---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Wednesday, January 10, 2008, Vol. 9, Issue 7

                          Headlines

A R G E N T I N A

FORD MOTOR: Investing US$500 Million to Expand India Operations
FORD MOTOR: Tata May Tap Ford Senior Exec to Head Two Brands
FORD MOTOR: To Equip Vehicles w/ Fuel-Efficient EcoBoost Engine
PETROBRAS ENERGIA: Brings In Decio Fabricio Oddone as New CEO
PHARMANET DEV'T: Moody's Upgrades Corp. Family Rating to B3

PINNACLE ENT: Earns US$5 Million in Quarter Ended Sept. 30, 2007


B E R M U D A

ASIA GAMMA: Sets Final Shareholders Meeting for Jan. 30
FOSTER WHEELER: Approves Increase in Authorized Common Shares
MAN ETZEL: Will Hold Final Shareholders Meeting on Jan. 30
MAPLE ROW: Will Hold Final Shareholders Meeting on Jan. 31
NAVIGATOR OFFSHORE: Proofs of Claim Filing Ends on Jan. 21

NAVIGATOR OFFSHORE: Sets Final Shareholders Meeting for Jan. 30
PENNANT INSURANCE: Proofs of Claim Filing Deadline Is Jan. 17
PENNANT INSURANCE: Sets Final Shareholders Meeting for Jan. 31


B O L I V I A

INT'L PAPER: Declares US$0.25 Per Share Quarterly Dividend


B R A Z I L

AMERICAN MEDICAL: President & CEO Martin J. Emerson Resigns
DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor
EUTELSAT COMMS: To Release First Half-Year Earnings on Feb. 14
GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles
BANCO NACIONAL: Forms Joint Venture with Vale

BANCO NACIONAL: Unit Investing BRL150MM in Santelisa Vale Stocks
DELPHI: Deloitte Resolves Securities Fraud Claims for US$38MM
DELPHI CORP: Committees Want Participation in Exit Loan Process
DELPHI CORP: Plans To Reduce US$6.8 Billion Exit Financing
GERDAU SA: Board Authorizes Preferred Shares Buyback Program

NET SERVICOS: Okays US$200-Million Bond Issue
TELEMAR NORTE: Anatel Reviews Firm's Acquisition of Way TV
TELEMAR NORTE: Will Buy Back Three Million Shares


C A Y M A N   I S L A N D S

60FUNDING 1ST: Proofs of Claim Filing Ends on Jan. 12
AGILE PARTNERS: Proofs of Claim Filing Deadline Is Jan. 13
AGILE PARTNERS EXCALIBUR: Proofs of Claim Filing Ends on Jan. 13
AZIMUTH CP: Proofs of Claim Filing Deadline Is Jan. 14
AZIMUTH CP HEDGE: Proofs of Claim Filing Ends on Jan. 14

AZIMUTH DIVERSIFIED: Proofs of Claim Filing Is Until Jan. 14
EQUIFIN CAPITAL: Proofs of Claim Filing Ends on Jan. 14
FC FUNDING: Proofs of Claim Filing Is Until Jan. 13
FRM GARTMORE: Proofs of Claim Filing Deadline Is Jan. 14
GSO ABC: Proofs of Claim Filing Is Until Jan. 12

GSO DEF: Proofs of Claim Filing Deadline Is Jan. 12
MOORE TECHNOLOGY: Proofs of Claim Filing Is Until Jan. 13
OZ YEN: Proofs of Claim Filing Ends on Jan. 13
PACIFIC CLIPPER: Proofs of Claim Filing Is Until Jan. 13
RAB INDEX: Proofs of Claim Filing Ends on Jan. 12

RAB JAPAN: Proofs of Claim Filing Deadline Is Jan. 12
SEAGATE TECHNOLOGY: Caris & Co. Downgrades Shares to Average
SEAGATE TECH: Launches D.A.V.E. System w/ HarmanBecker in Vegas
SHUTO GLOBAL: Proofs of Claim Filing Is Until Jan. 13
V SQUARED: Proofs of Claim Filing Deadline Is Jan. 13

VECTOR REGISTER: Proofs of Claim Filing Ends on Jan. 13


C H I L E

CONSTELLATION BRANDS: 3rd Qtr. Net Income Up 13% to US$82-Mil.
CONSTELLATION BRANDS: Barton Brands Gets 50% Stake in Planet JV
LIBERTY GLOBAL: Puerto Rican Unit Inks Deal with Sorpresa!


C O L O M B I A

BRIGHTPOINT INC: Names Eric Hamburger as Latin America Biz Head
CASCADES INC: Concludes Sale of Greenfield SAS to Argowiggins
ECOPETROL: Initial Public Offering Brings in US$2.8 Billion
SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007

* COLOMBIA: Gets US$960K Loan to Strengthen Electricity Service
* COLOMBIA: Sells US$1 Billion of Dollar Bonds


C O S T A   R I C A

ARMSTRONG WORLD: Nitram & Desseaux Joint Plan Effective Dec. 28


D O M I N I C A N   R E P U B L I C

GENERAL CABLE: German Subsidiary Bags Offshore Windfarm Contract


E C U A D O R

PETROECUADOR: Saves US$38.8 Million in Crude Fuel Swap Pact


G U A T E M A L A

AFFILIATED COMPUTER: Inks Strategic Alliance Pact with Ingenix
BRITISH AIRWAYS: Offers Alternative Travel to MAXjet Customers
BRITISH AIRWAYS: Traffic Figures Up 1% in December 2007
BRITISH AIRWAYS: U.K. Government Lifts One-Bag Restriction


H A I T I

* HAITI: Receives US$750,000 Rehabilitation Program from IDB


M E X I C O

BALLY TOTAL: Court Okays Latham & Watkins' US$1.8 Million Fees
COTT CORPORATION: Amends Existing Senior Secured Credit Debt
FEDERAL-MOGUL CORP: Moody's Confirms Post-Bankruptcy Ratings
GREENBRIER COS: Earns US$2.6 Million in Quarter Ended Nov. 30
GREENBRIER COS: Pays US$.08 Per Share Dividend on Feb. 13

ITRON INC: Posts US$3.4 Million Net Loss in 2007 Third Quarter
MAZDA MOTOR: Sees Business Growth in 2008
MAXCOM TELECOM: Concludes Exchange Offer for 11% Senior Notes
MOVIE GALLERY: Court Okays CRG as Committee's Financial Advisor
MOVIE GALLERY: Four Officers Dispose of 99,942 Common Shares

MOVIE GALLERY: Judge Tice Approves Lease Termination Procedures
NUANCE COMM: Board OKs Inducement Grant Under NASDAQ Marketplace
NUANCE COMM: Hires Fumitaka Tezuka as VP & Pres. for Japan Unit
RADIOSHACK CORP: Appoints Bryan Bevin EVP of Store Operations
SUNGARD DATA: Acquires Financial Technology Integrators' Assets

VISTEON CORP: Collaborates with 3M at Electronic Show in Vegas


N I C A R A G U A

PERRY ELLIS: To Acquire Liz Clairborne Brands for US$37 Million


P E R U

* PERU: Mulls Issuance of Up to US$485MM Sol-Denominated Bonds


P U E R T O   R I C O

CENTENNIAL COMM: Earns US$925 Million in Quarter Ended Nov. 30
LUIS MARRERO: Case Summary & Two Largest Unsecured Creditors


V E N E Z U E L A

PEABODY ENERGY: Appoints Richard Navarre as President & CCO
PEABODY ENERGY: Gets 35MM-Ton Coal Reserves from Joint Venture

* VENEZUELA: Voids Six Anglo American Concessions


                          - - - - -


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


FORD MOTOR: Investing US$500 Million to Expand India Operations
---------------------------------------------------------------
Ford Motor Company disclosed plans to invest US$500 million to
expand its India operations, reaffirming its commitment to
developing and implementing an aggressive growth strategy in the
country.  The new investment will fund several new initiatives,
including the expansion of Ford India's current manufacturing
facility in Chennai to begin production of a new small car
within the next two years, and construction of a fully
integrated and flexible engine manufacturing plant that will go
online by 2010.

The new investment increases Ford's total financial commitment
in India to more than US$875 million, and underscores its plan
to elevate India as one of the strategic production hubs for
small cars in the company's Asia Pacific and Africa region.  In
2007, Ford reported a US$500 million investment to build small
cars in Thailand, just weeks after launching production of small
cars at a new US$510 million, state-of-the-art facility in
Nanjing, China.

"This new investment highlights the significance of India's role
in our continued expansion and overall strategy for the Asia
Pacific and Africa region," John Parker, executive vice
president, Asia Pacific and Africa, said.  "We've developed a
long-term and strategic plan for India that's anchored on a
substantial product program and new engine manufacturing
facility."

The overall investment plan for India has already commenced, and
will be implemented in phases over the next three years.  The
first phase currently underway includes the addition of a diesel
engine assembly plant at the Chennai site that will have an
initial annual capacity of 50,000 units.  The first engines are
scheduled to roll off the line in April, and will be used in the
local production of the Fiesta and Fusion to satisfy domestic
demand.

A significant part of the investment will be utilized for the
development of new product programs, primarily to expand the
Chennai plant and accommodate volume production of the new small
car.  Production of the small car is scheduled to commence
within the next two years, increasing our overall annual
production at the expanded plant to 200,000 units by 2010.

"Ford India's small car will be a worthy addition to the already
successful and robust product mix that we offer to Indian
consumers, and will further strengthen our competitive position
in this increasingly dynamic market," Arvind Mathew, president
and managing director of Ford India, explained.

The second major component of the investment plan is a new,
state-of-the-art and fully-integrated engine manufacturing
facility to be constructed adjacent to the current vehicle
plant.  This new flexible facility will be capable of
manufacturing both petrol engines and Ford's next generation
diesel engine.  Initial annual production capacity is planned
for 250,000 units, with the first engines coming off line by
2010.  Production at the diesel assembly plant that's currently
being set up will be integrated into the new facility.

"Our investment plan clearly signals Ford's intent to implement
an aggressive and comprehensive growth strategy for the India
market.  Reaching volume production of vehicles and engines will
not only allow us to participate in the future growth of India's
auto industry, but really to help drive it, both in terms of
domestic sale and export potential," Mr. Mathew asserted.

The new facilities and capacity expansion will create more than
9,000 jobs -- including 1,500 direct and 7,500 indirect jobs --
as Ford India considerably increases its supplier base to meet
the expanded production volumes.  This, in turn, will compound
additional investment by its suppliers and vendors and
contribute to the overall growth of India's auto industry.

"We'll be significantly increasing our local sourcing to meet
the requirements of our expanded production," Mr. Mathew added.
"One of the factors in deciding this investment was Ford's
confidence in the international standards and capabilities of
India's supply base.  We're also committed to the ongoing
development of our own human resources, and we'll be providing
skills training for the additional work force."

Ford India added 20 new authorized dealers to its network in
2007, bringing the total to 130 locations throughout the
country.  The company plans to further expand its dealership
base to accommodate the planned rise in domestic sales.

Ford will continue to introduce world-class customer service
programs in India, such as the introduction of a 24-hour Ford
Roadside Assistance Program in 2007, as well as professional
service programs that include Ford's Quality Care, Brand@Retail
and Total Maintenance Plans.

                        About Ford India

Established in 1995, Ford India Pvt. Ltd., a wholly owned
subsidiary of Ford Motor Company, manufactures and distributes
automobiles made at its modern integrated manufacturing
facility, at Maraimalai Nagar, near Chennai.  With more than
2,000 employees, the company's models include the Ikon, Fusion,
Endeavour and Fiesta.  Ford India is in its eleventh year of
operations in the country.

                      About Ford Motor

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

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

                        *     *     *

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


FORD MOTOR: Tata May Tap Ford Senior Exec to Head Two Brands
------------------------------------------------------------
After being chosen as preferred bidder for Ford Motor Co.'s
Jaguar and Land Rover brands, Tata Motors Ltd, according to
media reports, is expected to name a Ford senior executive to
head the two brands.

Last week, Ford disclosed that it has entered into "focused
negotiations at a more detailed level" with Tata Motors,
signaling that the Indian carmaker has become the preferred
bidder.

Even if there is no deal yet and nothing is final, the Press
Trust of India quoted The Sunday Times, citing unnamed senior
industry sources, as reporting that Tata was likely to name a
top Ford executive in Europe as chief executive of the Jaguar-
Land Rover group.  Presently, the group's chief executive is
Geoff Polities, an Australian, PTI notes.

                        About Tata

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                         About Ford

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

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

                        *     *     *

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


FORD MOTOR: To Equip Vehicles w/ Fuel-Efficient EcoBoost Engine
---------------------------------------------------------------
Ford Motor Company is introducing a new engine technology called
EcoBoost that will deliver up to 20% better fuel economy on half
a million Ford, Lincoln and Mercury vehicles annually in North
America during the next five years.

The EcoBoost family of 4-cylinder and 6-cylinder engines feature
turbo charging and direct injection technology.  Compared with
more expensive hybrids and diesel engines, EcoBoost builds upon
today's affordable gasoline engine and improves it, providing
more customers with a way to improve fuel economy and emissions
without compromising driving performance.

"EcoBoost is meaningful because it can be applied across a wide
variety of engine types in a range of vehicles, from small cars
to large trucks -- and it's affordable," Derrick Kuzak, Ford's
group vice president of Global Product Development, said.
"Compared with the current cost of diesel and hybrid
technologies, customers in North America can expect to recoup
their initial investment in a 4-cylinder EcoBoost engine through
fuel savings in approximately 30 months.  A diesel in North
America will take an average of seven and one-half years, while
the cost of a hybrid will take nearly 12 years to recoup --
given equivalent miles driven per year and fuel costs."

Ford will introduce EcoBoost on the new Lincoln MKS flagship in
2009, followed by the Ford Flex and other vehicles.  By 2013,
Ford will have more than half a million EcoBoost-powered
vehicles on the road annually in North America.

In 2009, Ford first will introduce EcoBoost on the Lincoln MKS
featuring a 3.5-liter twin-turbocharged V-6.  It will produce
the power and torque of a V-8 engine with the fuel efficiency of
a V-6.  In fact, with an estimated 340-horsepower and more than
340 lb.-ft. of torque, the Lincoln MKS will be the most powerful
and fuel-efficient all-wheel-drive luxury sedan in the market.

                       More With Less

EcoBoost's combination of direct injection and turbo charging
mitigates the traditional disadvantages of downsizing and
boosting 4- and 6-cylinder engines, giving customers both
superior performance as well as fuel economy.

With direct injection, fuel is injected into each cylinder of an
engine in small, precise amounts. Compared to conventional port
injection, direct injection produces a cooler, denser charge,
delivering higher fuel economy and performance.

                      Explorer America

To help explain its vehicle sustainability strategy, Ford has
created the Explorer America concept for the 2008 North American
International Auto Show.

The Explorer America concept delivers an approximately 20% to
30% fuel-economy improvement -- depending on engine selection --
while providing room for six and their gear, along with moderate
towing and offroading capabilities.

The concept aims to highlight for customers and auto show
attendees a number of innovations tied to Ford's systems
approach, including:

   * A power train lineup that includes a 4-cylinder 2-liter
     engine with EcoBoost technology delivering 275 hp and 280
     lb.-ft. of torque or, as a premium engine, a 3.5-liter V-6
     delivering about 340 hp.  Depending on engine selection,
     fuel-efficiency will improve by 20 to 30 percent versus
     today's V-6 Explorer;

   * Migration from current body-on-frame to unibody
     construction, reducing weight and delivering superior
     driving dynamics;

   * A fuel-efficient 6-speed transmission with auto shift
     control, allowing the driver to select  and hold a lower
     gear with just the turn of a dial when conditions warrant
     it;

   * A weight reduction of 150 pounds for the V-6 version thanks
     to its downsized -- yet superior performing -- engine, as
     well as more lightweight materials, suspension and chassis
     components;

   * Fuel-saving electric power assisted steering and other
     engine actions that deliver a fuel savings benefit of about
     5%.  Between 80% to 90% of Ford, Lincoln and Mercury
     vehicles will have EPAS by 2012;

   * Aerodynamic and other parasitic improvements that add up to
     a 5% fuel economy gain.

The production model of the Explorer changed the landscape when
it arrived on the scene in 1990 as a 1991 model, delivering an
experience as unique as the owners who would eventually shape
the design of the Explorer America concept.

Today's Explorer leads the mid-size SUV segment in sales.  Since
its introduction 18 years ago, Explorer has sold more than 6.5
million vehicles.

For 2008, Explorer adds several new features, including Ford's
award-winning SYNC system that it developed with Microsoft.
SYNC connects people and their favorite portable devices while
in the vehicle, including media players and Bluetooth-enabled
mobile phones.  In addition, Explorer receives Ford's EasyFuel
capless refueling system, which is fitted as standard and new
available 20-inch polished aluminum wheels.

Ford Explorer received 5-star ratings in the National Highway
Traffic Safety Administration's frontal and side-impact crash
tests for the second year in a row.  Explorer comes standard
with six air bags, including front seat and side-curtain air
bags and AdvanceTrac with class-exclusive Roll Stability
Control, an electronic stability enhancement system that
actually measures what other manufacturers' systems ignore or
can only estimate.

                         About Ford

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

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

                        *     *     *

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


PETROBRAS ENERGIA: Brings In Decio Fabricio Oddone as New CEO
-------------------------------------------------------------
Petrobras Energia S.A. has appointed Decio Fabricio Oddone da
Costa as its new Chief Executive Officer, a position he will
take-over on Feb. 1.  He had been serving as the International
Executive Manager for the Southern Cone, and as the President of
the Board of Directors of Petrobras Energia and Petrobras
Energia Participaciones S.A.

Mr. Oddone was hired by Petrobras in 1985, and since then he has
developed a distinguished professional career at the company.
He will replace Carlos Fontes, who performed as Petrobras
Energia's CEO last year and will now hold a new senior
management position in Brazil.

Mr. Oddone, who is 47 years old, is an electronic engineering
graduate from the Federal University of Rio Grande do Sul.  He
later went on to study oil engineering at Petrobras, and took
the Advanced Management Program at Harvard Business School, in
the United States, and the Advanced Management Programme, at
INSEAD, in France.  He was awarded an honorary Master's Degree
in Business Administration from the Alta Escuela de Direccion y
Administration de Empresas, of Madrid, and, also, an honorary
doctorate in Education from the University of Aquino, in
Bolivia.

Mr. Oddone was a member of the pioneering deepwater exploration
team in Brazil and held several managerial positions at
Petrobras in Brazil, Argentina, Angola, Libya, and in Bolivia,
where he served as Petrobras Bol¡via's president between 1999
and 2004.

In 2000, Petrobras Energia's new CEO was chosen the executive of
the year by the Camara de Comercio Boliviano-Brasilena, an
entity he presided over from 2001 to 2004.  Additionally, he was
decorated with the Rio Branco order as a "Comendador" by the
Brazilian Government, and with the Peacekeeper Medal by
the Brazilian Army.

                   About Petrobras Energia

Petrobras Energia, S.A. is headquartered in Buenos Aires,
Argentina.  Its majority owner, Petrobras, is based in Rio de
Janeiro, Brazil.

                        *     *     *

As reported on Oct. 29, 2007, Moody's Investors Service assigned
a Ba1 global local currency issuer rating to Petrobras Energia
S.A., and affirmed its Ba2 foreign currency rating for bonds
issued under the US$2.5 billion Obligaciones Negociables
program, and the Baa1 FCBR for the Series S bonds based on a
Petrobras standby purchase agreement.


PHARMANET DEV'T: Moody's Upgrades Corp. Family Rating to B3
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of PharmaNet
Development Group, Inc. including the Corporate Family Rating
and the rating on the Senior Secured Credit Facility.  In
addition, Moody's changed the speculative grade liquidity rating
to SGL-2 from SGL-3, reflecting Moody's belief that the company
will have good liquidity over the next twelve months.  The
outlook for the ratings is positive.

The upgrade of the ratings and the positive outlook reflect the
good progress that the company has made in its turnaround.  This
progress includes:

   1) the closure of the Florida facilities and completion of
      additional clinic and laboratory capacity in Canada and
      Europe;

   2) the settlement of a class action lawsuit; and

   3) new additions to the management team and Board of
      Directors.

In addition, PharmaNet has demonstrated healthy operating
performance in 2007, indicating to Moody's that issues at the
former Miami facility have not permanently impaired the
company's reputation among pharmaceutical firms and other
clients.  The upgrade also acknowledges the company's modest
financial leverage, good interest coverage, favorable trends in
free cash flow generation and relatively good revenue diversity
by customer.

The ratings continue to be constrained for several reasons,
including:

   1) an on-going formal investigation of the company by the
      Securities and Exchange Commission;

   2) uncertainty regarding the potential refinancing of the
      company's convertible notes;

   3) limited track record of the current Board following
      changes in late 2007; and

   4) uncertainty regarding the availability of insurance to
      cover potential future liabilities related to the former
      Florida facility.

The B3 rating also reflects PharmaNet's relatively limited scale
in the global contract research organization industry, which is
highly competitive and subject to cancellation risk.

Ratings upgraded:

  -- US$45 Million Senior Secured Bank Credit Facility, to Ba3
     (LGD1, 5%) from B1 (LGD1, 7%)

  -- Corporate Family Rating, to B3 from Caa1

  -- Probability of Default Rating, to B3 from Caa1

  -- Speculative Grade Liquidity Rating, to SGL-2 from SGL-3

The outlook is positive.

Headquartered in Princeton, New Jersey, PharmaNet Development
Group, Inc. (NASDAQ: PDGI) -- http://www.pharmanet.com/ -- is
an international drug development services company offering a
comprehensive range of clinical development, clinical and
bioanalytical laboratory, and consulting services to the branded
pharmaceutical, biotechnology, generic drug and medical device
industries.  The company has more than 30 offices, facilities
and laboratories with more than 2,000 employees strategically
located throughout the world including the Argentina, Brazil and
Mexico.


PINNACLE ENT: Earns US$5 Million in Quarter Ended Sept. 30, 2007
----------------------------------------------------------------
Pinnacle Entertainment Inc. reported net income of US$5.0
million for the third quarter ended Sept. 30, 2007.  These
results reflect increased pre-opening and development costs,
increased corporate costs and certain write-offs and other
charges, all related to the company's development activities.
These were offset by an increase in capitalized interest.

The 2006 third quarter results included a gain on the sale of
certain discontinued operations, which gain was US$16.5 million
on a pre-tax basis, and US$9.9 million on an after-tax basis.
Inclusive of such after-tax gain, net income for the 2006 third
quarter was US$22.4 million.

For the third quarter ended Sept. 30, 2007, revenues were
US$238.4 million and Consolidated Adjusted EBITDA was US$47.0
million. The quarterly results reflect quarterly Adjusted EBITDA
at L'Auberge du Lac as well as the benefit of the December 2006
acquisition of the President Riverboat Casino.

For the third quarter ended Sept. 30, 2006, revenues were
US$236.7 million and consolidated Adjusted EBITDA was US$54.0
million.  The company benefited in the prior-year quarter from
the temporary closure of numerous casinos along the Mississippi
Gulf Coast following the major hurricanes of 2005.

                     Nine-Month Results

For the nine months ended Sept. 30, 2007, revenues were
US$704.1 million and Consolidated Adjusted EBITDA was US$137.0
million compared to revenues of US$699.7 million and
Consolidated Adjusted EBITDA of US$168.0 million for the prior-
year period.

The 2007 nine-month results reflect continued strong
performances at L'Auberge du Lac and Belterra, as well as the
benefit of the December 2006 acquisition of the President
Riverboat Casino. Boomtown New Orleans also performed well on a
nine-month basis, exceeding all comparable prior-year periods
except for the first nine months of 2006, when it benefited from
hurricane-related factors.

On a GAAP basis, net income for the nine months of 2007 was
US$17.8 million.  The 2007 results reflect increased pre-opening
and development costs, increased corporate costs and certain
write-offs and other charges that relate to development
activities, as well as a loss on early extinguishment of debt.
These results were offset by an increase in capitalized interest
and an income tax benefit due to the favorable settlement of
certain prior years' tax-related matters.

GAAP net income for the first nine months of 2006 was
US$81.9 million.  The 2006 results included an exceptional
performance at Boomtown New Orleans following the hurricanes,
net proceeds of approximately US$44.8 million related to the
company's terminated merger agreement with Aztar Corporation and
pre-tax gains of US$27.2 million from the sale of the company's
California card club operations.

"Our properties performed well in the third quarter of 2007, led
by another record quarter at L'Auberge du Lac," said Daniel R.
Lee, Pinnacle's chairman and chief executive officer.  "We look
forward to the December openings of both Lumiere Place and
L'Auberge du Lac's 250-guestroom expansion.  Following initial
ramp-up periods in each case, we expect Lumiere Place to
contribute significantly to our Adjusted EBITDA and the
expansion tower at L'Auberge du Lac to bolster that property's
already strong results.

"We continue to make substantial progress on our other growth
plans," Mr. Lee continued.  "In Baton Rouge, our plans for a
hotel and gaming entertainment complex have been approved by the
Louisiana Gaming Control Board.  The East Baton Rouge Metro
Council has also approved a Feb. 9, 2008, date for a local
referendum vote to seek approval in East Baton Rouge for our
proposed resort, as required under Louisiana law.  Construction
continues on our River City project in St. Louis County, which
we plan to open in the first half of 2009.

"Working drawings are being prepared for the new Sugarcane Bay
resort in Lake Charles, on which we expect to begin construction
in the first quarter of 2008.  We also expect to break ground on
the new hotel at Boomtown New Orleans in the first half of 2008.
As noted, we imploded the Sands as part of the site preparation
for our larger new resort in Atlantic City.  Finally, we
recently submitted a proposal for a new destination casino
complex in Kansas City, Kansas, and look forward to formally
discussing our project with the local officials and the
community."

Income from continuing operations decreased to US$5.6 million in
the three months ended Sept. 30, 2007, compared to US$12.6
million during the same period last year.

For the three months ended Sept. 30, 2007, the company reported
a loss from discontinued operations of US$670,000, net of income
tax.  This is principally due to legal and administrative
expenses related to Casino Magic Biloxi and the insurance claims
resulting from Hurricanes Katrina and Rita in 2005 against
Allianz Global Risks US Insurance Company, Arch Specialty
Insurance Company and RSUI Indemnity Company.  The company filed
a lawsuit in August 2006 in the United States District Court for
the District of Nevada against these insurance companies and
intends to vigorously pursue its claims under its insurance
contracts.

The company reported income from discontinued operations, net of
income taxes of US$9.8 million in 2006.  Quarterly results for
discontinued operations in 2006 included a pre-tax book gain of
approximately US$16.5 million from the sale of the company's
leasehold interest and related receivables in the Hollywood Park
card club.

                         Liquidity

The company had approximately US$352.0 million in cash, cash
equivalents and restricted cash at Sept. 30, 2007.  Of the
company's US$625.0 million revolving credit facility, none is
currently drawn and US$20.7 million was utilized for outstanding
letters of credit at Sept. 30, 2007.

As of Sept. 30, 2007, the company had expended approximately
US$350.0 million of the US$507.0 million budget for the Lumiere
Place facility.  That leaves most of the company's significant
liquidity and borrowing capacity to be used for construction of
other projects.  Utilization of the credit facility is currently
restricted to US$350.0 million by the company's indenture
governing its 8.75% senior subordinated notes, which become
callable in 2008.

                       Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$2.14 billion in total assets, US$1.07 billion in total
liabilities, and US$1.07 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?26dc

                About Pinnacle Entertainment

Headquartered in Las Vegas, Nevada, Pinnacle Entertainment Inc.
(NYSE: PNK) -- http://www.pnkinc.com/-- owns and operates
casinos in Nevada, Louisiana, Indiana, Missouri, Argentina and
the Bahamas.  The company also owns a hotel in Missouri.

                          *     *     *

Pinnacle Entertainment Inc. still carries Fitch's 'B' long term
issuer default rating which was placed on March 22, 2007. Fitch
said the outlook is stable.




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


ASIA GAMMA: Sets Final Shareholders Meeting for Jan. 30
-------------------------------------------------------
Asia Gamma Fund Ltd. will hold its final shareholders meeting on
Jan. 30, 2008, at:

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

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.


FOSTER WHEELER: Approves Increase in Authorized Common Shares
-------------------------------------------------------------
Foster Wheeler Ltd., during its special general meeting of
common shareholders, has approved an increase in the company's
authorized share capital, doubling authorized common shares to
approximately 296 million shares.

As previously announced on Nov. 7, 2007, the company's board of
directors had approved a two-for-one stock split of the
company's common shares, subject to receipt of the shareholder
approval.  The stock split will be effected in the form of a
stock dividend in a ratio of one additional Foster Wheeler
common share in respect of each common share outstanding as of
the close of business on Jan. 8, 2008, the previously announced
record date for the stock dividend.

The anticipated effective date of the stock split is
Jan. 22, 2008.  The company anticipates that its common shares
will begin trading on a split basis at the beginning of trading
on Jan. 23, 2008.  Foster Wheeler will have approximately 144
million common shares outstanding after the stock split.

                    About Foster Wheeler

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

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


MAN ETZEL: Will Hold Final Shareholders Meeting on Jan. 30
----------------------------------------------------------
Man Etzel Limited will hold its final shareholders meeting on
Jan. 30, 2008, at:

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

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.


MAPLE ROW: Will Hold Final Shareholders Meeting on Jan. 31
----------------------------------------------------------
Maple Row Partners (Bermuda) Ltd. will hold its final
shareholders meeting on Jan. 31, 2008, 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.


NAVIGATOR OFFSHORE: Proofs of Claim Filing Ends on Jan. 21
----------------------------------------------------------
Navigator Offshore Enhanced, Ltd.'s creditors are given until
Jan. 21, 2008, 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.

Navigator Offshore's shareholders agreed on Dec. 27, 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


NAVIGATOR OFFSHORE: Sets Final Shareholders Meeting for Jan. 30
---------------------------------------------------------------
Navigator Offshore Enhanced, Ltd., will hold its final
shareholders meeting on Jan. 30, 2008, 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.


PENNANT INSURANCE: Proofs of Claim Filing Deadline Is Jan. 17
-------------------------------------------------------------
Pennant Insurance Company Limited's creditors are given until
Jan. 17, 2008, to prove their claims to Ernest A. Morrison, 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.

Pennant Insurance's shareholder decided Dec. 19, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Ernest A. Morrison
         Milner House
         18 Parliament Street, Hamilton HM 12
         Bermuda


PENNANT INSURANCE: Sets Final Shareholders Meeting for Jan. 31
--------------------------------------------------------------
Pennant Insurance Company Limited will hold its final
shareholders meeting on Jan. 31, 2008, at:

      Cox Hallett Wilkinson
      Milner House, 18 Parliament 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
=============


INT'L PAPER: Declares US$0.25 Per Share Quarterly Dividend
----------------------------------------------------------
International Paper has declared a regular quarterly dividend of
US$0.25 per share for the period from Jan. 1, 2008, to
March 31, 2008, inclusive, on its common stock, par value US$1.
This dividend is payable on March 14, 2008, to holders of record
at the close of business on Feb. 15, 2008.

The company also declared a regular quarterly dividend of US$1
per share for the period from Jan. 1, 2008, to March 31, 2008,
inclusive, on the cumulative US$4 preferred stock of the
company.  This dividend is also payable on March 14, 2008, to
holders of record at the close of business on Feb. 15, 2008.

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela.  These businesses
are complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.

In December 2005, Moody's Investors Service placed International
Paper Co.'s senior subordinate rating at 'Ba1'.  Moody's
assigned a stable outlook on the rating.




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


AMERICAN MEDICAL: President & CEO Martin J. Emerson Resigns
-----------------------------------------------------------
American Medical Systems Holdings Inc.'s board of directors has
accepted the resignation of Martin J. Emerson as president,
chief executive officer and board member effective Jan. 4, 2008.

The board has begun a search for a new chief executive officer
and has retained Heidrick & Struggles to assist in its
recruiting effort.  Ross A. Longhini, executive vice president
and chief operating officer, will serve as chief executive
officer on an interim basis.

"Marty has made a significant contribution to the growth of AMS
during his more than seven years with the company, and we thank
him for his efforts and service," A. Jay Graf, lead independent
director, commented.  "The board of directors has confidence in
Ross's ability to lead AMS and will work closely with him and
the company's management team through this transition period. We
are all committed to the successful recruitment of the very best
CEO to sustain and enhance the AMS industry leading franchises
in urology, gynecology, and the entire pelvic health field."

         About American Medical Systems Holdings Inc.

Based in Minnetonka, Minnesota, American Medical Systems
Holdings Inc. -- http://www.americanmedicalsystems.com/--
(NASDAQ: AMMD) develops and delivers medical devices and
procedures to cure erectile dysfunction, benign prostatic
hyperplasia, incontinence, menorrhagia, prolapse and other
pelvic disorders in men and women pelvic health products for
both men and women.  AMS has operations in Australia, Austria,
Brazil, Canada, Deutschland, Benelux, France, Iberica, Portugal,
the United Kingdom, and the USA.

                        *     *     *

American Medical Systems Holdings Inc. continues to carry
Moody's Investor Service's 'B1' long-term corporate family
rating, placed in June 2006 and 'B1' probability of default
rating.


DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor
--------------------------------------------------------------
Dresser-Rand Group Inc. will supply advanced turbomachinery for
a floating, production, storage and offloading vessel for the
Pazflor Field offshore Angola.

The award is approximately US$44 million.  Dresser-Rand will
supply gas compression packages.  The company will provide four
Datum(R) centrifugal compression trains.  Two trains will be
driven by gas turbines and two trains will be driven by electric
motors.  The company booked the order in December 2007.

"We are very excited about the floating production market which
is a strategically important market for Dresser-Rand", said
Dresser-Rand's executive vice president, New Equipment
Worldwide, Jesus Pacheco.  "This award is representative of the
value our technology brings to our clients.  Our DATUM(R)
technology adds value to Total by reducing the weight and
footprint of the compression system, as fewer casings are
required.  It also maximizes gas throughput compared to
competitor offerings as a result of the high efficiency of the
compressors.  We believe activity in the floating production
market will continue to be significant and that our market share
will remain strong."

Pazflor's floating production unit will operate in Block 17 and
will be designed to handle 200,000 barrels of oil per day and
will be able to store about 1.9 million barrels of crude.  First
oil production will be in 2011.

Total Group is one of the world's major oil and gas groups, with
activities in more than 130 countries.  Its 95,000 employees put
their expertise to work in every part of the industry --
exploration and production of oil and natural gas, refining and
marketing, gas trading and electricity.

                     About Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


EUTELSAT COMMS: To Release First Half-Year Earnings on Feb. 14
---------------------------------------------------------------
Eutelsat Communications will release its earnings for its first
half-year ended Dec. 31, 2007, on Feb. 14, 2008, before the
opening of Euronext Paris.  An earnings presentation (in French)
will be held that same day at:

                 Eutelsat Communications
                 70, rue Balard - 75015 Paris
                 Metro: Balard or Javel

Headquartered in Paris, France, Eutelsat Communications
(Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the
holding company of Eutelsat S.A.  The Group is a leading
satellite operator with capacity commercialized on 23 satellites
providing coverage over the entire European continent, as well
as the Middle East, Africa, India and significant parts of Asia
and the Americas.  One of its worldwide operations is located in
Brazil.  The Group is one of the world's three leading satellite
operators in terms of revenues.  Its satellites are used for
broadcasting nearly 1,800 TV and 900 radio stations to more than
120 million cable and satellite homes.  The Group also provides
TV contribution services, corporate networks, mobile positioning
and communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and in-flight applications.

                        *     *     *

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 sectors, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Eutelsat Communications S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                           Debt       LGD       Loss-Given
  Debt Issue               Rating     Rating    Default
  ----------               -------    ------    ----------
  Senior Unsecured
  Bank Credit Facility      Ba3        LGD4       55%


GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles
---------------------------------------------------------------
General Motors Corp. Certified Used Vehicles disclosed a new
nationwide GMAC rate incentive program on select GM Certified
Used Vehicles, including GMC Envoy, Chevrolet Malibu, Impala and
Trailblazer models.

The new rate incentive offer, effective Jan. 3, 2008, through
March 31, 2008, provides well-qualified GM Certified Used
Vehicles buyers with 2.9% APR financing for terms up to 48
months or 3.9% APR financing for terms up to 60 months from GMAC
Financial Services on 2003-2008 models of Chevrolet Malibu,
Impala and Trailblazer and GMC Envoy purchased from
participating GM Certified Used Vehicles dealers.

Or well-qualified customers can receive GMAC 4.9% APR financing
for terms up to 60 months on 2003-2008 models of Chevrolet Tahoe
and Suburban, GMC Yukon, Pontiac Grand Prix and Buick LaCrosse
vehicles at participating GM Certified dealers.

A monthly payment at 2.9% APR financing for 48 months is
US$22.09 for every US$1,000 financed.  Average example down
payment is 10%. A monthly payment at 3.9% APR financing for 60
months is US$18.37 for every US$1,000 financed.  Average example
down payment is 10%. A monthly payment at 4.9% APR financing for
60 months is US$18.83 for every US$1,000 financed.  Some
customers will not qualify.  Not available with other offers.
Customers must take delivery from a participating GM Certified
Used Vehicles dealer by March 31, 2008.

"These incentives on some of our most popular models offer great
value for customers, who have the opportunity to purchase a
high-quality, low-mileage, like-new vehicle at affordable
finance rates," Paul Pejza, manager, GM Certified Used Vehicles,
said.

              About GM Certified Used Vehicles

GM Certified Used Vehicles -- http://www.gmcertified.com/-- are
high quality, reconditioned vehicles, available at participating
Buick, Chevrolet, Pontiac and GMC dealers.  All models are six
years old or newer, have 60,000 miles or less, are reconditioned
to stringent GM Certified Used Vehicles quality standards and
must undergo a rigorous 117-point inspection and reconditioning
process.

                          About GM

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

                        *     *     *

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

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


BANCO NACIONAL: Forms Joint Venture with Vale
---------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social and
Brazilian iron ore firm Vale have created Vale Solucoes em
Energia, Business News Americas reports, citing a Vale
spokesperson.

BNamericas notes that Vale Solucoes is the new name of
technological development center CDTE, which Vale and Banco
Nacional disclosed in November 2007.  The firm is created for
energy initiatives.  Vale Solucoes will be in Sao Jose dos
Campos, Sao Paulo and in Rio de Janeiro.  Investments in the
unit will total BRL220 million in three years.

News daily O Estado de S Paulo relates that Vale and Banco
Nacional's private equity unit BNDESpar will hold 51% and 44% of
Vale Solucoes respectively.

According to O Estado de S Paulo, the remaining 5% in the joint
venture will be owned by:

          -- Sygma Tecnologia,
          -- Engenharia, and
          -- Industria e Comercio.

Vale Solucoes will conduct an extensive research and development
program of processes and systems targeting power generation, the
spokesperson told BNamericas.

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

                        *     *     *

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


BANCO NACIONAL: Unit Investing BRL150MM in Santelisa Vale Stocks
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that its private equity unit BNDESpar will buy BRL150
million in new stocks Brazilian sugar and ethanol producer
Santelisa Vale will issue.

Business News Americas relates that with the BRL150 million from
BNDESpar, Santelisa Vale will be able to modernize sugar and
ethanol mills and construct new ones.

Banco Nacional commented to BNamericas, "Santelisa Vale will
increase its crushing capacity from the current 19 million tons
per year to 35 million tons per year of sugarcane in the 2011-12
harvest."

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.


DELPHI: Deloitte Resolves Securities Fraud Claims for US$38MM
-------------------------------------------------------------
An agreement in principle has been reached with Delphi Corp.'s
former outside auditor, Deloitte & Touche LLP, to settle claims
against the auditing firm for US$38,250,000 in cash.

The announcement of the agreement was made by the law firms of
Grant & Eisenhofer P.A., Bernstein Litowitz Berger & Grossmann
LLP, Schiffrin Barroway Topaz & Kessler, LLP, and Nix, Patterson
& Roach, LLP, who are court-appointed co-lead counsel for the
Lead Plaintiffs in the securities class action litigation
involving Delphi, the U.S. auto parts maker now in Chapter 11
bankruptcy proceedings.

The case arises out of alleged accounting improprieties at
Delphi that forced the Company, on June 30, 2005, to restate its
financial results for all fiscal periods dating back to 1999 and
to reverse hundreds of millions of dollars in reported earnings
during those periods.

Lead Plaintiffs

     -- Teachers' Retirement System of Oklahoma,
     -- Public Employees' Retirement System of Mississippi,
     -- Raiffeisen Kapitalanlage Gesellschaft m.b.H., and
     -- Stichting Pensioenfonds ABP

were appointed by a federal court in June 2005 to represent a
proposed class of investors who acquired Delphi securities
between March 7, 2000, and March 3, 2005.

The Complaint filed by those institutional Lead Plaintiffs
asserted claims under the federal securities laws against
Delphi, Deloitte, who was Delphi's outside auditor during the
Class Period, certain officers and directors of Delphi, the
banks that underwrote Delphi's offerings of securities, and
certain other entities.

The Honorable Gerald E. Rosen, the federal judge in the Eastern
District of Michigan before whom the case is pending, appointed
a retired federal judge, Layn R. Phillips, to serve as a Special
Master to conduct settlement discussions.  Following an
extensive mediation conducted by Judge Phillips, Deloitte and
Lead Plaintiffs reached an agreement whereby Deloitte will pay
to the Class US$38,250,000 to settle all claims asserted against
Deloitte in the action.

The settlement is one of the larger settlements obtained from an
accounting firm to settle claims of securities fraud.  The
settlement is conditioned on approval by Judge Rosen, who will
pass on the settlement after the members of the Class are given
appropriate notice of the settlement and an opportunity to be
heard.

This settlement follows an earlier settlement in the case, also
arising out of a mediation conducted by Judge Phillips, whereby
Lead Plaintiffs obtained a settlement potentially worth at least
US$284 million from Delphi and its insurance carriers and its
former banks to resolve all claims against Delphi and certain
other defendants.  That settlement is contingent upon final
approval by Judge Rosen as well as approval of Delphi's plan of
reorganization in Delphi's Chapter 11 proceeding.

For more information about this settlement, please contact co-
lead counsel for Lead Plaintiffs:

         Stuart Grant, Esq.
         Grant & Eisenhofer P.A.
         1201 North Market Street Wilmington, DE 19801
         Telephone (302) 622-7000

         Bradley E. Beckworth, Esq.
         Nix, Patterson & Roach, LLP
         205 Linda Drive Daingerfield, Texas 75638
         Telephone (903) 645-7333

         John "Sean" P. Coffey, Esq.
         Bernstein Litowitz Berger & Grossmann LLP
         1285 Avenue of the Americas New York, New York 10019
         Telephone (212) 554-1400

         Michael Yarnoff, Esq.
         Schiffrin Barroway Topaz & Kessler, LLP
         280 King of Prussia Road Radnor, PA 19087
         Telephone (610) 667-7706

         Allan Ripp
         Grant & Eisenhofer, P.A.
         Telephone (212) 262-7477

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.

(Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Committees Want Participation in Exit Loan Process
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to permit members of
the Official Committee of Unsecured Creditors and the Official
Committee of Equity Security Holders to participate in the
syndication of the Debtors' Exit Financing.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
the Debtors disclosed that they are in the process of arranging
for exit financing, comprised of:

   * a US$1.6 billion senior secured first lien asset-based
     revolving credit facility;

   * a US$3.7 billion senior secured first-lien term facility;
     and

   * a US$1.5 billion senior secured second-lien term facility,
     of which up to US$750 million will be in the form of a note
     issued to General Motors Corp. in connection with the
     distributions contemplated under the First Amended Joint
     Plan of Reorganization.

The Court has authorized JPMorgan Securities Inc., JPMorgan
Chase Bank, N.A., and Citigroup Global Markets Inc., to assemble
a syndicate of lenders to provide the exit financing
arrangements.

At this stage of their bankruptcy cases, other than achieving
the necessary votes on their proposed Plan, the chief remaining
step that the Debtors must take before emerging from Chapter 11
is to obtain exit financing in what is a very turbulent
financing marketplace, according to John Wm. Butler, Jr., Esq.,
at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago,
Illinois.

The Debtors believe that they and the Exit Lenders should
continue their aggressive pursuit of exit financing from a
number of sources, including certain members of the Statutory
Committees.

Mr. Butler points out that the Court-approved Disclosure
Statement, which contains approximately 3,000 pages of financial
and other information about the Debtors, is in the hands of all
parties-in-interest and is readily available in the public
domain.  "The amount and nature of current financial and other
information available to Statutory Committee members and to
those who have not previously been privy to material nonpublic
information during the cases is now largely the same as a result
of the distribution of this disclosure to the public," he says.

With the Disclosure Statement now in the public domain, the
Debtors aver that there will not be any conflict if Statutory
Committee members were to participate in the syndication of the
Exit Financing.  "Nor is there any reason why a Statutory
Committee member should required to resign from either of the
Statutory Committees on account of participation in the Exit
Financing Syndication," Mr. Butler asserts.

The Debtors propose that the Court require any Statutory
Committee member who intends to participate in the Exit
Financing Syndication to, in advance of its participation, make
written disclosure of its intention to the Debtors, counsel to
each of the Statutory Committees, and the U.S. Trustee.

                     About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 105;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Plans To Reduce US$6.8 Billion Exit Financing
----------------------------------------------------------
Delphi Corp. and its debtor-affiliates relayed, in a regulatory
filing with the U.S. Securities and Exchange Commission, their
intent to reduce the amount of the US$6.8 billion exit
financing.

Delphi Corp. Vice President and Chief Restructuring Officer John
D. Sheehan notes that during the second half of 2007, Delphi
generated cash flow in excess of the amount projected in its
revised business plan, ending the year with more cash available
than set forth in its First Amended Joint Plan of
Reorganization.

"As a result of a permanent improvement in liquidity, Delphi
will be reducing the amount of requested exit financing," Mr.
Sheehan relates.

Delphi did not disclose the amount of reduction.  As reported in
the Troubled Company Reporter on Nov. 19, 2007, the contemplated
exit financing comprised of:

   * a US$1.6 billion senior secured first lien asset-based
     revolving credit facility;

   * a US$3.7 billion senior secured first-lien term facility;
     and

   * a US$1.5 billion senior secured second-lien term facility,
     of which up to US$750 million will be in the form of a note
     issued to General Motors Corp. in connection with the
     distributions contemplated under the First Amended Joint
     Plan of Reorganization.

Delphi was expected to launch for syndication its proposed exit
financing on Jan. 8, market sources told Reuters Loan Pricing
Corp.

                      About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 105;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


GERDAU SA: Board Authorizes Preferred Shares Buyback Program
------------------------------------------------------------
Gerdau said in a statement that its board of directors has
approved a buyback program focused on its preferred shares.

Business News Americas relates that the acquisition of up to one
million preferred stocks -- some 0.34% of the outstanding
preferred shares in Gerdau -- will be conducted using cash from
existing profit reserves.

Stocks to be bought will remain in the treasury.  The buyback
program will be conducted at market prices through brokers,
Gerdau said in a statement.

Headquartered in Porto Alegre, Brazil, Gerdau SA
-- http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook, following the
announcement of an agreement to acquire the specialty steel
operations of Quanex Corporation, mainly represented by its
MacSteel division for some US$1.46 billion in cash.  All other
ratings related to the company were affirmed.

Ratings affirmed are:

Issuer: Gerdau S.A.

  -- Ba1 Global Local Currency Corporate Family Rating

  -- US$600 million Senior Unsecured Guaranteed Perpetual Notes:
     Ba1 Foreign Currency Rating

Issuer: Gerdau Brazil (fictitious entity representing the
Brazilian operations of Gerdau S.A. comprising Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Gerdau Comercial de Acos S.A.).

  -- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

  -- Ba1 Probability of Default Rating
  -- Ba1 Corporate Family Rating
  -- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59%

Issuer: Jacksonville Economic Development Comm.

-- US$23 million Senior Unsecured Revenue Bonds guaranteed by
    Gerdau Ameristeel: Ba1, LGD4 59%

Outlook for all ratings: stable


NET SERVICOS: Okays US$200-Million Bond Issue
---------------------------------------------
Net Servicos de Comunicacao's board has authorized a bond issue
of up to US$200 million that will mature in 10 years, Brazilian
news service Agencia Estado reports.

Net Servicos told Business News Americas that it will choose a
financial institution and a consulting company to coordinate the
bond issue.

Net Servicos should have 48% of the pay television market and
18% of the broadband Internet market, and extend its coverage to
91 cities from 79 after it acquires Big TV, Gazeta Mercantil
states.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--
is a subscriber TV multi-operator in Brazil, as it operates the
NET brand in major cities, including operations in the 4 largest
cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto
Alegre.  NET also offers Broadband Internet services through its
NET VIRTUA brand name.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2008, Moody's has not changed Net Servicos de
Comunicacao S.A.'s Ba2 global local currency corporate family
rating and Aa3.br Brazilian national scale rating following the
company's announced agreement to acquire 100% of the capital of
BIGTV Companies.  The transaction is subject to regulator and
anti-trust commission approvals.


TELEMAR NORTE: Anatel Reviews Firm's Acquisition of Way TV
----------------------------------------------------------
Published reports in Brazil say that telecoms regulator Anatel
will evaluate whether Telemar Norte Leste's acquisition of cable
television operator Way TV could negatively affect competition.

Business News Americas relates that Anatel authorized on
Oct. 23, 2007, the acquisition of Way TV.  The regulator
initially rejected on March 2007 the BRL132-million Telemar-Way
TV deal, which was reached in June 2006.  The deal was rejected
because telecom companies aren't allowed to own a television
operator in the same area where they have a telecom concession
license.

BNamericas notes that Anatel reexamined telecommunications
legislation and decided that the deal was permissible if there
weren't other parties interested at the time in operating cable
television in the same region.

Anatel must convince antitrust agency Cade that the acquisition
of Way TV won't distort competition, BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes SA -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

As reported on April 27, 2007, Standard & Poor's placed on
CreditWatch with negative implications the 'BB+' corporate
credit rating on Tele Norte Leste Participacoes S.A.  The
creditwatch resulted from TmarPart's decision to buy out its
holding company's preferred shares.


TELEMAR NORTE: Will Buy Back Three Million Shares
-------------------------------------------------
Telemar Norte Leste said in a filing with the Brazilian
securities regulator Comissao de Valores Mobiliarios that
Telemar Norte Leste's board will repurchase three million voting
and non-voting shares, or about 10% of traded shares during the
next year.

Business News Americas relates that the value of the shares
could total BRL2.6 billion.

Telemar Norte's decision to buy back shares shows "positive
current economic environment," BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes SA -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

As reported on April 27, 2007, Standard & Poor's placed on
CreditWatch with negative implications the 'BB+' corporate
credit rating on Tele Norte Leste Participacoes S.A.  The
creditwatch resulted from TmarPart's decision to buy out its
holding company's preferred shares.




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


60FUNDING 1ST: Proofs of Claim Filing Ends on Jan. 12
-----------------------------------------------------
60Funding 1st's creditors are given until Jan. 12, 2008, 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.

60Funding 1st's shareholder decided on Dec. 11, 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


AGILE PARTNERS: Proofs of Claim Filing Deadline Is Jan. 13
----------------------------------------------------------
Agile Partners Excalibur Fund Limited's creditors are given
until Jan. 13, 2008, 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.

Agile Partners' shareholder decided on Dec. 10, 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


AGILE PARTNERS EXCALIBUR: Proofs of Claim Filing Ends on Jan. 13
----------------------------------------------------------------
Agile Partners Excalibur Master Fund Limited's creditors are
given until Jan. 13, 2008, 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.

Agile Partners' shareholder decided on Dec. 10, 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


AZIMUTH CP: Proofs of Claim Filing Deadline Is Jan. 14
------------------------------------------------------
Azimuth CP Hedge Fusion Ltd.'s creditors are given until
Jan. 14, 2008, 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.

Azimuth CP's shareholder decided on Nov. 26, 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


AZIMUTH CP HEDGE: Proofs of Claim Filing Ends on Jan. 14
--------------------------------------------------------
Azimuth CP Hedge Ltd.'s creditors are given until Jan. 14, 2008,
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.

Azimuth CP's shareholder decided on Nov. 26, 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


AZIMUTH DIVERSIFIED: Proofs of Claim Filing Is Until Jan. 14
------------------------------------------------------------
Azimuth Diversified Hedge Fusion, Ltd.'s creditors are given
until Jan. 14, 2008, 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.

Azimuth Diversified's shareholder decided on Nov. 26, 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


EQUIFIN CAPITAL: Proofs of Claim Filing Ends on Jan. 14
-------------------------------------------------------
Equifin Capital Partners, Ltd.'s creditors are given until
Jan. 14, 2008, 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.

Equifin Capital's shareholder decided on Dec. 13, 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


FC FUNDING: Proofs of Claim Filing Is Until Jan. 13
---------------------------------------------------
FC Funding Limited's creditors are given until Jan. 13, 2008, 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.

FC Funding's shareholder decided on Dec. 10, 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


FRM GARTMORE: Proofs of Claim Filing Deadline Is Jan. 14
--------------------------------------------------------
FRM Gartmore Hedge Fund Limited's creditors are given until
Jan. 14, 2008, 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.

FRM Gartmore's shareholder decided on Dec. 11, 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


GSO ABC: Proofs of Claim Filing Is Until Jan. 12
------------------------------------------------
GSO ABC Holdings (Cayman), Ltd.'s creditors are given until
Jan. 12, 2008, 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.

GSO ABC's shareholder decided on Dec. 10, 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


GSO DEF: Proofs of Claim Filing Deadline Is Jan. 12
---------------------------------------------------
GSO DEF Holdings (Cayman), Ltd.'s creditors are given until
Jan. 12, 2008, 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.

GSO DEF's shareholder decided on Dec. 10, 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


MOORE TECHNOLOGY: Proofs of Claim Filing Is Until Jan. 13
---------------------------------------------------------
Moore Technology Venture Fund II, Ltd.'s creditors are given
until Jan. 13, 2008, 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.

Moore Technology's shareholder decided on Dec. 13, 2007, 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


OZ YEN: Proofs of Claim Filing Ends on Jan. 13
----------------------------------------------
Oz Yen Receivables Limited's creditors are given until
Jan. 13, 2008, 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.

Oz Yen's shareholder decided on Dec. 12, 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


PACIFIC CLIPPER: Proofs of Claim Filing Is Until Jan. 13
--------------------------------------------------------
Pacific Clipper Fund, Ltd.'s creditors are given until
Jan. 13, 2008, 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.

Pacific Clipper's shareholder decided on Dec. 11, 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


RAB INDEX: Proofs of Claim Filing Ends on Jan. 12
-------------------------------------------------
Rab Index Opportunities Fund Limited's creditors are given until
Jan. 12, 2008, 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.

Rab Index's shareholder decided on Dec. 7, 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


RAB JAPAN: Proofs of Claim Filing Deadline Is Jan. 12
-----------------------------------------------------
Rab Japan Fund Limited's creditors are given until
Jan. 12, 2008, 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.

Rab Japan's shareholder decided on Dec. 7, 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


SEAGATE TECHNOLOGY: Caris & Co. Downgrades Shares to Average
------------------------------------------------------------
Caris & Company analyst Shebly Seyrafi has downgraded Seagate
Technology's shares to "average" from "above average,"
Newratings.com reports.

According to Newratings.com, the target price for Seagate
Technology's shares was decreased to US$25 from US$30.

Ms. Seyrafi said in a research note that channel checks show
that the "pricing for HDDs has significantly deteriorated for
both desktop and mobile drives over the past month."

Caris told Newratings.com that the "downward revision in the
target price is on account of concerns surrounding more
ambitious drive pricing and incremental concerns associated with
notebook growth."

Earnings per share estimates for Seagate Technology the years
2008 and 2009 were decreased to US$2.63 from US$2.64 and to
US$2.55 from US$2.58, respectively, Newratings.com states.

Headquartered in Scotts Valley, California, and registered in
Cayman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, and Consumer Electronics
applications.

                        *     *     *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion.  Moody's
said the ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- US$400 million senior notes 8%, due 2009: to Ba1


SEAGATE TECH: Launches D.A.V.E. System w/ HarmanBecker in Vegas
---------------------------------------------------------------
Seagate Technology and HarmanBecker Automotive Systems, a
division of Harman International Industries, have plans to
incorporate Seagate Digital Audio Video Experience(TM)
(D.A.V.E.) Technology into future Multimedia System applications
which will give automotive manufacturers the ability to provide
their customers a storage upgrade enabled by industry standard
wireless and communications protocols.  The technology will be
featured on the Harman designed Chrysler MyGig multimedia system
at the Seagate booth during Consumer Electronics Show in Las
Vegas.

Seagate's D.A.V.E.(TM) is a technology platform that provides
substantial wireless storage capacity for digital files such as
standard and high-definition movies, TV programs, music, games
and more.  The technology platform allows automotive
manufacturers the ability to offer multiple passengers a way to
consume their own unique digital content throughout the vehicle.
The trend for taking digital content on the go has become a top
priority for digital consumers.  Seagate's D.A.V.E. Technology
is an ideal way to decouple the consumer electronics lifecycle
from the automotive lifecycle, allowing users to experience
their digital content in an automobile in a much more timely
fashion.

"This collaboration by Seagate and HarmanBecker is a huge leap
forward in closing the gap between the automotive and consumer
electronics lifecycles enabling consumers the ability to
experience their digital content in their vehicles," said
Seagate's Consumer Electronics Business Unit senior vice
president and general manager, Patrick King.  "Seagate's D.A.V.E
Technology enables wireless storage for many different
applications, with the automotive market being one of them."

"This joint effort is in direct response to our customers' need
for in-vehicle, scalable media storage solutions.  Lower audio
compression ratios along with the emergence of digitally
distributed video make this need more apparent.  The D.A.V.E.
device provides an effective bridge between stationary content
sources and mobile consumption environments like the vehicle,"
said Harman International Industries chief technical officer,
Dr. Erich Geiger.  "The ability to move and consume content
freely is a definite advantage for our future platforms and
should increase our end customer satisfaction proportionately."

           On-The-Go Unified Content Management

The increasing demand for mobile content is overwhelming to some
people.  There are one billion digital still and digital phone
cameras in the world; in 2006 they accounted for 250 billion
created images.  According to Frost & Sullivan, the number of
mobile video download subscribers will jump to nearly five
million in 2010.  Consumers want to manage this commercial and
user-generated content, but how is this done? Using Bluetooth(1)
or WiFi(2) and built for portability anywhere up to
approximately 30 feet (9.1 meters) from a mobile device, the
Seagate D.A.V.E. mobile platform with 60GB of storage capacity
provides consumers with a centralized hub to bring their primary
digital content with them.

                     About HarmanBecker

HarmanBecker Automotive Systems a division of Harman
International Industries, Inc. (NYSE: HAR) --
http://www.harman.com-- engages in the design, manufacture, and
marketing of audio, electronic, and infotainment systems for
vehicle applications primarily to be installed as original
equipment by automotive manufacturers.  Its infotainment systems
include GPS based HDD and DVD navigation, traffic information,
voice-activated telephone and climate control, rear seat
entertainment, HDD media servers, compressed (MP3) and high
resolution audio playback, and premium branded audio systems, as
well as produces personal navigation devices.

                        About Seagate

Headquartered in Scotts Valley, California, and registered in
Cayman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, and Consumer Electronics
applications.

                        *     *     *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion.  Moody's
said the ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- US$400 million senior notes 8%, due 2009: to Ba1


SHUTO GLOBAL: Proofs of Claim Filing Is Until Jan. 13
-----------------------------------------------------
Shuto Global Incorporated's creditors are given until
Jan. 13, 2008, 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.

Shuto Global's shareholder decided on Dec. 12, 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


V SQUARED: Proofs of Claim Filing Deadline Is Jan. 13
-----------------------------------------------------
V Squared Offshore Fund Ltd.'s creditors are given until
Jan. 13, 2008, to prove their claims to Vladimir Velkov, 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.

V Squared's shareholder decided on Nov. 30, 2007, place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

         Vladimir Velkov
         V Squared Master Fund Ltd.
         955 Massachusetts Avenue, Suite 306
         Cambridge, Masachussets 02139, USA
         Tel: 617 715 9907, 617 576 7700
         Fax: 617 576 7701


VECTOR REGISTER: Proofs of Claim Filing Ends on Jan. 13
-------------------------------------------------------
Vector Register Holdings Limited's creditors are given until
Jan. 13, 2008, 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.

Vector Register's shareholder decided on Dec. 6, 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




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


CONSTELLATION BRANDS: 3rd Qtr. Net Income Up 13% to US$82-Mil.
--------------------------------------------------------------
Constellation Brands, has reported diluted earnings per share on
a reported basis of US$0.55 for the quarter ended Nov. 30, 2007
(third quarter 2008), compared with US$0.45 for the prior year
third quarter.  On a comparable basis, third quarter 2008
diluted EPS totaled US$0.55 versus US$0.58 for the prior year.

"The company's third quarter performance was in line with our
expectations, and we are especially pleased with the
performances from our North American wine business and our
spirits business," said Constellation Brands president and chief
executive officer, Rob Sands.  "We're also delighted with the
addition of the Fortune Brands U.S. wine portfolio to
Constellation's U.S. wine business and the benefits we expect
from our expanded super-premium-plus offerings.  Also, we are
continuing our efforts in the U.K. to mitigate the impact of the
lingering Australian wine surplus in the marketplace and to
maximize profitability."

                   Net Sales Commentary

The reported consolidated net sales decrease of 27 percent
primarily reflects the impact of reporting the Crown Imports and
Matthew Clark wholesale business joint ventures under the equity
method, partially offset by the benefits of favorable foreign
currency, branded wine business growth and the SVEDKA Vodka
acquisition.  Organic net sales increased six percent on a
constant currency basis.

Branded wine net sales increased four percent on an organic
constant currency basis.  For North America, branded wine net
sales increased five percent on a constant currency basis,
reflecting solid growth in the United States.

"Our U.S. branded wine business turned in a solid third quarter
performance, with wines such as Woodbridge, Robert Mondavi
Private Selection, Blackstone, Estancia, Kim Crawford and Simi
leading the way with very healthy sales growth," explained Mr.
Sands.  "Growth of these brands is indicative of the trade-up
trends we've been seeing for the past several years, and we feel
that the growth trajectory for our premium and luxury brands
will continue due to consumer preferences for these wines."

Organic net sales for branded wine for Europe increased four
percent on a constant currency basis, primarily due to higher
sales of popular priced wine in mainland Europe, and a slight
increase in net sales for the U.K.  On a constant currency
basis, net sales for Australia/New Zealand branded wine were
even with the prior year.  The branded wine market in the U.K.
and Australia reflects ongoing competitive challenges and
continued pricing pressure.

Total spirits net sales increased 31 percent for the quarter,
primarily due to the March 2007 acquisition of SVEDKA Vodka,
with 12 percent growth in organic net sales reflecting higher
average selling prices and volume gains.

"SVEDKA's double-digit growth continues to prove that this is an
exceptional brand," stated Mr. Sands.  "We anticipate SVEDKA
will continue to be a growth engine in our spirits portfolio.
Additionally, focus on our premium offerings, including Black
Velvet, the 99 Schnapps line and Ridgemont Reserve 1792 has
bolstered our spirits portfolio performance."

    Operating Income, Net Income, Diluted EPS Commentary

The decrease in operating income and the increase in equity
earnings for third quarter 2008 were primarily due to the impact
of reporting US$62 million of equity earnings from the Crown
Imports joint venture under the equity method.

Wines segment operating income decreased US$12 million versus
the prior year.  This was primarily due to the impact of the
U.K. and Australia business performance, which was somewhat
offset by an increased contribution from the North American
business.  Spirits segment operating income increased US$4
million primarily due to the addition of SVEDKA Vodka and from
the increase in base business net sales, offset somewhat by
higher material costs.

For the third quarter, acquisition-related integration costs,
restructuring and related charges and unusual items totaled US$3
million, compared with US$45 million for the prior year.  Net
income and diluted EPS were also impacted by interest expense,
which increased 13 percent to US$82 million for third quarter
2008, primarily due to the financing of the SVEDKA Vodka
acquisition and US$500 million of share repurchases completed
earlier this year.

On a year-to-date basis through November the company generated
free cash flow of US$173 million versus a usage of US$22 million
in the prior year.  The increase in free cash flow was primarily
driven by improved working capital, reduced tax payments and
lower capital spending.  As a result of the strong free cash
flow generated through the first three quarters of the fiscal
year, the company has increased its free cash flow guidance for
fiscal 2008 to a range of US$280 - US$300 million.

              Acquisition and Integration of
            Fortune Brands U.S. Wine Business

Constellation Brands completed the acquisition of the Fortune
Brands U.S. wine portfolio on Dec. 17, 2007, for a purchase
price of US$885 million, subject to closing adjustments.  The
company announced its plan for the integration of the acquired
business into the Constellation Wines U.S. business.  The
company intends to consolidate activities wherever it makes
business sense to do so, while maintaining an appropriate level
of expertise to maintain and grow the acquired business.

"This acquisition significantly advances our strategy for
expanding our presence in the growing high-end U.S. wine
business," stated Mr. Sands.  "To fully leverage the acquisition
we will realign the sales and marketing organization supporting
our U.S. wine business.  The sales and marketing teams will
focus on specific consumer segments that include luxury/fine
wine, premium wine and value/specialty wine.  In connection with
these actions, we are also rationalizing our U.S. wine product
portfolio, primarily related to our value products, which we
believe will generate efficiencies and enhance our focus on
higher growth, higher margin brands," Mr. Sands concluded.

The company expects the integration of the acquired wine
business, realignment of the U.S. wine sales and marketing teams
and portfolio rationalization to produce net cost savings of
approximately US$30 million annually by the end of fiscal 2010,
with approximately US$20 million anticipated as savings in
fiscal 2009.  The company expects to incur one-time cash charges
of US$22 million and one-time non-cash charges of US$23 million,
for a total of US$45 million in one-time charges.

Constellation Brands also expects to incur one-time cash costs
of approximately US$28 million that will be recorded in the
company's allocation of purchase price in connection with the
acquired wine business, including US$19 million for employee
termination costs and US$9 million for contract termination and
other costs that will be paid primarily in fiscal 2009.

Full-year fiscal 2008 guidance includes these current
assumptions, including the impact of the acquisition and
integration of the Fortune Brands U.S. wine business:

    -- Net sales: low single-digit growth in organic net sales
       and low single-digit incremental benefit from the
       acquisitions of Vincor International Inc., the SVEDKA
       Vodka brand and related business, and the U.S. wine
       business from Fortune Brands.  As a result of these
       increases, and the impact of reporting the Crown Imports
       joint venture and the joint venture for the Matthew Clark
       wholesale business under the equity method, reported net
       sales are expected to decrease 29 to 31 percent from net
       sales for fiscal year 2007

    -- Interest expense: approximately US$340 - US$350 million

    -- Stock compensation expense: approximately US$30 million

    -- Tax rate: approximately 39 percent on a reported basis,
       which includes a provision of approximately two
       percentage points related to the loss on disposal in
       connection with the company's contribution of its U.K.
       wholesale business to the Matthew Clark joint venture and
       the repatriation of proceeds associated with this
       transaction, or approximately 37 percent on a comparable
       basis

    -- Weighted average diluted shares outstanding:
       approximately 225 million

    -- Free cash flow: US$280 - US$300 million

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- is a producer and
marketer of beverage alcohol in the wine, spirits and imported
beer categories, with market presence in the U.S., Canada,
Chile, U.K., Australia and New Zealand.  The company has more
than 250 brands in its portfolio, sales in 150 countries and
operates approximately 60 wineries, distilleries and
distribution facilities.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note
registered by Constellation Brands Inc. to fund the purchase
price of Beam Wine Estates Inc., a subsidiary of Fortune Brands
Inc: US$500 million 8.375% senior unsecured note due Dec. 15,
2014.  Fitch said the rating outlook is negative.


CONSTELLATION BRANDS: Barton Brands Gets 50% Stake in Planet JV
---------------------------------------------------------------
Constellation Brands, Inc., has announced that its Chicago-based
spirits company, Barton Brands, has acquired the remaining 50
percent equity stake in its Planet 10 Spirits joint venture.
Terms of the transaction were not disclosed.

Planet 10 Spirits was formed in 2004 as an entrepreneurial
premium spirits brand development and marketing platform to
expand Constellation Brands' participation in the fast growing,
super premium imported vodka category.  Planet 10 Spirits'
leading product, Effen vodka from Holland, has achieved
widespread on- and off-premise distribution and consumer
acceptance resulting in a fivefold increase in Effen sales
volume since the formation of the joint venture.  In addition,
Effen has been successfully launched in key global spirits
markets such as the United Kingdom, Canada, Japan and Australia.

"Our participation in the Planet 10 Spirits joint venture has
given us invaluable insights into the high-end spirits
marketplace and has enabled us to shape a strategy for growing
this important piece of our business," said Barton Brands'
president, Marty Birkel.  "We are confident that our efforts to
expand our premium spirits portfolio will continue to provide
profitable growth and value creation for the long term.  The
addition of Planet 10 Spirits to the Barton organization will
provide us with a team of dedicated and successful on-premise
sales & marketing specialists who will continue to build Effen
and other select premium spirits brands within our portfolio."

                     About Barton Brands

Barton Brands, Ltd. is the spirits division of Constellation
Brands, Inc., a leading international producer and marketer of
beverage alcohol in the wine, spirits and imported beer
categories. Barton Brands is a major producer, importer and
exporter of a wide range of spirits products, including well-
known brands such as Black Velvet Canadian Whisky, Ridgemont
Reserve 1792 bourbon, and Effen vodka.

                  About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- is a producer and
marketer of beverage alcohol in the wine, spirits and imported
beer categories, with market presence in the U.S., Canada,
Chile, U.K., Australia and New Zealand.  The company has more
than 250 brands in its portfolio, sales in 150 countries and
operates approximately 60 wineries, distilleries and
distribution facilities.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note
registered by Constellation Brands Inc. to fund the purchase
price of Beam Wine Estates Inc., a subsidiary of Fortune Brands
Inc: US$500 million 8.375% senior unsecured note due
Dec. 15, 2014.  Fitch said the rating outlook is negative.


LIBERTY GLOBAL: Puerto Rican Unit Inks Deal with Sorpresa!
----------------------------------------------------------
Juniper Content Corporation's Sorpresa! network has signed a
multi-year agreement with Liberty Cablevision of Puerto Rico
Ltd., a wholly owned subsidiary of Liberty Global Inc., to offer
the Hispanic children's programming service as part of Liberty's
basic digital line-up on channel 77.

"Our launch with Liberty Cablevision on January 1st allows us to
deliver our programming to a wider audience in Puerto Rico,
significantly adding to our existing subscriber base," commented
Sorpresa!'s Chief Operating Officer, Leonard L. Firestone.  "We
continue to be focused on providing our top notch cutting-edge
programming to this coveted and fast growing audience."

                       About Sorpresa!

Sorpresa!, a Juniper Content Corp. company, is the nation's
first Hispanic children's television network and digital
community.  Sorpresa! is offered on cablevision, Charter,
Comcast, Cox, Time Warner, Verizon and The National Cable TV
Cooperative.  Sorpresa! is also available through third party
mobile and broadband platforms, including: Verizon's FiOS and
Brightcove; on VOD basis through Akimbo, AOL TV, MSN, and AT&T
Homezone; and on a mobile basis through MobiTV, that provides
Spanish-language video services to Sprint and AT&T Wireless; and
sorpresatv.com.

                    About Liberty Global

Headquartered in Englewood, Colorado, Liberty Global Inc.
-- http://www.www.lgi.com/-- is an international broadband
communications provider of video, voice and Internet access
services, with consolidated broadband operations in 19
countries, primarily in Europe, Japan and Chile.

Through its indirect wholly owned subsidiary UGC Europe, Inc.,
and its wholly owned subsidiaries UPC Holding B.V. and Liberty
Global Switzerland, Inc., collectively Europe Broadband, Liberty
Global provides video, voice and Internet access services in 13
European countries.

Through Liberty Global's indirect controlling ownership interest
in Jupiter Telecommunications Co., Ltd., the company provides
video, voice and Internet access services in Japan.  Through the
company's indirect 80%-owned subsidiary VTR GlobalCom, S.A., it
provides video, voice and Internet access services in Chile.

                        *     *     *

As reported on Dec. 20, 2007, Liberty Global Inc. carries
Standard & Poor's Long-Term Foreign and Local Issuer Default
Ratings of B+ with a stable outlook.




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


BRIGHTPOINT INC: Names Eric Hamburger as Latin America Biz Head
---------------------------------------------------------------
Brightpoint Inc. has appointed Eric Hamburger as the President
of its Latin America operations.  Mr. Hamburger's appointment
reflects the company's continued commitment to Latin America and
its focus on growing and expanding its operations in this
strategically important region.

"Eric has developed strong wireless industry relationships and
deep industry knowledge in Latin America through his experiences
at Motorola and McKinsey," stated J. Mark Howell, Co-Chief
Operating Officer of Brightpoint, Inc. and President Brightpoint
Americas.  I look forward to working with Eric to leverage that
expertise with our existing operations and to develop new growth
opportunities as Brightpoint works to become the leading
provider of supply-chain solutions to the wireless industry in
Latin America."

Prior to his appointment as the President of the Company's Latin
America division, Mr. Hamburger had been Director, Strategy &
Business Development, for Motorola Latin America Mobile Devices
since 2003.  From 2001 to 2003, Mr. Hamburger was an Engagement
Manager for McKinsey & Company primarily focusing on developing
and implementing sales and distribution strategies for wireless
operators in Latin America.  Mr. Hamburger also worked with
Comcel, a leading wireless operator in Colombia, from 1996 to
1999 in a number of senior marketing and management roles.

                      About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


CASCADES INC: Concludes Sale of Greenfield SAS to Argowiggins
-------------------------------------------------------------
Cascades Inc. has announced the sale of its Greenfield S.A.S.
French deinking mill to Argowiggins, a subsidiary of Sequana
Capital.  As previously announced, discussions were initiated
with Argowiggins in December 2007, the sale of which was subject
to certain conditions, including the approval of the competent
regulatory bodies.  Since these conditions were met, the
transaction between both parties was concluded on Jan. 7, 2008.

Commenting on the transaction, Cascades President and Chief
Executive Officer, Alain Lemaire stated, "There were few
opportunities for Greenfield to integrate its production line
with that of our other European mills.  The sale of this mill is
thus in keeping with one of our strategic objectives and will
enable Cascades to concentrate its efforts on the key components
of its business model."

Cascades S.A. is a European division of Cascades Inc.  It
includes primarily 4 virgin and recycled manufacturing boxboard
mills in France, Germany and Sweden, a sheeting operation in
England and an overall active sales structure in Europe.

Headquartered in Kingsey Falls, Quebec, Cascades Inc. --
http://www.cascades.com/-- produces, transforms, and markets
packaging products, tissue paper and fine papers, composed
mainly of recycled fibres.  Cascades employs nearly 15,600 men
and women who work in some 140 modern and flexible production
units located in North America, in Europe and in Asia.  The
Cascades shares trade on the Toronto stock exchange under the
ticker symbol CAS.  The company has operations in Hong Kong,
Colombia, and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2007, Moody's Investors Service assigned a Ba3 (LGD5,
72%) rating to Cascades' Inc.'s new CND$100 million senior
unsecured revolving credit facility.

At the same time Moody's affirmed Cascades' Ba2 corporate family
rating, its probability of default rating of Ba2, its Baa3
senior secured ratings, and its Ba3 senior unsecured ratings.
The senior unsecured ratings of Ba3 reflect a loss given default
of LGD-5 (72%) and the senior secured ratings of Baa3 reflect a
loss given default of LGD-2 (18%).  Moody's said the rating
outlook is stable.

Rating assigned:

  -- CND$100 million senior unsecured revolver, Ba3, LGD5, 72%

Ratings affirmed:

  -- Corporate Family Rating: Ba2

  -- PDR: Ba2

  -- CND$675 million Sr. Unsecured Notes due 2013, Ba3, LGD5,
     72%

  -- CND$250 million 6.75% Sr. Unsecured Notes due 2013, Ba3,
     LGD5, 72%


ECOPETROL: Initial Public Offering Brings in US$2.8 Billion
-----------------------------------------------------------
Randy Woods at the Energy Tribune reports that Colombian state-
owned oil firm Ecopetrol has raised US$2.8 billion in its first
sale of shares.

According to The Tribune, the stake sale was launched to fund
Ecopetrol's US$12.5 billion, five-year investment plan and boost
the firm's corporate structure.

The Tribune relates that Ecopetrol sold 10.1% of its shares to:

          -- Colombian citizens,
          -- pension funds, and
          -- some local firms.

The report says Ecopetrol shares began trading on the Colombian
stock exchange in November 2007.

Ecopetrol decided to delay the sale of additional shares until
there is a need for more capital.  Ecopetrol can sell a 20%
stake.  Ecopetrol will eventually make shares available to
international investors, the Tribune states.

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.


SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007
------------------------------------------------------------
                   Solutia Chapter 11 Debtors
              Unaudited Statement of Consolidated
                       Financial Position
                    As of November 30, 2007

                              ASSETS

Cash                                               US$3,000,000
Trade Receivables, net                              194,000,000
Account Receivables-Unconsolidated Subsidiaries      64,000,000
Inventories                                         176,000,000
Other Current Assets                                 81,000,000
Assets of Discontinued Operations                     6,000,000
                                                 --------------
Total Current Assets                                524,000,000

Property, Plant and Equipment, net                  652,000,000
Investments in Subsidiaries and Affiliates          687,000,000
Intangible Assets, net                              106,000,000
Other Assets                                         67,000,000
                                                 --------------
Total Assets                                   US$2,036,000,000

              LIABILITIES AND SHAREHOLDERS' DEFICIT

Accounts Payable                                 US$217,000,000
Short Term Debt                                     943,000,000
Other Current Liabilities                           172,000,000
Liabilities of Discontinued Operations                2,000,000
                                                 --------------
Total Current Liabilities                         1,334,000,000

Long-Term Debt                                       19,000,000
Other Long-Term Liabilities                         175,000,000
                                                 --------------
Total Liabilities not Subject to Compromise       1,528,000,000

Liabilities Subject to Compromise                 1,936,000,000

Shareholders' Deficit                            (1,428,000,000)
                                                 --------------
Total Liabilities & Shareholders' Deficit      US$2,036,000,000


                   Solutia Chapter 11 Debtors
         Unaudited Consolidated Statement of Operations
              For the Month Ended November 30, 2007

Total Net Sales                                  US$199,000,000
Total Cost Of Goods Sold                            185,000,000
                                                 --------------
Gross Profit                                         14,000,000

Total MAT Expense                                    17,000,000
                                                 --------------
Operating Income (Loss)                              (3,000,000)

Equity Earnings from Affiliates                               0
Interest Expense, net                                (9,000,000)
Other Income, net                                     4,000,000

Reorganization Items:
Professional fees                                    (6,000,000)
Employee severance and retention costs               (1,000,000)
Adjustment to allowed claim amounts                           0
Settlements of prepetition claims                             0
                                                 --------------
                                                     (7,000,000)
                                                 --------------
Income from continuing operations before taxes      (15,000,000)

Income tax expense (benefit)                                  0

Income from discontinued operations                           0
                                                 --------------
Net Loss                                         (US$15,000,000)

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

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, the Court confirmed the
Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No.
112; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.

S&P also assigned its 'B-' rating to the company's proposed
US$400 million unsecured notes.


* COLOMBIA: Gets US$960K Loan to Strengthen Electricity Service
---------------------------------------------------------------
The Inter-American Development Bank has approved a US$960,000
grant through the Japanese Fund for Consultancy Services for the
strengthening of the provision of electricity service in non-
interconnected areas in Colombia.

The project will contribute to the expansion of the electricity
service provision in the ZNI's of the Pacific Region in
Colombia, including the departments of Choco, Valle del Cauca,
Cauca and Narino; identify the alternatives for power supply to
San Andres and Providencia Islands and support the awarding of
concessions of energy services at the Non Interconnected Areas
to the specialized sector.

The project will be executed in close coordination with the
Instituto de PlanificaciOn de Soluciones EnergEticas, which is
in charged of the execution of the energy projects from
conventional sources and non conventional sources, including
renewable energy, such as solar and small hydro power
developments in the ZNI's.  IPSE also elaborates plans, programs
and projects of power infrastructure for these areas.  Local
counterpart funds provided by IPSE will total US$240,000.

The Japanese Trust Fund for Consultancy Services was established
by the government of Japan in 1995 and promotes cooperation and
knowledge transfer from Japan by utilizing Japanese Consultancy
expertise.  The JCF has become the largest of the funds
established within the technical cooperation funds program
managed by the IDB.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Standard & Poor's Ratings Services has assigned
BB+ long-term sovereign foreign currency rating and B short-term
sovereign foreign currency rating on Colombia.

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.


* COLOMBIA: Sells US$1 Billion of Dollar Bonds
----------------------------------------------
Valerie Rota at Bloomberg News reports that the Colombian
government has sold US$650 million of dollar-denominated bonds
due 2017 and US$350 million due 2037, to yield 6 percent and 6.6
percent, respectively.

According to Ms. Rota, the demand for emerging-market debts,
like those offered by Colombia, has stabilized as a result of
cash injection into global financial markets by central banks.

The Colombian government's issuance received 1.4 times
subscription, showing a confidence from investors, Ms. Rota
says.  Credit Suisse and Merrill Lynch managed the sale.

As reported on Dec. 26, 2007, Standard & Poor's Ratings Services
assigned BB+ long-term sovereign foreign currency rating and B
short-term sovereign foreign currency rating on Colombia.




===================
C O S T A   R I C A
===================


ARMSTRONG WORLD: Nitram & Desseaux Joint Plan Effective Dec. 28
---------------------------------------------------------------
Nitram Liquidators, Inc., and Desseaux Corporation of North
America relate that their First Amended Joint Plan of
Liquidation became effective on Dec. 28, 2007.

The First Amended Joint Plan of Liquidation was confirmed by
Judge Judith K. Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware on Dec. 17, 2007.

As a result of the occurrence of the Effective Date, all assets
and liabilities of Nitram and Desseaux are deemed merged solely
for purposes of the Plan.  Each claim filed or to be filed
against either Nitram and Desseaux in their Chapter 11 cases
will be treated as one claim filed against the consolidated
Debtors.

Furthermore, on the Effective Date, Armstrong World Industries,
Inc., the parent corporation of Nitram and Desseaux, transferred
US$200,000 in cash to the consolidated Debtors for the benefit
of holders of Allowed Claims.  The US$200,000 cash will become
property of Nitram and Desseaux's consolidated estates and will
be distributed pursuant to the Plan.

All requests for payment of an Administrative Claim against
Nitram and Desseaux must be filed with the Bankruptcy Court, so
as to be received on or before Jan. 28, 2008, at 4:00 p.m.,
Wilmington, Delaware time.

Pursuant to the confirmed Plan, the Initial Distribution Date is
set to occur on or before March 13, 2008, unless an unliquidated
Administrative Expense is filed with the Bankruptcy Court by the
Administrative Bar Date, Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, relates.  Nitram
and Desseaux will not be obliged to make further distributions
on account of Allowed Claims, if:

   (a) a distribution is returned to the consolidated Debtors as
       undeliverable, and after reasonable inquiry the
       consolidated Debtors are unable to locate a new address
       for the holder of the Allowed Claim; or

   (b) a check for Distribution under the confirmed Plan is not
       cashed within 10 days prior to the Distribution Date.

In the event of undeliverable or unclaimed distributions on
account of an Allowed Claim, the Claim will be treated as a
Disallowed Claim for all further distributions.  The funds set
aside for Distributions will be part of the Available Cash,
pursuant to the confirmed Plan.

As previously reported, all claims arising from the rejection or
termination of Nitram's and Desseaux's executory contracts or
unexpired leases prior to Dec. 17, 2007, must be filed with the
Bankruptcy Court and served on Nitram and Desseaux by
Jan. 16, 2008.

Furthermore, all final requests for compensation or
reimbursement of the fees of any professional employed in Nitram
and Desseaux's Chapter 11 cases must be filed no later than
Jan. 27, 2008, or 30 days after the Effective Date.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

Nitram Liquidators Inc. and Desseaux Corporation of North
America delivered to the Court a Joint Chapter 11 Plan of
Liquidation and an accompanying Disclosure Statement on
Sept. 20, 2007.

(Armstrong Bankruptcy News, Issue No. 120; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)




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


GENERAL CABLE: German Subsidiary Bags Offshore Windfarm Contract
----------------------------------------------------------------
General Cable Corporation's subsidiary, Norddeutsche
Seekablewerke GmbH, has been awarded its first submarine power
contract by BARD Engineering GmbH, for more than US$30 million
related to the construction of BARD Offshore 1.  BARD Offshore 1
is a 400-megawatt wind farm consisting of 80 wind turbines that
will be located northwest of the Isle of Borkum in the North
Sea.

BARD Offshore 1 is the first commercial wind farm to be located
in the North Sea and is expected to be completed in 2010.  NSW
will produce approximately 66 miles of power cable for the
infield infrastructure portion of the project, which will
harness the electricity generated by the turbines for
transmission back to shore.  The field will be located in water
75 miles offshore with a depth of approximately 130 feet.  "We
believe that the North Sea will be an area of high growth for
wind power generation due to its ideal conditions of high
sustainability of wind and shallow waters, key factors allowing
for efficient use of the turbines and for anchoring the windmill
towers.  With its long history and experience in submarine
cabling systems, NSW is ideally positioned to take advantage of
this high growth opportunity," said Valentin Jug, Chairman of
NSW.

General Cable acquired NSW in April 2007 and began an investment
program to expand the capability of the facility to include
submarine power cables and repeatered submarine
telecommunications cable.  NSW is located on a tributary of the
North Sea, with its own deep-sea pier.  The Company believes
that once the expansion of NSW is completed, it will be well
positioned to address all aspects of submarine cable needs for
the expanding offshore wind farm market.

                          About NSW

Headquartered in Nordenham, Germany, Norddeutsche Seekablewerke
GmbH -- http://www.nsw.de/-- manufactures submarine fiber optic
communications and offshore power cables serving customers all
over the world.

                       About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed US$400 million senior unsecured convertible
notes of General Cable Corporation.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  S&P said the outlook is
stable.




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


PETROECUADOR: Saves US$38.8 Million in Crude Fuel Swap Pact
-----------------------------------------------------------
Ecuadorian state-run oil company Petroecuador has saved some
US$38.8 million in 2007 under a preferential crude fuel swap
accord with Venezuelan state firm Petroleos de Venezuela SA,
Business News Americas reports.

Petroecuador said in a statement that it delivered last year
some 14.4 million barrels of Napo and Oriente crude to Petroleos
de Venezuela that in turn returned 9.01 million barrels of
diesel oil, high-octane naphtha and premium diesel.

               About Petroleos de Veneuzuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

Petroecuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.




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


AFFILIATED COMPUTER: Inks Strategic Alliance Pact with Ingenix
--------------------------------------------------------------
Affiliated Computer Services Inc. and Ingenix, a UnitedHealth
Group Inc. subsidiary, have disclosed a strategic alliance to
provide Medicaid Management Information Systems decision support
solutions to state governments.

Under the terms of the alliance agreement, the two companies
will work with each other to supply decision support solutions
for Affiliated Computer's state Medicaid Systems initiatives.
Affiliated Computer will license its portfolio of federally
certified decision support technologies to Ingenix, which will
provide its Medicaid Systems clients with a broad array of
decision support methodologies, software applications, and
related consulting services.  Decision support systems analyze
data to help health administrators assess Medicaid program
status, analyze healthcare policy, monitor budget trends and
measure program performance.

"This partnership allows us to enhance our current systems and
deliver better service to our Medicaid clients," said Affiliated
Computer senior vice president and managing director, Government
Healthcare Solutions, Christopher T. Deelsnyder.  "Combining
Ingenix' innovative decision support capabilities with ACS'
technologies strengthens our ability to streamline and improve
the delivery of healthcare in Medicaid programs."

Impact Pro for Care Management is Ingenix' innovative platform
for helping state Medicaid programs better identify and manage
both chronic and acute health conditions.  This predictive
modeling and care management tool is currently being used by the
ACS-Ingenix alliance to support the State of Mississippi's
Division of Medicaid.

"This relationship brings together an unparalleled set of data,
technology and experience that will increase efficiency, reduce
costs and improve care outcomes for Medicaid recipients and the
state governments that manage their health services," said
Ingenix chief executive officer, Andy Slavitt.  "Together, we
will offer a unique set of solutions that will help us grow our
respective businesses by giving our clients a suite of services
that meet their expectations."

                         About Ingenix

Ingenix -- http://www.ingenix.com/-- a wholly owned subsidiary
of UnitedHealth Group Inc. (NYSE: UNH), transforms organizations
and improves health care through information and technology.
Organizations rely on its innovative products, services and
consulting to improve the delivery and operations of their
business.

                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
Jan. 7, 2008, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit rating on Dallas, Texas-based Affiliated
Computer Services Inc., and removed it from CreditWatch, where
it had been placed with negative implications on March 20, 2007.
S&P said the outlook is negative.


BRITISH AIRWAYS: Offers Alternative Travel to MAXjet Customers
--------------------------------------------------------------
British Airways plc is offering passengers of the bankrupt
airline MAXjet Airways Inc. a special New Year's offer to help
them have a happier start to 2008.

The airline is offering customers of the U.S.-based airline
booked to travel after December 24 the opportunity to book Club
World (business class) return tickets from London Heathrow to
New York for 1,000 and London Heathrow to Los Angeles for 1,250.

The tickets are available for sale until Jan. 11, 2008, for
travel throughout 2008.

Steve Cassidy, GM long-haul sales, said, "We understand that
this may be an uncertain time for customers who were booked to
travel with MAXjet.  We are pleased to be able to offer them an
alternative with British Airways."

He continued, "Our special New Year offer is available to any
MAXjet customer who was due to travel after Dec. 24, 2007.

"British Airways offers customers a truly upgraded experience
with our award-winning new Club World cabin, a superior network
and schedule and our frequent flyer programme, the Executive
Club, which rewards our most regular customers when they fly.

"British Airways' 100 million investment in its new Club World
is available on most British Airways flights between London
Heathrow and New York and all flights between London Heathrow
and Los Angeles."

   -- The British Airways offer is available for sale up to and
      including midnight on Jan. 11, 2008.

   -- Prices include all taxes, fees and charges.

   -- Customers can book with British Airways directly by
      calling 0870 850 9850 in the UK and 1-800-AIRWAYS in the
      U.S.A.

   -- Tickets are non-refundable and non-changeable and require
      a Saturday night stay.

   -- Travel is subject to availability throughout 2008.

   -- Proof of purchase of a MAXjet flight for travel after
      Dec. 24, 2007, is required to qualify for the special
      fare.

   -- British Airways flies to New York JFK and Newark airports
      from London Heathrow 11 times per day and once a day
      between Manchester and New York JFK.  The airline flies
      three times per day between London Heathrow and Los
      Angeles.

   -- British Airways' frequent flyer programme, the Executive
      Club rewards frequent travellers with - BA Miles that can
      be used for free flights and upgrades.

The 100 million investment in Club World includes:

   -- More comfortable six feet long fully flat bed that is
      25% wider than the original flat bed.

   -- A new 'z' bed position that extends to six foot six
      inches and allows the body to assume a position similar to
      that in zero gravity, ideal for watching movies.

   -- Electronically operated privacy screens using an
      innovative opaque material, Lumisty.

   -- A laptop locker where customers can stow electronic items,
      a small bag and shoes.

   -- Standard 110v US style in-seat power socket that only
      needs a U.K./U.S.A. adaptor.

   -- An enhanced in-flight entertainment system that allows
      customers to pause, stop, fast-forward or rewind up to
      100 films and TV programmes, and play games on larger
      10-inch digital screens.

   -- An onboard Club Kitchen where customers can enjoy hot and
      cold snacks in between meals.

                    About MAXjet Airways

Dulles, Virginia-based MAXjet Airways Inc. --
http://www.maxjet.com/-- is an all-business class, long-haul
airline company.  It has introduced scheduled services with
flights from London Stansted Airport to New York.  As of
December, 2006, it leased five B767 aircraft.  Its customers are
both business and leisure travelers.  At the airport, its
product features check-in facilities located in primary
terminals, security and a business class departure lounge and
arrivals facility.  Its flights features deep-recline seats (170
degree) spaced at a 60-inch pitch, portable entertainment
systems, stowage space and business class catering.

The Debtor filed for chapter 11 protection on Dec. 24, 2007
(Bankr. D. Del. Case No. 07-11912).  Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl & Jones LLP represents the Debtor in its
restructuring efforts.  The Debtor listed assets between US$10
million and $50 million and debts between US$50 million to
US$100 million when it filed for bankrutpcy.

                    About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
plc -- http://www.ba.com/and http://www.britishairways.com/--
operates international and domestic scheduled and charter air
services for the carriage of passengers, freight and mail, and
provides of ancillary services.  The company also operates a
worldwide air cargo business with its scheduled passenger
services.  The company operates international scheduled airline
route networks, comprising some 147 destinations in 75 countries
at
March 31, 2007.  The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd. and British Airways
Travel Shops Ltd.  BA has offices in India and Guatemala.
British Airways has operations in the United States.

                        *     *     *

British Airways plc carries Ba1 senior unsecured debt rating
placed by Moody's Investors' Service on Aug. 14, 2007.  Moody's
said the outlook is stable.


BRITISH AIRWAYS: Traffic Figures Up 1% in December 2007
-------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
December 2007.

In December 2007, passenger capacity, measured in Available-
Seat-Kilometers, was 2% above December 2006.  Traffic, measured
in Revenue-Passenger-Kilometers, rose 1%.  This resulted in a
passenger load factor down 0.7 points versus last year, to
73.5%.  The increase in traffic comprised a 6.5 %increase in
premium traffic and a 0.1 %rise in non-premium traffic.

Cargo, measured in Cargo-Ton-Kilometers, rose by 9.1 %.

For the first nine months of the financial year, ASKs rose
0.9%, with RPKs rising by 0.1%.  This resulted in a passenger
load factor down 0.6 points to 77%.  The change in RPKs
comprised a 4.2% rise in premium traffic and 0.6 %fall in non-
premium traffic.  CTKs for the period were rose 1.3%.

                      Market Conditions

Longhaul premium markets remain strong, while shorthaul premium
traffic is weak.  The airline's guidance on revenue of a 3-3.5%
increase for the year remains unchanged.

                   Strategic Developments

The Department for Transport announced the lifting of the one
bag restriction on hand baggage for passengers flying in and out
of the U.K. from Jan. 7, subject to airports meeting security
criteria.

BA was awarded "World's Leading Airline, 2007" at the World
Traveller Awards which recognise outstanding achievement within
the global travel industry.

The airline announced a New Year sale with up to 25 %off
flights, accommodation and car hire.  There are 64 routes on
offer including Australia, Bermuda, the Caribbean, Far East,
Mauritius, Middle East, North and South Africa, North America
and South America and selected European destinations.  The sale
runs from Dec. 27, 2007 until midnight on Jan. 22 for selected
travel dates during 2008.

A GBP5 million new extension to BA' interiors plant in South
Wales was formally opened by Welsh First Minister Rhodri Morgan.

BA featured Terminal 5 for the first time in the airline's
Christmas advertising in outdoor, press and online sites with
the tagline "Come together this Christmas". The terminal opens
in 82 days' time.

Headquartered in West Drayton, United Kingdom, British Airways
plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


BRITISH AIRWAYS: U.K. Government Lifts One-Bag Restriction
----------------------------------------------------------
British Airways plc's customers flying through and out of
Heathrow will be able to take two pieces of free hand baggage on
board from Jan. 7 following the U.K. government's decision to
lift the restrictions.

But the one bag limit is still in place at Gatwick.

"This is great news for our customers at Heathrow and it's
something we've been lobbying for over the last year, Robert
Boyle, British Airways' commercial director, said.  "It was a
serious inconvenience for passengers and didn't make sense
because the U.K. was the only country to impose the
restrictions."

"Now we want to see the restrictions lifted at Gatwick in line
with other major U.K. airports as quickly as possible.  We are
working closely with the BAA and the DfT towards lifting the
one-bag restriction as soon as possibly," Mr. Boyle added.

Headquartered in West Drayton, United Kingdom, British Airways
plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.




=========
H A I T I
=========


* HAITI: Receives US$750,000 Rehabilitation Program from IDB
------------------------------------------------------------
The Inter-American Development Bank has approved a technical
cooperation donation of US$750,000 to design a rehabilitation
program for the Peligre hydropower station in Haiti.

The IDB's Infrastructure Fund will provide a total of US$550,000
to the project, while the IDB's Special Operations Fund will
contribute another US$200,000.  The aim is to map out the
actions needed in order to rehabilitate the hydropower station,
which provides 25 percent of Haiti's power, and to improve its
efficiency.

The rehabilitation program seeks to strengthen the operational
capacity of the hydropower system by refurbishing its electro-
mechanic components and the main electricity-generating
equipment.  The project will be implemented together with the
state-owned company EDH.

                        *     *     *

Haiti is currently seeking international help to spur economic
development in the country.  President Rene Preval submitted
that the country's poverty, widespread unemployment and the
dilapidated state of infrastructure will be alleviated with
increased international assistance.




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


BALLY TOTAL: Court Okays Latham & Watkins' US$1.8 Million Fees
--------------------------------------------------------------
The Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York, signed, on Jan. 3, 2008, an
Omnibus Order granting the First and Final Applications of
Compensation and Reimbursement of Expenses of professionals
involved in the bankruptcy proceeding of Bally Total Fitness
Holding Corp. and its debtor-affiliates.

As previously reported in the Troubled Company Reporter, Bally
Total Fitness emerged from Chapter 11 on Oct. 1, 2007, as a
private company just over two months after filing for bankruptcy
protection on July 31, 2007.  The restructuring arrangements
funded by Harbinger Capital Partners Master Fund I, Ltd. and
Harbinger Capital Partners Special Situations Fund L.P. became
effective on the same date.  Harbinger invested approximately
US$233.6 million in exchange for 100% of the common equity of
reorganized Bally.

The fees approved are:

    Name of Firm             Fees Requested     Fees Awarded
    ------------             --------------     ------------
    Latham & watkins LLP    US$1,813,250.75    US$1,813,250.75

    Deloitte Financial         US$85,278.37       US$85,278.37
    Advisory Services LLP

    Deloitte Tax LLP          US$432,349.41      US$432,349.41

    Hilco Real Estate LLC     US$255,049.11      US$255,049.11

    KPMG LLP                US$1,419,751.05    US$1,419,751.05

    Jefferies & Company       US$300,000.00      US$300,000.00

    Kirkland & Ellis LLP      US$573,778.50      US$573,778.50

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally Total and
its affiliates filed for chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite
number of votes in favor of their pre-packaged chapter 11 plan.
Joseph Furst, III, Esq., at Latham & Watkins, L.L.P. represented
the Debtors in their restructuring efforts.  As of June 30,
2007, the Debtors had US$408,546,205 in total assets and
US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


COTT CORPORATION: Amends Existing Senior Secured Credit Debt
------------------------------------------------------------
Cott Corporation has entered into an agreement to amend its
existing senior secured credit facility and has signed a non-
binding term sheet with a major financial institution to replace
this existing credit facility with a proposed asset based
lending credit facility.

"We anticipate that the proposed asset based lending facility
will provide Cott with enhanced flexibility and increased
liquidity," said Juan Figuereo, Cott's Chief Financial Officer.

Under the contemplated terms, the ABL facility will be a
revolving senior secured credit facility of up to US$250 million
and will be available for a term of up to five years.  Cott
anticipates implementing this proposed facility by the end of
the first fiscal quarter ending March 29, 2008.  The proposed
ABL credit facility would bear interest at prevailing market
rates, which rates are not expected to be materially different
from those under the existing senior secured credit facility.

The amendment to the company's existing senior secured credit
facility increases the permissible total leverage ratio from 3:1
to 4:1 for the fourth fiscal quarter ended Dec. 29, 2007, and
modifies the calculation of the fixed charge ratio for the same
quarter to exclude the impact of certain capital expenditures.

In connection with the amendment, Cott has agreed to pay an
amendment fee and increase the base interest rate by 50 basis
points per annum on the loans outstanding from the last day of
the fourth fiscal quarter, which ended on Dec. 29, 2007, to the
last day of the first fiscal quarter ending March 29, 2008.

An amendment was also made to the receivables securitization
facility to align the total leverage ratio set forth in that
agreement and the calculation of the fixed charge coverage ratio
with those contained in the amended credit facility.  The
financial covenants in both the existing senior secured credit
facility and the receivables securitization facility are
calculated and determined at the end of each quarter.  Cott
anticipates being in compliance with the amended covenants as of
Dec. 29, 2007.  It is uncertain that Cott will be in compliance
with its covenants for the first fiscal quarter ending
March 29, 2008.

Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT;
TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavoured mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2007, Moody's Investors Service downgraded the ratings
of Cott Corporation:

       -- Corporate Family rating to B1 from Ba3,
       -- Probability of Default Rating to B1 from Ba3; and

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Standard & Poor's Ratings Services has lowered
its ratings on Cott Corp. by one notch, including its long-term
corporate credit rating to 'B' from 'B+'.  At the same time, S&P
removed the ratings from CreditWatch with negative implications,
where they were placed Oct. 2, 2007.  S&P said the outlook is
negative.


FEDERAL-MOGUL CORP: Moody's Confirms Post-Bankruptcy Ratings
------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of the
reorganized Federal-Mogul Corp. -- Corporate Family Rating, Ba3;
Probability of Default Rating, Ba3; and senior secured bank
credit facilities, Ba2.  The outlook is stable.  The financing
for the company's emergence from Chapter 11 bankruptcy
protection has been funded in line with the structure originally
rated by Moody's in a press release dated Nov. 28, 2007.

These ratings were confirmed:

  -- Ba3 Corporate Family rating;

  -- Ba3 Probability of Default rating;

  -- Ba2 (LGD3, 42%) rating for the US$540 million senior
     secured asset based revolver;

  -- Ba2 (LGD3, 42%) rating for the US$1.0 billion senior
     secured delayed term loan facility, which includes a US$50
     million senior secured synthetic letter of credit facility
     and a US$0.95 billion senior secured delayed draw term
     loan;

  -- Ba2 (LGD3, 42%) rating for the US$1.96 billion senior
     secured term loan.

The Speculative Grade Liquidity Rating of SGL-2 is unchanged.

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.


GREENBRIER COS: Earns US$2.6 Million in Quarter Ended Nov. 30
-------------------------------------------------------------
The Greenbrier Companies has reported financial results for its
fiscal first quarter ended Nov. 30, 2007.

                         Highlights

   --  During the quarter Greenbrier entered the tank car market
       in North America through a multi-year order from GE
       Equipment Services for 11,900 covered hopper and tank
       cars. The railcars will be delivered over an eight-year
       period commencing in the third calendar quarter of 2008.

   --  Revenues increased 16% to US$286 million, due principally
       to acquisition-related growth in the company's
       refurbishment & parts segment.

   --  Net earnings for the quarter, were US$2.6 million, or
       US$0.16 per diluted share, compared to US$1.9 million, or
       US$0.12 per diluted share, for the same period in 2007.

   --  Results for the quarter were negatively impacted by
       US$0.16 per diluted share for: 1) special charges and
       other costs related to the company's Canadian facility,
       which is shut down and in the process of being
       liquidated (US$0.11); and 2) foreign exchange losses
       (US$0.05).  In addition, the tax rate for the quarter was
       57.5%, which compares to an anticipated rate for the
       remainder of the year of around 46%.

   --  EBITDA before special charges for the quarter was US$24.5
       million, or 8.6% of revenues.

   --  New railcar manufacturing backlog grew to 22,200 units,
       valued at US$1.73 billion as of Nov. 30, 2007, compared
       to 12,100 units valued at US$830 million as of
       Aug. 31, 2007.

   --  New marine barge backlog was US$102 million at
       Nov. 30, 2007, compared to US$110 million at
       Aug. 31, 2007.

                    First Quarter Results

Revenues for the 2008 fiscal first quarter were US$286.4
million, compared to US$246.6 million in the prior year's first
quarter.  EBITDA before special charges was US$24.5 million, or
8.6% of revenues for the quarter, compared to US$19.6 million,
or 7.9% of revenues in the prior year's first quarter.  Net
earnings were US$2.6 million, or US$0.16 per diluted share for
the quarter, compared to net earnings of US$1.9 million, or
US$0.12 per diluted share for the same period in 2007.

New railcar manufacturing backlog was 22,200 units valued at
US$1.73 billion at Nov. 30, 2007, compared to 12,100 units
valued at US$830 million at Aug. 31, 2007.  Based on current
production plans, approximately 4,500 units in the Nov. 30, 2007
backlog are scheduled for delivery during the balance of fiscal
2008.  Marine backlog was US$102 million as of Nov. 30, 2007,
compared to US$110 million as of Aug. 31, 2007.

President and chief executive officer, William A. Furman said,
"While we achieved year-over-year growth, we experienced an
expected seasonal business slowdown on a sequential basis.
Similar to last year, we anticipate improvement in our financial
results as the year progresses with earnings more heavily
weighted to the second half of the year.  This anticipated
earnings improvement is due principally to a more favorable
product mix, cost reduction initiatives, and lower overall tax
rate."

Results for the quarter were adversely affected by several
factors, the aggregate affect of which was US$0.16 per diluted
share. These factors were:

   --  Special charges and other costs related to our Canadian
       manufacturing facility, TrentonWorks, impacted EPS by
       US$0.11.  This facility is shut down and in the process
       of being liquidated, with completion expected by early in
       the third quarter of 2008.

   --  Foreign exchange losses impacted EPS by US$0.05.

In addition, the tax rate for the quarter was 57.5%, compared to
an anticipated effective tax rate for the remainder of the year
of around 46%, as the rate for the first quarter was impacted by
adjustments to tax estimates.  The 46% effective tax rate for
the balance of 2008 compares to a 40% effective rate in 2007.
This change in the 2008 effective rate is due to the
geographical mix of pre-tax earnings and losses, minimum tax
requirements in certain local jurisdictions and operating losses
for certain operations with no related accrual of tax benefit.

Mr. Furman added, "A weaker overall economy, soft railcar
loadings, and market saturation of certain freight car types are
all factors contributing to caution on the part of our
customers.  As a result, we are experiencing an increasingly
competitive new railcar market environment in North America.
All new railcar builders in North America are feeling these
effects, placing pressure on deliveries and margins.  Our large
backlog, efficient leasing capability, new railcar product line
expansion, and stronger competitive footprint will keep us well
positioned and very competitive in the new railcar marketplace."

First quarter revenues for the manufacturing segment were
US$159.2 million, down US$9.5 million from US$168.7 million in
the first quarter of 2007.  New railcar deliveries for the
quarter were 1,900 units compared to 2,000 units in the prior
comparable period.  Revenues per unit decreased due to a change
in product mix.

Manufacturing gross margin for the quarter was 5.4% of revenues,
compared to 4.2% of revenues in the first quarter of 2007.  The
increase in margin was principally due to the prior period
including negative margin and overhead costs from Greenbrier's
Canadian facility that was permanently closed during the third
quarter of 2007.

The refurbishment & parts segment includes results for 35 shop
locations across North America. Revenues for this segment were
US$103.9 million, double the US$51.2 million of revenue for the
prior comparable period.  This revenue growth was principally
the result of the Meridian Rail Services acquisition, which
occurred late in the first quarter of 2007.  Margins during the
quarter for this segment were 15.3% of revenues, compared to
12.2% in the prior comparable period, as the current period
included a more favorable product mix.

The leasing & services segment includes results from the
company's owned lease fleet of approximately 9,000 railcars and
from fleet management services provided for approximately
138,000 railcars.  Revenues for this segment were US$23.3
million, compared to US$26.7 million in the same quarter last
year.  Leasing & services margin was 48.8% of revenues, compared
to 59.5% of revenues in the same quarter last year.  Leasing &
services revenue and margin declined principally due to lower
gains on equipment sales, interim rent and interest income, all
of which have no associated cost of revenue.

                      Business Outlook

Mr. Furman continued, "The strategic steps taken in 2007 to
improve our competitive position and build a stronger company
that can perform more consistently through various economic
cycles have already helped to stabilize performance and should
serve us well in 2008 and beyond.  Our competitive position in
new railcar manufacturing in North America has improved and we
remain focused on continuous improvement.  We anticipate that
our less cyclical business units, which include marine barge
manufacturing, railcar repair & refurbishment, leasing,
management services, and European new railcar manufacturing,
should approach US$800 million of revenues in 2008 and provide a
source of stability to cash flow and earnings.  We continue to
seek opportunities to grow: marine barge, repair, refurbishment
and parts; leasing; and management services."

Senior vice president and treasurer, Mark Rittenbaum said,
"During the past quarter we have focused on initiatives which
will provide a strong operating platform in 2008 and beyond.
These initiatives include 1) working with major customers to
solidify our new railcar production plans in 2008; 2)
accelerating the timeline for liquidation of our loss-producing
Canadian facility, which we intend to complete over the next
three to four months; 3) focusing on cost reductions; 4)
ensuring the successful start up of our new Greenbrier-GIMSA
manufacturing operation in Mexico; and 5) improving operating
results in Europe."

"We are confident these initiatives, along with a more favorable
product mix, seasonally higher refurbishment & parts revenues,
and anticipated lower overall tax rate will produce stronger
financial results as the year progresses, particularly in the
second half of 2008.  However, we do not expect that earnings
before special charges (net of tax) in 2008 will meet the
US$2.22 per diluted share realized in 2007, as we anticipate
lower overall new railcar deliveries, lower gains on equipment
sales, and a higher tax rate than in 2007," Mr. Rittenbaum
concluded.

                      About Greenbrier

Headquartered in Lake Oswego, Oregon, The Greenbrier Cos. (NYSE:
GBX) -- http://www.gbrx.com/-- supplies transportation
equipment and services to the railroad industry.  The company
builds new railroad freight cars in its manufacturing facilities
in the US, Canada, and Mexico and marine barges at its U.S.
facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 30 locations (post Meridian
acquisition) across North America.  Greenbrier builds new
railroad freight cars and refurbishes freight cars for the
European market through both its operations in Poland and
various subcontractor facilities throughout Europe.  Greenbrier
owns approximately 9,000 railcars, and performs management
services for approximately 136,000 railcars.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Mar. 30, 2007, Moody's Investors Service downgraded the ratings
of The Greenbrier Cos., Inc. -- corporate family to B1, senior
unsecured to B2 (LGD5, 72%) and the speculative grade liquidity
rating to SGL-3.  Moody's said the outlook is now stable.  These
rating actions conclude the review for downgrade prompted by
Greenbrier's acquisition of Meridian Rail Holdings Corp in late
2006.


GREENBRIER COS: Pays US$.08 Per Share Dividend on Feb. 13
---------------------------------------------------------
The Greenbrier Companies has announced a quarterly cash dividend
of US$.08 per share, payable on Feb. 13, 2008, to stockholders
of record as of Jan. 23, 2008.

Headquartered in Lake Oswego, Oregon, The Greenbrier Cos. (NYSE:
GBX) -- http://www.gbrx.com/-- supplies transportation
equipment and services to the railroad industry.  The company
builds new railroad freight cars in its manufacturing facilities
in the US, Canada, and Mexico and marine barges at its U.S.
facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 30 locations (post Meridian
acquisition) across North America.  Greenbrier builds new
railroad freight cars and refurbishes freight cars for the
European market through both its operations in Poland and
various subcontractor facilities throughout Europe.  Greenbrier
owns approximately 9,000 railcars, and performs management
services for approximately 136,000 railcars.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Mar. 30, 2007, Moody's Investors Service downgraded the ratings
of The Greenbrier Cos., Inc. -- corporate family to B1, senior
unsecured to B2 (LGD5, 72%) and the speculative grade liquidity
rating to SGL-3.  Moody's said the outlook is now stable.  These
rating actions conclude the review for downgrade prompted by
Greenbrier's acquisition of Meridian Rail Holdings Corp in late
2006.


ITRON INC: Posts US$3.4 Million Net Loss in 2007 Third Quarter
-------------------------------------------------------------
Itron Inc. reported a net loss of US$3.4 million for the third
quarter ended Sept. 30, 2007, compared with net income of
US$9.2 million in the same period in 2006.  The loss was
primarily due to the accelerated amortization of debt fees.

Total revenues for the third quarter of US$434 million were
US$269 million, or 164%, higher than 2006 third quarter revenues
of US$165 million.  Itron North America revenues for the third
quarter of US$153 million were about US$12 million, or 7%, lower
than the third quarter of 2006.  Actaris revenues of US$281
million were comprised of shipments to electric, gas and water
utilities of approximately 40%, 32% and 28%, respectively.

"Our results for the quarter were about in line with our
expectations," said LeRoy Nosbaum, chairman and chief executive
officer.  "We had our highest bookings ever at US$440 million
and Actaris operating results are showing the positive effect of
a more geographically diverse business model.  Although we have
experienced a pause in business in the US that we thought might
occur, we continue to drive revenue and EPS growth in the short-
term and believe that we are very well positioned for the long-
term."

Gross margin for the third quarter of 2007 was 33%.  This
compares with 41% in the third quarter of 2006.  Third quarter
2007 Itron North America gross margin of 40% was similar to the
third quarter of 2006.  Actaris gross margin of 30% was
comparable to the second quarter of 2007 without the effect of
the inventory charge.

Total operating expenses for the third quarter of 2007 were
US$116 million.  Itron North America operating expenses were
US$43 million, reflecting a US$2 million decrease over the third
quarter of 2006.  INA operating expenses as a percentage of
revenue were 28%, which was similar to 2006.  Actaris operating
expenses of US$64 million were 23% of revenue.

Corporate unallocated expenses were US$8.5 million for the
quarter, or about US$2.3 million higher than the third quarter
of 2006.  The increase was primarily attributable to higher
expenses for internal controls for financial reporting and
consulting services for tax planning related to the Actaris
acquisition.  Corporate unallocated expenses also include an
impairment charge for the company's old corporate headquarters
building.

Net interest expense of US$34 million in the third quarter of
2007 was substantially higher than the US$561,000 in the
comparable period in 2006, primarily due to the placement of
US$1.2 billion in senior secured bank debt for the Actaris
acquisition.  Debt fee amortization expense, which is included
in net interest expense, was US$9.2 million in the third
quarter.  Debt fee amortization expense included US$6.6 million
of accelerated amortization related to the company's convertible
subordinated debt becoming subject to conversion.  Other expense
of US$873,000 was comprised primarily of foreign currency
revaluation of trade receivables and payables.

The company had a US$2.7 million GAAP income tax benefit for
the third quarter of 2007.  This compares with a GAAP income tax
provision of US$5.9 million in the third quarter of 2006.  The
benefit is due to the pre-tax GAAP loss and also includes a
benefit related to legislative reductions in tax rates in
Germany and the United Kingdom in the third quarter.

Non-GAAP operating income, which excludes amortization expense
related to intangible assets, was US$55 million, or 13% of
revenues, in the third quarter of 2007, compared with US$24
million, or 15% of revenues, in the third quarter of 2006.  Non-
GAAP net income, which also excludes amortization of debt fees,
was US$21 million in 2007 compared with US$15 million in the
2006 period.  Non-GAAP net income is higher in the third quarter
of 2007 primarily due to the Actaris acquisition.

Total revenues for the nine months ended Sept. 30, 2007, of
US$984 million were US$499 million or 103%, higher than 2006
nine-month revenues of US$484 million.  Itron North America
revenues for the first nine months of 2007 of US$453 million
were approximately US$31 million, or 6%, lower than the same
period in 2006.

GAAP net loss for the first nine months of 2007 was US$20
million, compared with net income of US$26 million in the first
nine months of 2006.  The loss was primarily due to acquisition-
related charges for IPR&D and inventory and the accelerated
expensing of debt fees.

Net cash provided by operating activities was US$90 million for
the first nine months of 2007, compared with US$87 million in
the same period in 2006.  Adjusted earnings before interest,
taxes, depreciation and amortization in the third quarter of
2007, was US$67 million compared with US$28 million for the same
period in 2006. Adjusted EBITDA for the first nine months of
2007 was US$158 million, or more than US$72 million higher than
the first nine months of 2006, primarily due to the acquisition
of Actaris.

                        Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$3.04 billion in total assets, US$2.34 billion in total
liabilities, and US$697.5 million in total stockholders' equity.

The company's consolidated balance sheet at Sept. 30, 2007, also
showed strained liquidity with US$666.5 million in total current
assets available to pay US$728.9 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?26d9

                      About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions; as
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on its
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                        *     *     *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


MAZDA MOTOR: Sees Business Growth in 2008
-----------------------------------------
Mazda Motor Corporation is committed to further growth for the
year 2008.

As the company held its first-product-shipment-of-the-year
annual celebration, Mazda's President and Chief Executive
Officer, Hisakazu Imaki says, "2008 will be the second year of
our mid-term Mazda Advancement Plan, and it will be extremely
important year for us. The automotive industry's operating
environment is tougher than ever, but we will confidently go
forward this year, taking steady steps in our operations toward
achieving our goals."

Mr. Imaki expressed that to achieve their goals, it must
improve brand value, strengthen business efficiency and improve
quality throughout the Mazda Group.

Among Mazda's mid-term plan was to reach 1.6 million units of
retail sales globally in fiscal year 2010.  In line with this,
Mazda, in its first year of plan, increased its production
capacity in Japan, started operations at new manufacturing
facilities in China and announced plans for a new passenger
vehicle plant at its AutoAlliance Thailand facility, making
solid progress toward achieving its goals.

                      About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve
operating and financial performance in the nine months ended
Dec. 31, 2006, owing to an improved sales mix and favorable
foreign exchange rates.  Although the EBITDA margin of about 6%
remains lower than most of its Japanese peers, profitability is
steadily improving.  Mazda is now focusing on certain segments
instead of attempting to compete as a full-line producer.  The
company also has excellent product engineering capabilities.


MAXCOM TELECOM: Concludes Exchange Offer for 11% Senior Notes
-------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. has closed its offer,
upon the terms and subject to the conditions set forth in the
prospectus dated Nov. 16, 2007, to exchange an aggregate
principal amount of US$200 million of its 11% Senior Notes Due
2014 originally issued on Dec. 20, 2006, Jan. 10, 2007, and
Sept. 5, 2007, for a like amount of 11% Senior Due 2014, which
have been registered with the U.S. Securities and Exchange
Commission under the Securities Act of 1933.

The exchange offer closed on Jan. 4, 2008.  Approximately
US$11.3 million in aggregate principal amount (or 100%) of the
outstanding 11% Senior Notes issued pursuant to Regulation 144A
under CUSIP numbers 57773AAG7 and 57773AAH5 were tendered upon
closing of the exchange offer. Approximately US$188.2 million in
aggregate principal amount of the outstanding Existing Notes
issued pursuant to Regulation S under CUSIP numbers P6464EAE8
and P6464EAG3 (or 99.7%) were tendered upon closing of the
exchange offer.  The Existing Notes, which were not tendered
upon the closing of the exchange offer will remain subject to
existing transfer restrictions.  The New Notes were issued under
CUSIP number 57773AAJ1.

               About Maxcom Telecomunicaciones

Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones,
SA de CV, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom Telecomunicaciones
launched commercial operations in May 1999 and is currently
offering Local, Long Distance and Internet & Data services in
greater metropolitan Mexico City, Puebla and Queretaro.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Moody's Investors Service has placed Maxcom
Telecomunicaciones, S.A. de C.V.'s B3 corporate family rating
under review for possible upgrade due to better operating
results and credit metrics than originally expected by Moody's
as well as the successful completion of the company's recent
Initial Public Offering; net proceeds of US$242 million will be
used to boost capital expenditures for the company's growth
strategy, which involves expanding its network to offer wire
line telephony, data and video services to the medium and low
income residential segment as well as to small and medium sized
enterprises.


MOVIE GALLERY: Court Okays CRG as Committee's Financial Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Movie Gallery
Inc. and its debtor-affiliates' bankruptcy cases obtained
authority from the U.S. Bankruptcy Court for the Eastern
District of Virginia to retain CRG Partners Group, LLC as its
financial advisors and consultants, nunc pro tunc to
Oct. 22, 2007.

CRG Partners is expected to:

   (a) prepare periodic reports and updates to the Committee
       regarding the Debtors' status of postpetition operating
       performance;

   (b) assist in the review of the Debtors' business plan and
       restructuring initiatives;

   (c) assist in the review of the Debtors' evaluations with
       respect to claims analysis, including, among others,
       amounts, classifications and cost and benefit from the
       affirmation of rejection of various non-residential
       leases; and

   (d) render other general business consulting assistance --
       that are non-duplicative with the Debtors' other
       professionals' services -- as deemed necessary by the
       Committee or its counsel.

CRG will be paid based on its hourly rates:

      Designation                  Hourly Rate
      -----------                  -----------
      Managing Partners          US$475 - US$350
      Partners                   US$415 - US$450
      Managing Directors         US$370 - US$415
      Directors                  US$275 - US$350
      Consultants                US$275 - US$300

CRG will also be paid (i) 50% of its hourly rates for travel
time, (ii) US$125 per hour for the firm's administrative support
services, and (iii) reimbursement for out-of-pocket expenses
incurred.

T. Scott Avila, a managing partner at CRG, assured the Court
that his firm has no prior connection with the Debtors, their
creditors or any other parties-in-interest.  CRG is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code, and does not represent an
interest adverse to the Debtors' estates.

                     About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors' exclusive plan filing period
expires on Feb. 13, 2008.  (Movie Gallery Bankruptcy News, Issue
No. 13; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Four Officers Dispose of 99,942 Common Shares
------------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission, four officers of Movie Gallery, Inc. and its debtor-
affiliates disclosed that they had disposed a total of 99,942 of
their common stock at $0.01 per share around the end of December
2007.

The officers include:

   a) John J. Jump, a director at Movie Gallery, Inc., disposed
      16,333 shares of the Debtors' common stock.  Following the
      disposition, Mr. Jump beneficially owned zero shares of
      Movie Gallery common stock.

   b) James C. Lockwood, a director at Movie Gallery, Inc.,
      disposed 10,000 shares of Movie Gallery common stock.  Mr.
      Lockwood beneficially owned zero shares following the
      transaction.

   c) Page S. Todd, executive vice president, secretary, and
      general counsel for Movie Gallery, Inc., disposed 50,409
      shares of Movie Gallery common stock.  The transaction
      left Mr. Todd with 21,666 beneficially owned shares.

      Mr. Todd also disposed of 1,215 of Movie Gallery shares at
      US$0.01 per share.  Mr. Todd indirectly and beneficially
      owned zero shares "as custodian for daughter" following
      the transaction.

   d) Mark S. Loyd, executive vice president and CMO at Movie
      Gallery, Inc., disposed 21,985 shares of Movie Gallery
      common stock.  Following the transaction, Mr. Loyd
      beneficially owned 21,666 shares.

                     About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors' exclusive plan filing period
expires on Feb. 13, 2008.  (Movie Gallery Bankruptcy News, Issue
No. 12; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Judge Tice Approves Lease Termination Procedures
---------------------------------------------------------------
The Honorable Douglas O. Tice of the U.S. Bankruptcy Court for
the Eastern District of Virginia approved the Lease Termination
Agreement Procedures relating to Movie Gallery Inc. and its
debtor-affiliates' unexpired leases.

The Court ruled that the LTA Procedures will be subject to the
terms of the Secured Superpriority Debtor-in-Possession Credit
and Guaranty Agreement dated as of Oct. 16, 2007.

Further, the agents and lenders under the DIP Credit Agreement
will not be required to object to any proposed termination in
order to preserve their rights and remedies, provided that the
approval of any proposed termination does not modify the DIP
Credit Agreement in any respect.

As reported in the Troubled Company Reporter Dec. 7, 2007, the
Debtors emphasized that the LTAs will minimize their
postpetition obligations, but will not come at the expense of
counterparties' rights to the leases and other parties in
interest, as each agreement entered into by the Debtors will
require mutual consent from the lessor.

Specifically, the Debtors will evaluate potential LTAs with the
aid of their advisors, negotiate with the lessors, and enter
into the agreements that represent commercially viable
transactions.  Hence, the transactions contemplated by the LTA
Procedures will be conducted in good faith and at arm's-length,
the Debtors assure.  Furthermore, the LTA Procedures allow the
Debtors and Lessors to mutually negotiate and consent to set off
various obligations without further Court authority through an
LTA thereby saving all parties substantial legal expense to
effect otherwise valid set-offs.

Judge Tice clarified that the order does not authorize the
Debtors to breach any obligations to GE Commercial Finance
Business Property Corporation.  Similarly, the order is not
deemed to affect GE Commercial's or any parties' right to assert
any claims against the Debtors.

                     About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors selected Robert J.
Feinstein, Esq., James I. Stang, Esq., Robert B. Orgel, Esq.,
and Brad Godshall, Esq., at Pachulski Stang Ziehl & Jones LLP,
as its lead counsel, and Brian F. Kenney, Esq., at Miles &
Stockbridge PC, as its local counsel.

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.  The Debtors' exclusive plan filing period
expires on Feb. 13, 2008.  (Movie Gallery Bankruptcy News, Issue
No. 13; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


NUANCE COMM: Board OKs Inducement Grant Under NASDAQ Marketplace
----------------------------------------------------------------
Nuance Communications Inc., in connection with its recent
acquisition of Viecore, Inc., Tom Chisholm, formerly the Chief
Executive Officer of Viecore and now Senior Vice President,
Nuance Enterprise Services, was granted an inducement grant of
286,137 restricted stock units, fifty percent of which vest on
the first anniversary of the acquisition, one eighth of which
vest on the eighteen month anniversary of the acquisition, one
eight of which vest on the second anniversary of the acquisition
and twenty five percent of which vest, if at all, on the second
anniversary of the acquisition upon the achievement of certain
performance-based objectives.

The restricted stock units were approved by the compensation
committee of the company's board of directors and granted as an
inducement material to Mr. Chisholm's employment with Nuance in
accordance with NASDAQ Marketplace Rule 4350(i)(l)(A)(iv).

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/
-- provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed USUS$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


NUANCE COMM: Hires Fumitaka Tezuka as VP & Pres. for Japan Unit
---------------------------------------------------------------
Nuance Communications Inc. has appointed Fumitaka Tezuka as a
vice president of Nuance Communications, Inc. and President of
the Nuance Communications Japan K.K.  Mr. Tezuka, formerly
president of Genesys Japan K.K., will be responsible for all
aspects of Nuance's commercial efforts in Japan.  He will be
based in the Nuance Communications Japan headquarters in Tokyo
and will report to Don Hunt, Nuance's president of worldwide
sales.

Japan is one of the most technologically sophisticated markets
in the global economy and a strong hub for innovation,
particularly in the mobile, automotive and consumer electronic
industries.  In recent years, Nuance has seen steady growth in
Japan and has established itself as the leading speech
solutions company in the Japanese market.  The company has built
several strong partnerships and grown its Japanese customer base
to include companies such as Sharp, Denso, GE Consumer Finance
and Mitsubishi UFJ Securities.  With the continued proliferation
of speech and Nuance's expanding efforts in the mobile and
enterprise markets, the company concluded a strong presence and
senior leadership would accelerate its next phase of growth.

"We are pleased to welcome an executive with the stature and
experience of Fumitaka Tezuka, extending the strong team we've
established at Nuance Communications Japan KK," said Don Hunt,
president, Worldwide Sales at Nuance.  "Throughout a successful
career, Tezuka-san has demonstrated an ability to understand and
meet customers' needs, and to grow relationships and businesses
by recognizing and creating new opportunities.  We look forward
to Tezuka-san's contributions as he leads the Nuance's expansion
in Japan and continues a heritage of providing innovative
solutions for its global customers and partners."

Mr. Tezuka, during the last 15 years, has served as president
and CEO at a number of technology companies in Japan including
Genesys Japan K.K.; TMSw Corp.; Red Brick Japan Co., Ltd.; and
Bay Networks K.K.  Most recently as president of Genesys Japan
K.K., Mr. Tezuka was responsible for delivering Genesys
solutions to three large telecommunications carriers, including
NTT, KDDI and Softbank Group, and other major enterprises and SI
partners in the region.

"It is my pleasure to join an industry leader such as Nuance,"
said Fumitaka Tezuka.  "Having worked in the software industry a
long time, I recognize and admire Nuance's reputation for market
leadership, customer excellence and technology innovation.
Speech automation is a technology that has an increasingly
pivotal role in mobile, as well as other industries and
applications, and I look forward to helping the company reach
its ambitious goals for its solutions."

In connection with the hiring of Fumitaka Tezuka, the
Compensation Committee approved the issuance of an inducement
grant of 75,000 stand-alone restricted stock units to
Mr. Tezuka, as an inducement that is material to his entering
into an employment arrangement with Nuance.  The restricted
stock units were granted in accordance with NASDAQ Marketplace
Rule 4350 and upon the approval of the Compensation Committee of
Nuance's Board of Directors.  50,000 of the restricted stock
units vest over a four year period and 25,000 of the restricted
stock units vest upon the achievement of certain performance-
based objectives.

                About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/
-- provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed USUS$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


RADIOSHACK CORP: Appoints Bryan Bevin EVP of Store Operations
-------------------------------------------------------------
RadioShack Corp. has appointed Bryan Bevin as Executive Vice
President of Store Operations.  He will report to Chairperson
and Chief Executive Officer, Julian Day.

Mr. Bevin will be responsible for the development and
implementation of all store operational plans and policies.  He
will also serve as a member of the newly formed Office of the
Chairperson, whose other participants include Mr. Julian Day,
Executive Vice President and Chief Financial Officer, James
Gooch, and Executive Vice President and General Merchandise
Manager, Peter Whitsett.

Most recently Mr. Bevin served as Senior Vice President, North
American Stores at Blockbuster Entertainment Limited.
Previously he served as Vice President Retail for Cingular's
(now AT&T) company and Agent channel stores.

"I am delighted to welcome Bryan to our organization. His strong
background and reputation gives me confidence he will succeed in
leading our store team as they seek to strengthen our customer
experience," said Mr. Day.

                       About RadioShack

RadioShack Corporation (NYSE: RSH) -- http://radioshack.com/--
retails consumer electronics specialty products through almost
6,000 company-operated stores and dealer outlets in the United
States, over 100 RadioShack locations in Mexico and nearly 800
wireless phone kiosks.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Fitch Ratings has downgraded these ratings for
RadioShack Corporation:

   -- Issuer Default Rating to 'BB' from 'BB+';
   -- Bank credit facility to 'BB' from 'BB+';
   -- Senior unsecured notes to 'BB' from 'BB+'.

Fitch affirmed the short-term IDR at 'B'.


SUNGARD DATA: Acquires Financial Technology Integrators' Assets
---------------------------------------------------------------
SunGard Data Systems Inc. has acquired the assets of Financial
Technology Integrators, LLC.  The acquisition, the terms of
which were not disclosed, is not expected to have a material
impact on SunGard Data's financial results.

"FTI has worked closely with SunGard over the past few years to
integrate a number of our wealth management and investment
solutions in order to bring added value to the customers we
serve," said Financial Technology chief operating officer and
founder, Bill McFadden.  "Joining SunGard's wealth management
business, further integrating our products and collaborating on
innovative new solutions will help our customers improve
productivity, increase processing efficiencies and streamline
investment workflows."

"Investment managers are facing a new set of complex challenges
in managing their businesses," said SunGard Data's wealth
management business president, Kevin Rafferty.  "In order to
help our customers excel in this changing environment we are
pleased that FTI has become part of SunGard's growing wealth
management business.  Incorporating FTI's offerings into
SunGard's suite of end-to-end wealth management solutions will
better position us to help our customers attract, service,
manage and grow their client relationships."

                 About Financial Technology

Founded in 1999, Financial Technology Integrators LLC has been a
fast-growing provider of ASP-based financial service
applications for the bank, trust and investment management
community.  The company's services combine financial data from
multiple systems with a customized solution to enhance and
streamline investment processes and workflows.  The company
provides Web service-based software products, data integration
and services that help lower cost and increase return on
investment for mission-critical operations in the financial
services industry.

                     About SunGard Data

Headquartered in Wayne, Pennsylvania, SunGard Data Systems Inc.
-- http://www.sungard.com/-- software and processing solutions
for financial services, higher education and the public sector.
The company has operations in Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Fitch has affirmed these ratings for SunGard Data
Systems Inc:

   -- Issuer Default Rating at 'B';

   -- US$1 billion senior secured revolving credit facility
      due 2011 at 'BB-/RR2';

   -- US$3.9 billion senior secured term loan due 2013 at
      'BB-/RR2';

   -- US$250 million 3.75% senior notes due 2009 at 'B/RR4';

   -- US$250 million 4.875% senior notes due 2014 at 'B/RR4';

   -- US$2 billion senior unsecured notes due 2013 at
      'B-/RR5'; and

   -- US$1 billion 10.25% senior subordinated notes due 2015
      at 'CCC+/RR6'.

Fitch said the rating outlook is stable.


VISTEON CORP: Collaborates with 3M at Electronic Show in Vegas
--------------------------------------------------------------
Visteon Corporation and 3M have announced a global advanced
technology collaboration at a 2008 International Consumer
Electronics Show press conference in Las Vegas.  The companies
unveiled a jointly developed demonstration vehicle showcasing
more than 50 technologies designed to enhance the driving
experience.  The technologies demonstrate potential commercial
applications that could result from this collaborative
arrangement.  The vehicle is on display at Visteon Corp.'s booth
(CP7) during the show, which runs from Jan. 7-10.

The collaboration paves the way for the two Fortune 500
companies to develop consumer-focused original equipment and
aftermarket automotive products that capitalize on the expertise
of each company.

Combined, the two companies have years of experience supplying
products and services to the automotive industry.  3M is
recognized universally as an innovator, supplying more than
1,000 products to the automotive marketplace by tapping into a
broad range of technology platforms. Lighting, optical films and
capacitive sensing technologies are just a few examples of
technologies 3M applies in the automotive space.  Visteon Corp.
is known in the automotive industry for its first-to- market
innovations in automotive climate, interior and electronics
systems.

The collaboration on this demonstration vehicle is the
culmination of discussions initiated several years ago by the
two companies.  The initial discussions between the two
companies were intended to learn about one another's innovation
processes.

"From those discussions, we realized we had very similar
cultures that fostered open innovation," said Visteon
electronics vice president, Steve Meszaros.  "From there, we
reframed our discussions and began collaborating on solution-
based products; that is, products that solve a particular
consumer need."

The companies began to design a solution-based prototype
vehicle, taking into consideration consumer research and mega-
trends.  The vehicle unveiled demonstrates more than 50
innovative technologies.  These technologies are solution based,
addressing six social trends: comfort, connectivity,
convenience, health, flexibility, and sensory.  For example, the
vehicle's center stack electronics has the capability to link
the user's personal devices -- such as an iPod(R) or mobile
phone -- to the vehicle's audio system, allowing the vehicle
controls to become the user interface.  This solution addresses
the connectivity trend.  The two companies plan to unveil
another demonstration vehicle in Europe later this year.

"This relationship is exciting; it brings together two
automotive companies with unique and complementary strengths,"
said 3M Global Automotive Market Center marketing director,
Steve Schreiner.  "3M and Visteon intend to use the
demonstration vehicle as a centerpiece in discussions with
automakers about developing technology that addresses social
trends and meets consumer needs."

Visteon Corp. and 3M are able to innovate intelligently because
of their in-depth understanding of both the OEMs who manufacture
vehicles and the end consumers who ultimately purchase vehicles.

This collaborative approach is key to Visteon Corp.'s
electronics strategy.  The company strategically aligns itself
with leading innovators in the consumer segment to ensure its
products use the latest cutting edge technologies.

"We've worked with Nintendo to bring GameBoy(R) Advanced to the
vehicle and other companies such as Boston Acoustics to bring
the industry the best there is in sound systems," explained Mr.
Meszaros.  "3M is a known innovator in a broad range of
technologies that can be applied to current customer concerns
and future trends."

                          About 3M

3M Company -- -- http://www.3M.com-- operates as a diversified
technology company with six segments: Industrial and
Transportation; Health Care; Display and Graphics; Consumer and
Office; Safety, Security, and Protection Services; and Electro
and Communications.  Founded in 1902, the company is based in
St. Paul, Minnesota.

Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete,
Command and Vikuiti are trademarks of 3M.

                        Visteon Corp.

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

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

                        *     *     *

Fitch Ratings affirmed its CCC issuer default rating and B
senior secured bank facility rating on Visteon Corp. on
April 2007.  At the same time, Fitch downgraded its CCC- senior
unsecured rating to CC.




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


PERRY ELLIS: To Acquire Liz Clairborne Brands for US$37 Million
---------------------------------------------------------------
Perry Ellis International has entered into a definitive
agreement for the acquisition of the C&C California and Laundry
brands from Liz Claiborne Inc. for US$37 million subject to
inventory adjustment.  The acquisition will be financed through
existing cash and borrowings under the Company's existing credit
facility.  The company expects to close the acquisition, subject
to receipt of customary government approvals and other customary
conditions by Feb. 4.

"These acquisitions, which advance Perry Ellis International's
growth strategy with two strong brands, with a very young
following," said George Feldenkreis, chairman and chief
executive officer.  "The addition of C&C California and Laundry
will allow us to aggressively pursue women's apparel in the
contemporary segment, which is the fastest growing one of the
women's market today.  With this acquisition, we increase our
long term growth potential and mark another key milestone in our
Company's history."

Subject to completion of the transaction, Perry Ellis will
combine its C&C California and Laundry operations with the
Original Penguin brand to create a new Contemporary Business
Platform.  The combined additional annual revenues for Fiscal
2009 of these two brands are expected to be approximately US$60
million.  Reflecting the high growth potential for Original
Penguin, C&C California and Laundry, the contemporary brand
revenues should increase at a double digit annual rate over the
next five years.  The acquisition will have no impact on Fiscal
2008, and accretion in the range of US$0.08 to US$0.10 is
expected in Fiscal 2009.

Oscar Feldenkreis, president and chief operating officer,
concluded, "We are pleased to welcome the associates from C&C
California and Laundry to the Perry Ellis International family.
We believe our contemporary platform will benefit greatly from
their experience and knowledge."

"The creation of this platform is an indication of our
commitment to building new vehicles for sustainable growth.  We
believe that these brands will also translate into our swimwear
division, plus expansion into children's and additional product
lines."

                      C&C California(R)

Based in Los Angeles, C&C California --
http://www.candccalifornia.com/-- is one of the hottest
contemporary brands for missy and juniors.  C&C is sold in
luxury retail, department stores and high end specialty
boutiques.  With projected annual revenues of approximately
US$23 million in 2007, the brand has enjoyed double digit growth
since it was acquired by Liz Claiborne in 2005.

                         Laundry(R)

Laundry has offices both in New York and Los Angeles, with
showrooms in both cities.  With approximately US$30 million in
annual revenues for dresses in 2007, Laundry is a key dress
brand for major retailers such as Saks, Bloomingdale's,
Nordstrom and Neiman Marcus.

                     About Perry Ellis

Perry Ellis International Inc., based in Miami, Florida,
designs, sources, markets and licenses a portfolio of brands
including Perry Ellis, Jantzen, John Henry, Cubavera,
Munsingwear, Original Penguin and Farah.  The company also
operates 38 retail locations including 3 Original Penguin
locations.  The company has sourcing offices in Indonesia,
India, Korea, Thailand, Peru, Nicaragua, and El Salvador.

                        *     *     *

In October 2006, Moody's Investors Service's confirmed its B1
Corporate Family Rating for Perry Ellis International, Inc., and
its B3 rating on the company's USUSUS$150 million senior
subordinated notes.

Additionally, Moody's assigned an LGD5 rating to those bonds,
suggesting noteholders will experience a 78% loss in the event
of a default.




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


* PERU: Mulls Issuance of Up to US$485MM Sol-Denominated Bonds
--------------------------------------------------------------
Peruvian Finance Minister Luis Carranza told Alex Emery at
Bloomberg News that the government plans to issue sol-
denominated bonds for as much as US$485 million.

Proceeds from the sale to be held in February will be used to
buy back the Brady bonds in March, Bloomberg says.

The government aims to convert most of its dollar bonds into
local bonds through a series of issues that began in 2006.  The
country was able to shift 20.2% of foreign notes into sol in
2006, while 33.7% percent was converted in 2007.

As reported on Dec. 26, 2007, Standard & Poor's Ratings Services
assigned BB+ long-term currency rating on Peru.




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


CENTENNIAL COMM: Earns US$925 Million in Quarter Ended Nov. 30
--------------------------------------------------------------
Centennial Communications Corp. reported US$925,000 of net
income for the three months ended Nov. 30, 2007, compared to a
net loss of US$33.3 million for the same period in 2006.

"Our U.S. wireless business continues to move forward at a solid
pace as we head into the second-half of fiscal 2008," said
Michael J. Small, Centennial's chief executive officer.  "Our
customers continue to choose us because we have a great network
and an enhanced retail distribution presence that is staffed by
front-line associates who are among the best trained in the
industry."

Mr. Small continued, "In Puerto Rico, good progress in growing
wireless customers, sustaining a robust ARPU and renewing
revenue and cash flow growth has been dampened by a soft economy
and difficult competitive environment.  Despite these external
challenges, we remain committed to our proven local market
strategy and will continue to capitalize on our strong
collection of assets and a great local team."

Centennial reported fiscal second-quarter consolidated revenue
from continuing operations of US$243.6 million, which included
US$132.8 million from U.S. wireless and US$110.8 million from
Puerto Rico operations.  Consolidated revenue from continuing
operations grew 7 percent versus the adjusted fiscal second
quarter of 2007.  The company ended the quarter with 1,118,500
total wireless subscribers, which compares to 1,058,700 for the
year-ago quarter and 1,109,900 for the previous quarter ended
August 31, 2007.  The company reported 460,700 total access
lines and equivalents at the end of the fiscal second quarter,
which compares to 387,500 for the year-ago quarter.

Other Highlights:

   -- On Oct. 23, 2007, the company completed its purchase of
      1900 MHz wireless spectrum covering an aggregate of
      approximately 400,000 population equivalents in Lima and
      Findlay-Tiffin, Ohio.  This targeted purchase is
      contiguous to Ft. Wayne, Indiana and improves the
      company's Midwest footprint, supporting already strong
      momentum in its U.S. wireless retail business.

   -- On Dec. 3, 2007, the company expanded its board of
      directors from ten members to eleven members and appointed
      Michael R. Coltrane as a new director.  Mr. Coltrane was
      formerly the chairman, president and chief executive
      officer for CT Communications, Inc., an integrated
      telecommunications provider in North Carolina that was
      acquired in August 2007 by Windstream Corporation.

Revised Fiscal 2008 Outlook:

   -- The company expects consolidated AOI from continuing
      operations between US$395 million and US$405 million for
      fiscal 2008, excluding stock-based compensation expense.
      Consolidated AOI from continuing operations for fiscal
      year 2007 was US$365.1 million, excluding an aggregate
      US$11.0 million USF charge related to prior periods.  The
      company has not included a reconciliation of projected AOI
      because projections for some components of this
      reconciliation are not possible to forecast at this time.

   -- The company expects U.S. wireless roaming revenue to
      decline by approximately US$10 million during fiscal 2008.
      U.S. wireless roaming revenue for fiscal 2007 was US$65.5
      million.

   -- The company expects the sum of consolidated capital
      expenditures and spectrum acquisitions costs will be
      approximately US$140 million for fiscal 2008.  Capital
      expenditures including spectrum acquisition costs were
      US$130.1 million for fiscal 2007.

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services raised its
ratings on Wall, New Jersey-based Centennial Communications
Corp., including the corporate credit rating, which was raised
to 'B' from 'B-'.

At Feb. 28, 2007, the company's balance sheet showed
USUSUS$1,393 million in total assets, USUSUS$2,482.8 million in
total liabilities, and USUSUS$3.9 million in minority interest
in subsidiaries, resulting in a USUSUS$1,093.7 million total
stockholders' deficit.


LUIS MARRERO: Case Summary & Two Largest Unsecured Creditors
------------------------------------------------------------
Debtors: Luis Humberto Pagan Marrero
         dba Granja Los Caobos
         Loyda Sophia Torres Berrios
         dba Oficina Dermatologia
         Urb. Forest Hills
         308 Calle 2
         Bayamon, PR 00959

Bankruptcy Case No.: 07-07729

Chapter 11 Petition Date: December 31, 2007

Court: District of Puerto Rico (Old San Juan)

Judge: Enrique S. Lamoutte Inclan

Debtors' Counsel: Frederic Chardon Dubos, Esq.
                  Frederic Chardon Dubos Law Office
                  HC 3 Box 9551
                  Moca, PR 00676-9556
                  Tel: (939) 717-6923

Total Assets: US$127,042

Total Debts:  US$2,035,999

Debtors' list of their Two Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Banco De Desarrolo Economico     Bank Loan         US$2,009,500
Para Puerto Rico
P.O. Box 2134
San Juan, PR 00922-2134

                                 Trade Debt            US$8,000

Citibank, N.A.                   Bank Loan            US$18,499
G.P.O. Box 70163
San Juan, PR 00936-8163




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


PEABODY ENERGY: Appoints Richard Navarre as President & CCO
-----------------------------------------------------------
Peabody Energy Corporation has named Richard A. Navarre as its
President and Chief Commercial Officer.

In his new role, Mr. Navarre has executive responsibility for
Peabody's:

   -- global sales and trading;
   -- business development;
   -- strategic planning, generation and Btu Conversion
      initiatives;
   -- resource development opportunities;
   -- international growth initiatives including China;
   -- business performance and investor relations and corporate
      communications.

Mr. Navarre also will remain Chief Financial Officer until a
successor is named.

"Rick Navarre has been a key member of the team that has added
significant value to Peabody over the last 15 years.
Specifically, he led the company's financial and capital market
initiatives through the company's leveraged buyout, initial
public offering and shaping of the capital structure, directed
Peabody's largest acquisitions, and led our initiatives to serve
the fast-growing China market," said the company's Chairman and
Chief Executive Officer Gregory H. Boyce.  "I look forward to
working with Rick as we continue to focus on creating
outstanding shareholder value.  Rick possesses an excellent
ability to think strategically and act decisively, coupled with
a proven record of driving complex high-value projects to
successful completion."

Mr. Navarre has been Chief Financial Officer since 1999 and has
25 years of varied financial and business management experience.
He has held a series of increasingly responsible positions with
the company, including executive responsibility for departments
as diverse as Sales, Marketing, Trading and Transportation;
Legal; Information Technology; Materials Management; and
Post-Mining Reclamation.

"It is an honor to be named president of Peabody at an
extraordinary time in the history of the energy industry and the
company," said Mr. Navarre.  "Coal continues to raise its
profile as the fastest-growing fuel in the world, global coal
demand is rapidly expanding, clean coal technologies are being
advanced around the world, and leading countries and companies
are aggressively pursuing all energy resources.  I look forward
to working with the best team in the global coal industry to
continue our intense focus on industry leadership and value
creation."

Mr. Navarre has been recognized as America's Best CFO in the
Metals and Mining Sector by Institutional Investor Magazine.  He
is a member of the Hall of Fame of the College of Business at
Southern Illinois University Carbondale, a member of the Board
of Advisors of the College of Business and Administration and
the School of Accountancy of Southern Illinois University
Carbondale; a member of the International Business Advisory
Board of the University of Missouri - St. Louis; a Director of
the United Way of Greater St. Louis; a Director of the Missouri
Historical Society; a member of Financial Executives
International and the Civic Entrepreneurs Organization; and a
former chairman of the Bituminous Coal Operators' Association.

Reporting to Mr. Navarre will be:

   -- President of COALSALES Bryan A. Galli;
   -- President of COALTRADE International Paul T. Demzik;
   -- President of Peabody China Tayeb Tahir;
   -- Senior Vice President of Business Development Robert L.
      Reilly;
   -- Senior Vice President of Resource Development Terry L.
      Bethel;
   -- Senior Vice President of Investor Relations and Corporate
      Communications Vic Svec;
   -- Vice President of Business Performance Christopher J.
      Hagedorn; and
   -- Senior Vice President of Btu Conversion and Strategic
      Planning Rick A. Bowen.

In addition to the company's Generation Development, Coal-to-Gas
and Coal-to-Liquids functions, Mr. Bowen will now also have Vice
President of Strategic Planning Daniel Jaouiche reporting to
him.

                Additional Organizational Changes

Chairman and Chief Executive Officer Greg Boyce also announced
several additional organizational changes.

Executives reporting to Mr. Boyce, in addition to Mr. Navarre,
are:

    * Executive Vice President and Chief Operating Officer Eric
      Ford, with continued responsibilities for Safety, U.S.
      Operations, Australia Operations, Operations Planning,
      Operations Improvement, and Engineering and Technical
      Services;

    * Executive Vice President and Chief Administrative Officer
      Sharon D. Fiehler. In addition to responsibilities for
      Compensation, Benefits, Organizational Development;
      Information Technology and Flight Operations, Ms. Fiehler
      will now have Vice President of Procurement Lance N.
      Throneberry reporting to her;

    * Executive Vice President Roger B. Walcott, Jr.
      Mr. Walcott has announced his plans to retire on June 1,
      2008, following a successful 10-year career with Peabody.
      For the balance of his time at Peabody, he will be focused
      on the transition of Australian operations leadership, as
      well as implementing a shared services structure for
      Australian operations;

    * Executive Vice President and Chief Legal Officer Alexander
      C. Schoch;

    * Senior Vice President of Government Relations Fredrick D.
      Palmer; and

    * An Executive Vice President and Chief Financial Officer
      position to be named.

                        About Peabody

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

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch has affirmed these ratings for Peabody
Energy Corporation's:

  -- Issuer Default Rating at 'BB+';

  -- Senior unsecured notes at 'BB+';

  -- Senior unsecured revolving credit and term loan at 'BB+';

  -- Convertible junior subordinated debentures due 2066 at
    'BB-'.

Fitch's outlook is stable.


PEABODY ENERGY: Gets 35MM-Ton Coal Reserves from Joint Venture
--------------------------------------------------------------
Peabody Energy has commenced the Millennium/BHP Mitsui Coal Pty
Ltd joint venture that provides the company with approximately
35 million tons of additional high quality metallurgical coal
reserves and provides BHP Mitsui Coal Pty Ltd with a 50 percent
ownership position in the Millennium preparation facility and
associated infrastructure assets.  The reserves contribute to
Peabody Energy's industry-leading position of more than 9
billion tons.

"This value-added transaction gives us significant metallurgical
and PCI coal reserves at a time of record demand and pricing,"
said Peabody Executive Vice President and Chief Operating
Officer Eric Ford.  "The addition of these reserves allows us to
continue to ramp up production to full capacity."

The Millennium Preparation Facility is a three-stage coal
handling and preparation plant capable of annually processing 6
million tons of coal split equally between Peabody Energy and
BHP Mitsui Pty Ltd that can be exported via the Dalrymple Bay
Coal Terminal.  It will serve both Peabody's Millennium Mine and
BHP Mitsui Pty Ltd's nearby Poitrel Mine.

The Millennium Mine began ramping up last year and is on track
to produce three million tons by 2010.  It is among three new
greenfield mines Peabody Energy has completed in Queensland and
New South Wales this past year.

Coal has been the world's fastest-growing fuel the past five
years, and Australia is the world's largest exporter of coal.
Use of coal is expected to grow nearly 75 percent over the next
25 years, driven by huge growth in China and India.

Peabody Energy is increasing its commercial presence to serve
high-growth Asian markets through its Australian business
platform and expanded coal trading, coal marketing and business
partnerships.

                        About Peabody

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

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch has affirmed these ratings for Peabody
Energy Corporation's:

  -- Issuer Default Rating at 'BB+';

  -- Senior unsecured notes at 'BB+';

  -- Senior unsecured revolving credit and term loan at 'BB+';

  -- Convertible junior subordinated debentures due 2066 at
     'BB-'.

Fitch's outlook is stable.


* VENEZUELA: Voids Six Anglo American Concessions
-------------------------------------------------
Six concessions run by Anglo American Plc's Loma de Niquel unit
was nullified over alleged contract violations, Steven Bodzin at
Bloomberg News reports.  The mining ministry accused the company
of not providing workers with low-cost food and not maintaining
roads near the mine.

Citing the Official Gazette, Bloomberg says the cancelled
contracts are Anglo's Cofemina 1,2,3,4,5,6, and 7.  About 1,935
hectares of land and equipment are under the six concessions and
will be seized within 90 days by mining inspectors.

Anglo American controls 91.4% of the Loma de Niquel concession,
which produces nickel and considered as the fifth-biggest, non-
oil exporter in the country, Bloomberg says.

                    About Anglo American

Anglo American plc (LSE: AAL, JSE: ANGLO) is a worldwide group
of companies, originally founded in South Africa as a mining
enterprise but now extending into other areas. Natural resources
remains the focus of its operations. Its headquarters are in
London, UK with its primary listing on the London Stock Exchange
and is a constituent of the FTSE 100 Index.

                        *     *     *

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.


                         ***********


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

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

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

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

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

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


              * * * End of Transmission * * *