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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, November 23, 2007, Vol. 8, Issue 233

                          Headlines

A R G E N T I N A

ALITALIA SPA: Aeroflot Backs Out from Equity Purchase Race
BUSPE SRL: Proofs of Claim Verification Deadline Is Feb. 26
DANA CORP: Ad Hoc Asbestos Committee Balks at Planned Settlement
DANA CORP: Judge Lifland Rejects Jasco's US$20 Million Claim
DELTA AIR: Objects to Former Employees' Class Certification Bid

EMPRESA GRAFICA: Proofs of Claim Verification Ends Feb. 15, 2008
FRIGOSOL SRL: Reorganization Proceeding Concluded
JANI KING: Proofs of Claim Verification Is Until Feb. 26, 2008
JIBANA SA: Seeks for Reorganization Okay in Buenos Aires Court
MEDIC SALUD: Proofs of Claim Verification Deadline Is March 6

NIPPON SHEET: Posts JPY51.5-Bil. Net Income for 2007 First Half
ORGANIZACION MEDICA: Proofs of Claim Verification Is Feb. 29
QUINTO SA: Proofs of Claim Verification Ends on Feb. 6, 2008
SUCESION DE CAINZOS: Seeks for Reorganization OK in Buenos Aires
TASARTO SA: Proofs of Claim Verification Is Until Feb. 8, 2008

* ARGENTINA: AFTA Demands Argentina Pay for Defaulted Debts
* ARGENTINA: AFTA Snubs Debt-for-Equity Swap


B E R M U D A

APEX REINSURANCE: Sets Final Shareholders Meeting for Jan. 3
CHEVRONTEXACO NORTH: Sets Final Shareholders Meeting for Dec. 18
INNOVA HOLDINGS: Will Hold Final Shareholders Meeting on Dec. 27
INNOVA HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 7
INTELSAT LTD: Enters Into Two New Customer Agreements

MAN MAC: Will Hold Final Shareholders Meeting on Dec. 19
MONTPELIER RE: Extends CEO A. Taylor's Employment for Two Years
QCH ACQUISITION: Holding Final Shareholders Meeting on Dec. 21


B R A Z I L

BANCO NACIONAL: Wants US$5-Bln Foreign Reserves To Boost Lending
BRASIL TELECOM: Pontis To Deploy Marketing Delivery Platform
CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007
COSAN SA: Proposing BRL1.74-Bil. Capital Raise to Shareholders
DELPHI CORP: Records US$22 Million Current Deficit

FORD MOTOR: Union Leaders Favor U.K. Brands Bidder Tata Motors
FORD MOTOR: Russian Plant Workers Resume Strike
SCO GROUP: Reports US$1,608 of Net Profit for September

* BRAZIL: Mulling Options for Future Output Transport
* BRAZIL: Will Invest BRL41.2 Billion in Technology Until 2010


C A Y M A N   I S L A N D S

ABSOLUTE RETURN: Sets Final Shareholders Meeting for Nov. 30
BOMBAY COMPANY: Gets Interim Nod on CBRE as Real Estate Broker
BOMBAY COMPANY: Wants To Hire DJM Asset as Real Estate Advisor
CHIYODA LEASE: Will Hold Final Shareholders Meeting on Nov. 30
CONOCOPHILLIPS BAO: Final Shareholders Meeting Is on Nov. 30

CONOCOPHILLIPS BLOCK: Final Shareholders Meeting Is on Nov. 30
CONOCOPHILLIPS GULF: Holds Final Shareholders Meeting on Nov. 30
CONOCOPHILLIPS NZ: Sets Final Shareholders Meeting for Nov. 30
CONOCOPHILLIPS Z&M: Final Shareholders Meeting Is on Nov. 30
QUANTIMIX XL: Final Shareholders Meeting Is on Nov. 30

QUANTIMIX XL FUND: Holding Final Shareholders Meeting on Nov. 30
SAMLEY FUND: Holds Final Shareholders Meeting on Nov. 30
SAVANNAH ALTERNATIVE: Sets Last Shareholders Meeting for Nov. 30


C O L O M B I A

NXP BV: S&P Lowers Corporate Credit Rating from BB- to B+
TERMOEMCALI FUNDING: S&P Affirms Junk Rating on US$153.7MM Notes


C O S T A   R I C A

ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007
ARMSTRONG WORLD: Nitram Files September 2007 Operating Report


D O M I N I C A N   R E P U B L I C

ASHMORE ENERGY: Closes Sale of Vengas Interest to PDVSA Gas
ASHMORE ENERGY: Fitch Assigns Low B Ratings on US$1.5-Bln Debts
BANCO INTERCONTINENTAL: Depreco Files Appeal for Fraud Verdict


E C U A D O R

* ECUADOR: Ct. Orders Halt of Tax Charge Demand on City Oriente


H A I T I

* HAITI: Obtains US$12.5-Million Loan for Agriculture Project


H O N D U R A S

* HONDURAS: Court To Hear Charges Against Firm's Head on Dec. 5
* HONDURAS: Gets US$27.1-Mln Loan from IDB to Promote Rural Biz


J A M A I C A

DIGICEL GROUP: Harry Smith To Quit as Customer Relations Officer
MIRANT CORP: Mirant Lovett Files September 2007 Operating Report
NATIONAL WATER: Probes Contagion of Gayle Spring Water Supply


M E X I C O

CHALLENGER POWERBOATS: Reports US$2.6-Mln Stockholders' Deficit
MOVIE GALLERY: Court Okays Amended Auction & Bid Procedures
MOVIE GALLERY: Judge Tice Approves Lease Rejection Procedures
MOVIE GALLERY: Wants to Reject 400 Contracts & Leases
REMY WORLDWIDE: Court Approves AP Services as Crisis Manager


P A N A M A

EASTERN MEDIA: Fitch Cuts Long-Term Issuer Default Rating to BB-

* PANAMA: Backs Energias' Plans to Turn Country into Energy Hub


P A R A G U A Y

INTERPUBLIC GROUP: Closes US$200-Mil. Convertible Note Exchange


P E R U

* PERU: To Auction Remaining Oil Exploration Blocks Next Year


P U E R T O   R I C O

GLOBAL HOME: Files Amended Chapter 11 Reorganization Plan
GLOBAL HOME: Disclosure Statement Hearing Set for Dec. 27


T R I N I D A D   &   T O B A G O

HILTON HOTELS: To Issue US$500-Mln Unsecured Floating Rate Notes


U R U G U A Y

EXIDE TECH: Improved Fin'l Results Cue S&P to Lift Rating to B-


V E N E Z U E L A

CHRYSLER LLC: Cerberus Postpones US$4-Bln Debt Sale, Source Says
SIDERURGICA DEL TURBIO: Fitch Affirms B+ Rating on US$100M Notes

* VENEZUELA: Invites Additional Investments from France
* VENEZUELA: Issuing New US$500 Million in Bonds
* VENEZUELA: Foreign Investment Drops US$317 Mil. in Nine Months
* VENEZUELA: Cantv Launches Tender To Acquire Personal Computers


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A R G E N T I N A
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ALITALIA SPA: Aeroflot Backs Out from Equity Purchase Race
----------------------------------------------------------
Alitalia S.p.A. disclosed that a communication has just been
received from OAO Aeroflot stating its management has decided
not to take part in the privatization of the Italian carrier.

As previously reported, Alitalia decided to open talks, through
the financial advisor Citi and industrial advisor Roland Berger,
with:

   -- OAO Aeroflot,
   -- Air France-KLM,
   -- AP Holding S.p.A.,
   -- Cordata Baldassarre,
   -- Deutsche Lufthansa AG,
   -- TPG Capital.

Alitalia, however, has concluded that Cordata Baldassarre's bid
is "no longer compatible" to its planned stake sale.

TPG Capital, meanwhile, has informed it was unable to finalize
an Italian-led consortium, but will continue to follow the
developments of the sale.

                       About Alitalia

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

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

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


BUSPE SRL: Proofs of Claim Verification Deadline Is Feb. 26
-----------------------------------------------------------
Marta C. Lucena, the court-appointed trustee for Buspe S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 26, 2008.

Ms. Lucena will present the validated claims in court as
individual reports on April 8, 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 Buspe 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 Buspe's accounting
and banking records will be submitted in court on May 21, 2008.

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

The trustee can be reached at:

         Marta C. Lucena
         Lavalle 1718
         Buenos Aires, Argentina


DANA CORP: Ad Hoc Asbestos Committee Balks at Planned Settlement
----------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask permission from the
U.S. Bankruptcy Court for the Southern District of New York to
enter into settlement agreements with the Asbestos Personal
Injury Claimants.

                  Ad Hoc Committee Objects

The Ad Hoc Committee of Asbestos Personal Injury Claimants
disputes Dana Corp. and its debtor-affiliates' request to
approve Settlement Agreements with the Asbestos Personal Injury
claimants.

Douglas T. Tabachnik, Esq., at Law Offices of Douglas T.
Tabachnik, in Freehold, New Jersey, tells the U.S. Bankruptcy
Court for the Southern District of New York that the Ad Hoc
Committee has not been provided with actual copies of the
Settlement Agreements.  Rather, he adds, the committee has only
been provided with the Debtors' description of some of the terms
of the agreements, hence, the committee cannot evaluate the
agreements.

The Settlement Agreements provide potentially different, more
favorable treatment for the asbestos personal injury claims that
are being settled pre-confirmation than the treatment afforded
other asbestos personal injury claims, although those claims are
classified in the same class, Mr. Tabachnik asserts.

As previously reported, Dana's third amended joint Plan of
Reorganization and the Court-approved Disclosure Statement
provide that Class 3 - Asbestos Personal Injury Claims will be
reinstated on the Plan's effective date.

"The treatment provided by the Settlement Agreements could be
considered to discriminate against the holders of asbestos
personal injury claims who have not settled with the Debtors
pre-confirmation," Mr. Tabachnik says.

Furthermore, according to Mr. Tabachnik, all of the members of
the Ad Hoc Committee either have lawsuits pending against the
Debtors or have settled their claims against the Debtors prior
to the petition date.

The Debtors have not paid the settlement amount to any of the
members of the committee with whom claims were settled, Mr.
Tabachik elaborates.  Thus, he asserts that theDebtors should
clarify how the unfunded settlements will be treated under the
Debtors Third Amended Joint Plan, and what recourse claimants
with unfunded settlements have if the settlements are not paid.

Accordingly, the Ad Hoc Committee asks the Court to deny the
Debtors' request to enter into Settlement Agreements.  In the
alternative, the Ad Hoc Committee asks the Court to continue the
hearing on the Settlement Motion until the committee has been
provided with and has acquired the opportunity to review the
Settlement Agreements.

                    About Dana Corporation

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.  (Dana Corporation Bankruptcy News, Issue No. 60;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DANA CORP: Judge Lifland Rejects Jasco's US$20 Million Claim
------------------------------------------------------------
The Hon. Honorable Burton R. Lifland of the U.S. Bankruptcy
Court for the Southern District of New York refused to abstain
from hearing on Dana Corp. and its debtor-affiliates' objection
to the US$20,000,000 claim asserted by Jasco Tools, Inc.

In a 15-page opinion, Judge Lifland explained that mandatory
abstention does not apply to core proceedings and that
proceedings for the allowance or disallowance of claims are
"core."  Judge Lifland continued that because nothing is more
directly at the core of bankruptcy administration than the
quantification of all liabilities of the debtor, the bankruptcy
court's determination whether to allow or disallow a claim is a
core function.  Moreover, abstention is "an extraordinary and
narrow exception to the duty of the federal courts to adjudicate
Controversies, which are properly before it," Judge Lifland
added.

Judge Lifland also refused to lift the automatic stay to permit
Jasco to continue prosecuting the lawsuit it filed against Dana
Corp. and a supplier, Nationwide Precision Products Corp., in
the New York Supreme Court, Monroe County.  Judge Lifland says
that allowing the thousands of claims asserted against the
Debtors to continue in courts throughout the county would
undermine one of the main purposes of utilizing Chapter 11 of
the Bankruptcy Code.

Judge Lifland notes that Jasco's claim does not raise any
unsettled issues of state law and is not before a specialized
tribunal.

Moreover, Judge Lifland denies Jasco's breach of contract claim
and claim for alleged trade secret misappropriation.  The Court
notes that nothing in the Agreement between Dana and Jasco
required Dana to negotiate exclusively with Jasco or forbade
Dana from seeking bids from other potential suppliers before
discussing a potential renewal with Jasco, thus Dana did not
breach its contract with Jasco when it entered into an agreement
with Nationwide.  In addition, the Court finds that there is no
evidence connecting Dana to the alleged conspiracy to steal and
use Jasco information to replace it as Dana's supplier.

Jasco has asked the Bankruptcy Court to abstain from hearing on
the Debtors' claim objection because, according to Alexander
Geiger, Esq., at Geiger and Rothenberg, LLP, in Rochester, New
York, the causes of action asserted in the New York lawsuit are
based on state law.

Jasco also asked the Bankruptcy Court to lift the automatic stay
so that it may continue to prosecute the New York lawsuit in the
state court rather than await completion of the Debtors'
bankruptcy cases.

The Debtors, in a separate filing, argued that there is no legal
basis for Jasco to assert that the bankruptcy court is required
to abstain from ruling on a debtor's claim objection that
asserts state law theories.  The Debtors added that Jasco
confuses the New York lawsuit with the contested matters under
the claims objection.

                       Jasco's Claim

Jasco provided Dana's predecessor, Eaton Corporation, with
precision-machined castings from 1995 through Dec. 31, 2000.
Pursuant to the parties' purchase agreement, Dana and Jasco met
in 1999 to negotiate a possible extension.  Dana also received
bids from several other potential suppliers, including
Nationwide Precision Products Corp., which offered lower prices
than Jasco and proposed purchasing all new machines to perform
the work.

After Dana awarded the contract to Nationwide, Jasco commenced
an action against Dana and Nationwide in July 2002 in New York
Supreme Court, Monroe County.  Jasco claims that Dana and
Nationwide participated in a "scheme" to divert the business
away from Jasco, as evinced by Nationwide's hiring of two former
Jasco employees, Charles Zicari and Sean Convertino, who
participated in Nationwide's bid for the Dana contract.

After conductingnearly four years of discovery, the lawsuit was
stayed as a result of the Debtors' Chapter 11 filing.

On Sept. 15, 2006, Jasco filed Claim No. 9592, asserting
US$20,000,000 against the Debtors.

The Debtors objected to the Jasco Claim noting that it
constituted a Contract Claim and Tort Claims.

                     The Contract Claim

The Debtors asserted that Jasco's Contract Claim is based on
allegations that Dana did not meet with Jasco to negotiate an
extension pursuant to Section 4.01 of the Agreement.

Section 4.01, which provides that the Agreement expires on
Dec. 31, 2000, also states: "The parties agree to meet in the
second quarter of the year 1999 to negotiate an extension of the
term."

The Debtors contend that the issue of whether Dana negotiated
however, is immaterial because contract's extension-negotiation
provision did not guaranty that Dana would renew with Jasco.

                       The Tort Claims

The Debtors also asserted that Jasco's Tort Claims filed against
them fail as a matter of law.  Jasco, the Debtors explain, bases
the claims on the allegation that Dana and Nationwide conspired
to misappropriate Jasco's allegedly confidential, trade secret
information.

The Debtors assert that there is no evidence (i) in the record
to support any allegation of conspiracy or misappropriation by
Dana, (ii) that Dana knew that the Nationwide bid contained or
was based upon any of Jasco's alleged trade secrets, and (iii)
that Dana intended to maliciously harm Jasco or unjustly enrich
itself at Jasco's expense.

                       Jasco's Response

In response, Jasco asked the Court to dismiss the Debtors'
objection to Claim No. 9592 because of procedural deficiency.
Alexander Geiger, Esq., at Geiger and Rothernberg, LLP, in
Rochester, New York, noted that the Debtors' objection was not
accompanied by any affidavit, declaration or verification in
support of their request.

Jasco asserted that its Claim should be allowed in any amount
the Court may determine, or that the automatic stay be lifted so
that the lawsuit filed in the New York Supreme Court, Monroe
County, may proceed for discovery and final judgment.

Mr. Geiger related that evidence and affidavits filed in the
Supreme Court Action showed that the Debtors acted with the
utmost of bad faith, in capitalizing on the theft of Jasco's
trade secrets and in surreptitiously entering into an agreement
with Nationwide Precision Products Corp., the competitor
company, which was utilizing the stolen trade secrets.

Moreover, Mr. Geiger argued that the facts showed in the Supreme
Court Action demonstrates each element of a prima facie tort
cause of action.  Mr. Geiger pointed out that:

  * the employees of the Debtors and Nationwide conspired,
    knowingly, intentionally, and wrongfully, to deprive
    Jasco of its contract with the Debtors;

  * this action resulted in special damages to Jasco,
    because lost a profitable contract that would have
    generated more than US$20,000,000 of profit over the
    life of the contract;

  * there was no lawful excuse or justification for the
    actions of the Debtors and Nationwide; and

  * had the Debtors simply gone about the business of
    obtaining the lowest available bid for their work,
    without engaging in wrongful activity, their actions
    would have been entirelylawful.

                       Debtors React

The Debtors however insisted that Jasco's claim should be
disallowed.

Jasco's response fails to rebut the controlling case law cited
by the Debtors for the proposition that contractual renewal
provisions that depend on the parties' negotiation of a future
agreement are unenforceable and cannot give rise to damages,
William S. Gandy, Esq., at Wilson, Elser, Moskowitz, Edelman &
Dicker, LLP, asserted.  He further asserted that Jasco has no
competent evidence to support its conspiracy-based tort claim
against the Debtors.

Jasco had ample opportunity to try to develop a record, hence,
Jasco's request for more time to conduct further discovery is
simply an attempt to delay summary judgment, Mr. Gandy told the
Court.

Jasco's request that the automatic stay be lifted so that
the lawsuit filed in the New York Supreme Court, Monroe County,
may proceed for discovery and final judgment must be denied, Mr.
Gandy asserted.  He argued that Jasco did not make any argument
and did not cite any authority to warrant lifting the automatic
stay.

                   About Dana Corporation

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.  (Dana Corporation Bankruptcy News, Issue No. 60;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELTA AIR: Objects to Former Employees' Class Certification Bid
---------------------------------------------------------------
Delta Air Lines, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York to:

  (a) disallow and expunge Claim Nos. 8601 & 8604 filed in the
      names of George T. Baker, Herbert Summers, Charles L.
      Strickland and Donald F. Mairose; and

  (b) deny with prejudice  Baker, et al.'s requests (i) for
      certification of class under Rule 7023 of the Federal
      Rules of Civil Procedure, and (ii) to appoint counsel.

Baker, et al., filed the proofs of claim against the Debtors,
asserting a portion of their retirement benefits that have been
allegedly disregarded in the calculation of claims for damages
arising from the termination of the non-qualified retirement
plans, which was expected to exceed $100,000,000 against Delta.

Baker, et al., are members of DP3, Inc., doing business as Delta
Pilots' Pension Preservation Organization.

According to Baker, et al., the Class claim was also filed on
behalf of the persons who are similarly situated, consisting of
all persons who (i) were previously employed by Delta as pilots,
(i) retired from service with Delta prior to September 2, 2006,
(iii) qualified as participants under the Qualified Plan, and
(iv) are not being allowed a claim for their full retirement
benefits under the Qualified and Non-Qualified Plans, owing to
Delta's disregard of the benefits' portions through the Debtors'
inconsistent application of the compensation and benefit
limitations, as specified in IRC Section 401(a)(17) and Section
415(b).

                   Class Claims in Question

Marshall S. Huebner, Esq., at Davis Polk & Wardwell, in New
York, relates that Delta, DP3, and the DP3 claimants underwent
arm's-length negotiations to settle all claims arising out of,
or relating to Delta's non-qualified pension plans.  Delta
provided for the claims their individual calculation
methodologies as duly approved by the Court and supported by
DP3.

In seeking non-qualified pension claims from Delta, on top of
the expected calculation of qualified pension benefits by the
Pension Benefit Guaranty Corporation, DP3 has violated the
express terms of the Court-approved settlement, Mr. Huebner
contends.

Mr. Huebner further finds that DP3's clear attempt to recover
from Delta benefits that may possibly be lost on account of the
PBGC's application of the Employee Retirement Income Security
Act rules, is not supported by any legal principle.  No
contractual provision allows a non-qualified pension claim
against Delta to offset a possible loss of PBGC-paid qualified
pension benefits.

Moreover, the attempt gives PBGC the grounds to contend that any
top up claim would be illegal under the ERISA, as amended in
1974, he says.

Mr. Huebner points out that the Class claim is barred by virtue
of being filed (i) in direct violation of two comprehensive
settlements enshrined in two written stipulations ordered
approved, final and non-appealable by the Court; and (ii) after
the expiration of all possible deadlines.

            Delta: Class Certification Inappropriate

Similarly, Delta says that the DP3 claimants' request for
certification is untimely, as it was filed after the effective
date of a confirmed Chapter 11 Plan and after the expiration of
the applicable bar dates for the members of the putative Class.
Class certification is not appropriate in the period immediately
preceding a plan confirmation, and is certainly not appropriate
after distributions have commenced.

Owing to their apparent purpose to collaterally attack
negotiated settlements, neither DP3 or the DP3 claimants can
possibly meet the rigorous standards for certification under
Rule 23 of the Federal Rules of Civil Procedure, nor can their
counsel, Miller & Martin PLLC, be appointed to represent any
Class, Mr. Huebner contends.

The Debtors maintain that the Court should decline to exercise
its discretion to certify the DP3 Class action because the
asserted Class claim is a thinly-disguised effort to evade Title
IV of ERISA by recovering for the termination of a qualified,
defined benefits plan.

Specifically, the Debtors find that the DP3 claimants seek more
non-qualified claims to evade the possibility that the PBGC will
assign certain benefits a lower priority based on application of
ERISA's three- and five-year look-back rules.

The rules, with respect to ERISA's Title IV, require the PBGC to
determine the benefit payable to a retiree based on (i) his or
her age, pay and service three years prior to the pension plan
termination, and (ii) the benefit plan terms five years prior to
its termination.  The calculated amount will then be compared to
the amount actually being paid to the retiree at pension plan
termination, giving a lower payment priority to the difference
between the two, Mr. Huebner explains.

Notwithstanding the circumstances, the Debtors maintain that the
DP3 claimants' Class claim and request for certification fail
because the lengthy Class action process begins only upon the
Court's finding that the claim satisfies each of the Civil Rule
requirement, and thereafter, Rule 9014 of the Federal Rules of
Bankruptcy Procedure allows the Court to choose, in its absolute
discretion, to permit the DP3 Class claim under Rule 23 of the
Federal Rules of Civil Procedure.

               DP3 and Class Claimants Respond

Baker, et al., contend that their Class claim "seek only to
compel Delta to liquidate and allow the Class of retired pilots'
claim for the full economic loss caused by Delta's termination
of the Non-Qualified Plans in accordance with the terms of the
settlements between Delta and DP3."

Dean Booth, Esq., at Miller & Martin LLC, in Chattanooga,
Tennessee, finds that the Debtors' arguments to the request for
Class certification are irrelevant as it relates to the merit of
the Class claim, as opposed to the fact that the Court's
determination is based only whether the nominal Class
representatives meet the requirements for certification required
by Civil Rules 23(a) and 23(b).

Rather than collaterally attack the DP3 and Delta settlements on
which the members of the putative Class relied, the Class
claimants seek to enforce the terms of the settlement and compel
Delta to liquidate the claims of the putative Class to the
extent that the claims include all post-termination, non-
qualified pension benefits lost as a result of Delta's
termination of the NQ Plans, he says.

In addition, the unsecured Class claim seeks to recover the
disregarded benefit payable directly by the Debtors under the NQ
Plans, while the PBGC's claim asserts unfunded benefits arising
under the Qualified Plan.  In this regard, the Class claim do
not usurp the PBGC's authority afforded in Title IV of ERISA,
Mr. Booth clarifies.

The Class claimants assert their standing to pursue the Class
claim for the "actual economic loss" suffered by the individual
claimants and members of the putative Class, as caused by
Delta's failure to properly compute and schedule the amount of
lost pension benefits pursuant to the Plans, and the settlements
between DP3 and Delta.

Moreover, the Class claimants assert their constitutional
standing to prosecute their Class claim, as an injury-in-fact
was caused by Delta's calculation of the Class claimants'
benefits without regard to the compensation and benefit
limitations specified in IRC Sections 401(a)(17) and 415(b).

The Class claimants' statutory standing to pursue the Class
claims is also empowered by Title I of ERISA, which authorizes a
plan participant -- defined as any employee or former employee
-- to bring an action to recover benefits under a retirement
plan, Mr. Booth asserts.

Mr. Booth adds that contrary to Delta's contention that the PBGC
possesses the exclusive authority to pursue a claim for unpaid
benefits, ERISA affords standing to Class claimants, as
participants of the NQ Plans, to assert the Class claim.  This
is reinforced by the termination of the Qualified Plan and the
PBGC's appointment as the Statutory Trustee.

Under the assumption that the PBGC maintains an exclusive
authority to pursue a claim for unfunded benefit liabilities
relating to the terminated Qualified Plan, the Class claim,
reflecting a general unsecured claim for a benefit payable under
the NQ Plans, does not infringe upon the PBGC's authority, Mr.
Booth maintains.

According to DP3, Delta's contention that the Class claimants
failed to file their claim by the Bar Date, is "misplaced"
because:

  (a) the stipulations and settlements between Delta, the
      Committee and DP3 created for the Class a reasonable
      expectation that they are allowed an unsecured claim that
      included all "actual economic loss" resulting from the
      termination of the NQ Plans; and

  (b) the many pleadings filed by DP3 preserve and recover
      pension benefits for all retired pilots constitute
      informal proofs of claim by members of the putative Class
      for all "actual economic loss".

Alternatively, the Court should find that the Class claimants'
failure to file within the deadline was the result of "excusable
neglect", and the  Bar Date should be extended, pursuant to Rule
9006(b)(1), Mr. Booth asserts.

DP3 further asserts the reasonability of the Class claim, as the
prerequisites to certification of the Class under Civil Rule 23
has been satisfied:

  * At least 3,485 retirees have presumably suffered a loss of
    the disregarded benefit complies with the numerosity
    requirement;

  * The untimely filing of an informal claim prior to the
    expiration of the purported Bar Date is caused by inadequacy
    of Delta's notice; and

  * Certification of the Class will facilitate the prompt
    resolution of the substantive legal issues, binding all
    members of the Class in one proceeding.

Accordingly, the DP3 and the Class claimants ask the Court to:

  (a) allow the Class claims;

  (b) certify the Class under Civil Rules 23(b)(i) and (b)(3);
      and

  (c) appoint (i) Dean Booth, Esq., (ii) Shelley D. Rucker,
      Esq., and (iii) Nicholas W. Wittenburg, Esq., of Miller &
      Martin PLLC, as Class counsel.

          PBGC Calls for ERISA-Unrelated Resolution

In a separate filing, the Pension Benefit Guaranty Corporation
holds that the Court "can, and should, resolve the motion and
the objection without deciding any issues relating to Title IV
of ERISA."

Alternatively, the PBGC reserves the right to fully brief the
ERISA issues prior to any decision reached in the proceeding, as
the disputed issues may have a significant impact on the ERISA-
administered Title IV pension plan termination insurance
program.

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.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.

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.  (Delta Air Lines Bankruptcy News, Issue No. 83;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


EMPRESA GRAFICA: Proofs of Claim Verification Ends Feb. 15, 2008
----------------------------------------------------------------
Estudio Stolkiner y Asociados, the court-appointed trustee for
Empresa Grafica Linofilm Offset S.A.I.C.I.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
Feb. 15, 2008.

Estudio Stolkiner will present the validated claims in court as
individual reports on April 3, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Empresa Grafica 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 a Empresa Grafica's
accounting and banking records will be submitted in court on
May 16, 2008.

Estudio Stolkiner is also in charge of administering Empresa
Grafica's assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

         Estudio Stolkiner y Asociados
         Avenida Cordoba 1367
         Buenos Aires, Argentina


FRIGOSOL SRL: Reorganization Proceeding Concluded
-------------------------------------------------
Frigosol S.R.L.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process
was concluded after the National Commercial Court of First
Instance in Lomas de Zamora, Buenos Aires, approved the debt
agreement signed between the company and its creditors.

The debtor can be reached at:

          Frigosol S.R.L.
          Catamarca 1398, Lanus Oeste
          Lomas de Zamora, Buenos Aires
          Argentina


JANI KING: Proofs of Claim Verification Is Until Feb. 26, 2008
--------------------------------------------------------------
Susana Beatriz Gonzalez Cabrerizo, the court-appointed trustee
for Jani King S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 26, 2008.

Ms. Cabrerizo will present the validated claims in court as
individual reports on April 8, 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 Jani King 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 Jani King's
accounting and banking records will be submitted in court on
May 21, 2008.

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

The trustee can be reached at:

         Susana Beatriz Gonzalez Cabrerizo
         Acevedo 492
         Buenos Aires, Argentina


JIBANA SA: Seeks for Reorganization Okay in Buenos Aires Court
--------------------------------------------------------------
Jibana S.A. has requested for reorganization approval after
failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.

The debtor can be reached at:

          Jibana S.A.
          Avenida Pueyrredon 468
          Buenos Aires, Argentina


MEDIC SALUD: Proofs of Claim Verification Deadline Is March 6
-------------------------------------------------------------
Gustavo Ariel Fiszman, the court-appointed trustee for Medic
Salud S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until March 6, 2008.

Mr. Fiszman will present the validated claims in court as
individual reports on April 22, 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 Medic Salud 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 Medic Salud's
accounting and banking records will be submitted in court on
June 4, 2008.

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

The trustee can be reached at:

         Gustavo Ariel Fiszman
         Avenida Santa Fe 5086
         Buenos Aires, Argentina


NIPPON SHEET: Posts JPY51.5-Bil. Net Income for 2007 First Half
---------------------------------------------------------------
Nippon Sheet Glass Company, Ltd., posted a net income of
JPY51.5 billion for the six-month period ended Sept. 30, 2007, a
154.0% rise from the JPY20.3-billion net income recorded for the
same period last year.

Operating income soared 214.9% to JPY27.0 billion from the
JPY8.6 billion recorded for the first six months of 2006.
First-Half sales increased to JPY433.9 billion year-on-year from
JPY273.3 billion.

         Results of Operations and Business Outlook

The first half-year period under review (April to September
2007) saw a steady recovery in Central European economies, but a
leveling off of upward momentum in Germany.  Growth in Russia
and Eastern Europe continued.

In Japan, despite concerns about the high level of prices of raw
materials and fuels (especially crude oil), the economy enjoyed
modest expansion, supported by steady capital expenditure and
improvements in employment and consumer confidence.  However,
housing starts in July through September showed a consecutive
decrease, due mainly to delays in building permits caused by
changes in the new Japanese Construction Code.

The North American economy continued to show a subdued
performance, due to the decline in the housing market.  In other
areas, notably South America and China, expansion continued with
growth in the regional economies.

In the information technology and electronics sector, worldwide
shipments of PCs, cellular phones and other IT equipment
sustained higher levels than in the previous year.  The glass
fiber sector continued to experience robust demand,
particularly, in Europe.

The performance of Pilkington, which became a consolidated
subsidiary in June 2006, was included in the Company's
consolidated income statement from the second quarter of the
previous fiscal year.  Consequently, sales, operating profits,
and ordinary profits all saw substantial year-on-year increases
in the first half.

In this period, the Company recorded JPY50.5 billion in
extraordinary profits, mainly from the disposal of an
Australasian subsidiary in the Flat Glass business, as well as
the sale of investment securities.

           Segmental Overview of Operating Results

Flat Glass Business

The Flat Glass business encompasses the Group's Building
Products business (glass and glazing systems for exterior and
interior architectural use) and Automotive business (glass and
glazing systems for vehicles in the Original Equipment and
Aftermarket sectors).  Overall, these businesses accounted for
around 90 per cent of total Group sales in the period under
review.

Building Products business

In Building Products Europe, (representing 58 per cent of the
Group's BP sales), demand continued at satisfactory levels.
Profit performance was strong across most regions and products,
with prices above levels of the previous year and efficiency
gains offsetting cost increases.  Market conditions in Japan (24
per cent of BP sales) continued to be challenging, with sales
and profits at similar levels to last year.  Residential
construction remained depressed, resulting in increasingly tough
competition amongst downstream manufacturers with reduced
volumes and increasing levels of over-capacity.

In North America (8 per cent of BP sales), residential glass
demand continued to be weak, which combined with rising input
costs, resulted in declining year-on-year profits.  In the Rest
of the World (10 per cent of BP sales), the Group's businesses
in South America continued to perform well and Cebrace, the
Group's 50 per cent joint venture in Brazil, also showed
improved year-on-year results.  In South East Asia, the Group's
businesses continued to show an improvement over the previous
year.

Overall, the Building Products business achieved sales of
JPY205 billion and operating income of JPY17.5 billion.

Automotive Business

In Automotive, approximately 52 per cent of sales are in Europe,
15 per cent in Japan, 24 per cent in North America and 9 per
cent in other regions.

In the European Original Equipment sector, revenues and profits
remained strong, and in the European Automotive Glass
Replacement market, both revenues and profits were ahead of the
previous year.

In Japan, revenues were reduced, due to poor model performance
of some models and problems with some new model introductions.
In North America, OE sales were ahead of the previous year and
AGR profits also demonstrated a year-on-year improvement.  In
the Rest of the World, sales and profits in both South America
and China were ahead of last year, with those in South East Asia
lower than last year.

Overall, Automotive sales were JPY183 billion, with operating
income of JPY12.6 billion.

Specialty Glass Business

The Specialty Glass Business encompasses the Group's Information
Technology business (information and telecommunication devices
and glass for LCDs) and Glass Fiber businesses.

Information Technology

In the Information Technology business, demand for the main
products, including optical lenses for multifunction printers
and glass substrate for small and medium-sized LCD panels,
remained steady.  Consequently, total sales for the IT business,
of JPY21.0 billion, were slightly higher than the level in the
previous year.  Due to an increase in sales and cost reduction,
operating income in this business was higher than the previous
year.

Glass Fiber

In the Glass Fiber sector, total sales of JPY19.2 billion were
higher year-on-year, reflecting continuing robust demand for
glass cord in Europe.  Sales of Metashine(R), which is used by
cosmetics manufacturers worldwide, remain strong.

Other Operations

This segment mainly covers corporate costs and engineering
income, but also includes small businesses not included in
Building Products, Automotive and Specialty Glass.  The result
is a reduction in earnings, reflecting an increase in general
corporate expenses due to the consolidation of Pilkington
central costs for the period.  Consequently, this segment
recorded sales of JPY5.7 billion and an operating loss of
JPY7.8 billion.

                Operating Outlook for FY2008

Economic activity is expected to remain steady in Western
Europe, with rapid growth continuing in Eastern Europe and
Russia.  In Japan, it is anticipated that in the third quarter
of fiscal 2008 onward, the recovery trend of the Japanese
economy will weaken, reflecting a slowdown in capital investment
and consumer spending and trends in overseas economies.  The
U.S. economy is seen to steady in general, but the housing
market is expected to continue to be affected by problems in the
mortgage market.

In the Rest of the World, South American markets are expected to
continue to expand, particularly in Brazil.  ASEAN economies are
projected to grow steadily, due to expansion of exports and
infrastructure-related investment.  It is anticipated that
capital spending, exports and personal investment will continue
to drive economic growth in China, although the economy is not
expected to grow as fast as in 2006.

Building Products

In Europe, we expect most Building Products markets to begin to
soften as the financial year progresses, although market
conditions will continue to be relatively buoyant compared to
the previous year.  The full-year result is expected to show a
marked increase in year-on-year financial performance.  In
Japan, economic conditions continue to be unfavorable, resulting
in a further year of low operating margins.  Similarly, in North
America the residential housing market continues to be weak and
profit performance is expected to be slightly below the previous
year's level.  In South America the Group's businesses continue
to generate satisfactory returns and the full-year result is
anticipated to be slightly ahead of last year.  The performance
of the Building Products businesses in South East Asia is also
expected to be ahead of the previous year.

Across the Building Products business in total, the relative
size and strength of the profit performance in Europe will more
than offset weaknesses in Japan and North America.  This is
expected to result in a significant improvement in overall
profitability.

Automotive

In Automotive, in Europe, sales to OE customers should continue
to be higher than last year despite relatively flat markets.  In
North America, trading conditions remain difficult and our sales
to the major OE customers are likely to be below last year,
although this trend should reverse next year due to an increase
in the number of new models.  The Japanese market demand is
weaker and sales will be below last year.  Market demand in
South America continues to be buoyant and sales will be well
ahead of last year.  In the replacement glass businesses, sales
continue to exceed last year in all markets except North
America, where competition remains intense.

Overall, the continuing strong performance of Europe and South
America should ensure a further year of increased profits in
Automotive.

Specialty Glass

In the Information Technology Business, demand for mobile phones
and portable music players is expected to show firm growth, with
the glass substrate market for small and medium-sized LCD and
touch panels remaining steady.  Due to seasonal demand
variations, the demand for optical lenses for multi-function
printers is expected to be slightly lower than the first half-
year.

In the Glass Fiber Business, in Europe, demand for glass cord is
expected to continue to increase, with a further shift towards
high quality glass cord.  Indications are that the market for
Metashine(R) will remain buoyant.  The Group intends further to
develop non-cosmetics applications in industrial markets for
Metashine(R).

                     Outlook for FY2008

The Group outlook for the full year, as announced on August 23,
2007, remains unchanged, with net income expected to reach
JPY53 billion, operating income estimated to be at JPY45 billion
and net sales seen to be at JPY850 billion.

                     About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited
-- http://www.nsg.co.jp-- Company operates in four business
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display products and others.  Its Glass
Fiber division is engaged in the manufacture, processing and
sale of special glass fiber products, air filter-related items
and others.  The Others division is involved in the facility
engineering and the test analysis businesses, among others.

The company has operations in Argentina, the United States, and
Austria.

Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


ORGANIZACION MEDICA: Proofs of Claim Verification Is Feb. 29
------------------------------------------------------------
Norberto Jorge Volpe, the court-appointed trustee for
Organizacion Medica Sanahed S.A.'s bankruptcy proceeding,
verifies creditors' proofs of claim until Feb. 29, 2008.

Mr. Volpe 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 Organizacion Medica 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 Organizacion Medica's
accounting and banking records will be submitted in court on
May 26, 2008.

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

The trustee can be reached at:

         Norberto Jorge Volpe
         Maipu 859
         Buenos Aires, Argentina


QUINTO SA: Proofs of Claim Verification Ends on Feb. 6, 2008
------------------------------------------------------------
Jose Larrory, the court-appointed trustee for Quinto SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 6, 2008.

Mr. Larrory will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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 Quinto 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 Quinto's accounting
and banking records will be submitted in court on May 21, 2008.

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

The debtor can be reached at:

         Quinto SA
         Belgrano 225
         Buenos Aires, Argentina

The trustee can be reached at:

         Jose Larrory
         Rodriguez Pena 231
         Buenos Aires, Argentina


SUCESION DE CAINZOS: Seeks for Reorganization OK in Buenos Aires
----------------------------------------------------------------
Sucesion de Cainzos Juan Carlos has requested for reorganization
approval after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.

The debtor can be reached at:

          Sucesion de Cainzos Juan Carlos
          Avenida Cordoba 859
          Buenos Aires, Argentina


TASARTO SA: Proofs of Claim Verification Is Until Feb. 8, 2008
--------------------------------------------------------------
Rosa del Carmen Irigoyen, the court-appointed trustee for
Tasarto S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 8, 2008.

Ms. Irigoyen will present the validated claims in court as
individual reports on March 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 Tasarto 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 Tasarto's accounting
and banking records will be submitted in court on May 9, 2008.

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

The trustee can be reached at:

         Rosa del Carmen Irigoyen
         Avenida Cordoba 1351
         Buenos Aires, Argentina


* ARGENTINA: AFTA Demands Argentina Pay for Defaulted Debts
-----------------------------------------------------------
The American Task Force Argentina called on U.S. Treasury
Secretary Henry Paulson to defend the interest of Americans and
the global system of lending to developing nations by insisting
that the government of Argentina honor its obligations to U.S.
and other foreign bondholders during the Group of Twenty (G-20)
meeting in Cape Town, South Africa held Nov. 17 and 18.

The meeting of G-20 Finance Ministers and Central Bank Governors
included Argentina, the European Union, International Monetary
Fund Managing Director Rodrigo de Rato y Figaredo, and World
Bank President Robert Zoellick.  Secretary Paulson's
participation in this forum provided a unique opportunity to
direct much-needed international attention to Argentina's
continuing policy of repudiating outstanding debt owed to
international lenders.

"Argentina has defied the rules of international lending by
repudiating more than US$20 billion in sovereign debt held by
thousands of foreign creditors from nations that are all
represented at the G-20," said ATFA Co-chair Dr. Robert Shapiro.
"The G-20 meeting is an appropriate forum to focus on this
unnecessary abuse of the international lending system, its
implications for lending to other developing countries, and the
remedies that Argentina can pursue to regain its good standing
in international markets."

ATFA, through a variety of events and research initiatives,
works to encourage the United States government and other
Argentine debt stakeholders to take action on behalf of American
taxpayers, businesses, and bondholders damaged by Argentina's
repudiation of its debts.  ATFA's website --
http://www.atfa.org/-- serves as a clearinghouse for news and
information related to Argentina's restructuring and the ATFA's
efforts.

Made up of an alliance of organizations, ATFA's leadership
includes former Assistant Attorney General at the U.S.
Department of Justice, Mr. Robert Raben, as Executive Director
and is co-chaired by The Honorable Robert J. Shapiro, former
Under Secretary of Commerce for Economic Affairs in the Clinton
Administration, and Ambassador Nancy Soderberg, Ambassador at
the U.S. Mission to the United Nations in New York from 1997 to
2001.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005


* ARGENTINA: AFTA Snubs Debt-for-Equity Swap
--------------------------------------------
The American Task Force Argentina, a powerful group of creditors
holding US$20 billion in defaulted Argentine bonds, rejects a
proposal to swap debt for industrial infrastructure investments,
Jude Webber at The Financial Times reports.

The strategy was used by the government to honor obligations in
the 1990s when it defaulted on Brady Bonds.  When the idea
surfaced in an article written by economist Eugenio Diaz
Bonilla, AFTA replied by calling the scheme "ridiculous," the FT
relates.  The group insisted Argentina should pay what it owes.

Local media suggests that Martin Lousteau, the economy minister-
designate, might enforce the scheme.  Economists quoted by the
FT believe that bondholders will be better off accepting such a
scheme.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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


APEX REINSURANCE: Sets Final Shareholders Meeting for Jan. 3
------------------------------------------------------------
Apex Reinsurance Company Limited will hold its final
shareholders meeting on Jan. 3, 2008, at 10:00 a.m., at:

          Mello Jones & Martin
          Thistle House, 4 Burnaby 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.


CHEVRONTEXACO NORTH: Sets Final Shareholders Meeting for Dec. 18
----------------------------------------------------------------
Chevrontexaco North Buzachi Ltd. will hold its final
shareholders meeting on Dec. 18, 2007, at 9:30 a.m. at:

           Chevron 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.


INNOVA HOLDINGS: Will Hold Final Shareholders Meeting on Dec. 27
----------------------------------------------------------------
Innova Holdings Ltd. will hold its final shareholders meeting on
Dec. 27, 2007, at the offices of the company.

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.


INNOVA HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 7
----------------------------------------------------------
Innova Holdings Ltd.'s creditors are given until Dec. 7, 2007,
to prove their claims to Geoffrey W. Moore, F.C.A., 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.

Innova Holdings Ltd.'s shareholder agreed to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Geoffrey W. Moore, F.C.A.
         Jardin House, P.O. Box HM 1091
         Hamilton HM EX, Bermuda


INTELSAT LTD: Enters Into Two New Customer Agreements
-----------------------------------------------------
Intelsat Ltd. has announced two new customer agreements
demonstrating the company's continued momentum in providing
satellite-based cellular backhaul solutions for wireless
operators.  Joining more than 60 other wireless operators
receiving service from Intelsat, cellular telecom providers in
Kenya and Angola will be able to extend their much-needed
communications services throughout the rural and urban areas in
their respective countries.

MSTelcom, a licensed telecommunications operator in Angola and
subsidiary of Sonangol Holdings, will use Intelsat satellite
capacity to provide transmission services for one of the
country's largest GSM operators as it seeks to rebuild and
expand its telecommunications network after the country's
infrastructure was ravished by civil war. MSTelcom has
contracted for C-band service on the Intelsat 3R satellite at 43
degrees West.

"There is a big demand in Angola for reconstruction of
telecommunications services-services cellular operators need
immediately," said Angelo Gama, MSTelcom's CTO.  "Intelsat is
the only satellite operator that is able to offer us the exact
satellite capacity we need to ensure our customers will be able
to build out their network infrastructures in a timely manner."

Safaricom Ltd., Kenya's leading mobile telephone operator, also
selected Intelsat capacity to support its network expansion
throughout Kenya, and for its own international gateway
connectivity.  Safaricom has contracted for capacity on the
Intelsat 902 satellite at 62 degrees East under a multi-year
agreement.

"Intelsat listened to our requirements and delivered the
solution we needed," said Safaricom Chief Executive Officer
Michael Joseph.  "Working closely with us, Intelsat's service
and its flexibility in accommodating us with additional capacity
on Intelsat 902 provides us with the efficient bandwidth we need
to expand our cellular services network into remote regions of
Kenya, and for our international services."

"Our wireless expertise is unmatched in the satellite industry-
we understand the requirements of this unique segment of the
telecommunications market, based in part on our legacy in
serving the Africa region for over 40 years," said Flavien
Bachabi, Intelsat's Regional Vice President, Africa.  "We are,
and will continue to be, the premier satellite service provider
for Africa.  Operators need the ability to grow their services
rapidly, to offer services ubiquitously throughout their
territories and to have flexible contracts that can keep pace
with the rapid changes in their business.  Intelsat remains
ready to respond to Africa's growing wireless operator sector."

Headquartered in Bermuda, Intelsat, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Moody's Investors placed the long-term debt
ratings of the Intelsat Ltd. group of companies on review for
possible downgrade.

Issuer: Intelsat (Bermuda), Ltd.

  -- Senior Unsecured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently B2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Intelsat Corporation

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Secured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B2

Issuer: Intelsat Holding Corporation

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Intelsat Intermediate Holding Company, Ltd.

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B3

Issuer: Intelsat Subsidiary Holding Co. Ltd.

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B2

Issuer: Intelsat, Ltd.

  -- Probability of Default Rating, Placed on Review for
     Possible Downgrade, currently B2

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Outlook Actions:

Issuer: Intelsat, Ltd.

  -- Outlook, Changed To Rating Under Review From Stable

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings
on Rating Watch Negative:

    -- Issuer Default Rating 'B';
    -- Senior unsecured notes 'CCC/RR6'.

Fitch also placed the ratings of Intelsat's subsidiaries on
Rating Watch Negative.

Fitch placed these ratings of Intelsat subsidiaries on Rating
Watch Negative:

Intelsat (Bermuda), Ltd.

    -- Issuer Default Rating 'B';
    -- Senior unsecured guaranteed notes 'BB-/RR2';
    -- Guaranteed Term Loan 'BB-/RR2';
    -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd. (Int Holdco)

    -- Issuer Default Rating 'B';
    -- Senior unsecured discount notes 'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco)

    -- Issuer Default Rating 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior unsecured notes 'BB-/RR2'.

Intelsat Corporation (f/k/a PanAmSat Corporation)

    -- Issuer Default Rating (IDR) 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior secured notes 'BB/RR1';
    -- Senior unsecured notes 'B/RR4'.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services lowered its
ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated
entities, including the corporate credit rating, which was
lowered to 'B+' from 'BB-'.  All ratings were immediately placed
on CreditWatch with negative implications.


MAN MAC: Will Hold Final Shareholders Meeting on Dec. 19
--------------------------------------------------------
Man Mac Castor 2A Limited will hold its final shareholders
meeting on Dec. 19, 2007, at 9:30 a.m. at:

             Argonaut Limited
             Argonaut House, 5 Park Road
             Hamilton HM O9, 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.


MONTPELIER RE: Extends CEO A. Taylor's Employment for Two Years
---------------------------------------------------------------
Montpelier Re Holdings Ltd.'s Board of Directors, as part of the
company's succession plan, has approved the entry into a new
Service Agreement between the company and Chairman and Chief
Executive Officer Anthony Taylor, effective Jan. 1, 2008.

In addition, the Board has approved two executive officer
appointments linked to the extension of Mr. Taylor's Service
Agreement, each effective Jan. 1, 2008.

Christopher L. Harris, the Company's Chief Underwriting and Risk
Officer, will assume the role of President of the Company.
Thomas G.S. Busher, a Director and the Company's Chief Operating
Officer, will step up to the role of Deputy Chairman.  In both
cases the appointments are in addition to their existing
responsibilities.

Mr. Taylor's new Service Agreement, which is for two years but
may be extended by agreement, makes provision for him to
relinquish the role of Chief Executive Officer on or after
June 30, 2008.  At such time he will step up to the role of
Executive Chairman.

John Shettle, Lead Director, said, "The Board is delighted to
have secured Tony's services for at least another two years in
the most senior position in the Company.  And in Chris and Tom
we have two long-standing and experienced executives who have
demonstrated their ability to establish and achieve the
Company's strategic goals."

In advance of Mr. Taylor becoming Executive Chairman, the
company will provide further details of the Succession Plan.

Headquartered in Bermuda, Montpelier Re Holdings Ltd., through
its operating subsidiary Montpelier Reinsurance Ltd., is a
premier provider of global property and casualty reinsurance and
insurance products.  During the year ended Dec. 31, 2005,
Montpelier underwrote US$978.7 million in gross premiums
written.  Shareholders' equity at Dec. 31, 2005, was US$1.1
billion.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2006,
A.M. Best affirms these ratings on Montpelier Re Holdings:

Montpelier Re Holdings Ltd.

   -- "bbb-" on senior unsecured debt;
   -- "bb+" on subordinated debt; and
   -- "bb" on preferred stock.

   MRH Capital Trust I and II (guaranteed by Montpelier Re
   Holdings Ltd.)

   -- "bb" on preferred securities.


QCH ACQUISITION: Holding Final Shareholders Meeting on Dec. 21
--------------------------------------------------------------
QCH Acquisition Ltd. will hold its final shareholders meeting on
Dec. 21, 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: Wants US$5-Bln Foreign Reserves To Boost Lending
----------------------------------------------------------------
Brazilian financial daily Valor Economico reports that Banco
Nacional de Desenvolvimento Economico e Social wants up to US$5
billion from foreign reserves to increase lending in 2008.

Business News Americas relates that the Brazilian foreign
reserves totaled US$174 billion as of Nov. 16, 2007.

According to Valor Economico, Banco Nacional representatives
have been discussing the measure with the treasury department.
They will be discussing it with the Brazilian finance ministry.

Valor Economico notes that Banco Nacional has a BRL32-billion
deficit for project funding in 2008.  Demand for credit would
total BRL82 billion.

Banco Nacional head Luciano Coutinho told Valor Economico last
week that the bank secured a budget of BRL50 billion for next
year.

Banco Nacional would want to reduce the dividends it pays the
government to 25% of net profit from 60%, Valor Economico
states.

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

                        *     *     *

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


BRASIL TELECOM: Pontis To Deploy Marketing Delivery Platform
------------------------------------------------------------
Brasil Telecom has signed a deal with Israeli company Pontis to
deploy a marketing delivery platform for the to boost mobile
service uptake in time for the Christmas holiday period, Pontis
said in a statement.

Brasil Telecom chose Pontis, which uses "behavior-based
triggers" to boost average revenue per user and mobile content
adoption and usage, to provide clients with "tailored bundles
and marketing offers," according to Pontis' statement.

Pontis told Business News Americas that its partners American
Telecommunications Holding and Accenture are "working on the
integration of the system."

Pontis said in a statement that the contract with Brasil Telecom
is concentrated on the promotion of mobile prepaid, content, SMS
and MMS services "across a combination of channels."

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional long-
distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

To date, Brasil Telecom carries Moody's Investors Service's Ba1
senior unsecured and credit default swap ratings.


CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007
-------------------------------------------------------------
Chrysler LLC's Jeep(R) brand sales outside North America have
grown 15 percent in 2007, and the brand led Chrysler LLC sales
outside North America with 79,520 units sold through October.
The Company's International sales increased 14 percent (19,797
units) for the month and were up 18 percent for the year
(196,626 units).  That added a 29th month to the Company's
record of consecutive months of year-over-year sales increases.

Markets with a growing auto industry have been promising for
Chrysler.  Through October 2007, sales in regions such as Asia
Pacific, Latin America and the Middle East have seen growth of
17 percent, 25 percent and 65 percent respectively.  The
increased sales in emerging markets, especially China, Brazil
and Russia, have contributed significantly to the Company's
overall growth outside North America.

"It is important to recognize opportunities outside North
America to balance the impact any one region can have on the
business," said Michael Manley, Executive Vice President -
International Sales, Marketing and Business Development.

Mr. Manley added "Our focus on growth is not only to increase
sales internationally, but also to ensure that the growth is
balanced among the Company's three brands. Our continued focus
must be on developing great products that are appropriate for
our markets, world-class quality and the development of the most
competitive distribution channels."

Year-to-date, Jeep has claimed the place as top-Chrysler LLC
selling brand with 79,520 units sold, an increase of 15 percent
over the same time period last year. Many of the recently-
introduced products for the brand have been posting solid sales.
The all new Jeep Wrangler has doubled the sales of it
predecessor model, and Grand Cherokee continues to gather strong
sales numbers ranking it as the number-two selling vehicle for
Chrysler LLC outside North America.

"The expanded portfolio for the Jeep brand has resulted in a
sales increase of more than 10,000 units so far this year, and
established it as the Company's highest volume brand outside
North America," said Thomas Hausch, Vice President -
International Sales. "Replacements for existing models, such as
Grand Cherokee and Wrangler have been very well received; and
this month in Morocco, we are launching the all-new Jeep
Cherokee to International markets, which we believe will help
the brand grow its global presence even further.  Overall, with
197,000 units sold year to date, we have already surpassed the
total calendar year sales for 2005, and Jeep has contributed
significantly to this accomplishment."

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  S&P
said the outlook is negative.


COSAN SA: Proposing BRL1.74-Bil. Capital Raise to Shareholders
--------------------------------------------------------------
Cosan S.A. Industria e Comercio said in a filing with the
Brazilian securities regulator Comissao de Valores Mobiliarios
that its board will propose a BRL1.74-billion capital increase
to shareholders during a meeting set for Dec. 5, 2007.

Business News Americas relates that the capital raise will
entail the issuance of 82.7 million common shares at BRL21 each.
Cosan's total capital will become BRL2.92 billion if the
shareholders ratify the increase.

BNamericas states that the proceeds will be used on investments
like:

          -- greenfield projects in Goias,
          -- expansion of existing units,
          -- cogeneration, and
          -- mechanization of harvesting.

Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e
Comercio, is the third largest sugar producer in the world.  In
2004/2005 it crushed more than 26 million tons of sugar cane in
fourteen mills located in the Central South region of Brazil,
with sugar sales of 2.3 million tons and ethanol sales of 825
million liters.

                        *     *     *

As of February 2007, Cosan carries Moody's Ba2 global local
currency and foreign currency ratings and Standard and Poor's BB
corporate credit rating.


DELPHI CORP: Records US$22 Million Current Deficit
--------------------------------------------------
After having reported US$845 million positive working capital at
Dec. 31, 2006, Delphi Corporation recorded a US$22 million
current deficit at Sept. 30, 2007.

The company had US$9.422 billion in current assets and US$9.444
billion in current liabilities at Sept. 30, 2007, compared with
US$9.215 billion in current assets and US$8.370 billion in
current liabilities at Dec. 31, 2006.

Net cash used in operating activities was US$556 million for the
nine months ended Sept. 30, 2007, compared with US$222 million
for the same period in 2006.

Net cash used in investing activities was US$259 million for the
nine months ended Sept. 30, 2007, compared with US$515 million
for the same period in 2006.

Net cash provided by financing activities was US$505 million for
the nine months ended Sept. 30, 2007, compared with US$73
million for the same period in 2006.

On Jan. 5, 2007, the Court granted the Company's motion to
obtain replacement postpetition financing of about US$4.5
billion.

On Jan. 9, 2007, the Company successfully refinanced its
prepetition and postpetition credit facilities obligations by
entering into a Revolving Credit, Term Loan, and Guaranty
Agreement to borrow up to about US$4.5 billion from a syndicate
of lenders. The Refinanced DIP Credit Facility consists of a
US$1.75 billion first priority revolving credit facility, a
US$250 million first priority term loan, and about US$2.5
billion second priority term loan.

The Refinanced DIP Credit Facility was obtained to refinance
both the US$2 billion Amended and Restated Revolving Credit,
Term Loan and Guaranty Agreement, dated as of Nov. 21, 2005 and
about US$2.5 billion outstanding on its US$2.8 billion Five Year
Third Amended and Restated Credit Agreement, dated as of
June 14, 2005. The Refinanced DIP Credit Facility will expire on
the earlier of Dec. 31, 2007 and the date of the substantial
consummation of a reorganized plan that is confirmed under an
order of the Court.

As of Sept. 30, 2007, total available liquidity under the
Refinanced DIP Credit Facility was approximately $850 million.
Also as of Sept. 30, 2007, there was US$480 million outstanding
under the Revolving Facility and the Company had US$263 million
in letters of credit outstanding under the Revolving Facility as
of that date, including $150 million related to the letters of
credit provided to the PBGC.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  The hearing to consider the adequacy of
the Disclosure Statement started on Oct. 3, 2007, and will be
continued to Nov. 29, by which time, the Debtors are expected to
have filed a revised Reorganization Plan and related documents.


FORD MOTOR: Union Leaders Favor U.K. Brands Bidder Tata Motors
--------------------------------------------------------------
Although officially protesting the sale, labor union leaders in
the United Kingdom representing workers for Ford Motor Company's
Jaguar and Land Rover units have selected bidder Tata Motors
Ltd. to acquire the carmaker's Jaguar and Land Rover brands,
various papers disclose.

Among the final bidders of two of Ford's Premier Automotive
Group brands -- Tata, J.P. Morgan Chase & Co.'s One Equity
Partners and Mahindra & Mahindra Ltd. -- Tata is seen by Unite,
U.K.'s largest union, as the one who will likely serve the best
interest of the union members, Russell Hotten of the
Telegraph.Co.UK reports citing Unite's joint general secretary,
Tony Woodley.

Unite union leaders at Jaguar and Land Rover said that if the
U.K.-based units are sold it should to be to a company ``with an
established presence and background in manufacturing,'' the
union said in a statement.

Stephen Power of the Wall Street Journal relates that union
leaders are trying to make a sale that would streamline closure
of manufacturing plants and displacement of workers at Jaguar
and Land Rover units, which employs 16,000 workers in U.K.

Sources say that the union endorsement is a political
commendation for Tata and an influence to U.K.'s governing labor
party, which is concern on the loss of investments and jobs in
the U.K.

                      About Ford Motor

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

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

                        *     *     *

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


FORD MOTOR: Russian Plant Workers Resume Strike
-----------------------------------------------
Workers at Ford Motor Co.'s manufacturing plant in Vsevolozhsok,
Russia, resumed their strike on Nov. 20, 2007, demanding higher
wages and reduction of night shifts from March 2008, published
reports say.

According to reports, Ford's workers held a 19-hour strike on
Nov. 6, 2007, after management repeatedly rejected their pay
hike demands.  They returned to work after a court ordered the
union to postpone further action until Nov. 20, 2007.

In a report by RIA Novosti, Yekaterina Kulinenko, a public
relations manager at Ford said that the strike could disrupt car
deliveries to Russian customers.

"The cars that were ordered earlier will be produced later and,
correspondingly, their delivery will be delayed due to the
strike," Mr. Kulinenko was quoted by RIA Novosti, adding that
the plant's daily output was 300 Ford Focus vehicles.

Mr. Kulinenko added the company's management was prepared to
hold talks with the plant's trade union only after the strike
was over.

                    About Ford Motor Co.

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

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

                        *     *     *

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


SCO GROUP: Reports US$1,608 of Net Profit for September
-------------------------------------------------------
The SCO Group Inc. reported zero revenues and zero expenses for
the period beginning Sept. 15 through 30, 2007.  However, the
company generated other income from China Investment of US$1,608
for the period ending Sept. 30, 2007.  The company's net profit
for the month of September 2007 was US$1,608.

As of Sept. 30, 2007, the company's balance sheet showed total
US$1,327,901, total liabilities of US$1,745,258, and total
stockholders' deficit of US$417,357.

A full-text copy of the company's September 15 through 30, 2007:

               http://ResearchArchives.com/t/s?256e

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
At Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


* BRAZIL: Mulling Options for Future Output Transport
-----------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA's
explorations and production director Guilherme Estrella told
reports that the company is considering three different options
to transport future production from the Santos basin's Tupi
area, about 250 kilometers from the coast.

Business News Americas relates that Mr. Estrella said before the
Brazilian senate, "A gas pipeline, for example, is not ruled
out.  However, this would be very expensive due to the long
distance."

Mr. Estrella told BNamericas that that Petroleo Brasileiro is
also considering:

     -- floating thermo plants that will use the gas from Tupi,

     -- transporting natural gas as liquefied natural gas to the
         coast, and

     -- construction of caves in the salt layer to store natural
        gas for future use.

Petroleo Brasileiro will be deciding on the transport process in
the first half of 2008, BNamericas notes, citing Mr. Estrella.

Petroleo Brasileiro is studying the construction of a unit in
Tupi, which would produce about 100,000 barrels a day and up to
three million cubic meters per day of natural gas, Mr. Estrella
told BNamericas.

                        *     *     *

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.


* BRAZIL: Will Invest BRL41.2 Billion in Technology Until 2010
--------------------------------------------------------------
Brazil is investing BRL41.2 billion (US$23.5 billion; EUR15.9
billion) in technology, science and innovation for three years,
The Associated Press reports, citing Brazilian President Luiz
Inacio Lula da Silva.

Mr. Silva disclosed that the investments are part of its "Growth
Acceleration Project," which will continue until 2010, AP
relates.

Under the investments, funding will be used for technological
education centers, scholarships, scientific projects and
incentives for private research.

AP says that the government is proposing a 1.5% investment of
the nation's gross domestic product in technology, up from the
current 0.5%.

                        *     *     *

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
===========================


ABSOLUTE RETURN: Sets Final Shareholders Meeting for Nov. 30
------------------------------------------------------------
Absolute Return Portfolios SPC will hold its final shareholders
meeting on Nov. 30, 2007.

These agenda will be taken during the meeting:

      1) accounting of the winding-up process; and

      2) hearing of any explanation that may be given by the
         liquidator.

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.

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

The liquidator can be reached at:

         Commerce Corporate Services Limited
         P.O. Box 694, George Town
         Grand Cayman, Cayman Islands
         Telephone: 949 8666
         Fax: 949 7904


BOMBAY COMPANY: Gets Interim Nod on CBRE as Real Estate Broker
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
gave The Bombay Company Inc. and its debtor-affiliates interim
authority to employ CB Richard Ellis as their real estate
broker.

CB Richard is expected to act as the Debtors' broker and agent
to market and affect a sale of the Debtors' corporate
headquarters, pursuant to the terms of the parties' exclusive
sales listing agreement.

Robert Scully, a managing director at CB Richard, tells the
Court that the professionals involved in the bankruptcy cases
include:

      Professionals        Designation
      -------------        -----------
      Robert J. Scully     Managing Director
      Michael Huff         Director
      Blake Lloyd          Senior Associate

Mr. Scully says that the most reasonable terms and conditions
concerning its fees are found in the exclusive sales listing
agreement.  The agreement provides for compensation upon these
terms:

   a) a base fee of US$200,000;

   b) an incentive fee of 6% of gross sale proceeds exceeding
      US$15 million; and

   c) CB Richard will be responsible for all expenses associated
      with preparing marketing materials and signage associated
      with the disposition of the property.

Mr. Scully assures the Court that CB Richard is disinterested as
that term is defined at Section 101(14) of the U.S. Bankruptcy
Code.

                    About Bombay Company

Basedc in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.

The company and five of its debtor-affiliates filed for Chapter
11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084).  Robert D. Albergotti, Esq., John D. Penn, Esq., Ian
T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone,
LLP, represent the Debtors.  Attorneys at Cooley, Godward,
Kronish LLP act as counsel for the Official Committee of
Unsecured Creditors.  Forshey & Prostok LLP is the Committee's
local counsel.

As of May 5, 2007, the Debtors listed total assets of
US$239,400,000 and total debts of US$173,400,000.


BOMBAY COMPANY: Wants To Hire DJM Asset as Real Estate Advisor
--------------------------------------------------------------
The Bombay Company, Inc., and its debtor-affiliates ask
permission the U.S. Bankruptcy Court for the Northern District
of Texas to employ DJM Asset Management, LLC as their real
estate consultant.

DJM Asset will assist the Debtors in negotiating the
termination, assignment, or other disposition of the Debtors'
real property leases, pursuant to the terms of the real estate
consulting and advisory services agreement.  The engagement will
include obtaining waivers or reductions of cure amounts and
lease rejection claims.

Andrew B. Graiser, a co-president of DJM Asset, tells the Court
that, pursuant to the agreement, the firm will receive
compensation from:

   a) Reduction in Bankruptcy Claims.  The total amount of
      claims from the the Debtors' landlords is estimated to be
      US$79,511,404.  If the claims are not reduced by US$15
      million from the estimated amount, DJM Asset will not
      receive any fee from the Debtor.  If the claims are
      reduced by more than US$15 million, the Debtor will pay
      fees calculated in the following manner:

      1. If claims are reduced by a total of US$15 million to
         US$25 million -- 0.75% of these total claims (1st Tier
         Payment);

      2. If claims are reduced by a total of US$25 million to
         US$35 million -- 1.75% of these total claims (2nd Tier
         Payment); and

      3. If claims are reduced by US$35 million or more -- 2% of
         these total claims (3rd Tier Payment);

   b) Proceeds from Lease Dispositions.  As to lease termination
      assignement, DJM Asset will receive a fee for 3.5% of the
      gross cash consideration received by the Debtor from each
      transaction, provided however, that such fee will not be
      payable unless the aggregate gross cash consideration for
      all the leases received by the Debtors exceeds US$750,000;
      and

   c) Additional Consulting Services.  DJM Asset will be
      compensated for additional consulting services at the rate
      of US$350 per hour.

Mr. Graiser assures the Court that the consulting firm is
disinterested as that term is defined in Section 101(14) of the
U.S. Bankruptcy Code.

                    About Bombay Company

Basedc in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.

The company and five of its debtor-affiliates filed for Chapter
11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084).  Robert D. Albergotti, Esq., John D. Penn, Esq., Ian
T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone,
LLP, represent the Debtors.  Attorneys at Cooley, Godward,
Kronish LLP act as counsel for the Official Committee of
Unsecured Creditors.  Forshey & Prostok LLP is the Committee's
local counsel.

As of May 5, 2007, the Debtors listed total assets of
US$239,400,000 and total debts of US$173,400,000.


CHIYODA LEASE: Will Hold Final Shareholders Meeting on Nov. 30
--------------------------------------------------------------
Chiyoda Lease (Cayman) Limited will hold its final shareholders
meeting on Nov. 30, 2007, at 10:00 a.m. at:

           8th Floor, Gloucester Tower
           The Landmark, 15 Queen's Road Central
           Hong Kong

These agenda will be taken during the meeting:

          1) accounting of the winding-up process; and

          2) hearing of any explanation that may be given by the
             liquidator.

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.

Chiyoda Lease's shareholder agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
2007 Revision).

The liquidators can be reached at:

         Thomas Andrew Corkhill
         Lain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road Central
         Hong Kong


CONOCOPHILLIPS BAO: Final Shareholders Meeting Is on Nov. 30
------------------------------------------------------------
Conocophillips Bao Vang Ltd. will hold its final shareholders
meeting on Nov. 30, 2007, at 10:00 a.m. at:

          Trident Trust Company (Cayman) Limited
          Fourth Floor, One Capital Place
          P.O. Box 847, George Town
          Grand Cayman, Cayman Islands

These agenda 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.

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

The liquidator can be reached at: