TCRLA_Public/080228.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, February 28, 2008, Vol. 9, No. 42

                             Headlines


A R G E N T I N A

ALITALIA SPA: Denies Seeking EUR300-Million Bridge Loan
ALITALIA SPA: January Traffic Shows Year-on-Year Decrease
CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones
DEYCO SA: Proofs of Claim Verification Deadline Is March 26
EN-PLASTIC SA: Proofs of Claim Verification Is Until April 29

FORD MOTOR: Nudges Woodhaven Workers to Accept Buyout Options
GETTY IMAGES: Signs Merger Pact With Hellman & Friedman
GETTY IMAGES: S&P Cuts Rating on US$2.4B Hellman & Friedman Deal
GETTY IMAGES: US$2.4-BB Hellman Deal Cues Moody's Rating Review
MOLINOS ARRECIFES: Trustee Will Verify Claims Until March 14

ONE STEP: Proofs of Claim Verification Deadline Is April 21
OS SA: Trustee Will Verify Proofs of Claim Until March 14
OSCAR SERRANI: Trustee Will Verify Claims Until March 14
PAPELERA LA HELICE: Court Concludes Reorganization
SUN MICROSYSTEMS: Closes MySQL Acquisition for US$1 Billion


B E R M U D A

FOSTER WHEELER: Reports US$78.1-Mln Net Income in Fourth Quarter
INTELSAT LTD: Gets Hughes HX System for Ku-band Maritime Service
INTELSAT LTD: Reaches Multi-Transponder Deal With Russian TV
INTELSAT LTD: Signs Backhaul Solution Deal With Hughes Brazil


B R A Z I L

AMC ENTERTAINMENT: Fitch Publishes Review of Recovery Ratings
BANCO DAYCOVAL: Net Income Up 128.7% to BRL231 Million in 2007
BANCO DO BRASIL: Earns BRL1.22 Billion in Fourth Quarter 2007
BANCO NACIONAL: Okays Creation of Fundo Brasil Sustentabilidade
BERTIN LTDA: S&P Holds Corp. Credit Rating at B+ Pending Review

CA INC: Will Pay US$0.04 Per Share Dividend Due on March 28
ENERGIAS DO BRASIL: Launches Enernova
GENERAL MOTORS: Monitoring American Axle Workers' Strike
GOL LINHAS: Unit Signs Interline Agreement With Iberia
HUGHES NETWORK: Signs All Systems as Service Distributor

HUGHES NETWORK: Unit Inks Backhaul Solution Pact With Intelsat
LAZARD LTD: Gets US$100-Mil. Share Repurchase Authorization
VISTEON CORPORATION: Steven Hamp to Rejoin Board of Directors


C A Y M A N  I S L A N D S

AMAPROP MASTER: Proofs of Claim Filing Deadline Is March 7
AMARANTH HELIX: Proofs of Claim Filing Ends on March 7
AMULET LIMITED: Proofs of Claim Filing Is Until March 7
ATLAS CAPITAL: Proofs of Claim Filing Deadline Is March 7
BEAR STEARNS: Investors Try to Reverse Liquidation Decision

ISOTOPE LIMITED: Proofs of Claim Filing Deadline Is March 7


C H I L E

EASTMAN KODAK: Fitch Revises Outlook to Stable from Negative
FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007


C O L O M B I A

DOLE FOOD: Moody's Cuts Rating to 'B3' on Weak Performance
* Euler Hermes Launches Operations in Colombia


E C U A D O R

PETROECUADOR: Setting Up Company With Petroleos de Venezuela
PETROECUADOR: Willing to Compensate City Oriente


E L  S A L V A D O R

HERBALIFE LTD: Earns US$191.5 Million in Year Ended Dec. 31


G U A T E M A L A

LAND O'LAKES: Earns US$5.5 Million in Quarter Ended December 31


J A M A I C A

AIR JAMAICA: To Offer Four US-Jamaica Daily Non-stop Flights


M E X I C O

AMERICAN AXLE: UAW Labor Contract Ends Sparking Workers' Strike
AMERICAN AXLE: S&P Says Strike Has No Immediate Rating Effect
AXTEL SAB: Earns MXN491 Million in 2007
AXTEL SAB: Reports Correction in Earnings Per CPO
CARDTRONICS INC: Signs ATM Branding Deal With Old Point

CLEAR CHANNEL: Wachovia's Lawsuit May Derail New TV Sale Deal
DESARROLLADORA HOMEX: Net Income Up to MXN734MM in 4th Qtr. 2007
FIRST DATA: Inks Multi-Year Contract With Wells Fargo
GRUPO CASA: Net Profit Drops 2.7% to MXN383.9MM in 4th Qtr. 2007
GRUPO MEXICO: Says Ongoing Business Is More Profitable

HORNBECK OFFSHORE: Ups Credit Facility Borrowing Base to US$250M
HOST HOTELS: Earns US$294 Million in 2007 Fourth Quarter
INVENSYS PLC: Leverage Expectations Cue S&P's Positive Outlook
KANSAS CITY: Fitch Lifts Issuer Default Ratings to BB- From B+
SHARPER IMAGE: Can Continue Workers' Compensation Program

SHARPER IMAGE: Seeks to Obtain US$60 Mil. of DIP Financing
SHARPER IMAGE: NASDAQ to Suspend Common Stock Trading Tomorrow
SHARPER IMAGE: Court Authorizes Firm to Use Cash Collateral
SHARPER IMAGE: Section 341 Meeting of Creditors Set for March 19


P A N A M A

CABLE & WIRELESS: Panamanian Unit Earns US$61.6MM in 9 Months
CHIQUITA BRANDS: S&P Assigns 'CCC' Rating on US$200M Sr. Notes
* PANAMA: Fiscal Improvement Cues S&P to Affirm B Credit Rating
* PANAMA: Rating Upgrade Won't Affect Major Banks, S&P Says


P U E R T O  R I C O

FIRST BANCORP: Sterne Agee Lowers FirstBank's 2008 Estimates
UNIVISION COMM: Fitch Publishes Review on Recovery Ratings


V E N E Z U E L A

PEABODY ENERGY: UBS Downgrades Firm's Shares to Neutral
PETROLEOS DE VENEZUELA: Gets US$4 Billion Financing From China
PETROLEOS DE VENEZUELA: Setting Up Company with Petroecuador


                          - - - - -

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

ALITALIA SPA: Denies Seeking EUR300-Million Bridge Loan
-------------------------------------------------------
Alitalia S.p.A. has denied published reports that it will seek a
EUR300-million emergency loan by June 2008 to remain afloat,
Marco Bertacche writes for Bloomberg News.

Il Sole 24 Ore, citing people privy with the carrier, reported
that Alitalia may take a loan backed by the Italian government
should its planned EUR700 million capital increase fails.  The
Italian daily added that Alitalia may also sell some assets as
alternative to the loan.

"It's an important denial because it shows Alitalia doesn't want
to resolve its liquidity problems with a loan but is instead
still seeking to merge with a partner," Marco Aleni at IG
Markets told Bloombeg News.

                           About Alitalia

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

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

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


ALITALIA SPA: January Traffic Shows Year-on-Year Decrease
---------------------------------------------------------
Alitalia S.p.A. has released its traffic statistics for
January 2008.

January 2008 traffic data compared to the same period in 2007
showed a decrease in both passenger and cargo businesses.
Passenger business showed a decrease in terms of traffic (-8.0%)
with a decrease of capacity offered by 4.5% compared with the
same period of 2007.

To be noted that these figures reflect a change in the marketing
strategy, which aims to increase profitability rather than
preserve volumes, as clearly showed by the increase of Yield
levels.

January 2008 Cargo statistics, compared to January 2007, showed
a decrease in terms of goods flown (-3.8%) with capacity offered
down 7.6%.

                       Passengers Operations

Traffic, measured in Revenue Passenger Kilometers, decreased by
8.0% and the capacity, measured in Available Seat Kilometers,
decreased by 4.5%.  Load factor decreased by 2.5 percentage
points reaching 64.5%.

Alitalia carried 1.7 million passengers, down 5.2% compared to
January 2007.

Detailed comparisons with January 2007:

     * Domestic Passenger Network: traffic increased by 0.2% with
       offered capacity up 2.0%. Load factor was 54.3%;

     * International Passenger Network: traffic decreased by 8.4%
       and offered capacity decreased by 4.3%. Load factor was
       57.8%;

     * Intercontinental Passenger Network: traffic decreased by
       10.0% and offered capacity decreased by 7.0%. Load factor
       was 73.9%.

                         Cargo Operations

January 2008 Cargo performance showed, compared to January 2007,
a traffic decrease by 3.8% (traffic, measured in terms of
Revenue Ton Kilometers) while capacity was down 7.6%.

Overall Load factor was 63.0% with an increase by 2.5 percentage
points.  Regarding the All-Cargo sector, Load factor was 77.7%
with an increase by 13.6 percentage points compared with the
same period of 2007.

                           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.


CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones
-----------------------------------------------------------
Chrysler LLC intends to ditch the "car cloning" concept so often
used in the automotive industry and concentrate on selling its
remaining models, The Wall Street Journal reports.

Cloning cars, or creating different brands of the same basic car
design or a "common platform", is a common ploy used by most
automakers to increase sales and profitability, says WSJ.
Chrysler said, however, that it won't employ this sales
technique anymore, and instead will focus on selling unique car
models.

The company's decision came after it lost its tooling battle
with  Plastech Engineered Products Inc.  As reported in the
Troubled Company Reporter on Feb. 20, 2008, the U.S. Bankruptcy
Court for the Eastern District of Michigan denied the company's
request to pull out tooling equipment from Plastech's plants.
However, the parties already agreed to extend their interim
production pact, under which Plastech will continue to
manufacture and deliver component parts to Chrysler until
Feb. 27, 2008.

                About Plastech Engineered Products

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

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

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

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.

                        About Chrysler LLC

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


DEYCO SA: Proofs of Claim Verification Deadline Is March 26
-----------------------------------------------------------
Ruben Mario Serenelli, the court-appointed trustee for Deyco
S.A.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until March 26, 2008.

Mr. Serenelli will present the validated claims in court as
individual reports on May 27, 2008.  The National Commercial
Court of First Instance in Bahia Blanca, 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 Deyco 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 Deyco's accounting
and banking records will be submitted in court on July 2, 2008.

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

The debtor can be reached at:

          Deyco S.A.
          Soler 170, Bahia Blanca
          Buenos Aires, Argentina

The trustee can be reached at:

          Ruben Mario Serenelli
          Villarino 242, Bahia Blanca
          Buenos Aires, Argentina


EN-PLASTIC SA: Proofs of Claim Verification Is Until April 29
-------------------------------------------------------------
Nancy Gonzalez, the court-appointed trustee for En-Plastic
S.A.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until April 29, 2008.

Ms. Gonzalez will present the validated claims in court as
individual reports.  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 En-Plastic
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 En-Plastic's
accounting and banking records will be submitted in court.

Infobae didn't state the submission deadlines of the reports.

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

The trustee can be reached at:

          Nancy Gonzalez
          Lavalle 1290
          Buenos Aires, Argentina


FORD MOTOR: Nudges Woodhaven Workers to Accept Buyout Options
-------------------------------------------------------------
Ford Motor Company has been asserting a successful outlook to
former employees who have the company after accepting its
compensation packages, which provides educational opportunities,
buyout offers and career prospects activities, Bill Blasic of
the New York Times reports.

NY Times relates that a job fair for workers of Ford's sheet-
metal stamping plant in Woodhaven, Detroit, was held on Friday,
offering work options from truck driving to electrician work at
the local utility to franchise opportunities at the Little
Caesars pizza chain.

Younger workers may be more open to the idea of a new career,
however, older workers seemed sentimental in leaving the company
they have worked for many years, according to NY Times.

So, Ford, NY Times says, is offering rich buyout packages to
factory workers, including one-time cash payments of US$140,000
or college tuition plans for an entire family.

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Ford intended to offer another round of buyout packages to 14%
of its entire plant workforce in North America to restore
profitability.  Roughly 9,000 workers will be displaced in
addition to 33,000 employees who availed the compensation
packages in 2006 and 2007.

Last month, United Auto Workers union representatives and the
automaker agreed to compensation offers higher than those
offered in 2006, including an education package, health benefits
and a lump sum payment.  Pursuant to the agreement, an
additional US$35,000 will be given to qualified retirees as they
leave, the payout totaling US$70,000.

NY Times suggests that Ford has not given out the estimates of
those who would accept the buyouts by a March 18 deadline.
However, Wall Street analysts say company aim is 8,000 workers.

General Motors Corp. is offering buyout proposals to all of its
74,000 hourly workers, while Chrysler LLC is proposing the same
option to workers by plants per region, NY Times discloses.  The
Big Three automakers decided to cut corners after years of
depressing market share and rising competition from foreign car
companies like by Toyota.

"It's not going to get any easier -- at least for awhile," Jim
Farley, Ford's group vice president, Marketing and
Communications,said.  "Recent monetary actions and the proposed
stimulus package may help the economy later this year, but we're
not pinning our hopes on that.  Our plan is based on
restructuring our business to be profitable at lower demand and
changed mix while also accelerating the development of new
products people want to buy."

As previously reported, Ford reported a 2007 full-year net loss
of US$2.7 billion.  This compares with a 2006 full-year net loss
of US$12.6 billion.

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings
of Ford Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

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


GETTY IMAGES: Signs Merger Pact With Hellman & Friedman
-------------------------------------------------------
Getty Images Inc. entered into a definitive merger agreement to
be acquired by affiliates of the private equity firm Hellman &
Friedman LLC in a transaction valued at approximately
US$2.4 billion, including the assumption of existing debt.
Under the terms of the agreement, Getty Images stockholders will
receive US$34.00 in cash for each outstanding share of common
stock they own.  This price represents a premium of
approximately 55% over the closing price on Jan. 18, 2008, the
last trading day before the company reported that it was
exploring strategic alternatives.

The Board of Directors of Getty Images has approved the merger
agreement and resolved to recommend that Getty Images'
stockholders approve the transaction.  Completion of the
transaction is subject to shareholder approval and other
customary closing conditions.  The transaction is not subject to
a financing condition and is expected to close in the second
quarter of 2008.

"Our Board of Directors has thoroughly evaluated strategic
alternatives for Getty Images and has determined that this
outcome is in the best interests of our stockholders as it
provides them with superior and certain value," Jonathan Klein,
co-founder and chief executive officer of Getty Images, said.
"Furthermore, Hellman & Friedman brings specific industry
expertise and support for the vision of the Company's management
team that will benefit our employees, customers and partners.
Just over a decade ago we started Getty Images with little more
than a vision and have achieved industry leadership due to the
extraordinary talent, effort and commitment of our employees and
partners.  We are enthusiastic about entering the next phase of
Getty Images' evolution by partnering with Hellman & Friedman as
we continue to provide innovative offerings to businesses and
consumers in a very dynamic digital media environment."

"Getty Images is the leader and pioneer in the visual content
and digital media business," Andy Ballard, managing director of
Hellman & Friedman, said.  "We believe in the vision and
execution capabilities of Jonathan Klein and his team, and share
their commitment to the Company's stakeholders and customers.
We look forward to working with all of Getty Images' employees
to realize the full potential of its traditional businesses
while furthering the evolution of Getty Images into a global
digital media company."

Financing commitments have been provided by Barclays Capital, GE
Commercial Finance and RBS Greenwich Capital.  In addition,
Getty Investments and certain related parties, including the co-
founder and chairman, Mark Getty, who collectively hold
approximately 15% of the company's shares, have agreed to vote
in favor of the transaction and rollover their shares into the
acquiring entity.

Goldman, Sachs & Co. is acting as financial advisor to Getty
Images.  Barclays Capital and RBS Greenwich Capital are acting
as financial advisors to Hellman & Friedman.  Weil Gotshal &
Manges LLP and Simpson Thacher & Bartlett LLP are serving as
legal advisors to Getty Images and Hellman & Friedman,
respectively.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company provides relevant imagery to
professionals at advertising agencies, graphic design firms,
corporations, and film and broadcasting companies; editorial
customers involved in newspaper, magazine, book, compact disc
and online publishing, and corporate marketing departments and
other business customers.  Getty Images offers its imagery and
related services through the company's website and a global
network of company-owned offices and delegates.  It serves
customers in more than 100 countries.  The company has corporate
offices in Australia, the United Kingdom and Argentina.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 28, 2008, Standard & Poor's Ratings Services affirmed its
ratings and outlook on Getty Images Inc., including its 'BB'
corporate credit rating, following the company's announcement
that it is exploring strategic alternatives.


GETTY IMAGES: S&P Cuts Rating on US$2.4B Hellman & Friedman Deal
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Seattle, Washington-based visual imagery company Getty
Images Inc. to 'BB-' from 'BB' and placed it on CreditWatch with
negative implications.  At the same time, S&P affirmed the 'B+'
rating on the company's subordinated debt.

The rating action is based on the announcement that Getty has
entered into a definitive agreement to be acquired by Hellman &
Friedman LLC, in a transaction valued at US$2.4 billion.  "We
believe this deal will raise financial risk as the company is
addressing business challenges," said Standard & Poor's credit
analyst Tulip Lim.  The transaction value includes existing
debt.  Getty Images currently expects the transaction to close
in the second quarter of 2008.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company provides relevant imagery to
professionals at advertising agencies, graphic design firms,
corporations, and film and broadcasting companies; editorial
customers involved in newspaper, magazine, book, compact disc
and online publishing, and corporate marketing departments and
other business customers.  Getty Images offers its imagery and
related services through the company's website and a global
network of company-owned offices and delegates.  It serves
customers in more than 100 countries.  The company has corporate
offices in Australia, the United Kingdom and Argentina.


GETTY IMAGES: US$2.4-BB Hellman Deal Cues Moody's Rating Review
---------------------------------------------------------------
Moody's Investors Service placed all the credit ratings of Getty
Images, Inc. on review for possible downgrade following its
announcement that it entered into a definitive agreement to be
acquired by affiliates of the private equity firm Hellman &
Friedman LLC for a total enterprise value of US$2.4 billion,
including the assumption of existing debt.

The transaction has been approved by the Board of Directors of
Getty.  Completion of the transaction is subject to shareholder
approval and other customary closing conditions.  The
transaction is not subject to a financing condition and is
expected to close in the second quarter of 2008.  The company
disclosed that financing commitments have been provided by
Barclays Capital, GE Commercial Finance and RBS Greenwich
Capital.

Getty's announcement did not disclose the mix of debt and equity
to be utilized to finance the acquisition.  The review for
possible downgrade anticipates that leverage and free cash flow
metrics will weaken significantly post-acquisition.

Moody's review will focus on the expected capital structure,
liquidity position and operating strategy of Getty upon
completion of the buyout transaction.  In particular, Moody's
will review the company's plans for growing or stabilizing the
business despite pressure from declining demand for traditional
creative still imagery.

Getty's US$265 million of convertible subordinated debentures
will be convertible at the option of the holders on
June 9, 2008.  Moody's anticipates that cash, cash equivalents
and short term investments (about US$364 million at
Dec. 31, 2007) and available bank credit lines will provide the
company with sufficient liquidity to fund the cash conversion
price.  If substantially all of the subordinated debentures are
converted, then Moody's may withdraw all of Getty's credit
ratings.

These ratings were placed on review for possible downgrade:

   -- US$265 million series B convertible subordinated notes due
      2023, Ba2

   -- Corporate family rating, Ba1

   -- Probability of default rating, Ba1

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company provides relevant imagery to
professionals at advertising agencies, graphic design firms,
corporations, and film and broadcasting companies; editorial
customers involved in newspaper, magazine, book, compact disc
and online publishing, and corporate marketing departments and
other business customers.  Getty Images offers its imagery and
related services through the company's website and a global
network of company-owned offices and delegates.  It serves
customers in more than 100 countries.  The company has corporate
offices in Australia, the United Kingdom and Argentina.


MOLINOS ARRECIFES: Trustee Will Verify Claims Until March 14
------------------------------------------------------------
Enrique Esteban, Oscar Orlando Di Salvo y Alberto G. J.
Contribunale -- the court-appointed trustee for Molinos
Arrecifes S.A.'s reorganization proceeding -- will be verifying
creditors' proofs of claim until March 14, 2008.

Enrique Esteban will present the validated claims in court as
individual reports on May 19, 2008.  The National Commercial
Court of First Instance in Rosario, Santa Fe, 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 Arrecifes 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 Arrecifes'
accounting and banking records will be submitted in court on
July 11, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Dec. 19, 2008.

The debtor can be reached at:

         Molinos Arrecifes S.A.
         Hipolito Irigoyen 1569, Rosario
         Santa Fe, Argentina

The trustee can be reached at:

         Enrique Esteban, Oscar Orlando Di Salvo y
         Alberto G. J. Contribunale
         Rioja 1268, Rosario
         Santa Fe, Argentina


ONE STEP: Proofs of Claim Verification Deadline Is April 21
-----------------------------------------------------------
Jorge Edmundo Sahade, the court-appointed trustee for One Step
Beyond S.R.L.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until April 21, 2008.

Mr. Sahade will present the validated claims in court as
individual reports on June 3, 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 One Step 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 One Step's accounting
and banking records will be submitted in court on July 17, 2008.

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

The trustee can be reached at:

          Jorge Edmundo Sahade
          Avenida de Mayo 1324
          Buenos Aires, Argentina


OS SA: Trustee Will Verify Proofs of Claim Until March 14
---------------------------------------------------------
Enrique Esteban, Oscar Orlando Di Salvo y Alberto G. J.
Contribunale -- the court-appointed trustee for O.S. S.A.'s
reorganization proceeding -- will be verifying creditors' proofs
of claim until March 14, 2008.

Enrique Esteban will present the validated claims in court as
individual reports on May 16, 2008.  The National Commercial
Court of First Instance in Rosario, Santa Fe, 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 O.S. 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 O.S.'s accounting and
banking records will be submitted in court on July 11, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Dec. 23, 2008.

The debtor can be reached at:

         O.S. S.A.
         San Martin 985, Granadero Baigorria
         Santa Fe, Argentina

The trustee can be reached at:

         Enrique Esteban, Oscar Orlando Di Salvo y
         Alberto G. J. Contribunale
         Rioja 1268, Rosario
         Santa Fe, Argentina


OSCAR SERRANI: Trustee Will Verify Claims Until March 14
--------------------------------------------------------
Enrique Esteban, Oscar Orlando Di Salvo y Alberto G. J.
Contribunale -- the court-appointed trustee for Oscar Serrani
S.A.'s reorganization proceeding -- will be verifying creditors'
proofs of claim until March 14, 2008.

Enrique Esteban will present the validated claims in court as
individual reports on May 16, 2008.  The National Commercial
Court of First Instance in Rosario, Santa Fe, 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 Oscar Serrani 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 Oscar Serrani's
accounting and banking records will be submitted in court on
July 11, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Dec. 22, 2008.

The debtor can be reached at:

         Oscar Serrani S.A.
         Union 3334, Rosario
         Santa Fe, Argentina

The trustee can be reached at:

         Enrique Esteban, Oscar Orlando Di Salvo y
         Alberto G. J. Contribunale
         Rioja 1268, Rosario
         Santa Fe, Argentina


PAPELERA LA HELICE: Court Concludes Reorganization
--------------------------------------------------
Papelera La Helice 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.


SUN MICROSYSTEMS: Closes MySQL Acquisition for US$1 Billion
-----------------------------------------------------------
Sun Microsystems Inc. has completed the acquisition of MySQL AB,
developer of the world's most popular open source database, for
approximately US$1 billion in total consideration.  Sun also
unveiled the immediate availability of MySQL's complete
portfolio of products and enterprise services backed by its
17,000-strong global sales and services organization and its
extensive international network of authorized distribution
channels.  Sun now provides a single, secure choice for
customers and developers seeking to put MySQL into deployment on
a global basis.

"Since announcing our Sun-MySQL relationship, we've received an
overwhelming response and embrace from customers and community
members excited to see MySQL's tremendous innovation and
community backed by Sun's financial muscle and global partners,"
said Jonathan Schwartz, president and chief executive officer,
Sun Microsystems, Inc.  "For the first time ever, businesses
across the world can standardize on a commercially supported,
open source platform that meets their needs for scale, quality
and global service."

Sun introduced immediate availability of 7X24 year round global,
enterprise-class database subscriptions and services for the
entire MySQL product line, enabling IT organizations worldwide
to take advantage of the leading open database for the Network
Economy.  With broad multi-platform support – including Solaris,
Linux and Windows – enterprise customers will face less risk and
have greater flexibility and choice to achieve unlimited
scale and enable MySQL deployments in mission critical
applications.  Sun is also offering MySQL Enterprise Unlimited,
which helps customers deploy and manage an unlimited number of
MySQL Enterprise Servers at a flat annual fee.

Sun's new MySQL database is a key component in popular software
stacks for building Web 2.0 applications.  Its deployment with
the Solaris OS, OpenSolaris(TM) project and highly complementary
systems from Sun delivers powerful end-to-end platforms for
customers of all scale, from individual developers to the
largest global enterprises.  And MySQL continues its commitments
to its strategic partnerships with popular platform vendors such
as Dell, HP, IBM, Microsoft, Red Hat and Zend.  The acquisition
cements Sun's entrance into the US$15 billion database market,
affirms Sun's leadership in open source software and positions
the company as the leading provider of enterprise platforms for
the Network Economy.

"As a developer of open source web applications and services
that relies heavily on both Sun and MySQL, we believe that the
combined companies will better address our IT needs today,
tomorrow and beyond," said Joshua Rand, CEO, Sapotek, Inc.
"We're confident that the MySQL acquisition will reinforce Sun's
commitment to providing hardware, software and services that
will save us money in having one integrated, end-to-end
platform.  The combination of MySQL and Sun provides the
community with unlimited possibilities, ensuring the highest
level of quality assurance and advanced feature contributions to
the world's leading open source initiatives."

More than 100 million copies of MySQL's high-performance, open
source database software have been downloaded and distributed in
its history and since the announcement of Sun's intent to
acquire MySQL, daily downloads have increased from 50,000 to
more than 60,000 per day.  This broad penetration coupled with
MySQL's strength in Web 2.0, Software as a Service (SaaS),
enterprise IT, telecom and the embedded OEM market, make it a
significant addition for Sun.

                    About Sun's MySQL Portfolio

MySQL is a business unit within Sun's Software organization and
is the world's most popular open source database software.  Many
of the world's largest and fastest-growing organizations use
MySQL to save time and money powering their high-volume Web
sites, critical business systems and packaged software --
including industry leaders such as Yahoo!, Alcatel-Lucent,
Google, Nokia, YouTube and Zappos.com.  At
http://www.sun.com/mysql,Sun provides corporate users with
commercial subscriptions and services, and actively supports the
large MySQL open source developer community.

                       About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, Singapore, among others.

                           *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.



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

FOSTER WHEELER: Reports US$78.1-Mln Net Income in Fourth Quarter
----------------------------------------------------------------
Foster Wheeler Ltd. earned US$78.1 million for the fourth
quarter of 2007 compared with US$63.1 million for the same
period in 2006.  Net income in both quarterly periods was
impacted by certain non-operating items as detailed in the
attached table.  Excluding such items from both quarterly
periods, net income in the fourth quarter of 2007 was
US$80.6 million compared with US$85.9 million in the fourth
quarter of 2006.

Fourth-quarter 2007 consolidated EBITDA (earnings before
interest expense, income taxes, depreciation and amortization)
was US$132.0 million, compared with US$106.1 million in the
fourth quarter of 2006.  Consolidated EBITDA in both quarterly
periods was also impacted by certain non-operating items.
Excluding such items from both quarterly periods, consolidated
EBITDA in the fourth quarter of 2007 was US$134.5 million,
compared with US$128.9 million in the fourth quarter of 2006.

For the full year 2007, net income was a record US$393.9 million
compared with US$262.0 million in 2006.  For the full year 2007,
consolidated EBITDA was a record US$591.8 million, compared with
US$399.5 million for 2006.  Net income and consolidated EBITDA
in 2007 and 2006 were impacted by certain non-operating items.
Excluding such items from both periods, net income in 2007 was
US$387.7 million compared with US$196.4 million in 2006; and
consolidated EBITDA for 2007 was US$585.7 million, compared with
US$333.9 million in 2006.

Commenting on the company’s 2007 results, Foster Wheeler’s
Chairman and Chief Executive Officer, Raymond J. Milchovich,
said, “The combination of strong demand and overall excellence
in contract execution enabled the company to generate record-
level financial results in 2007.  In particular, both of our
operating segments reported double-digit percentage increases in
EBITDA, and the company's adjusted net income nearly doubled.
Moreover, the company ended the year with record-levels of scope
backlog.”

Mr. Milchovich noted, “We reported solid results for the fourth
quarter of 2007.  However, EBITDA was below the average of the
first three quarters of the year because of reduced EBITDA in
our Global Engineering and Construction (E&C) Group due to three
factors.  First, E&C experienced an US$8.3 million negative
impact due to the repeal of an Italian power price tariff, which
had been enacted in the third quarter of 2007, as a result of a
court ruling in the country.  Second, we experienced fewer
profit-enhancing opportunities such as bonuses and incentives
during the quarter as compared to the early part of the year due
to portfolio mix and contract timing.  Finally, E&C took a
US$5 million reserve on one reimbursable contract due to issues
with the client over project scope growth.  We’re hopeful that
this matter will be favorably resolved in future periods but
felt that it was appropriate to reserve for it at this time.”

Mr. Milchovich added, “As we look at 2008, we continue to be
very positive about the markets that both our businesses serve
and about our position as we enter the year.  In our E&C Group,
consistent with what we’ve been saying for months, we expect
meaningful organic growth and sustainable margins.  We’re
hopeful that this can be complemented by growth through
strategic acquisitions during the year as well.  In our Global
Power Group, as we’ve previously stated, we remain confident
that we will enjoy a material level of margin improvement and
revenue growth during the year given our position and momentum
entering 2008.”

                     About Foster Wheeler Ltd.

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to positive from stable.  At the
same time, S&P affirmed its 'BB' corporate credit rating on the
company.  The company reported total debt of approximately
US$150 million at Sept. 30, 2007.


INTELSAT LTD: Gets Hughes HX System for Ku-band Maritime Service
----------------------------------------------------------------
Intelsat has selected Hughes Network Systems, LLC's HX broadband
satellite platform for a new regional Ku-band broadband maritime
service.  Intelsat will deliver its new service via a limited
number of distributor partners in the Caribbean and Gulf of
Mexico regions starting in mid-2008.

The Hughes HX System is fully compliant with the world's leading
satellite industry standard, DVB-S2/IPoS with Adaptive Coding
and Modulation.  The Hughes implementation of Adaptive Coding
and Modulation on the downlink, together with Adaptive Inbound
Selection and signal spreading capability on the uplink, enables
the use of small shipboard antennas to deliver high-speed Ku-
band maritime services.

"Utilizing smaller antennas opens up a large market for
broadband connectivity to yachts," said Intelsat Vice President
of New Product Development, Mohammad Marashi.  "The HX System
provides an always-on, high availability connection, easy
deployment and commissioning that are essential components of a
maritime service."

Optimized for smaller networks, the HX design builds upon a
solid and field-proven foundation, leveraging many of the
features and functionalities of the widely deployed Hughes HN
broadband satellite platform.  The advanced bandwidth management
features of the HX System give operators the ability to
efficiently allocate satellite bandwidth as a "virtual pool"
assuring that bandwidth will always be available when needed.

"We are excited to be working with Intelsat to bring this
innovative application of our HX System for maritime services,"
said Hughes assistant vice president, Ramesh Ramaswamy.  "This
offering leverages best-of-breed Hughes technology coupled with
Intelsat's extensive satellite coverage and market presence to
ideally position both companies for success in delivering
yachting broadband services."

                  About Hughes Network Systems

Headquartered in Germantown, Maryland, Hughes Network Systems
LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.
In Europe, Hughes maintains operations facilities and/or sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.

                         About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira, delivering
advanced transmission access for information and entertainment
to some of the world's leading media and network companies,
multinational corporations, Internet service providers and
governmental agencies.  The company also offers seamless service
for voice, data and video transmission.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on Bermuda-based Intelsat Ltd. to 'B'
from 'B+' and removed the ratings from CreditWatch with a stable
outlook.


INTELSAT LTD: Reaches Multi-Transponder Deal With Russian TV
------------------------------------------------------------
Intelsat Ltd. disclosed that Russian TV Times (RTVT) has signed
a multi-year, multi-transponder agreement on the Intelsat
system, expanding its program offering into Europe.

Through its contract on the Intelsat 12 satellite located at 45
degrees East, RTVT will provide up to 30 channels of Russian
news, film and sports programming to the estimated six million
strong Russian-speaking population of Europe.  The channel
lineup of RTVT includes Feniks-Art, Bridge TV, Sarafan,
Russkij Extreme, Travel Channel (UK), TV Centr International,
ESPN Classic Europe and WorldMadeChannel.

“Intelsat offers broadcasters the best video neighborhoods and
works closely with its customers to find the ideal distribution
solution for their market and product,” said Jean Philippe
Gillet, Intelsat’s Regional Vice President, Europe & Middle East
Sales.  “Intelsat continues to set the industry standard for
ethnic programming distribution, with leading platforms in North
America, Asia and Europe.  New broadcasters, such as RTVT,
choose Intelsat because we work with our customers to create
unique market solutions that enable them to grow their business
quicker and expand faster.”

“The Intelsat 12 satellite offers us the comprehensive regional
coverage that we are looking for, enabling us to deliver our
programming into the European countries for which we seek
access,” said Alexey Zigalov, Director General of Russian TV
Times.  “Intelsat’s industry-leading infrastructure and
reliability enables us to distribute our programming easily,
from one place, and with the highest quality possible.”

The Intelsat 12 satellite provides capacity used for program
distribution, broadcast contribution and enterprise networking.
It is also Intelsat’s leading HD satellite in the region,
currently distributing international programming to millions of
viewers across Europe.

                           About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.  The
company has a sales office in Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on Bermuda-based Intelsat Ltd. to 'B'
from 'B+' and removed the ratings from CreditWatch.  S&P said
the outlook is stable.


INTELSAT LTD: Signs Backhaul Solution Deal With Hughes Brazil
-------------------------------------------------------------
Hughes Network Systems, LLC's Brazilian subsidiary, Hughes
Telecommunicacoes do Brasil, Ltda has signed an agreement
with Intelsat to deliver a new managed cellular backhaul
solution in Brazil, enabling cellular service providers to
cost-effectively extend cell networks to rural areas and
sparsely populated regions.

This novel backhaul solution combines the strengths of two
industry-leading corporations.  Managed by Hughes, this solution
employs its advanced HX System at remote cell sites operating
over the HughesNet broadband satellite service, and utilizing
Intelsat's C-band capacity primarily on Intelsat 901 at 342
degrees E, as well as other Intelsat satellites in the Atlantic
Ocean Region.  It is designed for fast and cost-efficient
service rollouts in rural and remote areas throughout Brazil,
offering cellular operators a viable means to address their
Universal Service Obligations.

"Wireless operators in Brazil can now reach farther, deliver
faster, and be more cost-efficient in extending their cell
networks," said Intelsat's vice president of Network Services,
Jay Yass.  "Intelsat's partnership with Hughes represents a
fully-managed solution from installation to service
introduction, from two world-leading solution providers."

Designed and optimized for small- to medium-size networks where
high Quality of Service, reliable performance and bandwidth
efficiency are critical, the Hughes HX System is ideally suited
for trunking applications such as GSM backhaul.

"The challenge for cellular operators is to provide cost-
effective coverage in remote areas," said Hughes
Telecommunicacoes do Brazil president, Delio Morais.  "We are
excited to be partnering with Intelsat to deliver this one-stop
solution that makes it affordable for operators to cover
virtually any low-density area in Brazil."

                   About Hughes Network Systems

Headquartered in Germantown, Maryland, Hughes Network Systems
LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.
In Europe, Hughes maintains operations facilities and/or sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira, delivering
advanced transmission access for information and entertainment
to some of the world's leading media and network companies,
multinational corporations, Internet service providers and
governmental agencies.  The company also offers seamless service
for voice, data and video transmission.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on Bermuda-based Intelsat Ltd. to 'B'
from 'B+' and removed the ratings from CreditWatch with a stable
outlook.



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

AMC ENTERTAINMENT: Fitch Publishes Review of Recovery Ratings
-------------------------------------------------------------
Fitch Ratings has published a review of its Recovery Ratings
methodology and updated analysis for rated issuers in the United
States media and entertainment space.  Recovery Ratings are a
relative indicator of recovery that bondholders would receive in
the event of default.  Recovery Ratings are applied to issuers
with an Issuer Default Rating of 'B+' and below.

Fitch's U.S. media and entertainment Recovery Ratings view
covered approximately US$41.3 billion of debt across six
companies and 13 issuing entities.  The companies analyzed in
the report are:

    -- AMC Entertainment ('B,' Stable Outlook),

    -- Marquee Holdings ('B,' Stable Outlook),

    -- Regal Entertainment Group and Regal Cinemas Corporation
       ('B+,' Stable Outlook),

    -- Dex Media, Inc. ('B+,' Stable Outlook),

    -- Six Flags, Inc. and Six Flags Theme Parks, Inc.
       ('B-,' Negative Outlook),

    -- Tribune Co. ('B-,' Negative Outlook), and

    -- Univision Communication, Inc. ('B,' Stable Outlook).

The full reports "U.S. Media and Entertainment Sector - Recovery
Rating Review - 2008" and "U.S. Media and Entertainment Sector -
Recovery Rating Methodology" are available at
http://www.fitchratings.com/

Based in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States,
Hong Kong, Brazil and the United Kingdom.


BANCO DAYCOVAL: Net Income Up 128.7% to BRL231 Million in 2007
--------------------------------------------------------------
Banco Daycoval S.A. released its results for the fourth quarter
of 2007 and the full year.

                           Highlights:

    -- Daycoval's loan portfolio ended the year totaling BRL3.5
       billion, for growth of 23% compared with the third quarter
       of 2007.  The loan portfolio increased 112.1% in the year,
       far outpacing growth in the volume of credit in the
       National Financial System, which was 27.3%, according to
       the Brazilian Central Bank;

    -- Retail products (payroll and auto loans) accounted for 28%
       of the total loan portfolio in the fourth quarter of 2007,
       reflecting a superior origination of these products, which
       totaled BRL422.9 million in the quarter, an increase of
       51% compared with the third quarter 2007;

    -- Net income was BRL62.2 million in fourth quarter 2007.
       Full year net income excluding IPO expenses totaled BRL231
       million, 128.7% above 2006.  Return on average equity was
       23.2% in the year;

    -- Loan portfolio quality improved, as evidenced by a year-
       over-year decrease of 0.5 p.p. in loan loss provisions to
       2.3% of total loans in the fourth quarter 2007, from 2.8%
       in fourth quarter 2006.  The balance of loans past due for
       more than 180 days remained less than 1% of the total
       portfolio;

    -- In January 2008 the Brazilian Central Bank authorized
       Daycoval to open a branch in Grand Cayman, which will
       boost growth in trade finance and allow diversify foreign
       sources of funding.

Headquartered in Sao Paulo, Brazil, Banco Daycoval S.A. --
http://ri.daycoval.com.br.-- is one of Brazil's leading middle-
market banks, with almost 40 years of experience in the
financial market and a nationwide presence through 25 branches.
It offers a complete line of financial services and credit
products for corporate clients, as well as products for
individuals -- through the Daycred -- such as auto loans and
payroll loans.  The bank's loan portfolio totaled BRL3.5 billion
at 2007, with total assets of BRL6.6 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2007, Fitch Ratings placed Banco Daycoval S.A.'s
Long-term foreign currency Issuer Default Rating at 'BB-' and
Long-term local currency IDR at 'BB-' with a Stable Outlook.


BANCO DO BRASIL: Earns BRL1.22 Billion in Fourth Quarter 2007
-------------------------------------------------------------
Banco do Brasil's net profit dropped 2.48% to BRL1.22 billion in
the fourth quarter 2007, compared to BRL1.25 billion in the same
period in 2006 and BRL1.35 billion in the third quarter of 2007,
Business News Americas reports.

BNamericas relates that Banco do Brasil's return on equity
declined to 22.2% in the fourth quarter 2007, from 26.7% in the
fourth quarter 2006, and 26.3% in the third quarter 2007.

According to BNamericas, Banco do Brasil had BRL26.0 million in
one-time losses in the fourth quarter 2007.  It spent some BRL98
million for the early retirement plan and BRL90 million for
employee health care plan Cassi.  The expenses were partially
offset by a BRL149 million gain from the sale of shares in Sao
Paulo stock exchange Bovespa and futures exchange BM&F, which
both conducted initial public offerings in the fourth quarter
2007, the report adds.

BNamericas notes that Banco do Brasil's recurring net income
remained at BRL1.24 billion in the fourth quarter 2007 and the
bank's return on equity on recurring results was 22.7%.

The report says that Banco do Brasil's operating income
increased 15.7% to BRL1.85 billion in the fourth quarter 2007,
compared to the fourth quarter 2006.  Its net interest income
rose 12.8% to BRL5.48 billion, its loan-loss provisions
increased 19.1% to BRL1.50 billion, and its service fee revenues
increased 13.3% to BRL2.59 billion, BNamericas reports.

BNamericas says that Banco do Brasil's net profits dropped 16.3%
to BRL5.06 billion in 2007, from 2006.  It had one-time costs of
BRL690 million in 2007.  Its recurring net profits increased
56.8% to BRL5.75 billion in 2007, compared to 2006.  The bank's
return on equity decreased to 22.5% in 2007, from 32.1% in 2006.
Its operating income increased 66.3% to BRL8.68 billion, while
its net interest income grew 14.9% to BRL20.8 billion.  Its
loan-loss provisions dropped 6.30% to BRL5.38 billion.  Service
fee revenues increased 11.4% to BRL9.90 billion.

According to the report, Banco do Brasil expanded its loan book
20.7% to BRL161 billion in 2007, compared to 2006.  Its loans to
individuals rose 33.4% to BRL32.0 billion, while its loans to
businesses grew 26.1% to BRL65.5 billion.  Loans to small and
medium-sized enterprises increased 34.4% to BRL24.6 billion.
Loans to agribusinesses rose 15.1% to BRL51.9 billion.

The Brazilian central bank told BNamericas that lending sector-
wide in the agribusiness increased 27.3% to BRL932 billion in
2007, compared to 2006.

BNamericas reports that Banco do Brasil's direct consumer
financing increased 41.2% to BRL23.9 billion in 2007, from 2006,
as car loans grew 227% to BRL2.93 billion and payroll loans rose
43.3% to BRL11.9 billion.

Banco do Brasil told BNamericas that its working capital loans
grew 45.2% to BRL16.1 billion in 2007, compared to 2006.  Its
investment financing increased 48.5% to BRL7.10 billion, while
receivables grew 4.70% to BRL3.39 billion, hindered by the rise
in debenture issues, Fundo de Investimento em Direitos
Creditorios and other capital market transactions.

Banco do Brasil's non-performing loan ratio rose to 4.50% in the
fourth quarter 2007, from 4.10% in the same quarter in 2006.
Delinquency improved from 5.00% in the third quarter 2007 due to
renegotiations of some agribusiness loans.  Banco do Brasil's
assets increased 20.7% to BRL358 billion in 2007, compared to
2006, while its shareholder equity rose 16.9% to BRL24.3
billion, BNamericas states.

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                           *     *     *

On Nov. 6, 2007, Moody's assigned a Ba2 foreign currency deposit
rating to Banco do Brasil.  On Aug. 23, 2007, Moody's assigned a
Ba2 long-term bank deposit rating on the bank with a stable
outlook.

In May 2007, Standard & Poor's Ratings Services raised its long-
term foreign currency counterparty credit rating on Brazilian
government-related entity Banco do Brasil to 'BB+' from 'BB',
after Brazil's foreign currency sovereign credit rating was
upgraded to BB+.


BANCO NACIONAL: Okays Creation of Fundo Brasil Sustentabilidade
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said that
it has authorized the creation of Fundo Brasil Sustentabilidade,
the first investment fund in the country for environmental
projects.

According to Banco Nacional, the fund is for clean development
mechanism projects that comply with the Kyoto protocol.

Banco Nacional told Business News Americas that Fundo Brasil
will get BRL100 million from Banco Nacional's private equity
branch BNDESpar "with a maximum limit of 40% of the fund total."

BNamericas notes that Banco Nacional will contribute up to
BRL400 million to the fund, which has an eight-year lifespan
that could be extended for two years more.

According to the report, Banco Nacional's President Luciano
Coutinho said, "This is a pioneer initiative in the country and
is one more example of BNDES' [Banco Nacional] commitment to
environmental projects."

Banco Nacional chose independent investment company Latour
Capital do Brasil to manage the fund through its BEM DTVM and
Sustaincapital units, BNamericas states.

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.


BERTIN LTDA: S&P Holds Corp. Credit Rating at B+ Pending Review
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' long-term
corporate credit rating on Brazilian meat-processing company,
Bertin Ltda. remains on CreditWatch with negative implications,
where it was initially placed Nov. 26, 2007, pending a detailed
review of the financial effects of a recent acquisition.

The initial placement followed Bertin's announcement that its
subsidiary, Bertin S.A. (not rated), reached an agreement to
acquire 56% of Brazil-based Goult Participacoes Ltda. (not
rated), which in turn owns about 75% of dairy products processor
S/A Fabrica de Produtos Alimenticios Vigor (not rated).  S&P
expects to resolve the CreditWatch following the publication of
the  company's 2007 year-end results and a full review of
Bertin's ultimate capital structure after the conclusion of the
acquisition.

Headquartered in Sao Paulo, Brazil, Bertin Ltda. --
http://www.bertin.com.br/-- is one of the largest beef
processing and leather exporting companies in Latin America.
The company owns and operates other facilities to produce
cleaning products, personal protective equipment, dog toys, cans
and packaging materials using by-products of its
slaughterhouses.


CA INC: Will Pay US$0.04 Per Share Dividend Due on March 28
-----------------------------------------------------------
CA Inc.'s Board of Directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on March 28, 2008, to stockholders of record at the close of
business on March 14, 2008.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 19, 2007, Fitch Ratings affirmed these ratings of CA, Inc.:

   -- Issuer Default Rating at 'BB+';
   -- Senior unsecured revolving credit facility at 'BB+';
   -- Senior unsecured debt at 'BB+'.

Additionally, Fitch revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect approximately
US$2.8 billion of total debt, including the company's US$1.0
billion revolving credit facility.


ENERGIAS DO BRASIL: Launches Enernova
-------------------------------------
Energias do Brasil S.A. has spun off its renewables assets and
created Enernova, Business News Americas reports.

"EDB [Energias do Brasil] is the first Brazilian power holding
to create a renewables-only company," EDB president Antonio
Manual Pita de Abreu told reporters.

Enernova's President Miguel Setas told reporters that the
company will handle Energias do Brasil's current and future
small-scale hydroelectric and wind power projects in South
America.

BNamericas notes that selling carbon credits will be one of
Enernova's major sources of revenue.

Mr. Setas told BNamericas that Enernova operates with 130
megawatts in hydro capacity.  A 29-megawatt hydro plant in Santa
Fe is under construction and will be operating in 2009,
BNamericas says, citing Mr. Setas.

Mr. Pita de Abreu told BNamericas that Enernova wants to have
one gigawatt in installed capacity in 2012, including 24 hydro
plants with combined capacity of 538 megawatts.  The company
official said that Energias do Brasil is submitting preliminary
studies to power regulator Aneel for the plants.

Once Aneel approves the studies, Enernova can begin requesting
preliminary licenses from environmental institutes.  The company
will conclude basic studies for 16 small hydros by the first
half of this year, five by late 2008 and three by the first half
of 2009, BNamericas says, citing Mr. Seta.

Mr. Setas commented to BNamericas, "We target both greenfield
and brownfield projects.  We cannot overlook acquisitions in
small hydros.  EDB wants to be as clean as possible in power
generation."

Enernova is collaborating with Energias do Brasil's controlling
shareholder, Portugal's EDP, Mr. Pita de Abreu told BNamericas.

"There is a strong demand for wind power generation equipment so
the ones with most scale get their orders ready quicker and
cheaper.  EDP will help us in that sense," Mr. Setas commented
to BNamericas.

BNamericas explains that Enernova will purchase wind power
equipment through EDP.

Mr. Pita de Abreu told BNamericas that Enernova's top market
will be Brazil.  Other South American markets are also being
targeted.  According to BNamericas, Mr. Pita de Abreu is
expecting renewable project offers from companies once word of
Enernova spreads in the continent.

Energias do Brasil S.A. is an integrated utility group
controlled by Energias de Portugal, with activities in
generation, distribution and commercialization of electricity.
Its power distribution subsdiaries Bandeirante, Escelsa and
Enersul represent altogether some 64% of consolidated total
assets, while the power generation assets represent some 31%.

                         *     *     *

In May 2007, Moody's Investors Service placed a Ba2 long-term
corporate family rating on Energias do Brasil.


GENERAL MOTORS: Monitoring American Axle Workers' Strike
---------------------------------------------------------
Although the strike of union workers at its supplier American
Axle and Manufacturing Inc. does not affect General Motors
Corp.'s plant production yet, the auto maker says it is
following the protest closely, Terry Kosdrosky of Dow Jones
Newswires reports.

The Associated Press points out that GM has a large inventory of
pickups and sport utility vehicles, which are equipped with
American Axle's products.

However, if the strike lasts longer than the backlog, GM's
assembly lines would suffer, AP relates citing industry
analysts.

United Auto Workers union president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
and Manufacturing Inc. began an unfair labor practices strike at
12:01 a.m. on Feb. 26, 2008, following expiration of a four-year
master labor agreement.

Talks broke off Monday with major issues unresolved.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service affirmed its rating for
General Motors Corporation (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured and SGL-1 Speculative
Grade Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for US auto
sales GM has announced that it will take a non-cash charge of
US$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets (DTAs) in the US, Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


GOL LINHAS: Unit Signs Interline Agreement With Iberia
------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazilian airlines GOL Transportes Aereos S.A. and VRG Linhas
Aereas S.A., has disclosed an interline agreement between VRG
and Spain's Iberia.  Passengers of both airlines can purchase
tickets to all destinations served by VRG Linhas and Iberia.

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

                          *     *     *

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


HUGHES NETWORK: Signs All Systems as Service Distributor
--------------------------------------------------------
Hughes Network Systems, LLC recently signed All Systems
Satellite Distributors to be a distributor of HughesNet(R)
satellite broadband Internet service in the Northeast and Mid-
Atlantic region, where large numbers of consumers are beyond the
reach of cable and DSL.

Under the terms of the agreement, All Systems will market
primarily to retailers in Delaware, Maryland, New England, New
Jersey, New York, Pennsylvania, Virginia, and West Virginia.
This will create a new income opportunity for the retailers, who
will sell and install the HughesNet satellite broadband service.

"We are proud to add HughesNet high-speed Internet services to
our portfolio, as it will strengthen our current offerings and
offer our retailers an additional revenue stream," said All
Systems president, Richard LoGiudice.

Recently celebrating its 20th anniversary in the satellite
industry, All Systems is a DISH Network and XM Satellite Radio
distributor.  Its retailers have been very successful selling a
range of satellite services to customers in the region.  The
HughesNet satellite broadband service will provide an important
complement to their existing product lines.

"With the addition of All Systems as a strategic sales channel,
we will be able to provide more consumers with a high-speed
satellite Internet option," said Hughes assistant vice president
of Channel Sales, Allen McCabe.  "All Systems has been a premier
distributor in the satellite and consumer electronics industries
in the Northeast and Mid-Atlantic regions for years, and we look
forward to growing our HughesNet service business with them."

With more than 365,000 subscribers, HughesNet is the leading,
two-way broadband satellite Internet service in the United
States and is available to anyone who has a clear view of the
southern sky, regardless of geography.

            About All Systems Satellite Distributors

Headquarterered in Brooklyn, New York, All Systems Satellite
Distributors -- http://www.allsystemssat.com-- is a family-
owned and operated business which provides equipment, support,
training and marketing services to DISH Network and XM Satellite
Radio retailers.  All Systems has 8 locations throughout the
Northeast and Mid-Atlantic region, servicing the Virginias
through Maine.

                 About Hughes Network Systems

Headquartered in Germantown, Maryland, Hughes Network Systems
LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.
In Europe, Hughes maintains operations facilities and/or sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.

                          *     *     *

Moody's Investors Service assigned a B1 rating to Hughes Network
Systems LLC's proposed US$115 million senior unsecured term
loan, due 2014.  In addition, the ratings agency affirmed the B1
corporate family rating, the B1 rating on the existing US$450
million senior notes due 2014 and the Ba1 rating on the US$50
million senior secured revolving credit facility.  The proceeds
of the new term loan will be used primarily to fund capital
expenditures and for general corporate purposes.


HUGHES NETWORK: Unit Inks Backhaul Solution Pact With Intelsat
--------------------------------------------------------------
Hughes Network Systems, LLC's Brazilian subsidiary, Hughes
Telecommunicacoes do Brasil, Ltda has signed an agreement
with Intelsat to deliver a new managed cellular backhaul
solution in Brazil, enabling cellular service providers to
cost-effectively extend cell networks to rural areas and
sparsely populated regions.

This novel backhaul solution combines the strengths of two
industry-leading corporations.  Managed by Hughes, this solution
employs its advanced HX System at remote cell sites operating
over the HughesNet broadband satellite service, and utilizing
Intelsat's C-band capacity primarily on Intelsat 901 at 342
degrees E, as well as other Intelsat satellites in the Atlantic
Ocean Region.  It is designed for fast and cost-efficient
service rollouts in rural and remote areas throughout Brazil,
offering cellular operators a viable means to address their
Universal Service Obligations.

"Wireless operators in Brazil can now reach farther, deliver
faster, and be more cost-efficient in extending their cell
networks," said Intelsat's vice president of Network Services,
Jay Yass.  "Intelsat's partnership with Hughes represents a
fully-managed solution from installation to service
introduction, from two world-leading solution providers."

Designed and optimized for small- to medium-size networks where
high Quality of Service, reliable performance and bandwidth
efficiency are critical, the Hughes HX System is ideally suited
for trunking applications such as GSM backhaul.

"The challenge for cellular operators is to provide cost-
effective coverage in remote areas," said Hughes
Telecommunicacoes do Brazil president, Delio Morais.  "We are
excited to be partnering with Intelsat to deliver this one-stop
solution that makes it affordable for operators to cover
virtually any low-density area in Brazil."

                         About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira, delivering
advanced transmission access for information and entertainment
to some of the world's leading media and network companies,
multinational corporations, Internet service providers and
governmental agencies.  The company also offers seamless service
for voice, data and video transmission.

                   About Hughes Network Systems

Headquartered in Germantown, Maryland, Hughes Network Systems
LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.
In Europe, Hughes maintains operations facilities and/or sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.

                          *     *     *

Moody's Investors Service assigned a B1 rating to Hughes Network
Systems LLC's proposed US$115 million senior unsecured term
loan, due 2014.  In addition, the ratings agency affirmed the B1
corporate family rating, the B1 rating on the existing US$450
million senior notes due 2014 and the Ba1 rating on the US$50
million senior secured revolving credit facility.  The proceeds
of the new term loan will be used primarily to fund capital
expenditures and for general corporate purposes.


LAZARD LTD: Gets US$100-Mil. Share Repurchase Authorization
-----------------------------------------------------------
Lazard Ltd's Board of Directors has approved an additional share
repurchase authorization of US$100 million, for purchases prior
to June 30, 2009.  Lazard also has US$32 million under a
previously disclosed authorization.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.


VISTEON CORPORATION: Steven Hamp to Rejoin Board of Directors
-------------------------------------------------------------
The board of directors of Visteon Corporation elected Steven K.
Hamp to rejoin the board, effective March 1, 2008.  Mr. Hamp
previously served on Visteon's board from January 2001 to
November 2005.

Mr. Hamp, 59, has been the principal of Hamp Advisors LLC, a
strategy consulting firm, since March 2007.  Before that, he was
vice president and chief of staff at Ford Motor Co., a position
he held from November 2005 to October 2006.  Prior to joining
Ford, Hamp served as president of The Henry Ford, a non-profit
organization sponsoring historic exhibits.  He is also a
director of McKinley Corporation, a private real estate
investment company located in Ann Arbor, Michigan.

"Steve has keen knowledge of Visteon and our business
environment, and we are pleased that the company again will
benefit from his insight and leadership," Michael F. Johnston,
Visteon chairman and chief executive officer, said.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the
company has facilities in 26 countries, including Argentina,
Brazil, Mexico and India, and employs approximately 41,500
people.

                           *     *     *

Moody's Investor Service placed Visteon Corp.'s long-term
corporate family and probability of default ratings at 'B3' in
November 2006.  The ratings still hold to date with a negative
outlook.



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

AMAPROP MASTER: Proofs of Claim Filing Deadline Is March 7
----------------------------------------------------------
Amaprop Master Limited's creditors have until March 7, 2008, to
prove their claims to K. Beighton and K.D. Blake, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

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


AMARANTH HELIX: Proofs of Claim Filing Ends on March 7
------------------------------------------------------
Amaranth Helix Limited's creditors have until March 7, 2008, to
prove their claims to K. Beighton and K.D. Blake, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

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


AMULET LIMITED: Proofs of Claim Filing Is Until March 7
-------------------------------------------------------
Amulet Limited's creditors have until March 7, 2008, to prove
their claims to K. Beighton and K.D. Blake, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

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


ATLAS CAPITAL: Proofs of Claim Filing Deadline Is March 7
---------------------------------------------------------
Atlas Capital Offshore Exempt Fund, Ltd.'s creditors have until
March 7, 2008, to prove their claims to Richard L. Finlay, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

              Richard L. Finlay
              Attn: Krysten Lumsden
              Conyers Dill & Pearman
              P.O. Box 2681, George Town
              Grand Cayman KY1-1111, Cayman Islands
              Telephone: (345) 945 3901
              Fax: (345) 945 3902


BEAR STEARNS: Investors Try to Reverse Liquidation Decision
-----------------------------------------------------------
Investors in the Bear Stearns Enhanced Leverage Overseas and
High Grade Overseas funds are attempting to reverse a decision
to put the companies in liquidation, the Financial Times
reports.

The investors are led by international law firm Reed Smith.
They started a legal action to try to gain control of the funds,
which they hope to use as a platform to demand compensation from
US investment bank Bear Stearns, the FT says.

Cayman Net News states that the investors had "waged a
successful campaign to appoint their own directors to one fund,"
to gain control that was blocked when the fund was put into
liquidation.  Cayman Net News adds that the investors claim to
represent more than a quarter of investors in both the US and
offshore versions of the Enhanced Leverage fund and they hope to
get better access to documents, which they need to secure
compensation from Bear Stearns.

                    About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.  On
Aug. 30, 2007, the Honorable Burton R. Lifland denied the Funds
protection under Chapter 15 of the Bankruptcy Code.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


ISOTOPE LIMITED: Proofs of Claim Filing Deadline Is March 7
-----------------------------------------------------------
Isotope Limited's creditors have until March 7, 2008, to prove
their claims to K. Beighton and K.D. Blake, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

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



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

EASTMAN KODAK: Fitch Revises Outlook to Stable from Negative
------------------------------------------------------------
Fitch Ratings revised Eastman Kodak Company's Rating Outlook to
Stable from Negative and affirmed the ratings as:

   -- Issuer default rating at 'B';
   -- Senior secured revolving credit facility at 'BB/RR1';
   -- Senior unsecured debt at 'B/RR4'.

Fitch's actions affect approximately US$2.6 billion of total
debt, including the company's undrawn US$1 billion RCF.

The revision of the Rating Outlook to Stable reflects Kodak's:

   -- Improving near-term free cash flow prospects, which are due
      primarily to declining cash restructuring payments
      following the completion of its significant 2004-2007
      restructuring program;

   -- Revenue stabilization, as accelerating digital revenue
      growth has started to more than offset declines in
      traditional revenue;

   -- Improved credit protection measures and financial
      flexibility.

Ratings concerns continue to center on:

   -- The ongoing decline of the traditional film business,
      which, in Fitch's estimate, generates the majority of the
      company's EBITDA;

   -- The significantly lower profit margins on digital
      technology, especially within the company's Consumer
      Digital Group, which continues to pressure the company's
      overall profitability.

The ratings are supported by Kodak's:

   -- Strong credit protection metrics;
   -- Broad geographic revenue diversity;
   -- Strong brand name;
   -- Broad Consumer Digital Group product portfolio;
   -- Leading market position in traditional film market.

Positive rating actions could occur if:

   -- Kodak exhibits consistent year-over-year improvement in
      digital profitability driven by a revenue mix shift toward
      higher-margin products, such as consumables for consumer
      inkjet printers and/or sustainable expense reductions;

   -- Significant improvement in free cash flow beyond Fitch's
      current expectations due to higher profitability as opposed
      to cash restructuring declines.

Negative rating actions could occur if:

   -- The company undertakes significant debt-financed M&A or
      share repurchase activity;

   -- Ongoing deterioration in revenues and/or profitability
      resumes.

Fitch believes liquidity at Dec. 31, 2007 was solid and
supported by: approximately US$2.9 billion of cash and cash
equivalents, and an undrawn US$1 billion senior secured RCF due
October 2010 (approximately US$850 million net of letters of
credit); and free cash flow from continuing operations, which is
expected to improve in 2008 from a loss of US$52 million in 2007
due largely to the completion of the company's restructuring
program, which required cash outlays of US$400 million-US$600
million annually since 2004.  Approximately US$150 million of
residual cash restructuring payments are expected in 2008.

Total debt as of Dec. 31, 2007 was approximately US$1.6 billion,
consisting primarily of: US$250 million senior notes due
May 2008, US$500 million senior notes due 2013, and US$575
million convertible senior notes due 2033, which have a
conversion price of US$31.02 per share and which can be put to
the company in October 2010.  Fitch believes the US$250 million
maturity in 2008 will be repaid with cash on hand.  Fitch
estimates total leverage and interest coverage of 1.5 times and
7.8x, respectively, at Dec. 31, 2007, compared to 2.4x and 4.3x
at Dec. 31, 2006.

The Recovery Ratings reflect Fitch's belief that Kodak's
enterprise value would be maximized in a liquidation, rather
than a going-concern, scenario.  In estimating liquidation,
Fitch Kodak's accounts receivables, inventories, and property,
plant, applies advance rates of 80%, 20%, and 10%, respectively,
to and equipment balances as of the year ended Dec. 31, 2007.
Fitch arrives at an adjusted reorganization value of $1.6
billion after subtracting administrative claims.  Based upon
these assumptions, The 'RR1' recovery rating for Kodak's secured
bank facility reflects Fitch's belief that 100% recovery is
realistic.  The 'RR4' recovery rating for the senior unsecured
debt reflects Fitch's estimate that a recovery of only 31%-50%
would be achievable.

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.


FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007
-----------------------------------------------------------
Fresh Del Monte Produce Inc. released a strong financial and
operating results for the fourth quarter and year ended
Dec. 28, 2007.

Net income for the fourth quarter of 2007 increased to US$34.4
million, compared with a net loss of US$58.8 million in the
fourth quarter of 2006.  The increase in net income for the
quarter was driven by improvements in gross profit; reduction in
selling general and administrative expense; gains from favorable
foreign exchange rates; lower asset impairment and other
charges; and the sale of nonperforming assets.  For the full
year, the Company reported net income of US$179.8 million,
compared with a net loss of US$142.2 million in 2006.

Results for the fourth quarter of 2007 exclude charges totaling
US$7.3 million from asset impairment, restructuring and other
charges, net, primarily associated with exit activities in the
United Kingdom and Italy.  Full year results include charges
totaling US$9.5 million from asset impairment, restructuring and
other charges, net.

Net sales for the fourth quarter of 2007 increased 15 percent to
US$848.2 million, compared with US$737.6 million in the prior
year fourth quarter.  The significant increase in net sales was
due to strong sales performance in all of the company’s product
segments driven by product price increases in the company’s gold
pineapple, canned pineapple and melon product lines; higher
worldwide banana selling prices; increased demand for bananas,
especially in emerging markets; and favorable foreign exchange
rates.  Net sales for the year increased 5 percent to US$3.4
billion, compared with US$3.2 billion in 2006.

Gross profit for the fourth quarter of 2007 increased to
US$78.4 million, compared with gross profit of US$57.4 million
in the fourth quarter of 2006.  The US$21.0 million rise in
gross profit for the quarter was driven by higher selling prices
in the Company’s major product lines; operational improvements
in key business segments; favorable foreign exchange rates; and
increased sales in the company’s Prepared Food business segment,
a direct result of lower canned pineapple supply in the
marketplace.  These gains were partially offset by significantly
higher costs associated with the growing and procurement of
fruit, packaging, labor, fuel and transportation during the
quarter.  Gross profit for the year was US$364.9 million,
compared with gross profit of US$189.4 million in 2006.

"We delivered the best fourth quarter in our history, driven by
the improvements made in our business segments," said Mohammad
Abu-Ghazaleh, Chairman and Chief Executive Officer.  "In spite
of the fact that we experienced dramatic increases in fruit
production, procurement and logistics costs that exceeded
previous record highs, we were still able to remain flexible and
use strategically creative methods to address these factors.  We
focused our sales of fruit to markets with the greatest demand,
focused our fresh-cut line on the highest value products,
capitalized on health and wellness and convenience trends, and
achieved higher selling prices in key product lines.  These
accomplishments were achieved without sacrificing product
quality, freshness and reliability – characteristics associated
with Fresh Del Monte Produce and the Del Monte(R) brand."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating on Fresh Del Monte Produce Inc.,
and removed the rating from CreditWatch, where it was placed
with positive implications on Nov. 1, 2007.  S&P said the
outlook is stable.



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

DOLE FOOD: Moody's Cuts Rating to 'B3' on Weak Performance
----------------------------------------------------------
Moody's Investors Service lowered Dole Food Company, Inc.'s
corporate family rating and probability of default ratings to B3
from B2, and downgraded the ratings of the company's unsecured
shelf filings. Dole's other debt ratings were confirmed.  The
rating outlook is stable.

                          Ratings Lowered

                      Dole Food Company, Inc.

   -- Corporate family rating to B3 from B2

   -- Probability of default rating to B3 from B2

   -- Senior unsecured shelf, senior subordinated shelf and
      junior subordinated shelf to (P)Caa2 (LGD6,97%) from
      (P)Caa1 (LGD6,97%)

                         Ratings Confirmed

                      Dole Food Company, Inc.

   -- Senior secured term loan B at Ba3 (LGD2,23%)

   -- Senior secured prefunded letter of credit facility at Ba3
      (LGD2,23%)

                          Solvest. Ltd.

   -- Senior secured term loan C at Ba3 (LGD2,23%)

   -- Senior secured prefunded letter of credit facility at Ba3
      (LGD2,23%)

             Ratings confirmed, LGD percentage adjusted

                     Dole Food Company, Inc.

   -- Senior unsecured notes at Caa1 (LGD5). LGD percentage to
      77% from 78%

"The downgrade in the corporate family rating and probability of
default rating reflects Dole's weaker than anticipated operating
performance in its fresh vegetable segment, margin pressure in
packaged foods, and the lack of success in turning around its
small flowers business", noted Elaine Francolino, Vice
President, Senior Credit Officer.  As a result, Dole's credit
metrics are weaker than those appropriate for its prior rating
level -- debt to EBITDA at October 6, 2007 was still high at 8.2
times, and unlikely to improve in the near term to the 7.5 times
threshold articulated in Moody's January 2007 credit opinion as
appropriate for the company's prior (B2) rating level.  Free
cash flow has been negative since the end of fiscal 2004,
stemming from low profitability.

The shelf instruments that were also downgraded are assumed to
be unguaranteed in the loss-given-default model, and
consequently have a low priority ranking in the liabilities
waterfall.  The ratings of these instruments were negatively
impacted by the higher level of accounts payable, perhaps
resulting from rising input prices and from company growth.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. is the world's largest producer of fresh fruit,
fresh vegetables and fresh-cut flowers.  The company also sells
value-added fruits and vegetables.  Sales for the twelve months
ended Oct. 2, 2007 exceeded US$6.7 billion.

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


* Euler Hermes Launches Operations in Colombia
----------------------------------------------
Euler Hermes, the worldwide leader in trade credit insurance,
has announced the official launch of its newest Latin American
subsidiary, Euler Hermes Colombia.

Located in Bogota, Euler Hermes Colombia will provide a host of
accounts receivable management services to Colombian clients and
give access to the Group's international network.  In parallel,
Euler Hermes clients worldwide will benefit from the new local
risk underwriting presence in the region.

"Latin America is a very dynamic region and we are happy to be
able to strengthen our network of offices," said Euler Hermes
ACI CEO Paul Overeem, who oversees all Euler Hermes operations
in the Americas.  "The opening of Euler Hermes Colombia is a
further step in our strategy to help our clients in their
business development toward regions with a very high economic
growth potential, and more specifically in Latin America."

Colombia is a country with strong economic fundamentals. The
country's US$130-billion economy grew at 6.8% in 2006, the
highest rate in 28 years and two points faster than the Latin
American average.  For 2007, Colombia's GDP ranked fifth among
the Latin American countries.

"It has always been imperative for our Group to best serve our
clients by having representation in close proximity to the
sources of risk - their buyers," said Mr. Overeem.  "With our
new office in Colombia, the Euler Hermes Group is now present in
four countries representing more than 75% of Latin American GDP,
giving us a strong presence and knowledge of this area for our
clients to benefit from."

Euler Hermes Colombia is the Group's fourth subsidiary in Latin
America behind the establishment of business units in Mexico and
Brazil in 1999 and Argentina in 2007.

Euler Hermes -- http://www.eulerhermes.com/colombia/-- is the
worldwide leader in credit insurance and one of the leaders in
the areas of bonding, guarantees and collections.  With 6,000
employees in 51 countries, Euler Hermes offers a complete range
of services for the management of B-to-B trade receivables.  The
group posted a 2.099 billion euros turnover in 2007.

Euler Hermes, a subsidiary of AGF and a member of Allianz, is
listed on Euronext Paris.



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

PETROECUADOR: Setting Up Company With Petroleos de Venezuela
------------------------------------------------------------
Petroecuador will set up a joint company with Petroleos de
Venezuela for the development of Sacha oil field, Eric Watkins
at the Oil & Gas Journal reports.

The Oil & Gas Journal relates that Petroecuador and Petroleos de
Venezuela will also start building a 300,000-barrel-per-day
plant in Manabi in June.

Ecuadorian President Rafael Correa has accepted drilling
services that Petroleos de Venezuela offered to Petroecuador at
a discounted rate, the Oil & Gas Journal notes.

According to the Oil & Gas Journal, Petroecuador will use two
Venezuelan rigs.  Petroecuador will pay US$8,000 per day for
Petroleos de Venezuela's rig, the Oil & Gas Journal says, citing
President Correa.

                  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.

                       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.


PETROECUADOR: Willing to Compensate City Oriente
------------------------------------------------
Petroecuador is willing to compensate U.S. firm City Oriente if
it agrees to end its oil production contract in Ecuador, Reuters
reports.

Ecuadorian oil minister Galo Chiriboga told Reuters that the
government wants to reach an accord with City Oriente to end its
oil production deal.

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Petroecuador said that it would seek to end the
contract of City Oriente for not paying its debts with the
state.  Petroecuador head Carlos Pareja said that City Oriente
has a big problem with a debt of US$28 million.  City Oriente
refused to pay the state a windfall tax ratified in 2006 that
forces oil firms to pay 50% of their extra revenues generated by
high oil prices.  According to experts, the contract termination
process could result to the state's take over of City Oriente's
Ecuadorian assets.

Reuters relates that City Oriente had filed an international
arbitration against Ecuador in 2006 for breaching its contract
by creating a special tax for extra revenues.

The government had threatened unilateral termination of
contracts and seizure of assets if City Oriente and other
companies failed to renegotiate their deals to increase state
participation, Reuters notes.

Minister Chiriboga commented to reporters, "It's not going to be
possible to renew it.  We have the possibility of reaching a
mutual agreement to terminate it."

A government official told Reuters that if Ecuador reaches a
mutual accord with City Oriente to terminate its contract, the
government must compensate the firm for its investment in
Ecuador.  City Oriente's oil block 27 will be either exploited
by Petroecuador or offered in an international bid.

A mutual termination accord was part of negotiations with the
government, Reuters says, citing Jose Paez, City Oriente's
representative in Ecuador.

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.



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

HERBALIFE LTD: Earns US$191.5 Million in Year Ended Dec. 31
-----------------------------------------------------------
Herbalife Ltd. reported net sales of US$2.15 billion, an
increase of 13.8 percent for the year ended Dec. 31, 2007,
compared to US$1.89 billion in 2006.  For the 2007 full year,
the company reported net income of US$191.5 million compared to
US$143.1 million in 2006.  Excluding the impact of expenses
related to the company’s realignment for growth initiative and
other items, fiscal year 2007 net income increased 28.0 percent
to US$196.7 million.

For the fourth quarter ended Dec. 31, 2007, the company recorded
net sales of US$578.1 million, an increase of 18.6 percent
compared to the same period of 2006.  This record performance
was attributable to double-digit growth in several of the
company’s top countries; the U.S. up 22.1 percent, Taiwan up
18.9 percent, Italy up 21.9 percent and China up 145.8 percent
compared to the same period in 2006, coupled with the favorable
impact from currency fluctuations.  The company’s Chairman and
Chief Executive Officer Michael O. Johnson, said, “We are
pleased to report our 16th consecutive quarter of double-digit
growth and record net sales reflecting the strong performance of
our independent distributor organization.  Our margins and
record bottom line performance reflects the strong top line
growth coupled with our initiatives to continually leverage our
infrastructure to improve profitability.”

During the fourth quarter 2007, total Sales Leaders increased
16.0 percent to 473,846 and new Sales Leaders increased 10.4
percent to 56,739 versus the fourth quarter of 2006.  The
company’s President’s Team membership increased 11.8 percent to
1,105 members and the company’s prestigious Chairman Club
increased to 32 members.  Greg Probert, the company’s president
and chief operating officer, said, “The growth rate of new Sales
Leaders in the fourth quarter was the highest of the year,
reflecting the tremendous momentum in our distributor
organization.”

                       Financial Performance

For the quarter ended Dec. 31, 2007, the company reported net
income of US$53.8 million compared to US$41.7 million in the
fourth quarter of 2006.  The increase in net income was
primarily attributable to double-digit net sales growth and
expansion in operating profit margins.  Excluding the impact of
realignment for growth costs and certain other items², fourth
quarter 2007 net income increased 24 percent to US$55.1 million.
The company’s share repurchase program had an accretive impact
on diluted earnings per share.

During the fourth quarter, the company repurchased 3.9 million
shares of its common stock through open market transactions at
an average price of US$41.56 for an aggregate cost of US$161.8
million.  Since this share repurchase program was authorized in
April 2007, through early January 2008, the company has
repurchased 9.5 million shares at an aggregate cost of US$383.5
million, which is 85 percent of the US$450 million
authorization, and 13 percent of its outstanding common stock.
The company used excess cash along with debt to fund the
repurchase.

During the fourth quarter, the company invested US$17.0 million
in capital expenditures, primarily related to enhancements to
its management information systems and additional infrastructure
investments to improve distributor service levels in high growth
markets.

              Fourth Quarter 2007 Business Highlights

The company supported the development and training of its
distributors during the fourth quarter by hosting multiple
events including over 7,000 distributors at the North America
Herbalife University and Latino Development Weekend and
over 6,000 distributors at the northeast Brazil Extravaganza.

In late 2007, the company realigned its regional structure from
seven to five regions.  The North America, Mexico & Central
America, and EMEA regions remain essentially unchanged.  The
South America region now includes Brazil, and the former
Southeast Asia, North Asia and Greater China regions have been
combined into an Asia Pacific region.

“We continue to align company resources to better support our
distributors and their daily methods of operation,” said Greg
Probert.  “This updated regional structure allows us to better
support the geographic reach of the distributor leadership and
enhance sales, marketing and product synergies within the
regions.”

                       About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                          *      *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.



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

LAND O'LAKES: Earns US$5.5 Million in Quarter Ended December 31
---------------------------------------------------------------
Land O'Lakes Inc. reported its fourth-quarter and full-year
financial results.  The company reported significant increases
in both sales and net earnings, with net sales up 26% and net
earnings up 83%.

For the fourth quarter, the company reported net earnings of
US$5.5 million, compared to net earnings of US$44.5 million in
the fourth quarter of 2006. The company reported US$2.6 billion
in net sales compared to US$1.9 billion in net sales in the
fourth quarter of 2006.

Net earnings for full year 2007 was US$162.08 million compared
to US$88.67 million in 2006.  Full-year sales totaled
US$8.9 billion compared to net sales of US$7.1 billion for 2006.

Total EBITDA or earnings before interest, taxes, depreciation
and amortization was US$46 million for the quarter compared to
US$95.4 million and US$332.1 million for the year compared to
US$250.1 million for the same periods one year ago.

"The past year was highlighted by improved performance nearly
across the board, continued balance sheet strength and strategic
progress in positioning for the future," Chris Policinski, Land
O'Lakes president and chief executive officer said.  "Clearly,
strong markets, particularly in dairy and eggs, helped boost
both dollar sales and earnings.  However, our organization-wide
commitment to leveraging our brand strength, aggressive
portfolio management and effective cost control put us in a
position to translate market strength into improved business
performance and financial results."

                            Balance Sheet

Total balance sheet debt, including capital leases, was up
modestly to US$749 million at year-end versus US$708 million as
of Dec. 31, 2006.  Company officials indicated the increased
debt was related primarily to the September restructuring of its
investment in the Agriliance LLC agronomy joint venture, which
resulted in the Agriliance crop protection products business
being transferred to Land O'Lakes.

The company improved its Long-Term-Debt to Capital ratio, which
was at 36.8% as of Dec. 31, 2007, compared to 40.1% as of
Dec. 31, 2006.  Liquidity, defined as cash on hand plus unused
capacity on short-term debt facilities, was US$543 million at
Dec. 31, 2007, versus US$452 million one year ago.  Equities
were up approximately US$100 million to US$1 billion.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$4.4 billion, total liabilities of US$3.36 billion
and total equities US$1.04 billion.

                         About Land O'Lakes

Headquartered in Saint Paul, Minnesota, Land O'Lakes Inc. --
http://www.landolakesinc.com/-- is a national, farmer-owned
food and agricultural cooperative.  Land O'Lakes does business
in all 50 states and more than 50 countries, including the
Philippines, Ukraine and Guatemala.  It is a leading marketer of
a full line of dairy-based consumer, foodservice and food
ingredient products across the United States; serves its
international customers with a variety of food and animal feed
ingredients; and provides farmers and ranchers with an extensive
line of agricultural supplies and services.  Land O'Lakes also
provides agricultural assistance and technical training in more
than 25 developing nations.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2007, Standard & Poor's Ratings Services raised its
corporate credit and other ratings on privately-owned marketing
and supply cooperative Land O'Lakes Inc.  The corporate credit
rating is now 'BB'.  S&P said the outlook is stable.



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

AIR JAMAICA: To Offer Four US-Jamaica Daily Non-stop Flights
------------------------------------------------------------
Air Jamaica will offer four daily nonstop flights between JFK
and Jamaica starting April 1, 2008, to meet the overwhelming
demand from the Greater New York area’s leisure travelers,
businesses and Diaspora communities.

Air Jamaica will use an Airbus-A321 aircraft accommodating 12
Lovebird Executive Class passengers and 176 passengers in
Lovebird Economy Class for the new flights.

The increase in flights includes two daily nonstop services
between JFK and Kingston, making Air Jamaica the only airline
offering daily nonstop service to Kingston.

"Our JFK gateway is of great importance to Air Jamaica.  The
demand from business and leisure travelers, coupled with the
large Jamaican community, make New York one of our most utilized
gateways," Air Jamaica's Sales and Marketing Senior Vice
President Paul Pennicook said.

JFK-Jamaica flights feature Air Jamaica’s Lovebird Hospitality,
with no charge for up to two pieces of checked luggage,
complimentary hot meals and snacks, free in-flight entertainment
and the airline’s signature complimentary champagne.

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

                           *    *     *

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

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



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

AMERICAN AXLE: UAW Labor Contract Ends Sparking Workers' Strike
---------------------------------------------------------------
United Auto Workers union president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
and Manufacturing Inc. began an unfair labor practices strike at
12:01 a.m. on Feb. 26, 2008, following expiration of a four-year
master labor agreement with the company.

The master agreement expired at 11:59 p.m., Feb. 25, 2008.  The
master agreement covered approximately 3,650 associates at five
facilities in Michigan and New York.

Talks broke off Monday with major issues unresolved.  The
company is demanding wage reductions of up to US$14 an hour as
well as elimination of future retiree health care and defined
benefit pensions for active workers.

Pursuant to the master agreement with the UAW, AAM's all-in
labor cost is well in excess of US$70 per hour.  This is
approximately three times the market rate of the auto supplier's
peers and competitors in the United States.

AAM's primary objective in the current negotiations with the UAW
is to achieve a market competitive labor cost structure in the
United States.  The market competitive labor cost structure in
the United States automotive supply industry is in the range of
US$20 to US$30 per hour all-in cost.

In formal and informal discussions that have occurred for more
than two years, AAM management proposed labor rates and other
contract terms that many UAW-represented automotive suppliers
already have in place.  This includes AAM's principal driveline
competitors in the United States: Dana and the in-house axle-
making operations of Ford and Chrysler.  To date, AAM has been
unable to attain these structural changes and continues to work
under an uncompetitive OEM-style labor agreement with the UAW,
even though AAM is not, and never has been, an OEM.

AAM is a Tier 1, Tier 2 and Tier 3 supplier to the automotive
industry.

Since the company was founded in 1994, AAM has invested more
than US$3 billion in plant facilities, equipment and training
for our associates to create a safe, modern, efficient and
productive work environment at our original U.S. locations.  If
a market competitive labor cost structure is attained, AAM plans
to continue to invest in these locations in the future.  Without
the necessary structural changes, AAM's ability to compete for
future business or retain existing business at these locations
is in immediate jeopardy, the company said.

"It is unfortunate that a market competitive labor agreement
for AAM's original U.S. locations could not be reached," AAM
Co-Founder, Chairman and CEO Richard E. Dauch, said.  "All of
the changes we have proposed have been accepted by the UAW in
agreements with our competitors in the United States.  I have no
idea why AAM is being singled out for a different set of
economic conditions.  We look forward to continued negotiations
with the UAW to resolve these most pressing labor and economic
matters."

"The UAW has a proven record of working with companies to
improve their competitive position and secure jobs," UAW
President Ron Gettelfinger, said.  "But cooperation does not
mean capitulation.  Our members cannot be expected to make the
extreme sacrifices American Axle is asking for with nothing in
return."

Despite demanding that workers accept substantial reductions in
benefits, the company has failed to provide the union with the
information it needs to evaluate the merits of its proposals.

This unfair labor practice forced the UAW to implement a work
stoppage.

The union has made comprehensive proposals that would reduce
AAM's labor costs significantly and grant it operational
flexibility.  AAM, however, continues to move work to Mexico if
the union does not agree to its demands.

"We've been negotiating in good faith for some time now," said
Mr. Settles, who directs the union's American Axle and
Manufacturing Department.  "We want a settlement that works for
everybody.  But the company does not appear to be on the same
page."

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 28, 2007, Moody's Investors Service affirmed American Axle
& Manufacturing Holdings, Inc.'s Corporate Family rating of Ba3
as well its senior unsecured rating of Ba3 to American Axle &
Manufacturing Inc.'s notes and term loan.  At the same time, the
rating agency revised the rating outlook to stable from negative
and renewed the Speculative Grade Liquidity rating of SGL-1.


AMERICAN AXLE: S&P Says Strike Has No Immediate Rating Effect
-------------------------------------------------------------
Standard & Poor's Ratings Services disclosed that its ratings on
American Axle and Manufacturing Holdings Inc. (BB/Negative/--)
are not immediately affected by Feb. 25's report that the United
Auto Workers, the company's main labor union, elected to conduct
a work stoppage at the expiration of its four-year master labor
agreement with American Axle.  The agreement covered roughly
3,650 associates at five facilities in Michigan and New York.
S&P expects American Axle and the UAW to reach an agreement soon
that will reflect more competitive labor costs.

S&P believes that despite the work stoppage, the two sides will
continue to negotiate, and the rating agency remains mindful of
the positives that could result.  Still, if the work stoppage
were to persist beyond a brief and largely symbolic period, S&P
could place the ratings on American Axle on CreditWatch with
negative implications.  S&P estimates that American Axle has
about US$344 million in cash and marketable securities.  The
company also has access to US$572 million under a revolving
credit facility and US$60 million of uncommitted lines of
credit.  And even if the strike were to persist, the company has
substantial cushion in regard to existing financial covenants.

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.


AXTEL SAB: Earns MXN491 Million in 2007
---------------------------------------
Axtel, S.A.B. de C.V., said that its net profit increased 121%
to MXN491 million in 2007, from 2006.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2008, Axtel released its unaudited fourth quarter
results ended Dec. 31, 2007.  The company said that for the
fourth quarter of 2007, the gross profit accounted for
MXN1,870.2 million, an increase of MXN428.3 million or 30%,
compared with the same period in year 2006.  For the fourth
quarter of year 2007, operating expenses grew MXN134.8 million,
or 18%, totaling MXN867.7 million compared to MXN732.9 million
for the same period in year 2006.  The company said that its
operating income totaled MXN405.8 million in the three-month
period ended Dec. 31, 2007, compared to an operating income of
MXN255.9 million registered in the same period in year 2006, an
increase of MXN149.9 million or 59%. For the twelve-month period
ended Dec. 31, 2007, Axtel's operating income reached MXN1,393.8
million when compared to the result registered in the same
period of year 2006 of MXN751.2 million, MXN642.6 million or 86%
above.  The company also reported comprehensive financial loss
was MXN81.6 million for the three-month period ended
Dec. 31, 2007, compared to a loss of MXN93.7 million for the
same period in 2006.

Business News Americas relates that Axtel's net profit rose 44%
to MXN120 million in the fourth quarter 2007, compared to the
fourth quarter 2006.

According to BNamericas, Axtel's revenues increased 83% to
MXN12.2 billion in 2007, compared to 2006.  The revenues rose
37% to MXN2.99 billion in the fourth quarter 2007, from the same
period in 2006.

BNamericas notes that Axtel's Ebitda increased 77% to MXN4.08
billion in 2007, from 2006 and rose 41% to MXN1.00 billion in
the fourth quarter 2007, compared to the same quarter in 2006.

Axtel had 932,000 lines in service in 2007, 18% greater than
2006.  Its Internet line rose 4% to 109,000.  Its broadband
subscribers increased 29% to 76,000 in the fourth quarter 2007,
compared to 58,000 in the fourth quarter 2006, BNamericas
states.

Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. (BMV:
AXTELCPO; OTC: AXTLY) was formerly known as Axtel SA DE CV.  The
company's principal activity is providing local and long-
distance domestic and international telephony, data and Internet
services, virtual private networks and value added services.
Services include different access technologies such as fixed
wireless telephony, point-to-point and point-to-multi point
radio links, and copper and fiber optic connections.  Basic
services are divided into 5 categories such as voice, conference
call, data, Internet and bundles.  It offers basic
telecommunications infrastructure in Mexico through an
intelligent network that provides extensive coverage to all
markets.  It currently operates in Mexico City, Monterrey,
Guadalajara, Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, La Laguna,
Veracruz and Chihuahua.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Moody's Investors Service upgraded Axtel, S.A.B.
de C.V.'s corporate family rating to Ba2 from Ba3 based on the
rapid improvement of the company's credit metrics to levels
prior to the acquisition of Avantel as well as expected
improvements in free cash flow generation. Moody's says the
outlook is now stable.


AXTEL SAB: Reports Correction in Earnings Per CPO
-------------------------------------------------
Axtel, S.A.B. de C.V. disclosed that the earnings per CPO
reported on the Fourth Quarter 2007 earnings release did
not consider the October 2007 three-to-one stock split.

The earnings per CPO after giving effect to the stock split are:

                        4Q    4Q   4Q/4Q06   3Q         LTM
                       2007  2006  change%  2007  Dec-07  Dec-06
                       ----  ----  -------  ----  --------------
   Earnings per CPO    0.10  0.07    40%    0.17   0.39    0.18

Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. (BMV:
AXTELCPO; OTC: AXTLY) was formerly known as Axtel SA DE CV.  The
company's principal activity is providing local and long-
distance domestic and international telephony, data and Internet
services, virtual private networks and value added services.
Services include different access technologies such as fixed
wireless telephony, point-to-point and point-to-multi point
radio links, and copper and fiber optic connections.  Basic
services are divided into 5 categories such as voice, conference
call, data, Internet and bundles.  It offers basic
telecommunications infrastructure in Mexico through an
intelligent network that provides extensive coverage to all
markets.  It currently operates in Mexico City, Monterrey,
Guadalajara, Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, La Laguna,
Veracruz and Chihuahua.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Moody's Investors Service upgraded Axtel, S.A.B.
de C.V.'s corporate family rating to Ba2 from Ba3 based on the
rapid improvement of the company's credit metrics to levels
prior to the acquisition of Avantel as well as expected
improvements in free cash flow generation. Moody's says the
outlook is now stable.


CARDTRONICS INC: Signs ATM Branding Deal With Old Point
-------------------------------------------------------
Cardtronics Inc. and Old Point National Bank have entered into
an agreement allowing Old Point National Bank to brand 32
Cardtronics ATMs located in Walgreens stores in Hampton Roads,
Virginia.  The Old Point National Bank brand will be prominently
displayed on ATM signage and transaction screens.  Customers of
Old Point National Bank will be able to use the branded ATMs
surcharge-free.

Cardtronics' surcharge-free ATM branding programs allow branding
financial institutions, such as Old Point National Bank, to
expand their ATM footprint in new or existing markets without
incurring the costs to purchase, install, and operate the ATM
network.

"Customer service is the top priority for Old Point National
Bank, and our customers have told us they value a more
convenient way to access their cash without paying surcharge
fees," said Rob Shuford Jr., Chief Operating Officer at Old
Point National Bank.  "Through our branding agreement with
Cardtronics and Walgreens, we are able to deliver what our
customers are seeking."

"Cardtronics' ATM branding program is an effective way for Old
Point National Bank to strengthen its competitive stance and
provide an even better experience for its customers," stated Bob
Colabrese, SVP Financial Services at Cardtronics.  "The
additional customer touch-points and brand exposure provided
through the branded ATMs will complement Old Point National
Bank's existing branch presence while improving customer service
in a cost effective way."

Headquartered in Houston, Texas, Cardtronics Inc. --
http://www.cardtronics.com/-- is a non-bank owner/operator of
ATMs with more than 25,750 locations.  The company operates in
every major U.S. market, at approximately 1,700 locations
throughout the U.K., and at over 700 locations in Mexico.

                         *     *     *

On July 2007, Moody's Investors Service assigned a Caa1 rating
to Cardtronics, Inc.'s proposed additional US$125 million "tack-
on" high yield subordinated notes, which will be used to fund
the US$135 million acquisition of the assets of financial
services business of 7-Eleven.


CLEAR CHANNEL: Wachovia's Lawsuit May Derail New TV Sale Deal
-------------------------------------------------------------
Wachovia Corp.'s lawsuit filed on Friday with the North Carolina
Superior Court could thwart a sale deal between Clear Channel
Communications Inc. and Providence Equity Partners Inc., various
sources report.

Wachovia filed for a declaratory judgment to liberate itself
from funding the sale after the parties amended the terms of the
transaction, dropping the price from US$1.2 billion to
US$1.1 billion, the Wall Street Journal recounts.

Wachovia, which agreed in April to finance US$500 million of the
deal, contends that the revision of the original transaction
terms nullified its financing commitment, according to WSJ.

Reuters discloses that a Wachovia spokeswoman said Providence
demanded that the lenders be held to the terms of the deal it
had rejected.  The bank's efforts to resolve the issue were
unsuccessful.  Wachovia believes that it is in the best interest
of its shareholders to ask a court to confirm its nulled pledge.

A Providence spokesman called the suit "baseless," WSJ relates.

As reported in the Troubled Company Reporter on Feb. 19, 2008,
Clear Channel filed a lawsuit against Providence Equity to
compel the private equity firm to complete its acquisition of
Clear Channel's Television Group, which includes 56 television
stations, including 18 digital multicast stations, located in 24
markets across the United States, after Providence disclosed in
November 2007 that it had reservations about the transaction.
Providence said it may try to renegotiate the purchase price,
and should the deal fails, it would have to pay a US$45 million
break-up fee.

UBS AG and Goldman Sachs Group Inc., which are part of the group
funding the sale deal will carry out their original financing
commitments, WSJ says citing a person familiar with the matter
said.

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

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 30, 2008,
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.  S&P
originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


DESARROLLADORA HOMEX: Net Income Up to MXN734MM in 4th Qtr. 2007
----------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. Released its financial
results for the fourth quarter and full year ended Dec. 31,
2007.

                          Highlights:

    -- Total revenues in the 2007 fourth quarter increased 22% to
       MXN5.5 billion from MXN4.5 billion in the year-ago period.
       For the full year 2007, revenues rose 20.3% to MXN16.1
       billion, which falls in the top range of the company's
       annual guidance for the year.

    -- Earnings before interest, taxes, depreciation and
       amortization (EBITDA) during the recent quarter was MXN1.4
       billion, a 29.7% increase from the MXN1.1 billion reported
       in the fourth quarter of 2006.  For the full year, EBITDA
       grew 27.6%.

    -- EBITDA margin increased 146 basis points to 24.7% in the
       fourth quarter of 2007 from 23.2% in the fourth quarter of
       2006.  For the year, EBITDA margin was 25.1%, an increase
       of 143 basis points from 23.6% in 2006.  Adjusted for tax
       recoveries, EBITDA margin for the fourth quarter remained
       stable at 23.3%; for the year EBITDA margin increased to
       23.6%.

    -- Net income increased 149.4% in the fourth quarter of 2007
       to MXN734 million from MXN294 million in the fourth
       quarter of 2006.  For the year, net income increased 57.7%
       to MXN2.2 billion from MXN1.4 billion in 2006.  Net income
       adjusted for tax recoveries increased 45.6% to MXN2
       billion for the year.

    -- In the fourth quarter, total homes sold increased 18.4%.
       Increased availability of financing from all sources,
       particularly Infonavit, contributed to the higher volume
       of sales of affordable entry-level homes, which rose 19.5%
       during the quarter. Total volume for the year rose 17.1%.

"Our strong 2007 financial and operating results reflect Homex's
expanding leadership in the homebuilding industry," said Homex
Chief Executive Officer, Gerardo de Nicolas.  "During the year,
we continued our expansion strategy in attractive markets in
Mexico, invested in new construction technologies and addressed
new market opportunities that leverage the positive industry
trends and high-growth potential in new markets within Mexico.
The company not only delivered on its annual guidance but
remains well positioned and committed to outpace our industry in
the rate of revenue growth by maximizing our advanced
information technology systems and continuing to execute our
proven and replicable business model."

For the year, total SG&A increased to MXN1,756 million in 2007
compared to MXN1,359 million in 2006.

Operating income in the fourth quarter of 2007 increased 33.5%
to MXN1,191 million compared to MXN892 million in the same
period of 2006.  Operating income as a percentage of revenues
reached 21.6% in the fourth quarter of 2007 compared to 19.7% in
the same period of 2006, also affected by the non-cash
amortization of a portion equivalent to 12 months of the "Casas
Beta" brand value.

In 2007, operating income increased by 21.6% to MXN3,513 million
compared to MXN2,889 million in 2006.  Including the non-cash
items, operating income as a percentage of revenues was 21.7% in
2007 compared to 21.5% in 2006.

                       Other Income (Expense)

In the fourth quarter 2007, the company registered other income
of MXN75 million compared to other expense of MXN3 million in
the fourth quarter of 2006.  For the year other income increased
to MXN240 million from MXN48 million in 2006.  The fourth
quarter and full year 2007 higher result was mainly driven by a
partial recovery of VAT taxes during the periods.

Net comprehensive financing cost decreased to MXN161 million in
the fourth quarter of 2007 compared to MXN349 million in the
year ago period.  As a percentage of revenues, net comprehensive
financing cost was 2.9% in the fourth quarter of 2007 compared
to 7.7% in the same quarter of 2006.  The drivers of this
increase included:

    a) Net interest expense decreased to MXN147 million in the
       fourth quarter of 2007 from MXN216 million in the fourth
       quarter of 2006 mainly driven by an increase in interest
       income and a reduction in the company's borrowing interest
       rates.

    b) The company's reported non-cash monetary position in the
       fourth quarter of 2007 was MXN73 million compared to MXN39
       million in the fourth quarter of 2006, as a result of
       higher non-monetary assets.

    c) Foreign exchange gain in the fourth quarter of 2007 was
       MXN59 million compared to a foreign exchange loss of MXN94
       million in the fourth quarter of 2006, derived mainly from
       the net changes in the translation of the foreign
       currency-denominated debt.

The monetary position and the foreign exchange gain are both
non-cash items.

For the year 2007, net comprehensive financing cost as a
percentage of revenues was 2.8%, compared to 5.9% during 2006.
In absolute terms, net comprehensive financing cost decreased to
MXN454 million from MXN791 million in 2006, mainly driven by a
higher foreign exchange gain derived from the net changes in the
translation of the company's foreign currency-denominated debt
and higher interest income.

Net income for the fourth quarter of 2007 increased 149.4% to
MXN734 million from the MXN294 million reported in the same
period of 2006, reflecting higher sales and operative
efficiencies as well as non-cash effects to the net
comprehensive financial cost.

Earnings per share for the fourth quarter were MXN2.19, as
compared to MXN0.88 in the fourth quarter of 2006.  For the year
earnings per share were MXN6.53, as compared to MXN4.14 in 2006.

EBITDA margin improved to 24.7% in the fourth quarter of 2007
from 23.2% in the same period last year, mainly as result of
higher sales and the recoveries of VAT in the period.  EBITDA
for the fourth quarter of 2007 rose 29.7% to MXN1,362 million
from MXN1,051 million recorded in the fourth quarter of 2006.
Without considering the VAT recoveries, EBITDA margin during the
first quarter of 2007 was stable at 23.3%.

EBITDA margin for the year reached 25.1% in 2007 from 23.6% in
2006.  EBITDA for 2007 rose to MXN4,050 million, an increase of
27.6% from MXN3,175 million recorded in the same period of 2006.
Without considering the VAT recoveries, EBITDA margin during
2007 improved to 23.6%, in line with Homex's annual guidance.

                          Land Reserve

As of Dec. 31, 2007, Homex's land reserve was 67.5 million
square meters, which includes both the titled land and land in
process of being titled.  This is equivalent to 326,124 homes,
of which 298,398 are focused on the affordable entry-level,
27,726 in the middle-income and higher end segment.

Homex has established land reserve policies to maintain three
years of future sales of land bank on the balance sheet. In
addition, Homex maintains approximately three years of
additional anticipated sales in optioned land.

                            Liquidity

Homex's average debt maturity is 8.2 years.  The company had net
debt of MXN1,433 million as of Dec. 31, 2007.  Homex's debt to
total capital ratio was 27.9% while interest coverage was 9.0.
Homex funded its cash needs for the fourth quarter of 2007,
including land acquisitions, Capex, debt service and working
capital requirements through a combination of cash flow from
operations, working capital, credit lines and existing cash on
hand.  The company has been able to grow its revenues 75% from
2005 to 2007 without changing its capital structure.

    -- Net debt: MXN1,433 million
    -- Net debt to EBITDA ratio: 0.35
    -- Debt to total capitalization ratio: 27.9%
    -- Interest coverage 9.0

Free cash flow for the twelve months ended Dec. 31, 2007, was
close to neutral in the amount of negative MXN93 million, net of
resources from external financing and other land purchases and
capital expenditures.

                       Accounts Receivable

Homex reported total receivables of 46.5% of revenues for the
twelve months ended Dec. 31, 2007, representing an increase over
the 42.1% reported in the fourth quarter of 2006, calculated for
the twelve months ended Dec. 31, 2006.

The period-end days in accounts receivable, calculated as of
Dec. 31, 2007, were 168 days, compared to 151 days as of
Dec. 31, 2006.  The year-over-year increase is mainly derived
from the increased number of developments and new cities
initiated in the period that resulted in a higher percentage of
construction in progress as well as higher sales of middle-
income in the period, which take longer to build and sale.

                    Recent Business Highlights

Homex launched a new tourism division to serve second-home
market in Mexico for foreign citizens.

On Feb. 7, 2008, Homex announced a plan to strengthen its
position in the tourism market by developing communities for the
second-home market in key tourist destinations within Mexico.

Homex has worked for more than one year preparing for its entry
into this segment.  A number of marketing, demographic and
viability studies as well as direct polls to potential customers
in the United States, Canada and Mexico have helped the company
build a deep understanding of the market segment and its needs.

The first stage of development involves launches of "Las Villa
de Mexico" developments in Cancun, Los Cabos, and Puerto
Vallarta.  These private communities with a superior product and
service offerings will reflect the architecture and culture of
Mexico adapted to the customs and living traditions of the
company's target markets.

Homex launched an innovative real state development, first of
its kind in Mexico.

On Jan. 16, 2008, Homex, hosted a ceremony by the principal
housing officials in Mexico to inaugurate a new community called
"Zona Dorada", located in the city of Culiacan in the state of
Sinaloa.  This affordable entry-level project is the first
community to be developed under the new concept "Comunidades
Homex", based on an innovative model whose main attribute is its
social orientation and environmentally friendly orientation.

The first Homex community will require a total investment of
approximately MXN350 million over the next 1.5 years and will
create approximately 8,000 jobs.  The project will house
approximately 2,500 families who will be the first Mexican
family complex to participate in this innovative real estate
model in Mexico.

Homex, Azteca Foundation and Culiacan's municipal government
inaugurated six parks to benefit more than 10,000 people.

On Nov. 28, 2007, Homex inaugurated six parks in the city of
Culiacan, donated in conjunction with Azteca Foundation and the
City's municipal government.  The development of these parks
will improve the quality of life for the people living in five
Homex's communities.

The total investment of this project amounted to MXN2 million,
and will be distributed among the six parks located in different
communities in the city of Culiacan, Sinaloa.  More than 10
thousand people living in these communities will be directly
benefited from recreational areas, where they can integrate as a
community by participating in cultural activities and sports,
and also gain from the appreciation in the value of their homes
and its community.

Homex receives "CMMI level 2" Accreditation for software
development from the Software Engineering Institute.

On Nov. 5, 2007, Homex received the level 2 CMMI (Capability
Maturity Model Integration) accreditation from the Software
Engineering Institute at Carnegie Mellon University.  This
accreditation certifies that the Homex's Information Technology
department will follow specific processes to develop software
fulfilling the requirements of a world-wide recognized quality
model used by the software manufacturing leaders.  This will
have a positive impact in the company's operational systems, as
well as on the efficiency of its processes, therefore improving
all control capabilities.

                          About Homex

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

                          *     *     *

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


FIRST DATA: Inks Multi-Year Contract With Wells Fargo
-----------------------------------------------------
First Data Corp. has signed a multi-year contract extension
with Wells Fargo Bank to provide debit processing services to
Wells Fargo for its 19.6 million debit cards.

First Data also provides Wells Fargo with consumer credit and
small business card processing services, statement production
and mailing, plastic card personalization and fraud detection
services.

"First Data is pleased Wells Fargo has extended our longstanding
relationship," said Matt Lewis, president of First Data
Financial Institution Services.  "Wells Fargo is an innovator,
and we continue to support them with technologies that help them
build stronger, more valuable customer relationships."

"Wells Fargo has enjoyed a long relationship with First Data,
and we are pleased to announce the extension of our agreement,"
said Ed Kadletz, executive vice president and Debit Card
business manager of Wells Fargo Card Services.

Wells Fargo has been a First Data client since 1971.  Through
the years, Wells Fargo and First Data have worked closely
together to drive innovation in the payments industry.

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides  electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Moody's Investors Service lowered First Data
Corporation's untendered senior unsecured stub notes rating to
Caa1 from A2.  Upon completion of the tender process, First Data
had approximately US$200 million of the pre-LBO senior unsecured
notes outstanding at the end of December 2007, of which US$68
million will be due in August 2008.


GRUPO CASA: Net Profit Drops 2.7% to MXN383.9MM in 4th Qtr. 2007
----------------------------------------------------------------
Grupo Casa Saba released its consolidated financial and
operating results for the fourth quarter of 2007.

                      Financial Highlights:

    -- Sales for the quarter totaled MXN7,101.73 million

    -- Gross income increased 3.56%

    -- Gross margin for the quarter was 11.19%

    -- Quarterly operating expenses as a percentage of sales were
       5.33%

    -- The operating margin for the quarter was 5.86%

    -- Net profit for the quarter reached MXN383.90 million

    -- Cash and cash equivalents at the end of the quarter was
       MXN661.63 million

                        Quarterly Earnings

Net Sales:

During the fourth quarter, the company's sales were MXN7,101.73
million, an increase of 3.85%.

Sales for the group's Private Pharma division grew 3.66% during
the fourth quarter of 2007, due to an increase in the number of
units sold.

Sales in the Health, Beauty, Consumer Goods, General Merchandise
and Others division rose slightly versus the fourth quarter of
2006, growing 1.63%, while the Government Pharma division's
sales increased 4.13%.

Publications sales increased significantly, growing by 14.62%.
This was due to a significant increase in the number of units
sold, particularly in sales of men's and women's magazines as
well as health-oriented publications and the 2008 astrological
guides.

The sales mix was not altered significantly.  Private Pharma
sales represented 85.03% of total sales, Government Pharma
accounted for 3.44%, Health, Beauty, Consumer Goods, General
Merchandise and Other totaled 8.11% and Publications made up the
remaining 3.42%.

                         Sales By Division

Private Pharma:

Sales in this division rose 3.66%, as a result of an increase in
the number of units sold. Sales reached MXN6,038.47 million and
represent 85.03% of the Group's total sales.

Government Pharma:

Government Pharma sales reached MXN244.03 million during the
fourth quarter 2007 and accounted for 3.44% of the total sales.

                  Health, Beauty, Consumer Goods,
                  General Merchandise, and Others

Sales in this division totaled MXN576.42 million for the
quarter, an increase of 1.63% compared to the fourth quarter of
2006.  The growth in this division was due to higher unit sales.

Publication:

Publications sales showed noteworthy growth, increasing 14.62%.
This was due to a significant increase in the number of units
sold, particularly the sales of men's and women's magazines as
well as health-oriented publications and the 2008 astrological
guides.

This division's participation as a percentage of total sales
went from 3.10% in fourth quarter 2006 to 3.42% in the fourth
quarter of 2007.

                           Gross Income

During the fourth quarter of the year, Grupo Casa Saba's gross
income rose 3.56% to reach MXN794.85 million.  The company's
gross margin decreased by 3 basis points, to 11.19%, in spite of
the highly competitive environment.

                       Operating Expenses

Operating expenses reached MXN378.73 million, an increase of
8.69% versus the fourth quarter of 2006.  These expenses
represented 5.33% of the company's total sales.

                        Operating Income

Operating income decreased slightly, by 0.71%, to reach
MXN416.11 million.  The operating margin was 5.86%, which
was 27 basis points lower than the 6.13% margin posted in the
fourth quarter of 2006.

      Operating Income Plus Depreciation and Amortization

Operating income plus depreciation and amortization for the
fourth quarter 2007 was MXN429.98 million, an increase of 2.96%
compared to the fourth quarter of 2006.  Depreciation and
amortization for the period was MXN13.86 million.

                    Cash and Cash Equivalents

Cash and cash equivalents at the end of the fourth quarter 2007
was MXN661.63 million, an increase of 3.45% versus the fourth
quarter 2006.

                 Comprehensive Cost of Financing

During the fourth quarter of 2007, the company's comprehensive
cost of financing of MXN1.91 million was lower than the MXN3.61
million registered in the fourth quarter 2006, and was the
result of a lower charge in the monetary position account.

                     Other Expenses (Income)

During the fourth quarter of 2007, the Company registered an
income of MXN7.17 million in other expenses (income).  The
expenses (income) from this line item were derived from
activities that are distinct from the company's everyday
business operations.

                          Tax Provisions

During the fourth quarter, tax provisions were MXN37.47 million.
These provisions include: MXN74.84 million in current income
tax, MXN24.46 million in the asset tax for the period and
MXN61.82 million in deferred income tax.

                            Net Income

The company's net income for the fourth quarter was MXN383.90
million, a slight decrease of 2.70% versus the fourth quarter of
2006.  The net margin for the period was 5.41%.

                          Working Capital

During the fourth quarter of 2007 and compared to the fourth
quarter of 2006, the group's accounts receivable and inventory
days increased by 3.2 and 8.3 days, to reach 58.8 and 67.1 days,
respectively.  In addition, Grupo Casa accounts payable days
increased by 5.9 days, compared to the fourth quarter of 2006,
to reach 59.1 days.

                          About Grupo Casa

Founded in 1892 and based in Mexico City, Mexico, Grupo Casa
Saba, SAB de CV -- http://www.casasaba.com--  (fka. Grupo Casa
Autrey, SA de CV) through its subsidiaries, operates as a multi-
channel, multi-product wholesale distributor in Mexico.  It
distribute pharmaceutical products, health, beauty aids and
consumer goods, general merchandise, and publications, as well
as office, electronic, and other products, including keyboards,
audio and television equipment, and related accessories.  The
company also offers freight services to third parties; real
estate services; a range of value added services, including
multiple daily deliveries, emergency product replacement,
merchandising, marketing support, and other customer counseling
services; and training, conferences, and trade fairs.  It serves
privately-owned and government pharmacies, mass merchandisers,
regional and national supermarkets, department stores,
convenience stores, wholesalers, and other specialized channels.
As of Dec. 31, 2006, it operated a network of 20 distribution
centers.

                         *     *     *

As of March 30, 2007, Moody's Investors Service maintains a Ba2
global scale and A1.mx national scale corporate family rating
for Grupo Casa Saba, S.A. de C.V. with a stable ratings outlook.
The rating action still holds to date.


GRUPO MEXICO: Says Ongoing Business Is More Profitable
------------------------------------------------------
Grupo Mexico S.A. de C.V. said it can save ASARCO LLC and its
debtor-affiliates and avoid an asset sale if it regains control
over the company, Reuters reported.

Grupo Mexico is the parent of Asarco Incorporated, who is the
100% equity holder in ASARCO LLC.

"It is unreasonable from a business standpoint to auction all
its operating assets.  An ongoing business always has a higher
value than that obtained from the selling off of its parts,"
Reuters said citing a statement it obtained from Grupo Mexico.

ASARCO, in 2007, had about US$1,680,000,000 in revenues, with
more than US$530,000,000 of earnings before interest, taxes,
depreciation and amortization, and more than US$330,000,000 of
net profit.

Grupo Mexico told Reuters that the numbers "reflect ASARCO's
solvency, liquidity and capacity to pay its liabilities, once
they have been clearly defined."

The Helena Independent Record said that a federal official
confirmed that neither ASARCO's East Helena, Montana, smelter,
and Mike Horse Mine, nor any of its Montana properties, are
included on the list of operating assets that will be auctioned
off.  Instead, the focus of the proposed sale includes the
Mission, Ray, and Silver Bell open pit copper mines, and the
Hayden copper smelter in Arizona; and the Amarillo copper
refinery in Texas.  The Helena Independent Record added that any
individual buyer is free to include in its proposed offer other
properties owned by ASARCO.

The Helena Independent Record further said that, according to
its source, if ASARCO sells all of its assets, the company would
exist long enough to wind up the affairs of its estates.

As reported in the Troubled Company Reporter on Feb. 6, 2008,
the Debtors asked the Honorable Richard S. Schmidt of the U.S.
Bankruptcy Court for the Southern District of Texas to approve
uniform bidding procedures to govern the plan sponsor selection
process.

The Debtors related that they have reached an agreement in
principle with creditor constituents regarding the structure of
a plan of reorganization, which proposes to:

    (1) sell substantially all of the company's assets, and

    (2) resolve the company's contingent environmental and
        asbestos liabilities.

In March 2007, ASARCO presented to the Court a reorganization
plan exit process timeline to identify a plan sponsor and
develop a plan structure that maximizes the value of the assets
of the company's bankruptcy estate.  Since then, ASARCO and
Lehman Brothers, Inc., its financial advisors, have engaged in
marketing and due diligence program.

James R. Prince, Esq., at Baker Botts, LLP, in Dallas, Texas,
says ASARCO and its creditor constituents are ready to move
forward with the plan sponsor selection process and implement
procedures that will achieve that end.

                          About ASARCO

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/
-- is an integrated copper mining, smelting and refining
company.  Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

                       About Grupo Mexico

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

                           *     *     *

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


HORNBECK OFFSHORE: Ups Credit Facility Borrowing Base to US$250M
----------------------------------------------------------------
On Feb. 20, 2008, Hornbeck Offshore Services Inc. increased the
US$100.0 million borrowing base of its existing senior secured
revolving credit facility to US$250.0 million, the maximum
amount under the "accordion" feature of its September 2006
credit agreement.

As required under the September 2006 credit agreement, the
company submitted additional vessels as collateral, bringing the
approximate aggregate appraised fair market value of all
collateral to in excess of US$500.0 million or 200.0% of the new
level of permitted borrowings.  The company now has a total of
four ocean-going tugs and 24 new generation OSVs pledged as
collateral under this agreement.

                  About Hornbeck Offshore Services

Based in Covington, Louisiana, Hornbeck Offshore Services Inc.
(NYSE: HOS) -- http://www.hornbeckoffshore.com/-- is a provider
of technologically advanced, new generation offshore supply
vessels primarily in the U.S. Gulf of Mexico and select
international markets, and is a transporter of petroleum
products through its fleet of ocean-going tugs and tank barges
primarily in the northeastern U.S., the U.S. Gulf of Mexico and
in Puerto Rico.  Hornbeck Offshore currently owns a fleet of
over 80 vessels primarily serving the energy industry.

                          *     *     *

Moody's Investor Services placed Hornbeck Offshore Service's
probability of default rating at 'Ba3' in September 2006.  The
rating still holds to date with a negative outlook.


HOST HOTELS: Earns US$294 Million in 2007 Fourth Quarter
--------------------------------------------------------
Host Hotels & Resorts Inc. reported a net income increase of
US$98 million to US$294 million for the fourth quarter ended
Dec. 31, 2007, compared to US$196 million for the fourth quarter
of 2006.  For the full fiscal year 2007 ended Dec. 31, net
income decreased US$11 million to US$727 million from US$738
million.

Net income included a net gain of US$24 million for the fourth
quarter and US$114 million for the full year from gains on hotel
dispositions, partially offset by debt repayment or refinancing
costs.  By comparison, the fourth quarter and full year 2006,
net income included a net gain of US$8 million and US$355
million, associated with similar transactions, as well as costs
associated with preferred stock redemptions and the Starwood
acquisition.

Total revenue increased US$0.09 billion to US$1.8 billion for
the 2007 fourth quarter from US$1.7 billion of the 2006 fourth
quarter and increased US$0.6 billion to US$5.4 billion for full
year 2007 from US$4.8 billion for fiscal 2006.

The company's board of directors has authorized a program to
repurchase up to US$500 million of common stock.  The common
stock may be purchased in the open market or through private
transactions, dependent upon market conditions.  The plan does
not obligate the company to repurchase any specific number of
shares and may be suspended at any time at management's
discretion.  The company has approximately 523 million shares
outstanding.

As of Dec. 31, 2007, the company had approximately US$488
million of cash and cash equivalents.  Excluding amounts
necessary for working capital, the company intends to use its
available funds for dividend payments and stock repurchases and
to invest in the portfolio, acquire new properties or make
further debt repayments.  The company currently has US$600
million available under its line of credit.

As of Dec. 31, 2007, the company's consolidated balance sheet
reflected total assets of US$11.8 billion, total liabilities
amounting to US$6.1 billion resulting to a total stockholder's
equity of US$5.4 billion.

                   About Host Hotels & Resorts

Headquartered in Bethesda, Maryland, Host Hotels & Resorts Inc.
(NYSE:HST) -- http://www.hosthotels.com/-- is a lodging real
estate investment trust and owns luxury and upper upscale
hotels.  The company currently owns 121 properties with
approximately 64,000 rooms, and also holds a minority interest
in a joint venture that owns seven hotels in Europe with
approximately 2,700 rooms. Guided by a disciplined approach to
capital allocation and aggressive asset management, the company
partners with premium brands such as Marriott(R), Ritz-
Carlton(R), Westin(R), Sheraton(R), W(R), St. Regis(R), The
Luxury Collection(R), Hyatt(R), Fairmont(R), Four Seasons(R),
Hilton(R) and Swissotel(R)* in the operation of properties in
over 50 major markets worldwide.  The company has operations in
Mexico.

                          *      *      *


As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2007, Standard & Poor's Ratings Services revised its
rating outlook for Host Hotels & Resorts Inc. to stable from
positive.  Ratings on the company, including the 'BB' corporate
credit rating, were affirmed.


INVENSYS PLC: Leverage Expectations Cue S&P's Positive Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based capital goods group Invensys PLC to positive from stable.
At the same time, the 'BB' long-term corporate credit rating was
affirmed.

"The outlook revision reflects our expectation that leverage and
cash flow credit protection measures could be maintained above
levels normally required for the ratings," said Standard &
Poor's credit analyst Louise Newey.

On a 12-month rolling basis to Dec. 31, 2007, the funds from
operations (FFO)-to-debt ratio stood at 34.7% and the debt-to-
EBITDA ratio was 1.6x, which compares positively with 17.8% and
3.2x, respectively, at fiscal year-end March 31, 2007.  The
group will redeem its outstanding GBP343 million high-yield
bonds, paid out of existing cash balances, leading to their
cancellation on March, 17, 2008. Invensys is considering options
for its capital structure and financial policy targets, which
are currently bound by restrictions on acquisitions and dividend
payouts under existing facilities.

Standard & Poor's considers that the group's capital structure
and credit protection measures could be sustained at levels
required for a higher rating.

"An upward movement in the ratings would arise from a capital
structure with cash flow leverage at above 30% on a sustainable
basis," Ms. Newey added.  "Business risk conditions would need
to remain supportive, mitigating the group's sensitivity to more
cyclical industries."

The outlook would be revised to stable if the FFO-to-debt ratio
under the new capital structure falls to 20%-30% on a consistent
basis.  To maintain the 'BB' ratings, S&P would expect continued
steady positive free cash flow generation supported by overall
stable business conditions.  Any negative movement in the
ratings is less likely in the short to medium term.

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


KANSAS CITY: Fitch Lifts Issuer Default Ratings to BB- From B+
--------------------------------------------------------------
Fitch Ratings has upgraded the foreign and local currency Issuer
Default Ratings of Kansas City Southern de Mexico, S.A. de C.V.
to 'BB-'from 'B+'.  The Rating Outlook is Stable.

Fitch has also upgraded to 'BB-' from 'B+' these senior
unsecured obligations of Kansas City Southern de Mexico:

    -- US$165 million 7.375% senior notes due 2014:
    -- US$460 million 9.375% senior notes due 2012;
    -- US$175 million 7.625% senior notes due 2013.

These rating actions reflect Kansas City Southern de Mexico's
improving operating profile, increased financial flexibility and
stronger liquidity over the past two years.  Operating EBITDAR,
defined as operating EBITDA plus the company's locomotive and
railcar lease payments, increased to approximately US$376
million in 2007 compared with US$331 million in 2006 and just
US$227 million in 2005.  As of Dec. 31, 2007, the company had
approximately US$1.4 billion in total debt consisting primarily
of US$800 million in unsecured senior notes due in 2012-2014 and
an estimated US$507 million of off-balance-sheet debt associated
with lease obligations.  The ratio of total adjusted debt to
EBITDAR was 3.6 times , an improvement compared with 4.2 in 2006
and 6.1 in 2005.  EBITDAR covered fixed expenses, defined as
interest expense plus lease payments, by about 2.4 in 2007,
compared with 2.1 in 2006 and 1.4 in 2005.

Fitch expects the company's leverage to remain fairly stable in
2008 despite a modest increase in total debt to fund the
purchases of 90 new locomotives and 400 new freight cars for
approximately US$180 million.  Growth in Kansas City Southern de
Mexico's operating income is expected to be driven by increased
cross-border traffic from the intermodal, automotive and
agricultural segments and a continued favorable pricing
environment.  The company will begin the construction of an
intermodal rail terminal at the Pacific coast port of Lazaro
Cardenas, which has the potential to become increasingly
important to global shippers as an alternative to the congested
ports in California.  The terminal project and the on-going
development of the port infrastructure should strengthen the
position of its international corridor for traffic between Asia
and the United States via Mexico.  In 2008, intra-Mexico traffic
and the expected growth in the Mexican economy should offset a
slowdown in the United States economy.

Kansas City Southern de Mexico's refinancing risk and interest
expense were reduced in May 2007 when the company issued US$165
million of 7.375% senior notes due 2014 to pay down US$180
million of 12.50% senior notes due in 2012.  The parent company,
Kansas City Southern, will need to refinance US$200 million of
9.5% notes coming due in October 2008 and US$200 million of 7.5%
notes due in June 2009 at its U.S. operating subsidiary,  The
Kansas City Southern Railroad Company.  While Fitch believes
that Kansas City Southern will be able to refinance these
obligations, Kansas City Southern de Mexico's 'BB-' ratings
incorporate the risk that Kansas City Southern could rely on
dividend payments or inter-company loans from Kansas City
Southern de Mexico to meet its near-term debt service payments.
After paying US$120 million for 55 new locomotives in the second
half of 2007, Kansas City Southern de Mexico's cash balance as
of Dec. 31, 2007, was US$17 million.  The company also benefits
from US$61 million available under a US$81 million revolving
credit facility due 2011.

The ratings for Kansas City Southern de Mexico are supported by
the company's solid business position as a leading provider of
railway transportation in Mexico.  It is well-positioned to
continue benefiting from the growth in the Mexican economy and
cross-border trade with the United States as nearly 80% of the
company's revenues are derived from international freight.  The
company operates a strategically significant route connecting
Mexico City with Laredo, Texas, the largest freight exchange
point between Mexico and the United States.  About two-thirds of
Mexico's imports and exports transported by rail pass through
this point in Nuevo Laredo, Mexico and Laredo, Texas.  By
serving customers in various sectors such as general
commodities, automotive and intermodal, the company's revenue
based is well diversified.  Although its operating earnings have
improved in 2007, the ratings continue to reflect a challenging
environment characterized by fierce competition, high fuel
costs, and a general shift in manufacturing to China from
several countries, including Mexico.

The company operates one of three main railroad networks in
Mexico, transporting more than 40% of the country's railway
freight volumes.  Its main tracks cover 2,645 miles throughout
commercial and industrial areas in the northeastern and central
regions of the country and serve three of Mexico's main
seaports.  In 2007, revenue of US$813 million was generated from
diverse sectors such as agro-industrial, cement, metals and
minerals, chemical and petrochemical, automotive, manufacturing
and industrial, and intermodal.  Through various subsidiaries,
Kansas City Southern owns 100% of Kansas City Southern de
Mexico.  In 2007, the Mexican company generated 47% of Kansas
City Southern's consolidated revenue and 60% of its operating
income.

Headquartered in Kansas City, Missouri, Kansas City Southern --
http://www.kcsouthern.com/en-us-- is an international
transportation holding company comprised of three primary
railroads: The Kansas City Southern Railway Company, Kansas City
Southern de Mexico, and Panama Canal Railway Company.


SHARPER IMAGE: Can Continue Workers' Compensation Program
---------------------------------------------------------
The U.S. Bankruptcy Court in Delaware granted Sharper Image
Corp.'s request to maintain its workers' compensation program.

In the course of its business operations, the Debtor maintained
a workers' compensation program with Chubb/Federal Insurance
Company.  Renewed annually on April 1, the Workers' Compensation
Program provides coverage for claims arising from the Debtor's
employees based in the United States.

Under the Debtor's Workers' Compensation Program, of which there
are 110 open workers' compensation claims:

   -- the Debtor pays to Chubb an annual premium that is
      calculated based on the Debtor's projected payroll and
      historic loss rates;

   -- the Debtor is responsible for paying a deductible totaling
      US$150,000 per claim asserted; and

   -- Chubb is obligated to pay the balance of the claim amount
      above the Workers' Compensation Deductible, of up to
      US$1,000,000 per claim.

At the conclusion of each policy year, Chubb conducts an audit
of the Debtor's payroll records and issues a premium adjustment
based on the difference between the Debtor's projected and
annual payroll for the previous year.

The Debtor believes it may have outstanding liability for
US$75,000, on account of the Workers' Compensation Claims,
proposed counsel for the Debtors, Steven K. Kortanek, Esq., at
Womble Carlyle Sandridge & Rice, PLLC, in Wilmington, Delaware,
says.

The Debtor also maintains various liability, product, and
property-related insurance programs, which provide insurance
coverage for liabilities relating to, among other things,
personal injuries, crime, directors' and officers' liability.

The Debtor is required to pay premiums under the Liability,
Product, and Property Insurance Programs aggregating
US$1,781,524, annually, a portion of which the Debtor finances
through AIC Imperial Credit Companies.  As of the Petition Date,
the Debtor's total financed outstanding Insurance Premiums
totaled approximately US$458,652, and its total outstanding non-
financed totals approximately US$138,568.

The Debtor estimates that no more than US$275,000 in the
aggregate is currently owned for Insurance Deductibles with
respect to claims relating to the period prior to the Petition
Date.

According to the Mr. Kortanek, the continuation of its Insurance
Programs is essential to the ongoing operation of the Debtor's
business.  Furthermore, applicable state law also mandates that
the Debtor maintains a workers' compensation coverage for its
employees.

Accordingly, the Debtor sought and obtained the Court's
permission to maintain its Insurance Programs without
interruption.

The Court authorized the Debtor to pay, in its sole discretion,
all premiums, claims, deductibles, excess, retrospective
adjustments, administrative fees, and all other obligations
arising under the Insurance Program, for an amount not exceeding
US$950,000.

Judge Kevin Gross also ordered that, to the extent any of the
Debtor's employees hold claims under the Debtor's Workers'
Compensation Programs, these employees are authorized, at the
Debtor's direction, to proceed with their workers' compensation
claims in the appropriate judicial or administrative forum under
the Workers' Compensation Program.

The Court authorized Wells Fargo Retain Finance, LLC to receive,
process, honor and pay checks related to the Insurance
Obligations.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  The company
filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D.,
Case No. 08-10322).  Steven K. Kortanek, Esq. at Womble,
Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its
restructuring efforts.  When the Debtor filed for bankruptcy, it
listed total assets of US$251,500,000 and total debts of
US$199,000,000.

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


SHARPER IMAGE: Seeks to Obtain US$60 Mil. of DIP Financing
----------------------------------------------------------
Sharper Image Corp. seeks to obtain up to US$60,000,000 of
debtor-in-possession financing from Wells Fargo Retail Finance,
LLC, as the arranger and administrative agent for the DIP
Lenders.

Proposed counsel for the Debtor, Steven K. Kortanek, Esq., at
Womble Carlyle Sandridge & Rice, PLLC, in Wilmington, Delaware,
asserts that Wells Fargo's proposal is desirable because it
permits the Debtor to secure necessary postpetition financing to
continue operations.

Wells Fargo is the agent for the Debtor's prepetition lenders.

The proceeds of the DIP Facility, net of any amounts used to pay
fees, costs and expenses under the DIP Credit Agreement, will be
used, solely for:

   (a) working capital and general corporate purposes,

   (b) payment of costs of administration of the Case,

   (c) all prepetition letters of credit issued under the
       Prepetition Financing Agreements will be deemed issued
       under the DIP Credit Agreement, and

   (d) payment in full of the Prepetition Debt.

The Debtor and Wells Fargo have agreed on a budget projecting
cash flow for 13 weeks.  On a weekly basis, the Debtor will
provide to Wells Fargo an updated budget.  The Debtor believes
that the Budget is achievable and will allow it to operate and
pay its postpetition obligations as they mature.

A full-text copy of the 13-week budget is available for free at

          http://bankrupt.com/misc/SI13WeekBudget.pdf

Pending entry of a final order authorizing the DIP Financing
Agreement, the U.S. Bankruptcy Court in Delaware authorized the
Debtor, on an interim basis, to borrow up to US$35,000,000
pursuant to the terms of the DIP Financing Agreement.

                            DIP Terms

The salient terms of the DIP Agreement are:

   (1) The maximum amount available to the Debtor under the
       senior revolving credit facility is US$60,000,000, with a
       sublimit for letters of credit up to US$10,000,000.

   (2) During the term of the DIP Financing Agreement, each
       Postpetition Lender agrees to make revolving advances to
       the Debtor in an amount at anyone time outstanding not to
       exceed the Postpetition Lender's Pro Rata Share of any
       amount equal to the lesser of (i) (a) until entry of the
       Final DIP Order, US$35,000,000, and (b) after entry of the
       Final DIP Order, US$60,000,000 less the the aggregate
       undrawn amount of all outstanding Letters of Credit, or
       (ii) the Borrowing Base less the Adjusted Letter of Credit
       Usage.

   (3) All Obligations, except for undrawn Letters of Credit and
       Bank Product Obligations, that have been charged to the
       Loan Account will bear interest on the Daily Balance
       at a per annum rate equal to the Base Rate plus the
       Applicable Margin.  For purposes of the DIP Financing
       Agreement, the term "Applicable Margin" means (a) with
       respect to the FILO Advance, 4.50% per annum, and (b) with
       respect to all other Loans and Obligations, 1.50% per
       annum.

       Bank Product Obligations refer to all obligations,
       liabilities, contingent reimbursement obligations, fees,
       and expenses owing by the Debtor to Wells Fargo or any
       of its affiliates.

   (4) All (i) DIP Obligations of the Debtor to the DIP Lenders
       will be immediately due and payable, and (ii) authority to
       use the proceeds of the DIP Financing Agreements and to
       use cash collateral will cease, both on the date that is
       the earliest to occur of:

          (a) August 20, 2008;

          (b) the date on which the maturity of the Obligations
              is accelerated and the Commitments are irrevocably
              terminated in accordance with the DIP Credit
              Agreement;

          (c) the failure of the Debtor to obtain a Final
              Borrowing Order on or before the date which is
              30 days after the effective date of the DIP
              Financing Agreement; or

          (d) the date of substantial consummation of a plan of
              reorganization confirmed by a final order.

   (5) The Debtor will pay the fees -- including a closing  fee
       and a monthly service fee -- as and when due and payable
       under its terms and, on the first day of each month during
       the term of the DIP Financing Agreement, an unused line
       fee in an amount equal to 0.25% per annum times the result
       of (i) the Maximum Revolver Amount at such time, less (ii)
       the sum of (a) the average  Daily Balance of Revolving
       Advances that were outstanding during the immediately
       preceding month, plus (b) the average Daily Balance of the
       Letter of Credit Usage during the immediately preceding
       month.  The Debtor must pay a  prepayment premium in the
       amount of US$525,000 if all Obligations and all
       Prepetition Obligations are paid and all Commitments are
       terminated after the date that is 30 days after the
       Petition Date.

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

The Court will convene a hearing on March 7, 2008, to consider
final approval of the Debtor's DIP Financing request.
Objections are due Feb. 29.

The DIP Agent is represented by David S. Berman, Esq., at Riemer
& Braunstein LLP.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  The company
filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D.,
Case No. 08-10322).  Steven K. Kortanek, Esq. at Womble,
Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its
restructuring efforts.  When the Debtor filed for bankruptcy, it
listed total assets of US$251,500,000 and total debts of
US$199,000,000.

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


SHARPER IMAGE: NASDAQ to Suspend Common Stock Trading Tomorrow
--------------------------------------------------------------
Sharper Image Corporation received notification on
Feb. 20, 2008, from the NASDAQ Stock Market indicating that the
staff of the NASDAQ Stock Market had determined, in accordance
with NASDAQ Marketplace Rules 4300, 4450(f) and IM-4300, that
the company's common stock should be delisted from the NASDAQ
Stock Market in light of the company's filing for protection
under Chapter 11 of the U.S. Bankruptcy Code and concerns about
the residual equity interest of the existing listed securities
holders and the company's ability to sustain compliance with all
of NASDAQ's listing requirements.

Trading in the company's common stock will be suspended at the
opening of business on Feb. 29, 2008, unless the company
requests an appeal of NASDAQ's delisting decision.

The company does not intend to appeal NASDAQ's delisting
decision and expects that its common stock may continue to trade
on the over the counter market following Feb. 28, 2008.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  The company
filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D.,
Case No. 08-10322).  Steven K. Kortanek, Esq. at Womble,
Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its
restructuring efforts.  When the Debtor filed for bankruptcy, it
listed total assets of US$251,500,000 and total debts of
US$199,000,000.

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


SHARPER IMAGE: Court Authorizes Firm to Use Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court in Delaware granted Sharper Image
Corp.'s request to use cash collateral of its pre-bankruptcy
secured lenders.

As of the company's bankruptcy filing on Feb. 19, the Debtor is
a party to a Loan and Security Agreement dated October 31, 2003,
with Wells Fargo, as lender, arranger, and administrative agent,
and the lenders party.

The Prepetition Credit Agreement provides for a revolving credit
facility and letter of credit subfacility against a "borrowing
base" determined by inventory levels and specified accounts
receivable in the maximum aggregate amount of the lesser of:

   (a) US$85,000,000 during the period from January 1 through
       July 31 of each year;

   (b) US$100,000,000 during the period from August 1 through
       September 30 of each year;

   (c) US$120,000,000 during the period from October 1 through
       December 31 of each year; and

   (d) the borrowing base.

The Prepetition Credit Agreement also provides for a term loan
facility in the amount of US$10,000,000, which was made
immediately available, with an additional US$10,000,000 to be
available upon the successful completion of syndication of the
term loan.  The contemplated syndication did not occur.

The amounts borrowed under the Prepetition Credit Agreement were
used to fund, among other things, working capital requirements.

As of the Petition Date, approximately US$44,500,000 is
outstanding under the Prepetition Credit Agreement.

Pursuant to the Prepetition Credit Agreement, the Debtor granted
first priority liens and security interests in favor of the
Prepetition Secured Parties in the Debtor's then owned or
thereafter acquired right, title, and interest in and to, among
others, each of these assets:

     (i) Accounts,
    (ii) Books,
   (iii) Deposit Accounts,
    (iv) Equipment,
     (v) General Intangibles,
    (vi) Goods,
   (vii) Inventory,
  (viii) Investment Property,
    (ix) Negotiable Collateral,
     (x) Commercial Tort Claims,
    (xi) Leasehold Interests,
   (xii) money or other assets of Sharper Image, and
  (xiii) the proceeds and products of any of the assets.

To address its working capital needs and fund its reorganization
efforts, the Debtor sought and obtained the Court's permission,
on an interim basis, to use the cash collateral of the
Prepetition Secured Parties.

The use of Cash Collateral will provide the Debtor with the
additional necessary capital with which to operate its business,
pay its employees, maximize value, and pursue reorganization
under Chapter 11.

Proposed counsel for the Debtor, Steven K. Kortanek, Esq., at
Womble Carlyle Sandridge & Rice, PLLC, in Wilmington, Delaware,
informs the Court that the Prepetition Secured Parties have
consented to the Debtor's use of Cash Collateral in the ordinary
course of business in accordance with a budget, subject to the
adequate protection liens and payments and the other terms and
conditions.

The Prepetition Secured Parties have requested and are entitled,
pursuant to Sections 361 and 363(e) of the Bankruptcy Code, to
adequate protection of their interests in collateral under the
Prepetition Credit Agreement to the extent that there is a
diminution in the value of the collateral from and after the
Petition Date, Mr. Kortanek explains.

As adequate protection for any diminution in value, the
Prepetition Secured Parties will be granted additional and
replacement security interests and liens in the Collateral in
and upon all existing and after acquired real and personal,
tangible and intangible, assets of the Debtor.  The Collateral
will not include any proceeds of bankruptcy recoveries under
Chapter 5 of the Bankruptcy Code, other than proceeds of any
avoidance action brought pursuant to Section 549 of the
Bankruptcy Code, Mr. Kortanek says.

The Replacement Liens will be junior only to the liens granted
to the DIP lenders and Wells Fargo Retail Finance, LLC, as the
arranger and administrative agent for the DIP Lenders; the
Carve-Out; and liens permitted by the Prepetition Financing
Agreement.  The Replacement Liens are and will be valid,
perfected, enforceable, and effective as of February 20, 2008,
without any further action by the parties and without the
necessity of the execution by the Debtor of mortgages, security
agreements, pledge agreements, financing statements, or other
agreements.

In addition to the Replacement Liens, the Debtor will grant or
pay the Prepetition Secured Parties, among other things, as
adequate protection:

   (a) an allowed superpriority administrative claim, which will
       have priority -- except with respect to the DIP Liens, the
       DIP Superpriority Claim, the Replacement Liens, the
       Carve-Out, and the Permitted Prior Liens --  under
       Sections 364(c)(l), 503(b), and 507(b) of the Bankruptcy
       Code, and otherwise over all administrative expense claims
       and unsecured claims against the Debtor and its estate,
       now existing or arising, of any kind or nature
       whatsoever;

   (b) repayment of the principal amount of the Prepetition Debt
       in accordance with the DIP Orders; and

   (c) payments in the amount of non-default interest, fees, and
       expenses with respect to the Prepetition Debt in
       accordance with the Prepetition Financing Agreements.

These claims are to be granted and the payments are to be made
to the Prepetition Secured Parties because, among other things,
the Prepetition Credit Facility will be primed and the Debtor
will continue to use the Cash Collateral and other collateral
under the Prepetition Credit Agreement in the Debtor's ongoing
operations until the entry of the Final DIP Order.  At that
time, the prepetition debt will be satisfied by the proceeds of
the DIP Financing Agreement.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  The company
filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D.,
Case No. 08-10322).  Steven K. Kortanek, Esq. at Womble,
Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its
restructuring efforts.  When the Debtor filed for bankruptcy, it
listed total assets of US$251,500,000 and total debts of
US$199,000,000.

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


SHARPER IMAGE: Section 341 Meeting of Creditors Set for March 19
----------------------------------------------------------------
Kelly Beaudin Stapleton, U.S. Trustee for Region 3, will convene
a meeting of the creditors of Sharper Image Corp. at 10:00 a.m.,
on March 19, 2008, at Room 2112, J. Caleb Boggs Federal
Building, 2nd Floor, on Wilmington, Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in the Debtor's bankruptcy cases.

Attendance by the Debtor's creditors at the meeting is welcome,
but not required.  The Sec. 341(a) meeting offers the creditors
a one-time opportunity to examine the Debtor's representative
under oath about the Debtor's financial affairs and operations
that would be of interest to the general body of creditors.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  The company
filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D.,
Case No. 08-10322).  Steven K. Kortanek, Esq. at Womble,
Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its
restructuring efforts.  When the Debtor filed for bankruptcy, it
listed total assets of US$251,500,000 and total debts of
US$199,000,000.

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



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

CABLE & WIRELESS: Panamanian Unit Earns US$61.6MM in 9 Months
-------------------------------------------------------------
Cable & Wireless' Panamanian unit's net earnings increased 40%
to US$61.6 million for the April 1-Dec. 31 period of fiscal year
2008, compared to US$43.9 million registered in the same three
quarters of fiscal year 2007, Business News Americas reports.

BNamericas relates that the Panamanian state and UK-based parent
Cable & Wireless -- that each hold a 49% stake in the company --
will each get US$30.2 million of the earnings, while private
investors, which own 2% of the firm, will get US$1.23 million.

Cable & Wireless has spent US$2.37 billion in dividend payments,
purchases of other companies and other expenditures since its
entrance to the Panamanian market in 1997, BNamericas states.

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.


CHIQUITA BRANDS: S&P Assigns 'CCC' Rating on US$200M Sr. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC' senior
unsecured rating to Chiquita Brands International Inc.'s
US$200 million convertible senior notes due 2016.  Net proceeds
from the issuance were used to repay a portion of the
US$375 million term loan C (US$132 million outstanding at
Dec. 31, 2007, pro forma for this notes offering) of its senior
secured credit facility.  About US$820 million of debt was
outstanding at Dec. 31, 2007.

The ratings on Cincinnati, Ohio-based Chiquita reflect the
company's high debt leverage, weak credit measures, and its
product concentration in bananas and packaged salad.  The
company competes in the fruit and vegetable industry, which is
mature and faces uncontrollable factors such as global supply,
world trade policies, political risk, currency swings, weather,
and disease.

                             Ratings List

                  Chiquita Brands International Inc.

      Corporate Credit Rating           B-/Negative/--

                            Rating Assigned

                  Chiquita Brands International Inc.

      US$200 Million 4.25%
       Convertible Notes Due 2016       CCC

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.


* PANAMA: Fiscal Improvement Cues S&P to Affirm B Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
sovereign credit ratings on the Republic of Panama to 'BB+' from
'BB'.  S&P also affirmed its 'B' short-term sovereign credit
rating on the republic.  The outlook on the long-term ratings is
stable.

According to S&P's credit analyst Roberto Sifon Arevalo, the
upgrade is supported by Panama's booming economy and continued
improvement in its fiscal indicators.  Panama is enjoying record
economic growth, estimated at 10% in 2007 and averaging 6.5%
since 2002, which was the main factor behind the country's
strong fiscal improvement of the past several years.

In a dollarized economy like Panama, the government cannot use
monetary or exchange-rate polices to adjust to economic shocks;
hence, fiscal policy flexibility assumes a major role.  Mr.
Sifon Arevalo explained that the general government is expecting
a surplus of about 0.7% of GDP in 2007, a remarkable improvement
from a deficit of 5.6% in 2004.  At the same time, the net
general government debt burden—which takes into account large
asset holdings such as the Trust Fund for Development and
deposits at Banco Nacional de Panama -— should have declined to
33% of GDP in 2007 from 42% in 2004.

"Maintaining a near-balance fiscal position during the expansion
of the Panama Canal is critical.  This will be of particular
importance in 2008, as fiscal spending pressures are expected to
increase due to both normal preelectoral dynamics and increasing
inflationary pressures.  In line with these concerns, the
government sent Congress the long-awaited revision of the fiscal
responsibility law." Mr. Sifon Arevalo added.

S&P said that, even though the canal and its expansion continue
to be the main economic drivers in Panama, there has been
growing economic diversification in recent years.  New areas
such as residential tourism, port logistics, and high-end
construction are increasing contributors to the country's
economic structure, while the recent entry of international
financial institutions has strengthened Panama's financial
system.

"However, the projected slowdown in the U.S. economy and its
impact on the overall global economy are expected to have a
negative effect on the pace of economic growth in 2008," Mr.
Sifon Arevalo continued.  "We expect activities related to the
canal expansion, the construction boom, and further growth of
port facilities to support real GDP growth of 6.5% in 2008."

Mr. Sifon Arevalo explained that the stable outlook balances the
positive momentum from improved economic and fiscal trends with
the risk associated with the ongoing canal expansion in the
context of a global economic slowdown.  S&P expects that the
expansion of the Panama Canal can be financed in a manner that
does not unduly burden government finances, either directly or
as a contingent liability, and that the canal's free cash flow
will remain robust throughout the construction period, which
extends through 2014.  As long as the expansion project remains
on or close to budget, S&P assumes that the project will pose
limited risk to the Canal Authority's payments to the
government.  This means that payments of dividends and tonnage
fees will be at least the minimum specified by the 2006
referendum.

"Further consolidation of fiscal and economic improvement, as
well as positive developments in the canal expansion, will
improve the sovereign's creditworthiness.  However, if the
commitment to fiscal discipline weakens, or if the canal project
impairs the government's fiscal performance, the ratings could
come under downward pressure," he concluded." concluded Mr.
Sifon Arevalo.


* PANAMA: Rating Upgrade Won't Affect Major Banks, S&P Says
-----------------------------------------------------------
Standard & Poor's Ratings Services' upgrade on the Republic of
Panama to 'BB+' from 'BB' will not affect the ratings on Banco
General S.A. (BBB-/Stable/A-3), BBVA Panama S.A. y Subsidiarias
(BBB-/Stable/A-3), Primer Banco del Istmo S.A. (Banistmo; BBB-
/Positive/A-3).

Although the country's overall economic situation has improved,
major banks in Panama face several structural challenges,
including their important exposure to domestic real estate,
relatively low potential for retail loan growth, and high loan-
to-deposit ratios.  The current ratings on Panama's major banks
reflect their adequate profitability, asset quality, and capital
measures that are comparable to other banks rated 'BBB-'.

"We are concerned about the banks' exposure to real estate
because the sector has been growing very fast with prices
increasing, especially in the upper market; we think that the
financial system could be vulnerable to a downturn in the real
estate market," said S&P's credit analyst Leonardo Bravo.
Panama continues to have a dual economic structure, which
contributes to income inequalities, relatively high
unemployment, and poverty that limits potential retail loan
growth.  Major banks in Panama have loan-to-deposit ratios of
more than 100%, which is a challenge in terms of funding and
price flexibility.

The ratings on the major Panamanian banks listed above are
higher than those on the Republic of Panama, given S&P's opinion
that these banks would be resilient, to a certain degree, in a
sovereign default scenario because of their financial
performance, which is comparable to other banks rated 'BBB-',
and s&P's view that there is a remote currency mismatch risk
because of Panama's long-standing use of the U.S. dollar.  Also,
the transfer and convertibility assessment for Panama remains
'AAA' rated, which indicates S&P's view that there is a remote
chance that the sovereign will impose foreign exchange controls
because the U.S. dollar is the local currency in Panama.

Rating actions on major banks in Panama would not necessarily
mirror those on the sovereign. Instead, future rating actions
would depend on an individual bank's performance, support from
parent companies, and the banks' ability to face structural
challenges.  During 2008, S&P will review each bank's financial
performance to determine the effect on the credit ratings.



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

FIRST BANCORP: Sterne Agee Lowers FirstBank's 2008 Estimates
------------------------------------------------------------
Sterne, Agee & Leach has downgraded FirstBank Puerto Rico's 2008
earnings per share estimate two cents to US$0.53 after the US
brokerage firm paid a visit to the bank executives, Business
News Americas reports.

According to the brokerage firm, its US$9 price target on First
Bancorp's stock will be retained, the report states.  The firm
also established an initial 2009 EPS estimate of US$0.70,
BNamericas adds.

For the 2007 fourth quarter, the bank recorded a net loss of
US$0.03 per share compared to net income of US$0.20 per share
for the same period in 2006, the report relates.

Sterne, Agee & Leach said in a statement that asset quality and
state credit losses might be higher in 2008; however, credit for
2008 was "a significant unknown."

                       About First BanCorp

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is
the parent corporation of FirstBank Puerto Rico, a state
chartered commercial bank with operations in Puerto Rico, the
Virgin Islands and Florida; of FirstBank Insurance Agency; and
of Ponce General Corporation.  First BanCorp, FirstBank Puerto
Rico and FirstBank Florida, formerly UniBank, the thrift
subsidiary of Ponce General, all operate within U.S. banking
laws and regulations.

                          *     *     *

On Feb. 21, 2007, Fitch assigned a BB long-term issuer default
ratings to First BanCorp.


UNIVISION COMM: Fitch Publishes Review on Recovery Ratings
----------------------------------------------------------
Fitch Ratings has published a review of its Recovery Ratings
methodology and updated analysis for rated issuers in the United
States media and entertainment space.  Recovery Ratings are a
relative indicator of recovery that bondholders would receive in
the event of default.  Recovery Ratings are applied to issuers
with an Issuer Default Rating of 'B+' and below.

Fitch's U.S. media and entertainment Recovery Ratings view
covered approximately US$41.3 billion of debt across six
companies and 13 issuing entities.  The companies analyzed in
the report are:

    -- AMC Entertainment ('B,' Stable Outlook),

    -- Marquee Holdings ('B,' Stable Outlook),

    -- Regal Entertainment Group and Regal Cinemas Corporation
       ('B+,' Stable Outlook),

    -- Dex Media, Inc. ('B+,' Stable Outlook),

    -- Six Flags, Inc. and Six Flags Theme Parks, Inc.
       ('B-,' Negative Outlook),

    -- Tribune Co. ('B-,' Negative Outlook), and

    -- Univision Communication, Inc. ('B,' Stable Outlook).

The full reports "U.S. Media and Entertainment Sector - Recovery
Rating Review - 2008" and "U.S. Media and Entertainment Sector -
Recovery Rating Methodology" are available at
http://www.fitchratings.com/

Headquartered in Los Angeles, Calif., Univision Communications
Inc., (NYSE: UVN) -- http://www.univision.net/-- owns and
operates more than 60 television stations in the U.S. and Puerto
Rico offering a variety of news, sports, and entertainment
programming.  The company had about US$2.6 billion in debts at
Dec. 31, 2006.



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

PEABODY ENERGY: UBS Downgrades Firm's Shares to Neutral
-------------------------------------------------------
UBS analysts have downgraded Peabody Energy Corp.'s shares to
"neutral" from "buy," Newratings.com reports.

According to Newratings.com, the target price for Peabody Energy
was increased to US$64 from US$63.

UBS said in a research note that the downgrade was made after
the more than 60% increase in Peabody Energy's share price over
the past six months.

UBS told Newratings.com that Peabody Energy would be able to
benefit from any long-term supply shortage due to its:

           -- strong trading platform,
           -- operations in Australia, and
           -- western US exports.

However, Peabody Energy’s "near-term fundamentals" don't justify
its current share price, Newratings.com states citing UBS.

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Australia and Venezuela.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch Ratings affirmed Peabody Energy
Corporation's BB+ issuer default rating.  Fitch also affirmed
the BB+ ratings on the firm's senior unsecured notes and senior
unsecured revolving credit and term loan.  Fitch said the
outlook is stable.


PETROLEOS DE VENEZUELA: Gets US$4 Billion Financing From China
--------------------------------------------------------------
Venezuelan President Hugo Chavez told Reuters that the country
has received US$4 billion in financing from China, which
completed a loan that Petroleos de Venezuela will repay in
shipments of fuel oil.

According to Reuters, Petroleos de Venezuela borrows money and
repays it through in-kind oil and fuel sales.  It has increased
shipments to China to lessen its reliance on U.S. energy
markets.

The US$4 billion will be deposited into a US$6 billion
investment fund for domestic development projects.  Venezuela
will contribute US$2 billion to the fund, Reuters notes.

Reuters relates that the US$4 billion financing would increase
Petroleos de Venezuela's total debt to around US$20 billion,
from almost US$3 billion in 2006.

Venezuelan energy minister Rafael Ramirez told Reuters that the
country's fuel oil exports to China help increase prices by
reducing supply of the product in the Caribbean basin.

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: Setting Up Company with Petroecuador
------------------------------------------------------------
Petroleos de Venezuela SA will set up a joint company with
Petroecuador for the development of Sacha oil field,  Eric
Watkins at the Oil & Gas Journal reports.

The Oil & Gas Journal relates that Petroecuador and Petroleos de
Venezuela will also start building a 300,000-barrel-per-day
plant in Manabi in June.

Ecuadorian President Rafael Correa has accepted drilling
services that Petroleos de Venezuela offered to Petroecuador at
a discounted rate, the Oil & Gas Journal notes.

According to the Oil & Gas Journal, Petroecuador will use two
Venezuelan rigs.  Petroecuador will pay US$8,000 per day for
Petroleos de Venezuela's rig, the Oil & Gas Journal says, citing
President Correa.

                        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.

                  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.



                             ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


                  * * * End of Transmission * * *