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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

          Friday, October 30, 2007, Vol. 8, Issue 215

                          Headlines

A R G E N T I N A

AYARGO SA: Proofs of Claim Verification Deadline Is Feb. 11
BUEN AYRE: Proofs of Claim Verification Is Until Dec. 3
CENTRO MEDICO: Proofs of Claim Verification Deadline Is Feb. 14
DATA BASIC: Proofs of Claim Verification Is Until Feb. 8
DELTA AIR: Five Investment Firms File Suit Against Comair

EMPRESA DISTRIBUIDORA: Two Directors Resign from Board
EXPRESO BAIRES: Proofs of Claim Verification Ends Feb. 20, 2008
FAMILSODA SRL: Santa Fe Court Appoints C.P. Graciela as Trustee
GIRO TV: Proofs of Claim Verification Deadline Is Feb. 22
PIU NOVA: Trustee Verifies Proofs of Claim Until Dec. 10

SOLUTION PROVIDER: Proofs of Claim Verification Ends on Feb. 15
TELECOM ARGENTINA: Telefonica Closes Telecom Italia Stake Buy


B E R M U D A

BV ASSET: Sets Final Shareholders Meeting for Nov. 19
EUROMET LOGISTICS: Proofs of Claim Filing Is on Nov. 16
EUROMET LOGISTICS: Sets Final Shareholders Meeting for Dec. 28
LSF3 LATHROP: Holding Final Shareholders Meeting on Nov. 27
UNICOM ASSURANCE: Final Shareholders Meeting Is on Nov. 30

UNIDO INVESTMENTS: Sets Final Shareholders Meeting for Nov. 28
WYNRIGHT INSURANCE: Final Shareholders Meeting Is on Nov. 23


B R A Z I L

BANCO NACIONAL: Approves BRL51 Mil. Multi-Sectorial Project Loan
BANCO NACIONAL: Okays BRL129.9-Mln Growth Acceleration Program
FIDELITY NAT'L: Spin-Off Cues Fitch To Review BB IDR
M-REAL: Moody's Affirms B3 Corporate Family Rating
NAVISTAR INT'L: In Talks to Acquire GM's Medium Truck Business

NAVISTAR INT'L: Releases Restated 2003-2005 Financial Data
SANYO ELECTRIC: GE Retains Sanyo Name in Acquired Lease Firm
TIMKEN COMPANY: Completes US$200 Million Acquisition of Purdy

* BRAZIL: Petroleo Brasileiro To Produce Bioethanol in 2010


C A Y M A N   I S L A N D S

ACACIA CDO: Sets Final Shareholders Meeting for Nov. 2
BASIS YIELD: Foreign Reps File Support for Cayman Liquidation
BASIS YIELD: Liquidators File Second Supplement to Petition
BELMONT UNITED: Final Shareholders Meeting Is on Nov. 2
CAERUS FUND: Holding Final Shareholders Meeting on Nov. 2

CAERUS OFFSHORE: Sets Final Shareholders Meeting for Nov. 2
GROPO LTD: Last Day to File Proofs of Claim Is Nov. 30
HEART BEAT: Will Hold Final Shareholders Meeting on Nov. 2
HENDERSON UK: Final Shareholders Meeting Is on Nov. 2
HIGHLAND SPECIAL: Proofs of Claim Must be Filed by Nov. 30

J SPIRES: Sets Final Shareholders Meeting for Nov. 2
NLA II: Holding Final Shareholders Meeting on Nov. 2
OPPORTUNITIES JAPAN: Final Shareholders Meeting Is on Nov. 2
PINE INTERNATIONAL: Sets Final Shareholders Meeting for Nov. 2
TMCMBS-1: Holding Final Shareholders Meeting on Nov. 2

TRIAXX FUNDING: Sets Final Shareholders Meeting for Nov. 2


C H I L E

BOSTON SCIENTIFIC: Hires Two Officers in Clinical Sciences Group
COEUR D'ALENE: Names Donald Gray as Gen. Manager for Chile Unit
FREEPORT-MCMORAN: Credit Suisse Reaffirms Outperform Rating
FREEPORT-MCMORAN: Fitch Ups 7% Convertible Notes Rating to BB+


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Pres. Allegedly Influenced Court Ruling


J A M A I C A

AIR JAMAICA: Kingsley Cooper Declines Board Seat
AIR JAMAICA: Tension Lessens After Board Talks with Unions


M E X I C O

ACXIOM CORP: Paying Six Cents Per Share Dividend on Nov. 26
B&G FOODS: Net Income Up 40.7% in Third Quarter Ended Sept. 29
CHEMTURA CORP: Paying Five Cents Per Share Dividend on Nov. 23
GLOBAL CROSSING: Extends Voice Over Internet Protocol Service
GRUPO TMM: Incurs US$45.6 Million Net Loss in 2007 Third Quarter

MOVIE GALLERY: Can Employ Kirkland & Ellis as Lead Counsel
MOVIE GALLERY: Inks Lock Up Pact w/ Sopris & Consenting Lenders
MOVIE GALLERY: Section 341(a) Creditors Meeting on Dec. 13
URS CORP: Expects 2007 Third Quarter Net Income at US$38.7 Mil.
VITRO SAB: Posts US$3 Million Net Loss in Quarter Ended Sept. 30

WENDY'S INT'L: Earns US$29.9 Mil. in 3rd Quarter Ended Sept. 30

* MEXICO: Credit Availability Underpins Homebuilders' Growth
* MEXICO: Fitch Revises Mortgage-Backed Sec. Rating Criteria


P A N A M A

PANAMA CANAL: S&P Puts BB Long-Term Corporate Credit Rating


P U E R T O   R I C O

AVNET INC: Posts 1st Quarter Net Income of US$105.5 Million
FIRST BANCORP: Holding Annual Shareholders Meeting on Oct. 31
FIRSTBANK PUERTO RICO: Redeeming Step-Up Notes Due 2008 & 2009
HORIZON LINES: Earns US$1.6 Million in 2007 Third Quarter


U R U G U A Y

NAVIOS MARITIME: Unit Files Registration Statement with SEC


V E N E Z U E L A

CHRYSLER LLC: Affirms UAW 2007 National Labor Agreement
CHRYSLER LLC: Appoints Douglas Betts as Vice President & CCO
CMS ENERGY: Board Declares US$0.05 Per Share Quarterly Dividend

* VENEZUELA: Hugo Chavez Formalizes Harvest Natural Takeover


                         - - - - -


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


AYARGO SA: Proofs of Claim Verification Deadline Is Feb. 11
-----------------------------------------------------------
Adrian Martin Ponce, the court-appointed trustee for Ayargo SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 11, 2008.

Mr. Ponce will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Ayargo and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Ayargo's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Ayargo SA
       Bogota 826
       Buenos Aires, Argentina

The trustee can be reached at:

       Adrian Martin Ponce
       Bernardo de Irigoyen 330
       Buenos Aires, Argentina


BUEN AYRE: Proofs of Claim Verification Is Until Dec. 3
-------------------------------------------------------
Graciela Palma, the court-appointed trustee for Buen Ayre
Transportes SA's bankruptcy proceeding, verifies creditors'
proofs of claim until Dec. 3, 2008.

Ms. Palma will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Buen Ayre and its
creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Buen Ayre's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Buen Ayre Transportes SA
       Santa Maria del Buen Ayre 125/27
       Buenos Aires, Argentina

The trustee can be reached at:

       Graciela Palma
       Avenida Cordoba 135
       Buenos Aires, Argentina


CENTRO MEDICO: Proofs of Claim Verification Deadline Is Feb. 14
---------------------------------------------------------------
Jorge David Jalfin, the court-appointed trustee for Centro
Medico Galileo S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Feb. 14, 2008.

Mr. Jalfin will present the validated claims in court as
individual reports on March 31, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Centro Medico and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Centro Medico's
accounting and banking records will be submitted in court on
May 19, 2008.

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

The trustee can be reached at:

       Jorge David Jalfin
       Sarmiento 1452
       Buenos Aires, Argentina


DATA BASIC: Proofs of Claim Verification Is Until Feb. 8
--------------------------------------------------------
Nora Cristina Roger, the court-appointed trustee for Data Basic
System S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 8, 2008.

Ms. Roger will present the validated claims in court as
individual reports on March 25, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Data Basic and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Data Basic's
accounting and banking records will be submitted in court on
May 12, 2008.

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

The trustee can be reached at:

       Nora Cristina Roger
       Hipolito Irigoyen 1349
       Buenos Aires, Argentina


DELTA AIR: Five Investment Firms File Suit Against Comair
---------------------------------------------------------
Five Wall Street investment firms commenced an adversary action
before the United States Bankruptcy Court for the Southern
District of New York against Comair, Inc., Comair Holdings, LLC,
Comair Services, Inc., Delta Air Elite Business Jets, Inc., and
Delta Connection Academy, Inc.

Investment bankers Bear Stearns Investment Products Inc., and
Societe Generale S.A., and fund managers Par-Four Master Fund,
Ltd., Varde Investment Partners, L.P., and Cypress Management
Master LP, which hold claims against the Comair Debtors in
excess of US$152,000,000 in the aggregate, ask the Court to:

   (a) revoke confirmation of the Comair Debtors' Plan of
       Reorganization;

   (b) revoke the Comair Debtor's discharge; and

   (c) grant the Plaintiffs' costs and fees in bringing up the
       suit.

                    Comair Altered Estimates

The investment firms note that Delta Air Lines, Inc., the Comair
Debtors' parent, represented in the Disclosure Statement
explaining the Debtors' Plan that the best estimate of the total
unsecured claims against the Comair Debtors, as of February
2007, was US$800,000,000, and that the estimated total unsecured
claims against the Delta Debtors was US$14,200,000,000. Using
the equity valuation range for the Comair Debtors, the Comair
Creditors were projected to recover between 76% and 100% of the
allowed amount of their claims, with a projected mid-point
recovery of 91.25%.

In June 2007, Delta disclosed at the Merrill Lynch Global
Transportation Conference that Delta expected an aggregated
allowed general unsecured claims against the Comair Debtors that
is US$250,000,000 greater than previously projected.

According to Edward H. Bastian, Delta's Chief Financial Officer,
the Comair Debtors' claim pool gained a 31.25% increase in the
estimated claims and reduced the mid-point of the projected
recovery of Comair unsecured creditors to approximately 69.52%,
a decrease of more than 23% from the mid-point projected by the
Debtors in the Disclosure Statement, and reaffirmed in
successive filings with the Securities and Exchange Commission,
apparently lower than the lowest end of the range previously
projected, the investment firms relate.

The Debtors' Reorganization Plan holds that the consolidated
Delta and Comair Debtors each receive, for distribution to their
unsecured creditors, a fixed allocation of New Delta Common
Stock based upon the mid-point of the equity valuation range
specified in the Plan and Disclosure Statement.

Therefore, the investment firms note, a larger aggregate amount
of claims held by the unsecured creditors of the Comair Debtors
results in fewer shares of New Delta Common Stock being
distributed for each dollar of claims held by those creditors.

                   Investment Firms Cry "Fraud"

Varde, et al., assert that the Comair Debtors' Confirmation
order was procured by fraud, with respect to:

   (i) the fraudulent and repeated misstatements of the Debtors'
       best estimates of the Comair Debtors' claims pool,
       including in the Disclosure Statement and multiple SEC
       filings;

  (ii) the fraudulent omission of material increases to Debtors'
       estimates of the Comair Debtors' claims pool; and

(iii) the undisclosed manipulation of aircraft valuations,
       without justification, resulting in lower recoveries for
       Comair creditors and a higher equity valuation of the
       Debtors.

The investment firms allege that the Debtors knew that their
estimates of $800,000,000 for the Comair Debtors' claims pool
and the 91.25% projected mid-point recovery for their allowed
unsecured creditors, was materially understated. Nevertheless,
they misrepresented the expected claims pool and the
corresponding recoveries in their SEC filing, Evan C. Hollander,
Esq., at White & Case, LLP, in New York, contends.

Mr. Hollander points out that Delta did not disclose that the
settlement with the Air Line Pilots Association in March 2007,
pursuant to which the ALPA was to receive a $82,500,000 claim
against the Comair Debtors, materially altered their claim pool
projections.  Moreover, the Comair Debtors failed to correct or
update their Disclosure Statement prior to the April 2007
deadline to cast ballots with respect to the Plan.

Mr. Hollander contends that Delta controlled the Comair plan
process and had a clear intent in providing an overly optimistic
view of the recoveries for Comair Debtors.

"Delta could only retain its equity interest in the Comair
Debtors if it convinced the Comair creditors to vote in favor of
the Plan. By using a mid-point estimate of 91.25% recoveries,
including with the prospect that the creditors of the Comair
Debtors might have a full recovery, Delta virtually assured that
it received the requisite votes of Comair Debtors to approve the
Plan. Had accurate forecasts been provided, the Comair Creditors
would have faced a very different choice, and may well have
voted against the Plan," Mr. Hollander notes.

Mr. Hollander adds that as the Comair Debtors' sole shareholder,
Delta has a financial interest, as reinforced in its intent to
sell the Comair Debtors, in increasing the Comair Debtors'
equity of value.  Delta offers inflated damage claims payable in
New Delta common stock in exchange for reduced going-forward
obligations under the Comair Debtors' restructured aircraft
finance agreements.

                       About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.  The
company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.

                        *     *     *

As reported in the Troubled Company Reporter on July 16, 2007,
Fitch Ratings has initiated coverage of Delta Air Lines Inc.
with the assignment of these debt ratings: issuer default rating
'B'; First-lien senior secured credit facilities 'BB/RR1'; and
Second-lien secured credit facility (Term Loan B) 'B/RR4'

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta
Air Lines Inc. (B/Stable/--), including raising the corporate
credit rating to 'B', with a stable outlook, from 'D', following
the airline's emergence from Chapter 11 bankruptcy proceedings.


EMPRESA DISTRIBUIDORA: Two Directors Resign from Board
------------------------------------------------------
Gustavo Maria Giugale as director, and Damian Burgio and Martin
Alejandro Mittelman as alternate directors, have resigned from
Empresa Distribuidora y Comercializadora Norte SA's board.  The
company said in a filing that the directors have left without
presenting any statement of cause.

Based in Buenos Aires, Argentina, Edenor is the largest
electricity distribution company in Argentina in terms of number
of customers and volume of energy sold.  Edenor commenced
operations in 1992, as a result of the privatization of the
previously state-owned SEGBA.  At that time, it was granted a
95-year concession to distribute electricity on an exclusive
basis in its concession area, the greater Buenos Aires
metropolitan area and northern portion of the City of Buenos
Aires.  EASA, which is controlled by Dolphin Energia S.A., is
Edenor's holding company.

                        *     *     *

As reported Jul 3, 2007, Moody's Investors Service assigned a B2
corporate family rating to Empresa Distribuidora Norte S.A
(Edenor) and to its US$250 million senior unsecured notes
issuance due in 2017.  At the same time, Moody's upgraded
Edenor's local currency debt to B2 from B3 on its global scale
and from Baa3.ar to A1.ar on its national scale for Argentina.
Moody's said the rating outlook is stable.

Also reported on Jul 3 was Standard & Poor's Ratings Services'
assignment of its single B rating to Edenor's 10-year bond for
up to US$250 million.  S&P said the outlook is positive.


EXPRESO BAIRES: Proofs of Claim Verification Ends Feb. 20, 2008
---------------------------------------------------------------
Miguel Angel Drucaroff, the court-appointed trustee for Expreso
Baires S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 20, 2008.

Mr. Drucaroff will present the validated claims in court as
individual reports on April 9, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Expreso Baires and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Expreso Baires'
accounting and banking records will be submitted in court on
May 23, 2008.

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

The trustee can be reached at:

       Miguel Angel Drucaroff
       Avenida Corrientes 2470
       Buenos Aires, Argentina


FAMILSODA SRL: Santa Fe Court Appoints C.P. Graciela as Trustee
---------------------------------------------------------------
The National Commercial Court of First Instance in Rosario,
Santa Fe, has appointed C.P. Graciela Marcela Garcia as the
trustee for Familsoda S.R.L.'s bankruptcy proceeding.

The trustee will verify creditors' proofs of claim.  The trustee
will then present the validated claims in court as individual
reports.  The court will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by the company and
its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that containing an audit of the company's
accounting and banking records will be submitted in court.

C.P. Graciela will also in charge of administering Familsoda's
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

       Graciela Marcela Garcia
       Cordoba 1330, Rosario
       Santa Fe, Argentina


GIRO TV: Proofs of Claim Verification Deadline Is Feb. 22
---------------------------------------------------------
Luciano A. Melegari, the court-appointed trustee for Giro TV
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 22, 2008.

Mr. Melegari will present the validated claims in court as
individual reports on April 11, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Giro TV and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Giro TV's accounting
and banking records will be submitted in court on May 27, 2008.

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

The trustee can be reached at:

       Luciano A. Melegari
       Bartolome Mitre 1131
       Buenos Aires, Argentina


PIU NOVA: Trustee Verifies Proofs of Claim Until Dec. 10
--------------------------------------------------------
Juan Carlos Caro, the court-appointed trustee for Piu Nova
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim until Dec. 10, 2007.

Mr. Caro will present the validated claims in court as
individual reports on Feb. 26, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Piu Nova and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Piu Nova's accounting
and banking records will be submitted in court on April 8, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Sept. 4, 2008.

The debtor can be reached at:

       Piu Nova S.A.
       Avenida Francisco Beiro 4294
       Buenos Aires, Argentina

The trustee can be reached at:

       Juan Carlos Caro
       Florida 470
       Buenos Aires, Argentina


SOLUTION PROVIDER: Proofs of Claim Verification Ends on Feb. 15
---------------------------------------------------------------
Emilio Gallego, the court-appointed trustee for Solution
Provider SRL's bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 15, 2008.

Mr. Gallego will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Solution Provider and its
creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Solution Provider's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Solution Provider SRL
       Alsina 943
       Buenos Aires, Argentina

The trustee can be reached at:

       Emilio Gallego
       Esmeralda 1066
       Buenos Aires, Argentina


TELECOM ARGENTINA: Telefonica Closes Telecom Italia Stake Buy
-------------------------------------------------------------
Spain's telecoms giant Telefonica said in a statement that it
has closed its acquisition of an indirect controlling stake in
Telecom Argentina controller Telecom Italia.

Business News Americas relates that a consortium of mainly
Italian companies reached in April 2007 an accord to indirectly
acquire a 23.6% controlling share in Telecom Italia.  The
consortium entered Telecom Italia by buying Olimpia from Italian
holding firms Pirelli and Sintonia for EUR4.1 billion.  Olimpia
has an 18% controlling share of Telecom Italia.

According to the Associated Press, the purchase of the stake had
been negotiated in April 2007 but was delayed as the deal still
awaited the approval of Brazilian regulators, where both
Telefonica and Telecom Italia control major cellular phone
operations.  The authorization was granted last week.

As reported in the Troubled Company Reporter-Latin America on
Oct. 25, 2007, Anatel, Brazil's telecommunications regulator,
approved the transaction that would transfer a 23.6% controlling
stake in Telecom Italia to Telefonica for US$5.8 billion.  The
agreement surpassed a major hurdle but there were 28 conditions
to the buyout.  One of the major restrictions is for each of the
Brazilian entities to remain separate.  Telefonica control's
Vivo Participacoes, while Telecom Italia owns Tim Participacoes.
The regulator has also prohibited Telefonica representatives
from participating in any Telecom Italia board meetings.

BNamericas notes that the consortium created new holding company
Telco, which in addition to the 18% of Telecom Italia from
Olimpia will include Italian clothing company Benetton Group's
5.6% existing stake of Telecom Italia, bringing the total to
23.6%.

Telefonica will pay about EUR2.31 billion for 42.3% of Telco,
"and the Spanish group will get 9.9% of the voting shares of
Telecom Italia," BNamericas states.

The AP relates that the acquisition of the controlling stake in
Telecom Italia by Telco would bring to an end a period of
"limbo" at Telecom Italia.

Meanwhile, two Telecom Italia board members resigned after
Telefonica and a group of Italian financial firms took control
of Telecom Italia, according to the AP.

Telecom Italia said in a statement that board members Carlo Puri
Negri and Claudio De Conto have resigned, effective immediately.

Published reports in Italy say that the new shareholder
structure could lead to changes in management.  "The current
board has a one-year mandate that expires in April" next year.

Corrado Passera -- chief executive officer of Intesa Sanpaolo
SpA, one of the four financial investors -- told the AP that the
shareholders will make a joint decision on whether Telecom
Italia chairperson Pasquale Pistorio would remain.

The AP notes that Brazilian authorities gave the companies six
months to present a plan guaranteeing that Telecom Italia and
Telefonica remain separate companies.

Italy's regulator must also get Telecom Italia to place its
fixed-line network in a separate division and ensure equal
access to all competitors, in line with European Union policy,
the AP states.

                      About Telefonica

Telefonica, S.A., together with its subsidiaries and investees
(Telefonica Group), operates mainly in the telecommunications,
media and entertainment industries.  The Telefonica Group is
also involved in the media and contact center activities through
investments in Telefonica de Contenidos and Atento.  The company
operates through three segments: Telefonica Spain, Telefonica
Europe and Telefonica Latin America.  Telefonica Spain oversees
the wireline and wireless telephony, broadband and data
businesses in Spain.  Telefonica Latin America oversees the same
businesses in Latin America.  Telefonica Europe oversees the
wireline, wireless, broadband and data businesses in the United
Kingdom, Germany, the Isle of Man, Ireland, the Czech Republic
and the Slovak Republic.

                   About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.




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


BV ASSET: Sets Final Shareholders Meeting for Nov. 19
-----------------------------------------------------
BV Asset Management Limited will hold its final shareholders
meeting on Nov. 19, 2007, at 10:00 a.m., at:

         MCox Hallett Wilkinson
         Milner House, 18 Parliament Street
         Hamilton HM12, Hamilton
         Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


EUROMET LOGISTICS: Proofs of Claim Filing Is on Nov. 16
-------------------------------------------------------
Euromet Logistics Limited's creditors are given until
Nov. 16, 2007, to prove their claims to Jennifer M. Kelly, 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.

Euromet Logistics' shareholder agreed on Oct. 25, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Jennifer M. Kelly
         3rd Floor, Par La Ville Place
         14 Par La Ville Road, Hamilton HM08
         Bermuda


EUROMET LOGISTICS: Sets Final Shareholders Meeting for Dec. 28
--------------------------------------------------------------
Euromet Logistics Limited will hold its final shareholders
meeting on Dec. 28, 2007 at:

         3rd Floor, Par La Ville Place
         14 Par La Ville Road, Hamilton HM08
         Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


LSF3 LATHROP: Holding Final Shareholders Meeting on Nov. 27
-----------------------------------------------------------
LSF3 Lathrop Investment, Ltd., will hold its final shareholders
meeting on Nov. 27, 2007, at 9:30 a.m., at:

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

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


UNICOM ASSURANCE: Final Shareholders Meeting Is on Nov. 30
----------------------------------------------------------
Unicom Assurance Company Limited will hold its final
shareholders meeting on Nov. 30, 2007, at 9:30 a.m., at:

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

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


UNIDO INVESTMENTS: Sets Final Shareholders Meeting for Nov. 28
--------------------------------------------------------------
Unido Investments Limited will hold its final shareholders
meeting on Nov. 28, 2007, at 9:30 a.m., at:

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

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


WYNRIGHT INSURANCE: Final Shareholders Meeting Is on Nov. 23
------------------------------------------------------------
Wynright Insurance Company Ltd. will hold its final shareholders
meeting on Nov. 23, 2007, at 9:30 a.m., at:

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

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.




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


BANCO NACIONAL: Approves BRL51 Mil. Multi-Sectorial Project Loan
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's directors
have approved a BRL51 million financing for the project
"Multissetorial Integrado Urbano - Campo Grande em Frente."  The
project to be developed has three focuses: urban mobility,
environmental sanitation (solid residues) and integrated
urbanization in low-income areas.  Its major characteristic is
being aligned to the target of universalization of access to
quality housing and public assets and services, as well as to
improved environment and urban mobility.

34.8 inhabitants will be attended, in low-income areas, 12
thousand of which, under the age of 14.  With respect to the
transportation system, around 85 thousand users will be
benefited.

The objective is to offer better safety conditions and comfort
to the traffic, to reduce operating costs and displacement
difficulties.  The project contemplates full review of
Transportation and Urban Mobility Master Plan, meeting the city
current needs.

The Urban Transportation Master Plan, elaborated in 1996, served
as basis for the formulation of a diagnosis on the city's
management system, transportation and traffic. Campo Grande has
approximately 300 intersections with traffic signs, only 90 of
which, located downtown, operate as high technology traffic
controllers.  Downtown expansion was projected with different
technology equipment, incompatible among themselves, which makes
it impossible to run a centralized signaling system.

PDTU review, a commitment assumed before BNDES during the phase
of project classification, is already in its bidding phase.
BRL4.9 million will be employed for the restructuring of 4.1 km
at Avenida Bandeirantes, with investments in macro draining,
paving, a lane exclusive for buses, shelters, standard access to
sidewalks and signal posts.

Within this concept, 110 km of bikeways and bike lanes, equipped
with bike racks for parking, integrating different areas in the
city.  Around 40 thousand bikers are estimated to be directly
benefited.

Two integration points are forecast, with similar projects, at
Tiradentes and Sao Francisco, adding up to a 1,200 m2-covered
area, further to the expansion of Nova Bahia terminal.

As to the aspect of environmental sanitation, the area for
implementation of the sanitary landfill is located in the urban
region of Anhanduzinho, about 12 km far from downtown.  The
total area intended for the sanitary landfill to be implemented
is 17 hectares, with an 11-year estimated useful life.

The area required for solid residue deposit shall be reduced by
way of recycling.  Hospital and health service residues shall
have adequate destination, and a pressure cooker shall be used
(high pressure and temperature steam disinfection sterilizer).
Collectors will be integrated to the formal job market,
generating jobs and reducing pollution.

The items included in the project refer to investments for the
construction of a new recycling plant with capacity to process
50 ton/day of residues and acquisition of a pressure cooker for
treatment of health system residues.  The recycling material to
be forwarded to the plant will come from voluntary disposal
posts, strategically located in supermarkets, public equipment
and high circulation areas and from the selective collect of
home residues.  The area relies on 260 collectors.

As a result of the investments foreseen, it is expected a
reduction of around 25 ton/day in solid residues to be sent to
the sanitary landfill, thus resulting in its increased useful
life and savings of BRL18,513.00 per month for the city.

For low-income areas, the city adopted an integrated and multi-
sectorial approach to deal with problems in poor communities, as
for example, the program "Viva Seu Bairro" [Live your
Neighborhood], already implemented and which was also supported
by BNDES.  The new investments shall be made in two areas: one
of which polygonal, comprising Jardim Sao Conrado and Santa
Em¡lia, and Bairro Nova Lima.  In the polygonal Sao
Conrado/Santa Em¡lia 293 popular 36.59 square meter houses will
be constructed and implemented the respective streets, water
supply system, sewerage system, electric power and public
lighting.

At Nova Lima, there will be 829 houses, including streets, water
supply system, sewer and drain, electric power and public
lighting, despite the lower dimensions: 28.8 m2. 4.1 km will be
paved and 2.5 km of bus routes, in Santa Emilia and Nova Lima,
respectively.

Two sports gyms will be enlarged, for a total 500 square meter,
one in each intervention area.  With an aim at obtaining better
results, community and environment education mobilization
activities will be carried out in all stages of the project.

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

                        *     *     *

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


BANCO NACIONAL: Okays BRL129.9-Mln Growth Acceleration Program
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
approved, under the Growth Acceleration Program, financing of
BRL129.9 million for Companhia de Saneamento Basico do Estado de
Sao Paulo's investments on expanding, implementing and
optimizing the sanitary sewage systems integrating its
Environmental Recovery Program of the Metropolitan Region of
Baixada Santista, known as "Programa Onda Limpa" [Clean Wave
Program].

BNDES' financing corresponds to 13% of the total investment,
which revolves around BRL1.1 billion.

The project purposes to improve the sanitary and environmental
conditions of the region through the elevation of the sewage
collection and treatment indexes and pollutant load reduction
rate dumped into the Baixada Santista beaches.

The undertaking will benefit a population of approximately 3
million people.  This means that the coverage rate of sewage
collection and treatment in the region where it will move from
the current 53% to 80%.

Among the project's merits, one must highlight the contribution
toward the universalization of the sanitation services and
toward environmental improvement and improvement of the public
health condition, resulting from the reduction of water
circulation disease spreading.

The project will generate approximately 2 thousand job
opportunities, during the implementation phase, and 140
employees for the systems operations.

The concessionaire of basic public sanitation services, Sabesp
provides assistance to 59% of the population of the State of Sao
Paulo, harboring its services in 367 out of the 645
municipalities of the State, besides supplying treated water
through wholesalers to other 6 municipalities of the
Metropolitan Region of Sao Paulo, which are part of its own
distribution.

Sabesp, one of the most important companies of the sanitation
sector is a mixed economy company with traded stocks, controlled
by the Government of the State of Sao Paulo, and having its
stock traded in the stock exchanges of Sao Paulo and New York.

In the past four years, the Company has been investing, on
average, around BRL700 million/year and its goal until 2010 is
to elevate this investment level to an annual average of BRL1.5
billion, with the goal to keep and expand its performance base
and its coverage indexes in the provision of sanitary services.

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

                        *     *     *

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


FIDELITY NAT'L: Spin-Off Cues Fitch To Review BB IDR
----------------------------------------------------
After Fidelity National Information Systems Inc. disclosed a
plan to split the company into two segments, Fitch Ratings said
it will reevaluate Fidelity's Issuer Default Rating and debt
ratings once further clarity is available on the final capital
structure and operating profile of each entity.

Fitch has these ratings on Fidelity National:

          -- 'BB' Issuer Default Rating;

          -- 'BB+' rating on US$900-million secured revolving
             credit facility ;

          -- 'BB+' rating on US$2.1-billion secured term loan A;

          -- 'BB+' rating on US$1.6-billion secured term loan B;
             and

          -- 'BB+' on 4.75% senior notes.

The senior notes are equally and ratably secured with Fidelity
National's bank facility.  The Rating Outlook is Stable.

Fidelity National expects to spin-off its Lender Processing
segment into a separate public company, subject to final board
approval, IRS rulings on the tax-free nature of the spin and
other issues.  Fitch believes that, based on initial
information, both companies following the proposed spin-off
would have roughly equivalent leverage (total debt / operating
EBITDA) which currently estimates to be 3.5 times.  Fidelity
National expects that approximately US$1.6 billion of its
secured bank debt will essentially be transferred to the new
company at the time of the spin-off although exact details are
not yet finalized.  Fitch anticipates reevaluating its ratings
based on the final operating and financial profile, financial
policies and management teams of each entity.

                   About Fidelity National

Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. -- http://www.fidelityinfoservices.com/--
provides core processing for financial institutions; card issuer
and transaction processing services; mortgage loan processing
and mortgage related information products; and outsourcing
services to financial institutions, retailers, mortgage lenders
and real estate professionals.  FIS has processing and
technology relationships with 35 of the top 50 global banks,
including nine of the top ten.  Nearly 50% of all US residential
mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil.


M-REAL: Moody's Affirms B3 Corporate Family Rating
--------------------------------------------------
Moody's Investors Service has affirmed M-Real's 'B3' Corporate
Family Rating and changed the outlook to negative from stable.

"The change of outlook reflects M-Real's free cash flow
generating capacity, that is -- even in today's benign
macroeconomic environment -- weak and prone to further weakening
in conditions of continuing cost inflation, adverse foreign
exchange movements and sluggish price development and which
could limit M-Real's ability to repay debt maturities in 2009,"
said Martin Kohlhase, lead analyst for the paper and forest
products industry in Europe.

Moody's stated that the affirmation of the B3 corporate family
rating reflects that M-Real's profitability and free cash flow
should benefit from:

          (i) the completed construction of the Uruguayan pulp
              mill reducing capital expenditures notably going
              forward,

         (ii) the positive results of the ongoing working
              capital reduction program,

        (iii) disposal proceeds from the Map Merchant disposal
              as well as

         (iv) likely dividend payout restraints.

The affirmation furthermore incorporates the availability of
sufficient liquidity during 2008 to allow the company to
participate in industry discussions focusing on capacity
adjustments and sector consolidation.  With sufficient covenant
headroom under the undrawn EUR500 million credit facility
(albeit taking into account the material adverse change clause),
but also with the proceeds from the MAP Merchant sale covering
2008 debt maturities, M-Real will have until the end of 2008 or
early 2009 before it needs to address the 2009 maturities of
EUR328 million (including private placements in June) and the
maturity of its EUR500 million main credit facility (December).

However, the negative outlook indicates that the expected
profitability and free cash flow development of M-Real during
the next several quarters may not be sufficient to cover 2009
debt maturities, exposing the company's dependence on
refinancing in the face of interest coverage metrics well below
1 and negative pledge clauses of its bonds being an obstacle to
accessing secured bank funding.

Moody's also notes that as a result of not generating sufficient
free cash flow to service and repay its debt, M-Real has been
heavily reliant on asset disposals.  In various instances in the
past M-Real sold individual assets at a book loss or took
impairment charges/write downs prior to the disposal.  Moody's
believes that one of the few remaining assets of sizable value
is its stake in Metsa-Botnia and highlights the risk that future
asset sales could be sold below current book value.

Moody's will therefore closely monitor:

          i) the measures the company can take to address the
             debt maturities in 2009, and

         ii) the impact of any potential industry consolidation
             and capacity adjustments on M-Real's longer-term
             financial profile.

These rated entities were affected:

Outlook Actions:

   -- M-Real: Outlook, Changed To Negative from Stable

   -- Metsa Group Financial Services Oy: Outlook, Changed To
                                        Negative from Stable

Integrated paper and forest products firm M-real has sales of
EUR5.6 billion and an operating loss of EUR271 million in 2006.
As a result of its ongoing strategic review, M-real has
announced the disposal of its distribution business as well as
the closure and disposal of a number of individual paper
mills/machines.  Core activities include consumer packaging,
publishing papers, commercial printing papers and office papers.
As of Sept. 30, 2007, its more than 12,000 employees worked at
20 sites in seven European countries.

Headquartered in Espoo, Finland, M-Real -- http://www.M-
Real.com/ -- is one of Europe's suppliers of paperboard and
related services, coated and uncoated fine paper and coated
magazine paper.  M-real focuses on four business areas: Consumer
Packaging, Publishing, Commercial Printing and Office Papers.
Map Merchant Group is M-real's paper merchant.  The company has
operations in Brazil and Mexico.


NAVISTAR INT'L: In Talks to Acquire GM's Medium Truck Business
--------------------------------------------------------------
Navistar International Corp. is in discussions with General
Motors Corp. about a plan for Navistar to acquire GM's medium-
duty truck business, including the rights to manufacture GMC and
Chevrolet brand trucks.

Under this proposal, Navistar would sell a competitive line of
Chevrolet and GMC medium trucks and service parts through GM's
proprietary dealer network in the United States and Canada.
This agreement would leverage Navistar's strengths in commercial
trucks and engines, and advance its strategy to build scale and
reduce costs.

"An agreement with GM could become an important part of our
growth strategy as we leverage our core strengths in commercial
trucks and engines," Daniel C. Ustian, Navistar chairman,
president and chief executive officer, said.  "General Motors
would entrust Navistar to support two of its most important
brands because of the depth of our experience and success in the
medium truck business."

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 29, 2007,
Standard & Poor's Ratings Services said that its 'BB-' corporate
credit ratings on North American truck and diesel engine
producer Navistar International Corp. and subsidiary Navistar
Financial Corp. remain on CreditWatch with negative
implications, where they were placed on Jan. 17, 2006.


NAVISTAR INT'L: Releases Restated 2003-2005 Financial Data
----------------------------------------------------------
Navistar International Corp. released summary preliminary and
unaudited results for fiscal years ended Oct. 31, 2003, 2004 and
2005, marking progress toward becoming a current filer with the
U.S. Securities and Exchange Commission.  Navistar's senior
management also provided the company's third quarter 2007
operating metrics and reaffirmed its commitment to 2009 growth
and pro forma segment margin targets.

"We've reached the point in our restatement process where we can
review many of our key financial indicators with investors and
analysts," Daniel C. Ustian, Navistar chairman, president and
chief executive officer, said.  "This is a significant milestone
toward becoming current in our SEC filings and toward the
relisting of our stock on a major exchange.  We are committed to
thorough and accurate financial reporting for our shareholders
and investment community and to guide our business decisions."

Mr. Ustian emphasized the company's commitment to its 2009
financial targets: US$15 billion in revenue and US$1.5 billion
pro forma segment margins.  "Our unwavering focus is on
producing great products, improving the competitiveness of our
cost structure and generating profitable growth for our
shareholders," he said.  "Nothing in the restatement effects
will hinder us from maintaining that focus and delivering on our
targets."

The company's pre-tax restatement adjustments total negative
US$1.12 billion during the restatement period of 2003 and prior,
2004 and the first three quarters of 2005.  In addition, the
company recorded US$874 million in income tax adjustments,
including a full valuation allowance for deferred tax assets.

Included in the US$1.12 billion are warranty reserve increases
of US$321 million, representing the largest change to
operational results.  During an investor and analyst meeting,
Mr. Ustian detailed recent warranty performance improvements and
committed to report the company's warranty expense progress on a
quarterly basis.

       Navistar Strengthens Financial Control Environment

Management has assessed the effectiveness of Navistar's internal
controls over financial reporting and identified a number of
material weaknesses.  This assessment determined a need to
establish stronger awareness regarding consistent application of
highly ethical standards across all areas of the company, the
importance of internal controls over financial reporting and
strict adherence to generally accepted accounting principles.
To address these issues, the company has developed a broad and
aggressive plan to reinforce within its culture the importance
of ethics, integrity and working in a manner consistent with the
company's seven core values, including accountability and
communication.

"Our leadership team is committed to strengthening our control
environment and reemphasizing the importance of operating within
our values and guiding behaviors, which are grounded in simply
doing the right thing," Mr. Ustian said.  "We are actively
engaged in implementing comprehensive remediation efforts to
address these control deficiencies."

"We are continuing to strengthen our company's financial
reporting and internal control environment," Bill Caton,
executive vice president and chief financial officer, said.
"Navistar's reputation is one of its greatest assets and is the
basis upon which we build the trust of our shareholders, our
customers, our business partners and our employees.  We have
taken significant measures to rebuild an effective internal
control environment, and we expect to continue to aggressively
invest in this area in the coming years."

Among actions taken to strengthen its financial processes, the
company has:

   * hired more than 50 additional accounting employees;

   * strengthened its finance and accounting leadership;

   * realigned its finance and accounting reporting structure;
     and

   * hired a new vice president of internal audit, a new chief
     accounting officer and a new chief information officer.

Additionally, Navistar has enhanced company-wide communication
regarding the importance of accurate financial reporting and a
robust control environment.

In addition to management's own assessment, a thorough
investigation has been conducted by an independent law firm.
Initiated by an independent committee of Navistar's board of
directors, the investigation echoed the findings of management
regarding the internal control environment and determined that
most of the errors corrected in the restatement were due to lack
of proper accounting knowledge, which resulted in the
misapplication of GAAP.  The independent investigation also
identified instances of intentional misconduct that resulted in
some of the company's smaller, but in some cases material,
restatement adjustments.  Most of the individuals who were
involved in instances of misconduct are no longer employed by
the company.  In other instances, the independent committee of
the board has implemented appropriate remediation plans.

           Non-Traditional Business Drives Growth

Mr. Ustian also detailed the company's third quarter 2007
operating results in an extremely weak North American truck
market.  The company expects industry volumes of 316,000 medium
and heavy trucks and school buses sold in the U.S. and Canada
for its fiscal year ending Oct. 31, 2007, a 30% overall decline
from the record 454,500 units shipped in fiscal 2006.

Navistar's worldwide shipments of school buses, Class 6-7 medium
trucks and Class 8 heavy trucks and non-traditional vehicles for
the third quarter 2007 were 23,700 units, down 39.5% from the
39,200 units delivered in the corresponding quarter one year
ago.

Importantly, Navistar's non-traditional new business is
providing a lift to the company's revenues.  Expansion market
shipments in the third quarter totaled 10,000 units, a gain of
22% over year earlier shipments of 7,900 units.  Since May 2007,
the company has secured more than US$1.6 billion in contracts
with the U.S. Armed Services for military vehicles and parts
support.  Last week, the U.S. Marine Corp awarded Navistar a
contract for an additional 1,000 International(R) MaxxPro(TM)
mine-resistant ambush-protected vehicles, bringing Navistar's
total MRAP orders to 2,971 since first awarded a contract in May
2007.  In just two full months of production, Navistar has
delivered 188 MaxxPros to the military (77 in August and 111 in
September) and is on track to achieve its production goal of 500
a month in February 2008.

            About Navistar International Corporation

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 29, 2007,
Standard & Poor's Ratings Services said that its 'BB-' corporate
credit ratings on North American truck and diesel engine
producer Navistar International Corp. and subsidiary Navistar
Financial Corp. remain on CreditWatch with negative
implications, where they were placed on Jan. 17, 2006.


SANYO ELECTRIC: GE Retains Sanyo Name in Acquired Lease Firm
------------------------------------------------------------
General Electric Co. plans to keep the name Sanyo in the newly
acquired Sanyo Electric Credit Co., sources of Kyodo News
disclosed.

Industry observers, according to Kyodo, say that U.S.-based GE
decided not to strike Sanyo from the name to ensure the smooth
operation of the leasing firm's business in Japan.

The report says that the leasing firm will be renamed GE Sanyo
Credit as early as January.  Employees of Sanyo Electric Credit
prefer the name Sanyo to be retained because they believe it is
well known and has become synonymous with the brand of services
the company provides.

The Troubled Company Reporter-Asia Pacific reported on
May 15, 2007, that GE acquired a 97.15% stake in Sanyo Electric
for US$1.05 billion.

The TCR-AP further related that GE bought control of Sanyo
Credit to "increase office-equipment leasing and lending to
small companies in Japan."

                     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.

                        *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


TIMKEN COMPANY: Completes US$200 Million Acquisition of Purdy
-------------------------------------------------------------
The Timken Company completed its acquisition of The Purdy Corp.,
a precision manufacturer and systems integrator for military and
commercial aviation customers, for US$200 million.  Both parties
entered into an agreement on Sept. 17, 2007, adding new power-
transmission products and capabilities to Timken's rapidly
growing aerospace business.

The Purdy Corp.'s expertise includes design, manufacturing,
testing, overhaul and repair of transmissions, gears, rotor-head
systems and other high-complexity components for helicopter and
fixed-wing aircraft platforms.  Founded in 1946, Purdy is based
in Manchester, Connecticut, employs more than 200 people and had
2006 sales of approximately US$87 million.

Timken will operate the business as Timken Aerospace
Transmissions, LLC, from its current location in Manchester,
Connecticut.  Timken will continue to make investments in its
ability to meet the power-transmission needs of its growing
customer base in the commercial and military aviation
industries.

"Customers have the opportunity to benefit from the strength of
a company that is a leader in friction-management technology
with growing capabilities in power transmission," J. Ron
Menning, president - aerospace and defense, said.  "We believe
that the increasing breadth of our portfolio is a distinct
advantage, and Timken is rapidly developing the kind of complete
aerospace systems expertise and portfolio that will create
exceptional customer and shareholder value."

Timken offers a comprehensive line of aerospace quality
bearings, along with a select range of turbine engine components
and MRO services.  Known for consistent, critical performance
and backed by stringent quality standards, Timken aerospace
products are found in aircraft engines, gearboxes, helicopter
transmissions, auxiliary power units, landing wheels, airframes
and instrumentation.

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

                        *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default
Ratings.  Moody's said the outlook is stable.


* BRAZIL: Petroleo Brasileiro To Produce Bioethanol in 2010
-----------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA aka
Petrobras will begin producing bioethanol from sugarcane bagasse
in a semi-industrial plant in 2010, published reports say,
citing the firm's research center Cenpes executive manager
Carlos Tadeu Fraga.

Mr. Fraga commented to Business News Americas, "This plant will
be able to produce ethanol from agricultural waste from
vegetables containing cellulose.  Sugarcane bagasse will be our
main base material."

Petrobras will process about 10 tons of sugarcane bagasse every
32 hours, BNamericas notes, citing Mr. Fraga.

Mr. Fraga told BNamericas, "Petrobras and other companies around
the world are investing heavily to identify the best sources to
produce bioethanol."

                        *     *     *

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




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


ACACIA CDO: Sets Final Shareholders Meeting for Nov. 2
------------------------------------------------------
Acacia CDO 3, Ltd., will hold its final shareholders meeting on
Nov. 2, 2007, at 11:00 a.m. the registered office of the
company.

These agendas will be taken during the meeting:

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

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.

Acacia CDO's shareholders agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
(2007 Revision).

The liquidators can be reached at:

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


BASIS YIELD: Foreign Reps File Support for Cayman Liquidation
-------------------------------------------------------------
Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham, as
the authorized foreign representatives of Basis Yield Alpha Fund
(Master), delivered to the United States Bankruptcy Court for
the Southern District of New York a memorandum of law supporting
the recognition of the Foreign Debtor's insolvency proceeding
that is pending before the Grand Court of the Cayman Islands
pursuant to Chapter 15 of the Bankruptcy Code.

The Foreign Representatives told Bankruptcy Judge Robert Gerber
that their request for recognition satisfies both the letter and
the spirit of Chapter 15.

Representing the Foreign Representatives, Karen B. Dine, Esq.,
at Pillsbury Winthrop Shaw Pittman LLP, in New York, states that
Chapter 15 furthers two principle policies -- comity and
cooperation.  She adds that Chapter 15 aids the coordination and
administration of international insolvency cases.

Congress has made clear that comity and cooperation are
centerpieces of Chapter 15 and should guide courts'
interpretations of it, Ms. Dine says.  Therefore, she says, in
Section 1507 of the Bankruptcy Code, comity is raised to the
introductory language to make it clear that it is the central
concept to be addressed.

Since the passage of Chapter 15, the Bankruptcy Court has
recognized, and extended comity to, a number of Cayman Island
proceedings, Ms. Dine relates, citing, among others:

  -- In re SPhinX, 351 B.R. at 120, recognizing proceeding as a
     foreign non-main proceeding;

  -- In re Amerindo Internet Growth Fund Ltd., Chapter 15 Case
     No. 07-10327 (RDD) (Balm. S.D.N.Y. Mar. 6, 2007),
     recognizing a foreign main proceeding where the debtor was
     an investment company registered in the Cayman Islands
     which commenced business with a Cayman Islands investment
     manager and a Cayman Islands administrator, who maintained
     the books and records in the Cayman Islands; and

  -- In re Bancredit Cayman Ltd. (In Liquidation), Chapter 15
     Case No. 06-11026 (SMB) (Bankr. S.D.N.Y. June 15,2006),
     recognizing proceeding as foreign main proceeding.

Ms. Dine asserts that the facts surrounding the Foreign Debtor's
case, together with central principles of comity and
cooperation, dictate that the Bankruptcy Court follow the
decisions in those proceedings, and grant the Foreign
Representatives' request for recognition.

Consistent with Chapter 15 and its underlying policies, the
Foreign Representatives seek entry of a Bankruptcy Court order
recognizing the Cayman Islands Proceeding as either a main or
non-main proceeding.

Ms. Dine says Cayman Islands courts exercise jurisdiction over
companies incorporated in the Cayman Islands.

                Challenging Propriety of Conduct

Since the filing of Basis Yield's Chapter 7 case on
Aug. 29, 2007, the Foreign Representatives have commenced two
other proceedings, Ms. Dine recalls.  On Sept. 5, the Foreign
Representatives filed the First Supplement to the Verified
Petition, informing the Bankruptcy Court that the Foreign
Representatives petitioned the High Court of Justice, Chancery
Division, Companies Court, in England pursuant to Section 426 of
the Insolvency Act of 1986 and obtained recognition of the
Foreign Representatives as joint provisional liquidators from
the High Court of Justice.

Subsequently, on Oct. 3, the Foreign Representatives filed the
Second Supplement to the Verified Petition, notifying the
Bankruptcy Court that the Supreme Court of New South Wales
granted the Foreign Representatives' application for orders
compelling certain parties to turn over certain documents and
funds in their possession.

Ms. Dine says that third parties, including many creditors and
investors of the Foreign Debtor, have appeared in the
proceedings pending in the Cayman Islands and Australia.  To
date, however, no foreign court or party appearing before a
foreign court has challenged the propriety of the conduct of a
liquidation proceeding in the Cayman Islands, Ms. Dine notes.

             Recognition of Foreign Main Proceeding

Ms. Dine states that Section 1517 sets forth a straightforward
procedure for U.S. courts to recognize a Cayman Island
proceeding.

Ms. Dine explains that recognition of a foreign proceeding is
required if:

  (i) the foreign proceeding for which recognition is sought
      is a foreign main proceeding or foreign non-main
      proceeding within the meaning of Section 1502;

(ii) the foreign representative applying for recognition is a
      person or body; and

(iii) the petition meets the Section 1515 requirements.

"Simply put, [the Bankruptcy] Court should recognize the Cayman
Islands Proceeding because the Cayman Islands Proceeding
satisfies those requirements," Ms. Dine tells Judge Gerber.

            Foreign Debtor's COMI is in Caymans

According to Ms. Dine, a foreign main proceeding is defined as a
"foreign proceeding pending in the country where the debtor has
the center of its main interests."  COMI, she says, is not
defined by the Bankruptcy Code; rather, "[i]n the absence of
evidence to the contrary, the debtor's registered office ... is
presumed to be the center of the debtor's main interests."

Section 1516(c) is consistent with and supported by relevant
international law, Ms. Dine asserts, explaining that the Guide
to Enactment of the UNCITRAL Model Law on Cross-Border
Insolvency states that COMI "corresponds to the formulation in
the European Union Convention on Insolvency Proceedings, thus
building on the emerging harmonization as regards the notion as
a 'main' proceeding."

Accordingly, the Bankruptcy Court should consider decisions in
other countries interpreting COMI, Ms. Dine maintains, citing
Bear Stearns, 2007 WL 2683661, at *5.  Particularly, she notes,
the EU Convention referenced in the Guide is an insolvency
scheme and contains the same presumption as Section 1516(c).

Ms. Dine insists that the Foreign Representatives have
established, by uncontested evidence, their entitlement to the
presumption that the Foreign Debtor's COMI is in the Cayman
Islands, hence, the Bankruptcy Court may grant recognition upon
that basis alone.

If required to prove the Foreign Debtor's COMI, Ms. Dine says,
the Foreign Representatives can establish that the Foreign
Debtor's connections to the Cayman Islands include, inter alia:

  * The Foreign Debtor is incorporated in the Cayman Islands;

  * The Foreign Debtor's registered office is located in the
    Cayman Islands;

  * The Foreign Debtor's direct investors, the feeder funds --
    BYAF and BYAF(US) -- are Cayman Islands entities;

  * The Foreign Debtor regularly enters multi-million dollar
    transactions with BYAF;

  * Both of the Foreign Debtor's feeder funds are registered
    mutual funds regulated by the Cayman Islands Monetary Fund;

  * Approximately 10% of the Foreign Investors' indirect
    investors investors in the feeder funds are located in the
    Cayman Islands;

  * The Foreign Debtor's administrator, Fortis; its pre-filing
    attorneys, Walkers; and its pre-filing auditors, Ernst &
    Young (Cayman) Ltd., are located in the Cayman Islands and,
    upon information and belief, employ residents of that area;

  * The Foreign Debtor's investment manager, Pac-Rim Investments
    Ltd., is a Cayman Islands company;

  * The Foreign Debtor's cash assets are principally located in
    the Cayman Islands, and substantial amounts of cash were in
    the custody of the Cayman Islands Administrator pre-filing;

  * The Foreign Debtor's statutory books and records, investor
    register, and BYAF's investor register are all located in
    the Cayman Islands.

Further, when parties decided to transact business with the
Foreign Debtor, a company domiciled in the Cayman Islands, they
had a reasonable and legitimate expectation that, in the event
of a liquidation, it would occur in the Cayman Islands under
applicable Cayman Islands law.

"COMI is in the Cayman Islands, not only because of the myriad
connections the Foreign Debtor has with the Cayman Islands, but
also because every party that transacted with the Foreign Debtor
knew that the Foreign Debtor is a Cayman Islands entity and each
creditor has impliedly subjected itself to the laws of the
Cayman Islands, " Ms. Dine tells Judge Gerber.

Accordingly, the Foreign Representatives want the Bankruptcy
Court to find that COMI is in the Cayman Islands.

    Standard for Recognition of Foreign Non-Main Proceeding

Under Section 1502(5), a foreign non-main proceeding is one that
is brought in a country that is not a debtor's COMI, but rather
is brought as any other proceeding "pending in a country where
the debtor has an establishment," Ms. Dine states.  On the other
hand, she adds, "establishment" is defined as "any place of
operations where the debtor carries out a non-transitory
economic activity."

Ms. Dine explains that the Foreign Debtor has a establishment in
the Cayman Islands, and thus, at the very least, is entitled to
recognition as a foreign non-main proceeding.

The Foreign Representatives attest that finding a establishment
is the minimum possible result in Basis Yield's Chapter 7 case.

Judge Gerber will hold a hearing on Nov. 19, 2007, at 9:45
a.m., New York Time, to decide whether Basis Yield has more of
its important connections with the Caymans so the U.S. Court can
take a secondary role, allowing the assets to be liquidated and
distributed to customers under non-U.S. law.  Objections are due
Nov. 6 at 4:00 p.m.

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.
(Basis Yield Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000).


BASIS YIELD: Liquidators File Second Supplement to Petition
-----------------------------------------------------------
Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham, as
joint provisional liquidators and foreign representatives of
Basis Yield Alpha Fund (Master), has filed with the U.S.
Bankruptcy Court for the Southern District of New York
(Manhattan) a second supplement to their Aug. 29, 2007 petition
for recognition of the Cayman Islands liquidation proceeding as
a foreign main proceeding.

Karen B. Dine, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in
New York, relates that the Liquidators filed the First
Supplement to the Petition on September 5 to notify the
Bankruptcy Court of additional grounds supporting the request,
as well as recognition from the High Court of Justice, Chancery
Division, Companies Court, in England.  Citigroup Global Markets
Limited, however, had argued that the First Supplement does not
answer all of the factual questions that are relevant to whether
recognition is proper as either a main or non-main proceeding.

Ms. Dine tells Judge Gerber that the Second Supplement was filed
in a continuing effort to promptly notify the Bankruptcy Court
of a change in status concerning the commencement of other
foreign proceedings under Section 1518(2) of the Bankruptcy
Code.

Ms. Dine notes that, on September 6, the Liquidators filed an
application in the Supreme Court of New South Wales, seeking to
compel certain parties to turn over, among other things,
documents and funds in their possession.

Specifically, the Liquidators asked that, pursuant to Section
581 of the Corporations Act 2001 and Section 68(b) of the Civil
Procedure Act of 2005, Basis Capital Funds Management Limited
should produce to the Supreme Court by Sept. 28:

   (a) any books and records of Basis Yield; and

   (b) all documents created or dated on or after March 1, 2007,
       and which record or evidence:

        * operational, credit and investment advice provided to
          Pac-Rim Investments Limited or Basis Yield;

        * funds received from investors or subscribers on behalf
          of the Basis Yield Fund; and

        * communications with any officer, employee, agent, or
          servant of:

           -- Lehman Brothers International (Europe);
           -- Merril Lynch International;
           -- Merril Lynch International (Australia) Ltd.;
           -- JP Morgan Chase Bank NA;
           -- JP Morgan Australia Group Limited;
           -- Goldman Sachs International;
           -- Goldman Sachs JBWere Pty Ltd.;
           -- Citigroup Global Markets Limited;
           -- Citigroup Global Markets Australia Pty Limited;
           -- Morgan Stanley;
           -- Morgan Stanley Australia Limited;
           -- Deutsche Bank; and
           -- Bear Stearns.

The Liquidators also asked the Supreme Court to direct Goldman
Sachs, Citigroup Global Markets Australia, Morgan Stanley
Australia, JP Morgan Australia, and Merrill Lynch (Australia) to
produce any Basis Yield books and records, and any documents
created or dated on or after March 1, recording:

   (1) the sale and purchase of investment products on Basis
       Yields' behalf;

   (2) dealings with the proceeds of sale and purchases of
       investment products;

   (3) communications of all offers received from third parties
       in relation to the sale of Basis Yields' investment
       products, which were repossessed following issue of
       notices of default;

   (4) foreign currency and other hedge transactions;

   (5) the decision to issue default notices to Basis Yields;

   (6) valuation of Basis Yields' portfolios;

   (7) calculation of amounts claimed in the default notices;
       and

   (8) correspondence with Basis Capital Funds Management.

The Supreme Court of New South Wales promptly approved the
Application on the same day.

Judge Gerber is set to conduct an evidentiary hearing on Nov. 19
to consider the request for recognition of Basis Yield's
liquidation proceedings.  The hearing may be continued to
Nov. 20, if necessary.

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.
(Basis Yield Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000).


BELMONT UNITED: Final Shareholders Meeting Is on Nov. 2
-------------------------------------------------------
Belmont United Company will hold its final shareholders meeting
on Nov. 2, 2007, at 10:00 a.m. at:

          77 Brickell Avenue
          Suite 1100, Miami
          Florida 33131on
          USA

These agendas will be taken during the meeting:

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

Pine International's shareholders agreed to place the company
into voluntary liquidation under The Cayman Islands' Companies
Law (2007 Revision).

The liquidators can be reached at:

         Jose Luis Sucupira
         77 Brickell Avenue
         Suite 1100, Miami
         Florida 33131, USA
         Phone: 786-693-8106
         Fax: 305-374-2319


CAERUS FUND: Holding Final Shareholders Meeting on Nov. 2
---------------------------------------------------------
Caerus Fund Ltd. will hold its final shareholders meeting on
Nov. 2, 2007, at 10:00 a.m. at the registered office of the
company.

These agendas will be taken during the meeting:

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

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.

Caerus Fund's shareholders agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
(2007 Revision).

The liquidators can be reached at:

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


CAERUS OFFSHORE: Sets Final Shareholders Meeting for Nov. 2
-----------------------------------------------------------
Caerus Offshore Fund Ltd. will hold its final shareholders
meeting on Nov. 2, 2007, at 10:30 a.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

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.

Caerus Offshore's shareholders agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
(2007 Revision).

The liquidators can be reached at:

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


GROPO LTD: Last Day to File Proofs of Claim Is Nov. 30
------------------------------------------------------
Gropo Ltd.'s creditors are required to submit proofs of claim by
Nov. 30, 2007, to Derrick Harper, 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.

The company's sole shareholder decided on Oct. 2, 2007, to place
the company into voluntary liquidation under the Cayman Islands'
Companies Law (2007 Revision).

The liquidator can be reached at:

           Derrick Harper
           Alexandria Bancorp Limited
           P.O. Box 2428, George Town
           Grand Cayman KY1-1105
           Tel: (345) 945-1111
           Fax: (345) 945-1122


HEART BEAT: Will Hold Final Shareholders Meeting on Nov. 2
----------------------------------------------------------
Heart Beat Funding Corp. will hold its final shareholders
meeting on Nov. 2, 2007, at:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

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.

Heart Beat's shareholders agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
(2007 Revision).

The liquidator can be reached at:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-8244
         Fax: (345) 949-5223


HENDERSON UK: Final Shareholders Meeting Is on Nov. 2
-----------------------------------------------------
Henderson UK Fundamental Long Short Fund Limited will hold its
final shareholders meeting on Nov. 2, 2007, at 11:00 a.m. at the
offices of  PricewaterhouseCoopers, Cayman Islands.

These agendas will be taken during the meeting:

          1) accounting of the winding-up process; and
          2) authorizing the liquidators to retain the records
             of the company for a period of 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.

Henderson UK's shareholders agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
(2007 Revision).

The liquidators can be reached at:

         Lawrence Edwards
         Attention: Jyoti Choi
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8657
         Fax: (345) 949 4590


HIGHLAND SPECIAL: Proofs of Claim Must be Filed by Nov. 30
----------------------------------------------------------
Highland Special Opportunity Master Fund Ltd.'s creditors are
given until Nov. 30, 2007, to submit proofs of claim to S.L.C.
Whicker and K. Beighton at KPMG, the company's liquidators, or
be excluded from receiving any distribution or payment.

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

The company's shareholders agreed on Sept. 27, 2007, to place
the company into voluntary liquidation under the Cayman Islands'
Companies Law (2007 Revision).

The liquidators can be reached at:

           S.L.C. Whicker
           K. Beighton
           KPMG
           P.O. Box 493
           Grand Cayman, Cayman Islands

Contact for inquiries:

           Gundega Tamane
           Tel: 345-914-4309
           Fax: 345-949-7164


J SPIRES: Sets Final Shareholders Meeting for Nov. 2
----------------------------------------------------
J Spires Limited will hold its final shareholders meeting on
Nov. 2, 2007, at:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

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.

J Spires' shareholders agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
(2007 Revision).

The liquidator can be reached at:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-8244
         Fax: (345) 949-5223


NLA II: Holding Final Shareholders Meeting on Nov. 2
----------------------------------------------------
NLA II (Cayman) Ltd. will hold its final shareholders meeting on
Nov. 2, 2007, at 9:30 a.m. the registered office of the company.

These agendas will be taken during the meeting:

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

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.

NLA II's shareholders agreed to place the company into voluntary
liquidation under The Cayman Islands' Companies Law (2007
Revision).

The liquidators can be reached at:

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


OPPORTUNITIES JAPAN: Final Shareholders Meeting Is on Nov. 2
------------------------------------------------------------
Opportunities Japan Master Fund will hold its final shareholders
meeting on Nov. 2, 2007, at 12:00 p.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

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.

Opportunities Japan's shareholders agreed to place the company
into voluntary liquidation under The Cayman Islands' Companies
Law (2007 Revision).

The liquidators can be reached at:

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


PINE INTERNATIONAL: Sets Final Shareholders Meeting for Nov. 2
--------------------------------------------------------------
Pine International Inc. will hold its final shareholders meeting
on Nov. 2, 2007, at 10:00 a.m. at:

          77 Brickell Avenue
          Suite 1100, Miami
          Florida 33131on
          USA

These agendas will be taken during the meeting:

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

Pine International's shareholders agreed to place the company
into voluntary liquidation under The Cayman Islands' Companies
Law (2007 Revision).

The liquidators can be reached at:

         Jose Luis Sucupira
         77 Brickell Avenue
         Suite 1100, Miami
         Florida 33131, USA
         Phone: 786-693-8106
         Fax: 305-374-2319


TMCMBS-1: Holding Final Shareholders Meeting on Nov. 2
------------------------------------------------------
TMCMBS-1 will hold its final shareholders meeting on
Nov. 2, 2007, at:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

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

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.

TMCMBS-1's shareholders agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
(2007 Revision).

The liquidator can be reached at:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-8244
         Fax: (345) 949-5223


TRIAXX FUNDING: Sets Final Shareholders Meeting for Nov. 2
----------------------------------------------------------
Triaxx Funding, Ltd., will hold its final shareholders meeting
on Nov. 2, 2007, at 11:30 a.m. at the registered office of the
company.

These agendas will be taken during the meeting:

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

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.

Triaxx Funding's shareholders agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
(2007 Revision).

The liquidators can be reached at:

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




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


BOSTON SCIENTIFIC: Hires Two Officers in Clinical Sciences Group
----------------------------------------------------------------
Boston Scientific reported that Keith Dawkins, M.D., and
Takahiro Uchida, M.D., will be joining the company's Clinical
Sciences organization.

Dr. Dawkins will serve as Senior Vice President and Associate
Chief Medical Officer, sitting on both the Clinical Leadership
team and the company's Operating Committee.  He is an
internationally known senior interventional cardiologist at
Southampton University Hospital in England, and a former
President of the British Cardiovascular Society.  He trained in
medicine at London University (Guy's Hospital), and in
cardiology at the Brompton Hospital (London), John Radcliffe
Hospital (Oxford), and Stanford University Medical Center.  He
has served as an advisor to the Department of Health in the
United Kingdom, and he has worked closely with a number of
regulatory agencies there, including the Medicines and
Healthcare Products Regulatory Agency and the National Institute
for Clinical Excellence.

He will be responsible for leading the medical input process for
the company's Interventional Cardiology, Peripheral Intervention
and Neurovascular businesses.  He will also participate in the
formulation and execution of technology strategies for both
internal research and development, as well as business
development activities.  In addition, he will oversee
development and dissemination of scientifically based education
materials to inform customers and regulators.

"We are delighted to have Dr. Dawkins joining us," said Donald
S. Baim, M.D., Boston Scientific's Chief Medical and Scientific
Officer.  "He is a well-published scientific contributor who has
been actively involved in the development of the TAXUS(R) Stent
System.  He is also a respected medical lecturer who is
universally recognized for his keen insights into a broad
variety of cardiology and cardiology device-related issues.  The
addition of Dr. Dawkins will greatly enhance the capabilities of
the Clinical Sciences organization at Boston Scientific."

Dr. Dawkins will join the company in January.

Dr. Takahiro Uchida, who will serve as a Director in Clinical
Research and as Medical Director, International, is another key
addition to the Clinical Sciences organization.  He is a skilled
interventional cardiologist who received his Medical Degree from
Fukushima Medical University, followed by an M.S. in
Epidemiology from the Harvard School of Public Health, and a
Doctor of Philosophy in Medicine from Tokyo Women's Medical
University.  After training with the Japanese Pharmaceuticals
and Medical Devices Agency (PMDA), Dr. Uchida became a research
fellow in the Division of Clinical Biometrics at the Brigham and
Women's Hospital and the Harvard Clinical Research Institute.
Most recently, Dr. Uchida has served as a Medical Officer in the
Interventional Cardiovascular Device Branch of the Center for
Devices and Radiological Health (CDRH) of the U.S. Food and Drug
Administration.

He will be responsible for providing high-level medical input on
the design, regulatory strategy and conduct of a broad range of
international trials concentrated in the cardiovascular area,
while also providing a strong communication link to the key
regulatory bodies and customer base worldwide.

"Dr. Uchida will play an important role on our global Clinical
Sciences team," said Dr. Baim. "He is well qualified for his
important new role by virtue of his training as an
interventional cardiologist, uniquely augmented by his
experience with clinical trials from both the biostatistical
trial conduct and regulatory perspectives, through his service
with the Japanese and U.S. regulatory agencies."

Dr. Uchida will join the company in December.

"The addition of these two highly capable individuals
significantly strengthens Boston Scientific's Clinical Sciences'
capabilities, and further enhances our ability to serve as the
'voice of the patient' by providing the highest-level expert
clinical input throughout the product life cycle of our current
and future medical devices," added Dr. Baim.

"Combined with the talents of nearly 400 other professionals
within our group, the unique skills and contributions of Dr.
Dawkins and Dr. Uchida will be invaluable in helping us maintain
and expand Boston Scientific's worldwide leadership in the
treatment of cardiovascular disease and the broad range of other
life- threatening and disabling diseases."

                     About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Natick, Massachussetts-based Boston Scientific Corp.
(including the 'BB+' corporate credit rating) and removed them
from CreditWatch, where they were placed with negative
implications Aug. 3, 2007.


COEUR D'ALENE: Names Donald Gray as Gen. Manager for Chile Unit
---------------------------------------------------------------
Coeur d'Alene Mines Corporation has appointed Donald Gray as
Vice President and General Manager of Compania Minera Cerro
Bayo, Coeur's wholly owned subsidiary that owns and operates the
Cerro Bayo Mine in southern Chile.

Mr. Gray joins Coeur with more than 27 years of operational and
developmental mining experience, most recently as Vice President
and General Manager of Minera Hecla Venezolana, in Venezuela.
He is a graduate of the University of Idaho in mining
engineering and also holds a masters degree in civil engineering
from the Massachusetts Institute of Technology.  Mr. Gray has
also worked for Newmont Mining, Exxon and Climax Molybdenum.

In addition to its ongoing silver and gold production, Cerro
Bayo has a US$4.8 million exploration program underway in 2007,
which already through the first half of the year increased
silver mineral reserves by 51% over year-end 2006 levels.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


FREEPORT-MCMORAN: Credit Suisse Reaffirms Outperform Rating
-----------------------------------------------------------
Credit Suisse analyst D. Gagliano has reaffirmed his
"outperform" rating on Freeport-McMoRan Copper & Gold's shares,
Newratings.com reports.

According to Newratings.com, the target price for Freeport-
McMoRan's shares was increased to US$130 from US$110.

Mr. Gagliano said in a research note that Freeport-McMoRan's
fourth quarter 2007 results would surpass expectations.

Analysts told Newratings.com that Freeport-McMoRan's "organic
earnings power" would increase next year and in the later years.

Freeport-McMoRan's copper and gold sales volumes would increase
by 20% and 90%, respectively, in 2008, from the second half of
2007, Newratings.com notes, citing Credit Suisse.

The Earnings per share estimate for this year was increased to
US$10.28 from US$9.96, Newratings.com states.

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

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

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

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

        -- Corporate Family Rating: Ba2;

        -- Probability of Default Rating: Ba2;

        -- US$0.5 billion Senior Secured Revolving Credit
           facility, Baa2, LGD1, 2%;

        -- US$1.0 billion Senior Secured Revolving Credit
           Facility, Baa3, LGD2, 17%;

        -- US$2.45 billion Senior Secured Term Loan A, Baa3,
           LGD2, 17%;

        -- US$339.7 million 6.875% Senior Secured Notes due
           2014, Baa3, LGD2, 17%; and

        -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%.


FREEPORT-MCMORAN: Fitch Ups 7% Convertible Notes Rating to BB+
--------------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Rating and debt
ratings of Freeport-McMoRan Copper & Gold Inc. (FCX) and its
subsidiary, Phelps Dodge, as follows:

Freeport-McMoRan

          -- Issuer Default Rating to 'BB+' from 'BB';

          -- US$1 billion secured bank revolver to 'BBB-' from
             'BB+';

          -- Secured term loan A to 'BBB-' from 'BB+';

          -- 6.875% secured notes due 2014 to 'BBB-' from 'BB+';

          -- Unsecured notes due 2015 and 2017 to 'BB+' from
             'BB';

          -- 7% convertible notes due 2011 to 'BB+' from 'BB';
             and

          -- Convertible preferred stock to 'BB-' from 'B+'.

Phelps Dodge

          -- 8.75% senior unsecured notes due 2011 to 'BB+' from
             'BB';

          -- 7.125% senior unsecured debentures due 2027 to
             'BB+' from 'BB';

          -- 9.50% senior unsecured notes due 2031 to 'BB+' from
             'BB';

          -- 6.125% senior unsecured notes due 2034 to 'BB+'
             from 'BB'.

Fitch also affirmed this rating on Freeport-McMoRan:

          -- US$500 million PT Freeport Indonesia/FCX Secured
             Bank Revolver at 'BBB-'.

The Rating Outlook remains Positive.

Fitch expects total debt to be US$7.3 billion at year-end given
repayment of bank debt through internally generated cash and the
proceeds from the sale of its international wire and cable
business.  Strong metals prices should continue to drive
earnings over the next 12 to 18 months resulting in leverage as
measured by Total Debt/EBITDA of less than 1 times.  Fitch
expects free cash flow to be more than sufficient to cover
dividends and capital spending over the time period.

An unexpected downturn in metals prices, a substantial shortfall
in production or significant additional debt financing could
trigger a downgrade of the ratings and Rating Outlook.

The ratings reflect Freeport-McMoRan's position as the world's
second largest copper producer, its diversified operations and
strong liquidity as well as the company's exposure to copper
prices and its financial leverage.  The outlook is for copper
producers to continue to benefit from a strong pricing
environment over the near term.

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

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




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


BANCO INTERCONTINENTAL: Pres. Allegedly Influenced Court Ruling
---------------------------------------------------------------
Dominican Republic President Leonel Fernandez has influenced the
court ruling on the Banco Intercontinental case, Dominican Today
reports, citing former Dominican president Hipolito Mejia.

As reported in the Troubled Company Reporter-Latin America on
Oct. 23, 2007, the National District First Collegiate Tribunal
of the Court of First Instance has found former Banco
Intercontinental head Ramon Baez Figueroa and the bank's vice
president Marcos Baez Cocco guilty of breaching the nation's
monetary law and irregular banking practices.  Charges of money
laundering or abuse of confidence against Messrs. Figueroa and
Cocco were dismissed.  Mr. Figueroa was sentenced to 10 years
imprisonment and ordered to pay DOP63 billion in compensation,
while Mr. Cocco will be sentenced on Nov. 16, 2007.  Mr. Renta
was found guilty of fraud and sentenced to 10 years in jail.  He
will pay DOP265,000 in damages.  Due to insufficient evidence,
Ms. Lubrano de Castillo and Mr. Ferrua were acquitted of all
charges.  Coercion measures against Mr. Ferrua and Ms. Lubrano
de Castillo were lifted.

Mr. Mejia said in a Dominican radio news program, "Leonel
Fernandez has been a doubtful, ambiguous man, who throws a rock
and hides his hand."

President Fernandez had not necessarily influenced the judges
directly, Dominican Today notes, citing Mr. Mejia.  The
president could have sent others to act in is name.

"He can say whatever he likes, but the truth remains.  He
participated decisively in this shameful verdict, at a time when
we all want justice to make our society more decent," Mr. Mejia
commented to Dominican Today.

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




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


AIR JAMAICA: Kingsley Cooper Declines Board Seat
------------------------------------------------
Kingsley Cooper, Pulse Investments Ltd.s chief executive
officer, has declined to serve on Air Jamaica's board of
directors, citing potential conflict of interest.

Mr. Cooper has previously indicated that he is willing to serve
on the board but retracted that decision in a letter to
Transport and Works Minister Mike Henry, The Jamaica Gleaner
relates.

Pulse Investment's chief executive told Radio Jamaica that since
Air Jamaica has sponsored event and activities staged by his
company, it might cause conflicts of interest in the future.

The chief executive believes it improper to serve on the board
while close ties between the two companies are expected to
continue.

The new board appointees who were recently named are:
Tony Lindo, Noel Hylton, Marcia Forbes, Mr. Cooper, Ian Kerr,
Millicent  Hughes and Rex Nettleford were the new members of the
board, chaired by former Jamaica Labour Party Senator Shirley
Williams.

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

                        *     *     *

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

                        *     *     *

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


AIR JAMAICA: Tension Lessens After Board Talks with Unions
----------------------------------------------------------
The Jamaica Gleaner reports that the meeting among the National
Workers Union, the Union of Clerical, Administrative and
Supervisory Employees, and Air Jamaica's board of directors has
been successful.

Tension escalated Oct. 18 when it was announced that Mike Conway
has resigned from being the company's president.  Workers walked
off, while some unions asserted that Mr. Conway was forced to
resign by the new board.

After a meeting on Oct. 19, the workers were placated, Granville
Valentine, an officer at National Workers, told the Gleaner.

"The meeting was pretty good; I think we understand each other
clearly," Shirley Williams, the newly appointed chairman, told
the Gleaner.

Meanwhile, Ms. Williams told the Gleaner that the sale of Air
Jamaica's slots at the Heathrow Airport in London to Virgin
Atlantic is one of the first things that the new board will
negotiate.

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

                        *     *     *

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

                        *     *     *

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




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


ACXIOM CORP: Paying Six Cents Per Share Dividend on Nov. 26
-----------------------------------------------------------
Acxiom(R) Corporation'd Board of Directors has declared a
quarterly cash dividend of six cents per share payable on
Nov. 26, 2007 to shareholders of record as of the close of
business on Nov. 5, 2007.

While Acxiom intends to pay regular quarterly dividends for the
foreseeable future, all subsequent dividends will be reviewed
quarterly and declared by the Board at its discretion.

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.

Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P also placed the
'BB' senior secured debt ratings on CreditWatch with negative
implications, because the debt will no longer be refinanced as
part of the LBO financing.


B&G FOODS: Net Income Up 40.7% in Third Quarter Ended Sept. 29
--------------------------------------------------------------
B&G Foods Inc. reported financial results for the third quarter
of 2007 ended Sept. 29, 2007 and the first three quarters of
2007 ended Sept. 29, 2007.

As of Sept. 29, 2007, the company reported total assets of
US$846.2 million, total liabilities of US$668.1 million, and
total stockholders' equity of US$178.1 million.

Full-text copies of the company's financials are available for
free at http://ResearchArchives.com/t/s?2490.

        Financial Results for the Third Quarter of 2007

Net income increased 40.7% to US$4.8 million for the third
quarter of 2007 compared to US$3.4 million for the third quarter
of 2006.

Net sales for the third quarter of 2007 increased 14.9% to
US$117 million from US$101.9 million for the third quarter of
2006.

Gross profit for the third quarter of 2007 increased 30.4% to
US$38.3 million from US$29.4 million in the third quarter of
2006.

David L. Wenner, chief executive officer of B&G Foods, stated,
"Our third quarter results reflect the successful integration of
Cream of Wheat into the B&G Foods portfolio of products. Cream
of Wheat continues to perform well and has contributed
meaningfully to our top and bottom line growth.  Our base
business has been stable in the face of a challenging cost
environment and we continue to evaluate pricing actions to
counter foreseeable cost increases as we review our product
lines for the balance of 2007 and 2008."

    Financial Results for the First Three Quarters of 2007

Net sales for the first three quarters of 2007 increased 13% to
US$339 million from US$300.1 million in the comparable period of
fiscal 2006.

Gross profit for the first three quarters of 2007 increased
26.5% to US$108.3 million from US$85.6 million in the comparable
period of last year.

Net income increased 45.4% to US$12.7 million for the first
three quarters of 2007 compared to US$8.7 million for the
comparable period of fiscal 2006.

                Liquidity and Capital Resources

Cash provided by operating activities increased US$3 million to
US$21.2 million for the first three quarters of 2007 from
US$18.2 million for the first three quarters of 2006.  Working
capital at Sept. 29, 2007 was US$117.4 million, an increase of
US$14.4 million over working capital at Dec. 30, 2006, of US$103
million.

Net cash used in investing activities for the first three
quarters of 2007 was US$211.8 million as compared to US$34.6
million for the first three quarters of 2006.

Net cash provided by financing activities for the first three
quarters of 2007 was US$195.5 million as compared to US$11.9
million for the first three quarters of 2006.

                     Recent Acquisitions

On Jan. 10, 2006, the company acquired the Grandma's molasses
business for about US$30.1 million in cash, including
transaction costs, from Mott's LLP, a Cadbury Schweppes Americas
Beverages company.  Effective Feb. 25, 2007, the company
completed the acquisition of the Cream of Wheat and Cream of
Rice business for about US$200.9 million in cash, including
transaction costs, from Kraft Foods Global Inc.

                       About B&G Foods

Based in Parsippany, New Jersey, B&G Foods Inc. (AMEX: BGF)
-- http://www.bgfoods.com/-- and its subsidiaries manufacture,
sell and distribute a diversified portfolio of high-quality,
shelf-stable foods across the United States, Canada and Puerto
Rico.  B&G Foods' products include jams, jellies and fruit
spreads, canned meats and beans, spices, seasonings, marinades,
hot sauces, wine vinegar, maple syrup, molasses, salad
dressings, Mexican-style sauces, taco shells and kits, salsas,
pickles and peppers and other specialty food products.

                        *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating, senior unsecured debt rating, and probability of
default rating at B2, bank loan debt rating at Ba2, and senior
subordinate rating at Caa1.  These ratings still hold to date.
The outlook is stable.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at B, which still hold to date.  S&P said
the outlook is stable.


CHEMTURA CORP: Paying Five Cents Per Share Dividend on Nov. 23
--------------------------------------------------------------
Chemtura Corporation's Board of Directors has declared a regular
quarterly dividend of five cents per share on the common stock
of the corporation, payable Nov. 23, 2007, to holders of record
on Nov. 5, 2007.

                     About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, USUS$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, USUS$150 million due 2026: Ba2
      from Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, USUS$400 million due 2009: Ba2
      from Ba1; LGD4 (53%)


GLOBAL CROSSING: Extends Voice Over Internet Protocol Service
-------------------------------------------------------------
Global Crossing said in a statement that it has extended its
voice over Internet protocol local service to 16 Mexican cities.

Business News Americas relates that the service is an inbound
local service, which provides "nationwide direct inward dialing
functionality through a single" Internet protocol
interconnection.

According to BNamericas, the service will be available in:

          -- Mexico City,
          -- Guadalajara,
          -- Puebla,
          -- Leon, and
          -- Monterrey, among other cities.

Global Crossing's voice over Internet protocol is now being
offered in 21 nations, BNamericas notes.  The firm also extended
the service to 400 cities in the US.

Global Crossing's network applications service vice president Al
DiGabriele commented to BNamericas, "Global Crossing continues
to expand the reach of this critical capability into key markets
across the world. We'll continue to use our secure, reliable
global IP [Internet protocol] network to support multinational
customers - and the carriers that serve them -- in need of these
essential business applications."

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.


GRUPO TMM: Incurs US$45.6 Million Net Loss in 2007 Third Quarter
----------------------------------------------------------------
Grupo TMM S.A.B. posted a net loss of US$45.6 million for the
third quarter of 2007 compared to a net loss of US$8.0 million
for the same quarter of 2006.

The company's net loss in the 2007 period was impacted by a one
time write-off of US$38.6 million in the third quarter of 2007
resulting from the settlement of two accounts receivable from
Kansas City Southern.

For the third quarter of 2007, the company has revenues of
US$76.9 million, up 30.3% from US$59.0 million in 2006.

                     Management Overview

Javier Segovia, president of Grupo TMM, said, "During the past
three quarters TMM has consistently improved its operating
profit performance and substantially exceeded year-to-year
comparisons in revenues and transportation income.  With a
reduction in high interest debt described later in this report,
and with continued expansion in revenues and profit in the
fourth quarter, the Company will demonstrate that it will move
to a sustainable net income position throughout 2008.  The
future of the Company is now certain, and throughout 2008
improvements in its balance sheet and cash flow will be clear."

Mr. Segovia continued, "We are pleased that Pemex is moving
forward with its decision to renew its product tanker fleet and
will announce in the next 30 days the final terms of the first
five product tankers they intend to acquire through a financial
lease, and by year end will announce the terms for five product
tankers under bare boat and ship management contracts.  These
five bare boat contracts will be awarded during the first half
of 2008.  We have arranged for the financing of those
acquisitions if bids are awarded to us, and we believe our
Maritime division is well positioned for these opportunities
that will prove highly accretive to shareholder value."  "On the
offshore side, we successfully renewed two supply vessel
contracts for a three-year period that started in October.  The
improved offshore vessel mix of our fleet is producing a higher
than average yield.  We anticipate the offshore side of our
business will continue to grow, as Pemex has announced an
expansion of approximately 69 additional vessels through 2011.
This initiative will follow the Mexican Navigation Law as a way
to first award contracts to companies that are Mexican owned and
flagged.  This expansion process will provide even more momentum
to all service providers in cabotage including our own Maritime
business."

"As we said in our last conference call, we continue to target
single digit consolidated SG&A as a percent of the total
revenues of the Company.  Our cash position as of the end of
September was US$97 million, which allows the Company to not
only provide for the down payment of vessels as bids are awarded
but to also support Logistics with highly accretive programs and
working capital as this division's turn around continues."

"With the settlement of the arbitration with Kansas City
Southern, TMM received US$54.1 million in cash and with these
funds we were able to pay down US$50 million of our
securitization facility program, which will reduce our interest
expenses by US$6.25 million annually going forward.  As capital
and cash have now become available we have been able to fix the
Logistics division and to support the plan we presented in 2006.
In the fourth quarter the EBITDA run rate for Logistics as we
enter 2008 will exceed US$17 million as we have discussed in the
past."

Mr. Segovia added, "I would like to stress that the Company
continues to actively pursue alternatives to extend the maturity
and reduce the costs of the Company's corporate debt as we are
committed to generate EBIT in excess of our financial costs.  We
believe that every quarter we are closer to that goal."

Mr. Segovia continued, "After 12 years with TMM, Brad Skinner is
pursuing a new venture in the United States. Our best wishes to
Brad in this new endeavor.  I would like to reaffirm that the
plan and program, which Brad designed and managed for TMM
Logistics is in full implementation mode.  Jose Jorge Masvidal
will be leading our Logistics division going forward.  Jose
Jorge joined Grupo TMM in 2005 as the corporate IT director, and
since August 2007 has served as a transitional director of the
Logistics division in a joint effort with Brad Skinner.  Prior
to joining TMM, Jose Jorge served as chief information officer
for TFM, now Kansas City Southern de Mexico.  He has broad
experience in technology infrastructure, IT platform
development, logistics, strategic planning, organization and
operations."

Mr. Segovia concluded, "Throughout the fourth quarter,
incremental profit opportunities will occur as we anticipate an
improvement of at least US$5 million of transportation income.
We should achieve this with the addition of two new product
tankers under time charter contracts, an increase in the
revenues and fleet mix of our offshore fleet, a ramp up to full
capacity of our auto hauling truck fleet, the full impact of the
high Port season, and the impact of high freight season in our
warehousing and general freight trucking division.  TMM's fourth
quarter results will set the stage for a very profitable 2008
performance."

                      Financial Results

Increased consolidated transportation income is mainly due to
improved transportation income in the Maritime division of
US$2.8 million in the third quarter of 2007 and US$10.9 million
in the nine months of 2007 compared to the same periods last
year.

Net financial cost in the third quarter of 2007 was US$11.8
million, which included an exchange gain of US$2.0 million,
increasing US$0.4 million from a net financial cost incurred in
the same period of 2006 of US$11.4 million, which included an
exchange gain of US$1.5 million.  This increase was mainly
attributable to US$6.2 million of financial expenses associated
with the company's securitization program, to US$5.7 million of
interests associated with the company's trust certificates
program, and to US$1.1 million of interests related to the
acquisition of two chemical tankers.  This increase was
partially decreased by costs incurred in the 2006 period, by
US$9.4 million of financial expenses related to the company's
2007 Notes and by US$1.9 million in prepayments of maritime
assets and other debt.

                        Balance Sheet

As of Sept. 30, 2007, TMM's total book value of debt was
US$505.0 million.  This debt is supported by approximately
US$374.0 million of long-term contracted revenues.  The total
market value of the company's maritime assets is estimated to
exceed their book value by US$56 million.

                          Grupo TMM

Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

                        *     *     *

Standard & Poor's Ratings Services raised its corporate credit
rating on Grupo TMM SA to 'B-' from 'CCC.'  The rating was
removed from Creditwatch, where it was placed on Dec. 15, 2004.
S&P said the outlook is positive.


MOVIE GALLERY: Can Employ Kirkland & Ellis as Lead Counsel
----------------------------------------------------------
Movie Gallery, Inc., and its debtor affiliates obtained
permission from the U.S. Bankruptcy Court for the Eastern
District of Virginia to employ Kirkland & Ellis, LLP, as their
lead counsel.

Kirkland & Ellis is expected to:

   (a) advise the Debtors-In-Possession with respect to their
       powers and duties in the continued management and
       operation of their business and properties;

   (b) advise and consult on the conduct, including all legal
       and administrative requirements of operating of the
       Chapter 11 cases;

   (c) attend meetings and negotiate with creditors'
       representatives and other parties-in-interest;

   (d) take all necessary action to protect and preserve the
       Debtors' estates, including (i) prosecute actions on
       the Debtors' behalf, (ii) defend any action commenced the
       Debtors, (iii) represent the Debtors' interests in
       negotiations concerning all litigation, including
       objections to claims filed against the Debtors' estates;

   (e) prepare all pleadings, including motions, applications,
       answers, orders, reports, and papers necessary or
       otherwise beneficial to the administration of the
       Debtors' estates;

   (f) represent the Debtors in connection with obtaining
       postpetition financing;

   (g) advise the Debtors on any potential sale of assets;

   (h) appear before the Court and any appellate courts to
       represent the Debtors' interests;

   (i) consult with the Debtors regarding tax matters;

   (j) take necessary action on the Debtors' behalf, to
       negotiate, prepare and obtain a Chapter 11 Plan and all
       its related documents;

   (k) perform all other necessary or otherwise beneficial legal
       services including:

          * analyzing the Debtors' leases and contracts, and
            corresponding assumptions, rejections or
            assignments;

          * analyzing the validity of liens against the Debtors;
            and

          * advising the Debtors on corporate and litigation
            matters.

Anup P. Sathy, Esq., a partner at Kirkland & Ellis, said that
the firm's professionals will be paid based on its standard
hourly rates:

      Designation                Hourly Rate
      -----------                -----------
      Partners                 US$500 - US$975
      Of Counsel               US$380 - US$870
      Associates               US$275 - US$595
      Paraprofessionals        US$120 - US$260

Kirkland professionals expected to assume primary responsibility
and provide primary services to the Debtors are:

   (1) Richard M. Cieri
   (2) Anup Sathy, P.C.
   (3) Marc J. Carmel

Mr. Sathy disclosed that the firm received payments from the
Debtors before the Petition Date:

   -- retainer fee of US$100,000 in November 2006;
   -- retainer fee of US$1,000,000 in June 2007.

Pursuant to the parties' engagement letter, the Debtors have
agreed to pay the firm US$100,000 as advanced payment retainer.

The Debtors have been required under the engagement to waive any
conflict of interest in any matter not substantially related to
Kirkland's work for Movie Gallery in which the firm represents
another client.  The engagement also provided that with respect
to Musicland, conflicts counsel for Musicland will represent the
company with respect to Movie Gallery's claims against it.

Mr. Sathy assured the Court that his firm is a "disinterested
person" as that term is defined is Section 101(14) of the
Bankruptcy Code, and does not hold any adverse interest to the
Debtors' estate.

                     About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, serve as the Debtors' local counsel.  The
Debtors' claims & balloting agent is Kutzman Carson Consultants
LLC.  The U.S. Trustee for Region 4 appointed an Official
Committee of Unsecured Creditors in the Debtors' bankruptcy
proceedings on Oct. 18, 2007.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  (Movie Gallery Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Inks Lock Up Pact w/ Sopris & Consenting Lenders
---------------------------------------------------------------
Movie Gallery, Inc. and its debtor-affiliates have entered into
an agreement with its consenting lenders to secure the lenders'
votes on the Debtors' Plan of Reorganization.

The Debtors entered into a Lock Up, Voting and Consent Agreement
on Oct. 14, 2007, with:

    (i) Sopris Capital Advisors LLC, holder of a majority of
        Movie Gallery, Inc.'s US$325,000,000 11% senior notes
        and approximately US$72,000,000 of the Company's
        US$175,000,000 second lien indebtedness; and

   (ii) a majority of the holders of the Company's Second Lien
        Debt.

The Lock Up Agreement obligates the Consenting Holders to, among
other things, vote to support a plan of reorganization
consistent with the terms set forth in the Lock Up Agreement and
the Debtors' proposed restructuring term sheet, William C.
Kosturos, managing director at Alvarez & Marsal North America
LLC, and chief restructuring officer of Movie Gallery, Inc.,
disclosed in an affidavit.

Through the Lock Up Agreement, holders of a majority of the 11%
Senior Notes and lenders holding a majority of the debt under
the Existing Second Lien Credit Agreement have committed to vote
in favor of the Plan, consistent with the terms of the Plan Term
Sheet.

The Debtors are in negotiations with the Existing First Lien
Lenders regarding the terms of an amended and restated first
lien credit agreement, and the Debtors hope to reach an
agreement with the Existing First Lien Lenders in the short
term.

The Plan Term Sheet provides, among things, that:

   (a) the Debtors will enter into an amended and restated first
       lien credit agreement;

   (b) the Existing Second Lien Credit Agreement will be amended
       to reset interest rates and modify PIK interest options
       and conditions according to the terms and conditions set
       forth on the Plan Term Sheet;

   (c) Sopris will convert US$72,000,000 plus accrued interest
       in claims under the Existing Second Lien Credit Agreement
       into equity in the reorganized Company;

   (d) the Debtors' US$325,000,000 11% Senior Notes will be
       converted into equity in the reorganized Company; and

   (e) Sopris will backstop a US$50,000,000 rights offering to
       be made available pro rata to the holders of the 11%
       Senior Notes, the terms of which backstop commitment are
       set forth in a Rights Offering Term Sheet, attached to
       the Lock Up Agreement.

Overall, the proposed Plan would (i) reduce the Debtors' total
indebtedness by roughly US$400,000,000, (ii) be expected to
improve cash flows by significantly reducing on-going interest
expense, and (iii) provide additional capital to facilitate the
implementation of the Debtors' business plan, Mr. Kosturos
explained.

As a condition to the Lock Up Agreement, the Debtors have
committed to file a plan and a disclosure statement within 30
days after the Petition Date.

A full-text copy of the Lock Up Agreement is available for free
at http://researcharchives.com/t/s?248a

                     About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, serve as the Debtors' local counsel.  The
Debtors' claims & balloting agent is Kutzman Carson Consultants
LLC.  The U.S. Trustee for Region 4 appointed an Official
Committee of Unsecured Creditors in the Debtors' bankruptcy
proceedings on Oct. 18, 2007.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  (Movie Gallery Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Section 341(a) Creditors Meeting on Dec. 13
----------------------------------------------------------
The U.S. Trustee for Region 4, W. Clarkson McDow, Jr., will
convene a meeting of creditors in the Chapter 11 cases of
Movie Gallery, Inc., Hollywood Entertainment Corporation, M.G.
Digital, LLC, M.G.A. Realty I, LLC, MG Automation LLC, and Movie
Gallery US, LLC, on Dec. 13, 2007, at 2:00 p.m.  The meeting
will be held at 600 East Main Street, Suite 120, in Richmond,
Virginia.

This is the first meeting of creditors required under 11 U.S.C.
Section 341(a) in all bankruptcy cases.  All creditors are
invited, but not required, to attend.

This Meeting of Creditors offers the one opportunity in a
bankruptcy proceeding for creditors to question a responsible
office of the Debtors under oath about the company's financial
affairs and operations that would be of interest to the general
body of creditors.

                     About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, serve as the Debtors' local counsel.  The
Debtors' claims & balloting agent is Kutzman Carson Consultants
LLC.  The U.S. Trustee for Region 4 appointed an Official
Committee of Unsecured Creditors in the Debtors' bankruptcy
proceedings on Oct. 18, 2007.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  (Movie Gallery Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


URS CORP: Expects 2007 Third Quarter Net Income at US$38.7 Mil.
---------------------------------------------------------------
URS Corporation disclosed preliminary unaudited financial
results for its third quarter ended Sept. 28, 2007.  URS expects
third quarter 2007 revenues to be US$1.302 billion, an increase
of 20% compared with revenues of US$1.085 billion for the third
quarter of 2006.  Net income for the third quarter of 2007 is
expected to be US$38.7 million, an increase of 29% from net
income of US$29.9 million for the comparable period in 2006.

The preliminary results are being disclosed to provide
stockholders of URS and Washington Group International with
additional financial information regarding URS prior to upcoming
stockholder meetings.  Washington Group stockholders are
scheduled to meet on Oct. 30, 2007 to vote upon the proposed
acquisition of Washington Group by URS.  A Special Meeting of
URS Stockholders also is scheduled to be held Oct. 30, 2007, to
vote on the issuance of shares in conjunction with the
transaction.

In conjunction with the announcement of preliminary third
quarter results, the Company issued the following statement: "A
key component of the transaction value for Washington Group
stockholders is the URS shares they will receive if the
acquisition is approved.  The Company believes it is important
that Washington Group stockholders have this additional
financial information before their vote scheduled for
Oct. 30, 2007.  URS continues to perform very well, and our
results for the quarter reflect good growth across each of our
four key market sectors, the federal sector, the state and local
government sector, the private sector and international."

"URS believes that the combination with Washington Group offers
a compelling value for Washington Group stockholders, including
the potential upside of owning almost one-third of the combined
company, which we expect will be better positioned to capture
opportunities in high-growth markets."

URS will release its full financial results for the third
quarter on Nov. 7, 2007, after the market close, and will update
its guidance for fiscal 2007 at that time.

The preliminary unaudited financial results are estimates and
are subject to further review and analysis by the company's
management as part of the normal quarterly closing process
currently under way.

                    About URS Corporation

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 21, 2007, Standard & Poor's Ratings Services assigned its
'BB+' bank loan rating and '2' recovery rating to URS Corp.'s
proposed US$2.1 billion senior secured credit facilities,
indicating expectations of substantial recovery in the event of
a payment default.  The facilities are rated the same as the
corporate credit rating on the company.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed US$2.1 million senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International Inc.


VITRO SAB: Posts US$3 Million Net Loss in Quarter Ended Sept. 30
----------------------------------------------------------------
Vitro S.A.B. de C.V. has incurred a net loss of US$3 million for
the three months ended Sept. 30, 2007, compared to net income of
US$8 million for the same period in 2006.

Year-over-year consolidated net sales increased 7.1% and EBITDA
declined US$11 million or 10.5%.  The consolidated EBITDA margin
declined 280 basis points to 14.1 percent due to disruptions in
production as a result of the failure in natural gas supply
caused by two incidents at PEMEX pipelines.  Excluding this
effect, EBITDA for the quarter rose 1% to US$106 million.

Commenting on the results for the quarter, Federico Sada, Chief
Executive Officer, said "This was another solid quarter with a
strong performance at both Glass Containers and Flat Glass.  In
fact, excluding the impact of the interruption in natural gas
supply in July and September, comparable consolidated EBITDA
reached an all-time high."

"Our Glass Containers operations also posted record EBITDA
during the quarter, excluding the effect of the disruption in
operations," he continued.

Enrique Osorio, Chief Financial Officer, noted that "very quick
response from the Vitro team and our energy suppliers, coupled
with increased efficiencies and capacity utilization reduced the
impact from both incidents limiting the total net effect to
approximately US$12 million for Glass Containers and Flat
Glass."

"To avoid future disruptions, we have installed a backup system
in all of our containers manufacturing facilities in Mexico that
will allow us to maintain the integrity of our furnaces.  We are
now in the process of implementing additional preventive
measures at these facilities to avoid similar gas related
production interruptions in the future.  We also remain focused
on continuing to pursue increased efficiencies and capacity
utilization to partially offset this negative impact before
year-end."

"At Flat Glass, we are pleased to report a 6.1 percent year-
over-year increase in EBITDA. This is the third consecutive
quarter of EBITDA growth and on a comparable basis, the highest
EBITDA recorded since 4Q'04, despite the approximately $0.4
million impact from the effect of the interruption in natural
gas supply at two automotive glass production facilities in
September.  This quarter, auto glass sales increased both for
AGR and OEM.  Sales growth to the OEM market reflected our
strategy to increase sales of value added products and diversify
our client base by focusing on Japanese manufacturers, with
strong sales volume for the Nissan Sentra platform."

"We are pleased with the progress achieved as we continue to
establish new EBITDA records.  Going forward, we will continue
to pursue our short term strategy that focuses on the move to
value added products in flat glass and to build on the strengths
of a strong established position, production flexibility and
fast time to market to cater to profitable niche glass container
markets while maintaining our leadership in the Mexican mass
market," Mr. Osorio closed.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a
leading global glass producer, serving the construction and
automotive glass markets and glass containers needs of the food,
beverage, wine, liquor, cosmetics and pharmaceutical industries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2007, Moody's Investors Service assigned a global
foreign currency rating of B2 to Vitro, SAB de CV's proposed
US$750 million senior unsecured guaranteed notes due 2012 and
2017, which are being offered in the context of a major
financial restructuring initiative the company announced on
Jan. 11, 2007.

The rating assigned:

   Vitro, SAB de CV:

   -- Proposed US$750 million senior unsecured guaranteed notes
      due 2012 and 2017, at 2.

The ratings affirmed:

Vitro, SAB de CV:

  -- Corporate Family at B2;

  -- US$225 million 11.75% senior unsecured notes due 2013, at
     Caa1, with the possibility of upgrade to B2 upon
     execution of the proposed guarantee structure consistent
     with the proposed notes.


WENDY'S INT'L: Earns US$29.9 Mil. in 3rd Quarter Ended Sept. 30
---------------------------------------------------------------
Wendy's International Inc. disclosed financial results for the
third quarter of 2007, reflecting the continuing turnaround of
the business, significantly improving restaurant margins and
cost controls.

The company reported net income of US$29.9 million in the 2007
third quarter, compared to net income of US$69.2 million in the
2006 third quarter.  Total revenues were US$631.1 million in the
2007 quarter, up 0.2% compared to US$630.1 million in the third
quarter of 2006.

Sales were US$554.8 million in the third quarter of 2007,
compared to US$556.7 million in the third quarter of 2006.
Sales increased slightly as a result of positive average same-
store sales, however Wendy's had 42 fewer company-operated
restaurants open at the end of the third quarter of 2007
compared to the same quarter a year ago.

Franchise revenues were US$76.3 million in the third quarter of
2007, compared to US$73.4 million in the third quarter of 2006.
The 2007 increase reflects positive franchisee average same-
store sales, higher 2007 gains on the sales of stores to
franchisees of US$900,000 and lower 2007 reserve allowances.
Partially offsetting these improvements, Wendy's had 66 fewer
franchise-operated restaurants open at the end of the third
quarter of 2007 compared to the same quarter a year ago

"We continue to execute our strategic plan and delivered
significantly improved results this quarter at both the
corporate and store level despite a very tough competitive
environment and commodity cost pressures," said Wendy's(R) chief
executive officer and president Kerrii Anderson.

Including third-quarter pre-tax expenses related to the Board's
Special Committee of US$13.4 and US$2.4 million of pre-tax
restructuring charges (which include pension settlement
charges), the company reported income from continuing operations
of US$28.8 million in the third quarter of 2007, compared to
US$23.7 million in the third quarter of 2006.  Earnings before
interest, taxes, depreciation and amortization from continuing
operations were US$79.2 million in the third quarter of 2007, up
35.8% from US$58.3 million in the third quarter of 2006.

Excluding expenses related to the Board's Special Committee and
restructuring charges, the company reported for the third
quarter of 2007 adjusted income from continuing operations of
US$38.6 million, compared to US$24.9 million in the third
quarter of 2006.  Excluding expenses related to the Board's
Special Committee and restructuring charges, adjusted EBITDA for
the third quarter 2007 was US$95.0 million, up 57.3% from
US$60.3 million in the third quarter of 2006.

"Our EBITDA growth is encouraging and store operating margins
continue to expand," said Anderson.  "We're revitalizing Wendy's
with a focus on connecting with the consumer, new products, more
effective menu management, our market-based pricing strategy,
breakthrough advertising and improving operations.  That said,
we have even greater opportunities to better meet the needs of
our customers, grow same-store sales and further increase
margins."

                       Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$1.83 billion in total assets, US$1.04 billion in total
liabilities, and US$798.3 million in total shareholders' equity.

             2007 Full-year EBITDA Guidance

The company expects to report 2007 full-year EBITDA near the
higher end of the outlook it provided to investors in June,
which was a range of US$295 million to US$315 million.  It also
expects to report full-year EPS near the high end of the range
provided earlier, which was US$1.09 to US$1.23.  These ranges
exclude expenses related to the Board's Special Committee
activities and restructuring charges.

"Our progress on key elements of our business since June has
been positive," Anderson said.  "We are focused on building on
this momentum in the fourth quarter and 2008."

                About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Moody's Investors Service lowered all ratings of
Wendy's International, Inc. and placed all ratings on review for
further possible downgrade.  Affected ratings include the
company's Ba2 corporate family rating which was lowered to Ba3
and its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


* MEXICO: Credit Availability Underpins Homebuilders' Growth
------------------------------------------------------------
Fitch Ratings has released a special report titled 'Credit
Availability Underpins Homebuilder Growth -- Challenges and
Risks Remain' which examines the Mexican homebuilding sector.
The Mexican housing market is poised for continued strong growth
underpinned by a developing mortgage market, according to the
report.  Additionally, the report underscores various obstacles
and challenges that homebuilders continue to face including
working capital funding, lack of basic infrastructure and
mismatches between housing demand and the availability of
mortgages in certain states of Mexico.

"The housing market in Mexico has been in a process of
transformation over the past few years and has become one of the
most dynamic industries in the Mexican economy," Victor
Villarreal, a Senior Director at Fitch Mexico, said.
"Macroeconomic stability observed during the last several years
and support from government agencies has generated a favorable
climate for providing mortgages and the purchase of new homes
across all income segments in Mexico."

During the past 10 years more than six million homes have been
financed in Mexico and investment in the housing sector topped
MXN223 billion in 2006.  As of June 30, 2007, Mexican home
lenders financed a total of 310,104 mortgages worth more than
MXN103 billion, and total mortgage debt to gross domestic
product is estimated at 8%.

"It is estimated that Mexico has a housing deficit of
approximately six million homes, which provides homebuilders
opportunities for growth," said Adriana Beltran, one of the
authors of the report.  "But these growth opportunities do not
come without risk."

Growth in the sector will depend on the ability of homebuilders
to access sources of funding in addition to internally generated
cash flow, the ability to overcome existing limitations in
relation to the bureaucratic process involved in obtaining
permits and licenses, as well as infrastructure limitations, and
the markets ability to grant mortgages for low-income buyers at
attractive margins.

Initial public offerings, debt issuances and joint ventures with
private equity funds are among the key factors that have added
to the homebuilders' liquidity and the ability to cope with high
working capital requirements associated with the homebuilding
cycle.  However, the lack of infrastructure and basic services
in certain regions of the country has not allowed homebuilders
to address demand for low income housing due to the high
additional costs the homebuilder would have to incur to develop
these parcels of land.

Stiff competition among institutions over the medium term is
expected to bring more benefits to qualified borrowers.
Nevertheless, it is natural that as competition between lenders
entering this market increases the possibility of lower credit
standards to less qualified borrowers could be greater and
ultimately effect mortgage availability and affect the
homebuilding sector's expansion.  Additionally, Fitch believes
the Mexican market currently has an adequate liquidity level to
continue funding the mortgage industry in the short term,
despite the expectation that sector funding from overseas will
decrease.


* MEXICO: Fitch Revises Mortgage-Backed Sec. Rating Criteria
------------------------------------------------------------
Fitch Ratings released a report highlighting revised rating
criteria for analyzing securities backed by Mexican mortgage
loans.  The report emphasizes Fitch's approach to local ratings
on the Mexican National scale, although these inputs are also
relevant for Fitch's international ratings.

Fitch's default model used to determine default and recovery
assumptions by rating category on Mexican residential mortgage-
backed securities is based on three fundamentals:

          -- Establishing expected default rates in a loan by
             loan  basis for the securitized pool;

          -- Establishing expected severity of loss for
             defaulted mortgages;

          -- Performing the ratings-specific cash flow modeling
             exercise, which reflects the unique transaction
             structure, observes cash flows between assets to
             liabilities and incorporates additional
             assumptions, like prepayment rates.

"Expected default estimates are derived through the analysis of
each borrower's willingness and ability to honor monthly
payments, through Loan-to-Value and Debt-to-Income ratios,
respectively," explained Matias Acevedo, a Director in Fitch's
Latin America Structured Finance Group in Chicago.

The first version of Fitch's methodology implemented in the
Mexican market to evaluate mortgage portfolios was based on loss
vintage analysis.  The latest Mexican RMBS methodology migrates
from the vintage analysis and the multiple approaches for the
portfolio to a default model incorporating a loan-by-loan
analysis that takes into account the characteristics of each
individual property, borrower, loan and lender in a portfolio.

The model has been enhanced to reflect developments in the
Mexican mortgage market over the past few years, including more
data for defaulted loans, default by states, default by
different characteristic of the borrower, the recovery process,
as well as prepayment information.  This methodology is
appropriate for all Sofoles and Bank originated portfolios.

In light of the recent turmoil in the US subprime market, Fitch
has reviewed and reaffirmed all the outstanding Mexican RMBS
ratings with a total of 27 series.  As a part of this review,
Fitch notes that there has been an increase in delinquencies
over the past 12 months, but these levels remain below our base
case assumptions and are unrelated to the sub-prime crisis
experienced in the US.




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


PANAMA CANAL: S&P Puts BB Long-Term Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' long-
term corporate credit rating to the Panama Canal Railway Co.  At
the same time, Standard & Poor's assigned its 'BB' rating to
PCRC's proposed US$100 million senior secured notes due 2026.
The outlook is stable.

"The ratings reflect PCRC's [Panama Canal] aggressive financial
profile, particularly its leveraged capital structure.  The
company's cash-flow protection metrics, coupled with the high
reliance on debt to finance capacity expansion costs in advance
of anticipated customer demand growth, promote this leverage,"
said Standard & Poor's credit analyst Luis Manuel Martinez.  The
ratings are also limited by Panama Canal's business profile,
which considers the company's highly concentrated customer base
mix; the strong dependence on the Panamanian ports' operating
performance and berth-space expansion plans; and exposure to
customers' ongoing adjustments to their logistics strategies.
The ratings consider the relative vulnerability of commercial
trade and volatile demand growth in the Caribbean region, as
well as the company's risk of operating a single-track system.

The ratings are supported by Panama Canal's adequate sources of
liquidity, which include the prefunding of the capital
investment plan for 2008 and 2009; and a security package
consisting of the rights and obligations under the concession
title, fixed assets, and a security interest in the shares of
Panama Canal.  The ratings also consider Panama Canal's
strategic geographic location, which facilitates the full
integration of the rail with Panama's port facilities and
provides an efficient alternative for transshipment activities.
In addition, the ratings reflect the benefits from favorable
concession terms that significantly limit the potential for new
competition in the inter-oceanic rail sector in Panama, provide
full flexibility to establish a rate structure, and allow, at
the company's option, a 25-year renewal at the expiration of the
current term in 2023.  The ratings also consider the provisions
in the proposed notes to limit additional indebtedness and cash
distributions to the parent companies without full compliance
with the corresponding restriction and distribution tests.

In the long run, Standard & Poor's expect Panama Canal to
maintain a leveraged capital structure, given its strategy of
periodically expanding container transportation capacity in
anticipation of medium-term customer demand growth and its
interest in improving service quality.  In the near term, Panama
Canal will execute an investment program to increase its current
annual transportation capacity of around 400,000 containers to
about 657,000 containers, at a total cost of approximately US$20
million.  While Panama Canal has set aside a capital expenditure
reserve for this investment, it is allowed to release the funds
if alternate resources are obtained to acquire certain assets.

Panama Canal faces the risk of a highly concentrated customer
mix, with the top customer representing approximately 65% of the
company's total container transportation volume.  This share is
likely to increase by the end of 2007 to approximately 70%,
after a new shipping schedule substitutes the previous transit
of the Panama Canal for a full trans-shipment at Panama City.
With such concentration, Panama Canal is particularly exposed to
a single shipper line's continued adjustments to shipping
schedules and routes.  Panama Canal's growth prospects are also
highly dependent on the Panamanian ports' operating performance
and their ability to continue capturing trans-shipment cargo, as
well as on their growth strategies and financial ability to
increase berth space at their terminals.  Therefore, Standard &
Poor's consider Panama Canal's growth potential to be largely
conditioned by external factors regarding long-term container
transportation growth and local conditions that facilitate its
throughput.

In addition, Panama Canal faces the risk of operating a single-
track system that could suffer from temporary service
interruptions due to railroad damage or an obstruction to the
right-of-way.  Currently, the company does not have short-term
plans for the construction of a second track system.

Panama Canal is the concession holder and operator of a 47-mile
railway system running parallel to the Panama canal, linking
Panama City and Colon on the Pacific and Atlantic coasts,
respectively.  Panama Canal started operations in 2001 upon the
completion of two inter-modal terminals, with its core business
focused on the trans-shipment of containers across Panama.
Panama Canal is equally owned by Kansas City Southern (B+/Watch
Developing/--) and Mi-Jack Products.

The stable outlook reflects Standard & Poor's expectation that
Panama Canal's funds from operations-to-total debt and total
debt-to-EBITDA ratios will be around 17% and 4.0x, respectively,
by 2009, and that the company will maintain its adequate
liquidity position.  Downward ratings pressure could come from
the loss of shipping throughput that pressures Panama Canal's
earnings and margins, or through higher-than-expected capital-
management initiatives.  Although upward movement is unlikely in
the short to medium term, a positive rating action could stem
from an improvement in Panama Canal's business risk profile,
through a material diversification in the company's revenue mix
and a significant reduction in leverage.  The rating is not
constrained by the sovereign rating on Panama (BB/Positive/B),
given Standard & Poor's 'AAA' transfer and convertibility
assessment.  Further, Standard & Poor's does not consider the
Panama country risk environment to be a constraint at this
rating level.




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


AVNET INC: Posts 1st Quarter Net Income of US$105.5 Million
-----------------------------------------------------------
Avnet, Inc., reported revenue of US$410 billion for the first
quarter of fiscal 2008, ended September 29, 2007, representing
an increase of 12.3% over first quarter fiscal 2007.  Net income
for first quarter fiscal 2008 was US$105.5 million, or US$0.69
per share on a diluted basis, as compared with net income of
US$64.1 million, or US$0.44 per share on a diluted basis, for
the first quarter last year. Excluding debt extinguishment costs
that negatively impacted the prior year quarter, net income and
diluted earnings per share increased 31% and 25%, respectively,
over the year-ago period. Included in these results is stock
compensation expense of US$0.05 per diluted share in the current
year first quarter as compared with US$0.03 per share in the
same period last year.

Operating income for first quarter fiscal 2008 was US$165.2
million, up 14.0% as compared with operating income of US$145.0
million in the year ago quarter.  Operating income as a percent
of sales was 4.0%, up 6 basis points from last year's first
quarter, with both operating groups contributing to the
improvement.  This represents the eighth consecutive quarter of
year-over-year operating income margin expansion, excluding
certain charges in prior periods.

Roy Vallee, Chairman and Chief Executive Officer, commented,
"Once again, our highly diversified revenue base contributed to
our solid performance as better than expected growth from the
Asia region offset weaker sales in the Americas. While year-
over-year organic revenue growth slowed to 2.3% this quarter,
positive contributions from acquisitions contributed to
continued year over year improvement in key quarterly financial
metrics including operating income, EPS and return on capital
employed.  With another US$700+ million of annual revenue from
acquisitions completed or announced in the current quarter, our
acquisition strategy continues to broaden our revenue base,
create cross selling opportunities and add further operating
leverage to our business model going forward."

                  Operating Group Results

Electronics Marketing sales of US$2.49 billion in the first
quarter fiscal 2008 were up 2.3% year over year on a reported
basis and essentially flat when adjusted to exclude the impact
of changes in foreign currency exchange rates.  EM sales in the
EMEA and Asia regions increased 4.6% and 9.5%, respectively,
year over year, while the Americas decreased 4.8%.  Excluding
the impact of changes in foreign currency exchange rates, year-
over-year revenue at EM EMEA was down 2.7%.  EM operating income
of US$130.2 million for first quarter fiscal 2008 was up 3.6%
over the prior year first quarter operating income of
US$125.6 million and operating income margin of 5.2% was up 7
basis points over the prior year quarter.

Mr. Vallee added, "EM's results were a reflection of the
seasonally slower September quarter, but were better than our
expectations as inventories throughout the supply chain continue
to decline.  Even though sales in the lower margin Asia region
increased to 30% of total EM as compared with 28% in the year
ago quarter, EM's global operating income margin improved year
over year for the eighth consecutive quarter.  Our Asia team's
disciplined approach to profitable growth with higher asset
velocity translated 9.5% year over year top line growth into a
48 basis point improvement in operating income margin and a 673
basis point improvement in return on working capital, resulting
in record quarterly sales and profits for the region.

Technology Solutions sales of US$1.61 billion in the first
quarter fiscal 2008 were up 32.5% year over year on a reported
basis and up 2.6% on a pro forma basis, as defined in the Non-
GAAP Financial Information section.  On a pro forma basis, first
quarter fiscal 2008 sales in Asia and EMEA were up 31.6% and
20.1%, respectively, year over year while sales in the Americas
were down 5.1%.  Excluding the impact of changes in foreign
currency exchange rates, TS EMEA's pro forma year over year
revenue growth was 11.0%.  TS operating income was US$58.5
million in the first quarter fiscal 2008, a 50.1% increase as
compared with first quarter fiscal 2007 operating income of
US$39.0 million, and operating income margin of 3.6% increased
by 42 basis points over the prior year first quarter due to the
change to net revenue accounting treatment of the sales of
supplier service contracts.

Mr. Vallee further added, "Technology Solutions performance in
the first quarter of fiscal 2008 was further evidence of the
leverage that we are achieving through value-creating
acquisitions.  Year over year, TS operating income grew 1.5
times faster than revenue as both the Access and Azure
acquisitions contributed to operating margin expansion in our
enterprise computer product business.  With the Magirus and Acal
acquisitions in EMEA, TS will become the leading pan-European
value-add distributor with roughly US$2.5 billion of projected
annual revenue in the region. These acquisitions will not only
strengthen TS' competitive position in new markets, they will
also further diversify our revenue base as TS will soon be
generating close to 40% of its revenue from outside the Americas
as compared with 30% just a year ago."

                          Cash Flow

During the first quarter of fiscal 2008, the Company used $34
million of free cash flow (as defined later in this release),
excluding cash used for acquisitions. As a result, the Company
ended the quarter with US$521 million of cash and cash
equivalents and net debt (total debt less cash and cash
equivalents) of US$702 million. On a rolling four quarter basis,
the Company generated US$749 million of free cash flow,
excluding cash used for acquisitions.

Ray Sadowski, Chief Financial Officer, stated, "The continued
improvement in our credit statistics allowed us to negotiate a
new five-year credit facility with a bank group that includes 18
lenders. SThe facility not only contains better terms and
conditions than the one it supersedes, but also extends those
terms an additional two years.  With over US$500 million in cash
on hand and US$950 million of standby lines of credit, we are in
a strong position to continue pursuing growth opportunities that
create additional shareholder value."

                          Outlook

For Avnet's second quarter fiscal 2008, management expects
normal seasonality at both operating groups with sales at EM to
be in the range of US$2.40 billion to US$2.50 billion and
anticipates sales for TS to be between US$2.05 billion and
US$2.15 billion.  Therefore, Avnet's consolidated sales are
forecasted to be between US$4.45 billion and US$4.65 billion for
the second quarter of fiscal 2008.  Management expects the
second quarter earnings to be in the range of US$0.83 to US$0.87
per share, up 24% - 30% as compared with last year's second
quarter.  The above EPS guidance does not include the
amortization of intangibles or integration charges related to
the acquisitions that have closed or will close in the December
quarter.

                       About Avnet Inc

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

                        *     *     *

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


FIRST BANCORP: Holding Annual Shareholders Meeting on Oct. 31
-------------------------------------------------------------
First BanCorp. will hold its annual stockholders meeting on
Oct. 31, 2007.  The meetings' agendas are:

          1. ratification of PricewaterhouseCoopers LLP as the
             company's independent public accountants; and

          2. appointment of nine directors to serve in a
             classified board.

The nominees for the board include:

          -- Jose Teixidor and Jose L. Ferrer-Canals for a one-
             year term expiring in 2008;

          -- Luis Beauchamp, Aurelio Aleman, Sharee Ann
             Umpierre-Catinchi, and Fernando Rodr¡guez-Amaro for
             a two-year term expiring in 2009; and

          -- Frank Kolodziej, Hector M. Nevares, and Jose F.
             Rodriguez for a three-year term expiring in 2010.

The company explained in a filing with the U.S. Securities and
Exchange Commission that instead of an annual election for board
members, it's opting for a classified board not as an anti-
takeover measure but as an insurance to attract the most
competent professionals that would serve the firm for more than
six months.

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

                        *     *     *

First Bancorp. currently carries these ratings from Fitch:

   -- BB long-term issuer default rating;
   -- B short term; and
   -- B short-term issuer default rating.


FIRSTBANK PUERTO RICO: Redeeming Step-Up Notes Due 2008 & 2009
--------------------------------------------------------------
FirstBank Puerto Rico is redeeming via call option these step-up
notes:

          i) US$10 million due Nov. 12, 2008;
         ii) US$10 million due May 4, 2009; and
        iii) US$5 million due April 15, 2007.

First BanCorp is the parent corporation of FirstBank Puerto
Rico, a state chartered commercial bank with operations in
Puerto Rico and the Virgin Islands and in the state of Florida;
of FirstBank Insurance Agency; and of Ponce General Corporation.
First BanCorp, FirstBank Puerto Rico and UniBank, the thrift
subsidiary of Ponce General, all operate within U.S. banking
laws and regulations. The Corporation operates a total of 140
financial services facilities throughout Puerto Rico, the U.S.
and British Virgin Islands, and Florida (USA). Among the
subsidiaries of FirstBank Puerto Rico are Money Express, a
finance company; First Leasing and Car Rental, a car and truck
rental leasing company; and FirstMortgage, a mortgage banking
company. In the U.S. and British Virgin Islands, FirstBank
operates FirstBank Insurance VI, an insurance agency; First
Trade, Inc., a foreign corporation management company; and First
Express, a small loan company.  First BanCorp's common and
preferred shares trade on the New York Stock Exchange, under the
symbols FBP, FBPPrA, FBPPrB, FBPPrC, FBPPrD and FBPPrE.

                        *    *    *

As reported in the Troubled company Reporter on March 21, 2006,
Fitch Ratings assigned these ratings on FirstBank Puerto Rico:

    -- Long-term IDR at 'BB';
    -- Long-term deposit obligations at 'BB+';
    -- Short-term deposit obligations at 'B';
    -- Short-term at 'B';
    -- Individual at 'C/D';
    -- Support at '5'.


HORIZON LINES: Earns US$1.6 Million in 2007 Third Quarter
---------------------------------------------------------
Horizon Lines Inc. reported an increase in the third quarter
2007 earnings versus the 2006 third quarter, adjusted to exclude
the impact of non-recurring items associated with the Company's
refinancing in August 2007, secondary public stock offering in
September 2006, and tonnage tax election in 2006.

For the third quarter of 2007, the company disclosed US$1.6
million of net income compared to US$52.9 million of net income
for the same quarter in 2006.

After adjustment to exclude the non-recurring loss
on extinguishment of debt in 2007 and secondary offering
expenses in 2006, and to retroactively apply tonnage tax to
2006, adjusted net income was US$20.7 million in 2007's third
quarter, versus US$20.2 million in the third quarter of 2006.

The company completed a refinancing of its capital structure in
August with associated one-time, upfront costs significantly
impacting the third quarter of 2007, despite the ongoing
interest expense savings.

Operating revenue grew by US$16.4 million or 5.4% in the third
quarter of 2007 to US$321.1 million, compared to US$304.7
million for the third quarter of 2006.

Operating income in the third quarter of 2007 was US$35.3
million, slightly better than the US$35.2 million in 2006's
third quarter.  Absent non-recurring secondary offering
expenses, adjusted operating income in the third quarter of 2006
would have been US$36.0 million.

Earnings before interest expense, taxes, depreciation and
amortization (EBITDA) was US$12.8 million for the third quarter
of 2007 compared to US$51.0 million for the 2006 third quarter.
Excluding the non-recurring loss on extinguishment of debt in
2007 and secondary offering expenses in 2006, adjusted EBITDA
would have been US$50.8 million in the third quarter of 2007 in
contrast to US$51.8 million for the third quarter of 2006.

"Horizon Lines once again rose to the challenge and overcame a
less than ideal operating environment, to deliver improved
earnings in the third quarter of 2007," said Chuck Raymond,
Chairman, President and Chief Executive Officer.  "Volume
softness, primarily caused by lingering difficult economic
conditions in our Puerto Rico tradelane, was offset by unit
revenue improvements, benefits derived from our Horizon EDGE
process re-engineering and customer service program and tight
controls on our costs.  We closed on a refinancing of our
capital structure in August that is generating significant
benefits in terms of a lower cost of capital, improved cash
flow, and enhanced flexibility and greater liquidity that will
allow us to take advantage of future growth opportunities.  In
addition, we changed the structure of Horizon Lines into two
separate transportation and logistics operations.  This will
allow us to stay focused on our core Jones Act transportation
operations, while at the same time providing for future growth
and development of our fully integrated logistics services.  As
the first step in growing our new logistics offering, we also
acquired Aero Logistics during the quarter."

The company also reaffirmed its earnings guidance for the full
year 2007, with projections of operating revenue at US$1,190 to
US$1,200 million, EBITDA at US$168 to US$173 million, and
diluted earnings per share (EPS) at US$1.56 to US$1.68.  Free
cash flow was updated and projected at US$27 to US$31 million.
Earnings guidance for the fourth quarter of 2007 was also
provided, with forecasted operating revenue of US$300 to US$310
million, EBITDA of US$43 to US$48 million and diluted EPS of
US$0.53 to US$0.65.

                     About Horizon Lines

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizonlines.com/-- is a Jones Act
container shipping and integrated logistics company and is the
parent company of Horizon Lines Holding Corp. and Horizon Lines
LLC.  The company accounts for approximately 37% of total U.S.
marine container shipments from the continental U.S. to the
three non-contiguous Jones Act markets -- Alaska, Hawaii, and
Puerto Rico, and Guam.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Standard & Poor's Ratings Services assigned its
'B' rating to Horizon Lines Inc.'s (BB-/Stable--) proposed
USUS$300 million senior convertible notes offering due 2012.
Proceeds from the notes offering, combined with proceeds from a
planned new credit facility, will be used primarily to repay its
outstanding 9% senior notes due 2012 and its 11% senior discount
notes due 2013.  The company launched a tender offer for these
notes on July 17, 2007.  The tender offer expires on
July 30, 2007.  The Charlotte, North Carolina-based shipping
company currently has about USUS$800 million of lease-adjusted
debt.




=============
U R U G U A Y
=============


NAVIOS MARITIME: Unit Files Registration Statement with SEC
-----------------------------------------------------------
Navios Maritime Holdings Inc.'s Navios Maritime Partners L.P.,
a Marshall Islands limited partnership, has filed a registration
statement with the United States Securities and Exchange
Commission for an initial public offering of its common units.
The Offering is currently expected to include 10,000,000 common
units (or 11,500,000 common units if the underwriters exercise
in full their over-allotment option).

The Common Units have been approved for listing on the New York
Stock Exchange, subject to official notice of issuance, under
the symbol "NMM."

Navios Partners will be an owner and operator of certain types
of drybulk carriers.

A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not
yet become effective.  The securities may not be sold, nor may
offers to buy be accepted, prior to the time the registration
statement becomes effective.

                    About Navios Maritime

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
-- http://www.navios.com/-- is a vertically integrated global
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa last week, the rating agency confirmed its B1 Corporate
Family Rating for Navios Maritime Holdings Inc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Unsecured
   Regular Bond/
   Debenture Due 2014       B2        B3      LGD5     80%




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


CHRYSLER LLC: Affirms UAW 2007 National Labor Agreement
-------------------------------------------------------
Chrysler LLC has confirmed a new Chrysler-UAW 2007 national
labor agreement, in response to the UAW's ratification results.
Chrysler and the UAW reached a tentative agreement on Oct. 10,
after three months of bargaining.

"We are pleased that our UAW employees recognize that the new
agreement meets the needs of the company and its employees by
providing a framework to improve our long-term manufacturing
competitiveness," said Tom LaSorda, Vice Chairman and President,
Chrysler LLC.

                     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 (B/Negative/--), including 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.


CHRYSLER LLC: Appoints Douglas Betts as Vice President & CCO
------------------------------------------------------------
Chrysler LLC has named 21-year quality assurance veteran Douglas
D. Betts Vice President and Chief Customer Officer.  This newly
created role assumes responsibility for corporate quality and
will become a key element in Chrysler's continued effort to
become a truly customer-oriented company.

Mr. Betts will be guided by "the voice of the customer," and
will create the processes, culture, systems and organization to
achieve the highest levels of quality in all of the Company's
products and customer touch points.  Mr. Betts will be based in
Auburn Hills, Michigan, and report to Chrysler LLC Vice Chairman
and President Jim Press.

"Now, the customer will define quality at Chrysler," said Mr.
Press.  "We are aligning our resources to bring us to world-
class benchmark levels in quality and customer satisfaction, and
this is an important step."

Mr. Press described the CCO -- a first for the auto industry --
as an "advocate for the customer."

Mr. Betts, joins Chrysler from Nissan Americas, where he was
Senior Vice President - Total Customer Satisfaction and before
that, served as Vice President - Manufacturing Quality.  He
joined Nissan after holding quality assurance positions with
Toyota, Michelin Tire Corp. and General Motors.  Mr. Betts'
appointment is effective immediately.

Stephen M. Walukas, formerly Vice President - Corporate Quality,
returns to the Procurement and Supply organization in a to-be-
announced executive role.

                      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 (B/Negative/--), including 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.


CMS ENERGY: Board Declares US$0.05 Per Share Quarterly Dividend
---------------------------------------------------------------
CMS Energy Corp.'s Board of Directors has declared quarterly
dividends on the company's common stock and its preferred stock.

The dividend for the common stock (CUSIP: 125896100) is US$0.05
per share.  It is payable Nov. 30, 2007 to shareholders of
record on Nov. 9, 2007.  The dividend for the company's 4.50
percent cumulative convertible preferred stock, Series B (CUSIP:
125896878) is US$0.5625 per share.  It is payable Dec. 3, 2007
to shareholders of record on Nov. 15, 2007.

Headquartered in Jackson, Michigan, CMS Energy Corp. (NYSE: CMS)
-- http://www.cmsenergy.com/-- is a company that has an
electric and natural gas utility, Consumers Energy, as its
primary business and also owns and operates independent power
generation businesses.  The company has offices in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Fitch placed the ratings of CMS Energy Corp. and
Consumers Energy Co., including CMS Energy Corp.'s 'BB-' Issuer
Default Rating and Consumer Energy Co.'s 'BB+' Issuer Default
Rating, on Rating Watch Positive.

The Rating Watch Positive reflects the continuing reduction of
business risk that resulted from the substantial completion of
the asset sale and restructuring program and the company's plan
to reduce parent debt by US$650 million using a portion of the
US$1.60 billion of proceeds from non-strategic asset sales that
closed in 2007.


* VENEZUELA: Hugo Chavez Formalizes Harvest Natural Takeover
------------------------------------------------------------
Venezuelan President Hugo Chavez has signed a decree to formally
take majority control of Harvest Natural Resources Inc.'s
operations, Reuters reports.

According to the report, the Harvest subsidiary will own 40% of
the newly formed Petrodelta, the remainder of which will be
owned by state oil firm Petroleos de Venezuela SA following the
signing of the agreement.

Reuters relates that Petrodelta will develop three new fields as
well as three fields operated by Harvest since 1992.

The action follows the nationalization drive during which Chavez
has overseen the takeover of operations owned by foreign oil
companies, utilities and telecommunications companies, Reuters
says.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2007, Fitch Ratings revised the rating outlook on
Venezuela's long-term foreign and local currency Issuer Default
Ratings to Negative from Stable.  At the same time, the agency
affirmed the IDRs at 'BB-', the short-term foreign currency
rating at 'B', and the country ceiling at 'BB-'.


                        ***********


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 Ritah 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
to be reliable, but is not guaranteed.

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


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