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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

          Tuesday, November 27, 2007, Vol. 8, Issue 235

                          Headlines

A R G E N T I N A

ARIAS HERMANOS: Trustee Filing General Report in Court Tomorrow
ATLANTICA SERVICIOS: Trustee Filing General Report Tomorrow
BIOCROM SA: Proofs of Claim Verification Deadline Is Dec. 19
CASTELLO BARONESE: Trustee Filing Individual Reports Tomorrow
COMPANIA EXPORTADORA: Trustee Verifies Claims Until Feb. 22

CURTIVENCA SA: Proofs of Claim Verification Is Until March 6
DECOTECNICA SA: Proofs of Claim Verification Is Until Tomorrow
DELTA AIR: Pardus Urges Stock-for-Stock Merger with UAL
GRAFICA INTEGRAL: Trustee Filing Individual Reports Tomorrow
HIJOS DE FRANCISCO: Trustee Filing Individual Reports Tomorrow

HOTELES LAR: Proofs of Claim Verification Deadline Is Feb. 7
INVERGE SA: Proofs of Claim Verification Ends on Feb. 5
LINCALEL SA: Creditors Voting on Settlement Plan Tomorrow
PROLIMEC SRL: Trustee Filing General Report in Court Tomorrow
URBANO CLOTHES: Trustee Filing General Report in Court Tomorrow

* ARGENTINA: Enarsa Funding Yacimientos Petroliferos Plant


B E R M U D A

CAIRN LTD: Sets Proofs of Claim Filing Deadline for Dec. 14
CAIRN LTD: Will Hold Final Shareholders Meeting on Dec. 17
CDK USA: Proofs of Claim Filing Is Until Dec. 12
CDK USA: Sets Final Shareholders Meeting for Dec. 18
LMC INSURANCE: Holding Final Shareholders Meeting on Dec. 21

OLD MUTUAL: Sets Final Shareholders Meeting for Dec. 20
ROYALE RESORTS: Will Hold Final Shareholders Meeting on Dec. 17


B O L I V I A

COEUR D'ALENE: Bolivian Congress Okays Mining Tax Reform

* BOLIVIA: Enarsa Funding US$4MM Yacimientos Petroliferos Plant


B R A Z I L

BANCO DAYCOVAL: Fitch Assigns Low B Ratings with Stable Outlook
BANCO DO NORDOESTE: Six Officials Convicted of Fraud
BANCO NACIONAL: Caixa Economica May Fund Infrastructure Projects
CAMARGO CORREA: Fitch Affirms BB Foreign & Local Currency IDRs
FIAT: Investing About US$3.4 Billion in Brazil to Fund Expansion

HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices
NRG ENERGY: Discloses New Consent Alternative Solicitations
SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business
UAL CORP: Pardus Urges Stock-for-Stock Merger with Delta

* BRAZIL: Petrobras Gets OK on Terminal Installation License
* BRAZIL: Petrobras Inks Exploration Deal for Peru's Fields
* BRAZIL: Petroleo Brasileiro Mulls LNG Deals in Southern Cone


C A Y M A N   I S L A N D S

ASBT CAYMAN SUB 84: Proofs of Claim Filing Is Until Dec. 2
ASBT CAYMAN SUB 85: Proofs of Claim Filing Deadline Is Dec. 2
BLUE REEF: Sets Final Shareholders Meeting for Dec. 4
DR GIGATREND: Proofs of Claim Filing Deadline Is Dec. 5
MORNINGSIDE PARK: Proofs of Claim Filing Deadline Is Dec. 2

QIB BOULDER: Sets Final Shareholders Meeting for Dec. 4
RGC INT'L: Proofs of Claim Filing Is Until Dec. 2
WICKAM FUND: Proofs of Claim Filing Deadline Is Dec. 3


C H I L E

QUEBECOR INC: Moody's Reviews Ratings for Possible Downgrade


C O L O M B I A

* COLOMBIA: Advancing Sale of Stake in Five Power Utilities


D O M I N I C A N   R E P U B L I C

AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid

* DOMINICAN REPUBLIC: Wants Full Control of Royal Dutch Plant


E C U A D O R

* ECUADOR: Eyes Two Chinese Companies for Oil Exploration Deal


G U A T E M A L A

BANCO INDUSTRIAL: Strong Franchise Cues Fitch to Revise Outlook


J A M A I C A

CABLE & WIRELESS: Launching Disabling Service for Stolen Phones
DIGICEL GROUP: Launching Disabling Service for Stolen Phones

* JAMAICA: Divesting Railway System & Norman Manley Airport


M E X I C O

ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs
FEDERAL-MOGUL: Posts US$7.6 Mil. Net Loss in Month Ended Oct. 31
FEDERAL-MOGUL: Thornwood to Own 25% of Debtors' Stock
FEDERAL-MOGUL: To Issue US$305,236,000 in Senior Notes
HIPOTECARIA CREDITO: Inks Sale Agreement with Coppel Capital

JOAN FABRICS: Court Converts Reorganization Case to Chapter 7


N I C A R A G U A

DOLE FOOD: Appeals Legal & Constitutional Issues in Tellez Case


P A N A M A

AES CORP: Restarts Alamitos Power Station Unit


P E R U

ECOPETROL SA: Inks Exploration Deal for Peru's Amazon Fields
ECOPETROL SA: Investing US$50 Mil. in Hydrocarbons Exploration

* PERU: Ecopetrol to Invest US$50 Million in Three Blocks
* PERU: Miners Prepare for Another Strike


P U E R T O   R I C O

JETBLUE AIRWAYS: Inks Multi-Year Distribution Deal w/ Priceline


V E N E Z U E L A

* VENEZUELA: Ups Local Bond Sale to US$849.7 Million


                         - - - - -


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


ARIAS HERMANOS: Trustee Filing General Report in Court Tomorrow
---------------------------------------------------------------
Elida Alicia Victorero, the court-appointed trustee for Arias
Hermanos S.A.'s bankruptcy proceeding, will submit a general
report containing an audit of the company's accounting and
banking records in the National Commercial Court of First
Instance in Buenos Aires on Nov. 28, 2007.

Ms. Victorero verified creditors' proofs of claim until
Aug. 22, 2007.  She also presented creditors' validated claims
as individual reports in court on Oct. 3, 2007.

The trustee can be reached at:

          Elida Alicia Victorero
          Montevideo 711
          Buenos Aires, Argentina


ATLANTICA SERVICIOS: Trustee Filing General Report Tomorrow
-----------------------------------------------------------
Jacobo Luterstein, the court-appointed trustee for Atlantica
Servicios S.A.'s bankruptcy proceeding, will present a general
report containing an audit of the company's accounting and
banking records in the National Commercial Court of First
Instance in Buenos Aires on Nov. 28, 2007.

Mr. Luterstein verified creditors' proofs of claim until
Sept. 4, 2007.  He submitted the validated claims in court as
individual reports on Oct. 17, 2007.

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

The trustee can be reached at:

         Jacobo Luterstein
         Rodriguez Pena 694
         Buenos Aires, Argentina


BIOCROM SA: Proofs of Claim Verification Deadline Is Dec. 19
------------------------------------------------------------
Ruben Angel Scaletta, the court-appointed trustee for Biocrom
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Dec. 19, 2007.

Mr. Scaletta will present the validated claims in court as
individual reports on March 6, 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 Biocrom 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 Biocrom's accounting
and banking records will be submitted in court on
April 17, 2008.

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

The trustee can be reached at:

         Ruben Angel Scaletta
         Piedras 1077
         Buenos Aires, Argentina


CASTELLO BARONESE: Trustee Filing Individual Reports Tomorrow
-------------------------------------------------------------
Griselda Isabel Eidelstein, the court-appointed trustee for
Castello Baronese S.R.L.'s bankruptcy proceeding, will present
the validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
Nov. 28, 2007.

Ms. Eidelstein verified creditors' proofs of claim until
Oct. 17, 2007.

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

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

The debtor can be reached at:

       Castello Baronese S.R.L.
       Oliden 2661
       Buenos Aires, Argentina

The trustee can be reached at:

       Griselda Isabel Eidelstein
       Lambare 1140
       Buenos Aires, Argentina


COMPANIA EXPORTADORA: Trustee Verifies Claims Until Feb. 22
-----------------------------------------------------------
Silvia Beatriz Jaime, the court-appointed trustee for Compania
Exportadora Argentina S.A.'s reorganization proceeding, verifies
creditors' proofs of claim until Feb. 22, 2008.

Ms. Jaime 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 Compania Exportadora 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 Compania
Exportadora's accounting and banking records will be submitted
in court on May 21, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 13, 2008.

The trustee can be reached at:

       Silvia Beatriz Jaime
       Montevideo 666
       Buenos Aires, Argentina


CURTIVENCA SA: Proofs of Claim Verification Is Until March 6
------------------------------------------------------------
Sandra C. D Ambrosio, the court-appointed trustee for Curtivenca
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until March 6, 2008.

Ms. Ambrosio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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 Curtivenca 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 Curtivenca's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Curtivenca SA
         Helguera 2757
         Buenos Aires, Argentina

The trustee can be reached at:

         Sandra C. D Ambrosio
         Sarmiento 1574
         Buenos Aires, Argentina


DECOTECNICA SA: Proofs of Claim Verification Is Until Tomorrow
--------------------------------------------------------------
Jorge Alberto Arias, the court-appointed trustee for Decotecnica
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 28, 2007.

Mr. Arias will present the validated claims in court as
individual reports on Feb. 14, 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 Decotecnica 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 Decotecnica's
accounting and banking records will be submitted in court on
April 1, 2008.

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

The debtor can be reached at:

       Decotecnica S.A.
       Simbron 5180
       Buenos Aires, Argentina

The trustee can be reached at:

       Jorge Alberto Arias
       Avenida Corrientes 1312
       Buenos Aires, Argentina


DELTA AIR: Pardus Urges Stock-for-Stock Merger with UAL
-------------------------------------------------------
Pardus Capital Management LP, a New York hedge fund with more
than US$3,000,000,000 in assets, urged United Airlines and Delta
Air Lines to merge next year in a stock-for-stock transaction,
according to reports.

The Chicago Tribune says former Continental Airlines Inc. CEO
Gordon Bethune, an adviser to Pardus, led the 1 1/2-hour
presentation for Delta and United's major shareholders.  The
meeting was hosted by Merrill Lynch & Co.

According to The Wall Street Journal, Pardus, which purportedly
owns 5,600,000 shares of UAL and 7,000,000 shares of Delta, said
a combination of the No. 2 and No. 3 U.S. carriers by traffic,
makes sense at a time when high fuel prices are threatening to
wipe out U.S. carriers' newfound profitability.

Combining United and Delta would create a global network that
would be favored by business travelers and save about
US$585,000,000 a year by 2012, Pardus added, reports Bloomberg
News.  This is slightly less than the carriers' combined
projected earnings of US$629,000,000, says Chicago Business
News.

A United-Delta merger ideal also would steer more Delta
passengers onto United's Pacific routes and more United
passengers onto Delta's Latin American destinations, Chicago
Business notes.

"We believe it is imperative that you seek to enter into a
merger transaction with another carrier given the rapid rise in
fuel prices and the increased risk to the business as a stand-
alone entity," Pardus President Karim Samii and Shane Larson, a
principal, told Delta in a letter, reports Bloomberg.

Pardus apparently studied mergers involving Delta and three
other carriers before recommending United as "the most
attractive and practical combination," Bloomberg adds.

                      No Merger Talks

"We appreciate receiving Pardus' views on the best course for
Delta's future," Delta Air Lines CEO Richard Anderson said in a
statement.  "We have been consistent in our public statements
that Delta believes that the right consolidation transaction
could generate significant value for our shareholders and
employees and that strategic options should be evaluated.  With
oil at over US$90 a barrel, this analysis takes on a heightened
importance as we factor those prices into our long-term planning
process."

However, Mr. Anderson denied reports ran by The Associated Press
that it engaged in merger talks with United Airlines in early
November.

The AP, in its report, said, part of the United and Delta merger
talks was a plan to keep the United name and corporate
headquarters in Chicago.

"There have been no talks with United regarding any type of
consolidation transaction and there are no such ongoing
discussions," Mr. Anderson said.  "Delta will not speculate on
possible airline consolidation and has reiterated its position
on the issue."

United Spokeswoman Jean Medina said, "We do not respond to
wholly inaccurate statements made by people who claim to have
knowledge when they clearly do not," reports Bloomberg.

Moreover, the United Master Executive Council has established
that there are no such talks between the two carriers, said
Captain Mark Bathurst, Chairman of the United Master Executive
Council.

"The United pilots have made a significant investment in the
future of our airline and have made it abundantly clear to
management that we will be opposed to any transaction that does
not fully recognize our sacrifices and contributions," said
Captain Bathurst.  "We will protect the interests and the future
of United pilots.  All interested parties should understand that
any plans to merge or consolidate with Delta or any other
carrier will not be met with a rubber stamp from this pilot
group.

"We also remind management -- and Wall Street -- that it is the
pilots and other employees who have suffered under this
management group.  Interested parties need to recognize that the
true assets of this corporation are the pilots and other
employees and we will not sacrifice again to facilitate
consolidation," Captain Bathurst added.

                       About UAL Corp.

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

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

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$25,608,000,000 and total liabilities of
US$22,968,000,000.

                       About Delta Air

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.  That plan became effective on April 30, 2007.
The Court entered a final decree closing 17 cases on
Sept. 26, 2007.

As of Sept. 30, 2007, the company's balance sheet showed total
assets of US$32.7 billion and total liabilities of US$23
billion, resulting in a US$9.7 billion stockholders' equity.  At
Dec. 31, 2006, deficit was US$13.5 billion.

                        *     *     *

As reported in the Troubled Company Reporter Oct. 18, 2007,
Standard & Poor's Ratings Services affirmed its ratings on Delta
Air Lines Inc. (B/Positive/--) and revised the rating outlook to
positive from stable.  The outlook revision is based on
continued strong earnings, cash flow generation, and debt
reduction.


GRAFICA INTEGRAL: Trustee Filing Individual Reports Tomorrow
------------------------------------------------------------
Hector Francisco Presta, the court-appointed trustee for Grafica
Integral S.A.'s bankruptcy proceeding, will present the
validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
Nov. 28, 2007.

Mr. Presta verified creditors' proofs of claim on Oct. 17, 2007.

A general report that contains an audit of Grafica Integral's
accounting and banking records will be submitted in court on
Feb. 13, 2008.

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

The trustee can be reached at:

         Hector Francisco Presta
         Parana 467
         Buenos Aires, Argentina


HIJOS DE FRANCISCO: Trustee Filing Individual Reports Tomorrow
--------------------------------------------------------------
Gabriela Monica Bastias, Jorge Florez y Santiago Noldy -- the
court-appointed trustee for Hijos de Francisco Muzzo S.R.L.'s
bankruptcy proceeding --  will present the validated claims as
individual reports in the National Commercial Court of First
Instance in Rosario, Santa Fe, on Nov. 28, 2007.

The trustee verified creditors' proofs of claim until
Oct. 12, 2007.

A general report that contains an audit of Hijos de Francisco's
accounting and banking records will be submitted in court on
Feb. 13, 2008.

Gabriela Monica is also in charge of administering Hijos de
Francisco's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

       Hijos de Francisco Muzzo S.R.L.
       San Nicolas y Galvez
       Mercado de Productores de Rosario, Santa Fe
       Argentina

The trustee can be reached at:

       Gabriela Monica Bastias, Jorge Florez y Santiago Noldy
       Cordoba 955, Rosario
       Santa Fe, Argentina


HOTELES LAR: Proofs of Claim Verification Deadline Is Feb. 7
------------------------------------------------------------
Walter Antonio Calleja, the court-appointed trustee for Hoteles
Lar Saicf e I's bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 7, 2008.

Mr. Calleja will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, 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 Hoteles Lar 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 Hoteles Lar's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Hoteles Lar Saicf e I
         Peron 1509
         Buenos Aires, Argentina

The trustee can be reached at:

         Walter Antonio Calleja
         Lambare 1140
         Buenos Aires, Argentina


INVERGE SA: Proofs of Claim Verification Ends on Feb. 5
-------------------------------------------------------
Lidia Albite, the court-appointed trustee for Inverge SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 5, 2008.

Ms. Albite will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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 Inverge 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 Inverge's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Inverge SA
         A. Jonte 4702
         Buenos Aires, Argentina

The trustee can be reached at:

         Lidia Albite
         Tucuman 11
         Buenos Aires, Argentina


LINCALEL SA: Creditors Voting on Settlement Plan Tomorrow
---------------------------------------------------------
Lincalel SA's creditors will vote on a settlement plan that the
company will lay on the table on Nov. 28, 2007.

Guido Salvadori, the court-appointed trustee for Lincalel's
reorganization proceeding, verified creditors' proofs of claim
until March 21, 2007.  He presented the validated claims in
court as individual reports and also submitted a general report
containing an audit of Lincalel's accounting and banking
records.

The debtor can be reached at:

          Lincalel SA
          Tucuman 834
          Buenos Aires, Argentina

The trustee can be reached at:

          Guido Salvadori
          Junin 55
          Buenos Aires, Argentina


PROLIMEC SRL: Trustee Filing General Report in Court Tomorrow
-------------------------------------------------------------
Nora Mabel Pszemiarowee, the court-appointed trustee for
Prolimec S.R.L.'s bankruptcy proceeding, will submit a general
report containing an audit of the company's accounting and
banking records in the National Commercial Court of First
Instance in Buenos Aires on Nov. 28, 2007.

Ms. Pszemiarowee verified creditors' proofs of claim until
Sept. 4, 2007.  She presented the validated claims in court as
individual reports on Oct. 17, 2007.

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

The trustee can be reached at:

         Nora Mabel Pszemiarowee
         Avenida Corrientes 1257
         Buenos Aires, Argentina


URBANO CLOTHES: Trustee Filing General Report in Court Tomorrow
---------------------------------------------------------------
Ernesto Oscar Puerta, the court-appointed trustee for Urbano
Clothes S.R.L.'s bankruptcy proceeding, will submit a general
report containing an audit of the company's accounting and
banking records in the National Commercial Court of First
Instance in Buenos Aires on Nov. 28, 2007.

Mr. Puerta verified creditors' proofs of claim until
Aug. 29, 2007.  He presented the validated claims in court as
individual reports on Oct. 10, 2007.

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

The trustee can be reached at:

        Ernesto Oscar Puerta
        Fragata Presidente Sarmiento 72
        Buenos Aires, Argentina


* ARGENTINA: Enarsa Funding Yacimientos Petroliferos Plant
----------------------------------------------------------
The Argentine state-run energy firm Enarsa has signed an accord
to provide Bolivian counterpart Yacimientos Petroliferos
Fiscales Bolivianos US$4 million to fund the basic engineering
for its US$450-million liquids separation plant, Business News
Americas reports.

BNamericas relates that the plant is part of the Argentine-
Bolivian GNEA gas pipeline project that will allow Bolivia to
increase exports to Argentina from the current five million
cubic meters per day.  The plant would be constructed in
Bolivia's Gran Chaco province, Tarija department, in line with
Yacimientos Petroliferos' draft bidding rules for the project's
basic engineering, economic and financial analysis and
environmental studies.  The plant needs residual gas output
capacity of up to 27.7 million cubic meters per day.  It would
last for 20 years.

Enarsa will also sign an accord with Yacimientos Petroliferos on
Dec. 7 to form a joint venture, which would be similar to that
of the Bolivian firm and and Venezuelan state-owned Petroleos de
Venezuela for exploration and production in Bolivia, Agencia
Boliviana de Informacion states.

                        *     *     *

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




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B E R M U D A
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CAIRN LTD: Sets Proofs of Claim Filing Deadline for Dec. 14
-----------------------------------------------------------
Cairn, Ltd.'s creditors are given until Dec. 14, 2007, to prove
their claims to Kehinde A. L. George, 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.

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

The liquidator can be reached at:

          Kehinde A. L. George
          Attride-Stirling & Woloniecki
          Crawford House, 50 Cedar Avenue
          Hamilton HM 11, Bermuda


CAIRN LTD: Will Hold Final Shareholders Meeting on Dec. 17
----------------------------------------------------------
Cairn, Ltd. will hold its final shareholders meeting on
Dec. 17, 2007, at 11:00 a.m. at:

             Attride-Stirling & Woloniecki
             Crawford House, 50 Cedar Avenue
             Hamilton HM 11, 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.


CDK USA: Proofs of Claim Filing Is Until Dec. 12
------------------------------------------------
CDK USA Long Equity Fund, Ltd.'s creditors are given until
Dec. 12, 2007, to prove their claims to Nicholas Hoskins, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

CDK USA's shareholder agreed on Nov. 13, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


CDK USA: Sets Final Shareholders Meeting for Dec. 18
----------------------------------------------------
CDK USA Long Equity Fund, Ltd., will hold its final shareholders
meeting on Dec. 18, 2007, at 10:00 a.m. at:

             Wakefield Quin
             Chancery Hall, 52 Reid 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.


LMC INSURANCE: Holding Final Shareholders Meeting on Dec. 21
------------------------------------------------------------
L.M.C. Insurance Company of Bermuda, Ltd., will hold its final
shareholders meeting on Dec. 21, 2007, at 10:00 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.


OLD MUTUAL: Sets Final Shareholders Meeting for Dec. 20
-------------------------------------------------------
Old Mutual South Africa Growth Assets Fund Limited will hold its
final shareholders meeting on Dec. 20, 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.


ROYALE RESORTS: Will Hold Final Shareholders Meeting on Dec. 17
---------------------------------------------------------------
Royale Resorts Management Limited will hold its final
shareholders meeting on Dec. 17, 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 O L I V I A
=============


COEUR D'ALENE: Bolivian Congress Okays Mining Tax Reform
--------------------------------------------------------
Coeur d'Alene Mines Corporation reported that the Bolivian
Congress on Friday approved a reform to the mining tax code,
bringing tax certainty to the country's mining industry and
Coeur's San Bartolome silver mine in Potosi, Bolivia.

Construction at San Bartolome, which is nearing three million
man-hours without a lost time accident, is scheduled for
completion and startup in February 2008, at an annualized rate
of 9 million ounces of silver per year.

As reported in newswires late last week, Bolivia's Congress
approved a reform to the mining tax code that will increase
income tax rates to 37.5% from 25%.  In addition, payments under
Bolivia's Complementary Mining Tax, which are based on gross
revenues and range from 1% to 10% and are tied to metals prices,
will now be deductible for tax purposes rather than creditable
against income taxes under the previous mining tax code.

"We are pleased that the Bolivian Congress has passed President
Morales' legislation which brings certainty to the mining tax
issue, as well as to Coeur's San Bartolome project, the largest
new pure silver mine in the world," said Dennis E. Wheeler,
Chairman, President and Chief Executive Officer of Coeur.
"Coeur considers these tax reforms to be consistent with what
the company has utilized in its economic model for the mine.  We
look forward to startup in February, and the mine's ongoing
contribution to Bolivian worker safety, representative of
Coeur's approach to safe and environmentally sound development."

The 1,600 strong workforce, made up primarily of Bolivians, is
nearing three million man hours without a lost time accident.

San Bartolome is expected to produce at an annualized rate of
approximately 9 million silver ounces per year.  In 2007, silver
ore reserves were increased by 3.5 million ounces to a total of
155.4 million ounces at June 30.  Additional indicated mineral
resources increased to 32.3 million silver ounces.

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

                        *     *     *

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


* BOLIVIA: Enarsa Funding US$4MM Yacimientos Petroliferos Plant
---------------------------------------------------------------
Bolivian state-owned energy company Yacimientos Petroliferos
Fiscales Bolivianos has signed an accord with Argentine
counterpart Enarsa to get US$4 million to fund the basic
engineering for its US$450-million liquids separation plant,
Business News Americas reports.

BNamericas relates that the plant is part of the Argentine-
Bolivian GNEA gas pipeline project that will allow Bolivia to
increase exports to Argentina from the current five million
cubic meters per day.  The plant would be constructed in
Bolivia's Gran Chaco province, Tarija department, in line with
Yacimientos Petroliferos' draft bidding rules for the project's
basic engineering, economic and financial analysis and
environmental studies.  The plant needs residual gas output
capacity of up to 27.7 million cubic meters per day.  It would
last for 20 years.

Enarsa will also sign an accord with Yacimientos Petroliferos on
Dec. 7 to form a joint venture, which would be similar to that
of the Bolivian firm and and Venezuelan state-owned Petroleos de
Venezuela for exploration and production in Bolivia, Agencia
Boliviana de Informacion states.

As reported in the Troubled Company Reporter-Latin America on
Nov 6, 2007, Standard & Poor's Ratings Services revised its
outlook on the Republic of Bolivia to stable from negative.  S&P
also said that it affirmed its 'B-' long-term and 'C' short-term
credit ratings on the sovereign.




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


BANCO DAYCOVAL: Fitch Assigns Low B Ratings with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has assigned Banco Daycoval S.A. these ratings:

  -- Long-term foreign currency Issuer Default Rating 'BB-';
     Outlook Stable

  -- Long-term local currency IDR 'BB-'; Outlook Stable

  -- Short-term foreign currency IDR 'B'

  -- Short-term local currency IDR 'B'

  -- Individual rating 'C/D'

Banco Daycoval's other ratings are National Long-term rating
'A(bra)' with Positive Outlook, National Short-term rating
'F1(bra)' and Support rating '5'.

Banco Daycoval's Long- and Short-term foreign and local currency
IDRs reflect its conservative approach towards credit; adequate
local and international funding structure; good financial
results derived from its strategy; and satisfactory liquidity
management, even during times of crises.  On the other hand, the
IDRs also reflect the potential pressures of increasing
competition; expansion in the middle market business; and
efforts to diversify its activities through consignment lending
and vehicle financing.

Banco Daycoval raised BRL940 million in fresh capital in June
2007, through an IPO, which increased its equity by
approximately 3.3 times.  The ratings reflect Fitch's comfort
that the bank's relatively conservative leverage -- loans have
generally been less than 3.5 times equity -- will remain in
place going forward, and that the bank's strong record of asset
quality will ensure sound asset quality in the future.  With its
significantly larger capital base, the bank is well positioned
to implement its strategy of building on its core middle market
lending, while diversifying its loan portfolio with further
growth in automobile and payroll lending.  The bank has already
invested in building its physical and human infrastructure to
support this planned growth, and its significantly larger
capital base should enable access to broader funding
alternatives necessary to finance its growth.

The bank has been showing good operational results in addition
to having historically recorded profitability higher than its
peers.  For 2007, it expects a 25% return on equity, even with
the strong capitalization recorded.  Fitch considers this goal
feasible, since the bank has already closed the third quarter of
2007 with an accumulated BRL168.8m net profit, as a result of
the credit expansion and ongoing efforts to diversify its
activities.

Headquartered in Sao Paulo, Brazil, Banco Daycoval started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specialises in financing small- and medium-sized companies,
backed by receivables.  It also operates with consignment
lending for payroll deduction and consumer financing.  Since
June 2007, the bank has had 29% of its shares traded at Bovespa
on the New Brazilian Stock Market.  These shares enjoy a tag-
along privilege, giving minority shareholders 100% of the value
of the block of controlling shares in the event of the sale of
the institution.


BANCO DO NORDOESTE: Six Officials Convicted of Fraud
----------------------------------------------------
Six executives of Banco do Nordeste do Brasil S.A. have been
convicted of fraud, Brazilian news daily O Globo reports.

According to O Globo, former Banco do Nordeste head Byron
Queiroz was sentenced to 13 years in prison.

O Globo didn't state the names of the other five Banco do
Nordeste officials.

Headquartered in Ceara, Brazil, Banco do Nordeste do Brasil SA
-- http://www.banconordeste.gov.br-- is a public regional bank
offering regular banking services, as well as serving as the
executor of Federal and State public policies and plans.  The
bank's focus is on the Northeast of Brazil.  Its regular
financial services include investment options like savings
accounts and certificates of deposit, as well as checking
accounts, life and car insurance and bill collecting services.
As an executor, the bank provides capital management for
regional infrastructure projects, small business incentive
plans, export credits, technological innovation, tourism
projects and general development plans with socioeconomic
impact.  The bank is present in 180 cities in Brazil including
the northeast regions and Minas Gerais and Espirito Santo.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, Standard & Poor's Ratings Services raised its
long-term foreign currency counterparty credit rating on Banco
do Nordeste do Brasil S.A. to 'BB+' from 'BB'.


BANCO NACIONAL: Caixa Economica May Fund Infrastructure Projects
----------------------------------------------------------------
Caixa Economica Federal is keen on provinding financing to help
Banco Nacional de Desenvolvimento Economico e Social fund
infrastructure projects, Brazilian financial daily Valor
Economico reports, citing a Caixa Economica official.

Caixa Economica's vice president Wellington Moreira Franco told
Valor Economico that the firm could use financial resources from
worker savings fund FGTS that it administers.

Business News Americas relates that Banco Nacional is "facing a
major dilemma."  Demand for its loans next year would surpass
its capacity to fund them, reaching BRL82 billion.

BNamericas notes that Banco Nacional head Luciano Coutinho said
last week that Banco Nacional had so far secured a budget of
BRL50 billion for 2008.

Valor Economico says that Banco Nacional raised the idea of
using up to BRL5 billion of Brazil's foreign reserves for its
funding needs, which was rejected by finance minister Guido
Mantega.

Banco Nacional would be a very good partner to work with due to
its great expertise in the project finance field, BNamericas
states, citing Mr. Franco.

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.


CAMARGO CORREA: Fitch Affirms BB Foreign & Local Currency IDRs
---------------------------------------------------------------
Fitch Ratings has affirmed the foreign currency and local
currency Issuer Default Ratings of Camargo Correa S.A. at 'BB'.
Fitch has also affirmed the 'BB' rating on the US$250 million
senior unsecured bonds due 2016 issued by CCSA Finance Limited
(a special-purpose vehicle wholly-owned by Camargo and
incorporated in the Cayman Islands), which is unconditionally
guaranteed by Camargo Correa.  In addition, Fitch has also
upgraded Camargo's national debt rating to 'AA-(bra)' from
'A+(bra)'.  The Rating Outlook is Stable.

The ratings affirmation and national scale ratings upgrade
reflect the improving Brazilian economic environment which has
begun to favorably impact much of Camargo Correa's businesses,
particularly in its cement and engineering and construction
businesses.  The company's core businesses of cement,
engineering and construction, textiles and footwear are highly
correlated to general economic conditions in Brazil, Argentina
and other countries in which it operates.  Current domestic
environment has experienced continued improvement, risks
associated with a softening United States economy and the impact
of it on emerging market countries such as Brazil and Argentina
appear to be lower then in previous cycles.

Camargo Correa benefits from its diversified portfolio of
operations, adequate market position in the industries in which
it participates, and strong liquidity relative to consolidated
leverage, which partially mitigates exposure to economic risks.
Additionally, the company has both continued to increase
diversity of revenues and cash flows across industry sectors and
the proportion of exports sales abroad within total revenues.

Camargo Correa is seeking to grow strongly over the next several
years and further position itself among the top five industrial
private conglomerates in Brazil, further strengthening its
market position.  Some of this growth will be organic,
particularly in the footwear and engineering and construction
segments, which are planning to expand their market base
internationally.  In the cement and textiles segments, much of
the growth is planned through acquisitions.  The company does
not expect to enter any new industries in the near future.  In
recent years, Camargo Correa has pursued a growth strategy
targeted primarily to expand operations outside of Brazil, which
should further diversify country risk. Recent acquisition
highlights include the 2005 US$1 billion acquisition of Loma
Negra, the largest cement producer in Argentina.  Additionally
in 2007, Camargo Correa it completed (agreement entered in 2006)
the merger of Santista Textil S.A., its textile manufacturer,
with Tavex Algodonera S.A., the largest manufacturer of denim in
Europe.  Export revenues and sales abroad, which accounted for
approximately 18% of revenues in 2006, should grow to
approximately 22% in 2007, primarily as a result of these
transactions.

Credit protection measures have been gradually improving since
Camargo Correa took an aggressive financial position to fund
acquisitions, which had caused credit protection to deteriorate
in 2005. Leverage ratios are now solid for the rating category
on a total debt to EBITDA basis and strong on a net debt basis.
The company has had a history of maintaining a large cash
balance on its balance sheet in order to facilitate its
acquisition prospects in a scenario where access to debt markets
becomes limited.  Therefore, Fitch sees lower degree of risk of
shareholder friendly actions such as a special dividend, as it
relates to its large cash balance.  Nevertheless, the impact of
Carmargo's aggressive growth strategy on credit protection
measures remains a concern, which has been incorporated into the
ratings.  Fitch expects that the company will continue to manage
its balance sheet to a targeted ratio of net debt to EBITDA in
the 1.5 times - 2.5 range.  At June 30, 2007, the ratio of total
consolidated debt to EBITDA was 3.8, down from 4.2 in 2006.  Net
debt to EBITDA was 1.5, and EBITDA/gross interest expense was
1.9.

The financial performance, industry and geographic
diversification, as well as the robust dividend flow from core
operating companies and minority equity stakes, mitigate the
structural subordination risk associated with a holding company
structure.  At June 30, 2007, Camargo Correa had consolidated
total debt of 5.7 billion Brazilian reais (BRL) of which
approximately 45% was denominated in currencies other than the
domestic currency.  Of the total debt approximately BRL3.4
billion is at the holding company and its controlled
subsidiaries (23.5% short-term) and BRL2.3 billion at non-
controlled subsidiaries (11% short-term).  The company had
BRL3.4 billion of consolidated cash during the same period with
about BRL2 billion at the holding company.  The holding company
maintained a substantial amount of offshore cash at the end of
June (US$582 million).  Consolidated short-term debt accounted
for about 20% of total debt.

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


FIAT: Investing About US$3.4 Billion in Brazil to Fund Expansion
----------------------------------------------------------------
Fiat SpA plans to increase production in Brazil to meet rising
demand.

Published reports say that Fiat's total investment in Brazil
will reach US$3.4 billion, where US$2.8 billion will be utilized
to increase production at its plant in Betim, from 700,000 cars
to one million by 2010.  The rest of the funding will be used to
develop its factories in Sao Pauolo, AFP says.

"For Fiat Auto, Brazil is our second biggest market worldwide,
and the State of Minas Gerais has shown itself to be a valued
partner throughout the thirty-plus years that we've been present
in Brazil," AFP quoted Chief Executive Officer Sergio Machione
as saying on Friday.

Demand in Brazil has risen as a result of rising employment and
cheap car credit financing, Bloomberg News says. The carmaker is
keeping abreast with expansion programs that its competitors in
Brazil are doing.

"I travel the world and Ic haven't seen an economic environment
which is stable and as favorable," Mr. Marchionne was quoted by
Bloomberg as saying.  He added that Fiat's car sales in the
country rose to 32% for the first ten months, higher than
Brazil's 29% total domestic unit car sales.

                       About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Italian industrial
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,
Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices
-------------------------------------------------------------
Hexion Specialty Chemicals, Inc. is increasing the prices of its
CARDURA(TM) glycidyl ester, ACE(TM) hydroxyl acrylate monomer,
VEOVA(TM) monomers and VERSATIC(TM) acids globally effective
Jan. 1, 2008, or as contract terms allow.

Prices of all VeoVa, Cardura, Versatic Acid and ACE grades will
increase by 150 Euro/mt or 200 USD/mt (equaling 9 cents per
pound).

                    About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of US$5.2 billion and employs more than
7,000 associates.

                        *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.


NRG ENERGY: Discloses New Consent Alternative Solicitations
-----------------------------------------------------------
NRG Energy Inc. is providing each investor with a new consent
alternative with respect to its Notes in addition to the
previously announced tender offers and consent solicitations,
which remain in effect, in connection with its pending
conditional tender offers and concurrent consent solicitations
relating to its US$4.7 billion of outstanding 7.25% senior notes
due 2014, 7.375% senior notes due 2016 and 7.375% senior notes
due 2017.

As previously announced, each investor may elect to tender its
Notes in the conditional, contractually required offers at 101%
of the principal amount, plus accrued interest, or may elect to
receive a consent payment of US$1.25 to US$2.50 in cash per
US$1,000 principal amount of Notes.  For the Original Consent
Payment, consents are limited to an agreement (the Original
Amendment) not to require the change of control offers in
connection with NRG's formation of a holding company structure
via the contemplated intercompany merger transaction.  The
Original Consent Payment will be a minimum of US$1.25 per
US$1,000 principal amount of Notes, or, in the event that such
consents are received from a majority in principal amount of a
series of Notes, will be US$1.25 divided by the percentage of
that series which consented.

As supplemented, each investor will have the same two
alternatives as before as well as a new consent alternative.

Under the new alternative, each investor may elect to receive a
consent payment of US$7.50 to US$15.00 in cash per US$1,000
principal amount of Notes.  For the Alternative Consent Payment,
consents will provide a new exception to the limitation on
restricted payments in the indentures for the Notes which will
permit restricted payments, including dividends and/or stock
repurchases, of up to US$300 million per year, with any of this
additional restricted payment capacity not used during a year
being carried over to the next year on a cumulative basis and
without reducing the amounts otherwise available to make
restricted payments.  In the event that consents to the new
consent alternative are received from a majority in principal
amount of each of the three series of Notes, the Alternative
Consent Payment will be US$7.50, divided by the overall
percentage of the aggregate principal amount of the Notes that
delivered consents under the new alternative and, in that event,
NRG will not consummate the Holdco Merger and NRG will not be
obligated (but reserves the right) to consummate the tender
offers.  In all other events, Holders of Notes who deliver
consents under the new consent alternative will also be
consenting to the Original Amendment and will receive US$7.50
per US$1,000 principal amount of such Notes subject to and
promptly upon consummation of the Holdco Merger.

NRG's obligation to make the minimum consent payments of US$1.25
per US$1,000 principal amount of Notes or US$7.50 per US$1,000
principal amount of Notes, as applicable, is not conditioned on
the receipt of consents from holders of Notes representing a
majority in principal amount of any one or more series.
The only condition to NRG's obligation to make these minimum
consent payments is the consummation of the Holdco Merger, and
NRG will make these consent payments promptly thereafter.  The
only condition to NRG's obligation to make the Maximum
Alternative Consent Payment is the receipt and effectiveness of
consents to the new consent alternative from holders of a
majority in principal amount of each of the three series of
Notes, and NRG will make such payments promptly thereafter.

If that consents are received with respect to Notes representing
a majority in principal amount of a particular series of Notes
(whether under the original consent alternative, the new consent
alternative or both on a combined basis), NRG will have the
option to terminate the tender offer for that series of Notes in
its discretion without purchasing any tendered Notes of such
series.  Tendered Notes will not be eligible to receive any
consent payment even if NRG exercises its option to terminate
the tender offer for a series after receiving majority consents
from that series.

The tender offers are not being modified and will continue in
effect on the same terms and conditions as previously announced.
The tender offers are expressly conditioned on the consummation
of the Holdco Merger (although NRG reserves the right to accept
tenders and purchase tendered Notes even if the Holdco Merger is
not consummated).

Only one election (tender, original consent or alternative
consent) may be made with respect to a specific principal amount
of Notes.  However, one election may be made for a portion of
such Notes and another election or elections may be made for the
remainder of such Notes (in each case in a minimum principal
amount of US$1,000).  Holders who deliver consents with respect
to any Notes will be eligible to receive either the Original
Consent Payment or the Alternative Consent Payment for such
Notes, as appropriate according to their election for such
Notes, but not both consent payments.  Notes that are neither
tendered nor consented will not be eligible to receive a consent
payment under any circumstances.

The tender offers and the consent solicitations will expire at
9:00 a.m., New York City time, on Dec. 4, 2007, unless extended.
NRG reserves the right, but is not obligated, to extend the
tender offers and the consent solicitations. Tenders may be
withdrawn and consents may be revoked at any time prior to 9:00
a.m., New York City time, on Dec. 4, 2007.

The complete terms of the tender offers and consent
solicitations are contained in the Notice of Conditional Offers
to Purchase and Concurrent Alternative Consent Solicitations
Statement dated Nov. 2, 2007, as supplemented by the Supplement
dated Nov. 26, 2007.  Copies of the Supplement are being sent to
holders of Notes.  Each tender offer or consent solicitation
with respect to a series of Notes is independent of the others.

Banc of America Securities LLC is the exclusive dealer manager
for the tender offers and solicitation agent for the consent
solicitations.  Questions regarding the tender offers and the
consent solicitations can be addressed to Banc of America
Securities LLC at (888) 292-0070 or (212) 847-5188.  Requests
for documents may be directed to MacKenzie Partners, Inc., the
information agent, at (800) 322-2885 or (212) 929-5500.

                      About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                        *     *     *

Standard & Poor's Ratings Services rates NRG Energy Inc.'s
USUS$4.7 billion unsecured bonds at 'B'.  In addition, Standard
& Poor's rates NRG Energy Inc.'s corporate credit rating at
'B+'.  S&P said the outlook is stable.


SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business
--------------------------------------------------------
Sanyo Electric Co., Ltd., will invest JPY20 billion in its
semiconductor unit, mainly to upgrade equipment, Nathan Layne,
citing the Nikkei business daily, writes for Reuters.

The Nikkei report, according to Mr. Layne, stated that Sanyo
would make the investment in the belief that it can generate
steady earnings.

However, Sanyo's spokesman, Akihiko Oiwa, claims that nothing
has been decided on such a plan, relates Reuters.

Reuters adds that Sanyo canceled its sale of the chip business
last month after private equity firm Advantage Partners LLP
failed to gather enough funds to support its US$1.1-billion bid.

                    About Sanyo Electric

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

                        *     *     *

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


UAL CORP: Pardus Urges Stock-for-Stock Merger with Delta
--------------------------------------------------------
Pardus Capital Management LP, a New York hedge fund with more
than US$3,000,000,000 in assets, urged United Airlines and Delta
Air Lines to merge next year in a stock-for-stock transaction,
according to reports.

The Chicago Tribune says former Continental Airlines Inc. CEO
Gordon Bethune, an adviser to Pardus, led the 1 1/2-hour
presentation for Delta and United's major shareholders.  The
meeting was hosted by Merrill Lynch & Co.

According to The Wall Street Journal, Pardus, which purportedly
owns 5,600,000 shares of UAL and 7,000,000 shares of Delta, said
a combination of the No. 2 and No. 3 U.S. carriers by traffic,
makes sense at a time when high fuel prices are threatening to
wipe out U.S. carriers' newfound profitability.

Combining United and Delta would create a global network that
would be favored by business travelers and save about
US$585,000,000 a year by 2012, Pardus added, reports Bloomberg
News.  This is slightly less than the carriers' combined
projected earnings of US$629,000,000, says Chicago Business
News.

A United-Delta merger ideal also would steer more Delta
passengers onto United's Pacific routes and more United
passengers onto Delta's Latin American destinations, Chicago
Business notes.

"We believe it is imperative that you seek to enter into a
merger transaction with another carrier given the rapid rise in
fuel prices and the increased risk to the business as a stand-
alone entity," Pardus President Karim Samii and Shane Larson, a
principal, told Delta in a letter, reports Bloomberg.

Pardus apparently studied mergers involving Delta and three
other carriers before recommending United as "the most
attractive and practical combination," Bloomberg adds.

                       No Merger Talks

"We appreciate receiving Pardus' views on the best course for
Delta's future," Delta Air Lines CEO Richard Anderson said in a
statement.  "We have been consistent in our public statements
that Delta believes that the right consolidation transaction
could generate significant value for our shareholders and
employees and that strategic options should be evaluated.  With
oil at over US$90 a barrel, this analysis takes on a heightened
importance as we factor those prices into our long-term planning
process."

However, Mr. Anderson denied reports ran by The Associated Press
that it engaged in merger talks with United Airlines in early
November.

The AP, in its report, said, part of the United and Delta merger
talks was a plan to keep the United name and corporate
headquarters in Chicago.

"There have been no talks with United regarding any type of
consolidation transaction and there are no such ongoing
discussions," Mr. Anderson said.  "Delta will not speculate on
possible airline consolidation and has reiterated its position
on the issue."

United Spokeswoman Jean Medina said, "We do not respond to
wholly inaccurate statements made by people who claim to have
knowledge when they clearly do not," reports Bloomberg.

Moreover, the United Master Executive Council has established
that there are no such talks between the two carriers, said
Captain Mark Bathurst, Chairman of the United Master Executive
Council.

"The United pilots have made a significant investment in the
future of our airline and have made it abundantly clear to
management that we will be opposed to any transaction that does
not fully recognize our sacrifices and contributions," said
Captain Bathurst.  "We will protect the interests and the future
of United pilots.  All interested parties should understand that
any plans to merge or consolidate with Delta or any other
carrier will not be met with a rubber stamp from this pilot
group.

"We also remind management -- and Wall Street -- that it is the
pilots and other employees who have suffered under this
management group.  Interested parties need to recognize that the
true assets of this corporation are the pilots and other
employees and we will not sacrifice again to facilitate
consolidation,"  Captain Bathurst added.

                      About Delta Air

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.  That plan became effective on April 30, 2007.
The Court entered a final decree closing 17 cases on
Sept. 26, 2007.

As of Sept. 30, 2007, the company's balance sheet showed total
assets of US$32.7 billion and total liabilities of US$23
billion, resulting in a USUS$9.7 billion stockholders' equity.
At Dec. 31, 2006, deficit was US$13.5 billion.

                       About UAL Corp.

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

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

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$25,608,000,000 and total liabilities of
US$22,968,000,000.

                        *     *     *

The company continues to carry Fitch Ratings' B- Issuer Default
Rating.


* BRAZIL: Petrobras Gets OK on Terminal Installation License
------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA aka
Petrobras has obtained approval from Rio de Janeiro state
environmental secretary watchdog Feema for the installation
license of its 14Mm3/d regasification terminal in Baia de
Guanabara, Business News Americas reports.

Secretary Carlos Minc told Business Americas that after a
thorough review and analysis, the state environmental agreed to
approve the installation license.

During its press conference, Petrobras gas and energy director
Maria das Gracas Foster asserted that the LNG regasification
plant will meet its May 2008 deadline with no delays in
construction, Business News Americas says.

In other news, Ms. Foster disclosed that Rio de Janeiro state
will not suffer natural gas restrictions as in early November.

According to Business Americas, the company's leased two vessels
will deliver LNG to the two regasification terminals.
Transporting is set for May 2008 and May 2009.

In addition, the company will build one more regasification
terminal as its 2008-12 business plan calls for importing up to
31Mm3/d through LNG.

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

                        *     *     *

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: Petrobras Inks Exploration Deal for Peru's Fields
-----------------------------------------------------------
Business News Americas relates that a group of Peru's state oil
company Petroperu and Brazilian state-run oil firm Petroleo
Brasileiro SA aka Petrobras has entered into an agreement with
Colombia's Ecopetrol S.A. to form Exploration and Production in
Peru's Amazon region.

Under the contract, the companies will hold a 33.33% stake in
the temporary venture with Petrobras leading the identification
of zones with the highest hydrocarbons potential, BNamericas
states.

Peru's state news agency Andina reports that the exploration
work will begin through November next year and take place in six
areas (26-31) that cover 5.63Mha in the Maranon basin, Loreto
department.

E&P work would follow with up to US$120-million investment,
BNamericas says, citing Petroperu.

                      About Petrobras

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

                      About Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity, according to the
company's Web site.  In 2005 it produced about 60 percent of
Colombia's daily output.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign
and local currency issuer default ratings at 'BB+' and 'BBB-',
respectively.  Fitch said the outlook for all ratings is stable.


* BRAZIL: Petroleo Brasileiro Mulls LNG Deals in Southern Cone
--------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA's gas
and energy director Maria das Gracas Foster told the press that
the firm is considering the possibility of entering into
liquefied natural gas agreements in the Southern Cone.

The accords could include help build regasification terminals or
supply liquefied natural gas, Business News Americas relates,
citing Ms. Foster.

Ms. Foster commented to BNamericas, "We are looking for
opportunities but all the negotiations have confidentiality
rules.  We are studying options for LNG [liquefied natural gas]
and LNG regasification plants."

According to BNamericas, Chile is constructing two
regasification terminals.  Meanwhile, Argentina and Uruguay are
studying plans to build terminals of their own.

BNamericas notes that Petroleo Brasileiro has discussed plans to
help Uruguay construct a plant, which could supply natural gas
to the country and Argentina.

Meanwhile, Petroleo Brasileiro's deepwater Tupi discovery in the
Santos basin could give the firm "vast reserves of natural gas,
which could be shipped from the well to the mainland in
liquefied form," BNamericas states.

                        *     *     *

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


ASBT CAYMAN SUB 84: Proofs of Claim Filing Is Until Dec. 2
----------------------------------------------------------
ASBT Cayman Sub No. 84 Limited's creditors are given until
Dec. 2, 2007, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

ASBT Cayman's shareholder agreed on Nov. 2, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                John Cullinane
                Derrie Boggess
                c/o Walkers SPV Limited
                Walker House, 87 Mary Street
                George Town, Grand Cayman KY1-9002
                Cayman Islands
                Telephone: (345) 914-6305


ASBT CAYMAN SUB 85: Proofs of Claim Filing Deadline Is Dec. 2
-------------------------------------------------------------
ASBT Cayman Sub No. 85 Limited's creditors are given until
Dec. 2, 2007, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

ASBT Cayman's shareholder agreed on Nov. 2, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                John Cullinane
                Derrie Boggess
                c/o Walkers SPV Limited
                Walker House, 87 Mary Street
                George Town, Grand Cayman KY1-9002
                Cayman Islands
                Telephone: (345) 914-6305


BLUE REEF: Sets Final Shareholders Meeting for Dec. 4
-----------------------------------------------------
Blue Reef Fund, Ltd. will hold its final shareholders meeting on
Dec. 4, 2007, at 9:00 a.m. at:

           Ogier, Attorneys
           Queensgate House, South Church Street
           Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         OGIER
         Attention: Giorgio Subiotto
         Queensgate House, South Church Street
         Grand Cayman, Cayman Islands
         Telephone: (345) 949 9876
         Fax: (345) 949 1986


DR GIGATREND: Proofs of Claim Filing Deadline Is Dec. 5
-------------------------------------------------------
DR Gigatrend Fund Limited's creditors are given until
Dec. 5, 2007, to prove their claims to Akiyoshi Shiotani, 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.

DR Gigatrend's shareholder agreed on Sept. 7, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Akiyoshi Shiotani
                1 Tanglin Road
                #04-01/14 Orchard Parade Hotel
                Singapore 247905


MORNINGSIDE PARK: Proofs of Claim Filing Deadline Is Dec. 2
-----------------------------------------------------------
Morningside Park, Ltd.'s creditors are given until Dec. 2, 2007,
to prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Morningside Park's shareholder agreed on Nov. 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                John Cullinane
                Derrie Boggess
                c/o Walkers SPV Limited
                Walker House, 87 Mary Street
                George Town, Grand Cayman KY1-9002
                Cayman Islands
                Telephone: (345) 914-6305


QIB BOULDER: Sets Final Shareholders Meeting for Dec. 4
-------------------------------------------------------
QIB Boulder Funding Limited will hold its final shareholders
meeting on Dec. 4, 2007, at 9:00 a.m. at the company's
registered office.

These agenda will be taken during the meeting:

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

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

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

Contact for inquiries:

         Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122


RGC INT'L: Proofs of Claim Filing Is Until Dec. 2
-------------------------------------------------
RGC International Investors LDC's creditors are given until
Dec. 2, 2007, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

RGC International's shareholders agreed on Oct. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                John Cullinane
                Derrie Boggess
                c/o Walkers SPV Limited
                Walker House, 87 Mary Street
                George Town, Grand Cayman KY1-9002
                Cayman Islands
                Telephone: (345) 914-6305


WICKAM FUND: Proofs of Claim Filing Deadline Is Dec. 3
------------------------------------------------------
Wickam Fund's creditors are given until Dec. 3, 2007, to prove
their claims to Derek Earl, 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.

Wickam's shareholder agreed to place the company into voluntary
liquidation under The Companies Law (2004 Revision) of the
Cayman Islands.

The liquidator can be reached at:

                Derek Earl
                Grant Thornton
                24-26 City Quay, Dublin 2
                Ireland




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


QUEBECOR INC: Moody's Reviews Ratings for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service has placed Quebecor World Inc.'s long
term debt ratings on review for possible downgrade and
downgraded the company's speculative grade liquidity rating to
SGL-4 (indicating poor liquidity).   The rating action responds
to the company's November 20th announcement that "adverse
current financial market conditions" had caused it to withdraw
"its refinancing plan involving an offer of approximately
CND$250 million of its equity shares, an offer on a private
placement basis of an aggregate of US$500 million of new debt
securities and amendments to the company's secured credit
facilities."  In combination with the benefits of a pending
partial divestiture of its European operations, these steps
would have significantly improved the company's liquidity
position.   With the refinancing transaction having been
cancelled, the company's financing arrangements require prompt
attention in order to assure ongoing orderly operations, and
Moody's considers near term default risk and, therefore,
Quebecor World's long-term debt ratings, to be inextricably
linked to the company's ability to normalize its financing
arrangements.  Moody's intends to review the company's
financing/liquidity plans in short order, with any resulting
rating action being based on likely effectiveness and prospects
for timely execution.  With the company appearing to be on the
verge of generating modest positive cash flow as the cash drain
related to its extensive retooling exercise nears completion,
presuming that the company's financing/liquidity plans are
viable, Moody's would affirm the existing B3 corporate family
rating and Caa1 instrument ratings.  Should this not be the
case, downwards ratings actions are likely.

Approximately US$1.4 billion of rated debt instruments affected.

Downgrades:

Issuer: Quebecor World, Inc.

  -- Speculative Grade Liquidity Rating, Downgraded to SGL-4
     from SGL-3

  -- Senior Unsecured Regular Bond/Debenture, (unchanged at
     Caa1) Downgraded to LGD4, 66 from LGD4, 60

Issuer: Quebecor World Capital Corporation

  -- Senior Unsecured Regular Bond/Debenture, (unchanged at
     Caa1) Downgraded to LGD4, 66 from LGD4, 60

Issuer: Quebecor World Capital ULC

  -- Senior Unsecured Regular Bond/Debenture, (unchanged at
     Caa1) Downgraded to LGD4, 66 from LGD4, 60

On Review for Possible Downgrade:

Issuer: Quebecor World, Inc.

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B3

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

  -- Probability of Default Rating, Placed on Review for
     Possible Downgrade, currently B3

Issuer: Quebecor World Capital Corporation

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

Issuer: Quebecor World Capital ULC

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

Outlook Actions:

Issuer: Quebecor World, Inc.

  -- Outlook, Changed To Rating Under Review From Stable

Issuer: Quebecor World Capital Corporation

  -- Outlook, Changed To Rating Under Review From Stable

Issuer: Quebecor World Capital ULC

  -- Outlook, Changed To Rating Under Review From Stable

Withdrawals:

Issuer: Quebecor World, Inc.

  -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
     previously rated Caa1 (LGD4, 60)

In addition, Quebecor World noted it "will continue to evaluate
financing alternatives, including the issuance of equity and
debt securities when conditions are more favorable, asset sales
and sale-leaseback transactions and explore other alternatives.
To that effect, the Board will hire independent financial
advisors."  The company's major shareholder, Quebecor Inc.,
(holds 85% of the voting rights and 35.6% of Quebecor World's
economic equity) has indicated that it "will cooperate in the
exploration of other alternatives that will be examined by the
Quebecor World board."  This has raised conjecture of Quebecor
World being sold.  Moody's is not aware that any such activities
are being pursued.  Irrespective, while a sale may have an
impact on the company's future ratings, until a transaction
becomes certain, it will have no immediate ratings' impact.

In the interim, developments will be monitored and assessed as
they occur.  In addition to the above matters, Moody's withdrew
the instrument ratings related to the cancelled debt issue and
implemented minor revisions to loss given default ratings.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.




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


* COLOMBIA: Advancing Sale of Stake in Five Power Utilities
-----------------------------------------------------------
The Colombian government said in a press statement that it is
advancing with the sale of the stake it holds in five power
utilities.

Published reports say that the government will sell:

    -- its 99.63% stake in Boyaca for a total of COP366 billion,
    -- its 79.15% stake in Norte de Santander for COP122
       billion,
    -- its 55.7% stake in Meta for COP75.7 billion,
    -- its 79% stake in Santander for COP226 billion, and
    -- its 88.14% stake in Cundinamarca for COP157 billion.

Business News Americas relates that the firms have total debt of
COP500 billion.  The government wants to bring in over COP946
billion from the sale.

According to BNamericas, the Colombian government will offer the
shares in two rounds:

     -- the first to the solidarity sector of active and retired
        employees of companies, pension funds, mutual funds and
        cooperatives; and

     -- the second the sale of remaining shares to the general
        public.

The government said in a statement that it is verifying
applications for share purchases for the first round.

A prequalification phase would be launched this week.  Shares
purchased in the first round will be distributed next month,
BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Standard & Poor's Ratings Services assigned its
'BB+' long-term senior unsecured rating to the Republic of
Colombia's proposed 2027 Global Titulos de Tesoreria bond, a
bond denominated in Colombian pesos but payable in US dollars.




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


AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid
----------------------------------------------------------------
Affiliated Computer Services, Inc. disclosed a contract with the
Idaho Department of Health and Welfare to provide pharmacy
benefits management services for its Medicaid program.  The
contract has a length of up to 10 years and a total value of
US$18.5 million, if a three-year option is exercised.

This contract extends a relationship that originated in 2002,
when Affiliated Computer first implemented SmartPA(R), an
automated prior authorization solution.  The company will
provide several pharmacy benefits management solutions,
including pharmacy claims processing, automated prior
authorizations using SmartPA, help desk support, Prospective
Drug Utilization Review, Retrospective Drug Utilization Review,
federal and supplemental drug rebate administration using the
company's Drug Rebate Analysis and Management System, and
reporting using CyberFormance(TM).

"We are pleased to have the opportunity to expand and continue
our successful pharmacy benefits management partnership with the
Department of Health and Welfare," said Government Healthcare
Solutions senior vice president and managing director,
Christopher T. Deelsnyder.  "This partnership demonstrates that
we work closely with our clients to help ensure the success of
their vision for providing patients with the best care possible
through innovative clinical and technology solutions."

                About Affiliated Computer Services

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/--
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Standard & Poor's Ratings Services kept its 'BB'
corporate credit and senior secured ratings on Dallas-based
Affiliated Computer Services Inc. on CreditWatch with negative
implications, where they were placed on March 20, 2007.


* DOMINICAN REPUBLIC: Wants Full Control of Royal Dutch Plant
-------------------------------------------------------------
The Associated Press reports that the government of the
Dominican Republic is going after the Refidomsa plant, which it
jointly owns with Royal Dutch Shell PLC.

According to the AP, the government is seeking full control of
the refinery in bid to stabilize fuel prices within the country.

Protests were launched against the government due to rising gas
prices, which are approaching US$5 per gallon, the AP notes.

The AP relates that Royal Dutch said earlier this year that it
was conducting a strategic review of its stake in Refidomsa,
which was a sign that the firm was willing to sell the plant.

The treasury minister has been authorized to launch talks for
the acquisition of Royal Dutch's 50% stake in Refidomsa,
President Leonel Fernandez told the AP.  The plant produces
about 30,000 barrels of fuel daily, which is under a fifth of
the Dominican Republic's daily consumption.

The joint-ownership arrangement prevented the government from
expanding the plant, which would let it import its full fuel
quota under Venezuelan oil program PetroCaribe, the AP says,
citing President Fernandez.

The AP says that the Dominican Republic imports all its fuel.
The government admitted that the country has been able to import
only about 35,000 barrels per day.  Under the PetroCaribe
initiative, the nation can import up to 50,000 barrels per day.

The government would try boosting fuel conservation by
decreasing traffic congestion and converting buses and taxis to
use natural gas, the AP states, citing President Fernandez.

                  About Royal Dutch Shell

Royal Dutch Shell PLC is engaged in all principal aspects of the
oil and natural gas industry, and also has interests in
chemicals and additional interests in power generation and
renewable energy (mainly in wind and advanced solar energy).
The company operates in five segments: Exploration & Production,
which searches for and recovers oil and natural gas around the
world and is active in 38 countries; Gas & Power, which
liquefies and transports natural gas, and develops natural gas
markets and related infrastructure; Oil Products, which include
all of the activities necessary to transform crude oil into
petroleum products and deliver these to customers worldwide;
Chemicals, which produces and sells petrochemicals to industrial
customers globally, and Other Industry Segments and Corporate,
which include Renewables and Hydrogen.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.




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


* ECUADOR: Eyes Two Chinese Companies for Oil Exploration Deal
--------------------------------------------------------------
China Daily News reports that Ecuadorian President Rafael Correa
is in talks with the deputy managers of China National Petroleum
Corporation (PetroChina) and the China Petroleum and Chemical
Corporation (Sinopec) for joint exploration of Ecuador's oil
resources.

According to the report, Mr. Correa met with two major Chinese
oil company managers on his week-long state visit to Xian,
China.

China Daily states that the two Chinese companies has discussed
with Ecuadorian companies on several contracts to:

   * help upgrade Ecuador's outdated drilling facilities,
   * improve refinery efficiency and
   * train local technical personnel.

Mr. Correa, China Daily adds, is hoping that Chinese companies
would cooperate in an new oil refinery construction in the
coastal province of Manabi.  PetroEcuador, the national oil
company, and Petroleos de Venezuela has been committed with the
project.

In addition, Mr. Correa met with Chinese President Hu Jintao and
signed several documents.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Fitch Ratings affirmed and removed from Rating
Watch Negative the long-term foreign currency Issuer Default
Rating of Ecuador at 'CCC', the country ceiling at 'B-' and the
short-term IDR at 'C'.  Fitch said the rating outlook is stable.

In addition, these bond ratings were affirmed:

  -- Uncollateralized foreign currency bonds at 'CCC/RR4';
  -- Collateralized foreign currency Par and Discount Brady
     bonds at 'CCC+/RR3'.




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


BANCO INDUSTRIAL: Strong Franchise Cues Fitch to Revise Outlook
---------------------------------------------------------------
Fitch has revised the Outlook on Guatemala's Banco Industrial to
Positive from Stable, with all ratings affirmed as:

Banco Industrial:

  -- Long-term foreign and local currency Issuer Default Rating
     'BB';

  -- Short-term foreign and local currency rating 'B';

  -- Individual 'D';

  -- Support '3';

  -- Support Rating Floor 'BB-';

  -- National-scale long-term rating 'AA-(gtm)';

  -- National-scale short-term rating 'F1(gtm)';

Banco Industrial's ratings reflect its strong franchise in
Guatemala, adequate asset quality and ample deposits and
liquidity.  The ratings are limited by the company's tight
capitalization and reserve levels, and relatively low, though
improving, profitability.

In addition to strong organic growth in recent years, some in-
market acquisitions since 2006 have constrained the bank's IDRs
and Individual rating, mainly because of its tight capital and
reserves, as well as the operating challenges arising from non-
organic growth.  However, its internal capital generation is
improving, while its base of eligible capital will be further
strengthened with eligible hybrids and, if required going
forward, additional capital contributions.  Moreover, the local
franchise has been enhanced, while the bank continues seeking
growth opportunities in its core foreign markets (El Salvador,
Honduras and, to a lesser extent, Mexico and the United States).
The Positive Outlook reflects that ratings could be upgraded as
the bank consolidates its domestic and regional expansion while
boosting its loss absorption capacity, in the form of stronger
capital adequacy and/or loan loss reserves.  Its ability to
sustain improvements in profitability and funding will be
critical to this consolidation.

If Banco Industrial ran into difficulties, Fitch believes the
Guatemalan government (rated 'BB+' with Stable Outlook) would
have a vested interest to support the bank, given its ample
deposit market share.  Due to the country's sub-investment grade
sovereign rating, Fitch considers that the probability of
sovereign support for the bank is moderate.  Downside risk for
the IDRs, which in Fitch's view is currently low, is limited by
the support floor.

Banco de Occidente, acquired by Banco Industrial in March 2006
when it had a 5% market share and was Guatemala's sixth largest
bank, was merged into Banco Industrial in November 2006.  In
January 2007, Banco Industrial absorbed the deposits and
branches of Banco de Comercio, which was intervened by the
banking regulators due to liquidity problems.  Fitch expects
that the potential net costs of this absorption, if any, will
likely be minor and will not affect Banco Industrial's financial
condition.  Recently, Banco Industrial announced an agreement to
merge Banco del Quetzal, a well-performing small bank, which
will provide another footprint in the mortgage and consumer
finance sectors.  Unlike the acquisition of Banco de Occidente
in 2006, neither the absorption of Banco de Comercio nor the
merger of Banco del Quetzal resulted in cash disbursements or
goodwill created by Banco Industrial (Quetzal's shareholders
will only receive Industrial's shares upon completion of the
merger).

                    About Banco Industrial

Banco Industrial S.A. is the largest bank in Guatemala with
consolidated assets of approximately US$3.86 billion and equity
of US$327.4 million as of June 30, 2007.  Banco del Quetzal S.A.
reported US$232 million in assets and US$18 million in equity as
of June 30, 2007.  Grupo Financiero Banquetzal reported US$250
million in assets and US$21 million in equity as of June 30,
2007.




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


CABLE & WIRELESS: Launching Disabling Service for Stolen Phones
---------------------------------------------------------------
Cable & Wireless' Jamaican unit will launch by Dec. 7, 2007, a
new service that will blacklist and shut down stolen cellular
phones, The Jamaica Observer reports.

The Jamaica Information Service relates that the Jamaican
government had asked Cable & Wireless, Digicel, and Miphone to
make efforts to protect subscribers.

Jamaican energy, mining and telecommunications minister Clive
Mullings told The Observer that due to concerns raised about the
"alarming rate of cellular phones being stolen and the threat of
violence to the owners," he launched discussions with mobile
companies Cable & Wireless, Digicel, and Miphone about launching
a system of closing down and blacklisting stolen phones to make
those phones useless in the hands of thieves or their
beneficiaries.

According to The Observer, Jamaican education minister Andrew
Holness suggested the service two years ago.

Minister Mullings told The Observer that Cable & Wireless,
Digicel, and Miphone responded positively to proposals.  Cable &
Wireless sent a letter to him on Nov. 9, advising him that the
firm would be ready to implement blacklisting and shutting down
of their stolen mobile phones by Dec. 1.

Digicel and MiPhone also expressed their willingness to launch
the same service but they hadn't given a start-up date, The
Jamaica Gleaner notes, citing Minister Mullings.

Minister Mullings commented to The Observer, "We are a people
who like to be 'on top of things', and we will continue to
acquire the latest in phone and telecommunication technology to
keep us in touch.  The government, therefore, had to find a way
to allow individuals to continue to avail themselves of the use
of mobile phones, while reducing the danger posed by dishonest
and anti-social persons."

Minister Mullings told the Jamaica Information Service, "If the
government did not move quickly to address the problem, we would
continue to see an increase in the number of incidents in which
our citizens, including school children, are attacked for their
phones."

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

                        *     *     *

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

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


DIGICEL GROUP: Launching Disabling Service for Stolen Phones
------------------------------------------------------------
Digicel, in response to the Jamaican government's plea to make
efforts against cellular phone theft, is willing to launch a
disabling service similar to that of Cable & Wireless Jamaica,
The Jamaica Gleaner reports, citing Jamaican energy, mining and
telecommunications minister Clive Mullings.

The Jamaica Observer relates that Cable & Wireless Jamaican
will launch by Dec. 7, 2007, a new service that will blacklist
and shut down stolen cellular phones.

The Jamaica Information Service notes that the Jamaican
government had asked Cable & Wireless, Digicel, and Miphone to
make efforts to protect subscribers.

Minister Mullings told The Observer that due to concerns raised
about the "alarming rate of cellular phones being stolen and the
threat of violence to the owners," he launched discussions with
mobile companies Cable & Wireless, Digicel, and Miphone about
launching a system of closing down and blacklisting stolen
phones to make those phones useless in the hands of thieves or
their beneficiaries.

According to The Observer, Jamaican education minister Andrew
Holness suggested the service two years ago.

Minister Mullings told The Observer that Cable & Wireless,
Digicel, and Miphone responded positively to proposals.  Cable &
Wireless sent a letter to him on Nov. 9, advising him that the
firm would be ready to implement blacklisting and shutting down
of their stolen mobile phones by Dec. 1.

MiPhone also expressed its willingness to take launch the same
service but they hadn't given a start-up date, The Jamaica
Gleaner notes, citing Minister Mullings.

Minister Mullings commented to The Observer, "We are a people
who like to be 'on top of things', and we will continue to
acquire the latest in phone and telecommunication technology to
keep us in touch.  The government, therefore, had to find a way
to allow individuals to continue to avail themselves of the use
of mobile phones, while reducing the danger posed by dishonest
and anti-social persons."

Minister Mullings told the Jamaica Information Service, "If the
government did not move quickly to address the problem, we would
continue to see an increase in the number of incidents in which
our citizens, including school children, are attacked for their
phones."

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

                        *     *     *

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings is stable.


* JAMAICA: Divesting Railway System & Norman Manley Airport
-----------------------------------------------------------
Radio Jamaica reports that the Jamaican cabinet would sign off
the operation of the railway system and the Norman Manley
International Airport by year-end.

According to Radio Jamaica, the railway system will be divested
while the Norman Manley airport will be privatized.

Transportation Minister Mike Henry told Radio Jamaica, "he is
awaiting cabinet deliberations on the way forward."

"Yes, I am looking to take a cabinet submission on the railway
in the next couple of weeks we are refining the approach in that
area and we are also of course meeting with the Airports
Authority board to look at the Norman Manley Development which
is taking place and the privatization which we are pursuing,"
Minister Henry commented to Radio Jamaica.

As reported in the Troubled Company Reporter-Latin America on
Oct. 16, 2007, Fitch Ratings affirmed Jamaica's ratings and the
Stable Outlook as:

  -- Foreign and local currency Issuer Default Ratings 'B+';
  -- Country ceiling 'BB-';
  -- Bond obligations 'B+/RR4'.




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


ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs
---------------------------------------------------------
Aramark Corporation has entered into a national partnership with
Amerex Energy Services to provide clients with an array of
energy services, including the purchase of renewable energy
credits.

"Businesses and institutions nationwide are aggressively working
to improve their environmental footprint - for themselves, for
their customers, and for their communities," said Ron Mesaros,
associate vice president of technical services for ARAMARK.
"Together, Aramark and Amerex can offer these institutions more
innovative ways to reduce their energy costs and complement
their strategies for sustainability."

Aramark's energy management programs are a vital component of an
institution's overall strategy toward environmental stewardship.
Through its services, Aramark helps institutions calculate their
carbon footprint, reduce reliance on fossil fuels, procure
alternative energy, achieve LEED certification, and
reduce greenhouse gas emissions.

Amerex Energy Services, a division of Amerex Brokers LLC, a
wholly owned subsidiary of GFI Group Inc. is a national energy
consultant that works with retail electric providers and
wholesale power suppliers to procure energy for its clients.
The company provides a wide array of energy and energy-related
financial tools to help its clients lower their energy costs.
The company serves a global client network of more than 1,000
firms, including thousands of traders and risk management
professionals.

Together, ARAMARK and Amerex will offer a broad portfolio of
options to help businesses reduce energy use and cost-
effectively procure energy resources.  Services offered include
conducting energy audits, developing energy reduction
strategies, negotiating contracts with electricity and natural
gas providers, training facility staff on energy efficiency, and
providing ongoing insight into the energy market.

The companies will also assist institutions with the purchase of
RECs.  RECs represent units of energy expended by a business
which, when purchased, are invested into renewable energy
solutions such as wind power, water power and solar energy.  A
growing number of institutions are purchasing RECs as a way to
minimize their impact on the environment and affect climate
change.

Aramark and Amerex recently partnered with Integrys Energy
Services Inc. and Credit Suisse Group to help Baylor University
negotiate a ground breaking 10-year power deal that will save
more than US$2 million of the US$13.5 million the university
spends annually on electricity for the 735-acre campus.  The
agreement includes the finance and support of wind-generated
electricity, support for the development of wind farms in Texas,
and the development of alternative energy sources in higher
education.  For its efforts, Baylor received a "2007 Award for
Innovation" for the National Association of College and
University Business Officers.

"The new energy contract at Baylor is a breakthrough agreement
for universities looking for creative ways to remain good
stewards to their communities," added Mr. Mesaros.  "This
national partnership will allow Aramark and Amerex to bring
critical energy management knowledge and insights to other
institutions throughout the United States."

                        About Aramark

Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world.  Aramark has approximately
240,000 employees serving clients in 20 countries, including
Belgium, Czech Republic, Germany, Ireland, UK, Mexico, Brazil,
Chile, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2007,
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.


FEDERAL-MOGUL: Posts US$7.6 Mil. Net Loss in Month Ended Oct. 31
----------------------------------------------------------------
                Federal-Mogul Global, Inc., et al.
                     Unaudited Balance Sheet
                      As of October 31, 2007
                          (In millions)

                              Assets

Cash and equivalents                                    US$67.9
Accounts receivable                                       616.2
Inventories                                               405.3
Deferred taxes                                            194.6
Prepaid expenses and other current assets                 114.9
                                                       --------
Total current assets                                    1,398.8

Summary of Unpaid Postpetition Debits                      10.3
Intercompany Loans Receivable (Payable)                 1,743.5
                                                       --------
Intercompany Balances                                   1,753.8

Property, plant and equipment                             751.1
Goodwill                                                  930.9
Other intangible assets                                   340.2
Insurance recoverable                                     896.1
Other non-current assets                                1,273.4
                                                       --------
Total Assets                                         US$7,344.3

               Liabilities and Shareholders' Equity

Short-term debt                                        US$790.7
Accounts payable                                          238.0
Accrued compensation                                       74.3
Restructuring and rationalization reserves                 10.2
Current portion of asbestos liability                         -
Interest payable                                            3.8
Other accrued liabilities                                 961.4
                                                       --------
Total current liabilities                               2,078.5

Long-term debt                                                -
Post-employment benefits                                  687.8
Other accrued liabilities                                 593.4
Liabilities subject to compromise                       5,459.4

Shareholders' equity:
   Preferred stock                                      1,050.6
   Common stock                                           662.1
   Additional paid-in capital                           8,000.3
   Accumulated deficit                                (11,447.8)
   Accumulated other comprehensive income                 260.1
   Other                                                      -
                                                       --------
Total Shareholders' Equity                             (1,474.7)
                                                       --------
Total Liabilities and Shareholders' Equity           US$7,344.3


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
               For the Month Ended October 31, 2007
                          (In millions)

Net sales                                              US$271.0
Cost of products sold                                     223.7
                                                       --------
Gross margin                                               47.3

Selling, general & administrative expenses                (40.9)
Amortization                                               (1.2)
Reorganization items                                       (4.8)
Interest income (expense), net                            (16.1)
Other income (expense), net                                 8.8
                                                       --------
Earnings before Income Taxes                               (6.9)

Income Tax (Expense) Benefit                               (0.8)
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                                 (7.6)
                                                       --------
Net Earnings (loss)                                     (US$7.6)


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
               For the Month Ended October 31, 2007
                          (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                   (US$7.6)
Adjustments to reconcile net earnings (loss) to net cash:
   Depreciation and amortization                           14.6
   Adjustment of assets held for sale and
      other long-lived assets to fair value                   -
   Asbestos charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg. principle            -
   Change in post-employment benefits                       7.3
   Decrease (increase) in accounts receivable               1.3
   Decrease (increase) in inventories                      (1.5)
   Increase (decrease) in accounts payable                 (8.2)
   Change in other assets & other liabilities             (28.4)
   Change in restructuring charge                             -
   Refunds (payments) against asbestos liability              -
                                                       --------
Net Cash Provided From Operating Activities               (22.6)

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment            (6.3)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                           -
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                       --------
Net Cash Provided From (Used By) Investing Activities      (6.3)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                              8.8
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                    1.4
                                                       --------
Net Cash Provided From Financing Activities                10.2

Increase (Decrease) in Cash and Equivalents               (18.7)

Cash and equivalents at beginning of period                86.6
                                                       --------
Cash and equivalents at end of period                   US$67.9

                     About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.

(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


FEDERAL-MOGUL: Thornwood to Own 25% of Debtors' Stock
-----------------------------------------------------
On the Effective Date of Federal-Mogul Corp. and its debtor-
affiliates' Fourth Amended Joint Plan of Reorganization,
existing voting securities will be canceled.

As set forth in the Plan, Reorganized Federal-Mogul will issue,
on the Effective Date, new Class A Common Stock, new Class B
Common Stock and US$305,236,000 in Senior Subordinated Third
Priority Secured Notes due 2018 pursuant to an indenture.
Voting securities in Reorganized Federal-Mogul will consist of
the New Common Stock.

The Fourth Amended Plan provides that a trust for the benefit of
the holders of Asbestos Personal Injury Claims will receive
50.1% of the shares of Common Stock to be issued by Reorganized
Federal-Mogul.  The remaining shares will be distributed pro
rata to holders of Allowed Noteholder Claims, Allowed
Convertible Subordinated Debenture Claims, and Allowed Class H
Unsecured Claims against the U.S. Debtors.

There are no persons owning 10% or more of Federal-Mogul's
voting securities as of Nov. 20, 2007, Federal-Mogul Corp.
Senior Vice President and General Counsel Robert L. Katz
discloses in a regulatory filing with the Securities and
Exchange Commission.

However, the Debtors anticipate that on the Effective Date,
Thornwood Associates Limited Partnership and the Asbestos
Personal Injury Trust will own more than 10% of Reorganized
Federal-Mogul's voting securities:

                                              Percentage of
                                               Total Voting
   Entity              Class Ownership       Securities Owned
   ------              ---------------       ----------------
   Asbestos PI Trust   US$50,100,000 in
                       Class B Common Stock        50.1%

   Thornwood           US$25,898,100 in
                       Class A Common Stock        25.9%

Dependent upon the occurrence of certain conditions, the Plan
grants Thornwood two options to acquire additional shares of
Class B Common Stock.  If exercised by Thornwood, the Options
will reduce the Trust's ownership of voting securities to zero,
Mr. Katz notes.

Thornwood is a Delaware limited partnership, the general partner
of which is Barberry Corp., the sole shareholder of which is
Carl Icahn, an individual.  Thornwood is headquartered at 445
Hamilton Avenue, Suite 1210, in White Plains, New York.

                    About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and $8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.  On Nov. 13, 2007, the Bankruptcy Court's
confirmation of the Fourth Amended Plan was affirmed by the
District Court.

(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


FEDERAL-MOGUL: To Issue US$305,236,000 in Senior Notes
------------------------------------------------------
Pursuant to the requirements of the Trust Indenture Act of 1939,
Federal-Mogul Corp. discloses in a regulatory filing with the
U.S. Securities and Exchange Commission that it intends to issue
certain Senior Subordinated Third Priority Secured Notes due
2018 on the Effective Date of the Fourth Amended Joint Plan of
Reorganization.  Federal-Mogul anticipates exiting from
bankruptcy in December 2007.

Reorganized Federal-Mogul plans to initially issue
US$305,236,000 in Notes under the Fourth Amended Plan, Federal-
Mogul Corp. Senior Vice President and General Counsel Robert L.
Katz relates.  The Notes will be issued under an indenture among
Reorganized Federal-Mogul, certain guarantors, and U.S. Bank
National Association, as trustee, Mr. Katz says.

A full-text copy of the form of Indenture is available for free
at the Securities and Exchange Commission at:

                 http://ResearchArchives.com/t/s?25ba

Among the Indenture Guarantors are these Debtors:

   * Carter Automotive Company, Inc.
   * F-M UK Holding Limited
   * Federal-Mogul Dutch Holdings Inc.
   * Federal-Mogul FAP Inc.
   * Federal-Mogul FX, Inc.
   * Federal-Mogul Global B.V.
   * Federal-Mogul Global Inc.
   * Federal-Mogul Global Properties, Inc.
   * Federal-Mogul Growth B.V.
   * Federal-Mogul Ignition Company
   * Federal-Mogul Mystic, Inc.
   * Federal-Mogul Piston Rings, Inc.
   * Federal-Mogul Powertrain, Inc.
   * Federal-Mogul Products, Inc.
   * Federal-Mogul Technical Center, LLC
   * Federal-Mogul U.K. Holdings Inc.
   * Federal-Mogul Venture Corporation
   * Federal-Mogul World Wide, Inc.
   * Felt Products Mfg. Co.
   * Ferodo America, Inc.
   * Ferodo Holdings Inc.
   * Gasket Holdings Inc.
   * McCord Sealing, Inc.
   * T&N Industries Inc.

Pursuant to the Plan, holders of Allowed Bank Claims and Allowed
Surety Claims will receive the Notes in partial satisfaction of
their claims.

The Notes will be executed on behalf of Federal-Mogul by two
officers or an officer and an assistant secretary.  A Note will
be valid only if the Trustee manually signs the certificate of
authentication on the Note, Mr. Katz clarifies.  If an Officer
whose signature is on a Note no longer holds that office at the
time the Trustee authenticates the Note or at any time
thereafter, the Note will be valid nevertheless, Mr. Katz says.

Federal-Mogul, Mr. Katz adds, will not receive any proceeds from
the issuance of the Notes because the Notes will be issued as
part of an exchange, as provided in the Plan.

The Debtors aver that the issuance of the Notes is exempt from
the registration requirements of the Securities Act of 1933, as
amended, pursuant to Section 1145(a)(1) of the Bankruptcy Code.

             Outstanding Capital Securities

As of Oct. 31, 2007, Federal-Mogul's authorized and
outstanding capital stock and debt securities are at these
amounts:

   Title of Class          Amount Authorized  Amount Outstanding
   --------------          -----------------  ------------------
   Common Stock           260,000,000 shares   89,496,493 shares

   Series C ESOP
   Convertible
   Preferred Stock          1,000,000 shares      439,937 shares

   Notes due 2004
   (7.5% issued in 1998)      US$250,000,000      US$239,800,000

   Notes due 2006
   (7.75% issued in 1998)     US$400,000,000      US$391,900,000

   Notes due 2006
   (7.375% issued in 1999)    US$400,000,000      US$394,000,000

   Notes due 2009
   (7.5% issued in 1999)      US$600,000,000      US$562,200,000

   Notes due 2010
   (7.875% issued in 1998)    US$350,000,000      US$340,400,000

   Medium-Term Notes due
   between 2002 & 2005
   (average rate of 8.8%
   issued in 1994 & 1995)      US$84,000,000       US$84,000,000

   Senior Notes due 2007
   (8.8% issued in 1997       US$125,000,000      US$103,300,000

   7.0% Convertible Junior
   Subordinated Debentures    US$575,000,000       US$74,300,000

According to Mr. Katz, Reorganized Federal-Mogul will have
capital stock and debt securities authorized and outstanding at
these amounts as of the Effective Date:

   Title of Class          Amount Authorized  Amount Outstanding
   --------------          -----------------  ------------------
   Class A Common Stock
   par value US$0.01       400,000,000 shares  49,900,000 shares

   Class B Common Stock
   par value US$0.01        50,100,000 shares  50,100,000 shares

   Preferred Stock
   par value US$0.01        90,000,000 shares                  -

   Senior Subordinated
   Third Priority
   Secured Notes due 2018     US$305,236,000      US$305,236,000

                    About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and $8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.  On Nov. 13, 2007, the Bankruptcy Court's
confirmation of the Fourth Amended Plan was affirmed by the
District Court.

(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


HIPOTECARIA CREDITO: Inks Sale Agreement with Coppel Capital
------------------------------------------------------------
Hipotecaria Credito y Casa has signed an accord for its sale to
Mexican Grupo Coppel unit Coppel Capital, for an undisclosed
sum, Coppel Capital said in a filing with the Mexico City stock
exchange.

According to Coppel Capital's filing, Grupo Coppel would create
a financial services group once the purchase is completed.  The
group would be comprised of:

          -- Hipotecaria Credito,
          -- commercial bank BanCoppel, and
          -- pension fund manager Afore Coppel.

Coppel Capital told Business News Americas that it would
maintain the Hipotecaria Credito brand and the firm's management
team.

The federal competition commission of Mexico has approved the
transaction, BNamericas states.

Hipotecaria Credito y Casa is a special purpose financial
company, or Sofol, that specializes in low-income mortgage
lending and also provides construction bridge loans for housing
developments.  It is based in Culiacan, Sinaloa, Mexico.  It
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company. Hippotecaria Credito's main
activity consists of extending mortgages financed by monies from
SHF to low income households.  As of March 31, 2006, the company
reported assets of MXN19.3 billion and MXN1.3 billion in equity.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2006, Moody's de Mexico SA de CV assigned a rating of
Aaa.mx and Baa1 to the Series A certificates CREYCB 06U and a
rating of A1.mx and Ba2 to the Series B certificates from
Hipotecaria Credito aka Casa, SA de CV, Sociedad Financiera de
Objeto Limitado aka CyC.  The certificates were issued by Banco
Invex SA, acting solely in its capacity as trustee.

In July 2007, Moody's affirmed the ratings of Hipotecaria
Credito's Class A and B certificates:

          -- Class A Certificates with its Aaa.mx Mexican
             national scale rating and Baa1 global global scale,
             local currency rating; and

          -- Class B Certificates with its A1.mx Mexican
             national scale rating and Ba2 global scale, local
             currency rating.


JOAN FABRICS: Court Converts Reorganization Case to Chapter 7
-------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware converted the chapter 11 case of Joan
Fabrics Corporation and Madison Avenue Designs LLC, to chapter 7
liquidation, The Associated Press reports.

The Debtors asked for the conversion after being barred from
using their lenders' cash collateral subsequent to an
Oct. 28, 2007 expiration date, AP relates, citing court
documents.  Presently, the Debtors hold about US$2.88 million
cash, AP notes.

Under chapter 7, AP relates, the Debtors will be able to
mitigate administrative expenses.

Based in Tyngsboro, Massachusetts, Joan Fabrics Corporation
manufactures automotive and furniture upholstery fabrics.  The
company has a manufacturing facility in North Carolina and an
affiliate entity in Mexico.

The Debtor and its affiliate, Madison Avenue Designs LLC, filed
for Chapter 11 protection on April 10, 2007 (Bankr. D. Del. Case
Nos. 07-10479 and 07-10480).  Curtis A. Hehn, Esq., Laura Davis
Jones, Esq., and Michael Seidl, Esq., at Pachulski Stang Ziehl
Young Jones & Wein represent the Debtors in their restructuring
efforts.  Bradford J. Sandler, Esq., at Benesch Friedlander
Coplan & Aronoff and David A. Matthews, Esq., at Shumaker, Loop
& Kendrick, LLP represent the Official Committee of Unsecured
Creditors.  The Debtors' exclusive period to file a plan expired
on Aug. 8, 2007.  The Debtors' schedules of assets and
liabilities disclose total assets of US$48,896,091 and total
debts of US$80,190,872.




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


DOLE FOOD: Appeals Legal & Constitutional Issues in Tellez Case
---------------------------------------------------------------
Although the Dole Food Company, Inc., said it is pleased that
the punitive damages phase has concluded in the Tellez case in
Los Angeles Superior Court, it will still file an appeal on
legal and constitutional issues pertaining to the verdict.

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2007, at a jury hearing held Nov. 14 in Los Angeles
Superior Court Judge Victoria G. Chaney's chamber, Dole Food was
asked to pay five former Nicaraguan employees US$2.5 million for
punitive damages.  These workers also got a US$3.2 million
compensatory damages for suffering sterility due to exposure to
the pesticide DBCP on Dole's banana plantations in Nicaragua.
Most of the compensatory award will be paid by Dole, while the
rest will come from Dow Chemical Co., which manufactured the
pesticide.

Dole Food's executive vice president, general counsel and
corporate secretary C. Michael Carter commented to Fresh Plaza,
"Dole appreciates the dedication, commitment and professionalism
of the jury and the court in what was a long and complex trial.

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

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook is stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating!, to 'B' from 'B+'.




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


AES CORP: Restarts Alamitos Power Station Unit
----------------------------------------------
The AES Corp. has restarted the 495-megawatt Unit 6 at its
Alamitos natural gas-fired power station in California,
according to a report by the California Independent System
Operator.

As reported in the Troubled Company Reporter-Latin America on
Oct. 25, 2007, AES shut down Unit 6 for unplanned work.

Reuters reports that AES closed down the unit on Nov. 1, 2007.

The other units were available for service, Reuters notes.

According to Reuters, the 1,997-megawatt Alamitos plant is in
Long Beach in Los Angeles County.  The plant has six units:

          -- two 175-megawatt Units 1 and 2,
          -- the 332-megawatt Unit 3,
          -- the 335-megawatt Unit 4,
          -- the 485-megawatt Unit 5, and
          -- the 495-megawatt Unit 6.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.




=======
P E R U
=======


ECOPETROL SA: Inks Exploration Deal for Peru's Amazon Fields
------------------------------------------------------------
Business News Americas relates that a group of Peru's state oil
company Petroperu and Brazil's Petroleo Brasileiro SA has
entered into an agreement with Colombia's Ecopetrol S.A. to form
Exploration and Production work in Peru's Amazon region.

Under the contract, the companies will hold a 33.33% stake in
the temporary venture with Petrobras leading the identification
of zones with the highest hydrocarbons potential, BNamericas
states.

Peru's state news agency Andina reports that the exploration
work will begin through November next year and take place in six
areas (26-31) that cover 5.63Mha in the Maranon basin, Loreto
department.

E&P work would follow with up to US$120-million investment,
BNamericas says, citing Petroperu.

                       About Petrobras

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

                      About Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity, according to the
company's Web site.  In 2005 it produced about 60 percent of
Colombia's daily output.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign
and local currency issuer default ratings at 'BB+' and 'BBB-',
respectively.  Fitch said the outlook for all ratings is stable.


ECOPETROL SA: Investing US$50 Mil. in Hydrocarbons Exploration
--------------------------------------------------------------
Ecopetrol S.A. President Javier Gutierrez told Business News
Americas that the company is investing US$50 million for
exploring hydrocarbons in three blocks in Peru through 2008.

Business News Americas relates that Ecopetrol has a stake in
block 90 (Ucayali basin) with Repsol Exploracion and in block
101 with Talisman.

The company and Talisman, which have signed contracts on
Nov. 21, will further operate block 134 (Maranon).

According to Peru's state news agency Andina, Mr. Gutierrez
claimed that "Peru is the first country Ecopetrol has entered as
part of its international expansion process," adding that the
company will meet with other companies that operate blocks in
Peru.

The company will attend 2008's round at which hydrocarbons
promotion agency Perupetro plans to put 12 blocks out to tender,
Business News Americas states, citing Mr. Gutierez.

                       About Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity, according to the
company's Web site.  In 2005 it produced about 60 percent of
Colombia's daily output.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign
and local currency issuer default ratings at 'BB+' and 'BBB-',
respectively.  Fitch said the outlook for all ratings is stable.


* PERU: Ecopetrol to Invest US$50 Million in Three Blocks
---------------------------------------------------------
Ecopetrol S.A. president Javier Gutierrez told Business News
Americas that the company is investing US$50 million for
exploring hydrocarbons in three blocks in Pero through 2008.

Business News Americas relates that Ecopetrol had a stake in
block 90 (Ucayali basin) with Repsol Exploracion and in block
101 with Talisman.

The company and Talisman, which have signed contracts on
Nov. 21, will further operate block 134 (Maranon).

According to Peru's state news agency Andina, Mr. Gutierrez
claimed that "Peru is the first country Ecopetrol has entered as
part of its international expansion process," adding that the
company will meet with other companies that operate blocks in
Peru.

The company will attend 2008's round at which hydrocarbons
promotion agency Perupetro plans to put 12 blocks out to tender,
Business News Americas states, citing Mr. Gutierez.

                       About Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity, according to the
company's Web site.  In 2005 it produced about 60 percent of
Colombia's daily output.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.


* PERU: Miners Prepare for Another Strike
-----------------------------------------
Peruvian employees belonging to the National Federation of
Mining Workers have threatened to hold a national strike next
month.

Prensa Latina relates that the miners have already conducted two
strikes this year.  Julio Ortiz, the undersecretary of the
Federation, told the same paper that the third one is aimed at
rejecting layoff threats by some companies.

Meanwhile, Bloomberg News, citing the Yarihuaman union, says
that a third strike will be held if Congress fails to pass next
month legislation concerning pensions, profit sharing and rights
for subcontracted workers.

The two strikes this year have raised copper prices by 21%.

Peru is the world's largest silver producer, the third copper,
zinc, tin producer, and the fifth gold producer.  Its mining
industry contributes 62% to the country's export revenues.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.




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


JETBLUE AIRWAYS: Inks Multi-Year Distribution Deal w/ Priceline
---------------------------------------------------------------
JetBlue Airways Inc. and Priceline.com have entered into a
multi-year distribution partnership.  Under the partnership
agreement, priceline.com will have full access to all of
JetBlue's published fares, schedules and inventory.  Terms of
the agreement were not disclosed.

"Priceline.com welcomes JetBlue, which is participating in
priceline.com's published-price airline ticketing service for
the first time," said Mark Koehler, priceline.com's Senior Vice
President, Air.  "JetBlue has a great product that resonates
well with price-conscious travelers.  We believe this will be a
good fit with priceline.com's position in the marketplace of
helping consumers find ways to save money in their travel
planning."

"Priceline.com customers are known for their appetite for
superior quality travel products at affordable prices," said
Brett Cochran, Manager of Distribution and Sales Development for
JetBlue Airways.  "We are excited to introduce priceline.com
customers to the JetBlue Experience, complete with everyday low
fares, complimentary name brand snacks and free satellite TV at
every seat."

                   About Priceline.com(R) Inc.

Priceline.com Inc. (Nasdaq: PCLN) -http://www.priceline.com/--
operates priceline.com, a leading U.S. online travel service for
value-conscious leisure travelers, and Booking.com, a leading
international online hotel reservation service.  In the U.S.,
priceline.com gives customers more ways to save on their airline
tickets, hotel rooms, rental cars, vacation packages and cruises
than any other Internet travel service.  In addition to getting
great published prices, leisure travelers can narrow their
searches using priceline.com's TripFilter(TM) advanced search
technology, create packages to save even more money, and take
advantage of priceline.com's famous Name Your Own Price(R)
service, which can deliver the lowest prices available.

                      About JetBlue Airways

Headquartered in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq: JBLU) -- http://www.jetblue.com/-- provides passenger
air transportation services in the United States.  As of
Feb. 14, 2007, it operated approximately 502 daily flights
serving 50 destinations in 21 states, Bahamas, Bermuda,
Dominican Republic, Puerto Rico, Mexico, and the Caribbean; and
a fleet of 98 Airbus A320 aircraft and 23 EMBRAER 190 aircraft.
The company also provides in-flight entertainment systems for
commercial aircraft, including live in-seat satellite
television, digital satellite radio, wireless aircraft data link
service, and cabin surveillance systems and Internet services,
through its wholly owned subsidiary, LiveTV LLC.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Fitch Ratings affirmed the debt ratings of
JetBlue Airways Corp. as:

  -- Issuer Default Rating at 'B'

  -- Senior unsecured convertible notes at 'CCC' with a recovery
     rating of 'RR6'

The senior unsecured rating applies to US$425 million of
outstanding convertible notes.




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


* VENEZUELA: Ups Local Bond Sale to US$849.7 Million
----------------------------------------------------
The Venezuelan government has increased to US$849.7 million the
amount of its bonds in dollar and bolivar denominations to meet
demands from local investors, Bloomberg News reports.

The original sale was set for US$500 million but demand for
dollars were high.  Of the total bonds sold, dollar-denominated
bonds due 2038 account for US$424.8 million in dollar-
denominated, while US$221.4 million were bolivar-denominated due
2013 and 2014.

The sale, according to Bloomberg, helped to strengthen the
bolivar in the unregulated, parallel market.  Exchange controls
require Venezuelans to go to the parallel market when they can't
get permission from the government to buy dollars at the
official rate of 2,150 a dollar.

"If the government continues to sell bonds like this
regularly, the bolivar is going to keep strengthening," Nelson
Corrie, head trader at Caracas-based brokerage Interacciones
Mercado de Capitales, told Bloomberg.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch Ratings assigned these ratings to the
Bolivarian Republic of Venezuela's bonds under the 'El
Venezolano I' combined offer:

  -- US$750 million 30-year Eurobond, 7% coupon 'BB-';
  -- VEB806.250 billion 7-year variable coupon bond 'BB-';
  -- VEB806.250 billion 8-year, variable coupon bond 'BB-'.



                        ***********


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

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

Copyright 2007.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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