TCRLA_Public/080222.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

            Friday, February 22, 2008, Vol. 9, No. 38

                            Headlines


A R G E N T I N A

ALITALIA SPA: Milan Airport Workers Strike vs. Downscale Plan
CIPREM SRL: Trustee Verifying Proofs of Claim Until March 17
CONT COR: Trustee Verifying Proofs of Claim Until March 17
ENREFA SAIC: Court Concludes Reorganization
FERVE SRL: Court Concludes Reorganization

GAS AR: Court Concludes Reorganization
HUE GAS: Court Concludes Reorganization
MIE MARCELO: Trustee to File Individual Reports on April 2
MIE ROLANDO: Trustee to File Individual Reports on April 2
MOLINOS CERRIBAL: Trustee Verifying Claims Until April 3

SUMA GAS: Court Concludes Reorganization
TELECOM ARGENTINA: Appeals Court Ruling on Expert Hiring


B A R B A D O S

CABLE & WIRELESS: Commits to Develop Broadband in Barbados


B R A Z I L

AAR CORP: Receives US$28 Mil. Order for Container Platforms
AES CORP: Brazilian Unit to Develop Rio Grande Transmission Line
BANCO NACIONAL: To Create Restructuring Plan for Infraero
BANCO SOFISA: Net Income Increases 121.3% to BRL99.7MM in 2007
BRASKEM SA: 2007 Pre-Minority Interest Net Income Up to BRL957MM

CAMARGO CORREA: To Form Joint Venture With Petrobras & Mitsui
DELPHI CORP: Hearing to Consider Bearings Biz Sale Set Today
DELPHI CORP: Wants to Strike Non-Conforming Cure Objections
DELPHI CORP: Cuts Rodney O'Neal's Emergence Incentive to US$1MM
GERDAU SA: Quanex to Vote on Merger With Firm

GLOBAL CROSSING: Signs Interconnection Deal With Michael Page
IWT TESORO: Judge Glenn Sets March 17 as Claims Bar Date
SITEL WORLDWIDE: S&P Cuts Credit Rating to B; Outlook Negative
UAL CORPORATION: Various Entities Disclose Stake Ownership


C A Y M A N  I S L A N D S

BASSO PRIVATE: Will Hold Final Shareholders' Meeting on March 6
CATHEDRAL LIMITED: Proofs of Claim Filing Deadline Is March 6
CAYMAN SPECIALTY: Proofs of Claim Filing Is Until March 6
DRAGONOX HOLDINGS: Sets Final Shareholders' Meeting for March 5
FREESPIRIT CAPITAL: Final Shareholders' Meeting Is on March 5


C H I L E

TECH DATA: Partners With Zenith to Provide Managed Services


C O L O M B I A

BANCOLOMBIA SA: Fined COP1,600,000 Due to Late Report
BANCO DE BOGOTA: Issuing COP300 Billion in Bonds in 2008


E C U A D O R

FREEPORT-MCMORAN: Moody's Lifts Ratings on Strong Earnings
PETROECUADOR: Prosecutor Urges Annulment of Petrobras' Contracts


J A M A I C A

CABLE & WIRELESS: Unit to Increase Line Rental Fees by 40%
NATIONAL COMMERCIAL: Christopher Denny Quits as Regional Manager
WEST CORP: Ratings Unaffected by Genesys Acquisition, S&P Says


M E X I C O

DURA AUTOMOTIVE: Backstop Rights Deal With Pacificor Expires
DURA AUTOMOTIVE: Wants Court to Approve Amended 2008 KMIP
M-REAL CORP: Closing Lielahati and Kangas Mills
SANMINA-SCI: Signs Definitive Pact to Sell Assets to Foxteq
URS CORPORATION: Bags Construction Management Contract from SCA


P A N A M A

CHIQUITA BRANDS: Posts US$26 Mil. Net Loss in Qtr. Ended Dec. 31
CHIQUITA BRANDS: S&P Rates Unit's US$400MM Credit Facility at B+
CHIQUITA BRANDS: Morgan Joseph Keeps Buy Rating on Firm's Shares


P E R U

QUEBECOR WORLD: Quebec Ct. Extends CCAA Protection Until May 12
QUEBECOR WORLD: Joint Administrators Close British Printing Firm
QUEBECOR WORLD: Franklin Resources Holds 1.1K Sub. Voting Shares
QUEBECOR WORLD: New Pact With Clients to Yield $75 Mil. Annually


V E N E Z U E L A

CITGO PETROLEUM: Won't Be Able to Sell Gas in Bolingbrook
PETROLEOS DE VENEZUELA: To Operate Dacion Field With ENI
PETROLEOS DE VENEZUELA: Moody's Says Order Won't Affect Rating
PETROLEOS DE VENEZUELA: Needs Exxon Sign to Sell Chalmette Stake
PETROLEOS DE VENEZUELA: Asks Exxon to Stop Asset Freeze Scheme


X X X X X X

* Moody's Sees Continued Growth in 2007 LatAm Securitizations
* S&P Says LatAm Countries Stand Firm Despite US Crunch's Impact


                         - - - - -


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


ALITALIA SPA: Milan Airport Workers Strike vs. Downscale Plan
-------------------------------------------------------------
Employees at Milan's Linate and Malpensa airports staged
Tuesday, Feb. 19, 2008, a four-hour strike against Alitalia
S.p.A.'s plans to downscale operations, Marco Bertacche writes
for Bloomberg News.

The employees, members of the CGIL, CISL and UIL labor unions,
walked out 10:00 a.m. to 2:00 p.m., which forced Alitalia to
cancel 123 flights, including trips to 14 intercontinental
destinations, Bloomberg News relates.  

As reported in the TCR-Europe on Feb. 6, 2008, SEA S.p.A. has
filed a EUR1.5 billion damages suit against Alitalia over the
carrier's decision to downscale its operations at Malpensa.

"We have decided to act legally against Alitalia to obtain
damages for the very serious damage deriving from the behaviour
of the airline," SEA chairman Giuseppe Bonomi said.  Mr. Bononi
said Alitalia violated a hub partnership agreement and contracts
with SEA and its SEA Handling unit.  Mr. Bononi noted that SEA
designed and developed Malpensa as Alitalia required in terms of
infrastructures, facilities and organization.  However, Mr.
Bononi added, the investments are rendered useless by Alitalia's
downscale plan.  According to Mr. Bononi, Alitalia's downscale
plan will cut traffic at Malpensa by 6 million passengers and
will reduce the airport's results by EUR70 million.  The SEA
chairman said the airport operator is finding ways to contain
its losses in 2008 and 2009.

                          About Alitalia

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

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

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


CIPREM SRL: Trustee Verifying Proofs of Claim Until March 17
------------------------------------------------------------
Carlos Guido Martino, Luis Pedro Pereyra y Adriana del Carmen
Gallo -- the court-appointed trustee for C.I.P.R.E.M. S.R.L.'s
reorganization proceeding -- will be verifying creditors' proofs
of claim until March 17, 2008.

Carlos Guido will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Cordoba 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 C.I.P.R.E.M.
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 C.I.P.R.E.M.'s
accounting and banking records will be submitted in court.
Infobae didn't state the reports submission deadlines.

The debtor can be reached at:

        C.I.P.R.E.M. S.R.L.
        Baigorri 749, Alta Cordoba
        Ciudad de Cordoba, Cordoba
        Argentina

The trustee can be reached at:

        Carlos Guido Martino, Luis Pedro Pereyra y
        Adriana del Carmen Gallo
        Coronel Olmedo 51, Ciudad de Cordoba
        Cordoba, Argentina


CONT COR: Trustee Verifying Proofs of Claim Until March 17
----------------------------------------------------------
Alicia Ema Bisio, the court-appointed trustee for Cont Cor
S.R.L.'s reorganization proceeding, will be verifying creditors'
proofs of claim until March 17, 2008.

Ms. Bisio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Quilmes, Buenos Aires, 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 Cont Cor 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 Cont Cor's accounting
and banking records will be submitted in court.  Infobae didn't
state the reports submission deadlines.

The trustee can be reached at:

        Alicia Ema Bisio
        Belgrano 63, Bernal
        Buenos Aires, Argentina


ENREFA SAIC: Court Concludes Reorganization
-------------------------------------------
Enrefa S.A.I.C. concluded its reorganization process, according
to data released by Infobae on its Web site.  The closure came
after the National Commercial Court of First Instance in Buenos
Aires homologated the debt plan signed between the company and
its creditors.


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


GAS AR: Court Concludes Reorganization
--------------------------------------
Gas Ar Co S.A. concluded its reorganization process, according
to data released by Infobae on its Web site.  The closure came
after the National Commercial Court of First Instance in Buenos
Aires homologated the debt plan signed between the company and
its creditors.


HUE GAS: Court Concludes Reorganization
---------------------------------------
Hue Gas S.A. concluded its reorganization process, according to
data released by Infobae on its Web site.  The closure came
after the National Commercial Court of First Instance in Buenos
Aires homologated the debt plan signed between the company and
its creditors.


MIE MARCELO: Trustee to File Individual Reports on April 2
----------------------------------------------------------
Wilfredo Borsani, the court-appointed trustee for Mie Marcelo
Ruben's bankruptcy proceeding, will present the validated claims
as individual reports in the National Commercial Court of First
Instance in Rosario, Santa Fe, on April 2, 2008.

Mr. Borsani verified creditors' proofs of claim until Feb. 19,
2008.  He will file in court a general report containing an
audit of Mie Marcelo's accounting and banking records on May 15,
2008.

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

The debtor can be reached at:

         Mie Marcelo Ruben
         Agrelo 1189, Rosario
         Santa Fe, Argentina


MIE ROLANDO: Trustee to File Individual Reports on April 2
----------------------------------------------------------
Wilfredo Borsani, the court-appointed trustee for Mie Rolando
Rafael's bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Rosario, Santa Fe, on April 2, 2008.

Mr. Borsani verified creditors' proofs of claim until Feb. 19,
2008.  He will file in court a general report containing an
audit of Mie Rolando's accounting and banking records on May 15,
2008.

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

The debtor can be reached at:

         Mie Rolando Rafael
         Luis Vila 245, Rosario
         Santa Fe, Argentina


MOLINOS CERRIBAL: Trustee Verifying Claims Until April 3
--------------------------------------------------------
Hugo Javier Mancusi, the court-appointed trustee for Molinos
Cerribal S.A.'s reorganization proceeding, will be verifying
creditors' proofs of claim until April 3, 2008.

Mr. Mancusi will present the validated claims in court as
individual reports on May 20, 2008.  The National Commercial
Court of First Instance in Buenos Aires 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 Molinos Cerribal 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 Molinos Cerribal's
accounting and banking records will be submitted in court on
July 2, 2008.

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

The trustee can be reached at:

        Hugo Javier Mancusi
        Avenida Corrientes 3169
        Buenos Aires, Argentina


SUMA GAS: Court Concludes Reorganization
----------------------------------------
Suma Gas S.A.C.I. concluded its reorganization process,
according to data released by Infobae on its Web site.  The
closure came after the National Commercial Court of First
Instance in Buenos Aires homologated the debt plan signed
between the company and its creditors.


TELECOM ARGENTINA: Appeals Court Ruling on Expert Hiring
--------------------------------------------------------
Telecom Argentina S.A. has appealed an Argentine Court order
appointing an independent monitor to the company for two months
to evaluate whether Telefonica's stake in Telecom Italia,
Telecom Argentina's largest shareholder, creates a conflict of
interest, various reports say.

Dow Jones Newswires relates that the court order was issued upon
the request of Grupo Werthein, the second largest Telecom
Argentina shareholder.

According to the report, a threat to competition and a conflict
of interest in Argentina's telecom sector following Telefonica's
purchase of a minority stake in TI last year has raised
concerns.  The report adds it also provoked speculation that the
anti-trust regulator Comision Nacional de Defensa de la
Competencia (CDNC) might take measures.

Business News Americas states that the appointed expert would
present a report assessing the Telefonica influence in Telecom
Argentina.

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 issuer
default rating on Telecom Argentina SA.  Fitch said the outlook
is positive.



===============
B A R B A D O S
===============


CABLE & WIRELESS: Commits to Develop Broadband in Barbados
----------------------------------------------------------
Cable & Wireless head Donald Austin told The Nation News that
the company is committed to working with the government for the
continued development of broadband in Barbados.

Mr. Austin commented to The Nation News, "Similarly, the company
strives to continue to keep Barbadians in sync with the global
community by offering its customers quick-time technologies
offered by the more developed world."

According to The Nation News, Cable & Wireless launched the
Connect Barbados project in 2007.  The project places free
broadband access in communities.

The Nation News relates that Mr. Austin was pleased that an
overview of the telecommunications market, which was presented
in the Cable & Wireless (Barbados) Limited's Report on Market
and Economic Developments over the period of the Price Cap and
the Impact on Price Cap in October 2007, indicated that while
there was expansion in the broadband sector, prices have been
dropping at a rapid rate.

"While there continues to be significant regional growth in
broadband, the public demands it at faster [Internet] speeds and
nowhere is this more apparent than in Barbados," Mr. Austin told
The Nation News.

Cable & Wireless' technical team has been modernizing its
networks over the last few months through the Multi-Service
Access Nodes project, which will provide additional capacity for
the availability of fixed line and broadband services to
clients, The Nation News states, citing Mr. Austin.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                         *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.  Moody's also
assigned a Ba3 Probability-of-Default rating to the company.



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


AAR CORP: Receives US$28 Mil. Order for Container Platforms
-----------------------------------------------------------
AAR Corp. has received an order to provide containerized roll-
in/out platforms for the U.S. Army, valued at US$28 million.

The specialized equipment, which is used primarily to transport
ammunition, will be manufactured by AAR SUMMA Technology in
Cullman, Alabama through June 2009.  The order was placed as
part of a five-year Indefinite Delivery/Indefinite Quantity
(IDIQ) contract that was established in 2005.

"We are proud to contribute to the readiness and mobility of our
defense customers with products that support the movement of
troops and supplies into theaters of operation and sustain in-
theater activity," said Timothy J. Romenesko, President and
Chief Operating Officer of AAR CORP.  "The recent addition of
AAR SUMMA Technology has expanded our mobility product line,
broadened our manufacturing capabilities and improved our
ability to serve both commercial and defense customers."

On December 3, 2007, AAR acquired SUMMA Technology, Inc., a
provider of high-end sub-systems and precision machining,
fabrication, welding and engineering services.  The acquisition
strengthens AAR's competitive position in the market for
aerospace and defense products and services by extending AAR's
manufacturing capabilities and increasing its product offerings.
AAR SUMMA Technology currently provides complex machined parts
and assemblies for the F-35, F-22, F-16, F-18, C-130, Gulfstream
Aircraft, Expeditionary Fighting Vehicle (EFV) and various
missile and space programs.

                        About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide aviation and
aerospace industry.  With facilities and sales locations around
the world, AAR uses its lose-to-the-customer business model to
serve airline and defense customers through Aviation Supply
Chain; Maintenance, Repair and Overhaul; Structures and Systems
and Aircraft Sales and Leasing.  In Asia Pacific, the company
has offices in Singapore, China, Japan and Australia.  In Latin
America, the company has a sales office in Rio de Janeiro,
Brazil.

                        *     *     *

AAR Corporation continues to carry Moody's Investors Service's
'Ba3' long-term corporate family rating, which was assigned on
November 2006.


AES CORP: Brazilian Unit to Develop Rio Grande Transmission Line
----------------------------------------------------------------
The AES Corp.'s Brazilian unit, AES Sul Distribuidora Gaucha de
Energia, will develop a 42-kilometer transmission line linking
the Candelaria and Centro Serra substations in Rio Grande do
Sul, Rio Grande do Sul state environmental authority Fepam said.

Business News Americas relates that Fepam already granted a
preliminary license to construct the transmission line.

The 69 kilo-volt transmission line would improve power supply in
Rio Grande do Sul's Centro Serra region, BNamericas says, citing
Fepam.

AES Sul distributes power to 1.1 million consuming units in 118
municipalities in Rio Grande do Sul, BNamericas states.

                         About AES Sul

Headquartered in Porto Alegre, Brazil, AES Sul Distribuidora
Gaucha de Energia is a subsidiary of AES Corp., engaged in the
generation, transmission and distribution of hydroelectric and
thermal power.  The company offers electric power to domestic
and commercial customers.  It primarily operates in Brazil.  

                         About AES Corp.

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

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

                          *     *     *

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

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


BANCO NACIONAL: To Create Restructuring Plan for Infraero
---------------------------------------------------------
Brazilian newswire Agencia Estado reports that Banco Nacional de
Desenvolvimento Economico e Social will create a restructuring
plan for national airports authority Infraero.

"Restructuring the company is a condition to opening up capital.  
However, regardless of being listed on the stock market, the
restructuring will have to make Infraero a more efficient
company," Brazil's defense minister Nelson Jobim commented to
Agencia Estado.

According to Agencia Estado, Banco Nacional will also list
Infraero on the stock market with a 49% authorized stock limit.

"Restructuring the company is a condition for listing it
publicly.  But independent of any listing, restructuring must be
done to make the company more efficient," Minister Jobim told
Dow Jones Newswires.

Being listed on the stock market is the best option for the
government to guarantee better administration, Business News
Americas relates, citing Minister Jobim.  According to the
minister, privatization is not the way to improve airports.

Minister Jobim told BNamericas that Banco Nacional's proposal
must overcome the difficulties to list Infraero on the stock
market and Banco Nacional must also find a way to cut the number
of workers.

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.


BANCO SOFISA: Net Income Increases 121.3% to BRL99.7MM in 2007
--------------------------------------------------------------
Banco Sofisa S.A. released its results for the fourth quarter of
2007.  In 2007, the bank launched its new strategy of offering
credit to individuals, through car loans, payroll-deductible
loans, and consumer finance, reaching significant loan
origination.

                         Highlights:

   -- Syndicated loan of US$185 million coordinated by the IFC
      (a member of the World Bank Group)

   -- Opening of three branches in the states of Pernambuco,
      Ceara and Bahia and approval to open another two in the
      states of Para and Amazonas

   -- Loan portfolio of BRL2.6 billion, growth of 186.0% in
      relation to 2006 (+19.3% versus that of third quarter
      2007)

   -- Origination of loans to individuals reaches BRL915 million
      in 2007

   -- Net income of BRL99.7 million, an increase of 121.3% over
      2006

   -- Total Deposits of BRL2.5 billion (BRL1.2 billion in 2006)

Established in 1961, Banco Sofisa SA --
http://www.sofisa.com.br/ir-- is headquartered in Sao Paulo,  
Brazil.  The bank offers commercial and retail banking products
primarily to small and medium-size companies.  As of June 2007,
the bank had total assets of approximately BRL3.44 billion
(US$1.79 billion) and equity of BRL821.5 million (US$427
million).

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2007, Moody's Investors Service assigned to Banco Sofisa
S.A., a bank financial strength rating of D+, long- and short-
term local-currency deposit ratings of Ba1 Not Prime, and long-
and short-term foreign currency deposit ratings of Ba2 Not
Prime, respectively.  Moody's outlook on all these ratings is
stable.


BRASKEM SA: 2007 Pre-Minority Interest Net Income Up to BRL957MM
----------------------------------------------------------------
BRASKEM SA released its results for the fourth quarter of 2007.

              Main highlights of the period:

   -- In fiscal year 2007, Braskem registered an all-time high
      for thermoplastic resin production of 2.8 million tons.
      This excellent performance was the result of the
      competitiveness programs implemented over the past three
      years aimed at increasing the capacity, efficiency and
      operational reliability of its plants.

   -- The company's 2007 consolidated gross revenue for 2007 was
      BRL23.9 billion, an 11% increase over net revenue of
      BRL21.6 billion in 2006.  In dollar terms, gross revenue
      was US$12.3 billion, an increase of 24% over dollar-
      denominated gross revenue of US$9.9 billion in 2006.

   -- Consolidated EBITDA was BRL3.2 billion in 2007, up 5% on
      the EBITDA of BRL3 billion reported in 2006, driven by the
      company's better operating performance, which reflects the
      effectiveness of its operating and sales strategies,
      despite the challenging scenario with the hike of 20% in
      the naphtha price in dollar terms, over the same
      comparison period the Brazilian real appreciated by 17%
      against the U.S. dollar.

   -- Braskem net income before minority interests, represented
      by interests held by Petrobras in Ipiranga Quimica and
      Copesul, was BRL957 million in 2007, an increase of 70%
      from the BRL564 million posted in 2006.  This net income
      growth reflects the improved operating and financial
      performance in the year.  Net income after minority
      interests increased four times from 2006 figures and
      reached BRL568 million.

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins  
producer in Latin American, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                          *     *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Braskem S.A.  Fitch
also affirmed the 'BB+' ratings on the company's senior
unsecured notes 2008, 2014, and senior unsecured notes 2017.


CAMARGO CORREA: To Form Joint Venture With Petrobras & Mitsui
-------------------------------------------------------------
Camargo Correa SA will form a joint company with Brazilian
state-run oil firm Petroleo Brasileiro SA and Japan's Mitsui &
Co. Ltd., Business News Americas reports.

According to BNamericas, the joint venture will construct an
ethanol pipeline.  

BNamericas relates that Petroleo Brasileiro's board has
authorized the creation of the new company.  Petroleo Brasileiro
said that the pipeline will link Senador Canedo in  Goias state
to the Paulania refinery in Sao Paulo.  BNamericas notes that
the pipeline's main stretch will connect Guararema in Sao Paulo
to Paulania.  The project includes a second stretch linking the
Tiete-Parana waterway to Paulania.  The pipeline will be part of
the ethanol export corridor linking:

          -- Goias,
          -- Uberaba,
          -- Ribeirao Preto, and
          -- Guararema.

The pipeline extends to the Sao Sebastiao terminal in Sao Paulo
and the Ilha D'Agua terminal in Rio de Janeiro, BNamericas says.
BNamericas states that the pipeline will transport 12 million
cubic meter per year of ethanol.  The pipeline will transport
ethanol that will mainly be exported to countries like Japan,
Dow Jones Newswires relates, citing Petroleo Brasileiro.  
Petroleo Basileiro told Dow Jones that it will open the pipeline
to ethanol transportation by private firms.

                  About Petroleo Brasileiro

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

                     About Mitsui & Co.

MITSUI & CO., LTD. is a Japan-based trading company.  The
company is engaged in the sale, import, export and manufacture
of various products in the fields of iron and steel product, raw
iron and nonferrous metal, machine and project, chemical,
energy, food and retail, as well as lifestyle, consumer service
and information industry.  It is also engaged in the provision
of retail, information communication, technology, transportation
and finance services, the development of energy and raw iron
resources, in addition to the investment in new businesses, such
as information technology, biotechnology and nanotechnology
businesses.  It operates in eight segments: Iron & Steel
Products, Iron & Steel Raw Materials and Non-Ferrous Metals,
Machinery & Infrastructure Projects, Chemical, Energy, Foods &
Retail, Lifestyle, Consumer Service and Information, Electronics
& Telecommunication, and Logistics & Financial Markets.

                    About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last 12
months through June 2007, Camargo Correa had net sales of BRL9.2
billion and EBITDA of BRL1.4 billion.

As reported in the Troubled Company Reported-Latin America on
Nov. 27, 2007, Fitch Ratings affirmed the foreign currency and
local currency Issuer Default Ratings of Camargo Correa S.A. at
'BB'.  Fitch also affirmed the 'BB' rating on the US$250 million
senior unsecured bonds due 2016 issued by CCSA Finance Limited
(a special-purpose vehicle wholly-owned by Camargo and
incorporated in the Cayman Islands), which is unconditionally
guaranteed by Camargo Correa.  In addition, Fitch has also
upgraded Camargo's national debt rating to 'AA-(bra)' from
'A+(bra)'.  Fitch said the rating outlook is stable.


DELPHI CORP: Hearing to Consider Bearings Biz Sale Set Today
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York  
will consider approval of Delphi Corp. and its debtor-
affiliates' Bearings Business Sale today, Feb. 21, 2008, at
10:00 a.m., prevailing Eastern time.  Stalking horse bidder ND
Acquisition Corp., a wholly owned subsidiary of private equity
investment firm Resilience Capital Partners LLC, has proposed to
buy the Debtors' Bearings Business for US$44,200,000.

                   Lease Assumption Objections

Certain parties had opposed the assumption of their executory
contracts in connection with the sale of the Debtors' global
wheel bearings business.

Barnes Group Inc. and Freudenberg-NOK General Partnership
objected to the zero cures for the assumption of their executory
contracts.  The parties related that they have not yet completed
their review of the Assumed Contracts.

Barnes also objected to the zero cures to the extent it is
limited to prepetition amounts owed by the Debtors.  Cure
obligations are not limited to prepetition defaults, Barnes
reminds the Court, citing Section 365(b) of the Bankruptcy Code.  
Barnes asserts that the Debtors should be required to cure, or
provide adequate assurance of prompt cure, of any postpetition
defaults under the Assumed Contracts.

The Timken Company and Timken U.S. Corp. complained that the
Debtors have not provided them with sufficient information to
identify the Assumed Contracts.  Timken believes that some of
the contracts may be related to a long-term agreement that the
Debtors have not identified for assumption or assignment.

According to Freudenberg-NOK and Timken, the Debtors have not
demonstrated that the proposed contract assignees are capable of
performing under the Assumed Contracts.

S&Z Metal Works Ltd. asserts that the Debtors should pay it at
least US$163,451 for the assumption of its contracts.

                        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,
represent 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. 112; 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 to Strike Non-Conforming Cure Objections
-----------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to strike, pursuant
to Section 105(a) of the Bankruptcy Code and Rule 9010 of the
Federal Rules of Bankruptcy Procedure:

   (a) returned cure amount notices that do not conform with the
       Cure Claim Procedures; and

   (b) objections that were filed for which no cure amount
       notices were returned.

The Debtors are party to thousands of executory contracts, many
of which are with the Debtors' trade suppliers.  In accordance
with the confirmed First Amended Joint Plan of Reorganization
and the Court-approved procedures relating to the assumption of
executory contracts, the Debtors embarked on a process to assume
ongoing prepetition Material Supply Agreements.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, relates that the Debtors served
a total of 1,669 cure amount notices on contract counterparties
stating their intent to assume, or assume and assign, the
parties' contracts and to provide cure for the assumption of the
contracts.  The Notices gave each Counterparty, among other
things, the right to elect to be paid the proposed cure amounts
in cash or Plan currency, and described certain Court-approved
procedures for the Counterparties to object to the assumption of
their contracts or to the proposed cure amounts.  The Cure Claim
Procedures require the Counterparties to sign and return the
original Cure Amount Notices served on them.

In contravention of the specific instructions on the Cure Amount
Notices, however, a number of parties-in-interest submitted
nonconforming Cure Amount Notices to the Debtors.  The Debtors
received more than 100 nonconforming Cure Amount Notices.

Certain purchasers of claims also executed and returned self-
made forms designed to appear identical in form to the Court-
approved notices served by the Debtors, Mr. Butler tells the
Court.  "In fact, certain of these self-made forms were returned
by purchasers of claims even though no cure amounts were owed to
the purported assignors."  The Debtors, he points out, imprinted
unique bar codes upon the original Cure Amount Notices to
prevent the submission of self-made forms.

The Debtors have also been inundated with requests to deviate
from the Court-approved Cure Claim Procedures, Mr. Butler
relates.  He notes that in early January, the Ad Hoc Committee
of Delphi Trade Claim Holders sought but failed to convince the
Court to exempt them from certain provisions of the Cure Claim
Procedures, including enabling their committee members to
execute cure amount notices and directing the Debtors to make
cure payments directly to their members instead of paying the
underlying contract counterparties.  Judge Drain held that the
Trade Committee's request was contrary to the Cure Claim
Procedures and interferes with the Debtors' relationships with
their trade suppliers, which are important to the Debtors'
ongoing businesses.

Specifically, the Debtors wish to strike:

   * cure amount notices that include instructions to pay a
     party other than the counterparty;

   * cure amount notices that were executed by a third party
     (rather than the contract counterparty), which third party
     did not satisfy the requirements of Bankruptcy Rule 9010;

   * cure amount notices from parties who failed to return an
     executed original cure amount notice and instead returned a
     self-made form for which a related assumable contract
     exists or a copy of the cure amount notice;

   * cure amount notices from parties who failed to return an
     executed original cure amount notice for which no related
     assumable contract exists;

   * objections that were filed to cure by parties who failed to
     return the cure amount notice; and

   * cure amount notices that were returned after the 7:00 p.m.
     prevailing Eastern time deadline on Jan. 11, 2008.

To the extent the Court grants the Debtors' request with respect
to a specific party, the Debtors ask the Court to entitle the
applicable counterparty to receive only the default cure
election treatment or the Plan currency to be distributed to
holders of allowed general unsecured claims in the cure amount
listed in the cure amount notice.

A list of the Debtors' proposed cure amounts is available for
free at: http://bankrupt.com/misc/Delphi_PlanCures.pdf

                   Cure & Assumption Objections

On Jan. 29, 2008, the Debtors delivered to the Court a list of
proposed cures for the assumption and assignment of certain
executory contracts as provided in the confirmed First Amended
Plan and the First Amended Disclosure Statement.

A number of parties-in-interest complain that the proposed cures
for the assumption of their contracts are understated.  Several
objectors assert that they have not been given adequate
assurance
of any proposed assignee's performance under the Assumed
Contracts.

A dozen objectors assert that they should be paid these cures:

                                          Debtors'    Objector's
                                          Proposed    Proposed
   Cure Objector                          Cure Amt.   Cure Amt.
   -------------                          ---------   ----------
   Ambrake Corp.                         US$113,072   US$347,716
   Citation Corp., et al.                   577,482      595,681
   Furukawa Electric Company Ltd.            31,308       58,992
   Furukawa Electric North America APD    2,664,471    2,832,655
   MacArthur Corp.                           18,074       38,708
   Magneti Marelli Powertrain USA Inc.            -       29,435
   Master Automatic, Inc.                         -        7,613
   McGill Manufacturing Company Inc.              -       36,493
   Metal-Matic Inc.                          43,080       86,009
   PBR Columbia LLC                               -      195,469
   Quasar Industries, Inc.                        -      528,714
   Tinnerman Palnut Engineered Products       7,229      271,401

SKF USA Inc. contends that it is entitled to payment in full and
in cash of all outstanding postpetition invoices under its
contracts.  SKF USA also points out that certain of its
contracts have expired and are, thus, no longer executory
contracts that can be assumed.

United Plastics Group De Mexico, S. De R.L. De C.V., relates
that its books and records do not show a contract with the
account number ascribed by the Debtors.  Accordingly, UPG Mexico
has no way of determining whether or not the Debtors' proposed
zero cure amount for the alleged UPG Contract is correct.  UPG
Mexico asserts that it is owed no less than US$136,482 under its
agreements with Delphi Automotive Systems LLC.

Barnes Group Inc., Daewoo International Corp., DGC-Plastic
Molding Inc., Freudenber-NOK General Partnership, and Hayes
Lemmerz International, Inc., relate that they have not yet
completed their review of the Assumed Contracts.  Barnes objects
to the proposed cures for its contracts to the extent the
Debtors' cure obligations are limited to prepetition amounts.  
Furukawa relates that the Debtors have not provided it with
sufficient information to identify two of the Assumed Contracts,
thus, it is unable to verify whether the proposed cures are
correct.

AT&T Corp. and XM Satellite Radio Inc. note that the First
Amended Plan provides for the assumption of all contracts not
specifically rejected by the Debtors.  The Debtors have not
rejected, or proposed to reject, the parties' executory
contracts.  AT&T and XM Satellite assert that the Debtors must
cure all defaults under their contracts before those contracts
may be assumed and assigned.  According to AT&T, the Debtors owe
it US$8,255,577 under the parties' contracts.  XM Satellite
asserts that US$1,017,448 is outstanding under its contracts
with the Debtors.

                        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,
represent 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. 112; 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: Cuts Rodney O'Neal's Emergence Incentive to US$1MM
---------------------------------------------------------------
As disclosed in a 10-K filing with the U.S. Securities and
Exchange Commission, Delphi Corp. and its debtor-affiliates
slashed the bonus payable to CEO Rodney O'Neal upon the
company's emergence from bankruptcy protection, from
US$5.3 million to US$1 million.

Aside from receiving an emergence cash award value of
US$1,011,621, Mr. O'Neal will obtain an emergence equity award
valued at US$10,500,000.

As reported in the Troubled Company Reporter on Jan. 24, 2008,
the Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York said he will approve the Debtors'
First Amended Joint Plan of Reorganization on the condition that
the total payout of cash bonuses to top executives is reduced.

"I am prepared to enter the confirmation order, provided the
management compensation plan is changed," Judge Drain said at a
confirmation hearing.

The Court wanted the bonus for Delphi's officers reduced to
US$16.5 million in the aggregate from the US$87.9 million that
Delphi had proposed to award to 500 managers upon emergence.  
But the United Auto Workers and the International Union of
Electronic Workers-Communications Workers of America objected to
the payments, citing, among other things, that while unionized
Delphi employees suffered pay-cuts, the managers, who are
already adequately compensated, are given generous bonuses.

The management compensation plan sought to grant an
US$8.3 million "performance payment" to Executive Chairman
Robert Miller; and a US$5.3 million cash emergence payment to
Mr. O'Neal.

                       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,
represent 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. 112; 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.


GERDAU SA: Quanex to Vote on Merger With Firm
---------------------------------------------
Quanex Corp. reported that it will hold a special meeting of
stockholders on March 31, 2008, to approve and adopt the
agreement and plan of its merger with a subsidiary of Gerdau
S.A.  

Stockholders of record as of the close of business on Feb. 29,
2008, will be entitled to vote at the special meeting.  Quanex
will issue a definitive proxy statement regarding the proposed
merger to stockholders after the record date.

Completion of the merger is subject to the adoption of the
merger agreement by Quanex's stockholders and the satisfaction
of the other closing conditions set forth in the merger
agreement.

                       About Quanex Corp.

Quanex Corp., formerly Michigan Seamless Tube Company, is
engaged in the production of engineered carbon and alloy steel
bars, heat treated bars, aluminum flat-rolled products, flexible
insulating glass spacer systems, extruded profiles, and
precision-formed metal and wood products.  The two markets
served by the Company include vehicular products and building
products.  The segments served by the Company include Vehicular
Products, Engineered Building Products and Aluminum Sheet
Building Products. Quanex has 27 manufacturing facilities in 12
states in the United States.

                          About Gerdau

Headquartered in Porto Alegre, Brazil, Gerdau SA
-- http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook.


GLOBAL CROSSING: Signs Interconnection Deal With Michael Page
-------------------------------------------------------------
Global Crossing has signed a three-year contract with Michael
Page International to interconnect the company's offices and
operations in Brazil and Mexico.

Under the agreement, Global Crossing will provide Internet
Protocol Virtual Private Network services, Voice over Internet
Protocol (VoIP) Outbound services and managed network services
in Brazil and Mexico, as well as local access services in Sao
Paulo, where the company's network hub for the region is
located. Headquartered in London, Michael Page specializes in
the placement of candidates in permanent, contract, temporary
and interim positions within client companies around the world.

"Global Crossing was the perfect choice to meet our needs for
advanced telecommunications technology to support our continuous
growth strategy," said Michael Page International's IT director
for Latin America, Adalto Nicola.  "With Global Crossing's
global MPLS-based fiber-optic network, we're benefiting from
higher performance, reliability and security with scalable
connectivity to support our rapid growth."

Global Crossing's VoIP Outbound service ensures that VoIP
packets receive the highest priority in the network, delivering
voice calls with minimal latency, packet loss and jitter -- a
consistent and predictable call quality not possible with voice
services based on public Internet transport.  Currently, this
service is available in 29 countries worldwide.

"This agreement underscores Global Crossing's ability and
agility to serve the corporate market, by offering services that
support new applications in the IP world," said Global
Crossing's managing director in Latin America, Hector Alonso.  
"We are completely focused on understanding our customers' needs
and implementing the solutions that best support their business
goals."

Through Global Crossing's comprehensive, end-to-end network
management system, Michael Page will experience unsurpassed
reliability while enjoying always-on, direct high-speed
connectivity to the Internet.  Michael Page will also employ
Global Crossing's uCommand(R) -- an industry-leading Web-based
account and network management tool, available 24/7, which
allows customers to monitor their network, create utilization
reports, establish end-user and product accounts, and view
monthly billing reports.

                About Michael Page International

Established in 1976, Michael Page International is one of the
world's leading professional recruitment consultancies,
specializing in the placement of candidates in permanent,
contract, temporary and interim positions with clients.  In
2006, the company reported 649.1 million British pounds sterling
in global revenues, a 23.9 percent increase compared to the
previous year.  With headquarters in London, the company
operates through 141 offices in 24 countries worldwide and has
4,323 employees worldwide.

              About Global Crossing Latin America

Global Crossing's Latin American business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru,
Mexico, Venezuela and the United States (Florida).  In addition
to its IP-based fiber-optic network, Global Crossing's regional
infrastructure includes 15 metropolitan networks and 15 world-
class data centers located in the main business centers of Latin
America.

Global Crossing's reach and experience in Latin America allow it
to address the particularities of the region and deliver the
solutions each company needs.  The company provides services to
a variety of customers, including medium and large companies and
corporations, institutions and government entities, and
telecommunications operators.

                     About Global Crossing

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

                         *     *     *

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

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


IWT TESORO: Judge Glenn Sets March 17 as Claims Bar Date
--------------------------------------------------------
The Hon. Martin Glenn of the United States Bankruptcy Court for
the Southern District of New York set March 17, 2008, at 5:00
p.m., as deadline for all creditors of IWT Tesoro Corporation
and its debtor-affiliates, including governmental units, to file
proofs of claim.

The Debtors tell the Court that they need more time to quantify
the amounts of the administrative claims to be able to determine
the feasibility and structure of the contemplated liquidating
plan.

Failure to file claims will forever bar creditors from asserting
any claims against the Debtors.

I.W.T. Tesoro Corporation, fka Ponca Acquisition Company, --
http://www.iwttesoro.com/-- is headquartered in New York City.
The company and its subsidiaries distribute building materials,
specifically hard floor and wall coverings.  They are
wholesalers and do not sell directly to any end user.  Their
products consist of ceramic, porcelain and natural stone floor,
wall and decorative tile.  They import a majority of these
products from suppliers and manufacturers in Europe, South
America (Brazil), and the Near and Far East.  Their markets
include the United States and Canada.  They also offer private
label programs for branded retail sales customers, buying
groups, large homebuilders and home center store chains.

The Debtor and its debtor-affiliates, International Wholesale
Tile, Inc. and American Gres, Inc., filed for Chapter 11
bankruptcy protection on Sept. 6, 2007 (Bankr. S.D. NY Lead Case
No. 07-12841).  John K. Sherwood, Esq., at Lowenstein Sandler
P.C., represents the Official Committee of Unsecured Creditors.
As of June 30, 2007, the Debtors had total assets of
US$39,798,579 and total debts of US$47,940,983.


SITEL WORLDWIDE: S&P Cuts Credit Rating to B; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Sitel Worldwide Corp. to 'B' from 'B+'.  The
outlook is negative.
     
The downgrade reflects Sitel's weaker-than-expected
profitability and S&P's expectation that the company's
performance in the next few quarters will provide little cushion
to its bank loan covenants, even with an expected equity
infusion this quarter.
     
"The ratings reflect Sitel's challenge to achieve
postacquisition profitability targets, its 2008 leverage
covenant step-downs, and the highly fragmented and competitive
nature of the business segment it operates in," said S&P's
credit analyst Joseph Spence.  "These factors are offset
somewhat by Sitel's position as a leading provider in a growing
industry, its diversified blue-chip customer list, and its
global end markets."
     
Headquartered in Nashville, Tennessee, Sitel Worldwide Corp. --
http://www.sitel.com/-- is a customer care business process  
outsourcing vendor for voice services.  It competes with larger
multinational companies (i.e. EDS, Accenture, and IBM) and a
host of like size companies (including Convergys, West,
Teletech, and Sykes) in the customer care call center and
business process outsourcing industry.  The company has an
approximate 80:20 ratio of on/near shore to off shore operating
capacit and operates more than 155 locations in 27 countries,
including Brazil, Mexico and the Philippines.


UAL CORPORATION: Various Entities Disclose Stake Ownership
----------------------------------------------------------
Several entities made separate filings with the United States
Securities and Exchange Commission disclosing their interest
ownership in UAL Corporation.

1. Bank of America

In a regulatory filing with the SEC, dated Feb. 7, 2008, Bank of
America Corporation disclosed that it beneficially owns
10,594,889 shares of UAL Corp. Common Stock, representing 9.10%
of UAL's total outstanding shares.

BofA reported that it has shared voting power of 10,593,768
shares, as well as shared dispositive power of 10,593,768
shares.  BofA is the parent holding company of eight other
entities, which also disclosed its individual ownership of UAL
stock.

BofA, N.A., has the sole power to vote for 1,707,082 shares and
it also shares the power to direct the vote of 89,831 shares.  
Moreover, BofA, N.A. has sole power to dispose of 1,707,082
shares and it also shares the power to direct the disposition of
89,402 shares.

U.S. Trust has the sole power to vote for 13,801 shares, and  
shares the power to direct the vote of 7,710,629 shares.  U.S.
Trust has sole dispositive power of 15,351 shares and it also
shares the power to direct the disposition of 7,710,639 shares.

BofASHC and Columbia Management Group have shared voting and
dispositive power of all its shares, while BofAS and Columbia
Management Advisors have sole voting and dispositive power of
all its shares.  BofA Investment has share voting power for all
its shares.

2. Capital World Investors

Capital World Investors disclosed in a regulatory filing with
the SEC, dated Feb. 11, 2008, that it is the beneficial owner of
10,180,490 shares of UAL Corp. Common Stock, as of Dec. 31,
2007.

The Capital World holding represents 8.6% of the 116,279,000 UAL
shares which is believed to be outstanding, as a result of
Capital Research and Management Company acting as investment
adviser to various investment companies registered under Section
8 of the Investment Company Act of 1940, Donald H. Rolfe,
attorney-in-fact of Capital World, reported.

The shares reported by Capital World, include 2,083,880 shares
resulting from the assumed conversion of US$72,600 principal
amount of the 4.5% Senior Convertible Notes due June 30, 2021.

Mr. Rolfe also stated that one or more clients of Capital World
Investors have the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the
Common Stock of UAL Corp.

3. Vanguard Windsor Funds

In a regulatory filing with the SEC, dated Feb. 12, 2007,
Vanguard Windsor Funds - Vanguard Windsor Fund 51-0082711,
disclosed that it beneficially owns 9,661,500 shares of UAL
Corp. common stock, which represents 3.36% of UAL's total
outstanding shares.  Vanguard Windsor has sole voting power for
all its shares.

4. Wellington Management Company, LLP

Wellington Management Company, LLP, in its capacity as
investment adviser, disclosed in a regulatory filing with the
SEC, dated Feb. 14, 2008, that it beneficially owns 4,635,237
shares of UAL Corp. common stock, at Dec. 31, 2007. The shares
held by Wellington Management represents 3.99% of UAL's total
outstanding shares.   

Wellington Management has shared power to direct the vote of
629,000 shares, and also has shared power to direct the
disposition of 4,626,237 shares.

5. Impala Asset Management LLC

In a regulatory filing with the SEC, dated Feb. 14, 2008, Impala
Asset Management LLC reported that, at Dec. 31, 2007, it
beneficially owns 12,284,199 shares of UAL Corp. common stock,
which represents 10.56% of UAL's total outstanding shares.  
Impala shares the voting power and dispositive power of all its
shares.

6. Legg Mason

In a regulatory filing with the SEC dated Feb. 14, 2008, LMM LLC
disclosed that it beneficially owns 8,900,000 shares of UAL
Corp. common stock, which represents 7.65% of UAL's total
outstanding shares.  

LMM also reported that it has shared voting power and shared
dispositive power of all its shares.  In the same filing, two
more Legg Mason entities disclosed their beneficial ownership of
UAL stock.  Legg Mason Opportunity Trust -- 8,900,000 shares, or
7.65% -- and Legg Mason Capital Management Inc. -- 1,276,434
shares, or 1.10% -- have shared voting power and shared
dispositive power of all its shares.

7. FMR LLC

In a regulatory filing with the SEC, dated Feb. 14, 2008, FMR
LLC disclosed that it beneficially owns 12,092,088 shares of UAL
Corp. common stock, as of Dec. 31, 2007.

The stocks held by FMR represents 10.246% of UAL's total
outstanding shares.  According to the SEC filing, FMR has shared
voting power of 216,266 shares, and shared power to dispose of
or to direct the disposition of all the shares.  The current SEC
filing is an amendment of a previous report dated September 10,
2007.

Fidelity Management & Research Company, a wholly-owned
subsidiary of FMR LLC and an investment adviser, is the
beneficial owner of 11,834,222 shares or 10.027% of the Common
Stock outstanding of UAL Corp. as a result of acting as
investment adviser to various investment companies.

                        About UAL Corp.

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

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

                        *     *     *

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



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


BASSO PRIVATE: Will Hold Final Shareholders' Meeting on March 6
---------------------------------------------------------------
Basso Private Opportunities Fund Ltd. will hold its final
shareholders meeting on March 6, 2008, at the registered office
of the company.

These matters will be taken up during the meeting:

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

Basso Private' shareholders decided on Dec. 4, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


CATHEDRAL LIMITED: Proofs of Claim Filing Deadline Is March 6
-------------------------------------------------------------
Cathedral Limited's creditors have until March 6, 2008, to prove
their claims to Kareem Robinson and Richard Gordon, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Cathedral's shareholder decided on Jan. 23, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

             Kareem Robinson and Richard Gordon
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


CAYMAN SPECIALTY: Proofs of Claim Filing Is Until March 6
---------------------------------------------------------
Cayman Specialty Piping's creditors have until March 6, 2008, to
prove their claims to Bobby Toor and Richard Gordon, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

             Bobby Toor and Richard Gordon
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


DRAGONOX HOLDINGS: Sets Final Shareholders' Meeting for March 5
---------------------------------------------------------------
Dragonox Holdings Limited will hold its final shareholders'
meeting on March 5, 2008, at HSBC International Trustee Limited,
P.O. Box 484, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up 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.

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

The liquidator can be reached at:

            Lion International Corporate Services Limited
            Attn: Mark Edmunds
            P.O. Box 484, Grand Cayman KY1-1106
            Cayman Islands
            Telephone: (345) 949 7755
            Fax: (345) 949-7634


FREESPIRIT CAPITAL: Final Shareholders' Meeting Is on March 5
-------------------------------------------------------------
The Freespirit Capital Management - Asia Fund will hold its
final shareholders meeting on March 5, 2008, at 2:30 p.m. at 3
Pickering Street, #02-18 Nankin Row, Singapore 048660 Singapore.

These matters will be taken up during the meeting:

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

Freespirit's shareholders decided on Jan. 24, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

            Eric Sandlund
            3 Pickering Street
            #02-18 Nankin Row
            Singapore 048660, Singapore



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


TECH DATA: Partners With Zenith to Provide Managed Services
-----------------------------------------------------------
Tech Data Corporation and managed services infrastructure
provider Zenith Infotech have entered into a partnership to
aggressively recruit, train and support managed services
providers (MSPs) nationwide.  Tech Data and Zenith will
collaborate to provide resellers with extensive sales, technical
and marketing support as they build a managed services practice
and profitably introduce these new IT solutions to their end-
user customers.

"Tech Data's managed services strategy centers on the approach
of VAR Choice," said Joe Quaglia, Tech Data senior vice
president, U.S. Marketing.  "Zenith brings best-of-breed
solutions to our growing managed services offering.  That
enables us to offer resellers access to a wider array of
solutions, so they can deliver managed services that align with
their go-to-market strategies and best meet their customers'
needs.  Tech Data and Zenith are providing resellers greater
flexibility as they evaluate this opportunity and choose the
most effective way to adopt, market and deliver managed
services."

Through this partnership, Tech Data will leverage its extensive
customer base to recruit resellers and introduce them to
Zenith's managed services solutions.  Interested resellers have
the opportunity to attend regional Zenith channel conferences to
learn how to profitably develop and market a managed services
business.  Additionally, Zenith has established a dedicated
team of channel specialists to provide Tech Data customers with
comprehensive pre- and post-sales support and technical
assistance.

"Tech Data and its vast distribution channel play a critical
role in the growth of managed services," said Akash Saraf, Chief
Exectuvive Officer, Zenith Infotech.  "Partnering with Tech Data
enables tens of thousands of IT resellers to offer 24x7 support,
near-line business continuity and managed network infrastructure
services.  Our dedicated team of channel specialists will work
with Tech Data's reseller customers to help them generate
recurring revenue by delivering an array of proactive network
monitoring, maintenance and remediation services."

Zenith services available to Tech Data customers include:

   * Zenith Server Watch 24x7 remote monitoring of Windows
     servers

   * Zenith Remote Server Care 24x7 remote monitoring and
     management of Windows servers with remote issue remediation
     performed by Zenith on behalf of the MSP

   * Zenith Total Desktop Care 24x7 remote monitoring of
     Windows-based desktops and notebooks providing proactive
     maintenance such as anti-virus updates and spyware deletion

   * Zenith Backup and Disaster Recovery 24x7 monitored and
     managed data backup and restoration

   * Zenith Virtual Services Desk 24x7 help desk support for
     end users staffed by Zenith technicians to support server,
     desktop or network issues

More than 1,600 channel partners utilize Zenith to deliver
managed services to support 10,000 end-user locations with more
than 300,000 devices.

                        About Tech Data

Founded in 1974, Tech Data Corporation (NASDAQ GS: TECD) --
http://www.techdata.com/-- distributes IT products, with more
than 90,000 customers in over 100 countries.  The company's
business model enables technology solution providers,
manufacturers and publishers to cost-effectively sell to and
support end users ranging from small-to-midsize businesses to
large enterprises.  Tech Data is ranked 107th on the FORTUNE
500(R).  The company and its subsidiaries operate centers in
Latin America, including Brazil and Chile.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 4, 2007, Moody's Investors Service affirmed Tech Data
Corporation's Corporate Family Rating and Probability of Default
Rating at Ba1.  The rating agency also assigned Ba2 rating on
US$350 Million Convertible Senior Unsecured Notes due 2026 and  
changed the outlook to stable from negative.



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


BANCOLOMBIA SA: Fined COP1,600,000 Due to Late Report
-----------------------------------------------------
In accordance with Decree 3139 of 2006, Bancolombia S.A. reports
that on Feb. 7, 2008, the Superintendency of Corporations issued
Resolution No. 230-000397, whereby it imposed a fine to
Bancolombia for the amount of COP1,600,000 due to a late report
of information to the Central Bank (Banco de la Republica)
related to foreign investment.

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

                          *     *     *

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


BANCO DE BOGOTA: Issuing COP300 Billion in Bonds in 2008
--------------------------------------------------------
Banco de Bogota said in a filing with Colombian financial
regulator Superfinanciera that it will issue COP300 billion in
bonds this year.

Banco de Bogota told Business News Americas that it is lining up
the issue.  It will be informing the market of the bond terms
and conditions once they are defined.  

Banco de Bogota also said that it will relaunch its corporate
image this week.

Headquartered in Santa Fe de Bogota, Colombia, Banco de Bogota
-- http://www.bancodebogota.com-- is a private national bank
involved in all activities associated with a commercial banking
institution as regulated by Colombian law.  On a national level,
it also operates through subsidiaries: Corporacion Financiera
Colombiana S.A., an investment bank; Almacenes Generales de
Deposito "Almaviva S.A.", a products supply logistics company;
Sociedad Fiduciaria Bogota "Fidubogota S.A." and Fiduciaria del
Comercio "Fiducomercio S.A.", trust and portfolio investment
companies; Leasing Bogot  S.A., a leasing company; Valores
Bogot  S.A., a provider of brokerage services; and Fondos de
Pensiones y Cesantias Porvenir, a pensions and suspensions
administrator. The Bank operates 275 offices, five corporate
service centers and a banking attention center.  The company
also has affiliates in Panama, Nassau, Miami, and New York.

                          *     *     *

On Oct. 18, 2007, Moody's said that Banco de Bogota's Ba3 long-
term foreign currency deposit rating, with a positive outlook,
is constrained by Colombia's foreign currency deposit ceiling.



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


FREEPORT-MCMORAN: Moody's Lifts Ratings on Strong Earnings
----------------------------------------------------------
Moody's Investors Service upgraded Freeport's corporate family
rating to Ba1 from Ba2 and undertook these related rating
actions:

   (i) upgraded to Baa1 (LGD1, 4%) from Baa2 the senior secured
       rating on Freeport's US$500 'million secured revolver;

  (ii) upgraded to Baa1 (LGD1, 9%) from Baa3 the senior secured
       ratings on Freeport's US$1 billion secured revolver and
       Freeport's 6.875% senior secured notes; and

(iii) upgraded to Ba2 (LGD5, 74%) from Ba3 Freeport's $6.0
       billion of senior unsecured notes.  

Moody's also upgraded to Baa2 (LGD2, 16%) from Ba1 the ratings
on Phelps Dodge's notes.  The ratings outlook for Freeport and
Phelps is stable.

The upgrade reflects Freeport's very strong earnings and cash
flow in the current elevated metals price environment, and
significant debt reduction (US$1.5 billion) in the fourth
quarter of 2007.  The stable ratings outlook reflects the
favorable fundamentals of the copper market, as well as
Freeport's long-life reserve base and relatively low cost
profile.

Rating upgraded are:

* Issuer: Freeport-McMoRan Copper & Gold Inc.

  -- Corporate Family Rating: Ba1
  -- Probability of Default Rating: Ba1
  -- US$0.5 billion Senior Secured Revolving Credit facility,
     Baa1, LGD1, 4%

  -- US$1.0 billion Senior Secured Revolving Credit Facility,
     Baa1, LGD1, 9%

  -- US$340.3 million 6.875% Senior Secured Notes due 2014,
     Baa1, LGD1, 9%

  -- US$6 billion Senior Unsecured Notes: Ba2, LGD5, 74%

* Issuer: Phelps Dodge Corporation

  -- US$107.9 million 8.75% Senior Notes due 2011, Baa2, LGD2,
     16%
  -- US$115 million 7.125% Senior Notes due 2027, Baa2, LGD2,
     16%
  -- US$150 million 6.125% Senior Notes due 2034, Baa2, LGD2,
     16%
  -- US$193.8 million 9.50% Senior Notes due 2031, Baa2, LGD2,
     16%

Outlook Actions:

* Issuer: Freeport-McMoRan Copper & Gold Inc.

  -- Outlook: Changed To Stable From Positive

* Issuer: Phelps Dodge Corporation

  -- Outlook: Changed To Stable From Positive

Moody's last rating action on Freeport was to assign a positive
rating outlook in September 2007.

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

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


PETROECUADOR: Prosecutor Urges Annulment of Petrobras' Contracts
----------------------------------------------------------------
Ecuadorian Attorney General Xavier Garaicoa is recommending that
the government cancel Petroecuador's two oil concessions with
Brazil's Petroleo Brasileiro SA, Bloomberg News reports.

According to Prensa Latina, Mr. Garaicoa submitted the request
to rescind Petroleo Brasileiro's contracts to Mining and Oil
Minister Galo Chiriboga, who will conduct an investigation.  Mr.
Garaicoa confirmed to Prensa Latina that Petroleo Brasileiro
breached two laws, so its contract will be terminated.  Items
11, 12 and 13 of article 74 of the Hydrocarbons Act were
violated.

Mr. Garaicoa told the press that Petroleo Brasileiro didn't
follow proper procedure when it sold some rights to the Block 18
and Palo Azul oil concessions to Teikoku Oil Co. in 2005.

Prensa Latina relates that Petroleo Brasileiro transferred 40%
of its rights and obligations in Block 18 and Palo Azul to
Teikoku Oil.  The transfer of the minority stakes in the fields
to Teikoku was made before receiving government authorization,
Bloomberg News says, citing Mr. Garaicoa.  

Mr. Garaicoa told Prensa Latina that Petroleo Brasileiro
breached item 12 of the article 74 of the Hydrocarbons Act,
which prohibits the integration of consortiums and associations
without authorization from the mining and oil ministry.  The
group that manages the fields isn't registered with the
Hydrocarbons Office.  This voided the participants' rights to
the fields retroactive to 1999, Bloomberg News notes, citing the
attorney general.

Petroleo Brasileiro denied the allegations and told Reuters that
it has always been in contact with the proper authorities and
respected the current legal framework.  According to the
company, the transfer of rights in block 18 secured the oil
ministry's approval in 2007.

Minister Chiriboga told Reuters that the call for Petroecuador
to stop Petroleo Brasileiro's concessions won't jeopardize talks
to restructure the oil extraction accord between the two firms.

According to Bloomberg News, Petroleo Brasileiro is
renegotiating its contracts with the Ecuadorian government.  
Deadline for the renegotiation is March 8.

Minister Chiriboga commented to Reuters, "While there is no
decision on the termination of a contract, that contract is
operational . . . yes, negotiations will continue."

Reuters notes that Mr. Garaicoa's recommendation isn't binding,
but it would prompt Petroecuador to consider ending Petroleo
Brasileiro's contract.  The termination of the contracts would
allow Petroecuador to take over Petroleo Brasileiro's assets.  
The process could take months or even year, Reuters states,
citing experts and government officials.

                  About Petroleo Brasileiro

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

                      About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                         *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.



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


CABLE & WIRELESS: Unit to Increase Line Rental Fees by 40%
----------------------------------------------------------
Cable & Wireless' Jamaican unit will increase line rental fees
for residential clients by 40% on April 1, The Jamaica Gleaner
reports.

According to The Gleaner, residential customers' fees will
increase by J$200 to J$700 per month.  

The increase in fees would be implemented for business clients
as well, Cable & Wireless told The Gleaner.   The Gleaner
relates that fees for business line rentals -- PBX trunk lines,
national and international toll-free lines and direct inward-
dialing lines -- will increase to J$1,600 per month, from from
J$1,250 per month.

"A rate increase of any kind for our customers is regrettable,
but in this case, due to inflationary pressures and increasing
operational costs, they are inescapable," Mark Brunwin, the
Cable & Wireless unit's chief marketing officer said.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                         *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.  Moody's also
assigned a Ba3 Probability-of-Default rating to the company.


NATIONAL COMMERCIAL: Christopher Denny Quits as Regional Manager
----------------------------------------------------------------
Christopher Denny has left the National Commercial Bank Jamaica
Limited as its regional manager to join FirstCaribbean Jamaica,
The Jamaica Gleaner reports.

According to The Gleaner, Mr. Denny has been appointed as
FirstCaribbean Jamaica's retail bank director and general
manager of mortgage subsidiary FCIB Building Society.  Milton
Brady, FirstCaribbean Jamaica's managing director and former
National Commercial executive, commented to The Gleaner about
Mr. Denny, "We have worked together previously and I look
forward to working with him to build our retail business in
Jamaica."

Debra Lopez, vice-president of the National Commercial wealth
management arm NCB Capital Markets Limited, joined
FirstCaribbean Jamaica's capital markets team last month, The
Gleaner states.

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

                        *     *     *

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

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited: long-term
foreign and local currency Issuer Default at 'B+'; short-term
foreign and local currency rating at 'B'; individual at 'D'; and
support at 4.  The rating outlook on the bank's ratings is
stable, in line with Fitch's view of the sovereign's
creditworthiness.


WEST CORP: Ratings Unaffected by Genesys Acquisition, S&P Says
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on West
Corp. (B+/Stable/--) are not affected by its offer to acquire
Genesys SA for EUR2.50 per share (US$3.68 per share) for a total
transaction value of EUR182.9 million (US$268.8 million),
excluding transaction costs.  The offer price is a premium of
50% above the closing price of Genesys' shares on Feb. 18, 2008.  
Genesys' board of directors has unanimously expressed support
for the offer and authorized the execution of a tender offer
between the two companies.  The company plans to finance the
acquisition with available cash on hand and incremental debt.
The transaction is expected to close in mid-2008.
     
Genesys is an international conferencing service provider with
significant presence in Europe and Asia.  West Corp. intends to
combine Genesys with its InterCall subsidiary.  InterCall is the
largest provider of conferencing services in North America.  
Following the transaction, InterCall will be the largest
conferencing service provider in Europe as well.  Pro forma for
the acquisition of Genesys, lease-adjusted total debt to EBITDA
was 6.4 for the 12 months ended Dec. 31, 2007.  West Corp. has
minimal near-term maturities and sufficient liquidity, with some
excess cash and substantial availability under its US$250
million revolving credit facility.  The company has been a
very active acquirer and total leverage decreased only modestly
since its 2006 LBO.  While the company still has the capacity to
make additional tuck-in acquisitions at the current rating
level, if lease-adjusted total debt to EBITDA exceeds 6.75, S&P
would consider revising the outlook to negative.

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

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



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


DURA AUTOMOTIVE: Backstop Rights Deal With Pacificor Expires
------------------------------------------------------------
DURA Automotive Systems, Inc., disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission, that its
Backstop Purchase Agreement with Pacificor, LLC, was terminated
as of Jan. 31, 2008.  

As a result of the termination, Pacificor has no further
obligations under the agreement with respect to its backstop
commitment, C. Timothy Trenary, DURA's vice president and chief
financial officer, said.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Pacificor, under the Backstop Agreement, committed to purchase
up to US$160,000,000 in reorganized DURA by buying shares of new
common stock that were not purchased in an equity rights
offering.  The Pacificor commitment, which expired Jan. 31,
2008, was contingent upon DURA obtaining the exit financing
prior to that date.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtors had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)  


DURA AUTOMOTIVE: Wants Court to Approve Amended 2008 KMIP
---------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
their 2008 Key Management Incentive Plan, as amended.  The
Debtors reserve their right to seek approval of an incentive
plan for their senior managers.

                     Debtors Amend 2008 KMIP

The Debtors have amended their 2008 KMIP to better focus on the
non-senior management KMIP participants with respect to two
aspects:

   (1) The Debtors are not going forward with the proposed 2008
       KMIP payments to their chief executive officer, chief
       financial officer, chief operating officer, and vice
       president of human resources; and

   (2) The Debtors intend to make all payments to approximately
       104 non-Debtor employee participants in the 2008 KMIP
       from the Debtors' European non-debtor affiliates.

The Amended 2008 KMIP maintains a two three-month performance
measurement and pay-out periods, ending on March 31 and June 30,
2008:

   * Threshold pay-out:  If the Debtors achieve 90% of adjusted
     EBITDA goals, participants will receive 50% of their
     individual target bonus opportunities;

   * Target opportunity pay-out: If the Debtors achieve 100% of
     adjusted EBITDA goals, participants will receive 100% of
     their individual target bonus opportunities.

   * Maximum pay-out: If the Debtors achieve 120% of adjusted
     EBITDA goals, participants will receive 150% of their
     individual target bonus opportunities.

Participant's individual target bonus opportunities range from
5%
to 45% of each participant's base salary at the Target
Opportunity Payout.  The Debtors have previously proposed a
target bonus opportunities range range of 5% to 80%.  
Distribution of participant to target opportunity percentages:

       Target Opportunity              Number of 2008 KMIP
       (% of base salary)                  Participants
       ------------------              -------------------
              45%                                7
              30%                               16
              25%                               20
              20%                               26
              15%                                1
              12%                               40
     
The Debtors estimate to pay approximately US$2,500,000 at the
Target Opportunity Payout, compared to their previous estimate
of US$6,000,000.

Marc Kieselstein, P.C., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, relates the Official Committee of Unsecured
Creditors and the Debtors are in discussions regarding the
merits of the 2008 KMIP.  As of Feb. 4, 2008, Mr. Kieseltein
says, there has been no appreciable progress in resolving the
differences between the Debtors and the Creditors Committee.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtors had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


M-REAL CORP: Closing Lielahati and Kangas Mills
-----------------------------------------------
M-real Corp., part of the Metsaliitto Group, unveiled a new
profit improvement and complexity reduction program in November
2007, including plans for closing down the BCTMP mill in
Lielahti and PM2 at the Kangas mill.  The statutory negotiations
with employees which started straightaway in November have now
been concluded and it has been decided that both the BCTMP mill
in Lielahti and PM2 at the Kangas mill, producing magazine
paper, will be shut down.  The closures will involve a reduction
in personnel totaling 124 man-years.

"We are streamlining our operating model and concentrating on
our strengths in our key businesses.  The new coated magazine
paper business concept streamlining our paper grades and
improving availability has made good progress and has been well
received by our customers. There has been good demand for the
new Galerie Silk coated magazine paper produced on PM4 at the
Kangas mill," M-real CEO Mikko Helander said.

The Kangas mill's PM2 was scheduled to be be shut down on
Wednesday, February 20, 2008, and the Lielahti mill during the
spring of 2008.

                    About the M-real Oyj

Headquartered in Espoo, Finland, M-real Oyj --
http://www.M-Real.com/-- produces and distributes coated and  
uncoated fine papers for printing and packaging industries.  The
company has operations in Brazil and Mexico.

                        *     *     *

As of Feb. 8, M-real Oyj carried Moody's Investors Service's B2
long-term corporate family rating and B2 senior unsecured debt
rating.  The outlook is negative.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at B+ and  its short-term foreign and local
issuer credit at B.  The outlook is negative.


SANMINA-SCI: Signs Definitive Pact to Sell Assets to Foxteq
-----------------------------------------------------------
Sanmina-SCI Corporation signed a definitive agreement with
Foxteq Holdings Inc., a member of Foxconn Technology Group, for
the sale of certain assets of its personal computing business
and associated logistics services located in Hungary, Mexico and
the United States.

Separately, the company has entered into a non-binding
memorandum of understanding with Lenovo Group Limited to
transition responsibility of its Monterrey, Mexico personal
computing operation and to sell certain of its related assets to
Lenovo.

The company anticipates that the proceeds from the Foxteq
transaction, along with the disposition of certain other related
assets associated with, but not included in the Foxteq
transaction, will be between US$80 and US$90 million, depending
upon the book value of the assets at the time of closing.

Other material terms related to the Foxteq transaction will be
provided during the company's second quarter fiscal 2008
earnings conference call scheduled in April.

The closing of the Foxteq transaction is subject to customary
closing conditions, including regulatory approvals and is
expected to close in the company's third fiscal quarter ending
June 28, 2008.

"This announcement is in line with our previous statements that
we would sell or otherwise exit the personal computing business
because the business is no longer integral to the company's
long-term strategy," Jure Sola, chairman and chief executive
officer of Sanmina-SCI, stated.

"Since we disclosed our intentions to exit the personal
computing business, several operating initiatives have allowed
us to significantly reduce the net assets invested in this
business," Mr. Sola concluded.  "Accordingly, we anticipate that
the financial benefits of these initiatives along with the total
proceeds from these transactions and other related dispositions
to be in excess of $200 million."

                   About Sanmina-SCI

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

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

                          *     *     *

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


URS CORPORATION: Bags Construction Management Contract from SCA
---------------------------------------------------------------
URS Corporation has been awarded a contract by the New York City
School Construction Authority (SCA) to provide construction
management services for the Authority's Mentor Program, which is
designed to increase, facilitate and encourage the participation
of minority, women-owned and locally-based enterprises in school
construction projects.  Along with its subconsultants on the
contract, Noble Strategy LLC and Bradford Construction Company,
URS will mentor these contractors so they may learn and improve
on the skills necessary to take on larger and more complex
projects.  The goal is to graduate Mentor contractors out of the
program so they may be able to obtain bonding and financing to
pursue projects outside of SCA's Mentor Program; provide
technical assistance and training in general business skills,
organizational and personnel development, and marketing and
business development.  In addition, the company will help
oversee the Authority's Small Contractor Lending Program.  The
three-year contract has a maximum value of US$100 million to the
URS team.

Commenting on the contract award, Gary V. Jandegian, President,
URS Division, said: "We look forward to assisting the SCA with
this important program, which has successfully aided in the
growth and development of minority, women-owned and New York
City-based construction firms.  URS has worked closely with the
SCA since the inception of the agency in 1988, providing
construction management as an extension of SCA staff on numerous
school construction programs, as well as supporting the
Authority's Mentoring Program.  Recently, we were named
'Construction Manager of the Year,' by the SCA for these
efforts.  URS is one of the largest engineering design firms in
the world and has helped thousands of public and private sector
enterprises successfully complete large, complex infrastructure
assignments.  This contract provides a great opportunity for us
the share the knowledge and experience we have gained."

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Moody's Investors Service downgraded the
Corporate Family Rating of URS Corporation to Ba2 from Ba1
following the company's acquisition of Washington Group
International, Inc.  Moody's said the ratings outlook is stable.



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


CHIQUITA BRANDS: Posts US$26 Mil. Net Loss in Qtr. Ended Dec. 31
----------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operating results for the fourth quarter and full-year ended
Dec. 31, 2007.

The company reported a net loss of US$26 million including a
charge of US$26 million related to the company's restructuring
plan.  In the year-ago period, the company reported a net loss
of US$42 million including a US$25 million accrual related to
the settlement of a U.S. Department of Justice investigation.

The company's fourth quarter operating loss of US$11 million was
on the favorable end of the estimated operating loss range of
US$10-20 million provided in the company's preliminary selected
results release on Jan. 28, 2008.

For the full year, the company reported a net loss of US$49
million, compared to a net loss of US$96 million in 2006.

"Our results reflect the proactive steps we took throughout the
year to position us to transform and grow our business," said
Fernando Aguirre, chairman and chief executive officer.  "We
have continued to focus on pricing in bananas and recovery in
value-added salads to help offset persistent external cost
challenges."

"In 2008, we will be focused on maintaining our premium brands,
improving North American profitability and completing the
restructuring we implemented in October," Mr. Aguirre added.  
"We also will invest in the development of new value-added
products to extend our brands, expand consumption and drive
growth in higher-margin distribution channels and profitable
geographies.  We believe that these strategies will help us to
achieve our vision of becoming the global leader in healthy,
fresh and convenient foods."

                     Business Restructuring

The restructuring plan, disclosed in October 2007, is on track
to generate new, sustainable cost savings of approximately
US$60-80 million this year.  The savings are being generated
from a reduction in compensation related expenses, which is
already implemented, and consolidation of processing and
distribution facilities, which will be completed at the end of
the first quarter 2008.

The plan is designed to accelerate the company's long-term
strategy to become the leader in healthy, fresh foods well as to
improve profitability and efficiency through consolidation of
operations and simplification of overhead structure.

The restructuring will drive greater integration and efficiency
across business units and geographies, resulting in one
relationship manager for customers, a supply chain, and an
innovation program with targeted priorities and better
execution. As reported, the company incurred a US$26 million
one-time charge in the fourth quarter 2007 related to severance
costs and certain asset write-downs under the restructuring
plan.

                      Refinancing Progress

The company also reported continued progress in a refinancing
expected to lower interest expense, extend debt maturities and
add significant additional covenant flexibility.

After the consent solicitation from the holders of the company's
7-1/2% Senior Notes due 2014, the company issued US$200 million
aggregate principal amount of 4.25% Convertible Senior Notes due
2016.  Net proceeds of approximately US$194 million have been
used to repay a portion of the outstanding amounts under the
company's Term Loan C of its senior secured credit facility.

The Notes are convertible, under certain circumstances, at an
initial conversion rate of 44.5524 shares of common stock per
US$1,000 original principal amount of Notes, equivalent to an
initial conversion price of approximately US$22.45 per share of
Chiquita common stock, subject to adjustment.  This represents a
premium of approximately 32.5% to the last reported sale price
of Chiquita's common stock on Feb. 6, 2008 of US$16.94.

The company has also entered into a fully underwritten
commitment with Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A., "Rabobank Nederland," New York branch to
refinance the company's existing US$200 million revolving credit
facility and the remaining portion of the company's Term Loan C.

Pursuant to the terms of the commitment letter Rabobank has
committed to provide to the company a six-year senior secured
credit facility including a US$200 million revolving credit
facility and a US$200 million term loan.  The company expects to
close the new facility by March 31, 2008.

            About Chiquita Brands International Inc.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Moody's Investors Service affirmed, among others,
Chiquita Brands International Inc.'s B3 Corporate family rating
and B3 Probability of default rating.  Moody's rating outlook
remains negative.


CHIQUITA BRANDS: S&P Rates Unit's US$400MM Credit Facility at B+
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its bank loan
and recovery ratings to Chiquita Brands LLC's US$400 million
senior secured credit facility.  The facility consists of a
proposed US$200 million six-year senior secured revolving credit
facility and US$200 million six-year senior secured term loan,
and is rated 'B+, with a recovery rating of '1', indicating the
expectation for very high (90%-100%) recovery in the event of a
payment default.

Chiquita Brands LLC is a major operating subsidiary of Chiquita
Brands International Inc.

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Moody's Investors Service affirmed, among others,
Chiquita Brands International Inc.'s B3 Corporate family rating
and B3 Probability of default rating.  Moody's rating outlook
remains negative.


CHIQUITA BRANDS: Morgan Joseph Keeps Buy Rating on Firm's Shares
----------------------------------------------------------------
Morgan Joseph & Co. analysts have kept their "buy" rating on
Chiquita Brands International Inc.'s shares, Newratings.com
reports.

Newratings.com relates that the target price for Chiquita
Brands' shares was decreased to US$24 from US$26.

Morgan Joseph said in a research note that Chiquita Brands had
strong fourth quarter 2007 results, "with top- and bottom-line
ahead of the estimates."

Industry costs would increase by at least US$120 million this
year, Newratings.com says, citing Chiquita Brands.

Newratings.com states that Morgan Joseph expects these factors
to partly offset the growth in the industry costs:

          -- cost savings from restructuring initiatives,
          -- annual costs savings measures,
          -- a drop in interest costs, and
          -- fuel hedges.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2008, Moody's Investors Service affirmed, among others,
Chiquita Brands International Inc.'s B3 Corporate family rating
and B3 Probability of default rating.  Moody's rating outlook
remains negative.



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QUEBECOR WORLD: Quebec Ct. Extends CCAA Protection Until May 12
---------------------------------------------------------------
Quebecor World Inc. provided update on its restructuring under
the Companies' Creditors Arrangement Act (Canada).

                   First Extension of Stay Period

Quebecor World Inc. and the other Quebecor World companies
involved in the CCAA restructuring process obtained an initial
court order under the CCAA on Jan. 21, 2008 providing for a stay
of proceedings until Feb. 20, 2008.

Quebecor World said that on Tuesday, the Superior Court of
Quebec extended the stay of proceedings up to and including May
12, 2008.

Among other matters, the First Stay Extension Order relieves
Quebecor World of its obligation to convene and hold its annual
meeting of shareholders prior to June 30, 2008, and directs
Quebecor World to hold its next annual shareholders' meeting
within three (3) months following the ultimate termination date
of the stay period.

A copy of the First Stay Extension Order is available at
http://www.quebecorworldinc.com/restructuring.aspx.

                      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.  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.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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 $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *    *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Joint Administrators Close British Printing Firm
----------------------------------------------------------------
Sylvain Larocque, writing for The Canadian Press, reports that
Ian Best and David Duggins of Ernst & Young LLP, the joint
administrators of Quebecor World Inc.'s British operation, have
decided to shut down the printing plant in Corby.

As previously reported, the Corby facility is located in the
central U.K. about 70 miles north of London.  It employed
approximately 290 people and produced magazines, catalogs and
specialty print products for marketing and advertising
campaigns.

According to the report, at least 250 workers will lose their
jobs due to the closure.

The Canadian Press relates that Messrs. Best and Duggins were
not able to find a buyer who would continue operating the plant.  
"The only interest expressed by potential investors were in the
assets, including the building and machinery, of Quebecor World
in the United Kingdom," Sylvain Larocque reports.

Tony Burke, assistant secretary-general of Unite, the union
representing workers at the Corby plant, blamed the Quebecor
parent company in Canada, The Canadian press noted.

                      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.  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.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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 $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *    *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Franklin Resources Holds 1.1K Sub. Voting Shares
----------------------------------------------------------------
Franklin Resources, Inc., Charles Johnson, Rupert Johnson, Jr.,
and Franklin Templeton Investments Corp. disclose, in a
regulatory filing with the Securities and Exchange Commission,
that they may be deemed to beneficially own 1,105 shares of
Quebecor World Inc.'s subordinate voting shares.

According to Maria Gray, secretary of Franklin Resources, Inc.,
Charles B. Johnson and Rupert H. Johnson, Jr., are the principal
stockholders of Franklin Resources, Inc., each owning in excess
of 10% of the outstanding common stock.  FRI and the Principal
Shareholders may be deemed to be the beneficial owners of
securities held by persons and entities for whom or for which
FRI subsidiaries provide investment management services, Ms.
Gray says.  FRI, the Principal Shareholders and each of the
Investment Management Subsidiaries disclaim any pecuniary
interest in any of the Securities.

                      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.  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.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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 $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *    *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: New Pact With Clients to Yield $75 Mil. Annually
----------------------------------------------------------------
Quebecor World Inc. said that during the last several weeks it
has signed new and renewed multi-year agreements with important
customers across all its major business groups.  The value of
these agreements is estimated at more than US$75,000,000
annually.  This includes major publishers, retailers and direct
marketers.

"These multi-year agreements clearly demonstrate that major
publishers, retailers, and direct marketing companies recognize
the value Quebecor World provides to their business," said
Jacques Mallette, President and CEO Quebecor World.  "We
appreciate the trust and commitment of our customers who
continue to renew existing agreements and reward us with new
work.  This is due to the strength of our platform and the
dedication of our employees across our network who consistently
provide our customers with top-quality products, on-time
delivery and exemplary customer service."

Quebecor World expects to make additional announcements in
the coming weeks with respect to new and renewed customer
agreements.  Today we are pleased to announce that Imagitas,
Inc., an innovative marketing services company recently agreed
to extend its partnership with Quebecor World.  "Imagitas is one
of America's most inventive direct marketing services
companies," said Kevin J. Clarke, President of the Quebecor
World Book and Directory Group.  "They chose to renew and extend
its agreement with Quebecor World because of our record of close
collaboration in new product development and because of our
consistent history of meeting critical delivery dates."

Hughes R. Bakewell, Jr., President, Direct Marketing Solutions
Division added, "We are pleased to be awarded this work by a
company that is a clear leader in its field and look forward
to building on our partnership in the years to come.  Our
relationship with Imagitas, Inc. exemplifies Quebecor World's
commitment to creating the highest value for our clients."

The Imagitas agreement covers products manufactured in Quebecor
World's Book and Direct Mail facilities.  Imagitas' total
contract and non-contract billings are valued at more than
US$50,000,000 from 2008 through 2010.

In our Magazine Division, Quebecor World has been awarded a
five-year agreement to print 100% of a nine-title portfolio of
magazines published by Stamats Business Media of Cedar Rapids,
Iowa.  The titles include Archi-Tech, Buildings, Interiors &
Sources and four regional editions of Meetings magazine.

In addition, Quebecor World received four new titles from F+W
Publications a consumer hobby and enthusiast magazine and book
publisher.  The new titles are Scuba Diving, Deer & Deer
Hunting, Turkey & Turkey Hunting, and Scrapbook Retailer and
will be produced in Quebecor World's Lebanon, OH, Midland, MI,
and St-Cloud, MN facilities.

In our U.S. Retail Insert and Catalog Division we have secured
long-term renewals and new work from five customers valued at
more than US$55,000,000 annually including Petco a leading
supplier of pet products with 850 stores in 49 states.

                      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.  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.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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 $5,554,900,000, total
liabilities of $3,964,800,000, preferred shares of $175,900,000,
and total shareholders' equity of $1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *    *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.



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


CITGO PETROLEUM: Won't Be Able to Sell Gas in Bolingbrook
---------------------------------------------------------
Citgo Petroleum Corp. won't be able to sell its gasoline,
alcohol, and diesel fuel in Bolingbrook, Illinois, The
Naperville Sun reports, citing Jim Boan, the village attorney.

Dmyterko & Wright Partners, the developer of the gas station at
1051 S. Weber Road, in Bolingbrook, won't be allowed to have
Citgo Petroleum use the property in any way, The Naperville Sun
says, citing Mr. Boan.  The property can be leased to Speedway,
Marathon, Shell, BP or any other pro-American gasoline provider.

According to The Naperville Sun, the village is displeased at
Venezuelan President Hugo Chavez, who has been vocal of his
hatred of the U.S. administration.  Published reports say that
President Chavez threatened to cut off oil supply to the U.S.,
due to conflict with U.S. oil major Exxon Mobil.

Mr. Boan told The Naperville Sun that when Venezuela took over
some Citgo Petroleum's assets, little compensation was given to
the company.   Venezuelan state-run oil firm Petroleos de
Venezuela acquired 50% of Citgo Petroleum in 1986, and then
bought the rest of the stake in the firm in 1990.  The village's
decision won't affect local gasoline prices because there are
plenty of other oil firms that would be interested in selling
fuel in Bolingbrook, Mr. Boan told The Naperville.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-
owned oil company of Venezuela.

Petroleos de Venezuela 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.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, CITGO Petroleum Corporation's Issuer Default
Rating was lowered by Fitch to 'BB-' from 'BB' following the
company's announcement that it has taken out a US$1 billion
bridge loan and used the proceeds to make a US$1 billion loan to
parent Petroleos de Venezuela SA (PDVSA IDR 'BB-', Negative
Outlook).


PETROLEOS DE VENEZUELA: To Operate Dacion Field With ENI
--------------------------------------------------------
Petroleos de Venezuela, S.A., and Italian state-run oil company
Ente Nazionale Idrocarburi signed an agreement to run operations
at Dacion field, in eastern Anzoategui state that became a joint
venture under PDVSA's total control.

The ceremony was attended by People's Minister of Energy and
Petroleum and PDVSA Executive Director Rafael RamIrez,
Hydrocarbons Vice-Minister Bernard Mommer and Venezuelan
Petroleum Corporation Chief Executive Officer Eulogio del Pino.  
ENI Regional Vice-President for the Americas Federico Arisi Rota
and Dacion BV Managing Director Massimo Moschini appeared on
behalf of ENI.

"We have settled the accounts linked with the conversion of the
former operational agreements into joint ventures.  In this way,
we completed the migration process of all the operational
agreements started in 2005, in line with the Full Oil
Sovereignty," said Mr. Ramirez.

He noted that the final amount for the compensation accounts for
the book value of the investments made by the multinational at
Dacion field is US$700 million.  Payment will be made within
seven years and will be backed by the cash flow of Petrosucre, a
joint venture property of PDVSA and ENI in the Gulf of Paria.  
Accordingly, 100 percent of the stock at Dacion field will be
held by PDVSA.

"The point at issue is to adjust the oil business to our legal
framework, our current regulations and the Constitution.  Here
we are, defending the interests of our people, over any
individual interest, over any global or multinational interest,"
added the PDVSA top executive officer.

Dacion BV Managing Director Massimo Moschini claimed that ENI
"never lost confidence in Venezuela."  He said that the
agreement ended with the past and was effective due to the
cooperation of both nations.  "Italy and Venezuela will be
always able to reach agreements in the future," said the
ENI CEO.  His remarks left the doors opened to new deals in the
short and medium term.

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.

                         *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.


PETROLEOS DE VENEZUELA: Moody's Says Order Won't Affect Rating
--------------------------------------------------------------
Moody's Investors Service commented that it does not expect
recent court injunctions against Petroleos de Venezuela and its
subsidiaries to affect the Venezuelan oil firm's B1 global local
currency rating, at least in the near term.  Courts in the
United States, the Netherlands and the Netherlands Antilles
recently put a freeze on specific assets as security for claims
by Exxon Mobil Corporation for up to US$12 billion of damages
related to its exit in 2007 from the Cerro Negro heavy oil
project in Venezuela.  In addition, a London court issued a
freezing order for the same amount.  The court actions appear to
freeze assets in those jurisdictions but will not result in
actual seizure of those assets in advance of a judgment in
arbitration proceedings between ExxonMobil and Petroleos de
Venezuela.

At this time, the injunctions are subject to challenge and
numerous factors surrounding them remain unclear, including the
enforceability of these actions, the basis for ExxonMobil's
US$12 billion claim, the final level of compensation to be
awarded, and which assets of Petroleos de Venezuela and its
subsidiaries would be subject to attachment.  Arbitration is
likely to be an extended multi-year process, with outcomes that
could result in operational disruptions or further leverage
increases for the oil firm.

Moody's will continue to monitor the course of the arbitration,
but currently does not believe the outcome will affect Petroleos
de Venezuela's GLC rating, despite the sizable amount of the
claims, given the size of its asset base and scope of
operations, and its current B1 rating level, which imputes
strong linkage between the Venezuelan oil firm and the
sovereign's B1 rating.  Moody's recently noted a sizable
increase in the oil firm's relatively modest financial leverage
during 2007, fol lowing borrowings to fund its capital spending
and rising payments to support the government's social programs.
This trend is likely to continue in the future and will only be
exacerbated if a downward correction in crude oil prices occurs.

The more serious near-term impacts of the court injunctions and
threats by the Venezuelan government to cut off oil shipments to
the U.S. and to ExxonMobil in particular, will be the potential
damage to Petroleos de Venezuela's commercial interests as a
reliable supplier of crude and to its continuing ability to
access to international capital markets.

Moody's current understanding is that significant assets such as
CITGO Petroleum are not subject to attachment under U.S. law.  
However, that does not preclude the CITGO assets, or other
significant investments such as Petroleos de Venezuela's 50%
stake in the Chalmette refining joint venture, from playing a
role in any future arbitration settlement.  If CITGO's assets
were to be drawn into a settlement, it could affect CITGO's
baseline credit assessment of 12 (Ba2) and, in turn, lead to a
review of its Ba1 Corporate Family Rating and Baa3 bank loan and
IRB ratings.

Moody's also believes that Venezuela's B1 local currency and B2
foreign currency bond ratings are unlikely to be affected by the
legal proceedings.  These legal actions could affect the ratings
in two ways.  At least one of the arbitration claims names the
government of Venezuela as a defendant and Moody's understands
that the government's failure to pay 30 days after a final
judgment against it would lead to a technical default that would
lead to an acceleration of sovereign bonds.  Fitch considers
that the most likely scenarios would be a settlement prior to
any final judgment and full payment if a judgment were reached.  
Secondly, given Petroleos de Venezuela's critical role in
Venezuela's economy and fiscal accounts, any material
deterioration in the company's ability to generate revenues
could have a negative effect on the country's ratings.  Although
this remains unlikely at the sovereign's current rating levels,
Moody's will continue to monitor the situation and its potential
impact on the sovereign's credit standing.

Petroleos de Venezuela, the state oil company of Venezuela, is
headquartered in Caracas, Venezuela. Its wholly-owned
subsidiary, CITGO Petroleum, is located in Houston, Texas.

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.

                         *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.


PETROLEOS DE VENEZUELA: Needs Exxon Sign to Sell Chalmette Stake
----------------------------------------------------------------
Vice-Minister of Energy Bernard Mommer told reporters that
Petroleos de Venezuela SA must get ExxonMobil's authority to
sell its stake in US-based Chalmette refinery, owned by PDVSA
and the US oil major, published reports say.

Venezuela, as analysts predicted, has arranged a deal to give
Exxon 50% of its Chalmette assets to compensate for Exxon's
Cerro Negro assets, El Universal notes.

Mr. Mommer said in a statement that it cannot sell Chalmette
stake without Exxon's signature, adding that "Exxon has the
guarantee that 50 percent of Chalmette belongs to Pdvsa . . .
and that 50 percent is worth more than what they had in the
(Cerro Negro crude project)," Reuters relates.

According to Energy Minister Rafael Ramirez, PDVSA could sell
its stake in Chalmette, which would be more than enough to
compensate Exxon for assets in the said project, the report
adds.

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.

                         *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.


PETROLEOS DE VENEZUELA: Asks Exxon to Stop Asset Freeze Scheme
--------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's
president and oil and energy minister Rafael Ramirez has asked
Exxon Mobil Corp. to stop judicial actions that led to the
freezing of Petroleos de Venezuela's assets in London and New
York, Venezuelanalysis.com reports.

Minister Ramirez commented to Venezuelanalysis.com, "We have
heard various messages from Exxon.  What we are asking is that
we return to the situation as it was under arbitration."

Minister Ramirez had described Exxon Mobil's arbitration process
in the International Center for Settlement of Investment
Disputes over a compensation claim for a nationalized oil joint
venture in Venezuela was "a measure that is an abuse of our
country, given that negotiations with the other companies have
moved forward within the framework of our rights and laws, and
resulted in a successful migration process".   

According to Minister Ramirez, Exxon Mobil went "beyond the
actions stipulated by international arbitration by trying to
freeze our assets in London and New York courts".

Exxon Mobil's former assets in Venezuela were worth less than
US$1 billion, contrary to its multi-billion-dollar claim,
Minister Ramirez told Venezuelanalysis.com.  He indicated that
Exxon Mobil represented the smallest investment of all
investments made by upgraders in the Orinoco Oil Belt.  In this
sense, little was invested in the country to capture the profits
of the Chalmette Refinery.

Exxon Mobil's chairperson Robert Olsen told Reuters that his
company is willing to negotiate.

However, Minister Ramirez said that Exxon Mobil's case entails a
political interest of cornering and harassing Venezuela, and for
this reason all discussions have come to an end "because we will
not accept for any company to disregard our sovereign
decisions".  Minister Ramirez also clarified that Petroleos de
Venezuela cannot be subjected to an embargo because the company
enjoys jurisdictional immunity.

Petroleos de Venezuela will challenge further asset freeze court
orders in London, the Netherlands, and the Dutch Antilles,
Venezuelanalysis.com relates.

Mr. Ramirez said that Petroleos de Venezuela is handling the
case with the pertinent responsibility and it will continue to
try by all possible means to successfully conclude this process.  
Minister Ramirez affirmed that the country's legal entities are
working in this regard, and that there are enough legal
arguments to bring legal actions against Exxon Mobil.

                      About Exxon Mobil

Exxon Mobil Corporation operates as a petroleum and
petrochemicals company.  It primarily engages in the
exploration, production, and sale of crude oil and natural gas;
and manufacture, transportation, and sale of petroleum products.

                About Petroleos de Venezuela

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.

                        *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook was negative.



===========
X X X X X X
===========


* Moody's Sees Continued Growth in 2007 LatAm Securitizations
-------------------------------------------------------------
Volumes of structured finance transactions in Latin America
continued to show good growth in 2007, Moody's Investors Service
says in its 2007 review and 2008 outlook report for the region.  
Fueled by generally strong local economies, securitizations for
domestic markets expanded at a double-digit pace, while cross-
border issuance grew for the first time in three years.

In all, issuance of asset-backed and mortgage-backed
securitizations (ABS and MBS) totaled US$19.1 billion in 2007
in Latin America, an increase of 25% over the 2006 total of
US$15.3 billion.

Volumes probably would have been higher had they not been
affected by the subprime mortgage crisis in the United States in
the second half of the year.  The course that the crisis takes
will likely determine how much volume growth slows in 2008.  
Overall, Moody's expects Latin American domestic securitizations
to grow again in 2008, but at a slower pace, while cross border-
issuance is likely to remain at current levels.

Domestic issuance will continue to prevail in Latin America.  It
constituted 83% of all issuance in 2007, says Moody's.

Mexico, Brazil, and Argentina led in domestic issuance in 2007,
with Mexico having a 36.5% share, Brazil a 34.9% share, and
Argentina a 17.4% share of the US$15.8 billion total.

Consumer loans were the asset class most commonly securitized in
2007, making up 36.8% of the total.  "Consumer-related
transactions will continue to represent a large portion of total
securitizations in Latin America, mainly driven by the
popularity of these asset types in Brazil and Argentina," says
Moody's analyst Martin Fernandez Romero.  "Also ABS and MBS-
related transactions will show solid growth in 2008 as a result
of higher securitization volumes of these asset types in
Mexico."

Mortgages were the second most-common asset type to be
securitized in domestic markets in 2007.  Mexican mortgage-
backed securitizations made up the majority of the domestic MBS,
at US$2.7 billion.

Moody's notes that the volume of trade receivable
securitizations increased substantially during 2007, rising to
US$2.2 billion, mainly because of trade receivable
securitizations placed in the Brazilian market.

A key factor in the rise in cross-border volume, which was up
109% in 2007 to US$3.15 billion, was the increase in mortgage-
related securitizations as Mexican mortgage-backed
securitization issuers tapped international markets for the
first time; their issuance totaled US$591 million.  Brazilian
banks also increased their cross-border issuance during the
year.

Just about a third, or 33.69%, of the region's cross-border
issuance was from Brazil, mostly made up of diversified payment
right transactions.  Their securitizations totaling US$1.9
billion, remittances were the most common asset to be
securitized for the cross-border market, at 60.8% of all cross-
border issuance.

The placement of domestic assets in the cross-border market is
vulnerable to the credit problems arising from subprime
mortgages in the US, says Moody's.

"However, a relatively more hostile credit environment for Latin
American blue chip companies and top tier banks may translate
into higher issuance volumes for future flow transactions since
market issuers and investors have turned to these structures in
the past in times of uncertainty," says Mr. Fernandez Romero.


* S&P Says LatAm Countries Stand Firm Despite US Crunch's Impact
----------------------------------------------------------------
Standard & Poor's Rating Services has released a commentary on
the ability of Latin American countries to absorb the negative
impact of slower global economic growth and a slowdown in the
United States economy.  The commentary, entitled "Heading Into
The Storm: Latin American Sovereign Credit Ratings In 2008,"
outlines recent economic trends and finds that the region is in
better shape than in previous decades to withstand an external
downturn and sustain its sovereign creditworthiness.
     
According to S&P's credit analyst Joydeep Mukherji, the region
as a whole is expected to experience its sixth consecutive year
of GDP growth in 2008.
      
"Most Latin American sovereigns have gained greater flexibility
and policy discretion to confront economic challenges, thanks to
reform undertaken in recent years," said Mr. Mukherji.  "Much of
the region now enjoys a consensus across most of the political
spectrum to avoid policies that threaten macroeconomic
stability.  Moreover, a falling external debt burden, along with
the development of domestic capital markets, has reduced the
vulnerability of many sovereigns to a sudden loss of liquidity,"
Mr. Mukherji concluded.




                            ***********


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

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