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        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

         Wednesday, October 17, 2007, Vol. 8, Issue 206

                          Headlines

A R G E N T I N A

AJ CHEDIEX: Trustee Will File General Report in Court Tomorrow
AVAYA INC: Provides IP Services to BNSF Railway
BIOMET INC: Incurs US$42.9-Mln Net Loss in Qtr. Ended Aug. 31
EXIM BOULEVARD: Trustee Filing General Report in Court Tomorrow
FLEXIPACKING SRL: Trustee Filing General Report Tomorrow

GUIMORE SRL: Trustee Filing General Report in Court Tomorrow


B E R M U D A

AIRCO JAPAN: Proofs of Claim Filing Deadline Is Oct. 24
AIRCO JAPAN: Sets Final General Meeting for Nov. 15
CONTINENTAL HEALTHCARE: Proofs of Claim Filing Is Until Nov. 6
CONTINENTAL HEALTHCARE: Sets Final General Meeting for Nov. 16
GLOBAL CROSSING: Picks Empirix for VoIP Service Monitoring

MEDITOR BEAR: Proofs of Claim Filing Deadline Is Oct. 26
MEDITOR BEAR: Holding Final General Meeting on Nov. 26
MEDITOR MASTER: Proofs of Claim Filing Ends on Oct. 26
MEDITOR MASTER: Will Hold Final General Meeting on Nov. 26
QUANTA LIFE: Proofs of Claim Filing Deadline Is Oct. 26

QUANTA LIFE: Sets Final General Meeting for Nov. 23


B R A Z I L

ALLISON TRANSMISSION: Moody's Cuts Rtg. on US$550-Mln Sr. Notes
ALLISON TRANSMISSION: S&P Assigns B- Rating on PIK Toggle Notes
BAUSCH & LOMB: Inks Deal to Sell US$650-Million 9.875% Notes
CHRYSLER LCC: Visteon Corp. Brings Surround Sound Technology
COMPANHIA PARANAENSE: Loses Tollroad Concession Auction

DELPHI CORP: To Sell Interiors & Closures Biz for US$106 Million
GENERAL MOTORS: Provides Overview of National Agreement with UAW
GENERAL MOTORS: S&P's Rating Outlook Remains on Watch Positive
GOL LINHAS: Closes US$310-Mln Pre-Delivery Payments on Aircrafts
JAPAN AIRLINES: 1,710 Workers to Avail of Early Retirement Plan

NORTEL NETWORKS: Agrees To Pay US$35MM Penalty in SEC Settlement
SANYO ELECTRIC: Reorganization May Do Ratings Good, Moody's Says
SANYO ELECTRIC: S&P Revises Outlook on BB- Rating to Stable


C A Y M A N   I S L A N D S

AL-FANAR INVESTMENT: Final Shareholders Meeting Is on Nov. 19
CORNICHE BOULEVARD: Sets Final Shareholders Meeting for Nov. 8
FALLINVEST CAPITAL: To Hold Final Shareholders Meeting on Nov. 8
NO LOAN: Holding Final Shareholders Meeting on Nov. 29
ORP EQUITY: Proofs of Claim Filing Deadline Is Nov. 9

ORP EQUITY: Sets Final Shareholders Meeting for Nov. 14
SK-ACAM LTD: Will Hold Final Shareholders Meeting on Nov. 29
SPRINGINVEST ACQUISITION: Final Shareholders Meeting on Nov. 8
SUMMERINVEST FINANCE: Final Shareholders Meeting Is on Nov. 8
UTSTARCOM INC: To Supply Optical Transport Solution to India

WAVELENGTH EQUITY: Sets Final Shareholders Meeting for Nov. 16
WINTERINVEST PLANNING: Sets Last Shareholders Meeting for Nov. 8


C H I L E

HOUGHTON INT'L: Signs Merger Pact with AEA Investors Affiliate
EASTMAN KODAK: Paying 25 Cents Per Share Dividend on Dec. 14


C O L O M B I A

EMPRESA DE ENERGIA: Fitch Puts BB Rating on US$710-Mln Sr. Notes
SOLUTIA INC: Files Consensual Plan of Reorganization


C U B A

* CUBA: Signs 13 Economic Integration Pacts with Venezuela


E C U A D O R

PETROECUADOR: Inks R&D Agreement with Petroleos de Venezuela
PETROECUADOR: Paying PDVSA US$18,000 Per Day for Two Rigs
PETROECUADOR: Foreign Firms Must Pay US$317MM in Oil Royalties


G U A T E M A L A

ALCATEL-LUCENT: Supplies Fiber-To-The-Node Network to Belgacom


J A M A I C A

DIGICEL GROUP: High Ct. To Rule on Lawsuit Against Trinidad Firm


M E X I C O

BEARINGPOINT INC: Taps Rick Martino as Executive VP of Global HR
CINRAM INT'L: Declares CDN$0.2708 Per Unit Cash Distribution
FIRST DATA: Expands Commercial Payment Markets on Deecal Buy
FIRST DATA: Fitch Assigns B- Rating on US$2 Bil. Proposed Notes
GRUPO MEXICO: Asserts Copper Prices Will Continue to Rise

GRUPO MEXICO: Miners Get Court Okay to Form New Union
MOVIE GALLERY: Files Chapter 11 Petition in E.D. Virginia
REMY WORLDWIDE: Court Sets Plan Confirmation Hearing for Nov. 20
REMY WORLDWIDE: Wants Court to Approve CVC Settlement Agreement


N I C A R A G U A

XEROX CORP: Bags US$82-Million Contract with EUROPART


P A N A M A

STARTECH ENVIRONMENTAL: Reports US$25-Mln Plasma Converter Sales


T R I N I D A D  A N D  T O B A G O

HILTON HOTELS: Gets Requisite Consents for 8.000% Interest Bonds


V E N E Z U E L A

CHRYSLER LLC: Council Approves New Contract Ratification
PETROLEOS DE VENEZUELA: Ensures Gasoline Supply
PETROLEOS DE VENEZUELA: Restarting El Palito Plant by Oct. 14
PETROLEOS DE VENEZUELA: Petroecuador Rents 2 Rigs for US$18,000

* VENEZUELA: Inks Economic Pacts with Cuba


                         - - - - -

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


AJ CHEDIEX: Trustee Will File General Report in Court Tomorrow
--------------------------------------------------------------
Graciela Elena Lisarrague, the court-appointed trustee for A.J.
Chediex S.R.L.'s bankruptcy proceeding, will submit a general
report containing an audit of the firm's accounting and banking
records in the National Commercial Court of First Instance
No. 12 in Buenos Aires on Oct. 18, 2007.

Ms. Lisarrague verified creditors' proofs of claim until
July 10, 2007.  She presented the validated claims as individual
reports in court on Sept. 5, 2007.

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

Clerk Clerk No. 24 assists the court in this case.

The debtor can be reached at:

          A.J. Chediex SRL
          Cordoba 2959
          Buenos Aires, Argentina

The trustee can be reached at:

          Graciela Lissarrague
          Tte. Gral. J.D. Peron 1509
          Buenos Aires, Argentina


AVAYA INC: Provides IP Services to BNSF Railway
-----------------------------------------------
Avaya Inc. and ObjectTel Inc. are helping BNSF Railway Company
communicate seamlessly with the more than 1,100 radios used by
train and trackside maintenance workers across BNSF's rail
network in 28 states and two Canadian provinces.

Radio calls now travel over what is believed to be the largest
IP-based converged voice, data and radio network in the world -
expanding functionality, improving response times and helping
the company significantly reduce costs.

Formed through a merger of the Burlington Northern and Santa Fe
railroads, BNSF operates one of the largest rail networks in
North America.  At the time of the merger, each company had its
own dedicated radio network to keep in touch with the crews who
service trains, lay rails and keep tracks in good repair.
Neither network could be scaled to handle the combined size of
the new company's operations, though, and proprietary technology
meant the systems were unable to interoperate.

"Communicating with workers on trains and at trackside is
critical to safety," said John Hicks, BNSF director of
telecommunications.  "We needed a new centralized solution that
could help us immediately and reliably communicate, whether one-
to-one or with teams of individuals all at once."

BNSF had an existing converged voice and data network for its
main corporate campus and call centers in Fort Worth, Texas, and
Topeka, Kansas.  Intelligent communications applications from
Avaya were used for IP telephony, advanced conferencing,
computer-telephony integration and management of multimedia
customer contacts.

To help BNSF do more with its network investment, Avaya
BusinessPartner and DeveloperConnection member ObjectTel created
a new, highly scalable, mission-critical, interoperable
CLASSONE(TM) Dispatch radio-to-telephone solution.  Now radio
traffic has joined voice and data traffic on a single, high-
reliability network infrastructure that is easily scaled to meet
BNSF's future needs.  Multiple radio and voice systems are
replaced by a single infrastructure for companywide
communications, Avaya Meeting Exchange(TM) conferencing and
messaging, while a single company contact center consolidates
help desk support, wayside maintenance, crew management and
remote dispatch.

Since radio calls are treated just like regular phone calls, any
phone on the network can dial any radio, and radios can be used
to dial any wired or wireless phone.  Dispatchers responsible
for moving trains and coordinating field maintenance operations
have new capabilities for working more efficiently and
effectively.  Using a PC-based CLASSONE(TM) Dispatcher Console
based on an Avaya Softphone application to manage calls, they
for the first time can "see" radio calls on their computer
monitor and answer in priority order, resulting in a more rapid
response to important issues and emergencies.

"CLASSONE(TM) and our other systems and technology investments
are enabling significant improvements in the way BNSF dispatches
trains," said Jeff Campbell, BNSF vice president of technology
services and Chief Information Officer.

For continuity of operations in the event of a disaster,
dispatchers and other contact center personnel are able to dial
into BNSF's converged network from any phone, at any location,
and still securely communicate with trains and trackside
workers.  Built-in failover capabilities allow calls to roll
seamlessly to a backup servers or disaster recovery sites in the
event of an outage so critical calls will not be dropped.

By moving to a single network infrastructure and reducing the
amount of hardware required, BNSF is simplifying systems
administration and building a solid foundation for the future.

"Since our network is based on open standard, we can easily add
new capabilities and applications to support our business," Mr.
Hicks said.

                    About ObjectTel Inc.

ObjectTel Inc. -- http://www.objecttel.com-- develops and
implements superior, customer-driven solutions for contact
centers, converged communication systems, outbound proactive
communications, communications enabled business processes, and
interoperable communication systems for radio, voice and video.
As an Avaya Business Partner, a platinum Avaya Developer
Connection member and a certified Avaya University Training
Partner, ObjectTel delivers enterprise business solutions that
help its clients break through communication barriers.

                        About Avaya

Headquartered in Basking Ridge, New Jersey, Avaya, Inc.
(NYSE:AV) -- http://www.avaya.com/-- designs, builds and
manages communications networks for more than one million
businesses worldwide, including more than 90% of the FORTUNE
500(R).  Avaya is a world leader in secure and reliable Internet
Protocol telephony systems and communications software
applications and services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Standard & Poor's Ratings Services has lowered its
corporate credit rating on Basking Ridge, New Jersey-based Avaya
Inc. two notches to 'B+', and placed the rating on CreditWatch
with negative implications.


BIOMET INC: Incurs US$42.9-Mln Net Loss in Qtr. Ended Aug. 31
-------------------------------------------------------------
Biomet Inc. posted a net loss of US$42.9 million for the first
fiscal quarter ended Aug. 31, 2007, compared to US$104.4 million
of net income for the same period in 2006.

During the first quarter of fiscal year 2008, net sales
increased 9% to US$552.3 million. Excluding the impact of
foreign currency, net sales increased 6% worldwide.  Excluding
instruments (which the Company discontinued selling to
distributors in the United States in the third quarter of fiscal
2007) and the impact of foreign currency, worldwide sales
increased 7%.

On Sept. 25, 2007, Biomet Inc. merged with LVB Acquisition
Merger Sub, Inc., a wholly owned subsidiary of LVB Acquisition,
Inc. LVB Acquisition, Inc. is indirectly owned by investment
partnerships directly or indirectly advised or managed by The
Blackstone Group L.P., Goldman Sachs & Co., Kohlberg Kravis
Roberts & Co. L.P. and TPG Capital.  These financial results
have been prepared in a manner that complies, in all material
respects, with generally accepted accounting principles in the
U.S. with the exception of the omission of all purchase
accounting adjustments relating to the merger and related
transactions therewith, as permitted by the debt documents
governing our new senior secured credit facilities and the notes
issued on the closing date of the merger.

During the first quarter of fiscal year 2008, the Company
incurred significant special charges (pre-tax), including:

   1) US$112.8 million of additional compensation expense to
      settle in-the-money stock options of employees, as
      required by the Merger agreement;

   2) US$38.4 million of distributor fee expense associated with
      renegotiation of distribution agreements;

   3) US$29.6 million of investment banker fees associated with
      the Merger;

   4) US$26.9 million settlement with the Department of Justice;
      and

   5) US$16.4 million of additional legal and merger-related
      fees.

Reported operating loss for the first quarter of fiscal year
2008 was US$60.2 million compared to operating income of
US$155.7 million for the first quarter of fiscal year 2007.
Adjusted operating income was US$163.9 million for the first
quarter of fiscal year 2008 compared to US$159.2 million for the
first quarter of fiscal year 2007.  Reported net loss for the
first quarter of fiscal year 2008 was US$42.9 million compared
to net income of US$104.4 million for the first quarter of
fiscal year 2007.  Adjusted net income for the first quarter of
fiscal year 2008 was US$109.2 million compared to adjusted net
income for the first quarter of fiscal year 2007 of US$106.8
million.  Adjusted earnings before interest, taxes, depreciation
and amortization for the first quarter of fiscal year 2008 was
US$192.8 million as compared to US$181.7 million in the first
quarter of fiscal year 2007.

Biomet's President and Chief Executive Officer Jeffrey R. Binder
stated, "Our first quarter results reflect accelerated growth
across virtually all components of our reconstructive product
category.  I am particularly pleased with the strong momentum in
our global knee franchise."

Mr. Binder further commented, "At the same time, we are working
vigorously toward bolstering those areas in our business which
are not performing to the same level.  As we implement changes
to drive improvements in performance, we maintain the Company's
ongoing commitment to the development and production of the
highest quality products for surgeons and their patients,
delivered with outstanding service."

                        About Biomet

Based in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and its
subsidiaries design, manufacture, and market products used
primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy.  Biomet and its subsidiaries
currently distribute products in more than 100 countries,
including the Netherlands, Argentina and Korea.

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Biomet's product
portfolio encompasses reconstructive products, fixation
products, spinal products, and other products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, Moody's Investors Service has assigned final
debt ratings to Biomet, Inc. (B2 Corporate Family Rating) in
conjunction with the close of the leveraged buy-out transaction
by a consortium of equity sponsors.  Moody's said the rating
outlook is negative.


EXIM BOULEVARD: Trustee Filing General Report in Court Tomorrow
---------------------------------------------------------------
Jose Scheinkopf, the court-appointed trustee for Exim Boulevard
Instrumentos S.A.'s bankruptcy proceeding, will present a
general report containing an audit of the firm's accounting and
banking records in the National Commercial Court of First
Instance No. 7 in Buenos Aires on Oct. 18, 2007.

Mr. Scheinkopf verified creditors' proofs of claim until
May 3, 2007.  He presented the validated claims in court as
individual reports on Sept. 5, 2007.

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

Clerk No. 14 assists the court in this case.

The debtor can be reached at:

          Exim Boulevard Instrumentos SA
          Bacacay 1677
          Buenos Aires, Argentina

The trustee can be reached at:

          Jose Scheinkopf
          Avenida Pueyrredon 468
          Buenos Aires, Argentina


FLEXIPACKING SRL: Trustee Filing General Report Tomorrow
--------------------------------------------------------
Osvaldo Pincever, the court-appointed trustee for Flexipacking
S.R.L.'s bankruptcy proceeding, will present a general report
containing an audit of the firm's accounting and banking records
in the National Commercial Court of First Instance in Lomas de
Zamora, Buenos Aires, on Oct. 18, 2007.

Mr. Pincever verified creditors' proofs of claim until
June 26, 2007.  He presented the validated claims as individual
reports in court on Sept. 6, 2007.

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

The debtor can be reached at:

         Flexipacking S.R.L.
         Nestor de la Pena 307, Lavallol
         Partido de Lomas de Zamora
         Buenos Aires, Argentina

The trustee can be reached at:

         Osvaldo Pincever
         Portela 721, Lomas de Zamora
         Buenos Aires, Argentina


GUIMORE SRL: Trustee Filing General Report in Court Tomorrow
------------------------------------------------------------
Carlos E. Moreno, the court-appointed trustee for Guimore
S.R.L.'s bankruptcy proceeding, will submit a general report
containing an audit of the firm's accounting and banking records
in the National Commercial Court of First Instance in Buenos
Aires on Oct. 18, 2007.

Mr. Moreno verified creditors' proofs of claim until
July 12, 2007.  He presented the validated claims as individual
reports in court on Sept. 7, 2007.

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

The trustee can be reached at:

          Carlos E. Moreno
          Tucuman 941
          Buenos Aires, Argentina




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


AIRCO JAPAN: Proofs of Claim Filing Deadline Is Oct. 24
-------------------------------------------------------
AIRCO Japan Investment Corp. I Ltd.'s creditors are given until
Oct. 24, 2007, to prove their claims to Robin J. Mayor, 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.

AIRCO Japan's shareholders agreed on Oct. 5, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


AIRCO JAPAN: Sets Final General Meeting for Nov. 15
---------------------------------------------------
AIRCO Japan Investment Corp. I Ltd. will hold its final general
meeting on Nov. 15, 2007, at 9:30 a.m., at:

         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, Bermuda

These agendas will be taken during the meeting:

  1) accounting of the liquidation process showing how the
     winding up has been conducted during the preceding year,
     and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.


CONTINENTAL HEALTHCARE: Proofs of Claim Filing Is Until Nov. 6
--------------------------------------------------------------
Continental Healthcare Fund, Ltd.'s creditors are given until
Nov. 6, 2007, to prove their claims to Nicholas Hoskins, 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.

Continental Healthcare's shareholder agreed on Oct. 11, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Nicholas Hoskins
         Wakefield Quin
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


CONTINENTAL HEALTHCARE: Sets Final General Meeting for Nov. 16
--------------------------------------------------------------
Continental Healthcare Fund, Ltd., will hold its final general
meeting on Nov. 16, 2007, at 10:00 a.m., at:

         Wakefield Quin
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda

These agendas will be taken during the meeting:

  1) accounting of the liquidation process showing how the
     winding up has been conducted during the preceding year,
     and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.


GLOBAL CROSSING: Picks Empirix for VoIP Service Monitoring
----------------------------------------------------------
Global Crossing Ltd. has selected Empirix(R) Inc.'s Hammer XMS
to monitor and test call quality on Global Crossing's global
IP-based network.

Global Crossing offers its enterprise and carrier customers a
highly reliable worldwide network, designed for the convergence
of voice, video and data.  The company sought a partner that
could help it ensure the highest levels of VoIP quality.  Based
on Global Crossing's commitment to customer satisfaction, it had
the following VoIP monitoring and quality assurance
requirements:

   -- Scalability to handle the pure volume and rapid growth
      associated with a Tier One network;

   -- Ability to correlate VoIP signaling and RTP transactions
      across a global VoIP network;

   -- Reporting and analysis of service quality by customer;

   -- Management of Service Level Agreement (SLA) metrics; and

   -- Deep diagnostics of VoIP call flows for rapid problem
      resolution.

Empirix's Hammer XMS is a carrier-class monitoring solution
designed to ensure the reliability and quality of next-
generation services.  Hammer XMS offers Network Engineering,
Planning, Operations and Customer Care teams the ability to both
efficiently and confidently deploy new services and maintain
current services with higher quality and at a lower cost.

Notes Jim Watts, Global Crossing Vice President, Engineering,
"As part of our efforts to continually enhance our VoIP suite of
services, Hammer XMS provides Global Crossing the ability to
monitor and test IP call quality across our VoIP network.  This
allows a quicker response and better resolution times for
network outages and customer impacting issues.  Hammer XMS' ease
of use, real-time reports, and feature sets deliver a viable,
proactive network analysis environment."

"This is a particularly exciting opportunity to see our
partnership with Global Crossing enable yet another successful
Hammer XMS implementation," said Duane Sword, Vice President of
Product Management at Empirix.  "Global Crossing understands the
tremendous impact that consistent service quality can have
worldwide.  By applying our VoIP monitoring solution, the
company has taken a strong, proactive approach to ensuring its
customers' quality needs are always met by solving issues before
the customer is even aware.  We look forward to helping Global
Crossing maintain its superior customer satisfaction ratings as
demand for VoIP continues to grow."

                    About Global Crossing

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

At Dec. 31, 2006, Global Crossing Ltd.'s balance sheet showed a
US$195 million stockholders' deficit, compared to a US$173
million stockholders' deficit at Dec. 31, 2005.


MEDITOR BEAR: Proofs of Claim Filing Deadline Is Oct. 26
--------------------------------------------------------
Meditor Bear Fund (B) Limited's creditors are given until
Oct. 26, 2007, to prove their claims to Robin J. Mayor, 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.

Meditor Bear's shareholder agreed on Oct. 10, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


MEDITOR BEAR: Holding Final General Meeting on Nov. 26
------------------------------------------------------
Meditor Bear Fund (B) Limited will hold its final general
meeting on Nov. 26, 2007, at 9:30 a.m., at:

         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, Bermuda

These agendas will be taken during the meeting:

  1) accounting of the liquidation process showing how the
     winding up has been conducted during the preceding year,
     and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.


MEDITOR MASTER: Proofs of Claim Filing Ends on Oct. 26
------------------------------------------------------
Meditor Master Bear Fund Limited's creditors are given until
Oct. 26, 2007, to prove their claims to Robin J. Mayor, 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.

Meditor Master's shareholder agreed on Oct. 10, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


MEDITOR MASTER: Will Hold Final General Meeting on Nov. 26
----------------------------------------------------------
Meditor Master Bear Fund Limited will hold its final general
meeting on Nov. 26, 2007, at 9:30 a.m., at:

         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, Bermuda

These agendas will be taken during the meeting:

  1) accounting of the liquidation process showing how the
     winding up has been conducted during the preceding year,
     and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.


QUANTA LIFE: Proofs of Claim Filing Deadline Is Oct. 26
-------------------------------------------------------
Quanta Life Reinsurance Ltd.'s creditors are given until Oct.
26, 2007, to prove their claims to Robin J. Mayor, 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.

Quanta Life's shareholder agreed on Oct. 9, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


QUANTA LIFE: Sets Final General Meeting for Nov. 23
---------------------------------------------------
Quanta Life Reinsurance Ltd. will hold its final general meeting
on Nov. 23, 2007, at 9:30 a.m., at:

         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, Bermuda

These agendas will be taken during the meeting:

  1) accounting of the liquidation process showing how the
     winding up has been conducted during the preceding year,
     and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.




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


ALLISON TRANSMISSION: Moody's Cuts Rtg. on US$550-Mln Sr. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Caa1 (LGD-5, 89%) rating to
Allison Transmission, Inc.'s issuance of US$550 million of
11-1/4 % Senior Toggle Notes due in 2015.  At the same time,
Moody's affirmed Allison's B2 Corporate Family rating, B1 rating
on the company's senior secured bank credit facilities, and
stable outlook.  The Toggle Notes notes provide Allison with the
flexibility beyond the initial interest period to pay interest
in cash, to increase the principal amount of the notes or
issuing new notes to pay interest (PIK Interest), or 50% in cash
and 50% PIK Interest.  The Toggle Notes are identical in
seniority and maturity and other material matters with Allison's
recent issuance of US$550 million of 11% cash pay senior
unsecured notes due in 2015.  Accordingly, the Toggle Notes were
assigned the same Caa1 rating as the 11% notes.

Combined, the US$1.1 billion of unsecured notes completes the
permanent refinancing of US$1.1 billion of bridge loan
facilities used to finance the acquisition of Allison
Transmission from General Motors Corporation.  Moody's assigned
initial Allison ratings on July 18, 2007 and affirmed the rating
on the US$550 million of 11% cash pay senior unsecured notes on
Oct. 4, 2007.

Allison Transmission is headquartered in Indianapolis, Indiana,
and has five international regional offices: Sliedrecht, The
Netherlands; Tokyo, Japan; Beijing, China; Singapore; and Sao
Paulo, Brazil.  Allison Transmission also has a presence in more
than 80 countries, which includes over 1,500 distributors and
dealers.  This support network provides service and technical
support worldwide to the division's 250 OEMs, and the many fleet
owners and operators, and end users.  Allison Transmission has a
workforce of over 4,000 salaried and hourly employees.


ALLISON TRANSMISSION: S&P Assigns B- Rating on PIK Toggle Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B-' rating
to Allison Transmission Inc.'s US$550 million senior unsecured
payment-in-kind toggle notes due 2015.  The company is selling
the notes privately under Rule 144A of the Securities Act of
1933, without registration rights.  S&P expects Allison to use
the proceeds from these notes, combined with those from an
earlier US$550 million unsecured note offering, to repay its
US$1.1 billion bridge loan.

S&P also affirmed all existing ratings on Allison, including the
'B+' corporate credit rating.  The outlook is negative.

"The ratings on Allison reflect its highly leveraged financial
profile, which more than offsets its leading market shares, good
end-market diversity, and high margins relative to those of
other automotive or commercial vehicle suppliers," said S&P's
credit analyst Gregg Lemos Stein.

The negative outlook reflects S&P's expectation that the
company's operating performance will remain strong despite a
near-term decline in revenues and profitability resulting from
the downturn in the commercial-truck market.

Allison Transmission is headquartered in Indianapolis, Indiana,
and has five international regional offices: Sliedrecht, The
Netherlands; Tokyo, Japan; Beijing, China; Singapore; and Sao
Paulo, Brazil.  Allison Transmission also has a presence in more
than 80 countries, which includes over 1,500 distributors and
dealers.  This support network provides service and technical
support worldwide to the division's 250 OEMs, and the many fleet
owners and operators, and end users.  Allison Transmission has a
workforce of over 4,000 salaried and hourly employees.


BAUSCH & LOMB: Inks Deal to Sell US$650-Million 9.875% Notes
------------------------------------------------------------
Bausch & Lomb Incorporated and WP Prism Merger Sub Inc., in
connection with the merger agreement between WP Prism Inc., have
entered into an agreement to sell US$650 million principal
amount of 9.875% Notes due 2015 regarding the acquisition of
Bausch & Lomb, Merger Sub.

Merger Sub was formed by investment funds associated with
Warburg Pincus LLC, for the purpose of merging with and into
Bausch & Lomb, with Bausch & Lomb continuing as the surviving
corporation.  As a result of the Merger, investment funds
associated with or designated by the Sponsor and certain
co-investors will own Bausch & Lomb.

Merger Sub will use the net proceeds from the offering of the
Notes, together with the expected proceeds from a new US$1,200
million senior secured U.S. term loan facility and a new euro-
denominated term loan facility in an amount equivalent to
approximately US$575 million, equity financing and cash on hand
of Bausch & Lomb to consummate the Merger.  The offering of the
Notes and the Merger are expected to close on or about
Oct. 26, 2007, subject to the satisfaction or waiver of closing
conditions.

The Notes will be sold only to qualified institutional buyers in
reliance on Rule 144A and outside the United States to non-U.S.
persons in reliance on Regulation S.  The Notes have not been
and will not be registered under the Securities Act of 1933, as
amended, and, unless so registered, may not be offered or sold
in the United States except pursuant to an exemption from, or in
a transaction not subject to, the registration requirements of
the Securities Act and applicable state securities laws.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 9, 2007, Moody's Investors Service assigned a B2 Corporate
Family Rating to WP Prism LLC.  It is Moody's understanding that
at the close of the transaction, WP Prism LLC will merge into
Bausch & Lomb Incorporated, which will be the surviving entity.

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2007, Standard & Poor's Ratings Services lowered it
corporate credit rating on Bausch & Lomb Inc. to 'B+' from 'BB+'
and removed all the ratings from CreditWatch where they were
placed on May 17, 2007, with negative implications.  S&P said
the outlook is stable.


CHRYSLER LCC: Visteon Corp. Brings Surround Sound Technology
------------------------------------------------------------
Visteon Corporation, in collaboration with Boston Acoustics(R),
is bringing Dolby(R) Pro Logic(R) II surround sound to Chrysler
LLC.

Visteon and Boston Acoustics will deliver the popular Dolby Pro
Logic II surround sound to the 2008 models of the Chrysler 300
and Dodge Charger.

Dolby Pro Logic II creates a captivating surround sound
experience from any stereo movie, music or game audio source.
Listeners will hear all the detail and subtleties of the
original stereo content, with the added luxury of full,
compelling surround sound that makes the entertainment
experience feel as if it's happening all around the listener.  A
matrix surround decoding technology, Dolby Pro Logic II detects
the directional cues that occur naturally in stereo content and
uses these elements to create a five-channel surround sound
playback experience.

"The technology is ideally suited for multichannel in-car audio
systems," explained Steve Meszaros, Visteon electronics vice
president.  "Visteon integrates the Pro Logic algorithm into its
amplifier, which delivers its sound through the Boston Acoustics
speakers.  The outcome is remarkable clarity and fidelity worthy
of Chrysler's premium audio systems."

Visteon's audio engineering expertise, combined with Boston
Acoustics' custom-designed, precision-crafted speakers, delivers
a smooth, octave-to-octave tonal balance known as the Boston
Sound to all points of the vehicle interior with crystalline
clarity.  Audio engineers from Visteon and Boston Acoustics work
together to deliver audio systems designed to optimize each
vehicle's interior environment; accounting for such acoustic
factors as seat location, interior fabrics and materials, and
speaker placement.

"We are pleased that the Visteon-Boston Acoustics collaboration
continues to enhance Chrysler's ability to offer its customers a
premium quality audio environment," said Mark Horvath, Boston
Acoustics vice president.  "The integration of this technology
into award-winning Boston Acoustics' automotive sound systems
demonstrates our dedication to providing our automotive
customers with the best audio experience available in their
vehicles."

Visteon and Boston Acoustics already provide various customized
sound systems for the Chrysler 300, Sebring, and PT Cruiser,
Jeep(R) Commander, Grand Cherokee, Compass and Patriot, as well
as the Dodge Avenger, Charger, Caliber and Magnum.

                   About Boston Acoustics

Founded in 1979, Boston Acoustics, Inc. --
http://www.bostonacoustics.com--designs, manufactures and
markets high performance audio systems for use in home music and
audio-video systems; after-market and OEM automotive systems;
and custom built-in audio systems.  Highly regarded for creating
The Boston Sound, the company is renowned for delivering
superior, competitively priced products emphasizing performance,
consistency and value.

                        About Visteon

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

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

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                        *     *     *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


COMPANHIA PARANAENSE: Loses Tollroad Concession Auction
-------------------------------------------------------
Parana state-owned power firm Companhia Paranaense de Energia
has lost the tollroad concession, Deutsche Bank analyst Marcus
Sequeira said in a report.

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2007, Companhia Paranaense President Rubens Ghilardi
said that the firm would present a bid for one of the seven
stretches of federal highways to be offered under concession in
an auction set for Oct. 9, 2007.  Companhia Paranaense was keen
on the BR-116 highway, which links Curitiba and Florianopolis.

However, Mr. Sequeira said in a report that Companhia
Paranaense's loss in the auction was good for the firm.

Mr. Sequeira commented to Business News Americas, "The company's
first foray into the tollroad business was a risk given Copel's
[Companhia Paranaense] inexperience in the sector."

Mr. Sequeira explained to BNamericas that the concession would
have been risky for Companhia Paranaense.  It could have given
the firm very low returns.  The political nature of the decision
to compete in the auction also was a risk.  Parana state
governor Roberto Requiao pushed for Companhia Paranaense to bid
for the concession as a way of ensuring lower toll prices.

However, Companhia Paranaense doesn't rule out straying from its
core business in the future, BNamericas notes.

"We will not overlook the investments needed to maintain and
expand our power system, but are still interested in studying
the feasibility of new investment opportunities that may arise,"
Companhia Paranaense Chief Executive Officer Rubens Ghilardi
said in a statement.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and
distributes electricity to more than 3 million customers in the
state of Parana and has a generating capacity of nearly 4,600
MW, primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its
Brazilian national scale.  The rating outlook was stable.  This
rating action concludes the review process initiated on
July 26, 2006.

Moody's upgraded these ratings:

   -- Corporate Family Rating: to Ba2 from Ba3 (Global Local
      Currency) and to Aa2.br from A3.br (Brazilian National
      Scale);

   -- BRL500 million Senior Unsecured Guaranteed Debentures due
      2007: to Ba2 from Ba3 (Global Local Currency) and to
      Aa2.br from A3.br (Brazilian National Scale); and

   -- BRL400 million Senior Secured Guaranteed Debentures due
      2009: to Ba1 from Ba2 (Global Local Currency) and to
      Aa1.br from A1.br (Brazilian National Scale).


DELPHI CORP: To Sell Interiors & Closures Biz for US$106 Million
----------------------------------------------------------------
Delphi Corporation has entered into a master sale and purchase
agreement with a wholly owned subsidiary of The Renco Group,
Inc. for the sale of its global Interiors and Closures business.
The agreement has been approved by Delphi's Board of Directors.

The agreement contemplates a global divestiture of Delphi's
Interiors and Closures Businesses for a purchase price of
US$106,000,000, which is comprised of the preliminary purchase
price of approximately US$80,000,000, subject to certain
adjustments, and the Post-Closing Payments of approximately
US$26,000,000.

Pursuant to the procedures outlined in the Bankruptcy Code,
Delphi filed a motion with the U.S. Bankruptcy Court for the
Southern District of New York to request a bidding procedures
hearing on Oct. 25, 2007.

Following the completion of the bidding procedure process, a
final sale hearing is anticipated to be set for January 8, 2008.
The final sale of Delphi's Interiors and Closures business is
subject to the approval of the U.S. Bankruptcy Court and other
constituencies in the U.S. and abroad.

As outlined in the court filing, the master sale and purchase
agreement involves the entire global Interiors and Closures
business line, including: book of business, manufacturing
operations, intellectual property, personnel, supplier contracts
and share of joint ventures. Delphi's Interiors and Closures
business operates manufacturing facilities in:

   -- Gadsden, Alabama
   -- Cottondale, Alabama
   -- North Kansas City, Missouri
   -- Orion, Michigan
   -- Adrian, Michigan
   -- Woerth, Germany
   -- Matamoros, Mexico
   -- SDADS Joint Venture (Shanghai, China)
   -- KDS Joint Venture (Daegu, Korea)
   -- Other contracted manufacturing locations

                        About Delphi

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 88
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Provides Overview of National Agreement with UAW
----------------------------------------------------------------
General Motors Corp. officials presented an overview of the 2007
GM-UAW Labor Agreement, addresses UAW-related retiree health
care obligations totaling US$46.7 billion.

As reported in the Troubled Company Reporter on Oct. 11, 2007,
GM confirmed that its UAW-represented employees have ratified
the GM-UAW 2007 national labor agreement, which GM and the UAW
reached on Sept. 26, 2007, after more than two months of
bargaining.  The new four-year agreement covers approximately
74,000 hourly employees located in more than 80 U.S. facilities.

              2007 Retiree Health Care Overview

GM and the United Auto Workers union agree that responsibility
for retiree health care will permanently shift from GM to a new
retiree plan funded by a new Independent Voluntary Employee
Beneficiary Association or VEBA.

The retiree health care incorporates 2005 Health Care Agreement
and its implementation will be later of Jan. 1, 2010, or date on
which any appeals or challenges to court approval are exhausted.

The agreement ensures UAW may not negotiate to increase GM
funding or otherwise seek to obligate GM to:

   * provide any additional contributions to the Independent
     VEBA;

   * make any other payments for the purpose of providing
     retiree medical benefits;

   * provide retiree medical benefits through any other means.

New retiree health care agreement and VEBA will cover:

   * All retirees as of Sept. 14, 2007;

   * Active UAW-represented employees with seniority as of
     Sept. 14, 2007;

   * UAW Delphi retirees and actives covered under GM-UAW-
     Delphi restructuring plan (approximately 12,000 people);

   * UAW retirees and actives of closed or divested GM-UAW
     business units (to the extent GM has responsibility for
     their health care);

   * New hires not included in Independent VEBA and not offered
     defined benefit postretirement health care;

   * GM and UAW agreed on funding Independent VEBA based on
     various key assumptions;

     -- Asset returns of 9% annually, with risk borne by VEBA

     -- Ultimate health care trend rate of 5% annually, with
        risk borne by VEBA

     -- Incorporation of 2005 Health Care Agreement wage/COLA
        diversions

     -- Standard actuarial assumptions

GM's financial summary of the new agreement includes:

   * belief that the new labor agreement significantly reduces
     GM's manufacturing cost gap to competitors;

   * current VEBA and well-funded pension plan provide
     flexibility to fulfill obligations within contract;

   * independent VEBA transfers responsibility and risk
     associated with future UAW retiree health care costs away
     from GM starting in 2010;

   * new contract and labor demographics provide opportunity
     for significant, operating-related, positive cash flow and
     earnings;

     -- will work with UAW leadership to determine appropriate
        ways to implement sourcing agreements and transition
        non-core portion of workforce.

A full-text copy of the 2007 GM-UAW Labor Agreement is available
for free at http://ResearchArchives.com/t/s?2446

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.


GENERAL MOTORS: S&P's Rating Outlook Remains on Watch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services' long-term ratings on General
Motors Corp. has remained on CreditWatch with positive
implications, where they were placed Sept. 26, 2007.  S&P placed
the ratings on CreditWatch when GM and its main union, the
United Auto Workers (UAW), reached a tentative new labor
contract.  The UAW has since approved that contract, and today
GM discussed the contract's economics.  S&P expects to resolve
the CreditWatch listing by Oct. 31, 2007.

"We view the new contract as favorable to GM compared with past
agreements and believe the contract will support GM's turnaround
plan in North America," said S&P's credit analyst Robert Schulz.

S&P will resolve the GM CreditWatch listing first, but S&P will
subsequently conduct similar reviews of Ford Motor Co. (B/Watch
Pos/B-3) and Chrysler LLC (B/Watch Pos/--).  Chrysler has
reached an agreement with the UAW, and S&P expects Ford to reach
one soon.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.


GOL LINHAS: Closes US$310-Mln Pre-Delivery Payments on Aircrafts
----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazil's low-cost airlines GOL Transportes Aereos S.A. and VRG
Linhas Aereas S.A., reported that its subsidiary, GOL
Transportes Aereos S.A., has concluded a committed aircraft pre-
delivery payment loan facility in the amount of US$310 million
for all 21 of its Boeing 737-800 Next Generation aircraft to be
delivered in 2008 and 2009.

The facility, a clubbed financing which comprises eight banks,
was led by Calyon and Citigroup.  GOL Transportes Aereos S.A.
will take delivery of the first aircraft covered by the pre-
delivery payments in July 2008, with five further aircraft
delivered in 2008 and another 15 expected in 2009.  Long-term
financing will be provided by a combination of sale-leasebacks
and long-term loans from financial institutions with support
from the U.S. Exim Bank.

"We appreciate the support of these world-class financial
institutions as we improve the liquidity and cost of our balance
sheet, while at the same time providing us with additional
financial flexibility," says Richard Lark, GOL's Chief Financial
Officer.  "The 2008 and 2009 aircraft deliveries are an
important part of the Company's strategy to lower operating
costs and better serve the demand for safe, high quality air
transportation service in Brazil and South America."

In October 2006, GOL increased the total number of aircraft on
order with Boeing to 121 Next Generation 737-800 aircraft (87
firm orders and 34 options), making GOL's order the largest
contract between Boeing and a Latin American company.  GOL
worked closely with Boeing to develop the 737-800 SFP (Short
Field Performance) with short runway take-off and landing
capabilities.  The new aircraft are equipped with winglets,
which reduce fuel consumption by approximately 3 percent.  In
addition to lowering operating costs, winglets provide better
flight performance, the ability to operate longer non-stop
flights, and reduced noise during take-off.  The 737-800 is also
larger than the 737-700 and can carry up to 30% more passengers.

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 has affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch has also affirmed the outstanding
US$200 million perpetual bonds and US$200 million of senior
notes due 2017 at 'BB+' as well as the company's 'AA-' (bra)
national scale rating.  Fitch said the rating outlook is stable.


JAPAN AIRLINES: 1,710 Workers to Avail of Early Retirement Plan
---------------------------------------------------------------
Japan Airlines International Co., Ltd., said a total of 1,710
employees will take early retirement by the end of March as it
cuts labor costs in its quest to return to profit, Japan Times
reports, citing Bloomberg.

Japan Times states that 810 managers will retire by November,
and will avail of the early retirement program offered by the
Tokyo-based airline.

In addition to this, JAL, which is speeding up plans to cut
staff and reduce labor costs by JPY50 billion in the business
year ending March 31, 2008, is seeking voluntary retirement from
900 cabin attendants with 15 years of service and as young as 50
years old, conveys Japan Times.

Bloomberg, according to Japan Times, wrote that 180 of the 810
managers will take early retirement by the end of next month,
while 630 managers will retire by November, and the 900 cabin
members will be retiring by the end of March.

Mitsushige Akino, who oversees US$468 million in assets in Tokyo
at Ichiyoshi Investment Management Co. expressed to Bloomberg,
"Japan Air is making better progress with their turnaround plan
than I originally thought.  If they keep up this pace of reform,
I may consider buying the stock."  Mr. Akino, however, admitted
that he doesn't currently own the stock, notes Japan Times.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
The outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.
Moody's said the rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


NORTEL NETWORKS: Agrees To Pay US$35MM Penalty in SEC Settlement
----------------------------------------------------------------
Nortel Networks Corp. disclosed Monday that together with its
principal operating subsidiary, Nortel Networks Limited, reached
a settlement on all issues with the United States Securities and
Exchange Commission in connection with the SEC's investigation
of certain prior accounting practices at Nortel.

To bring closure to the matter, Nortel agreed to pay a civil
penalty of US$35 million and consented to injunctions against it
from violations of certain provisions of federal securities
laws. Further, Nortel will provide to the SEC quarterly written
reports detailing its progress in implementing its remediation
plan and actions to address its outstanding material weakness in
internal controls.

This is the latest in a series of check points in Nortel's turn
around, including settlement with the Ontario Securities
Commission, the resolution of the shareholder class actions and
remediation of four of the previous five material weaknesses,
that enable the company to focus on the future.

"We are pleased that we have reached final resolution in this
matter.  The settlement recognizes the extensive and proactive
efforts made by Nortel's Board and senior management to identify
and address the accounting and internal control issues and
conduct that led to the investigation," said Nortel president
and chief executive officer Mike Zafirovski.  "Through hard
work, a dedication to excellence and an unwavering commitment to
serving our customers, Nortel is recreating a great technology
company which upholds the highest ethical standards and sound
business practices.  This is a new Nortel."

The SEC recognized that Nortel's Audit Committee, on its own
initiative, conducted extensive internal independent
investigations and self-reported to the SEC and other
regulators, and that the Audit Committee and senior management
fully cooperated during the investigation and took prompt and
meaningful action to correct the issues and restore the company
to sound governance and financial practices.  Some of the
actions undertaken by Nortel include: the appointment of a new
team of senior leaders with a proven track record of integrity
and business leadership; extensive efforts to significantly
improve financial processes and controls; a restructured ethics
policy; and the establishment of a new code of conduct.

                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need,
when they need it.  Nortel does business in more than 150
countries around the world.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                        *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on
March 22, 2007.


SANYO ELECTRIC: Reorganization May Do Ratings Good, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that continued restructuring by
Sanyo Electric Co., Ltd., may have a positive impact on its
ratings.  Sanyo announced on October 11, 2007, that it had
reached a basic agreement to continue negotiations with Kyocera
Corporation regarding the transfer of Sanyo's mobile phone
business.

In FY2006, the mobile phone business to be transferred earned
about JPY277 billion in revenue, accounting for about 12% of
consolidated revenue, although profitability was pressured
because of severe domestic and overseas competition.  Sanyo has
positioned it as a core business in its current medium-term
management plan (FY2005-FY2007).

Moody's also views that Sanyo's continuing efforts to
restructure its portfolio, including the sale of the mobile
phone business, may improve its overall profit stability and
asset efficiency by focusing management resources on other
strongly competitive core businesses, such as batteries and
commercial-use air-conditioning systems.

Therefore, the continued restructuring may have a positive
effect on the company's credit barring any significant losses
associated with the restructuring.

While negotiation details have yet to be finalized, Moody's will
continue to assess development of Sanyo's business
restructuring, focusing on the company's earning stability,
incorporating its credit implications on Sanyo's rating and its
outlook in a timely manner.

Sanyo Electric Co., Ltd., headquartered in Osaka, is one of the
world's leading manufacturers of consumer electronics products
and devices.

                     About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.


SANYO ELECTRIC: S&P Revises Outlook on BB- Rating to Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
negative its outlook on the 'BB-' long-term corporate credit
rating on Sanyo Electric Co. Ltd., reflecting the diminished
risk of significant deterioration in the company's business
results, backed by steady progress in its business
restructuring.  At the same time, Standard & Poor's affirmed the
long-term corporate and the 'BB' senior unsecured debt ratings.

On Oct. 11, 2007, Sanyo announced that it had reached a basic
agreement to grant priority negotiation rights regarding the
sale of its mobile phone business to Kyocera Corp. (NR).
Sanyo's announcement on the sale of its mobile phone business,
which has experienced severe competition and performance
volatility, has served to clarify the company's policy.
Standard & Poor's now expects Sanyo to further focus its
management resources on its core Batteries and Commercial
Equipment businesses.  These are businesses in which the company
holds a competitive position and that produce stable business
performance.

Over the past few years, Sanyo has endeavored to strengthen its
cost competitiveness through substantial personnel reductions
and by increasing the efficiency of its production system.  As a
result, the company has seen a steady recovery of profitability
levels in its semiconductor, TV, and home appliances businesses,
which have in the past produced substantial losses.  Standard &
Poor's believes that the company is unlikely to experience a
significant expense burden following planned business
restructuring.  This, coupled with Sanyo's clearly expressed
policy of focusing on continued financial improvement, has
alleviated concerns regarding a repeated deterioration in the
company's financial profile, which has been steadily improving
since reaching its nadir in March 2005.

A key factor in deciding Sanyo's future credit quality will be
whether or not the company can quickly and effectively
concentrate its resources on its core businesses.  An additional
key factor for further rating decisions taken on the company
would be the continued supportive stance of financial
institutions toward Sanyo.

The ratings may be raised or the outlook on the rating revised
upward if prospects for an ongoing recovery in cash flow
generation and financial improvement backed by restructuring
progress increase.  On the other hand, the ratings may again
come under downward pressure if the company is unable to achieve
its financial targets for the current fiscal year, or if
concerns over continued support from major shareholders or
financial institutions increase.  However, Standard & Poor's
considers the possibility of these events occurring to be
relatively limited at this stage.

The long-term senior unsecured debt rating is one notch higher
than the corporate credit rating, reflecting the expectation
that creditor banks would grant debt forgiveness in the event of
any default based on the currently supportive positions of the
principal financial institutions.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.




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


AL-FANAR INVESTMENT: Final Shareholders Meeting Is on Nov. 19
-------------------------------------------------------------
Al-Fanar Investment Company Ltd. will hold its final
shareholders meeting on Nov. 19, 2007 at 10:00 a.m., at the
company's registered office.

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on Nov. 8,
      2007; and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Mohamed Mahsoom M. Ameen
         c/o Walkers, Walker House
         87 Mary Street, George Town
         Grand Cayman, KY1-9001, Cayman Islands


CORNICHE BOULEVARD: Sets Final Shareholders Meeting for Nov. 8
--------------------------------------------------------------
Corniche Boulevard, Limited will hold its final shareholders
meeting on Nov. 8, 2007 at 10:00 a.m.:

         Close Brothers (Cayman) Limited
         4th Floor Harbor Place, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on Nov. 8,
      2007; and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Jeff Arkley
         Attention: Neil Gray
         Close Brothers (Cayman) Limited
         4th Floor, Harbor Place
         P.O. Box 1034, George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 949 8455
         Fax: (345) 949 8499


FALLINVEST CAPITAL: To Hold Final Shareholders Meeting on Nov. 8
----------------------------------------------------------------
Fallinvest Capital Limited will hold its final shareholders
meeting on Nov. 8, 2007, at 11:00 a.m., at the company's
registered office.

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on Nov. 8,
      2007; and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-5122
         Fax: (345) 949-7920


NO LOAN: Holding Final Shareholders Meeting on Nov. 29
------------------------------------------------------
No Loan Asset Funding will hold its final shareholders meeting
on Nov. 29, 2007 at:

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

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on Nov. 8,
      2007; and

   2) giving any explanation thereof.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidators can be reached at:

         George Bashforth
         Sarah Kennedy
         Maples Finance Limited
         P.O. Box 1093, George Town
         Grand Cayman, Cayman Islands


ORP EQUITY: Proofs of Claim Filing Deadline Is Nov. 9
-----------------------------------------------------
ORP Equity Limited's creditors are given until Nov. 9, 2007, to
prove their claims to Westport Services Ltd., 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.

ORP Equity's shareholders agreed on Sept. 12, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidators can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


ORP EQUITY: Sets Final Shareholders Meeting for Nov. 14
-------------------------------------------------------
ORP Equity Limited will hold its final shareholders meeting on
Nov. 8, 2007 at 9:00 a.m., at the company's registered office.

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on Nov. 8,
      2007; and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-5122
         Fax: (345) 949-7920


SK-ACAM LTD: Will Hold Final Shareholders Meeting on Nov. 29
------------------------------------------------------------
SK-ACAM Ltd. will hold its final shareholders meeting on
Nov. 29, 2007 at:

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

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on Nov. 8,
      2007; and

   2) giving any explanation thereof.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidators can be reached at:

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


SPRINGINVEST ACQUISITION: Final Shareholders Meeting on Nov. 8
--------------------------------------------------------------
Springinvest Acquisition Limited will hold its final
shareholders meeting on Nov. 8, 2007 at 9:00 a.m., at the
company's registered office.

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on Nov. 8,
      2007; and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-5122
         Fax: (345) 949-7920


SUMMERINVEST FINANCE: Final Shareholders Meeting Is on Nov. 8
-------------------------------------------------------------
Summerinvest Finance Limited will hold its final shareholders
meeting on Nov. 8, 2007 at 11:30 a.m., at the company's
registered office.

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on Nov. 8,
      2007; and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-5122
         Fax: (345) 949-7920


UTSTARCOM INC: To Supply Optical Transport Solution to India
------------------------------------------------------------
UTStarcom Inc. has entered into a contract to supply its Metro
Ethernet Forum-certified NetRing(TM) 10000i STM-64 optical
transport solution to Bharat Sanchar Nigam Ltd., the incumbent
and largest telecommunications operator in India with services
in the fixed-line, cellular mobile, long-distance and data
markets.

"BSNL plans to rollout more than six million DSL lines over the
next several years while increasing their wireless subscriber
base by approximately 25 million people," said Vijay Yadav,
managing director of South Asia operations at UTStarcom.  "This
staggering growth is indicative of the rapidly expanding India
market, one of the fastest-growing telecommunications markets
globally and a key market for UTStarcom.  Our high-capacity,
versatile NetRing solution will enable BSNL to cost effectively
augment their nationwide backbone to efficiently support the
significant growth of the broadband and wireless subscriber base
in India."

This contract represents the third deployment of UTStarcom
solutions in BSNL's nationwide ADSL 2+ network as the operator
has already deployed UTStarcom's iAN-8000 and Total Control 1000
multiservice access solutions.

                  About Bharat Sanchar Nigam

Bharat Sanchar Nigam Ltd. -- http://www.bsnl.co.in-- a
Government of India owned corporation, is the incumbent and
largest telecommunications services provider in India with a
pan-India footprint but for Delhi and Mumbai.  It has a network
of over 60 million subscribers covering 5000 towns with over 35
million telephone connections.  The corporation is an integrated
telecommunications service provider with presence in the fixed
line, cellular mobile, long distance and data segments with over
35 million fixed line, 24 million cellular mobile and 3.9
million internet subscribers including 0.9 million broadband
customers.

                    About UTStarcom, Inc.

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                        *     *     *

As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.


WAVELENGTH EQUITY: Sets Final Shareholders Meeting for Nov. 16
--------------------------------------------------------------
Wavelength Equity Limited will hold its final shareholders
meeting on Nov. 16, 2007 at 10:00 a.m., at the company's
registered office.

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on
      Nov. 8, 2007; and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-5122
         Fax: (345) 949-7920


WINTERINVEST PLANNING: Sets Last Shareholders Meeting for Nov. 8
----------------------------------------------------------------
Springinvest Acquisition Limited will hold its final
shareholders meeting on Nov. 8, 2007 at 10:00 a.m., at the
company's registered office.

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of, as at final winding up on Nov. 8,
      2007; and

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

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-5122
         Fax: (345) 949-7920




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


HOUGHTON INT'L: Signs Merger Pact with AEA Investors Affiliate
--------------------------------------------------------------
Houghton International Inc. has entered into an agreement to
merge with a newly formed affiliate of AEA Investors LLC.  The
merger agreement is subject to shareholder approval and the
satisfaction of the various closing conditions, including
regulatory approvals, and is expected to close before the end of
the year.  As Houghton is privately held, the terms of the
transaction were not disclosed.

Houghton does not anticipate any immediate changes in its
facilities, employment or range of product and service
offerings, and all of the members of senior management are
expected to continue on with the company.  After the merger, the
business will continue to be conducted under the Houghton
International name.

"We are pleased to announce that our shareholders will be able
to realize significant value for their Houghton shares, while at
the same time, Houghton will be able to continue uninterrupted
in its long history of innovation in serving our customers
around the world," said William F. MacDonald Jr., president of
Houghton International.  "Through the proposed partnership with
AEA Investors LLC, we expect to enjoy greater access to capital,
which will enable us to provide our customers with customized
metalworking fluids and chemical management services."

"The entire team at AEA is excited to partner with the
management team of Houghton International to continue the growth
and expansion of this long-standing industry leader," said Brian
Hoesterey, a partner at AEA.  "We plan to support Houghton
through our experience in the chemical industry, global
footprint, operating resources and access to capital. We seek to
help management drive both organic and acquisition-based growth,
leveraging Houghton's strong positions in its key markets."

CIBC World Markets Corp. acted as exclusive financial advisor to
Houghton, and Morgan, Lewis & Bockius LLP acted as legal
counsel.  Fried, Frank, Harris, Shriver & Jacobson LLP acted as
legal counsel to AEA Investors LLC.

                          About AEA

AEA -- http://www.aeainvestors.com/-- is one of the most
experienced international private equity investment firms with
investors that include former and current CEOs of major
multinational corporations, family groups, endowment funds and
institutions from around the world.  With offices in New York,
London and Hong Kong, AEA invests in companies in four sectors:
value-added industrial products, specialty chemicals, consumer
products and services to those sectors.

                About Houghton International

Headquartered in Valley Forge, Pennsylvania, Houghton
International Inc. manufactures oils and specialty chemicals for
lubrication in most of the big Midwestern industries:
metalworking, automotive, and steel.  Its products range from
aluminum and steel rolling lubricants to rust preventatives to
fire-resistant hydraulic fluids.  The FLUIDCARE division helps
manufacturers reduce costs through chemical management and
recycling.  It maintains more than 30 sales and manufacturing
facilities in North and South America, Europe, Africa,
Australia, and Asia.  The Company was founded in 1865.  It
has operations in Brazil and Chile.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. chemicals and allied
products sectors, the rating agency confirmed its B2 Corporate
Family Rating for Houghton International Inc.


EASTMAN KODAK: Paying 25 Cents Per Share Dividend on Dec. 14
------------------------------------------------------------
Eastman Kodak Company's board of directors has declared a
semi-annual cash dividend of 25 cents per share on the
outstanding common stock of the company, payable Dec. 14, 2007,
to shareholders of record at the close of business on
Nov. 1, 2007.

                   About Eastman Kodak

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.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006.  The outlook is
negative.




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


EMPRESA DE ENERGIA: Fitch Puts BB Rating on US$710-Mln Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a preliminary rating of 'BB' to
Empresa de Energia de Bogota S.A. ESP's proposed issuance of up
to US$710 million in senior unsecured notes.  Concurrently,
Fitch has assigned foreign and local currency Issuer Default
Ratings of 'BB' to EEB.  The proceeds of the notes will be used
to repay a portion of a bridge loan entered into by EEB for
Transportadora de gas del Interrior S.A. ESP's acquisition of
Ecogas' natural gas transportation assets.  The rating outlook
is stable.

EEB's ratings reflect the company's diversified portfolio of
energy assets, with low business risk profile and stable cash
flow generation.  EEB's ratings also reflect the company's
exposure to regulatory risk throughout most businesses.  The
company has moderately high leverage, which is consistent with
the rating category.  Furthermore, the ratings incorporate the
implicit support of the Bogota District Capital, owner of 81.5%
of EEB.  In the past, Bogota D.C. has diluted its position in
EEB bringing new capital to the company in order to improve
EEB's financial profile.

EEB's low business risk profile stems from its diversified
portfolio of energy and power related assets throughout Colombia
and Peru.  In Colombia EEB operates an electricity transmission
line that accounts for approximately 7.2% of the market and
holds majority and minority positions in four power and gas
companies.  In Peru, it holds participations in two transmission
companies.  EEB owns 51.5% of Codensa, the largest electricity
distribution company in the country with approximately 2 million
customers.  It also owns 51.5% of Emgesa S.A. E.S.P., the
largest electric generation company in Colombia (after merging
with Betania) with 2,780MW of installed capacity. EEB also owns
24.9% and 97.9% of Gas Natural S.A. and Transportadora de Gas
del Interior S.A. E.S.P, respectively.  The former is a natural
gas distribution company with 1.4 million customers and the
latter is the largest natural gas transportation company in
Colombia with 3,702 km. of pipelines.

The company is competitively well positioned in all its
businesses as most are natural monopolies, or have significant
market share position in the sector they operate.  Electricity
and gas distribution and transmission/transportation are natural
monopolies with low business risk and stable cash flow
generation.  The electricity generation business in Colombia is
considered to be highly competitive given the country's
significant low cost hydroelectric generation and significant
overcapacity; installed capacity covers demand almost by two
times.  EEB's energy generation business is competitively well
positioned given its low cost capacity generation mix, 88.5%
hydro 11.5% thermo.

EEB's pro-forma credit metrics are consistent with the assigned
rating category.  The company reported a leverage ratio as
measured by total debt-to-EBITDA plus dividends received of 4.4
times and net total debt-to-EBITDA plus dividends received of
3.9 as of the twelve months ended June 30, 2006.  Prior to the
company's acquisition of Ecogas assets, EEB had only US$86
million of debt, as of year-end 2006.  Interest coverage as
measured by EBITDA plus dividends received-to-interest expense
as of the LTM June 30, 2006 was 3.7.

Headquartered in Tunja, Colombia, Empresa de Energia de Bogota
S.A. ESP (EEB) -- http://www.eeb.com.co--is an energy holding
company.  The company participates in the Colombian electricity
transmission system where it has 7.16% market share.  EEB also
participates in electricity generation and distribution, as well
as gas transportation and distribution.  The company is
controlled by the District Capital of Bogota, which owns 81.5%
of the company.


SOLUTIA INC: Files Consensual Plan of Reorganization
----------------------------------------------------
Solutia Inc. filed a consensual plan of reorganization on
Oct. 15, 2007, that has the support of all major constituents in
its Chapter 11 case.  The plan -- known as the fifth amended
plan of reorganization -- was filed with the U.S. Bankruptcy
Court for the Southern District of New York along with Solutia's
fifth amended disclosure statement.

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Solutia secured the support of all of the major constituents in
its Chapter 11 cases for a consensual plan of reorganization,
including the Ad Hoc Committee of Solutia Noteholders, the
Official Committee of Equity Security Holders, the Official
Committee of Unsecured Creditors, Monsanto Company, Pharmacia
Corporation, the Official Committee of Retirees, and the Ad Hoc
Committee of Trade Creditors.  As part of the settlement, the
following parties executed agreements earlier this month in
support of the settlement and revised plan of reorganization:
Monsanto, noteholders controlling at least US$300.1 million in
principal amount of the 2027/2037 notes, the official committee
of general unsecured creditors, the official committee of equity
security holders, the ad hoc trade committee, and Solutia.

"This consensual plan of reorganization will facilitate
Solutia's emergence from Chapter 11 as a financially healthy
company," Jeffry N. Quinn, chairman, president and chief
executive officer of Solutia Inc., said.

             Major Terms Underlying Settlement and
                       Reorganization Plan

(1) US$250 Million of New Investment

The revised plan will provide for US$250 million of new
investment in reorganized Solutia.  This investment will be in
the form of a rights offering to the noteholders and general
unsecured creditors, who will be given the opportunity to
purchase shares of the new common stock on a pro rata basis at a
33.3% discount to the implied equity value.  The rights offering
will be backstopped by a group of Solutia's creditors (i.e. they
will purchase any shares not bought by other creditors).  For
this commitment they will receive a fee of 2.50% and an
allocation of 15% of the rights offering.

The US$250 million generated as a result of the rights offering
will be used: US$175 million will be set aside in a Voluntary
Employees' Beneficiary Association Retiree Trust to fund the
retiree welfare benefits for those pre-spin retirees whom
receive these benefits from Solutia; and US$75 million will be
used by Solutia to pay for other legacy liabilities being
retained by the company.

(2) Relief from Tort Litigation and Environmental Remediation
    Liabilities

Consistent with Solutia and Monsanto's prior agreement, the
settlement provides that Monsanto will take on financial
responsibilities in the areas of tort litigation and
environmental
remediation.

   -- Monsanto will be financially responsible for all
      current and future tort litigation costs arising from
      Pharmacia's chemical business prior to the Solutia
      spinoff.  This includes litigation arising from
      exposure to PCBs and other chemicals.

   -- Monsanto will accept financial responsibility for
      environmental remediation and clean-up obligations at
      all sites for which Solutia was required to assume
      responsibility at the spinoff but which were never
      owned or operated by Solutia.  Solutia will remain
      responsible for the environmental liabilities at sites
      that it presently owns or operates.

   -- Solutia and Monsanto will share financial
      responsibility  with respect to two sites. Under this
      cost-sharing arrangement the first US$50 million of post-
      emergence remediation and cleanup costs will be funded by
      the proceeds of the rights offering described above.
      Upon emergence, Solutia would be responsible for the
      funding of these sites up to an agreed amount.
      Thereafter, if needed, Monsanto and Solutia would share
      responsibility equally.

(3) Current Equity Holders New Common Stock Purchase Option

Under the revised plan, in addition to other considerations,
current equity holders that own at least a specified number of
shares of Solutia common stock will receive rights to purchase,
at the time of the company's emergence from bankruptcy, a pro
rata share of up to 17% of the new common stock for
US$175 million, which is at a discount from the implied equity
value under the revised plan.  The proceeds from the sale of
this equity will fund a cash payment to Monsanto of up to US$175
million.  Any portion of the 17% of the new common stock that is
not purchased by current equity holders will be distributed to
Monsanto under the revised plan.

(4) Settlement of Litigation and Claims Objection

Each of the settling parties has agreed to stay all pending
litigation relating to Solutia's chapter 11 cases until the
effective date of the plan, at which time this litigation will
be dismissed.  This includes objections to the disclosure
statement and plan of reorganization filed by the noteholders
and the equity security holders, the adversary proceeding filed
by the equity security holders against Monsanto and Pharmacia,
objections to the claims filed in the case by Monsanto and
Pharmacia, and the noteholders' appeal of the decision in the
litigation related to the secured or unsecured nature of their
claims.

(5) Composition of Board of Directors

Under the revised plan, reorganized Solutia's Board of Directors
will be comprised of nine members, including: Jeffry N. Quinn,
Solutia's chairman, president and chief executive officer; J.
Patrick Mulcahy, a current director of Solutia; one director
designated by each of Monsanto, the general unsecured creditors
and the noteholders; and four directors designated by a five-
person search committee consisting of Mr. Quinn, two
representatives from the noteholders and one representative each
from the general unsecured creditors and the ad hoc trade
creditors.  Solutia has engaged the services of Spencer Stuart,
a global search firm, to begin the process of helping identify
and recommend highly qualified board candidates.

(6) Anticipated Creditor Recoveries and Equity Ownership

Assuming full subscription to the rights offering by the
participating parties (including the backstop parties), a full
exercise of the new common stock purchase option, and an
estimated general unsecured claims pool of US$342 million, the
following creditors and equity security holders will receive
these distributions:

   -- General Unsecured Creditors will receive their pro rata
      share of 31.4% of the new common stock, resulting in a
      recovery of 80.6 cents on the dollar.

   -- Noteholders will receive their pro rata share of
      43.8% of the new common stock, resulting in a
      recovery of 88.4 cents on the dollar.

   -- Monsanto will receive up to US$175 million in cash.  Any
      shares of new common stock not purchased by current
      equity holders pursuant to the new common stock
      purchase option will be distributed to Monsanto and
      the cash distribution reduced accordingly.

   -- Equity Security Holders will receive their pro rate
      share of 1% of the new common stock and pursuant to
      the new common stock purchase option, holders that own
      at least a specified number of shares of Solutia
      common stock will receive rights to purchase a pro
      rata share of up to 17% of the new common stock.

      Assuming the new common stock purchase option is
      fully exercised, current equity security holders will
      own up to 18% of the new common stock.

      Additionally, current equity security holders will
      have these rights:  i) holders who own at least a
      specified number of shares of Solutia common stock will
      receive their pro rata share of five-year warrants to
      purchase 7.5% of the common stock; and ii) holders who
      own at least a specified number of shares of Solutia
      common stock will receive the right to participate in a
      buy out for cash of  general unsecured claims of less
      than US$100,000 for an amount equal to 52.35% of the
      allowed amount of such claims, subject to election of
      each general unsecured creditor to sell their claim.

   -- Retirees will receive the benefits provided for under
      the terms of the settlement between Solutia and its
      retirees, which was previously announced and is not
      being altered by the settlement currently announced.
      In accordance with that settlement, the retirees, as
      a class, will receive 2% of the new common stock.
      This stock will be deposited into a VEBA trust that
      will be used to pay retiree welfare benefits.  This
      is in addition to the US$175 million from the rights
      offering that will also be deposited into the VEBA
      trust.

   -- Backstop Parties (the backstoppers of the rights
      offering) will own 4.7% of the new common stock.

                  General Plan Assumptions

Solutia will be an independent, publicly traded company listed
on a national exchange.  The enterprise value of reorganized
Solutia is currently estimated to be US$2.85 billion, with
corresponding implied reorganization equity value of
approximately US$1.2 billion.  In total, 59.75 million common
shares will be issued and allocated upon emergence, exclusive of
an anticipated management incentive plan to be approved as part
of the revised plan of reorganization.

An Oct. 19, 2007 hearing has been set at which the court will be
asked to approve the disclosure statement.  Once approved, the
disclosure statement will be sent to Solutia's creditors and
equity interest holders to solicit approval of the plan.  The
solicitation period will run for 30 days from the mailing of the
solicitation materials.  Following the solicitation period, the
court will hold a hearing to confirm the plan, after which
Solutia will emerge from Chapter 11.

Full-text copies of the fifth amended plan of reorganization and
disclosure statement is available for free at
http://www.solutia.com/reorganization/

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Saflex
is a registered trademark of Solutia Inc.  Solutia has
operations in Malaysia, China, Singapore, Belgium, and Colombia.
The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and is set to continue on Oct. 10, 2007.




=======
C U B A
=======


* CUBA: Signs 13 Economic Integration Pacts with Venezuela
----------------------------------------------------------
Cuban Vice President Raul Castro inked Monday new agreements for
economic cooperation at Havana's Conventions Center, the Cuban
News Agency reports.

According to the Cuban News, the accords include:

          -- 13 documents,
          -- five memoranda of understanding,
          -- one cooperation agreement,
          -- two joint ventures, and
          -- three contracts for oil exploration and
             exploitation.

Cuba and Venezuela agreed to launch feasibility studies for the
formation of two joint ventures to construct and run cement
plants in the two countries, the Cuban News says.

The Cuban News relates that the 13 documents made reference to

          -- two plants for dry and additive added mortars,

          -- petrochemical studies,

          -- the design and construction of facilities for the
             regasification of liquid natural gas, and

          -- a plant to process heavy crude oil in Cuba.

The report says that the two letters of intent were for two
joint ventures:

          -- one to develop the state run fishing industry of
             Venezuela, and

          -- one to develop their fishing fleet in national and
             international waters.

The Cuban News notes that Cuba also signed with Venezuela an
agreement on technological cooperation between Cuba's state-run
oil firm CUPET and its Venezuelan counterpart Petroleos de
Venezuela SA.

Two new joint ventures were formed, according to the Cuban News.
One joint firm was created to exploit serpentine nickel
deposits, and another to build and run a hotel in Paredon Grande
Key.

The Cuban News reports that the three Cuban oil exploration and
extraction contracts will concentrate on:

          -- inland,
          -- shallow waters, and
          -- deep waters of Cuba's exclusive economic area.

President Chavez signed a Presidential Decree for the formation
of a state-owned joint venture to deploy, operate and service
the international telecommunication system with Cuba, the Cuban
News states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


PETROECUADOR: Inks R&D Agreement with Petroleos de Venezuela
------------------------------------------------------------
Petroleos de Venezuela and Petroecuador have entered into a
Research & Development agreement to ascertain the amount of new
hydrocarbons deposits in Ecuador, El Universal reports, citing
official news agency ABN.

Petroleos de Venezuela Drilling and Development Vice-President
Luis Vierma told Ecuadorian newspaper La Hora that, on the
Venezuelan side, PDVSA delegation would signed the deal, which
would head for Ecuador next weekend.

According to the official, outstanding projects will be
established and implemented based on the outcome of the deal, El
Universal relates.

The ministers of energy of Ecuador, Venezuela and Colombia will
have a meeting to discuss the issue of oil exploration and the
possible addition of Ecuador to the Transoceanic Gas Pipeline,
Mr. Vierma added.

                 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.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.

                    About Petroecuador

Petroecuador, according to published reports, is 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.


PETROECUADOR: Paying PDVSA US$18,000 Per Day for Two Rigs
---------------------------------------------------------
Ecuadorian state-owned oil firm Petroecuador said in a statement
that it will pay Venezuelan counterpart Petroleos de Venezuela
some US$18,000 per day for two rigs to drill new wells in the
Amazon.

Business News Americas relates that Petroecuador will sign the
rental contract with Petroleos de Venezuela in the coming days.

According to the statement, the price is 50% of what
Petroecuador pays private firms.

The two rigs would help boost production to 180,000 barrels per
day by year-end from 170,239 barrels per day, BNamericas notes,
citing Petroecuador.

The rigs are undergoing international certification to ensure
optimum operation and safety, Petroecuador said in a statement.

                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.

                     About Petroecuador

Petroecuador, according to published reports, is 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.


PETROECUADOR: Foreign Firms Must Pay US$317MM in Oil Royalties
--------------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador is giving foreign oil
companies until Oct. 31, 2007, to pay US$317 million in oil
royalties, or be sanctioned, Dow Jones Newswires reports.

Petroecuador President Carlos Pareja said in a statement that
companies who fail to meet the deadline may face legal actions.

Dow Jones relates that the Ecuadorian government passed in May
2006 a law requiring foreign firms to surrender 50% of the extra
revenues received when oil prices increased above certain
averages laid down in operating contracts.  Ecuadorian President
Rafael Earlier also raised the government's share on the
operations to 99%.

From May 2006 to September 2007, the new royalty was increased
to US$811.37 million for the government, according to
Petroecuador's statement.  About US$493.93 million of the
royalty has been settled.  Petroecuador named these firms as
being in arrears:

          -- China's Andes Petroleum,
          -- France's Perenco, and
          -- Spain's Repsol YPF SA.

Petroecuador, according to published reports, is 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.




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


ALCATEL-LUCENT: Supplies Fiber-To-The-Node Network to Belgacom
--------------------------------------------------------------
Alcatel-Lucent will supply fiber-to-the-node VDSL2 network to
Belgacom.  This network upgrade will enable Belgacom to offer
full triple play services, including multiple IPTV channels on
multiple TV sets simultaneously and High Definition Television
to more than 60% of the Belgian households in spring 2008.

This project leverages the unsurpassed high density and
bandwidth of Alcatel-Lucent's next generation VDSL2 solutions
based on its industry leading ISAM platform.  The broadband
access network seamlessly integrates with the already
operational IP aggregation network supplied by Alcatel-Lucent
and based on its 7450 ESS and 7750 SR service router products.

Deploying VDSL2 is part of Belgacom's Broadway infrastructure
project to bring fiber down to the street cabinet level on a
national scale.  After successfully passing the integration
phases, it has now reached the final lab testing stages in
parallel with the necessary IT integration.  The large-scale
rollout throughout Belgium will cover more than 14,000 nodes.

While Belgacom is already offering digital TV to 80% of Belgian
households, with a large segment of the population enjoying
multiple streams of standard definition television, the superior
bandwidth of VDSL2 will transition Belgacom's TV offering into
the High Definition Television era.

Scott Alcott, Executive Vice President of Belgacom's Service
Delivery Engine stated: "At the end of June 2007, we had already
registered more than 191,000 IPTV users, who are being offered
this service over ADSL2+ and VDSL1 technology.  To further
expand our customer base and introduce HDTV on a large scale, we
need to bring our high-bandwidth network closer to the end-user.
In our transition to the IP world, Alcatel-Lucent's VDSL2
solution is fundamental to further expand our Belgacom TV
service and Internet applications, both in terms of services
offered and customers reached."

"Belgacom's choice for a fiber-to-the-node VDSL2 network is a
logical next step", said Michel Rahier, President of Alcatel-
Lucent's carrier business activity.  "It reuses the existing
copper infrastructure to the fullest and brings fiber up to that
point in the network that makes the most sense economically for
Belgacom. The solution will enable Belgacom to offer much higher
bandwidths and top quality TV services to a large subscriber
base," concluded Rahier.

Under the terms of the contract, Alcatel-Lucent will be
supplying its 7302 Intelligent Services Access Manager for
central office deployment and its 7330 Intelligent Services
Access Manager (ISAM) fiber-to-the-node system with the 7356
Remote Expansion Module, all of which will be managed by the
highly scalable, multi-technology 5523 AWS Element Management
System. Alcatel-Lucent also provides Belgacom with a scalable
and service oriented IP aggregation network, based on its 7450
ESS and 7750 SR service router products now largely deployed and
operational over most of the Belgacom central offices.

Alcatel-Lucent remains the uncontested market leader in
broadband access with more than 142 million DSL lines shipped to
date, and a cumulative DSL market share of 41%, more than three
times that of its nearest competitor.

                      About Belgacom

Belgacom Group is the benchmark Belgian provider in the field of
integrated telecommunications services. Underpinned by its
experience as the country's national operator, matched by a
capacity to innovate, the Belgacom Group, through the strong
brands of its subsidiaries, provides a full range of offers,
solutions and expertise in fixed and mobile networks. The
Belgacom Group proposes a complete quadruple-play solution
comprising fixed and mobile telephony, the Internet and
television. It is committed to meeting the demands of its
business and residential customers, and innovates in order to
anticipate their future needs, drawing from the latest
technological developments.  For the fiscal year ending 31
December 2006, the Group posted a total revenue of EUR6.1
billion and a net operating profit before depreciation and
amortization of EUR2.15 billion.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

As reported on Sep. 19, 2007, that Standard & Poor's Ratings
Services revised its outlook on international equipment supplier
Alcatel-Lucent and related entity Lucent Technologies Inc. to
stable from positive.  At the same time, the 'BB-' long-term
corporate credit ratings on the group were affirmed.  The 'B'
short-term corporate credit rating on Alcatel-Lucent and 'B-1'
short-term rating on Lucent Technologies were also affirmed.

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.




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


DIGICEL GROUP: High Ct. To Rule on Lawsuit Against Trinidad Firm
----------------------------------------------------------------
Jada Loutoo at The Trinidad Guardian reports that High Court
Judge Nolan Bereaux will soon issue a ruling on Digicel's
lawsuit against the Telecommunications Services of Trinidad and
Tobago Limited.

Digicel claimed that the Telecommunications Services blocked its
clients' calls and failed to comply with a High Court order,
which allowed for the free flow of cellular calls across the two
networks.  Digicel said that the Telecommunications Services had
breached portions of Justice Nolan Bereaux's Feb. 15, 2007
order.  Digicel was granted several injunctive relief in its
lawsuit, the same report says.

Alvin Fitzpatrick, Digicel's counsel, told The Guardian that the
Telecommunications Services failed to provide certain
information that Digicel asked in accordance with the orders
granted in February 2007.

The Guardian notes that Justice Bereaux let Digicel's engineers'
access the Telecommunications Services' records, relating to
alleged call-blocking, and ordered that this data be assessed by
two agents from the Telecommunications Authority in the presence
of representatives from the Telecommunications Services and
Digicel.

However, the Telecommunications Services failed to provide the
information, claiming that the data was confidential and certain
information requested was not specified in the court's order,
The Guardian says, citing Mr. Fitzpatrick.

The Telecommunications Services told The Guardian that it
already complied with the order.  It accused Digicel of trying
to have the judge vary the original order.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- Proposed US$1.4 billion senior subordinated notes
      due 2015 assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings is stable.




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


BEARINGPOINT INC: Taps Rick Martino as Executive VP of Global HR
----------------------------------------------------------------
BearingPoint Inc. has appointed Rick Martino as executive vice
president of Global Human Resources.

Mr. Martino has more than 25 years of experience leading and
transforming Human Resources programs.  Mr. Martino joins
BearingPoint from the March of Dimes Foundation, a not-for-
profit organization dedicated to improving maternal health and
preventing birth defects, where for the past seven years, he led
all aspects of human resources, payroll and purchasing.  He
managed the successful redesign of the organization's
compensation plan, performance management system, benefits,
employee orientation and human resources operations, as well as
reduced overall employee attrition and significantly enhanced
the organization's training and development programs.

Prior to the March of Dimes, Mr. Martino spent 18 years in a
variety of human resources positions at IBM.  Most recently, as
vice president of Global Talent, he was responsible for IBM's
global staffing, learning and development, diversity, human
resources information technology, global mobility and knowledge
management strategy.

"Rick brings extensive global experience and perspective in
human resources to BearingPoint," said Ed Harbach,
BearingPoint's president and chief operating officer.  "We are
committed to being a world-class employer and Rick will help us
not only maintain that status, but continue our path toward
excellence in every aspect of human resources."

Mr. Martino graduated from American University with a Bachelor
of Science degree in Economics and Political Science, and later
earned a Master's in Business Administration from Cornell
University's Johnson Graduate School of Management.

                     About BearingPoint

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

The company reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders deficit of
US$177.3 million as of Dec. 31, 2006.


CINRAM INT'L: Declares CDN$0.2708 Per Unit Cash Distribution
------------------------------------------------------------
Cinram International Income Fund has declared a cash
distribution of CDN$0.2708 per unit for the month of
October 2007, payable on Nov. 15, 2007, to unitholders of record
at the close of business on Oct. 31, 2007.

Cinram International Limited Partnership also announced that it
has declared a cash distribution of CDN$0.2708 per Class B
limited partnership unit for the month of October 2007, payable
on Nov. 15, 2007, to unitholders of record at the close of
business on Oct. 31,2007.

The Fund and the Partnership's current annualized distribution
rate is CDN$3.25 per unit, payable in monthly distributions of
CDN$0.2708 per unit.  In accordance with the distribution policy
of both the Fund and the Partnership, unitholders of record at
the close of business on the last business day of each calendar
month are paid a distribution on or about the 15th day of the
following month.

                  About Cinram International

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world.  The company has sales offices in Mexico.

                        *     *     *

Cinram International Income Fund carries Moody's B1 long-term
corporate family and bank loan debt rating.  Moody's said the
ratings outlook is stable.


FIRST DATA: Expands Commercial Payment Markets on Deecal Buy
------------------------------------------------------------
First Data Corp. has acquired Deecal International, a specialist
software solutions provider for commercial payments.

The acquisition positions First Data strongly in the expanding
commercial payments market.  It enhances the company's global
commercial payments offering, providing a state-of-the-art
management information capability that First Data will make
available to banking, corporate and public sector clients around
the world.

David Yates, president, First Data International, said:
"Commercial cards are an increasingly important component of
card portfolios for financial and corporate organisations.  This
acquisition positions First Data strongly to support our banking
clients in Europe, the United States and other major markets,
providing high-quality online management information in support
of their national and multinational corporate customers.
Through the acquisition, we welcome 32 new employees with highly
valued skills and expertise into First Data."

Des Cahill, managing director of Deecal International added: "As
part of First Data, we now have access to a global market and
the backing of an established and highly successful global
electronic payments company. O ur clients, whether domestic or
multinational, will benefit from First Data's support for the
Deecal platform, and our employees will enjoy the expanded
career development opportunities that this acquisition
represents."

Founded in 1991, Deecal International is a privately owned
company headquartered in Dublin, Ireland.  The company offers a
complete commercial card e-payment solution that can be fully
integrated into existing procurement, payment and accounting
infrastructure and workflows.  The solution supports the full
range of commercial cards, business, purchasing and corporate
travel and entertainment cards and meets the needs of both
domestic and multinational organisations. It is offered using a
hosted ASP service model that ensures rapid implementation and
minimises start-up costs.

Deecal has a client base of more than 200 banks, corporations
and government agencies across Europe and in the United States.
The company maintains direct connections with banks, payment
card associations and travel agents to provide daily reporting.

                      About First Data

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.


FIRST DATA: Fitch Assigns B- Rating on US$2 Bil. Proposed Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'B-' rating to First Data Corp.'s
proposed US$2 billion senior unsecured notes due 2015 offering.

Fitch previously assigned these ratings to First Data Corp. on
Sept. 17, 2007, following its leveraged buyout by Kohlberg
Kravis Roberts & Co. (KKR):

-- Long-term Issuer Default Rating 'B+';

-- US$2 billion senior secured revolving credit facility due
    2013 'BB/RR2';

-- US$13 billion senior secured term loan B due 2014 rated
    'BB/RR2'.

Fitch said the rating outlook is stable.

Liquidity is adequate with approximately US$500 million in cash
and US$1.8 billion available under a US$2 billion senior secured
credit facility maturing in 2013.  Fitch expects First Data to
generate minimal free cash flow in the first year following the
close of its acquisition by KKR.

First Data's debt pro forma is approximately US$23 billion,
consisting of a US$13 billion senior unsecured term loan B due
2014; US$2 billion in senior unsecured notes expiring 2015;
US$4.5 billion remaining on a senior unsecured 12-month bridge
facility expiring September 2008; US$2.5 billion drawn on a
senior subordinated 12-month bridge facility expiring September
2008; and US$1 billion of senior unsecured PIK notes due 2016
issued at a holding company and structurally subordinated to all
other existing debt.  First Data has bank commitments in place
that require the remaining bridge facilities to either be
replaced or converted into equivalent eight-year senior
unsecured notes and nine-year senior subordinated notes.  Of the
US$4.5 billion remaining under the senior unsecured bridge
facility, US$2.75 billion is in the form of senior unsecured PIK
notes for the first four years, converting to cash pay notes in
2011.

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.


GRUPO MEXICO: Asserts Copper Prices Will Continue to Rise
---------------------------------------------------------
Grupo Mexico SAB, fka Grupo Mexico SA de CV, believes that
copper prices would continue to rise as a result of sustained
demand from China despite a slowdown in the U.S. market, Andres
R. Martinez and Carlos M. Rodriguez at Bloomberg News report.
Analysts expected copper prices to decline to US$3.07 this year.

So far, copper prices rose 28% this year, partly because of the
strikes in Mexico and Peru that have started on July 31.  Miners
have been asking for higher wages.

The company's forecast was based on the sustained demand from
Chinese companies, which account for 25% of world demand,
Bloomberg says, citing Chief Financial Officer Daniel Muniz.

As previously reported, the strikes at Grupo Mexico's mines in
Mexico have caused it lose about US$4.1 million a day.  The
strike in Peru ended Oct. 11, lasting eight days.

Bloomberg says that Grupo Mexico US$524.8 million net income for
the second quarter of 2007 is its highest profit ever.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico 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'.  Fitch said the rating outlook is stable.


GRUPO MEXICO: Miners Get Court Okay to Form New Union
-----------------------------------------------------
Mexico's labor court approved the petition to form a new union
filed by 3,716 workers of Grupo Mexico SAB, fka Grupo Mexico
S.A. de C.V., published reports say.

The miners voted to leave the 73-year old National Union of Mine
and Metal Workers of the Mexican Repubic at a time when workers
from three mines are on strike since July 31 over pay and safety
issues.

"It's a white union, the company's union," union official Carlos
Pavon told Reuters. "The board has always been the workers'
worst enemy."

The workers decision to leave the National Union of Mine and
Metal Workers of the Mexican Republic was the result of Grupo
Mexico's intimidation of its workers, the Union asserted,
according to Bloomberg News.  Only four percent of the original
members opted to stay with their original Union that threatens
to bring the matter to court.

Grupo Mexico's Chief Financial Offier Daniel Muniz is optimistic
that there will be fewer strikes in the future as the result of
the miners' action, Bloomberg says.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico 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'.  Fitch said the rating outlook is stable.


MOVIE GALLERY: Files Chapter 11 Petition in E.D. Virginia
---------------------------------------------------------
Movie Gallery Inc. and certain of its subsidiaries filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for
the Eastern District of Virginia, Richmond Division to re-align
the company's business operations and restructure its debt.  The
company intends to work with its constituencies to exit
bankruptcy as expeditiously as possible while executing on its
reorganization plans.  Movie Gallery's Canadian subsidiary was
not a part of the filing and will continue operating outside of
the Chapter 11 cases.

The company also announced that it has agreed to the terms of a
restructuring plan with Sopris Capital Advisors LLC, a private
investment fund, under which Sopris has agreed to fund a plan of
reorganization consistent with the terms set forth in a
restructuring term sheet.  If approved by the Bankruptcy Court,
the plan of reorganization would provide for the following:

   -- Conversion of the company's US$325 million 11% senior
      notes and other general unsecured claims into new equity
      of reorganized Movie Gallery;

   -- Conversion of approximately US$72 million of the company's
      US$175 million second lien indebtedness, held by Sopris,
      into new equity of reorganized Movie Gallery;

   -- The company's first lien indebtedness would remain in
      place on restructured terms to be agreed upon by the
      company, Sopris and the first lien lenders;

   -- Amendments to the company's remaining second lien debt
      (following conversion of the second lien debt held by
      Sopris) to revise interest rates based upon the terms of
      the restructured first lien debt and modify certain PIK
      interest terms and conditions;

   -- A commitment by Sopris to backstop a US$50 million equity
      rights offering to be made available to all eligible
      holders of the 11% senior notes; and

   -- Provisions for holders of the company's common equity to
      receive under certain circumstances a minority share of
      the equity in reorganized Movie Gallery, estimated at
      approximately 2% of the total equity interests.  Under the
      proposal, existing shares of common stock will be
      cancelled.

The proposed restructuring term sheet is supported by holders
who own a majority of the 11% senior note holders and a majority
of the second lien lenders, each of whom has signed an agreement
to support a plan of reorganization consistent with the terms
set forth in a restructuring term sheet.  The company is
continuing to negotiate with its first lien lenders regarding
the revised terms and conditions of the first lien indebtedness
under the plan of reorganization and hopes to reach an agreement
shortly.  Importantly, the proposed plan of reorganization would
reduce the company's total indebtedness by approximately US$400
million and would be expected to improve cash flow by
significantly reducing on-going interest expense.

The company is also in advanced negotiations with a number of
the major motion picture studios.  The company has sought
permission from the Bankruptcy Court to enter into agreements
with the studios to restore normal credit terms.

"Movie Gallery needs to re-align its cost structure due to the
ongoing changes in our industry," said Joe Malugen, Chairman,
President and Chief Executive Officer of Movie Gallery.
"Although the Company has taken numerous steps to reduce its
debt and strengthen its balance sheet through closing
unprofitable stores, headcount reductions and other means, these
actions were not sufficient to offset the significant shift in
our business and the cost of our substantial debt obligations.
After careful consideration of all available alternatives, the
company's Board of Directors determined that a Chapter 11 filing
was a necessary and prudent step and the best way to obtain the
financing necessary to maintain regular operations and allow for
a successful restructuring."

Mr. Malugen continued, "Filing for Chapter 11 allows us to
operate our business without interruption while continuing to
implement a debt restructuring in a controlled, Court-supervised
environment.  The support we are receiving from our creditors as
we enter this process is a testament to their confidence in
Movie Gallery's ability to emerge from bankruptcy as a stronger
more competitive company.  We are pleased to have a financial
sponsor that is deeply committed to the future success of the
Company and we expect that the support from our creditors and
studio suppliers will significantly accelerate Movie Gallery's
emergence from bankruptcy protection."

In conjunction with the filing, the Company is seeking approval
to enter into a US$150 million debtor-in-possession (DIP)
financing agreement arranged by Goldman Sachs Credit Partners.
If approved by the Bankruptcy Court the DIP financing will be
used to provide up to US$50 million of incremental liquidity in
the form of a new revolving loan, in addition to a letter of
credit facility and a US$100 million term loan.  The DIP
financing will be made available to refinance the company's
existing revolving credit facility at a lower interest rate and
provide the Company with additional working capital.

Movie Gallery has asked the Court for additional authorizations,
including permission to continue paying employee wages and
salaries and to provide employee benefits without interruption.

During the Chapter 11 process, vendors should expect to be paid
for post-petition purchases of goods and services in the
ordinary course of business.  The company has also asked for
Court permission to continue to honor its current customer
policies regarding merchandise returns and outstanding gift
cards and customer loyalty programs so that the Chapter 11
process will not impact the company's customers.

Mr. Malugen, concluded, "I would like to thank our customers and
vendors for their continued support during this process.  We
also appreciate the ongoing loyalty and support of our
employees, whose dedication and hard work are critical to our
success and to the future of the company.  Our management team
is committed to making this financial restructuring successful
and leading Movie Gallery toward a bright future."

The Company and its domestic subsidiaries filed their voluntary
Chapter 11 petitions in the United States Bankruptcy Court for
the Eastern District of Virginia, Richmond Division.  The main
case has been assigned case number 07-33849.

                   About Movie Gallery Inc.

Headquartered in Dothan, Alabama, Movie Gallery Inc. (Nasdaq:
MOVI) -- http://www.moviegallery.com/-- is a North American
video rental company with more than 4,550 stores located
in all 50 U.S. states and Canada operating under the brands
Movie Gallery, Hollywood Video and Game Crazy.  The Game Crazy
brand represents 606 in-store departments and 14 free-standing
stores serving the game market in urban locations across the
Untied States.  Since Movie Gallery's initial public offering in
August 1994, the company has grown from 97 stores to its present
size through acquisitions and new store openings.  It operates
over 4,600 stores in the United States, Canada, and Mexico under
the Movie Gallery, Hollywood Entertainment, Game Crazy, and VHQ
banners.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on Dothan, Alabama-based Movie Gallery
Inc. to 'D' from 'CC' based on the company not making its
interest payment on its second-lien term loan by the end of the
specified grace period.

At the same time, S&P lowered the rating on the company's
second-lien term loan to 'D' and affirmed the first-lien and
senior unsecured debt rating of 'CC'.  The 'CC' rating level
indicates a high vulnerability to nonpayment.

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, Moody's Investors Service downgraded Movie
Gallery Inc.'s long-term credit ratings, including its corporate
family rating to C from Caa3; probability of default rating to D
from Caa2; rating of the company's US$100 million senior secured
revolving credit facility to Caa1 (LGD2, 18%) from B2 (LGD2,
18%); rating of the company's US$25 million synthetic letter of
credit facility to Ca (LGD4, 55%) from Caa2 (LGD4, 55%); rating
of the company's  US$600 million first lien term loan to Ca
(LGD4, 55%) from Caa2 (LGD4, 55%); rating of the company's
US$175 million second lien term loan to C (LGD5, 81%) from Caa3
(LGD5, 81%); rating of the company's senior unsecured notes to C
(LGD6, 95%) from Ca (LGD6, 95%).  Moody's said the rating
outlook is stable.


REMY WORLDWIDE: Court Sets Plan Confirmation Hearing for Nov. 20
----------------------------------------------------------------
The Honorable Kevin J. Carey will hold a hearing on
Nov. 20, 2007, at 3:30 p.m. to consider the adequacy of the
Debtors' Solicitation and Disclosure Statement and the
Prepetition Solicitation Procedures, and to confirm the
Prepackaged Plan of Reorganization.

Objections, if any, must be filed by Nov. 9, 2007.

Judge Carey directed the United States Trustee not to convene
Section 341 meeting prior to Nov. 7, 2007.  The Court will
consider on that day the Debtors' request for the U.S. Trustee
not to convene a 341 meeting if the Plan is confirmed within 90
days from the Petition Date.

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --http://www.remyinc.com/
-- manufactures, remanufactures and distributes Delco Remy brand
heavy-duty systems and Remy brand starters and alternators,
locomotive products and hybrid power technology.  The company
also provides a worldwide component core-exchange service for
automobiles, light trucks, medium and heavy-duty trucks and
other heavy-duty, off-road and industrial applications.  Remy
has operations in the United Kingdom, Mexico and Korea, among
others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is
AlixPartners, LLC.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 2,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REMY WORLDWIDE: Wants Court to Approve CVC Settlement Agreement
---------------------------------------------------------------
Remy Worldwide Holdings, Inc., and its debtor-affiliates ask
authority from the U.S. Bankruptcy Court for the District of
Delaware to assume a Settlement, Support, Forbearance and
Release Agreement, dated as of June 15, 2007, with Court Square
Capital Limited, a subsidiary of Citigroup Inc., and certain
holders of Remy securities to protect against the possible loss
of tax benefits related to the Debtors' net operating loss
carryovers.

Court Square agreed, among others, to:

   1. certain limitations on its ability to effectuate stock
      transfers and take a worthless stock deduction with
      respect to the shares of RWHI's equity interests it
      holds; and

   2. compromise amounts owed to it under a December 2002
      Advisory Agreement with the Debtors.

The parties exchanged mutual releases under the CVC Settlement
Agreement.  Remy also agreed to pay Court Square US$4,000,000 in
cash on the effective date of Remy's prepackaged plan of
reorganization and to assume the CVC Settlement Agreement
promptly upon filing for bankruptcy.

About US$1,750,000 of the Settlement Payment will be paid to
Court Square Advisor, LLC, and US$2,250,000 will go to Citicorp
Venture Capital Equity Partners L.P.  If Court Square does not
receive the payment by June 15, 2008, the payment will begin to
accrue interest at 20% per annum as of that date, until paid in
full.

Court Square and the Noteholders also agreed to support the
Debtors' Plan.

Court Square acquired Delco Remy International, Inc., in March
2001 pursuant to a merger transaction.  Court Square, through
its affiliates, currently holds roughly 70% of RWHI Equity
Interests.

Court Square may terminate the CVC Settlement Agreement if,
among other things, (i) the Plan is inconsistent with the terms
of the Settlement Agreement, (ii) the Bankruptcy Court does not
approve the assumption of the Agreement or (iii) if certain
provisions of the deal are severed, disallowed, modified,
amended, withdrawn, or deemed invalid or unenforceable.  In the
event of termination, Court Square could sell its RWHI equity
securities or, if the Debtors not emerge from bankruptcy during
the 2007 calendar year, claim a worthless stock deduction and
cause an ownership change with respect to the company under
Section 382 of the Tax Code prior to the Effective Date.  An
ownership change effectively would eliminate the Debtors'
ability to use their existing NOLs to offset future income of
Reorganized Remy.

                 Reasonable Business Judgment

Section 365 of the Bankruptcy Code provides that the trustee,
"may assume or reject any executory contract or unexpired lease
of the Debtor."  The standard for a bankruptcy court's approval
of a motion to assume under Section 365 is whether the debtor's
reasonable business judgment supports assumption, Douglas P.
Bartner, Esq., at Shearman & Sterling LLP, in New York, the
Debtors' proposed counsel, reminds Judge Carey, citing NLRB v.
Bildisco & Bildisco, 465 U.S. 513,523 (1984); Group of Inst.
Investors v. Chicago, Milw., St. Paul & Pac. R.R. Co., 318 U.S.
523, 550 (1943); Meyers v. Martin (In re Martin), 91 F.3d 389,
395 (3d Cir. 1996); In re Market Square Inn, Inc., 978 F.2d 116,
121 (3d Cir. 1992); In re Taylor, 913 F.2d 102 (3d Cir. 1990);
and Sharon Steel Corp. v. Nat'l Fuel Gas Distrib. Corp. (In re
Sharon Steel Corp.), 872 F.2d 36, 40 (3d Cir. 1989).

Preserving the NOLs could provide significant tax savings to the
Debtors following their emergence from Chapter 11 because it
will reduce, and potentially completely offset, the potential
effects of "cancellation of debt" income to be incurred by the
Debtors as a result of the debt restructuring contemplated by
the Plan, Mr. Bartner explained.

The Settlement also lets the Debtors' estate avoid claims by
Court Square as a result of the rejection of the Advisory
Agreement.

"The benefit derived from assumption [of the Settlement] could
last for years to the extent that the Reorganized Debtors are
able to utilize the NOLs," Mr. Bartner said.

The CVC Settlement Agreement was negotiated in good faith and at
arm's-length, Mr. Bartner assured the Court.

Court Square's affiliates holding Remy Equity Interests are:

   a) Court Square Advisor, LLC

   b) Court Square Capital Limited
      * 1,000 Shares Class A Common Stock

   c) Citicorp Venture Capital Equity Partners, L.P.
      * 1,735,711.17 Shares Class B Common Stock
      * 16,378.57 Shares Class C Common Stock
      * 1,620,406.51 Shares Series A Preferred Stock

   d) CVC Management LLC

   e) CVC/SSB Employee Fund, L.P.
      * 17,278.89 Shares Class B Common Stock
      * 163.15 Shares Class C Common Stock
      * 16,131.04 Shares Series A Preferred Stock

   f) CVC Executive Fund LLC
      * 15,395.57 Shares Class B Common Stock
      * 145.28 Shares Class C Common Stock
      * 14,372.83 Shares Series A Preferred Stock

   g) CVC Partners, LLC                       -

Court Square is represented in the Debtors' cases by H. Jeffrey
Schwartz, Esq., at Dechert LLP, in New York.

The Noteholders that signed the CVC Settlement Agreement are:

   1. Fidelity National Special Opportunity Inc.;
   2. Hoak & Co.;
   3. Third Point LLC;
   4. H Partners LP;
   5. Joshua Tree Capital Partners, LP;
   6. Corriente Master Fund, L.P.; and
   7. Group G Capital Partners LLC
   8. Ore Hill Hub Fund Ltd., Geer Mountain Financing, Ltd.,
      Kinney Hill Credit Opportunities Fund, Ltd.;

The Noteholders are represented by Fred S. Hodara, Esq., at Akin
Gump Strauss Hauer & Feld LLP, in New York.

                    About Remy Worldwide

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --http://www.remyinc.com/
-- manufactures, remanufactures and distributes Delco Remy brand
heavy-duty systems and Remy brand starters and alternators,
locomotive products and hybrid power technology.  The company
also provides a worldwide components core-exchange service for
automobiles, light trucks, medium and heavy-duty trucks and
other heavy-duty, off-road and industrial applications.  Remy
has operations in the United Kingdom, Mexico and Korea, among
others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is
AlixPartners, LLC.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 2,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




=================
N I C A R A G U A
=================


XEROX CORP: Bags US$82-Million Contract with EUROPART
-----------------------------------------------------
Xerox Corporation won a seven-year, US$82 million document
management contract with EUROPART, Europe's leading commercial
vehicle parts distributor.  Xerox Global Services will manage
the German company's office and production print services,
invoice processing and customer service centers.

Xerox began the relationship by conducting a thorough assessment
of the company's document-intensive work processes.  The study
found that, in Germany alone, EUROPART employees print and
process more than 8 million pages a year from more than 600
printers, scanners and fax machines made and serviced by several
manufacturers.  Xerox will reduce the total number of devices by
nearly two-thirds to 232 networked multifunction systems,
boosting productivity and efficiency.  Ongoing service and
maintenance contracts will be consolidated to reduce costs.

In addition, Xerox Global Services will manage EUROPART's
customer service center, which receives more than 72,000
incoming calls from 20 different countries each year.  By
outsourcing this service, previously managed entirely at its
German location, EUROPART will offer more personalized and
regionalized customer communication in 17 languages.

"Our work with EUROPART is a sterling example of how Xerox can
tackle enterprise-wide challenges and transform business
processes," said Stephen Cronin, president, Xerox Global
Services.  "We look at how our customers do business, and then
find ways to help them work smarter, not harder.  Our work with
EUROPART supports this strategy."

                       About EUROPART

EUROPART is Europe's leading commercial vehicle parts
distributor with sales of EUR281 million.  The company employs
more than 1,300 at its headquarters in Hagen, Germany, and
further locations in Germany and abroad.  With nearly 90 sales
outlets in more than 20 countries, EUROPART customers consist of
more than 80,000 workshops, haulage contractors, and local
authorities.

                     About Xerox Corp.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 23, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Stamford, Connecticut-based Xerox Corp. to positive from stable.
Ratings on the company, including the 'BB+' long-term and 'B-1'
short-term corporate credit ratings, were affirmed.




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


STARTECH ENVIRONMENTAL: Reports US$25-Mln Plasma Converter Sales
----------------------------------------------------------------
Startech Environmental Corp. has announced its Quarterly Report,
filed with the Securities and Exchange Commission on Sept. 14,
shows Shareholders' Equity in excess of US$5 million with
approximately US$10 million in Cash on Hand, along with Plasma
Converter Systems Sales of approximately US$25 million.

The company has also received additional cash partial-payments
of approximately US$3.5 million for the systems sold and in
production.

Startech Vice President and Chief Financial Officer, Peter
Scanlon, said, "With production for the systems sold well
underway, the fact is that the Company has never before been as
strong as it is today, and getting stronger."

Headquartered in Wilton, Connecticut, StarTech Environmental
Corporation (OTC BB: STHK.OB) -- http://startech.net/ --is an
environment and energy industry company engaged in the
production and sale of proprietary plasma processing equipment
known as the Plasma Converter System(TM).  The Plasma Converter
System safely and economically destroys wastes, no matter how
hazardous or lethal, and turns most into useful and valuable
products.  The company operates in Australia, and Panama.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Startech Environmental Corp. reported a net loss
of US$1,026,985 on revenue of US$191,976 for the second quarter
ended April 30, 2007, compared with a net loss of US$4,620,815
on revenue of US$111,464 for the same period ended
April 30, 2006.




===================================
T R I N I D A D  A N D  T O B A G O
===================================


HILTON HOTELS: Gets Requisite Consents for 8.000% Interest Bonds
----------------------------------------------------------------
Hilton Hotels Corporation has received the requisite consents to
adopt all of the proposed amendments to the Indenture and the
related Officers' Certificates with respect to its outstanding
8.000% Quarterly Interest Bonds due 2031 and the Bonds
themselves.  Hilton has previously announced that it had
received the requisite consents with respect to its 7.625% Notes
due 2008, 7.200% Notes due 2009, 8.250% Notes due 2011, 7.625%
Notes due 2012, 7.500% Notes due 2017 and 7.430% Chilean
Inflation-Indexed (UF) Notes due 2009 in connection with its
tender offers and consent solicitations for the Securities.
Accordingly, as a result of the receipt of the requisite
consents with respect to the Bonds, Hilton has now received the
requisite consents in respect of each series of Securities.

Hilton's tender offers and consent solicitations for the
Securities are being made pursuant to the terms of Hilton's
Offer to Purchase and Consent Solicitation Statement dated
Sept. 12, 2007, and the related Consent and Letter of
Transmittal, as amended.  The tender offers and consent
solicitations are being conducted in connection with the
previously announced merger agreement that provides for the
acquisition of Hilton by BH Hotels LLC, an entity controlled by
investment funds affiliated with The Blackstone Group L.P.  The
completion of the Merger is a condition to the completion of the
tender offers and consent solicitations.  However, the
completion of the tender offers and consent solicitations is not
a condition to completion of the Merger.

It is expected that the Third Supplemental Indenture effecting
the Proposed Amendments with respect to the Bonds will be
executed promptly.  Hilton and the trustee under the indenture
previously entered into supplemental indentures with respect to
the Proposed Amendments as they relate to the Securities other
than the Bonds.  The Proposed Amendments with respect to all of
the Securities will become operative immediately prior to the
acceptance for payment of such Securities pursuant to the tender
offers therefor.

The consent payment deadlines applicable to the Securities,
including the Bonds, have now passed and withdrawal rights with
respect to such Securities have terminated.  Holders of the
Securities who have not already tendered their Securities may do
so at any time at or prior to the Offer Expiration Date, but
such holders will only be eligible to receive the applicable
tender offer consideration, which is an amount, paid in cash,
equal to the applicable total consideration less the applicable
consent payment, for their Securities.

The offer for each series of Securities will expire at 8:00
a.m., New York City time, on Oct. 24, 2007, unless extended or
earlier terminated by Hilton.  As indicated in the Offer to
Purchase, it is expected that the Offer Expiration Date will be
extended to coincide with the date that the Merger becomes
effective.

Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
the Offer to Purchase and the Letter of Transmittal, as amended.
The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including the receipt of
consents sufficient to approve the Proposed Amendments and the
Merger having occurred, or such Merger occurring substantially
concurrent with the Offer Expiration Date. Further details about
the terms and conditions of the tender offers and the consent
solicitations are set forth in the Offer to Purchase.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free)
((212) 272-5112 (collect)) and (888) 719-4210 (toll-free)
((203) 719-4210 (collect)), respectively. Banc of America
Securities LLC, Deutsche Bank Securities Inc., Goldman, Sachs &
Co., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations.  Requests
for documentation may be directed to Global Bondholder Services
Corporation, the Information Agent, which can be contacted at
(212) 430-3774 (for banks and brokers only) or (866) 924-2200
(for all others toll-free).

                     About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in
January 2006.




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


CHRYSLER LLC: Council Approves New Contract Ratification
--------------------------------------------------------
The UAW Chrysler Council, which includes local union leaders
from Chrysler facilities throughout the United States, voted
overwhelmingly to recommend ratification of a new tentative
labor agreement with Chrysler reached on Oct. 10, 2007.  Local
union leaders voted to recommend ratification by UAW members
after meeting yesterday, Oct. 15, 2007, at Cobo Center in
Detroit, Michigan, where they were briefed on details of the
proposed new contract.

As reported in the Troubled Company Reporter on Oct. 11, 2007,
the tentative agreement includes a memorandum of understanding
to establish an independent retiree health care trust, as well
as other changes to the national agreement.  Following
ratification, implementation of the memorandum of understanding
is subject to approval by the courts and satisfactory review of
accounting treatment with the Securities Exchange Commission.

The national agreement is consistent with the economic pattern,
and balances the needs of its employees and company by providing
a framework to improve its long-term manufacturing
competitiveness.

"The UAW negotiating committees at Chrysler, both hourly and
salaried, did an excellent job bargaining this agreement and we
look forward to discussing it with our members in explanation
and ratification meetings which will begin this week," UAW
President Ron Gettelfinger said.  "Thanks to the determination
of Chrysler workers, we have moved forward on our agenda to
protect manufacturing jobs in our communities -- and we have
also protected wages, health care and pensions for active and
retired workers."

"This proposed agreement meets the challenges of our industry
head-on," UAW Vice President General Holiefield, who heads the
UAW Chrysler dept, said.  "It sets the stage for future success
at Chrysler, and for our members to share in that success."

The UAW represents over 48,000 active workers and 78,000
retirees and surviving spouses at Chrysler.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                        *     *     *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


PETROLEOS DE VENEZUELA: Ensures Gasoline Supply
-----------------------------------------------
Petroleos de Venezuela, S.A., has ensured production of the
appropriate volumes of gasoline to meet the domestic market
requirements and honor the existing commitments to foreign
customers.

In the face of rumors about presumed shortage in gas stations in
Barquisimeto, Lara state, the company warned the population
against the handling by unethical sectors that try to spread
unrest and nervousness among users.

The stocks in the fuel distribution facilities nationwide are at
the operational strategic levels able to meet the demand both in
the domestic and foreign markets.

In this way, the company reasserts its commitment to the
reliable supply of fuel across the nation.

              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.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


PETROLEOS DE VENEZUELA: Restarting El Palito Plant by Oct. 14
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA will
restart operations at its El Palito plant by Oct. 14, 2007,
state news agency Agencia Bolivariana de Noticias reports.

Business News Americas relates that the refinery was closed down
on Oct. 3, 2007, to prevent damage stemming from a failure in
the electrical system that powers the plant.

According to published reports, the shutdown led to gasoline
shortages.

As reported in the Troubled Company Reporter-Latin America on
Oct. 9, 2007, Petroleos de Venezuela said that it launched work
to bring the catalytic cracker and alkylation units back on line
at its 135,000 barrels-per-day El Palito plant after a power
outage.  El Palito plant's general manager said that technicians
had to first check equipment and infrastructure before Petroleos
de Venezuela would proceed with restarting the units.  The El
Palito plant encountered repeated outages amid refinery problems
over the last year.  El Palito had been running at its full
capacity of 135,000 barrels per day until the units were taken
off line.

Meanwhile, Petroleos de Venezuela maintained gasoline supply for
Venezuela's use.  Export contracts was never affected,
BNamericas notes.

A source in the refining sector claimed that the gasoline
shortages were rumors, saying that the plant was shut down due
to planned maintenance, BNamericas reports.

Petroleos de Venezuela refining vice-president Asdrubal Chavez
said in a statement that El Palito is operating at 65% of its
full capacity.  He told BNamericas, "These situations in
refineries are routine and normal."

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.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


PETROLEOS DE VENEZUELA: Petroecuador Rents 2 Rigs for US$18,000
---------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA will get
some US$18,000 per day from Ecuadorian counterpart Petroecuador
for two rigs to drill new wells in the Amazon.

Business News Americas relates that Petroecuador will sign the
rental contract with Petroleos de Venezuela in the coming days.

According to the statement, the price is 50% of what
Petroecuador pays private firms.

The two rigs would help boost production to 180,000 barrels per
day by year-end from 170,239 barrels per day, BNamericas notes,
citing Petroecuador.

The rigs are undergoing international certification to ensure
optimum operation and safety, Petroecuador said in a statement.

                     About Petroecuador

Petroecuador, according to published reports, is 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.

                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.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


* VENEZUELA: Inks Economic Pacts with Cuba
------------------------------------------
Venezuela and Cuba signed Monday 13 economic integration
agreements, as part of the development programs of the
Bolivarian Alternative for the Americas, Prensa Latina reports.

The agreements include five memorandums of understanding, two
letters of intent, a collaboration agreement, creation of two
joint ventures, and three oil prospecting contracts, the same
report adds.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB-'.  Fitch said the ratings'
outlook remains stable.


                         ***********


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

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

Copyright 2007.  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
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members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
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           * * * End of Transmission * * *