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

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

         Wednesday, 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




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