, 2007,
Moody's Investors Service placed the debt ratings and the
corporate family ratings (CFR -- Ba3) for Huntsman Corporation and
Huntsman International LLC, a subsidiary of Huntsman under review
for possible downgrade.



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

EPICOR SOFTWARE: Earns US$22.4 Million in Quarter Ended Dec. 31
---------------------------------------------------------------
Epicor Software Corporation reported US$22.4 million of net income
for the three months ended Dec. 31, 2007, compared to
US$6.7 million of net income for the same period in 2006.  For the
fiscal year ended Dec. 31, 2007, the company reported
US$41.2 million of net income compared to US$23.8 million in 2006.

Epicor Chairman and Chief Executive Officer George Klaus
commented, "We had an absolutely fantastic fourth quarter, setting
records across nearly every financial metric and topping off
another excellent full-year of Company-wide execution for Epicor.
2007 marks the fourth consecutive year of double digit growth for
Epicor in license revenue, total revenue and non-GAAP earnings per
share.

"Our all-time record license revenues are a confirmation of the
strength of our sales team, pipelines, software solutions and go-
to-market strategy," Mr. Klaus said.  "In addition, it is clear
that Epicor is reaping the rewards of our strategy to expand our
addressable market by moving up-market, as our strong
fourth quarter was driven in part by a new record for our top 10
license deals, which averaged in excess of US$600,000 in license
revenue alone.  Our success in winning bigger deals continues to
be complemented by strong execution in our core midmarket
business, as evidenced by the addition of more than 740 new name
customers during the year.  Importantly," he said, "our ability to
continue to drive double digit license revenue growth with
significant new customer wins will continue to benefit Epicor for
years to come by adding to our consulting backlog and highly
profitable maintenance revenues.

"We believe the opportunity for continued solid growth in our
focused vertical markets is stronger than ever and our pipelines
continue to grow.  Additionally," Mr. Klaus continued, "the
completion today of our acquisition of NSB Retail Systems (NSB)
will create a larger, stronger and more profitable Epicor, and we
look forward to immediately integrating NSB into Epicor and
beginning to realize the efficiencies and synergies we expect to
drive throughout the combined company.  2008 promises to be
another exciting year of double digit growth for Epicor and we are
confident that we will deliver on our technology and financial
commitments."

Total 2007 fourth quarter revenues increased approximately 15% to
a company record US$119.7 million, compared to total revenues of
US$104.4 million in the 2006 fourth quarter.  In addition to
excluding amortization and stock-based compensation expense, non-
GAAP earnings for the 2007 fourth quarter also excludes
acquisition-related charges and restructuring and other charges,
all net of tax, and the non-cash income tax benefit.

Excluding the non-cash income tax benefit, the 2007 fourth quarter
effective tax rate was 33.4%, with an actual cash tax rate of
approximately 11%.  The valuation allowance release is expected to
have little effect on the 2008 tax rate.

For the 2007 full-year, total revenues increased 12% to a Company
record of US$429.8 million, compared to 2006 full-year revenues of
US$384.1 million.  In addition to excluding amortization and
stock-based compensation expense, non-GAAP earnings for the 2007
full-year excludes acquisition-related charges, debt issuance fees
write-off, a gain from the sale of a non-strategic asset and
restructuring and other charges, all net
of tax, and the non-cash income tax benefit.

The 2007 annual effective tax rate was 35.8%, excluding the
positive impact of US$14.0 million related to a non-cash income
tax benefit, with an actual cash tax rate of approximately 11%.

                      Balance Sheet Summary

The company's balance sheet at Dec. 31, 2007 included US$161.0
million in cash designated for the acquisition of NSB, as well as
cash and cash equivalents and short-term investments of US$76.5
million, which benefited from strong cash flow from operations of
more than US$23.0 million during the quarter.  The company's total
long-term debt balance as of Dec. 31, 2007, was US$230.5 million,
consisting primarily of the US$230 million obligation to holders
of the company's convertible bonds.

At the end of the 2007 fourth quarter, net accounts receivable was
approximately US$98.5 million.  Days sales outstanding (DSOs) was
76, up from 75 in the third quarter of 2007.  Working capital
decreased to US$59.0 million at the end of the 2007 fourth
quarter, down from US$203.6 million at the end of the 2007 third
quarter, due the US$161.0 million in cash designated for the
acquisition.  Deferred revenue was US$71.2 million.

              2008 First Quarter & Full-Year Guidance

The company is raising its 2008 full-year guidance based on
expectations for additional license revenue, as well as
expectations for material revenue and non-GAAP earnings accretion
from the acquisition of NSB, which was recently completed.  Epicor
expected to begin fully integrating the two companies during the
first quarter of 2008 with plans to combine functional teams
including sales, professional services, support and research and
development.  Epicor also expected to be able to leverage its
marketing and general and administrative infrastructure across all
functions of the two companies within the first half of 2008.

The company said that it is providing its 2008 guidance on a non-
GAAP basis.  2008 revenue guidance includes deferred revenues from
NSB that are expected to be written off as required by purchase
accounting in accordance with GAAP reporting.  The company
currently expected to write off US$8 to US$10 million in NSB
deferred revenues for the 2008 fiscal year, approximately US$1
million of which will be license revenue, with the remainder
consisting of maintenance revenue.  The company's 2008 full-year
and first quarter non-GAAP earnings per share guidance excludes
current expectations for full-year amortization of intangible
assets of approximately US$19.3 million and full-year stock based
compensation expense of approximately US$8.1 million, each net of
tax. 2008 full-year non-GAAP earnings per share expectations
assume a weighted average share count of 59.5 million shares.

2008 full-year non-GAAP total revenues for the combined company
are expected to be US$545 to US$555 million.  Non-GAAP software
license revenue for the 2008 full-year is expected to be between
US$120 to US$130 million.  Hardware and other revenue for the 2008
full-year is expected to be in the range of US$30 to
US$35 million.

Total non-GAAP revenue for the 2008 first quarter is expected to
be in the range of US$112 to US$115 million.  Hardware and other
revenue for the 2008 first quarter is expected to be US$5 to US$6
million.

Headquartered in Irvine, California, Epicor Software Corporation
(Nasdaq: EPIC) -- http://www.epicor.com/-- provides integrated
enterprise resource planning, customer relationship management,
supply chain management and professional services automation
software solutions to the midmarket and divisions of the Global
1000 companies.  Founded in 1984, Epicor serves over 20,000
customers in more than 140 countries, providing solutions in
over 30 languages.  Epicor offers a comprehensive range of
services with its solutions, providing a single point of
accountability to promote rapid return on investment and low
total cost of ownership.

Epicor Software has worldwide locations in China,
Australia, Canada, Germany, Hong Kong, Indonesia, Italy, Japan,
Korea, Malaysia, Mexico, Singapore, Taiwan, and the United
Kingdom, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating and revised its outlook on Irvine,
California-based Epicor Software Corp., a provider of enterprise
resource planning software, to negative from stable.


FREESCALE SEMI: Michael Mayer To Quit as Chairman & CEO
-------------------------------------------------------
Freescale Semiconductor Inc. has announced that Michel Mayer,
chairman and Chief Executive Officer, has decided to step down.
The company and its board of directors have initiated a search for
a new CEO.  Mr. Mayer will continue in his current role until a
successor has been identified and will remain chairman of the
board until the transition is effective.

Mr. Mayer joined Freescale in May, 2004 and led the company
through its transition from a semiconductor division of Motorola
to a successful public company following an initial public
offering in July 2004.  In December 2006, Freescale became the
largest leveraged buy-out in the history of the technology
industry.

"The Freescale team executed well over the last four years.
Following a successful IPO, we dramatically improved the operating
profitability of the company and strengthened the leadership
team," said Mr. Mayer.  "One year into a successful LBO, the time
is right for me and my family to take some time off before
exploring new challenges. The company is well positioned to
continue its transformation."

"On behalf of the Board of Directors, I thank Michel for his
leadership, contributions and stewardship of the company," said
Daniel F. Akerson, director of Freescale Semiconductor and
managing director of The Carlyle Group.  "With Michel at the helm
and in conjunction with the senior leadership team, Freescale was
able to successfully transition from a public to private company
at a challenging time in the industry.  Freescale is in a strong
position today and we are confident it will continue to strengthen
going forward. We will work closely with Michel and the senior
management team to ensure a smooth transition."

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, the company has operations in Argentina, Brazil
and Mexico.  In Europe, the company has operations in Czech
Republic, France, Germany, Ireland, Italy, Romania, Turkey and
the United Kingdom.  Revenues for the 12 months ended
Mar. 31, 2007, were US$6.2 billion.


FREESCALE SEMICON: CEO Resignation No Rating Effect Says Moody's
----------------------------------------------------------------
Moody's commented that Freescale Semiconductor, Inc.'s ratings
(corporate family rating of B1) and negative ratings outlook will
not be impacted by the company's announcement that its Chairperson
and Chief Executive Officer, Michel Mayer has decided to step
down.  The company announced that Mr. Mayer will remain in his
current role until the company and board of directors have
completed their search for a new CEO.

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Moody's Investors Service lowered Freescale
Semiconductor Inc.'s ratings, including its Corporate Family
Rating to B1 from Ba3 and Probability of Default Rating to B1 from
Ba3.

In December 2007, Moody's downgraded the company's corporate
family and long-term debt ratings and maintained the negative
ratings outlook, which was revised from stable in May 2007.  The
downgrade reflected Freescale's weakened credit profile evidenced
by continued high financial leverage, reduced capacity utilization
levels and lower earnings prospects over the near term.  In
addition to continued expected weakness in the company's wireless
segment, Moody's remains concerned about moderating demand in its
networking segment, especially in light of Cisco's (A1/Positive)
announcement regarding lower growth prospects for 2008, as well as
the company's exposure to the automotive segment, which is
experiencing a slowdown in consumer spending in the current weak
macro-environment.

While management turnover is a concern, Moody's does not believe
this will have any immediate impact on the company's credit
quality.  Moody's notes that Freescale has undergone key
management changes recently, with the former head of its troubled
wireless unit transitioning to the role of Chief Development
Officer and the appointment of a new Head of Sales & Marketing.

Although it appears to be voluntary, the departure of its CEO
coincides with Freescale's weak operating performance during 2007.
Moody's believes product development strategy, execution quality
and management stability are key rating factors in the
semiconductor industry, given the highly competitive nature of the
industry and the execution intensity of the business, which
requires the ability to make key long-term strategic R&D
investments to pursue new product opportunities plus an in-depth
understanding of industry dynamics accumulated over a longer
period of time.

Moody's will monitor Freescale's performance closely while it
conducts its search for a new CEO.  Signs of further management
upheaval or that the management team is becoming distracted,
prompting a more pronounced weakness in operating performance,
could have a negative impact on the ratings.  Given that the
company is privately owned, Moody's anticipate the search to be
concluded expeditiously.  Once the new CEO is in place, Moody's
will monitor any changes in the company's strategies, financial
policies and operating results.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- is one of the oldest
and most diverse makers of microchips in the world.  It produces
many different kinds of chips for use in automobiles, computers,
industrial equipment, wireless communications and networking
equipment, and other applications.  The company's global client
roster includes such blue-chip companies as Alcatel-Lucent, Cisco
Systems, Fujitsu, Hewlett-Packard, QUALCOMM, Robert Bosch, and
Siemens; former parent Motorola remains a substantial customer.
In Latin America, the company has operations in Argentina, Brazil
and Mexico.  In Europe, the company has operations in Czech
Republic, France, Germany, Ireland, Italy, Romania, Turkey and the
United Kingdom.


IMPERIAL SUGAR: Halts Operations After Sugar Refinery Fire
----------------------------------------------------------
One of Imperial Sugar Company's refineries located in Port
Wentworth, Georgia, blew up in flames Thursday night.  At least
five people were reported to have died, and scores were injured.

Cause of the explosion remains unknown.  Sugar refining operations
at Port Wentworth facility represent more than 50% of Imperial
Sugar's revenues.  Imperial may or may not be adequately insured
for the loss.

According to MarketWatch, reports quoted John Sheptor, Imperial
Sugar's president and CEO, as saying sugar dust in a silo probably
ignited like gunpowder.  Sugar dust can be combustible if it's too
dry and builds up a static electric charge, MarketWatch says,
citing an Associated Press report.

"We are all concerned for the welfare of our associates and our
thoughts and prayers are with them and their families this
evening," Mr. Sheptor said.  "We are grateful for the superb
response by the local emergency agencies to this tragic event."

The extent of damage to the refinery is under investigation and
the length of time it will be closed is currently unknown, the
Company said in a news statement.

The Company met with employees and their families Sunday.  Reports
say the Company will be setting up a fund for the affected
workers.

The Company will provide more information as it becomes available,
according to the statement.

                       About Imperial Sugar

Headquartered in Sugar Land, Texas, Imperial Sugar Company --
http://www.imperialsugar.com/-- is one of the largest processors
and marketers of refined sugar in the United States to food
manufacturers, retail grocers and foodservice distributors.  The
company markets products nationally under the Imperial(R), Dixie
Crystals(R) and Holly(R) brands.

In November 2007, Imperial Sugar formed a 50/50 joint venture
with Ingenios Santos, S.A. de C.V., which will market sugar
products in Mexico and the U.S. under the name Comerialiazadora
Santos Imperial S. de R.L. de C.V.

Monterrey, Mexico-based sugar producer Santos owns and operates
six sugar mills that produce refined sugar and estandar, a less
refined sugar traditionally sold in Mexico.


UNITED RENTALS: Extends AT&T Network Services Deal for 3 Years
--------------------------------------------------------------
AT&T Inc. has announced a three-year extension and expansion of a
relationship with United Rentals Inc.  With AT&T as its provider,
United Rentals will continue to see the benefits of having
communications consolidated onto AT&T's network, with an expected
increase in network efficiency and better control of support
costs.

AT&T will continue to connect more than 690 United Rentals branch
locations with voice and data connectivity.  United Rentals is a
fast-moving business with more than 20,000 classes of rental
equipment.  The company uses the AT&T  network around the clock,
with online tools that include a sophisticated information system
for employees and an account-management system for customers.

"Our business has benefited in recent years from the AT&T
technology solutions that keep our locations and employees
connected," said United Rentals Vice President for Strategic
Sourcing, Dale Asplund.  "The AT&T team is continually bringing
new technologies to our attention that can help us further
increase our ability to serve our customers.  We expect to control
costs and increase business efficiencies by having AT&T provide
telecommunications and networking solutions for our company."

                          About AT&T

AT&T Inc. (NYSE: T) -- http://www.att.com-- is a premier
communications holding company.  Its subsidiaries and affiliates,
AT&T operating companies, are the providers of AT&T services in
the United States and around the world.  Among their offerings are
the world's most advanced IP-based business communications
services and the nation's leading wireless, high speed Internet
access and voice services.  In domestic markets, AT&T is known for
the directory publishing and advertising sales leadership of its
Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand
is licensed to innovators in such fields as communications
equipment.  As part of its three-screen integration strategy, AT&T
is expanding its TV entertainment offerings.

                      About United Rentals

Founded in 1997, United Rentals Inc. (NYSE: URI) --
http://www.unitedrentals.com/--   is an equipment rental company
with more than 700 rental locations throughout the United States,
Canada, and Mexico.  Their diverse customer base includes
construction and industrial companies, utilities, municipalities,
and homeowners.  The company is comprised of 4 principle
divisions: General Rentals, Aerial, HVAC/Pump & Power, and Trench
Safety.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2008, Standard & Poor's Ratings Services affirmed its 'BB-
' corporate credit rating on United Rentals Inc. and its major
operating subsidiary United Rentals (North America) Inc. and
removed all ratings from CreditWatch with negative implications.
S&P said the outlook is stable.

At the same time, S&P raised the rating on the company's senior
secured facilities to 'BB+', two notches above the corporate
credit rating, from 'BB-' due to a considerable paydown in the
term loan since it was issued and the increased value of the
company's fleet.



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

QUEBECOR WORLD: D.E. Shaw Claims 1.2% Stake Ownership at Jan. 28
----------------------------------------------------------------
D.E. Shaw Laminar Portfolios LLC, D.E. Shaw & Co., LP, and
David E. Shaw, disclose in a Form 13G filing with the U.S.
Securities and Exchange Commission that they are deemed to
beneficially own 1,054,500 shares of Quebecor World Inc., common
stock, as of Jan. 28, 2008.

D.E. Shaw has reduced its stake in QWI to 1.2%, from 6.5%,
equivalent to 5,500,000 shares, on January 17, 2008.

According to Bloomberg, about 85,079,000 shares of QWI common
stock were outstanding as of Jan. 31, 2008.  The stock held a
closing price of CA$0.285 per share on Feb. 1, 2008.

                     About D. E. Shaw & Co.

New York-based D. E. Shaw & Co. -- http://www.deshaw.com/-- is
always on the lookout for a good investment opportunity.  Through
various affiliates, the firm specializes in applying quantitative
and qualitative trading strategies to hedge fund management and
other investments.  It makes private equity investments in early-
stage and established firms involved in technology, health care,
and financial services.  It also acquires assets of distressed
companies.  The company's D.E. Shaw Research unit focuses on long-
term scientific and technological projects.  The company, which
has some
US$33 billion in capital under management, was founded in 1988 by
chairman and CEO David E. Shaw.

                       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 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the
CCAA case.  They obtained creditor protection until
Feb. 20, 2008.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. 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.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

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.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  (Quebecor World
Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Magazine Arm Unaffected by Bankruptcy
-----------------------------------------------------
Doron Grosman, president of Quebecor World Inc.'s magazine
division, told Publishing Executive Inbox in an interview that QW
Magazine customers, as well as those in its other divisions, are
unaffected by the parent's reorganization.

Mr. Grosman said the unit's plants are all fully operational and
its commitments to its customers are being fulfilled.

"We've received an extraordinary level of support from the
magazine industry, including some personal notes from customers to
our plant personnel and management expressing their loyalty.  Many
customers recognize that QW is an integral part of the history of
many magazines, and its continued strength is important to the
industry," Mr. Grosman said.

                About Publishing Executive Inbox

Publishing Executive Inbox -- http://www.pubexec.com/-- is a
biweekly summary of news brought to you by Publishing Executive
magazine.  Publishing Executive is available now in either print
or digital format.  It is an affiliate of North American
Publishing Company -- http://www.napco.com/-- established in 1958
and headquartered in Philadelphia.

                      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 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the
CCAA case.  They obtained creditor protection until
Feb. 20, 2008.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. 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.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

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.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  (Quebecor World
Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



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

APARTMENT INVESTMENT: Posts US$26.6MM Net Loss in 4th Qtr. 2007
---------------------------------------------------------------
Apartment Investment and Management Company announced results for
the fourth quarter 2007.  In accordance with Generally Accepted
Accounting Principles, all reported per share data has been
adjusted to take into account the special dividend declared on
Dec. 21, 2007, and paid on Jan. 30, 2008, which resulted in the
issuance of approximately 4.6 million additional shares of the
company's Class A Common Stock.

   -- Net loss for the quarter was US$26.6 million, compared
      with net income of US$66.1 million in the fourth quarter
      2006.  Lower results in the fourth quarter 2007 were due
      to various items including: lower gains on dispositions of
      real estate and other of US$101 million, higher interest
      expense of US$9 million and real estate impairment charges
      of US$6.6 million, which were partially offset by higher
      property net operating income of US$15.1 million and
      higher activity and asset management revenues of US$17.6
      million.

   -- Funds from operations (diluted) is a non-GAAP financial
      measure.  FFO calculated in accordance with the definition
      prescribed by the National Association of Real Estate
      Investment Trusts was US$83.8 million compared with US$88
      million in the fourth quarter 2006.  FFO before impairment
      and preferred redemption charges was US$0.88 per share,
      which was at the mid-point of guidance as restated for the
      special dividend.

   -- Adjusted funds from operations (diluted) was US$61.3
      million compared with US$72.8 million in the fourth
      quarter 2006.  AFFO includes deductions of US$0.26 and
      US$0.14 per share for capital replacement expenditures in
      the fourth quarter 2007 and the fourth quarter 2006,
      respectively.

                      Management Comments

Chairman and Chief Executive Officer, Terry Considine comments:
"Aimco had a solid 2007.  Property operating results improved on a
Same Store basis by 4.5%.  We invested more than US$300 million in
value-adding redevelopments.  A highlight of the quarter for our
asset management and transactions team was the formation of a
joint venture with a fund managed by J.P. Morgan Asset Management
to invest in certain Los Angeles properties.  Given the current
choppiness of the economy, we expect more moderate growth in
2008."

Chief Financial Officer, Tom Herzog adds: "Fourth quarter FFO of
US$0.88 per share was in-line with guidance, as restated for the
special dividend, and full year 2007 FFO of US$3.25 per share was
10% higher than in 2006.  During the fourth quarter 2007 and
January 2008, Aimco repurchased, on an accretive basis,
approximately 8.5 million shares of its Common Stock for
approximately US$302 million, or an average price of US$35.19 per
share.  Looking ahead to 2008, we expect FFO of US$0.68 to US$0.72
per share in the first quarter and US$3.22 to US$3.38 per share
for the year."

                     Property Operations

Conventional Real Estate Operations

Aimco is among the nation's largest owners and operators of market
rate apartment communities.  Conventional real estate operations
consist of Aimco's diversified portfolio of market rate apartment
communities.  At the end of the fourth quarter 2007, this
portfolio included 439 properties with 127,532 units in which
Aimco had a weighted average ownership of 88%.  During the fourth
quarter 2007, conventional real estate operations generated net
operating income of US$179.9 million.

"Same Store" Results

In the fourth quarter 2007, the Same Store portfolio included 357
communities with 94,047 Effective Units based on Aimco's weighted
average ownership of 88%.

Comparing Same Store results in the fourth quarter 2007 with the
fourth quarter 2006, total revenue increased US$9.9 million, or
4%.  The increase in revenue was primarily generated by higher
average rent, up US$24 per unit, or 2.8%, from US$862 per unit to
US$886 per unit, higher occupancy, which was up 0.3% from 94.4% to
94.7%, and increased utility reimbursements, up US$2.2 million.
Same Store expenses of US$105.5 million increased US$5.6 million,
or 5.7%, compared with the prior year period as a result of higher
payroll, marketing, insurance, contract services and utilities.
Same Store portfolio net operating income was US$152.6 million for
the fourth quarter 2007, up 2.9% from the fourth quarter 2006.

Comparing Same Store results on a sequential basis, total revenue
increased US$2.9 million in the fourth quarter 2007 compared with
the third quarter of 2007, driven by a US$5 per unit increase in
average rental rates, partially offset by a decrease in occupancy
of 10 basis points.  Expenses decreased US$1.6 million, or 1.5%,
primarily due to lower turnover, contract services, repairs and
maintenance costs and taxes.  Net operating income increased
US$4.5 million, or 3%, on a sequential basis.

Comparing Same Store results on a full year basis, total revenue
increased US$41.4 million in 2007 compared with 2006, driven by a
3.7% increase in average rental rates per unit, a 20 basis point
increase in occupancy and a 20.6% increase in utility
reimbursements.  Expenses increased US$16.5 million, or 4.2%,
primarily due to higher payroll,utilities, contract services,
marketing, administrative expenses, taxes and insurance, partially
offset by lower turnover and repairs and maintenance.  Net
operating income increased US$24.9 million, or 4.5%, on a year-
over-year basis.

Affordable Real Estate Operations

Aimco is among the nation's largest owners and operators of
affordable apartment communities. At the end of the fourth quarter
2007, Aimco's owned affordable portfolio included 312 properties
with 37,104 units in which Aimco had an average ownership of 51%.
During the fourth quarter 2007, affordable property operations
generated net operating income of US$19.2 million.  Average month-
end occupancy for the affordable portfolio decreased 60 basis
points from 96.9% for the fourth quarter 2006 to 96.3% for the
fourth quarter 2007, while average rent per unit increased 5.1%
from US$719 to US$756 per unit.  Average month-end occupancy also
decreased 60 basis points from 97.2% in 2006 to 96.6% for the full
year 2007, while rents increased US$28 per unit, or 3.9%, from
US$711 to US$739 per unit.

            Asset Management and Transactions

Asset management income is earned from the financial management of
partnerships.  Transaction income is earned from activities such
as tax credit syndications, dispositions, refinancings and land
sales.  Proceeds received in exchange for the transfer of tax
credits are recognized ratably as the tax benefits are delivered,
and syndication fees are recognized upon completion of tax credit
syndications.  Consolidated asset management and transaction net
operating income, net of tax, was US$28.7 million in the fourth
quarter 2007 compared to US$13.3 million in the fourth quarter
2006.  Consolidated asset management and transaction net operating
income, net of tax, for the full year 2007 was US$58.8 million, an
increase of US$18.1 million, or 44.3%, when compared to 2006.

During the fourth quarter 2007, Aimco formed a joint venture with
a fund managed by J.P. Morgan Asset Management.  Aimco contributed
to the venture The Palazzo at Park La Brea, The Palazzo East at
Park La Brea and The Villas at Park La Brea at a value of US$725.7
million, or approximately US$525,000 per unit. Aimco received
US$202.2 million in cash from J.P. Morgan in exchange for an
approximate 47% interest in the joint venture.  Aimco receives
property management and other fees for its continued operation of
the properties.

                        Redevelopment

Aimco actively reinvests in and upgrades its portfolio through
property redevelopments.  At the end of the fourth quarter 2007,
Aimco had 48 active conventional redevelopment projects and 11
active tax credit redevelopment projects in process.  Aimco's
share of total redevelopment expenditures was US$121.5 million
during the fourth quarter 2007. Conventional redevelopment project
expenditures totaled US$99.8 million and tax credit redevelopment
project expenditures totaled US$21.7 million for the quarter.

                       Debt Activity

During the fourth quarter 2007, Aimco closed 28 property loans
generating gross proceeds of US$398 million at a weighted average
interest rate of 6.24%.  This included refinancing US$121.6
million in existing mortgage loans, reducing the average interest
rate from 6.74% to 6.08%.  After repayment of existing property
debt, transaction costs and distributions to limited partners,
Aimco's share of net proceeds was US$248.9
million.

As of Dec. 31, 2007, Aimco had US$7.5 billion of consolidated debt
outstanding, which consisted of: US$5.7 billion of fixed rate
mortgage debt, which is primarily non-recourse; US$1.7 billion of
floating rate property and corporate debt; and US$75.1 million of
other borrowings.  In addition, Aimco had US$100 million of
floating rate preferred stock outstanding. Aimco's FFO exposure to
changes in floating interest rates is mitigated by US$698.4
million of tax-exempt bonds with rates tied to the Bond Market
Association Index, which moves at approximately 0.68% for a 1%
change in LIBOR.  Aimco's exposure is further offset by floating
rate assets, such as cash and notes receivable, and interest
capitalized on entitlement and redevelopment properties.  Based on
Aimco's proportionate share of quarter-end balances, Aimco
estimates its sensitivity to a 100 basis point change in LIBOR to
be approximately US$0.02 per share per quarter.

During the month of January 2008, Aimco repurchased approximately
4.5 million shares of its Class A Common Stock at
an average price of US$33.33 per share for a total cost of
US$151.2 million.  Since Aimco began repurchasing shares
during the third quarter 2006, the company has repurchased
approximately 14.3 million shares, or approximately 14.7%
of shares outstanding on July 31, 2006, at an average price of
US$41.79 per share for a total cost of US$597.3 million.

On Jan. 29, 2008, the Aimco Board of Directors increased its
existing share repurchase authorization by 25 million shares.  The
company is currently authorized to repurchase approximately 28.7
million additional shares.  Repurchases may be made from time to
time in the open market or in privately negotiated transactions.

Aimco issued approximately 4.6 million shares of its Class A
Common Stock on Jan. 30, 2008, in connection with the
payment of the special dividend declared on Dec. 21, 2007.

G&A -- General and administrative expenses for the fourth quarter
2007 of US$23.9 million increased US$0.5 million or 2.3% when
compared with the fourth quarter 2006.

                            Outlook

For the first quarter 2008, FFO, before impairment and preferred
redemption charges, is expected to be in a range from US$0.68 to
US$0.72 per share.  For the full year 2008, FFO, before impairment
and preferred redemption charges, is expected to be in a range
between US$3.22 and US$3.38 per share.

                  Dividends on Common Stock

As announced on Dec. 21, 2007, the Aimco Board of Directors
declared a special dividend of US$2.51 per share of Class A Common
Stock, paid on Jan. 30, 2008, to stockholders of record on Dec.
31, 2007.  The special dividend was paid in a combination of
approximately US$55 million of cash and 4.6 million shares of
Class A Common Stock.  The dividend is taxable to the stockholders
in 2007 without regard to whether a particular stockholder
receives the dividend in the form of cash or shares.  The special
dividend allowed Aimco to satisfy its REIT distribution
requirement while preserving cash for other corporate purposes,
including share repurchases.

Cash dividends paid on Class A Common Stock during the year ended
Dec. 31, 2007, totaled US$2.40 per share, or 96% of AFFO and 70%
of FFO, on a per share basis, and a 6.9% cash yield based on the
US$34.73 closing price of Aimco's Class A Common Stock on Dec. 31,
2007.

                    About Apartment Investment

Headquartered in Denver, Colorado, Apartment Investment &
Management Company, aka. Aimco (NYSE: AIV) is a real estate
investment trust that owns and operates a geographically
diversified portfolio of apartment communities through 19 regional
operating centers.  Aimco, through its subsidiaries, operates
1,169 properties, including approximately 203,040 apartment units,
and serves approximately 750,000 residents each year.  Aimco's
properties are located in 46 states, the District of Columbia and
Puerto Rico.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2007, Moody's Investors Service has assigned a Ba1
corporate family rating to Apartment Investment and Management
Company, and affirmed the REIT's preferred equity rating at Ba3.
The ratings outlook is stable, which reflects the company's
improving operations, combined with stable leverage, thin coverage
and laddered debt maturities, all trends Moody's expects to
continue.


COINSTAR INC: Wal-Mart Deal Cues S&P's Outlook Shift to Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Coinstar Inc. to positive from stable.  S&P also affirmed the
company's 'BB' corporate credit rating.

The outlook revision follows the news that Coinstar has entered
into an agreement with Wal-Mart to increase the number of its
Redbox DVD rental kiosks to more than 3,000 from about 800 and to
increase the number of Coinstar coin-counting machines by as much
as 2,000 in Wal-Mart stores over the next 12 to 18 months.  At the
same time, the company will remove or relocate about 50% of its
lower margin entertainment machines from Wal-Mart stores.

"We expect the increase in coin-counting and Redbox machines and
the decrease in entertainment machines as a result of this
agreement to result in an approximately US$20 million to US$25
million increase in annual EBITDA beginning in mid-2009," said
S&P's credit analyst Jackie E. Oberoi.  This expected
strengthening of credit metrics could lead to an upgrade over the
intermediate term.

Coinstar Inc., based in Bellevue, Washington, provides solutions
for retailer's storefronts consisting of self-service coin
counting, entertainment services such as skill-crane machines,
bulk vending machines and kiddie rides and e-payment services such
as prepaid wireless products, stored value cards, payroll cards,
prepaid debit cards and money transfer services.  It also offer a
range of point-of-sale terminals, stand-alone e-payment kiosks and
e-payment enabled coin-counting machines in drugstores,
universities, shopping malls, supermarkets and convenience stores
in the United States, the United Kingdom and other countries.  It
own and operate the only multi-national fully automated network of
self-service coin-counting machines across the United States,
Canada, Puerto Rico and in the United Kingdom.


GAMESTOP CORP: Board Okays US$130 Million Senior Notes Repurchase
-----------------------------------------------------------------
GameStop Corp.'s Board of Directors has authorized the buyback of
up to US$130 million of the company's Senior Notes.

"We are pleased that the Board has authorized this program as our
debt represents a very attractive investment opportunity,"
GameStop chairperson and chief executive officer R. Richard
Fontain said. "Our strong cash flow gives GameStop the ability to
paydown debt even as we continue to aggressively expand our
business worldwide."

Under the program, GameStop may purchase debt from time to time in
compliance with SEC regulations and other legal requirements, and
subject to market conditions and other factors. The repurchase
program does not hold any specific limitations and may be
suspended or terminated at any time.

Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME)
-- http://www.gamestop.com/-- sells video games. The company
operates 4,778 retail stores throughout the United States,
Austria, Australia, Canada, Denmark, Finland, Germany, Italy,
Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden,
Switzerland and the United Kingdom. The company also owns
commerce-enabled Web properties, GameStop.com and ebgames.com,
and Game Informer(R) magazine, a leading video and computer game
publication. GameStop sells the most popular new software,
hardware and game accessories for the PC and next generation
video game systems from Sony, Nintendo, and Microsoft. In
addition, the company sells computer and video game magazines
and strategy guides, action figures, and other related
merchandise.


GAMESTOP CORP: US$130MM Sr. Notes Buyback Cues S&P's Pos. Outlook
-----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
GameStop Corp. to positive from stable.  At the same time, we
affirmed all other ratings, including the 'BB' corporate credit
rating.

The outlook revision reflects the announcement of authorization to
repurchase US$130 million of the senior notes coupled with solid
results for the fourth quarter of 2007.

"The outlook is positive as we expect the company to maintain
solid growth, although it will be somewhat tempered by the weak
economic environment," said S&P's credit analyst David Kuntz, "and
GameStop may use its good cash flow for further debt repayment."

Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME) --
http://www.gamestop.com/-- operates as a retailer of video game
products and personal computer entertainment software.  The
company sells new and used video game hardware and software, and
related accessories and other merchandise. The company also offers
video game accessories that include controllers, memory cards, and
other add-ons; PC entertainment accessories, such as joysticks and
mice; and strategy guides and magazines, as well as trading cards.
In addition, it operates electronic commerce Web sites under the
names gamestop.com and ebgames.com, as well as publishes Game
Informer, a multi-platform video game  magazine.  As of Oct. 24,
2007, GameStop operated 5,000 stores in the United States,
Austria, Australia, Canada, Denmark, Finland, Germany, Italy,
Ireland, New Zealand, Norway, Spain, Sweden, Switzerland, the
United Kingdom and Puerto Rico, among others, primarily under the
names of GameStop and EB Games.


* PUERTO RICO: Moody's Comments on Possible Sales Tax Rate Cut
--------------------------------------------------------------
On Feb. 6, 2008, the governor of the Commonwealth of Puerto Rico,
Anibal Acevedo-Vila, announced in his State of the Commonwealth
address a plan to reduce the sales tax rate from the current 7% to
2.5%.  The reduction in the sales tax would leave 1.5% sales tax
available to the municipalities, and 1% that is dedicated to the
Sales Tax Revenue Bonds.  The 4.5% in sales tax revenues that
previously went to the General Fund would be eliminated.

When the sales tax was originally implemented in November 2006,
the commonwealth general excise tax was eliminated.  The new sales
tax resulted in almost double the monthly revenue for the
commonwealth, but the commonwealth believes the sales tax has also
deepened the island economy's recession.  The governor has stated
that a new, improved version of the general excise tax will be
implemented and generate the same amount of revenue as the sales
tax, but will not have the negative impact on the consumer.

Any reduction in the tax revenues available for paying debt
service on the Sales Tax Revenue Bonds would reduce coverage on
the bonds.  In addition, a reduction in revenues would reduce
General Fund resources and weaken the fiscal stability of the
commonwealth.  The implementation and performance of the sales tax
was viewed as an important step toward fiscal restraint and
balance in the commonwealth, and was a factor in the revision of
the outlook to stable from negative in November 2007.  As a
result, a cut in the sales tax without replacement revenues of a
comparable size and quality would weaken both the Sales Tax
Revenue Bonds and the commonwealth general obligation credit.

Gov. Acevedo-Vila's proposal is a first step in a process that
will require negotiation with the legislature and the crafting of
a credible implementation plan for replacement revenues.  These
actions will have to be accomplished within the context of the
statutory fiscal reform act that requires a structurally balanced
budget by 2010 and imposes a ban on additional deficit financing.
Since specific proposals and plans have not yet been developed,
Moody's is taking no rating action at this time.

As the proposal moves through the legislative process, if Moody's
believes that there is likely to be any change to the sales tax
that would result in the weakening of the credit for either the
Sales Tax Revenue Bonds or the commonwealth's General Obligations,
Moody's would likely take rating actions on all the affected
credits at that time.  In addition, in the interim there could be
other intervening exogenous factors or events that could cause us
to review the ratings.



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

PETROLEOS DE VENEZUELA: Chavez Warns US$200 a Barrel Oil Price
--------------------------------------------------------------
Venezuelan President Hugo Chavez warned he could drive oil
prices as high as US$200 a barrel by cutting off oil supplies to
the U.S. should Exxon Mobil Corp. wins in its efforts to freeze
Venezuelan petroleum assets, Steven Bodzin of Bloomberg News
reports.

Mr. Chavez's statement comes amid reports that Petr˘leos de
Venezuela S.A., a state-owned company, was barred from taking or
disposing of up to US$12 billion in petroleum assets worldwide
pursuant to orders issued by courts in Britain and the U.S.
blocking those assets.

Such a warning was not Mr. Chavez's first.  December last year,
he also warned that the price of oil may reach $200 if the U.S.
interfere in Venezuelan elections, Bloomberg News says.

Bloomberg says in a separate report that PDVSA's bonds plunged
on news of the court orders.

Chris Kraul of the Los Angeles Times says Exxon Mobil sought
the ruling amid reports that PDVSA could be looking to sell
assets to counter financial crisis.

A U.K. court filing cited by Bloomberg News says however that
Exxon Mobil is concerned that PDVSA will transfer assets to
other countries including China to put them out of reach of
an international arbitration commission.

Last year, Venezuelan President Hugo Chavez nationalized oil
projects in the country and Exxon Mobil has been seeking to
recover the value of its investments in those fields, Peter
Wilson of BusinessWeek relates.

Meanwhile, on Jan. 29, 2008, the Troubled Company Reporter-
Latin America said Moody's Investors Service noted the reported
increase in PDVSA's total consolidated debt to US$16 billion
in 2007, from approximately US$2.9 billion at the end of 2006.

Moody's said the debt increase will not affect the company's
B1 global local currency issuer rating with a stable outlook,
based on the company's low financial leverage and the level
of its current credit rating, the latter of which reflects
Venezuelan sovereign risk and control over the state oil
company's operations.

According to Moody's, the increase in PDVSA's total debt
clearly reflects a continuation of capital spending that exceeds
internal cash flow, with its cash flow from operations heavily
affected by large transfer payments to support government social
programs.

                 About Petroleos de Venezuela SA

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

PDVSA estimates it will achieve a 5 million 847 thousand barrel
per day production capacity by the year 2012.

                         *     *     *

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


PETROLEOS DE VENEZUELA: Mr. Ramirez Denounces Media Campaign
------------------------------------------------------------
People's Minister of Energy and Petroleum and Petroleos de
Venezuela SA Executive Director Rafael Ramirez deplored a media
campaign based on ignorance to manipulate the case of ExxonMobil,
a US oil company that reported on alleged freezing of PDVSA
assets.

"I am concerned about such a lack of knowledge by the domestic
media about the situation and an attempt at manipulation.  I
condemn the shameful, grotesque position of some national sectors
that are partying or having fun in support of the interests of
multinational companies," he lamented.

Also, Ramirez denied emphatically the misinformation.  "There is
news about the corporate assets amounting to USD 12 billion being
frozen.  This is totally untrue."

The top officer explained that there is no court final ruling
against the corporation, but an interim or precautionary measure
as long as PDVSA makes its arguments in the interest of the
Republic.

"We will not be alarmed, be afraid or give way to our people's
desire to manage its natural resources in a sovereign manner," he
added.

Such a situation, said the minister, "does not affect at all the
cash flow or the operations, which are at 100 percent."

                 About Petroleos de Venezuela SA

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

PDVSA estimates it will achieve a 5 million 847 thousand barrel
per day production capacity by the year 2012.

                         *     *     *

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


PETROLEOS DE VENEZUELA: Freeze Order No Rating Impact, S&P Says
---------------------------------------------------------------
Standard & Poor's Ratings Services disclosed that news regarding
Exxon Mobil Corp.'s (Exxon Mobil; AAA/Stable/A-1+) moves to freeze
US$12 billion in Venezuelan state-run oil firm, Petroleos de
Venezuela S.A.'s (PDVSA; BB-/Stable/--) overseas assets has no
immediate impact on S&P's rating and outlook on the Bolivarian
Republic Venezuela (Venezuela; BB-/Stable/B) and its national oil
company and related entities, including CITGO Petroleum Corp.
(CITGO; BB/Stable/--), Petrozuata Finance Inc. and C.A. La
Electricidad De Caracas (BB-/Stable/--).

The reach of the court orders obtained by Exxon Mobil in the U.K.,
the Netherlands, and the Netherlands Antilles outside of the
aforementioned jurisdictions is uncertain.  Furthermore, frozen
assets in the U.S. are limited to about US$300 million, which is
not significant relative to Petroleos de Venezuela's unrestricted
cash in hand (about US$3.6 billion as of second-quarter 2007) and
total assets (about US$92 billion as of second-quarter 2007).  S&P
does not believe the aforementioned court orders will have a
meaningful impact on the oil firm's day-to-day operations, given
that it appears that the court order only prevents it from
disposing of its assets. Nevertheless, credit terms from suppliers
and financial institutions could become more stringent and
increase the cash cost of doing business for the issuer.

Furthermore, the rulings highlight S&P's ongoing concern regarding
the issuer's ability to attract foreign investment in light of the
government's decision to restructure Petroleos de Venezuela's
operating service agreements and to grant the oil firm a majority
share in the heavy oil production and upgrading projects in the
Orinoco Zuata region. S&P views a retaliatory interruption in
crude supply, threatened by President Chavez, as
unlikely given that sales in the U.S. represent about half of the
firm's revenues.  S&P will continue to monitor the situation
closely to asses further the potential rating impact of the
dispute between Petroleos de Venezuela and Exxon Mobil.

The ratings on the oil-firm and its sole shareholder, Venezuela,
are tightly linked, reflecting S&P's opinion that Petroleos de
Venezuela is a public policy-based institution that plays a
central role in meeting the sovereign's political and economic
objectives.  The ties of ownership and economic interests between
the oil firm and Venezuela are evident in the significant
contribution of the oil industry to government revenues (nearly
50%) and the country's exports (90%).  The most important
supporting rating factor for the sovereign is its solid balance
sheet.  Gross general government debt is expected to fall to 20%
of GDP in 2008 and debt in net terms is expected to fall less than
5% of GDP, given the significant liquid assets the government has
built up in various funds, most importantly in the FONDEN.
Political factors continue to be the main constraint on the
sovereign ratings.  Expansionary public spending ahead of local
and regional elections could undermine government finances and
continue to fuel inflation, which is now more than 20%.
Furthermore, changing and arbitrary laws, price and exchange
controls, and other distorting economic measures have negatively
affected Venezuela's domestic economy and have deterred foreign
direct investment.

The ratings and outlook on Petroleos de Venezuela's U.S. refining
subsidiary CITGO Petroleum Corp. (BB/Stable/--) are unchanged
following the legal action against its parent.  While CITGO may
face tighter credit terms from suppliers, its assets and
operations do not appear to be affected by the freeze.  Currently,
the ratings on the Venezuelan oil firm limit those on CITGO, even
though the refiner's credit profile is commensurate with a higher
rating level.

The court actions do not change the CreditWatch Positive placement
of S&P's 'B' rating on Petrozuata Finance Inc.'s US$287.2 million
bonds due 2009, US$625 million bonds due 2017, and US$75 million
bonds due 2022.  Petrozuata is a heavy oil production and
upgrading project that is wholly owned by Petroleos de Venezuela.
However, any developments that could restrict access to
Petrozuata's trustee-held funds in New York could lead to a change
in the CreditWatch listing and possibly a change in the Petrozuata
bond ratings.

The CreditWatch Positive placement reflects the reduced potential
of a project default due to resolved government tax payments,
Petroleos de Venezuela's demonstrated interest in preventing a
default at Petrozuata and other heavy oil projects, and continuing
good operations.  The oil firm tendered the project bonds of the
Cerro Negro project in December 2007 and could do the same for
Petrozuata to prevent lenders from accelerating the debt that
might occur due to the change on control when ConocoPhillips left
the joint venture.  Since such a payout would probably be funded
from the Petrozuata trustee-held funds.  Any restrictions on the
funds could make it more challenging for the Venezuelan oil firm
to tender the Petrozuata bonds.

The ratings on C.A. La Electricidad De Caracas and Petroleos de
Venezuela, its majority shareholder, are tightly linked.  S&P
believes that La Electricidad De Caracas is also a public policy-
based institution that plays a central role in meeting the
government's political and economic objectives, given de facto
franchise to distribute electricity in the Caracas metropolitan
area, which is the largest city in Venezuela, and is the nation's
capital.

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


* VENEZUELA: International Reserves Tops US$32 Billion, BCV Says
----------------------------------------------------------------
Central Bank of Venezuela disclosed that the country's
international reserves had a record of US$32 billion that ended
last week, El Universal reports.

According to the news, the BCV assets declined to US$884 million
in Jan. 31 to Feb. 6, 2008.

The central bank is set to transfer US$800 million from the
reserves to the National Development Fund (Fonden), El Universal
says, citing Planning Minister Haiman El Troudi.

Early in March, the official said, the BCV would deposit
US$1.5 billion in the Fonden.  The same journal stated that such
transfer in 2008 would be lower than in previous years, as the so-
called "optimal level" of Venezuelan reserves was set at
US$31.9 billion.

Report shows that the central bank has been obliged to distribute
excess reserves to the Fonded following the BCV law reformation in
2005.  It moved US$6 billion to the special fund, with transfers
in 2006 and 2007 amounting to US$4.27 billion and US$6.77 billion,
respectively.

                         *     *     *

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.


* VENEZUELA: To Deliver US$834 Mil. in Oil Shipments to Total SA
----------------------------------------------------------------
As payment for shares of a joint venture, Venezuela will be
delivering US$834 million in oil shipments to France's biggest oil
company, Total SA, Steven Bodzin of Bloomberg News reports.

The payments will start "very soon," Total spokeswoman Patricia
Marie told Bloomberg in a phone interview.

On Friday, Total SA said in a statement that after issuing a
decree in November 2007 creating the Mixed Company PetroCede¤o,
the Venezuelan authorities issued on Jan. 10, 2008 a decree
transferring Sincor's extra-heavy oil development operations in
the Orinoco Belt to the new company.

Total, state-owned Petroleos de Venezuela SA and the Venezuelan
Ministry of Energy and Mines finalized the texts stipulated in
June 2007 memorandum of understanding, which set out the new
contractual terms and conditions governing PetroCede¤o and the
transferring process of Sincor into this company.

Under the terms of the final agreements, Total, which had held a
47% interest in Sincor, will have a 30.323% interest in
PetroCedeno alongside PDVSA (60%) and Statoil (9.677%).

The oil shipment serves as compensation to Total for the transfer
of the 16.677% interest to PDVSA.

                      The Sincor Project

The Sincor Project was brought on stream in 2000.  It consists of
two parts: upstream development of the Zuata extra-heavy oil field
in the Orinoco Belt and downstream upgrading of the extra-heavy
oil in a dedicated facility in Jose on the coast.  The project has
production capacity of around 200,000 barrels of extra-heavy crude
oil per day, corresponding to 180,000 barrels of synthetic crude
per day.  Concession life is 25 years from the transfer of
Sincor's heavy oil development operations to PetroCede¤o.

                      Total in Venezuela

Total holds a 69.5% interest in the producing Yucal Placer gas
project and 49% in the offshore Plataforma Deltana Block 4, which
is being explored for gas.  Total's equity production in 2006 was
96,000 barrels of oil equivalent per day.  Total's sustainable
development programs in the country are:

   - micro-credit and health, cultural, education and
     biodiversity programs; and

   - plans to install solar panels to provide electricity to
     2,000 traditional Warao Indian dwellings in the Orinoco
     Delta.

                         About Total SA

Total is a multinational energy company with 95, 000 employees and
operations in more than 130 countries.  Together with its
subsidiaries and affiliates, Total is the fourth largest publicly-
traded integrated oil and gas company in the world.  Total engages
in all aspects of the petroleum industry, including Upstream
operations (oil and gas exploration, development and production,
LNG) and Downstream operations (refining, marketing and the
trading and shipping of crude oil and petroleum products).  Total
also produces base chemicals (petrochemicals and fertilizers) and
specialty chemicals for the industrial and consumer markets.  In
addition, Total has interests in the coal mining and power
generation sector.

                         *     *     *

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.


* Moody's Expects Global Default Rate to Rise in 2008
-----------------------------------------------------
Moody's global speculative-grade default rate reached 1.1% at the
end of January, up from a revised closing level of 0.9% for 2007,
Moody's Investors Service reported today.  The recent increase
comes off of a two-decade record low level reached in November
2007, when the speculative-grade default rate came in just below
0.9%.

"January is the second consecutive month in which the speculative-
grade default rate has now increased," says Moody's Director of
Corporate Default Research Kenneth Emery.  In January 2007, the
global spec-grade default rate was at 1.8%.

Moody's default rate forecasting model now predicts that the
global speculative-grade default rate will rise sharply to 4.6 %
by the end of this year and increase further to 4.8% by January
2009.  The year-end forecast is close to the long-term average of
4.5% since 1983.

"Importantly, the model's baseline forecast does not assume a U.S.
recession.  If a significant recession were to occur, default
rates could reach over 10% as they have in previous recessions,"
adds Emery.

Across industries, Moody's default rate forecasting model
indicates that the Construction & Building sector will be the most
troubled industry among U.S. issuers over the next 12 months.

Moody's speculative-grade corporate distress index, which measures
the percentage of rated issuers that have debt trading at
distressed levels, reached 18.8% in January, the highest level
since November 2002.  The index has been increasing sharply since
last summer when it had been fluctuating in the 2.0% range during
the first half of 2007.

A total of seven Moody's-rated corporate issuers defaulted in
January, the highest default count in a month since 2004.  In
2007, the average default count was only 1.5 issuers per month for
a total of 18 defaulters. Of the seven defaulters in January, six
were by U.S. issuers and the other was domiciled in Canada.

Measured on a dollar volume basis, the global speculative-grade
bond default rate closed at 0.7% in 2007, up from 0.6% in
December.  A year ago, the global dollar-weighted bond default
rate was 1.2%.

Among U.S. speculative-grade issuers, Moody's default rate
forecasting model forecasts that default rates will rise to 5.2%
by the end of this year.  Additionally, the dollar-weighted bond
default rate rose from 0.6% in December 2007, to 0.8% in January
2008. At this time last year, the U.S. dollar-weighted bond
default rate stood at 1.2%.


* Fitch to Address Latin America Sovereign Prospects Today
----------------------------------------------------------
Fitch Ratings will hold its annual Sovereign Hotspots Conference
today, Tuesday, Feb. 12, addressing Global and Latin America
sovereign prospects for 2008.  The conference will begin at 9:00AM
EST, with registration beginning at 8:30.

The half-day seminar will be introduced by Fitch's Latin America
Sovereign Group Senior Directors, Theresa Paiz-Fredel and Shelly
Shetty, followed by in-depth senior analyst presentations on
Argentina, Brazil, Chile, Mexico, Peru and Venezuela.

This event also includes a panel discussion of investors and area
specialists on the outlook for Emerging Markets and Latin America
in the year head, featuring TIAA-CREF Managing Director, Shamaila
Khan; Loomis Sayles Vice President and Senior Portfolio Manager,
David Rolley; Bear Stearns Senior Managing Director, Carl W. Ross;
and  Council of the Americas Senior Director for Policy,
Christopher Sabatini.

Fitch Sovereign Hotspots 2008 will be held at The Warwick New York
Hotel, 65 West 54th Street, New York, New York 10019.

The Hotspots Seminar is a free event, but seats are limited and
therefore pre-registration is required.  For details on how to
register, contact:

   Frank Laurents
   email: frank.laurents@fitchratings.com
   or call: +1 212-908-9127.

Alternatively, visit the Fitch Ratings web site events page at
'www.fitchratings.com'.

Members of the press are also welcome to attend and should
contact:

   Christopher Kimble
   Fitch's New York Media Development
   email: kimble@fitchratings.com,
   or call: +1 212-908-0226.

Full Conference Agenda:

   8:30 - 9:00am: Registration/Continental Breakfast

   9:00 - 9:15am: Opening Remarks and Global Economic and Emerging
                  Market Outlook - Theresa Paiz-Fredel, Senior
                  Director

   9:15 - 9:30am: Latin America: A Safe Haven? - Shelly Shetty,
                  Senior Director

   9:30 - 10:30am: Panel Discussion on Latin American and Emerging
                   Market Prospects

   10:30 - 10:45am: Coffee Break

   10:45 - 11:00am: Chile: On Positive Outlook But Facing
                    Challenges - Casey Reckman, Associate Director

   11:00 - 11:20am: Mexico: What it Takes to be Rated 'A-' -
                    Shelly Shetty, Senior Director

   11:20 - 11:35am: Peru: The Next Investment Grade? - Theresa
                    Paiz Fredel

   11:35 - 12:00pm: Brazil: Can it Qualify for the Investment
                    Grade League? - Shelly Shetty

   12:00pm - 12:20pm: Argentina: Pushing the Limits of the
                      Kirchner Model, and Venezuela: Credit
                      Pressures Mounting - Erich Arispe, Associate
                      Director

   12:20 - 12:30pm: Q&A


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

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


                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Sheryl Joy P. Olano,
Rizande 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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