---

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

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

          Friday, January 25, 2008, Vol. 8, Issue 18

                          Headlines

A R G E N T I N A

ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks
FORD MOTOR: Neapco Inks Sale Agreements for ACH Driveshaft Biz
GETTY IMAGES: Board of Directors Explores Strategic Options
NACION RETIRO: Moody's Upgrades Global Currency Rating to B1
PARAMIRO SA: Files for Reorganization in Argentina

TYSON FOODS: Settles Shareholder Lawsuit Against Directors
TYSON FOODS: Signs Collaboration Pact with Luminex


B A R B A D O S

HARRAH'S ENTERTAINMENT: Extends Tender Offer Until January 28


B E R M U D A

MGS MANAGED: Sets Final Shareholders Meeting for Feb. 25


B R A Z I L

AZEGO AG: Illiquid State Triggers Second Insolvency Filing
BANCO BMG: Wants Foreign Partner for Housing Loan Portfolio
BANCO DO BRASIL: Raises Free Floating Shares to 21.7% from 14.8%
BRASKEM SA: Joint Venture To Have Minority Investor
COMPANHIA PARANAENSE: Sales Volume Up 6.9% in 2007

COMPANHIA SIDERURGICA: Buying Back Up to Four Million Shares
DELPHI CORP: Judge Drain Wants Executive Bonuses Reduced
DUKE ENERGY: Suspends Planned Sale of BRL750MM in Debentures
EMBRATEL PARTICIPACOES: Anatel OKs 11.3% Increase in Call Rates
EMBRATEL PARTICIPACOES: Names Jose Martinez as Chairperson

GENERAL MOTORS: Sells More Than 9 Million Vehicles Globally
PROPEX INC: Wants to Employ Houlihan Lokey as Financial Advisor
PROPEX INC: Wants to Employ Miller & Martin as Local Counsel
PROPEX INC: Court Approves US$60 Million Credit Facility
TRW AUTOMOTIVE: Moody's Affirms Ba2 Corporate Family Rating

UAP HOLDING: Agrium Purchase Deal Gets Antitrust Okay in Canada

* BRAZIL: Petrobras Says Tupi Field Paves Way to Other Finds


C A Y M A N   I S L A N D S

AFG RELATIVE: Final Shareholders Meeting Is Today
AZIMUTH DIVERSIFIED: Final Shareholders Meeting Is Today
BEAR STEARNS: District Ct. Postpones Ruling on Chapter 15 Appeal
BLUECREST EQUITY: To Hold Final Shareholders Meeting Today
BLUECREST EQUITY MASTER: Final Shareholders Meeting Is Today

BNS INT'L: Holding Final Shareholders Meeting Today
CC ONE: Will Hold Final Shareholders Meeting Today
CENTERRA GOLD: Proofs of Claim Filing Ends Today
EQUIFIN CAPITAL: To Hold Final Shareholders Meeting Today
FC FUNDING: Final Shareholders Meeting Is Today

FONDREN PARTNERS: Final Shareholders Meeting Is Today
FRM GARTMORE: Final Shareholders Meeting Is Today
GLOBAL ALPHA: To Hold Final Shareholders Meeting Today
GOLD CUBED: Proofs of Claim Filing Deadline Is Today
GOLD CUBED II: Proofs of Claim Filing Ends Today

GOTHAM SELECT: Holding Final Shareholders Meeting Today
GSO ABC: Holding Final Shareholders Meeting Today
GSO DEF: Final Shareholders Meeting Is Today
HARBOURVIEW CLO: Final Shareholders Meeting Is Today
HINKLE CREEK: To Hold Final Shareholders Meeting Today

IIU CONVERTIBLE: Final Shareholders Meeting Is Today
INTERMEZZO LIMITED: Proofs of Claim Filing Deadline Is Today
INTERMEZZO LIMITED: Holding Final Shareholders Meeting Today
JLOC VIII: Proofs of Claim Filing Deadline Is Today
JSB TAIWAN: Proofs of Claim Filing Is Until Today

KULIK LIMITED: Proofs of Claim Filing Deadline Is Today
EIKOS II: Proofs of Claim Filing Deadline Is Today
LIBERTYVIEW PLUS: Final Shareholders Meeting Is Today
NITTO SECURITIZATION: To Hold Final Shareholders Meeting Today
RAB JAPAN: Holding Final Shareholders Meeting Today

RAB INDEX: To Hold Final Shareholders Meeting Today
RABO ASGARD: Holding Final Shareholders Meeting Today
SIGNAL FINANCIAL: Proofs of Claim Filing Ends Today
SOUTHFORK II: To Hold Final Shareholders Meeting Today
THIRTEEN MARINE: Final Shareholders Meeting Is Today

WATT LIMITED: Proofs of Claim Filing Is Until Today
WESTWAYS FUNDING: To Hold Final Shareholders Meeting Today


C H I L E

METHANEX CORP: Earns US$375.7 Mil. in Year Ended Dec. 31, 2007
QUEBECOR WORLD: Bank Lenders Commit US$1 Billion DIP Financing
QUEBECOR WORLD: Wants Ernst & Young as CCAA (Canada) Monitor


C O L O M B I A

FREEPORT MCMORAN: Profits Drop to US$423MM in 4th Quarter 2007
PARKER DRILLING: Sets Year-End 2007 Earnings Release on Feb. 26
SOLUTIA INC: Chapter 11 Emergence Delayed on Credit Woes


D O M I N I C A N   R E P U B L I C

BANCO BHD: Assets Increase 51.4% to DOP1.07 Billion in 2007


E C U A D O R

PETROECUADOR: Gov't Launches Oil Contract Renegotiation Talks


E L   S A L V A D O R

ALCATEL-LUCENT: Mark Sue Maintains Sector Perform Rating on Firm


G U A T E M A L A

BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Firm
BRITISH AIRWAYS: Pilots to Vote for Strike Action
BRITISH AIRWAYS: Accident Insurance Premium May Go Up


M E X I C O

BAUSCH & LOMB: Names Gerald Ostrov as Chief Executive Officer
CONSTELLATION BRANDS: Opts To Sell Almaden & Inglenook Brands
HARMAN INT'L: Declares US$0.0125 Per Share Quarterly Dividend
MAXCOM TELECOM: May Get Acquisition Offers, Says Analyst
MEGA BRANDS: Weak Cash Flow Prompts S&P's Rating Downgrade to B

PRIDE INTERNATIONAL: Inks Contract for Deepwater Fleet Expansion


P E R U

CUMMINS INC: To Add 500 Workforce in Columbus
DOE RUN: Promotes Narayanaswamy Krishnaswamy as Analysis Manager


P U E R T O   R I C O

ADVANCED AUTO: Appoints Judd Nystrom as Investor Relations VP
ADVANCED AUTO: Hires Kevin Freeland as EVP for Supply Chain & IT
ADVANCED AUTO: Michael Moore Quits as EVP & CFO Effective Feb. 1
JETBLUE AIRWAYS: Closes Stock Purchase Transaction w/ Lufthansa
LIN TV: Promotes Rosetta Rolan as Diversity Director

MUSICLAND HOLDING: Court Confirms 2nd Amended Liquidation Plan
PEP BOYS: Posts US$28 Mln Net Loss in Third Quarter Ended Nov. 3


U R U G U A Y

ITAU URUGUAY: Profit Increases 43.1% to UYU167 Million in 2007


V E N E Z U E L A

PETROZUATA FINANCE: S&P Affirms B Rating on US$987.2-Mln Bonds
SHAW GROUP: Nuclear Unit Launches New Office in Shanghai, China

* VENEZUELA: Pequiven's Joint Venture To Have Minority Investor


                         - - - - -


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


ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks
----------------------------------------------------------------
Italian ministers assured that the current political crisis in
the country will not affect the exclusive talks to sell the
government's 49.9% stake in Alitalia S.p.A. to Air France-KLM
SA, published reports say.

"[Alitalia Chairman Maurizio] Prato has full powers to conduct
and conclude talks with Air France, with the duty to keep the
minister informed, even during a government crisis," Transport
Minister Alessandro Bianchi told Reuters.

"Nothing changes, even if there is a government crisis,"
Economic Development Minister Pierluigi Bersani told Thomson
Financial.

"There is no disturbance," Mr. Bersani adds.

Prime Minister Romano Prodi no longer has a majority in the
Italian Senate after the Udeur party left the coalition
government.  Mr. Prodi yesterday survived a confidence vote in
the lower parliamentary house, but may tender resignation on
pressure from allies before the Senate vote, The Wall Street
Journal says.

As reported on Jan. 17, 2007, Alitalia and Italy have commenced
exclusive sale talks with Air France-KLM.  The carriers have two
months to reach an agreement, which would be approved by the
government.

Tommaso Padoa Schioppa, Italy's finance minister, has delivered
a letter to Alitalia S.p.A. approving the commencement of
exclusive talks with Air France-KLM.

In its non-binding offer, Air France plans to:

   -- acquire 100% of the shares of Alitalia through an
      exchange offer;

   -- acquire 100% of Alitalia convertible bonds; and

   -- immediately inject at least EUR750 million into
      Alitalia through a capital increase that will be open to
      all shareholders and be fully underwritten by Air France.

Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700
jobs and defended plans to downsize Alitalia's operations in
Milan's Malpensa airport.

Mr. Spinetta also revealed that should the French carrier
acquire 100% of Alitalia shares, Air France would list itself in
the Milan bourse.

Mr. Schioppa will represent the Italian government during sale
talks and will evaluate whether to sell to the state's majority
stake in Alitalia, Agenzia Giornalistica Italia says.

                       About Alitalia

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

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

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


FORD MOTOR: Neapco Inks Sale Agreements for ACH Driveshaft Biz
--------------------------------------------------------------
Ford Motor Company, Automotive Components Holdings LLC and
Neapco Drivelines, LLC have signed definitive agreements for the
sale of the ACH driveshaft business currently located in the ACH
Monroe (Michigan) Plant.  The transfer of the business will
begin next week and continue through the rest of the year.

This announcement follows the recent United Auto Worker
ratification of the collective bargaining agreement negotiated
with Neapco.

Neapco Drivelines is opening a 345,000 sq. ft. state-of-the-art
manufacturing facility in Van Buren Township, Michigan.

Approximately 300 salaried and hourly employees from the Monroe
Plant and associated technical and support staffs are being
offered positions at the new facility.

Approximately 30 percent of the Monroe Plant's 1,100 employees
are associated with the driveshaft business.  The majority of
the salaried employees currently are leased to ACH from Visteon
and the majority of the UAW hourly employees are leased from
Ford Motor.

"This is another sign of progress toward achievement of our ACH
strategy and our pathway to profitability in North America in
2009," said Ford executive vice president and president of The
Americas, Mark Fields.

Added Automotive Components Holdings Chief Executive Officer,
Bill Connelly:  "This is our third sale and the first involving
a U.S. business.  It represents another important step toward
our goal to improve the competitiveness of these operations
under new ownership and improve Ford's material costs."

"We are pleased to add the Ford driveshaft business and the
expertise of the ACH people to our organization," said Neapco
president and CEO, Robert Hawkey.  "The Wanxiang Group and
Neapco are growing globally through strategic acquisitions of
innovative driveline products and technologies. We are very
appreciative of the support and encouragement we have received
from the state, the local community and the United Auto Workers
to maintain this business in Michigan."

Neapco Drivelines, LLC and its parent company, Neapco LLC, are
headquartered in Pottstown, Pa. Wanxiang Group, which is
headquartered in Hangzhou, China, is the majority investor in
Neapco, LLC.  Neapco, LLC supplies drivelines, steering shafts
and components for OEM and aftermarket automotive, truck,
agricultural, off-highway and specialty vehicle applications
from its facilities in Pennsylvania, Nebraska and Mexico.

Automotive Components Holdings was established by Ford Motor
Company in October 2005 to ensure the flow of quality components
and systems to Ford, while the 17 ACH plants, formerly owned by
Visteon, are prepared for sale or other disposition.  After this
sale is complete, ACH will have 11 plants supported by about
10,500 leased hourly and salaried employees.

                      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.


GETTY IMAGES: Board of Directors Explores Strategic Options
-----------------------------------------------------------
Getty Images Inc. confirmed that its board of directors is
exploring strategic alternatives to enhance shareholder value.
The board of directors has retained Goldman Sachs & Co. as its
financial advisor and Weil Gotshal & Manges LLP as its legal
advisor in connection with its evaluation of such alternatives.

While the evaluation process, including discussions with various
interested parties, is ongoing, there can be no assurance that
any transaction will occur or as to the timing, structure, price
or terms of any transaction.

Getty Images does not plan to update the market with any further
information on the process unless and until such time as its
board deems appropriate.

Headquartered in Seattle, Washington, Getty Images Inc.
(NYSE:GYI) -- http://www.gettyimages.com/-- is a creator and
distributor of visual content.  The company provides relevant
imagery to professionals at advertising agencies, graphic design
firms, corporations, and film and broadcasting companies;
editorial customers involved in newspaper, magazine, book,
compact disc  and online publishing, and corporate marketing
departments and other business customers.  Getty Images offers
its imagery and related services through the company's website
and a global network of company-owned offices and delegates.  It
serves customers in more than 100 countries.  The company has
corporate offices in Australia, the United Kingdom and
Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 2, 2007, Standard & Poor's Ratings Services raised its
ratings on Getty Images Inc., including raising the corporate
credit rating to 'BB' from 'B+, and removed the ratings from
CreditWatch.  S&P said the outlook is negative.


NACION RETIRO: Moody's Upgrades Global Currency Rating to B1
------------------------------------------------------------
Moody's Investors Service has upgraded Nacion Seguros de Retiro
S.A.'s insurance financial strength rating to B1 from B2 --
global local-currency -- and to Aa3.ar from A1.ar on the
Argentine national scale rating.  Both ratings have a stable
outlook.  This rating action concludes the review for possible
upgrade initiated on Nov. 1, 2007.

The rating agency said that the upgrade on the company's ratings
was driven by Nacion Retiro's improving profitability trend and
liquidity profile, stronger asset quality, broader investment
diversification and the ownership, integration, and support
provided by Banco de la Nacion Argentina.  However, these
positive developments could be mitigated somewhat in the short--
to-medium term by a recent negative and volatile trend in the
local financial markets, which led to the company reporting a
net loss in the first quarter ended as of Sept. 30, 2007.  Poor
investment returns hurt not only the company's profitability,
but also the earnings of almost the entire Argentine insurance
industry.  Moody's will closely follow these new developments in
the financial markets.

In addition, Moody's points out that Nacion Retiro's credit
profile still reflects its lack of diversification, both
geographically and in its product line, as well as its still
significant investment risk, its deteriorating capital adequacy,
and its significant country-specific risk-exposure common to all
Argentine insurers.

Nacion Retiro reported total assets of about ARS1069.1 million,
and shareholder's equity ARS68.9 million as of Sept. 30, 2007.
The company also reported a net loss of ARS20 million for the
quarter ended Sept. 30, 2007, as compared with a net income of
ARS7.2 million for the same period in 2006.

Based in Buenos Aires, Argentina, Nacion Retiro is the annuity
insurance subsidiary of the state-owned Banco de la Nacion
Argentina, which is the largest bank in the country.  The
company specializes in underwriting "previsional" annuities,
which are part of the national pension system, and manages
pensioners' funds.  Nacion Retiro also provides group annuity
products for large corporations and individual annuity coverage
for individuals.


PARAMIRO SA: Files for Reorganization in Argentina
--------------------------------------------------
Paramiro S.A. has requested for reorganization approval after
failing to pay its liabilities.

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

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


TYSON FOODS: Settles Shareholder Lawsuit Against Directors
----------------------------------------------------------
Tyson Foods, Inc. and the Tyson Limited Partnership have settled
a shareholder derivative lawsuit against the company's current
and former directors, which is subject to obtaining court
approval.

The lawsuit, which is In re Tyson Foods, Inc. Consolidated
Shareholders Litigation, C.A. No. 1106-CC, has been pending in
the Delaware Court of Chancery since 2005.  The allegations of
the lawsuit have been described in previous filings by the
company with the Securities and Exchange Commission.  The full
text of the settlement is available in a Form 8-K filing the
company made with the SEC.

Under the settlement, all claims against all defendants will be
dismissed.  In exchange, Don Tyson and the Tyson Limited
Partnership, the company's largest shareholder, have agreed to
pay the company US$4.5 million.  No other defendant will make
any payments.  The company has also agreed to implement or
continue certain governance measures, which includes the
establishment of a nominating committee, appointment of a new
independent director, and limitations on new related party
transactions between the company and the Tyson Limited
Partnership, Don Tyson, members of his family, or executive
officers.

The plaintiffs are also seeking US$3 million from the company,
out of the US$4.5 million to be paid to the company under the
settlement, to cover their attorneys' fees and expenses related
to this case.  However, Tyson officials indicate they will
contest this requested fee award.

The settlement was filed with the Delaware Court of Chancery.
The Court is expected to issue a scheduling order after which
time the Tyson shareholders will be formally notified and given
the opportunity to submit any objections.  This will be followed
by a settlement hearing, which will likely be held in March or
April of 2008.

                   About Tyson Foods, Inc.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods
Inc.'s ratings, including its Ba1 corporate family rating and
Ba1 probability of default rating.  Moody's said the rating
outlook is negative.


TYSON FOODS: Signs Collaboration Pact with Luminex
--------------------------------------------------
Tyson Foods Inc. and Luminex Corporation have reached a
collaboration agreement, to create faster, more accurate and
cost-effective food safety and animal health tests.

"Luminex is pleased to partner with Tyson to develop novel tests
that we believe will allow the food industry to screen for
pathogens and other microbes more efficiently and accurately,"
said Patrick J. Balthrop, president and chief executive officer
of Luminex.  "Our xMAP(R) Technology, enabling multiple tests to
be run simultaneously on one sample, has great application in
the food safety and animal health arena as it provides a
significant level of data quickly and efficiently."


"We're anxious to explore ways to adapt Luminex technology to
our business," said Dr. Neal Apple, vice president of the Tyson
Food Safety and Laboratory Services Network for Tyson.  "We
believe it will give us the flexibility to gather more testing
data faster and develop and validate rapid testing options not
currently available commercially.  We see a tremendous benefit
to our customers, company and the food industry by applying this
next generation technology to positively impact the
effectiveness of our routine laboratory testing.  This
collaboration represents a big step forward for our labs and
lines up with our focus on continuous improvement of our ISO
(International Organization for Standardization) Quality
System."

Tyson and Luminex's first collaboration is the development of an
avian flock health monitoring panel.  Future research and
development projects slated are focused on food safety and
quality tests, and additional animal health diagnostic panels
leveraging the flexibility and multi-analyte technology
capabilities of xMAP technology and current and future Luminex
instrument platforms.

Tyson's award-winning Food Safety and Laboratory Services
Network includes 17 Tyson laboratories across the country.  This
includes a 25,000-square-foot, state-of-the-art food testing and
research laboratory at Tyson World Headquarters in Springdale,
Arkansas, which is dual certified under the ISO quality
management system standard ISO 9001:2000 and the ISO/IEC
(International Electrotechnical Commission) 17025 standard for
the competence of testing and calibration laboratories.  In
addition, seven other Tyson Foods regional and corporate
laboratories are certified under the same ISO/IEC 17025
standard.

                     About Luminex Corp.

Luminex Corporation -- http://www.luminexcorp.com/-- develops,
manufactures and markets proprietary biological testing
technologies with applications throughout the diagnostic and
life sciences industries.  The company's xMAP(R) multiplex
solutions include an open-architecture, multi-analyte technology
platform that delivers fast, accurate and cost-effective
bioassay results to markets as diverse as pharmaceutical drug
discovery, clinical diagnostics and biomedical research,
including the genomics and proteomics markets.  The company's
xMAP technology is sold worldwide and is already in use in
leading clinical laboratories as well as major pharmaceutical,
diagnostic and biotechnology companies.

                   About Tyson Foods, Inc.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods
Inc.'s ratings, including its Ba1 corporate family rating and
Ba1 probability of default rating.  Moody's said the rating
outlook is negative.




===============
B A R B A D O S
===============


HARRAH'S ENTERTAINMENT: Extends Tender Offer Until January 28
-------------------------------------------------------------
Harrah's Entertainment, Inc. has announced the extension of the
Offer Expiration Date for the previously announced cash tender
offers by Harrah's Operating Company, Inc. for any and all of
its outstanding notes: (i) Senior Floating Rate Notes due 2008,
(ii) 8.875% Senior Subordinated Notes due 2008, (iii) 7.5%
Senior Notes due 2009, (iv) 7.5% Senior Notes Due 2009, and (v)
7% Senior Notes due 2013.

As well as the extension of the Offer Expiration Date for the
previously announced cash tender offer by Harrah's Entertainment
and Harrah's Operating for Harrah's Operating's Floating Rate
Contingent Convertible Senior Notes due 2024 (Convertible Notes
and, collectively with the Floating Rate Notes, the 8.875%
Notes, the 7.5% Notes (1998), the 7.5% Notes (2001) and the 7%
Notes, the Notes).  In each case, the Offer Expiration Date has
been extended to 8:00 a.m., New York City time, on
Jan. 28, 2008, the date on which the previously announced merger
of Harrah's Entertainment with Hamlet Merger Inc., a company
controlled by Apollo Global Management, LLC and TPG Capital,
L.P., is scheduled to close, unless further extended.

Except for the extension described above, all of the terms and
conditions set forth in the applicable Offer to Purchase and
Consent Solicitation Statement with respect to the Notes remain
unchanged.  As of 9:00 a.m. New York City time, on
Jan. 23, 2008: (i) approximately US$81,150,000 in aggregate
principal amount at maturity of the Floating Rate Notes had been
tendered, representing approximately 32.46% of the outstanding
principal amount at maturity of the Floating Rate Notes; (ii)
approximately US$394,234,000 in aggregate principal amount at
maturity of the 8.875% Notes had been tendered, representing
approximately 98.56% of the outstanding principal amount at
maturity of the 8.875% Notes; (iii) approximately US$131,144,000
in aggregate principal amount at maturity of the 7.5% Notes
(1998) had been tendered, representing approximately 96.22% of
the outstanding principal amount at maturity of the 7.5% Notes
(1998); (iv) approximately US$424,166,000 in aggregate principal
amount at maturity of the 7.5% Notes (2001) had been tendered,
representing approximately 99.80% of the outstanding principal
amount at maturity of the 7.5% Notes (2001); (v) approximately
US$299,396,000 in aggregate principal amount at maturity of the
7% Notes had been tendered, representing approximately 99.80% of
the outstanding principal amount at maturity of the 7% Notes;
and (vi) approximately US$374,592,500 in aggregate principal
amount at maturity of the Convertible Notes had been tendered,
representing approximately 99.96% of the outstanding principal
amount at maturity of the Convertible Notes.

Harrah's Operating's tender offer is subject to the conditions
set forth in the Statements and the applicable Consent and
Letter of Transmittal, including, among other things, that
Harrah's Operating obtains the financing necessary to pay for
the Notes and consents in accordance with the terms of the
tender offers and consent solicitations.

Harrah's Operating and Harrah's Entertainment have retained Citi
to act as lead dealer manager in connection with the tender
offers and consent solicitations.  Questions about the tender
offers and consent solicitations may be directed to Citi at
(800) 558-3745 (toll free) or (212) 723-6106 (collect). Copies
of the Offer Documents and other related documents may be
obtained from Global Bondholder Services Corporation, the
information agent for the tender offers and consent
solicitations, at (866) 924-2200 (toll free) or (212) 430- 3774
(for banks and brokers only).

                About Harrah's Entertainment

Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc.
(NYSE: HET) -- http://www.harrahs.com/-- has grown through
development of new properties, expansions and acquisitions, and
now owns or manages casino resorts on four continents and hosts
over 100 million visitors per year.  The company's properties
operate under the Harrah's, Caesars and Horseshoe brand names;
Harrah's also owns the London Clubs International family of
casinos and the World Series of Poker. Harrah's also owns the
London Clubs International family of casinos.  In January, it
signed a joint venture agreement with Baha Mar Resorts Ltd. to
operate a resort in Bahamas.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Moody's Investor Service has assigned a B2
Corporate FamilyRating and Speculative Grade Liquidity Rating of
SGL-3 to Harrah's Entertainment, Inc.  Moody's also assigned
ratings to the following new debt to be issued by Harrah's
Operating Company, Inc.: senior secured guaranteed bank
revolving credit facility at Ba2, senior secured guaranteed term
loans at Ba2, and senior unsecured guaranteed notes at B3.




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


MGS MANAGED: Sets Final Shareholders Meeting for Feb. 25
--------------------------------------------------------
MGS Managed Futures Funds Limited will hold its final
shareholders meeting on Feb. 25, 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.




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


AZEGO AG: Illiquid State Triggers Second Insolvency Filing
----------------------------------------------------------
Azego AG, on Jan. 22, 2008, filed a second insolvency petition
with the Munich Municipal Court after attempts to negotiate with
investors and competitors failed.

The company said it was not able to eliminate its illiquidity
even though there had been several promising possibilities.

Azego's problems also prompted its subsidiary, First Components
GmbH to file an insolvency petition for the second time.

The company said that despite implementing several cost
reduction measures to reduce losses and significantly increase
its margins over the last two years, as well as a convertible
loan 2007/2011, it couldn't achieve the planned revenue of
liquidity, which would have been precondition to continue its
operations.

Headquartered in Munich, Germany, Azego AG, fka ACG Advanced
Component Group -- http://www.azego.com/-- is a supplier of
semiconductor components and related logistic services. The
company offers tailor-made and comprehensive solutions ranging
from search and commercial processes to the delivery of the
goods.  Its portfolio of logistic services include excess
inventory management services, shortage management services,
bill of material services, franchise services, mass market
services, computer services and last time buy services. Its
portfolio of products includes capacitors, connectors,
inductors, crystals, diodes, microcontrollers, resistors and
other computer products and accessories.  It has subsidiaries in
Germany, Singapore, China, Korea, Luxemburg, France, Brazil, the
United States, Austria and in the United Kingdom.


BANCO BMG: Wants Foreign Partner for Housing Loan Portfolio
-----------------------------------------------------------
Banco BMG's vice president Marcio Alaar de Araujo told Business
News Americas that the bank is seeking a foreign bank as partner
to help build a housing loan portfolio.

Mr. de Araujo commented to BNamericas, "We think housing loans
will be one of the fastest growing segments and we're looking
for a foreign partner to offer home loans."

New housing loans in Brazil increased 96.0% to BRL18.3 billion
in 2007, from 2006, BNamericas says, citing savings and loan
trade association Abecip, which sees new home loans increasing
as much as 36.6% to BRL25 billion in 2008, compared to 2007.

According to BNamericas, Banco BMG would offer housing loans
with payments taken directly from paychecks.  This process is
similar to payroll and retirement loans where Banco BMG is a
market leader.

Austin Rating analyst Luis Miguel Santacreu commented to
BNamericas, "This type of home loan has even more potential than
traditional payroll loans because of the enormous housing
deficit in Brazil.  BMG could win over clients from other
financial institutions through these new housing loans."

Meanwhile, Banco BMG wants to issue bonds this year and will
decide by July whether or not to make an initial public
offering, depending on the state of markets, BNamericas notes,
citing Mr. de Araujo.

Mr. de Araujo commented to BNamericas, "BMG has high volume and
low risk but the question is how the bank is going to fund
further growth.  Right now is the opportune moment to rethink
strategies."

Once Banco BMG proceeds with the initial public offering, it
will have to diversify its product lines, as it has done
recently with vehicle funding and plans to do with housing
loans.  It may have to think about purchasing other banks,
BNamericas says, citing Mr. Santacreu.  Banco BMG could also
sell off a part of its business to partner Cetelem or whichever
bank it aligns with in the housing loan segment.

Banco BMG wanted to increase lending at least 25% in 2008,
compared to 2007, with room for growth in the payroll segment
and increasing vehicle funding operations, BNamericas states,
citing Mr. de Araujo.

                      About Banco BMG

Banco BMG is the banking arm of Grupo BMG, which also has real
estate, food manufacturing and agro industry holdings.  The bank
is a niche player focused on loans to civil servants, with
repayments taken monthly from payrolls.  BMG operates mainly
through in-house representatives in state companies.  It also
offers leasing and asset management services.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Banco BMG S.A. to 'BB-'
from 'B+'.  The rating was removed from CreditWatch Positive
where it was placed June 11, 2007.  S&P said the outlook is
stable.

On Aug. 23, 2007, Moody's placed a Ba2 long-term bank deposit
rating on Banco BMG.


BANCO DO BRASIL: Raises Free Floating Shares to 21.7% from 14.8%
----------------------------------------------------------------
Banco do Brasil said in a statement that it has raised its free
float to 21.7% from 14.8% through a secondary share offering
that closed on Jan 22.

Business News Americas relates that Banco do Brasil started
trading shares on the Novo Mercado index of the Sao Paulo
Bovespa stock exchange in June 2006.  It was given three years
to raise its free float to at least 25%.

According to BNamericas, Banco do Brasil shareholders BNDESpar
and Previ unloaded about 118 million shares for BRL29.25 each in
the offering, bringing in BRL3.44 billion.

BNamericas notes that BNDESpar sold nearly 101 million shares,
while Previ sold about 17.2 million shares.

BNDESpar and Previ said in July 2007 that they wanted to sell up
to 5% of their shares in Banco do Brasil.  Previ held a 11.4%
stake in Banco do Brasil, while BNDESpar owned 5.04% of Banco do
Brasil before the offering, BNamericas states.

Banco do Brasil holds a 49.99% stake in Brasilcap.  Banco do
Brasil is Brazil's federal bank and is the largest in Latin
America with some 20 million clients and over 7,000 points of
sale (3,200 branches) in Brazil, and 34 offices and partnerships
in 26 other countries.  In addition to its traditional retail
banking services, Banco do Brasil underwrites and sells bonds,
conducts asset trading, offers investors portfolio management
services, conducts financial securities advising, and provides
market analysis and research.

On Nov. 6, 2007, Moody's assigned a Ba2 foreign currency deposit
rating to Banco do Brasil.  On Aug. 23, 2007, Moody's assigned a
Ba2 long-term bank deposit rating on the bank with a stable
outlook.

As reported on May 22, 2007, Standard & Poor's Ratings Services
raised its long-term foreign currency counterparty credit rating
on Brazilian government-related entity Banco do Brasil to 'BB+'
from 'BB', after Brazil's foreign currency sovereign credit
rating was upgraded to BB+.


BRASKEM SA: Joint Venture To Have Minority Investor
---------------------------------------------------
Braskem SA's head Jose Carlos Grubisich told Business News
Americas that its joint venture with Venezuelan state-run firm
Pequiven will have a minority investor with a 2% stake to help
resolve bureaucratic matters.

Polipropileno del Sur and Polietilenos de America would be
formed under the joint venture, BNamericas notes, citing Mr.
Grubisich.  If Braskem and Pequiven each owned 50% of the two
companies, these new firms would be considered state-owned under
Venezuelan legislation.

Mr. Grubisich commented to BNamericas, "Their control will be in
equal shares of 49% and the minor shareholder will not be able
to form a partnership with another shareholder to increase its
shareholding to 51%, for example."

The candidate to be the minority stakeholder is almost decided,
BNamericas says, citing Mr. Grubisich.

BNamericas relates that Braskem has negotiated the price it will
pay for the natural gas to feed the Polipropileno del Sur
polypropylene project and the Polietilenos de America
ethylene/polyethylene complex with Venezuelan state-run oil firm
Petroleos de Venezuela.

According to BNamericas, Polipropileno del Sur will construct
and run a 450,000-ton-per-year polypropylene unit costing over
US$840 million.  Polietilenos de America will build and operate
a natural gas-based ethane cracker that can make:

   -- 1.3 million tons per year of ethylene,
   -- 419,000 tons per year of high-density polyethylene,
   -- 309,000 tons per year of low-density polyethylene, and
   -- 440,000 tons per year of linear low-density polyethylene.

Polietilenos de America project would require an estimated
US$2.66 billion investment, BNamericas states.

                       About Pequiven

Pequiven is an integrated company, which operates 13 fully owned
plants, producing basic petrochemicals and fertilizers.  It
participates in 19 joint ventures of which one, FertiNitro, went
on stream in 2000, and has investments overseas.  It has four
complexes in Venezuela: El Tablazo, Jose, Paraguana and Moron.

                       About Braskem:

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.  The company reported consolidated
net revenues of about US$9 billion in the trailing twelve months
through Sept. 30, 2007.

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Fitch Ratings affirmed the ratings of Braskem
S.A. and Braskem International.  Fitch Ratings said the outlook
remains positive.

Braskem SA:

   -- Foreign currency Issuer Default Rating at 'BB+';
   -- Local currency Issuer Default Rating at 'BB+';
   -- Senior unsecured notes 2008, 2014 at 'BB+';
   -- Senior unsecured Perpetual Bonds at 'BB+';
   -- Senior unsecured notes 2017 at 'BB+';
   -- National rating at 'AA (bra)';
   -- Debentures 13th Issuance at 'AA (bra)'.

Braskem International:

   -- Senior unsecured notes 2015 at 'BB+'.


COMPANHIA PARANAENSE: Sales Volume Up 6.9% in 2007
--------------------------------------------------
Companhia Paranaense de Energia said in a statement that its
sales volume increased 6.9% to 19.9 terra watt-hours in 2007,
compared to 18.6 terra watt-hours in 2006.

Business News Americas relates that the figures include sales to
the regulated and unregulated markets.  Sales to the regulated
market rose 5.8% to 18.5 terra watt-hours in 2007, from 2006.

Companhia Paranaense told BNamericas that power sales to its
industrial customers increased 4.3% to 6.27 terra watt-hours in
2007, compared to 2006.  Sales to its commercial and residential
clients grew 9.2% to 3.72 terra watt-hours and 6.6% to 5.14
terra watt-hours, respectively.  The firm's sales in rural areas
rose 1.8% to 1.86 terra watt-hours.

BNamericas notes that sales to Companhia Paranaense's
residential customers increased due to:

   -- warmer temperatures,
   -- increased purchasing power in Parana, and
   -- a recovery in the industrial market due to agricultural
      production.

Companhia Paranaense's sales to residential, industrial,
commercial and rural clients were 25.7%, 38.7%, 18.6% and 7.6%
of total sales, respectively, BNamericas states.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- (NYSE: ELP/LATIBEX:
XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes
electricity to more than 3 million customers in the state of
Parana and has a generating capacity of nearly 4,600 megawatts,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its
Brazilian national scale.  Moody's said the rating outlook is
stable.  This rating action concludes the review process
initiated on July 26, 2006.

Moody's upgraded these ratings:

   -- Corporate Family Rating: to Ba2 from Ba3 (Global Local
      Currency) and to Aa2.br from A3.br (Brazilian National
      Scale);

   -- BRL500 million Senior Unsecured Guaranteed Debentures due
      2007: to Ba2 from Ba3 (Global Local Currency) and to
      Aa2.br from A3.br (Brazilian National Scale); and

   -- BRL400 million Senior Secured Guaranteed Debentures due
      2009: to Ba1 from Ba2 (Global Local Currency) and to
      Aa1.br from A1.br (Brazilian National Scale).


COMPANHIA SIDERURGICA: Buying Back Up to Four Million Shares
------------------------------------------------------------
Companhia Siderurgica Nacional said in a filing with the Bovespa
stock exchange that it will buy back up to four million shares
through Feb. 27.

Business News Americas relates that Companhia Siderurgica has
about 455 million shares in circulation.

Brazilian brokerage Brascan Corretora said in a report, "The
repurchase program could provide sustenance to CSN [Companhia
Siderurgica] shares in a worldwide economic scenario that
suggests a high level of stock volatility from different sectors
in Brazil and abroad."

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets, tin
mill products and tinplate.  The company also runs its own iron
ore, manganese, limestone and dolomite mines and has strategic
investments in railroad companies and power supply projects.
The group also operates in Brazil, Portugal and the U.S.

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Standard & Poor's Ratings Services revised its
outlook on Brazil-based steel maker Companhia Siderurgica
Nacional and related entity National Steel S.A. to positive from
stable.  At the same time, Standard & Poor's affirmed its 'BB'
corporate credit rating on CSN and its 'B+' rating on NatSteel.


DELPHI CORP: Judge Drain Wants Executive Bonuses Reduced
--------------------------------------------------------
As widely reported, the Honorable Robert Drain of the U.S.
Bankruptcy Court for the Southern District of New York said he
will approve Delphi Corp. and its debtor-affiliates' First
Amended Joint Plan of Reorganization on the condition that the
total payout of cash bonuses to top executives is reduced.

"I am prepared to enter the confirmation order, provided the
management compensation plan is changed," Judge Drain said at
the confirmation hearings, which began Jan. 17, 2008.

Reuters reports the Court wants the emergence bonus for Delphi's
officers reduced to US$16.5 million from the US$87.9 million
that Delphi had proposed to award to 500 managers upon
emergence.  But the United Auto Workers and the International
Union of Electronic Workers-Communications Workers of America
objected to payments, citing among other things, that while
unionized Delphi employees suffered pay-cuts, the managers, who
are already adequately compensated, are given generous bonuses.

The management compensation plan seeks to grant an US$8.3
million "performance payment" to Executive Chairman Robert
Miller; and a US$5.3 million cash emergence payment to Chief
Executive Officer Rodney O'Neal.

Delphi aims to emerge from Chapter 11 by the end of first
quarter of 2008.  Delphi, however, has yet to secure the US$6.1
billion exit financing to pay claims and fund its post-
bankruptcy operations.  According to The Associated Press, a
Delphi executive said that the company expects to obtain a
commitment for US$4.5 billion of the financing by Jan. 23, 2008,
but there has been no indication whether the company is close to
securing the loans.

Delphi told the Court that the First Amended Plan satisfies the
conditions for confirmation under Section 1129 of the Bankruptcy
Code.  It noted that the Plan has been approved by 81% of 4,000
creditors entitled to vote on the Plan.

According to Bloomberg News, Delphi resolved or had overruled
objections to earlier changes to the Plan, including those
triggered by a US$2.55 billion investment in Delphi by a group
of investors led by Appaloosa Management LP.  Delphi, Bloomberg
News reports, said that Davidson Kempner Capital Management LLC,
Whitebox Advisors LLC and other bondholders have agreed to
withdraw their objections, in exchange for, among other things,
payment of the group's legal fees up to US$5 million.

                      About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
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 Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007.  The Court will convene the hearing to consider
confirmation of the Plan on Jan. 17, 2008.

(Delphi Bankruptcy News, Issue No. 108; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DUKE ENERGY: Suspends Planned Sale of BRL750MM in Debentures
------------------------------------------------------------
Duke Energy Paranapanema said in a filing with the Sao Paulo
stock exchange Bovespa that it has suspended plans to sell
BRL750 million in non-convertible debentures.

According to Business News Americas, Duke Energy wanted to sell
75,000 debentures for BRL10,000 each in two series.  The
debentures would mature on Jan. 15, 2014, and Jan. 15, 2016.

Duke Energy explained to BNamericas that the suspension of the
sale indicates "strategic" considerations "that take into
account domestic and international market conditions in recent
days."

Banco Itau-BBA and Citibank were handling the sale, BNamericas
states.

Duke Energy International Geracao Paranapanema SA is engaged in
the generation of electric power in Sao Paulo, Brazil.  The
Company is a subsidiary of Duke Energy International,
representing its primary interest in the Brazilian market.  The
Company operates eight hydroelectric generation facilities with
2,237 net megawatts of capacity on the Paranapanema River in
southwestern Sao Paulo.  Its Paranapanema River facilities
include Canoas I, generating 83 megawatts; Canoas II, generating
72 megawatts; Capivara, generating 640 megawatts; Chavantes,
generating 414 megawatts; Jurumirim, generating 98 megawatts;
Rosana, generating 372 megawatts; Salto Grande, generating 74
megawatts, and Taquarucu, generating 554 megawatts.  All of the
plants encompass reservoirs.  Harnessing the river has enabled
stabilization of 90.5% of the average flow, which helps flood
prevention and irrigation of the surrounding region.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2008, Moody's Investors Service assigned a Ba2 global
local currency corporate family rating with a stable outlook to
Duke Energy International, Geracao Paranapanema S.A.  In
addition, Moody's assigned an A1.br Brazil National Scale
corporate family rating to Duke Energy.  This is the first time
Moody's has assigned a rating to Duke Energy.  The rating is not
constrained by Brazil's foreign currency country ceiling
(Baa3/Stable).


EMBRATEL PARTICIPACOES: Anatel OKs 11.3% Increase in Call Rates
---------------------------------------------------------------
Embratel Participacoes has secured authorization from Brazil's
telecoms regulator Anatel to increase rates by 11.3% for calls
made by or destined to mobile phones under the firm's basic
subscription plan, news service Agencia Estado reports.

Business News Americas relates that long distance call rates
have been the same since 2004.  The regulator considered the
7.99% price variation in the national price index between
January 2004 and December 2005.  The call rate increase was
authorized for:

    -- type VC-2 calls between municipalities that have the same
       first digit in the area code and

    -- type VC-3 calls between places with a different first
       digit area code.

The new rates can't be implemented in calls involving Brazilian
mobile operator TIM's clients, BNamericas states.

Embratel Participacoes SA offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt - B2.


EMBRATEL PARTICIPACOES: Names Jose Martinez as Chairperson
----------------------------------------------------------
Embratel Participacoes SA told Reuters that it has appointed
Jose Formoso Martinez as its chairperson, effective Jan. 31.

According to Reuters, Mr. Martinez will take over from Carlos
Henrique Moreira, who has been Embratel Participacoes'
chairperson since 2004.  He had been vice chairperson and chief
executive in Embratel Participacoes for over three years.

Mr. Moreira will continue to be an Embratel Participacoes board
member, Reuters states.

Embratel Participacoes SA offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt -- B2.


GENERAL MOTORS: Sells More Than 9 Million Vehicles Globally
-----------------------------------------------------------
General Motors Corp. sold 9,369,524 cars and trucks around the
world in 2007, an increase of 3%, according to preliminary sales
figures released.  In the fourth quarter, GM sold 2,305,752
vehicles, an increase of 4.8% compared with a year ago.

"We set a record in China with more than a million vehicles
sold. We nearly doubled our sales in Russia to an all-time
record of more than 258,000 vehicles delivered.  And we set a
record in Brazil with nearly a half-million vehicles sold," John
Middlebrook, GM vice president, Global Sales, Service and
Marketing Operations said.  "This is the kind of emerging market
growth that fuels our global performance.  Customers are
responding to our fuel-efficient and dynamically-designed
product lineup around the world."

The 2007 tally was the second best global sales total in the
company's 100-year history and marked the third consecutive and
fourth time (2007, 2006, 2005 and 1978) GM sold more than nine
million vehicles in a calendar year.

GM's global position -- especially the emerging markets -- built
sales momentum.

Global sales of GM's top-selling brand, Chevrolet, grew more
than 4% to 4.49 million vehicles compared with 2006 sales of
4.30 million.  Chevrolet grew in all three regions outside North
America, with the strongest performance in Europe with a nearly
34% increase compared with 2006.  The Latin America, Africa and
Middle East region saw strong Chevrolet growth with an
additional 23% (208,000 vehicles) delivered over the 2006 level.
Chevrolet also performed well in the Asia Pacific region, which
was up 22%.  The Aveo helped Chevrolet field a strong competitor
in the very competitive global car market.

GM also retains its strong truck portfolio, evidenced by
3.80 million truck sales around the world, an increase of more
than 33,000 vehicles (1%) compared with 2006.  Chevrolet sold
more than 1.96 million trucks globally last year.  GMC global
sales grew nearly 6% in 2007, with 613,000 vehicles delivered,
compared with 579,000 in 2006.  Wuling sales in the Asia Pacific
region also fueled significant truck, mini-truck, and mini-van
performance with 516,000 vehicles sold, a 24% increase over
2006.  GM increased full-size pickup truck market share in the
U.S. in 2007 by 0.2 ppts to 40.2%.

Cadillac saw global growth with sales increases outside of North
America last year, thanks to a 45% increase in the Europe, a 42%
climb in the Latin America, Africa and Middle East region, and
an impressive 106% hike in the Asia Pacific region.

Saab saw annual sales increases of 13% in the Latin America,
Africa and Middle East region, and 5% in Asia Pacific.  In
Europe, Saab maintained its market share position (0.4%), and
with the extension of BioPower to its 9-3 model range, continues
to be the leading brand for E-85 vehicles in Europe.

Global sales highlights include:

   * GM sold 9.37 million vehicles in 2007, an increase of 3%.
     In the quarter, sales of 2.31 million vehicles were up
     4.8%.  At 5.50 million vehicles, 2007 sales outside of the
     United States accounted for about 59% of GM's total global
     sales, outpacing the industry average growth rate.  The
     industry has seen significant volume increases in the
     global automotive market in the past five years, and the
     market now nears 71 million.  In 2007, GM's top three
     brands in sales volume were Chevrolet (4.49 million, up
     4%), Opel/Vauxhall (1.69 million vehicles, up 4%) and GMC
    (613,000, up 6%).

   * In the Asia Pacific region, GM sales of 1.43 million
     vehicles topped 1 million vehicles for the third
     consecutive year, and GM China saw more than 18% sales
     growth compared with 2006.  The company had regional Q4
     sales of 382,000 vehicles, up nearly 17%, exceeding the
     industry average growth rate.  GM was the top-selling
     global automaker in China in 2007, with 1.03 million
     vehicles sold -- becoming the first global automaker to
     exceed 1 million vehicle sales.  Sales in India also set
     records with an annual volume growth of 74%, driven by the
     recent launch of the Chevrolet Spark and strong
     performances by the Chevrolet Tavera, Aveo and Optra.

   * In the Latin America, Africa and Middle East region, GM
     sales reached an all-time record 1.23 million vehicles,
     exceeding 1 million vehicles for the second time, up 19% in
     volume compared with 2006.  For the quarter, 341,000
     vehicles were sold, up 18%.  GM saw volume increases in
     most major Latin America, Africa and Middle East markets in
     2007.  GM Brazil set an all-time domestic sales record with
     499,000 vehicles delivered.  The Chevrolet Corsa, Aveo and
     Celta were the three top sellers across the region in 2007.

   * In Europe, GM's record sales -- for the second year --
     exceeded 2.18 million vehicles, up about 9%.  Sales for the
     quarter of 529,000 vehicles were up 11%, exceeding the
     industry average.  Full-year sales in Russia set an all-
     time record for the company by nearly doubling, up 95%.
     Sales volume in Russia exceeded a quarter million vehicles.
     Opel/Vauxhall, Chevrolet and Cadillac reported sales growth
     in Europe.  Strong performance by the new Corsa, Astra,
     Meriva and Zafira led Opel/Vauxhall sales to more than 4%
     growth.  Chevrolet achieved record sales of 458,000
     vehicles, up nearly 34%.  Cadillac sales were up 45%.  Saab
     sold nearly 85,000 vehicles.

Several of GM's regional brands also experienced notable growth
in 2007.

Saturn sales in North America were up 8% compared with 2006,
largely on the popularity of the new 2007 AURA, AURA Hybrid,
SKY, OUTLOOK, VUE, and VUE Green Line Hybrid.

GM Holden sold 158,000 vehicles in 2007 as the Commodore
remained Australia's best-selling car for the 12th consecutive
year.  Holden held its second-place position in the country's
automotive market.  2008 marks Holden's 60th anniversary
producing Australia's first locally-developed vehicle.

                          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 (DTAs) 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.


PROPEX INC: Wants to Employ Houlihan Lokey as Financial Advisor
---------------------------------------------------------------
Propex Inc. and its debtor-affiliates ask authority from the
U.S. Bankruptcy Court for the Eastern District of Tennessee to
employ Houlihan Lokey Howard & Zukin Capital, Inc., as their
financial advisor and investment banker in their Chapter 11
cases.

Lee McCarter, executive vice president and chief financial
officer of Propex, Inc., relates that the Debtors selected
Houlihan Lokey to serve as their financial advisor because the
firm has gained substantial knowledge of the Debtors' financial
and operational condition during its prepetition representation
of the Debtors.

As the Debtors' financial advisor and investment banker,
Houlihan Lokey will:

   * assist the Debtors in the development, preparation and
     distribution of selected information, documents and other
     materials;

   * solicit and evaluate indications of interest and proposals
     regarding any transaction from current and potential
     lenders;

   * assist the Debtors with the development, structuring,
     negotiation and implementation of any transaction;

   * assist in valuing the Debtors' assets or operations,
     provided that any real estate or fixed asset appraisals
     will be undertaken by outside appraisers, separately
     retained and compensated by the Debtors;

   * provide expert advice and testimony regarding financial
     matters related to any transaction;

   * advise and attend meetings of the Debtors' Board of
     Directors, Debtors' creditor groups, official
     constituencies and other interested parties, as the Debtors
     determine to be necessary or desirable; and

   * provide other financial advisory services as may be agreed
     upon by the firm and the Debtors.

Furthermore, Houlihan Lokey intends to work closely with other
professionals retained by the Debtors to avoid unnecessary
duplication of services performed for or charged to the Debtors'
estates, according to Mr. McCarter.

For the services contemplated to be rendered by Houlihan Lokey,
the Debtors will pay the firm these fees:

   (a) A non-refundable US$150,000 initial fee

   (b) A US$150,000 fee for the first three months of the firm's
       retention and a US$125,000 monthly fee thereafter.

   (c) Subject to the Court's consent, a US$2,812,500
       transaction fee in the event that a plan of
       reorganization in the Debtors' cases is confirmed.

Six Houlihan Lokey professionals are presently expected to have
primary responsibility for providing services to the Debtors:

   1. P. Eric Siegert
   2. Jonathan Cleveland
   3. Derek Pitts
   4. Quincy Evans
   5. Ishreth Hassen
   6. Drew Talarico

The Debtors will also reimburse the firm for expenses it may
incur in connection with its contemplated serves, including
travel costs and temporary employment of additional staff.

Houlihan Lokey has been representing the Debtors since October
2007 in connection with one or more financing transactions for
the Debtors, Mr. McCarter notes.

According to papers filed with the Court, managing director
Jonathan Cleveland relates that through the Debtors' bankruptcy
filing, Houlihan Lokey has been paid US$450,000,000 in fees and
reimbursed for US$26,840 of expenses in accordance with the
Original Employment Agreement.

Mr. Cleveland assures the Court that his firm is a
"disinterested person," as the term is defined in Section
101(14) of the Bankruptcy Code.

                        About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The debtors' has selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding,
in Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants to Employ Miller & Martin as Local Counsel
------------------------------------------------------------
Propex Inc. and its debtor-affiliates ask the authority of the
U.S. Bankruptcy Court for the Eastern District of Tennessee to
employ Miller & Martin as their local counsel in their Chapter
11 cases.

Prior to bankruptcy filing, Miller & Martin PLLC had been
engaged in a matter involving:

   (a) certain contractual issues related to Propex, Inc., and
       its sales representatives, and

   (b) the review of certain executive compensation and employee
       benefit issues.

Lee McCarter, executive vice president and chief financial
officer of Propex, Inc., relates that the Debtors selected
Miller & Martin because of the firm's knowledge and experience
in bankruptcy and corporate matters for which the firm is being
employed.

As the Debtors' local counsel, Miller & Martin will represent
the Debtors in pursuing matters that are relevant to the Chapter
11 cases and will advise the Debtors on these matters.

Four professionals are presently expected to have primary
responsibility for providing services to the Debtors:

           Professional               Hourly Rate
           ------------               -----------
           Shelley D. Rucker               US$350
           Nicholas Whittenburg            US$305
           Craig Smith                     US$200
           Tanya English                   US$185

The Debtors will also reimburse the firm for expenses it may
incur, including travel costs and temporary employment of
additional staff, relating to any work undertaken.

Prior to bankruptcy filing, Miller & Martin received a US$32,558
retainer from the Debtors.  Payments received during the 12
months prior to the Petition Date were for services unrelated to
the filing of the Chapter 11 cases.

Miller & Martin applied from the retainer US$20,000 to fees and
US$5,195 for filing fees prior to the Petition Date to pay for
fees and expenses incurred in contemplation of the cases.  The
balance of the retainer will be applied in payment of
postpetition fees and expenses only after approval from the
Court.

Shelley D. Rucker, Esq., a partner at Miller & Martin, assures
the Court that her firm is a "disinterested person," as the term
is defined in Section 101(14) of the Bankruptcy Code.

                         About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 1; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Court Approves US$60 Million Credit Facility
--------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Tennessee
has approved Propex Inc. and its debtor-affiliates' US$60
million credit facility on an interim basis with immediate
access to US$20 million as requested by the company, which is
available to complement existing cash on hand.  This will
provide Propex with immediate and sufficient liquidity to
operate its business on an ongoing basis.  As is customary under
Chapter 11 procedures, a final hearing for further funding under
the credit facility is scheduled for Feb. 13, 2008.

In addition, the Court also approved all other First-Day Motions
it considered, including the motion to pay employee wages and
benefits and the motion to use the company's existing cash
management system which enables Propex's business to continue to
operate in a normal manner.

"We are pleased to have received the interim Court approval of
our US$60 million credit facility and other First-Day Motions as
we expected," Joe Dana, President of Propex Inc., said.  "We are
focusing our efforts on restructuring our balance sheet in order
to reduce our debt and emerge from Chapter 11 a stronger and
more nimble Propex better able to serve our customers."

                          About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


TRW AUTOMOTIVE: Moody's Affirms Ba2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings of TRW
Automotive, Inc. -- Corporate Family Rating, Ba2; senior secured
bank credit facilities, Baa3; and senior unsecured notes, Ba3,
but revised the rating outlook to negative from stable.

As a leading supplier of components and systems to automotive
OEMs, the company's business profile has many characteristics
that are consistent with the assigned Ba2 Corporate Family
rating.  The company enjoys a well-diversified revenue base,
including long-standing supply arrangements with European and
Asian automakers.  Continuous investment in new safety product
technologies should support future revenue growth, even as
automotive demand softens.  While the company's refinancing in
2007 resulted in lower debt costs, debt levels remain high and
continue to pressure the company's interest coverage measures.

The negative outlook reflects concern that in an environment of
weakening economic trends in North America and Europe, the
company could be challenged to sustain financial metrics
consistent with its Ba2 rating.  For the LTM period ended
Sept. 30, 2007, EBIT/Interest was about 1.7, and debt/EBITDA was
about 4.1.  While LTM FCF/Debt was negative, Moody's expects the
company's fourth quarter free cash flow to be seasonally strong.
Recent free cash flow trends have been hurt by timing issues
regarding certain customer invoices and growth abroad.  However,
the company has continued to experience margin pressures and
modest free cash flow generation.  Moreover, debt levels have
remained high resulting from the recent debt refinancing, debt
acquired with the Dalphi Metal Espana, S.A. consolidation, and
the repurchase of TRW Automotive stock from Northrop Grumman
Corporation.

Moody's expects the company's safety product focus, and its
strong geographic, customer and product diversification to
continue to support revenue growth even in the face of weaker
automotive demand.  While it has generated steady yearly EBITDA
levels, the company's ability to materially reduce debt and
thereby improve its interest coverage metrics will be challenged
by the current automotive environment both in North America and
abroad.  These challenges include declining OEM production both
in North America and abroad, high raw material costs, and
negotiated price downs.

TRW Automotive will continue to have very good liquidity over
the next 12 months.  The company's liquidity profile consists of
approximately US$473 million of cash and cash equivalents at
Sept. 28, 2007, availability under the US$1.4 billion revolving
credit facilities was approximately US$600 million, after
consideration of letters of credit outstanding and usage under
the company's additional borrowing facilities.  The company's
covenants are not expected to restrict this access over the next
twelve months.  Moody's expects free cash flow to be positive in
2008 reflecting stable EBITDA performance and capital
expenditures consistent with historical trends.  Alternative
liquidity arrangements will continue to be limited by the
current bank liens over substantially all of the company's
assets.

These ratings were affirmed

  -- Ba2 Corporate Family rating;

  -- Ba2 Probability of Default rating;

  -- Baa3 (LGD2, 17%) rating for the US$1.4 billion combined
     senior secured domestic and global revolving credit
     facilities;

  -- Baa3 (LGD2, 17%) rating for the US$600 million senior
     secured term loan A;

  -- Baa3 (LGD2, 17%) rating for the US$500 million senior
     secured term loan B;

  -- Ba3 (LGD5, 72%) for the US$500 million senior unsecured
     notes due 2014;

  -- Ba3 (LGD5, 72%) for the EUR275 million senior unsecured
     notes due 2014;

  -- Ba3 (LGD5, 72%) for the US$600 million senior unsecured
     notes due 2017;

  -- SGL-1 Speculative Grade Liquidity Rating

The last rating action was on April 26, 2007, when ratings were
assigned to the company's senior secured bank credit facilities.

Future events that would be likely to improve TRW Automotive's
outlook or ratings include further debt and leverage reduction
from free cash flow, or improved operating margins resulting
from new business wins or productivity improvements.
Consideration for upward outlook or rating migration would arise
if any combination of these factors were to reduce leverage to
under 3.0 or increase EBIT/interest coverage to a level
approaching 3.0.

Consideration for downward rating migration would arise if any
combination of factors were to result in leverage sustained at
over 3.5 or if EBIT/ Interest coverage sustained at under 2.0.

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services.


UAP HOLDING: Agrium Purchase Deal Gets Antitrust Okay in Canada
---------------------------------------------------------------
Agrium Inc. disclosed that the Commissioner of Competition,
appointed pursuant to the Competition Act of Canada, has issued
a "no-action" letter in respect of Agrium's previously announced
agreement for the acquisition of all of the outstanding common
stock of UAP Holding Corp. by a wholly owned subsidiary of
Agrium.  The receipt of the "no-action" letter satisfies the
Competition Act condition under the agreement.  The tender offer
is scheduled to expire at midnight, New York City time, on
Feb. 25, 2008, unless the tender offer is extended.

As reported in the Troubled Company Reporter on Dec. 5, 2007,
UAP Holding Corp. and Agrium Inc. have entered into a definitive
agreement for Agrium to acquire UAP.  Under the terms of the
agreement, a subsidiary of Agrium will commence a tender offer
to purchase all of the outstanding common stock of UAP for US$39
per share in cash for an aggregate transaction value of
approximately US$2.65-billion, including an estimated US$487-
million of assumed debt.

Headquartered in Greeley, Colorado, UAP Holding Corp.
(NASDAQ:UAPH) -- http://www.uap.com/-- distributes agricultural
inputs and professional non-crop products in the United States
and Canada.  The airline flies to Brazil, Korea and Germany.  It
markets products including chemicals, fertilizer and seed to
farmers, commercial growers and regional dealers.  In addition
to agricultural input product offering, it provides an array of
value-added services, including crop management, biotechnology
advisory services, custom fertilizer blending, seed treatment,
inventory management and custom applications of crop inputs.
During the fiscal year ended Feb. 25, 2007, UAP acquired 50% of
its joint venture in UAP Timberland and it acquired a retail
distribution location from an independent retail distributor.
During fiscal 2007, the company closed on the acquisition of
Terral AgriServices Inc. and certain assets of Terral
FarmService Inc. and Wisner Elevator Inc.  In addition, it
acquired certain retail and service assets of AGSCO Inc. and AG
Depot Inc.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Standard & Poor's Ratings Services said that the
recent announcement by Agrium Inc. (BBB/Stable/--) of potential
delays in closing its UAP Holding Corp.  (BB-/Watch Pos/--)
acquisition will not affect the ratings on Agrium.


* BRAZIL: Petrobras Says Tupi Field Paves Way to Other Finds
------------------------------------------------------------
Petroleo Brasileiro SA said that the Tupi gas field would only
be the initial sign of the potential reserves that the country
has, Telma Marotto and Joao Oliveira at Bloomberg News reports.

Chief Executive Officer Jose Sergio Gabrielli said in a
Bloomberg Television interview from Davos, Switzerland, that
Tupi could be followed by other discoveries in the area.  It is
one of the world's biggest finds of the past 30 years, Mr.
Gabrielli adds.

Mr. Gabrielli claimed that they are in preliminary data talks,
however, the indications point to big volumes, Bloomberg says.

As reported in the Troubled Company Reporter-Latin America on
Jan. 24, 2008, Petrobras discovered Jupiter, a large natural gas
and condensate field in the Santos Basin's pre-salt layer, which
might rival Tupi in size.

According to Bloomberg, Jupiter would be the second giant-strike
reported by Petrobras in the past 10 weeks.  Tupi could produced
eight billion barrels of oil and gas, three quarters of the
reserves of Kazakhstan's Kashagan field, the largest oil
discovery in the last 30 years.

Bloomberg relates that the latest discovery might allow Brazil
to overpower Mexico and Venezuela as one of the biggest oil
producers in Latin America, citing Mr. Gabrielli.

In addition, the company is expecting a new regulatory model on
exploration units so that more foreign companies will draw
attention to Brazil.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB+
long-term sovereign foreign currency rating and B short-term
sovereign foreign currency rating on Brazil.

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




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


AFG RELATIVE: Final Shareholders Meeting Is Today
-------------------------------------------------
AFG Relative Value Opportunity Overseas Fund Ltd. will hold its
final shareholders meeting on Jan. 25, 2008, at 9:00 a.m. at the
registered office of the company.

These agendas will be taken during the meeting:

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

AFG Relative's shareholders decided on Dec. 4, 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: Final Shareholders Meeting Is Today
--------------------------------------------------------
Azimuth Diversified Hedge Fusion, Ltd., will hold its final
shareholders meeting on Jan. 25, 2008, at 4:15 p.m. at:

             HSBC Financial Services (Cayman) Limited
             P.O. Box 1109, George Town
             Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

Azimuth Diversified's shareholders 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


BEAR STEARNS: District Ct. Postpones Ruling on Chapter 15 Appeal
----------------------------------------------------------------
The Honorable Robert Sweet of the U.S. District Court for the
Southern District of New York postponed decision on the appeal
of the Joint Official Liquidators of Bear Stearns High-Grade
Structured Credit Strategies Master Fund, Ltd., and Bear Stearns
High-Grade Structured Credit Enhanced Leverage Master Fund,
Ltd., relating to the order of the Honorable Burton R. Lifland
of the U.S. Bankruptcy Court for the Southern District of New
York, denying the Funds' Chapter 15 Petition.

Judge Sweet held a hearing on oral arguments of the Appeal on
Jan. 16, 2008.

After hearing arguments from the Funds' Liquidators and the
parties who filed amici curiae briefs, Judge Sweet said he would
issue his ruling "later" without giving a definite date,
Bloomberg News reports.

Abid Qureshi, Esq., at Akin Gump Strauss Hauer, LLP, in New
York, told Bloomberg after the hearing that he doesn't expect a
decision before July.

Simon Lovell Clayton Whicker and Kristen Beighton, the Funds'
Liquidators, argued before the District Court that Bankruptcy
Judge Lifland was wrong when he denied recognition of the Funds'
Cayman Islands liquidation as a "foreign main proceeding."  The
Liquidators want the District Court to overturn Judge Lifland's
decision so that the Funds' U.S.-based assets can be protected
while liquidation in the Cayman Islands proceeds.

Lawyers representing the investment funds further argued that to
deny the Funds Chapter 15 protection would be a blow to the
original intent of Chapter 15: to encourage comity, which is the
practice of respecting foreign courts, Bloomberg News related.

To recall, Judge Lifland ruled in August 2007 that evidence
presented by the Liquidators established that the United States,
and not the Cayman Islands, is the Funds' "center of main
interest."  He also ruled that the only adhesive connection the
Funds have with the Cayman Islands is the fact that they were
registered there.

"One of your main problems here is Burton Lifland," Judge Sweet
told the Liquidators during the January 16 hearing, according to
Bloomberg.  Bankruptcy Judge Lifland is one of the authors of
Chapter 15.

"He's a whiz," Judge Sweet added.

Aside from Judge Lifland, the Funds also met oppositions from
Jay Westbrook of the University of Texas School of Law, one of
the authors of Chapter 15, and two other lawyers who helped
draft the law.

"These so-called friends of the court appear to have their own
axe to grind with respect to hedge funds," the Funds' counsel,
Fred Hodara, Esq., at Akin Gump Strauss Hauer, LLP, in New York,
said, as related by Bloomberg.  He added that the "axe" is
losses in the subprime mortgage industry.  He said the friends
of the court argue that the nature of the funds' failure is a
reason to hold their liquidation in the US.

"It's a very xenophobic view," Mr. Hodara told Bloomberg.

                   About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.  On Aug. 30,
2007, the Honorable Burton R. Lifland denied the Funds
protection under Chapter 15 of the Bankruptcy Code.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


BLUECREST EQUITY: To Hold Final Shareholders Meeting Today
----------------------------------------------------------
Bluecrest Equity Fund Limited will hold its final shareholders
meeting on Jan. 25, 2008, at 9:00 a.m. at:

             Close Brothers (Cayman) Limited
             4th Floor, Harbor Place
             George Town, Grand Cayman
             Cayman Islands

These agendas will be taken during the meeting:

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

Bluecrest Equity's shareholders decided on Nov. 27, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             John Sutlic
             Attention: Kim Charaman
             Close Brothers (Cayman) Limited
             Fourth Floor, Harbor Place
             P.O. Box 1034, Grand Cayman, KYI-1102
             Cayman Islands
             Telephone: (345) 949 8455
             Fax: (345) 949 8499


BLUECREST EQUITY MASTER: Final Shareholders Meeting Is Today
------------------------------------------------------------
Bluecrest Equity Master Fund Limited will hold its final
shareholders meeting on Jan. 25, 2008, at 9:30 a.m. at:

             Close Brothers (Cayman) Limited
             4th Floor, Harbor Place
             George Town, Grand Cayman
             Cayman Islands

These agendas will be taken during the meeting:

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

Bluecrest Equity's shareholders decided on Nov. 27, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             John Sutlic
             Attention: Kim Charaman
             Close Brothers (Cayman) Limited
             Fourth Floor, Harbor Place
             P.O. Box 1034, Grand Cayman, KYI-1102
             Cayman Islands
             Telephone: (345) 949 8455
             Fax: (345) 949 8499


BNS INT'L: Holding Final Shareholders Meeting Today
---------------------------------------------------
BNS International, Ltd., will hold its final shareholders
meeting on Jan. 25, 2008, at 3:15 p.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

BNS International's shareholders 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


CC ONE: Will Hold Final Shareholders Meeting Today
--------------------------------------------------
C.C. One Cayman will hold its final shareholders meeting on
Jan. 25, 2008, at:

              Maples Finance Limited
              Boundary Hall, Cricket Square
              George Town, Grand Cayman
              Cayman Islands

These agendas will be taken during the meeting:

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

C.C. One's shareholders decided on Oct. 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:

             Daniel Rewalt
             Giles Le Sueur
             Maples Finance Limited
             Boundary Hall, Cricket Square
             George Town, Grand Cayman
             Cayman Islands


CENTERRA GOLD: Proofs of Claim Filing Ends Today
------------------------------------------------
Centerra Gold Investments Inc.'s creditors are given until
Jan. 25, 2008, to prove their claims to Richard L. Finlay, 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.

Centerra Gold's shareholders agreed on Dec. 5, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Richard L. Finlay
          Conyers Dill & Pearman, Cayman
          George Town, Grand Cayman
          Cayman Islands

Contact for inquiries:

          Krysten Lumsden
          P.O. Box 2681, George Town
          Grand Cayman, Cayman Islands
          Telephone: (345) 945 3901
          Fax: (345) 945 3902


EQUIFIN CAPITAL: To Hold Final Shareholders Meeting Today
---------------------------------------------------------
Equifin Capital Partners, Ltd., will hold its final shareholders
meeting on Jan. 25, 2008, at 4:15 p.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

Equifin Capital's shareholders 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: Final Shareholders Meeting Is Today
-----------------------------------------------
FC Funding Limited will hold its final shareholders meeting on
Jan. 25, 2008, at 3:15 p.m. at the registered office of the
company.

These agendas will be taken during the meeting:

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

FC Funding's shareholders 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


FONDREN PARTNERS: Final Shareholders Meeting Is Today
-----------------------------------------------------
Fondren Partners Offshore Ltd. will hold its final shareholders
meeting on Jan. 25, 2008, at 12:30 p.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

Fondren Partners' shareholders 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


FRM GARTMORE: Final Shareholders Meeting Is Today
-------------------------------------------------
FRM Gartmore Hedge Fund Limited will hold its final shareholders
meeting on Jan. 25, 2008, at 3:15 p.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

FRM Gartmore's shareholders 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


GLOBAL ALPHA: To Hold Final Shareholders Meeting Today
------------------------------------------------------
Global Alpha Alliance Class E Ltd. will hold its final
shareholders meeting on Jan. 25, 2008, at 3:45 p.m. at the
registered office of the company.

These agendas will be taken during the meeting:

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

Global Alpha's shareholders 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


GOLD CUBED: Proofs of Claim Filing Deadline Is Today
----------------------------------------------------
Gold Cubed Limited's creditors are given until Jan. 25, 2008, to
prove their claims to David Dyer, 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.

Gold Cubed's shareholders agreed on Dec. 7, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, Grand Cayman KY1-1104
          Cayman Islands


GOLD CUBED II: Proofs of Claim Filing Ends Today
------------------------------------------------
Gold Cubed II Limited's creditors are given until Jan. 25, 2008,
to prove their claims to David Dyer, 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.

Gold Cubed's shareholders agreed on Dec. 7, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, Grand Cayman KY1-1104
          Cayman Islands


GOTHAM SELECT: Holding Final Shareholders Meeting Today
-------------------------------------------------------
Gotham Select Fund International will hold its final
shareholders meeting on Jan. 25, 2008, at 3:45 p.m. at the
registered office of the company.

These agendas will be taken during the meeting:

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

Gotham Select's shareholders 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


GSO ABC: Holding Final Shareholders Meeting Today
-------------------------------------------------
GSO ABC Holdings (Cayman), Ltd., will hold its final
shareholders meeting on Jan. 25, 2008, at 1:15 p.m. at the
registered office of the company.

These agendas will be taken during the meeting:

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

GSO ABC's shareholders 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 DEF: Final Shareholders Meeting Is Today
--------------------------------------------
GSO DEF Holdings (Cayman), Ltd., will hold its final
shareholders meeting on Jan. 25, 2008, at 1:45 p.m. at the
registered office of the company.

These agendas will be taken during the meeting:

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

GSO DEF's shareholders 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


HARBOURVIEW CLO: Final Shareholders Meeting Is Today
----------------------------------------------------
Harbourview CLO IV, Limited, will hold its final shareholders
meeting on Jan. 25, 2008, at 2:15 p.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

Harbourview CLO's shareholders 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


HINKLE CREEK: To Hold Final Shareholders Meeting Today
------------------------------------------------------
Hinkle Creek Funding, Ltd., will hold its final shareholders
meeting on Jan. 25, 2008, at 5:30 p.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

Hinkle Creek's shareholders decided on Dec. 14, 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


IIU CONVERTIBLE: Final Shareholders Meeting Is Today
----------------------------------------------------
IIU Convertible Arbitrage Fund Limited will hold its final
shareholders meeting on Jan. 25, 2008, at 12:45 p.m. at the
registered office of the company.

These agendas will be taken during the meeting:

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

IIU Convertible's shareholders 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


INTERMEZZO LIMITED: Proofs of Claim Filing Deadline Is Today
------------------------------------------------------------
Intermezzo Limited's creditors are given until Jan. 25, 2008, to
prove their claims to David Dyer, 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.

Intermezzo Limited's shareholders agreed on Dec. 13, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, Grand Cayman KY1-1104
          Cayman Islands


INTERMEZZO LIMITED: Holding Final Shareholders Meeting Today
------------------------------------------------------------
Intermezzo Limited will hold its final shareholders meeting on
Jan. 25, 2008, at:

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

These agendas will be taken during the meeting:

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

Intermezzo Limited's shareholders decided on Dec. 13, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


JLOC VIII: Proofs of Claim Filing Deadline Is Today
---------------------------------------------------
JLOC VIII Limited's creditors are given until Jan. 25, 2008, to
prove their claims to David Dyer, 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.

JLOC VIII's shareholders agreed on Dec. 13, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, Grand Cayman KY1-1104
          Cayman Islands


JSB TAIWAN: Proofs of Claim Filing Is Until Today
-------------------------------------------------
JSB Taiwan Auto One Limited's creditors are given until
Jan. 25, 2008, to prove their claims to David Dyer, 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.

JSB Taiwan's shareholders agreed on Dec. 6, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, Grand Cayman KY1-1104
          Cayman Islands


KULIK LIMITED: Proofs of Claim Filing Deadline Is Today
-------------------------------------------------------
Kulik Limited's creditors are given until Jan. 25, 2008, to
prove their claims to David Dyer, 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.

Kulik Limited's shareholders agreed on Dec. 10, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, Grand Cayman KY1-1104
          Cayman Islands


EIKOS II: Proofs of Claim Filing Deadline Is Today
--------------------------------------------------
Eikos II Limited's creditors are given until Jan. 25, 2008, to
prove their claims to David Dyer, 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.

Eikos II's shareholders agreed on Dec. 10, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, Grand Cayman KY1-1104
          Cayman Islands


LIBERTYVIEW PLUS: Final Shareholders Meeting Is Today
-----------------------------------------------------
Libertyview Plus Fund-Euro will hold its final shareholders
meeting on Jan. 25, 2008, at 5:15 p.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

Libertyview Plus' shareholders decided on Dec. 14, 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


NITTO SECURITIZATION: To Hold Final Shareholders Meeting Today
--------------------------------------------------------------
Nitto Securitization Limited will hold its final shareholders
meeting on Jan. 25, 2008, at 11:00 a.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

Nitto Securitization's shareholders 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


RAB JAPAN: Holding Final Shareholders Meeting Today
---------------------------------------------------
Rab Japan Master Fund Limited will hold its final shareholders
meeting on Jan. 25, 2008, at 10:30 a.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

Rab Japan's shareholders decided on Dec. 5, 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: To Hold Final Shareholders Meeting Today
---------------------------------------------------
Rab Index Opportunities (Master) Fund Limited will hold its
final shareholders meeting on Jan. 25, 2008, at 10:00 a.m. at
the registered office of the company.

These agendas will be taken during the meeting:

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

Rab Index's shareholders decided on Dec. 5, 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


RABO ASGARD: Holding Final Shareholders Meeting Today
-----------------------------------------------------
Rabo Asgard Holding Limited will hold its final shareholders
meeting on Jan. 25, 2008, at 9:30 a.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

Bear Stearns' shareholders decided on Dec. 4, 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


SIGNAL FINANCIAL: Proofs of Claim Filing Ends Today
---------------------------------------------------
Signal Financial Corporation Limited's creditors are given until
Jan. 25, 2008, to prove their claims to David Dyer, 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.

Signal Financial's shareholders agreed on Dec. 6, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, Grand Cayman KY1-1104
          Cayman Islands


SOUTHFORK II: To Hold Final Shareholders Meeting Today
------------------------------------------------------
Southfork II CLO, Ltd., will hold its final shareholders meeting
on Jan. 25, 2008, at 11:30 a.m. at the registered office of the
company.

These agendas will be taken during the meeting:

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

Southfork II's shareholders 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


THIRTEEN MARINE: Final Shareholders Meeting Is Today
----------------------------------------------------
Thirteen Marine, Ltd., will hold its final shareholders meeting
on Jan. 25, 2008, at 10:00 a.m. at:

             Suite 210
             220 Sunrise Avenue, Palm Beach
             Florida 33480, USA

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) determining the manner in which the books, accounts
      and documentation of the company, and of the liquidator
      should be disposed of.

Thirteen Marine's shareholders decided on Dec. 12, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             J Ira Harris
             4th Floor, Scotia Center
             Albert Panton Street, P.O. Box 268
             George Town, Grand Cayman KY1-1104
             Cayman Islands
             Telephone: 345 949 6258
             Fax: 345 945 2877


WATT LIMITED: Proofs of Claim Filing Is Until Today
---------------------------------------------------
Watt Limited's creditors are given until Jan. 25, 2008, to prove
their claims to David Dyer, 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.

Watt Limited's shareholders agreed on Dec. 6, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, Grand Cayman KY1-1104
          Cayman Islands


WESTWAYS FUNDING: To Hold Final Shareholders Meeting Today
----------------------------------------------------------
Westways Funding VIII, Ltd., will hold its final shareholders
meeting on Jan. 25, 2008, at 12:00 p.m. at the registered office
of the company.

These agendas will be taken during the meeting:

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

Westways Funding's shareholders 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




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


METHANEX CORP: Earns US$375.7 Mil. in Year Ended Dec. 31, 2007
--------------------------------------------------------------
Methanex Corporation reported net sales of US$731 million on net
income of US$171.7 million for the fourth quarter of 2007,
compared to net sales of US$668.2 million on net income of
US$172.4 million for the same quarter of 2006.  For the full
year ended Dec. 31, 2007, the company earned net income of
US$375.7 million.

Bruce Aitken, President and Chief Executive Officer of Methanex,
commented, "We are delighted to have produced record quarterly
earnings per share and another excellent year for our
shareholders.  Methanol markets were tight during the fourth
quarter as several planned and unplanned outages continued to
impact global methanol supply.  In addition, despite the high
methanol price environment, methanol demand remained strong in
both traditional chemical derivatives and new energy
applications, which benefited from record high-energy prices.
As a result, methanol prices reached all-time highs and we
realized an average selling price of US$514 per tonne in Q4
2007, an increase of US$244 per tonne over our realization of
US$270 per tonne in Q3 2007."

Mr. Aitken added, "As we enter the first quarter of 2008, we
have seen some downward pressure on methanol prices, however
prices remain at high levels.  Global methanol supply has
improved recently, including production in China where there is
an incentive to produce at higher operating rates and export
more methanol in the current high methanol price environment.
However, we believe that industry inventories globally continue
to be at low levels."

Mr. Aitken concluded, "Our excellent cash generation in the
fourth quarter leaves us in a strong financial position.  With
US$488 million cash on hand at the end of the year, a strong
balance sheet and a US$250 million undrawn credit facility, we
are well positioned to meet our financial requirements related
to our methanol project in Egypt, pursue opportunities to
accelerate natural gas development in southern Chile, pursue
opportunities to sponsor methanol demand in new energy
applications, pursue other strategic growth initiatives, and
continue to deliver on our commitment to return excess cash to
shareholders."

                 About Methanex Corporation

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged
in the production, distribution, and marketing of methanol.  The
company's stock also trate on foreign securities market of the
Santiago Stock Exchange in Chile under the trading symbol
"Methanex."

                        *     *     *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.


QUEBECOR WORLD: Bank Lenders Commit US$1 Billion DIP Financing
--------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates received
commitment of up to US$1,000,000,000 of senior secured credit
financing facilities from a syndicate of banks led by Credit
Suisse Securities (USA), LLC, and Morgan Stanley Senior Funding
Inc.

The Debtors project that DIP borrowings will increase an
approximately US$788,000,000 by the end of April 20, 2008.

In view of the size of their businesses and the fluctuations in
their cash needs, the Debtors have determined that a
US$1,000,000,000 facility is necessary to adequately finance
them during their restructuring.

The DIP Facility will be composed of:

   (i) up to US$600,000,000 senior secured term loan facility,
       and

  (ii) up to US$400,000,000 senior secured revolving credit
       facility.

The Revolving Credit Facility also provides an aggregate of
US$100,000,000 letter of credit subfacility and an aggregate of
US$25,000,000 swing line subfacility.  The Revolving Credit
Facility availability is also subject to a borrowing base
calculation with regards to the Debtors' accounts receivable and
inventory.

Proceeds of the DIP Facility will be used by the Debtors:

   (a) to repurchase their existing North American accounts
       receivable securitization facility of approximately
       US$425,000,000;

   (b) for working capital and other general corporate purposes
       of the debtors and, subject to limitations to be agreed,
       non-debtors; and

   (c) for the payment of fees and expenses incurred in
       connection with the DIP transactions.

The Term Loan Facility will be prepaid with 100% of the net cash
proceeds of all asset sales of property and issuances, offerings
or placements of debt obligations.  The Debtors will comply with
a minimum consolidated Liquidity Availability covenant of
US$50,000,000 and a minimum consolidated EBITDAR covenant.  The
Debtors are also required to prepare a rolling 13-week cash flow
forecast to be updated weekly.

The DIP Facility will be secured by a perfected first priority
charge of all equity interests of Quebec World (USA), Inc., a
perfected first priority charge of all equity interests held by
QWI in each of the other Debtors, and a perfected first priority
charge in all assets of QWI and each of the other Debtors.

The superpriority perfected security interests and charges and
administrative claims against the U.S. Debtors will be subject
and subordinate to a Carve-Out for the payment of (a) allowed
fees and disbursements of professionals hired by the U.S.
Debtors and a statutory committee of unsecured creditors
appointed by the U.S. Court; and (b) in the event of a
conversion of the bankruptcy cases to that under Chapter 7 of
the U.S. Bankruptcy Code, the fees and expenses of a Chapter 7
trustee.

The superpriority perfected security interests in the assets of
QWI will be subject and subordinate to a US$5,000,00
administration charge.

The interest rate payable in connection with the revolving
credit facility will be LIBOR plus 2.25% or ABR plus 1.25%; for
the term loan will be LIBOR plus 3.75% or ABR plus 2.75%; and
ABR plus 1.25% for the swing interest line.  Default rate is the
applicable interest rate plus 2.0% per annum.

The DIP Facility will contain a minimum consolidated Liquidity
Availability covenant of US$50,000,000, and a minimum
consolidated EBITDAR covenant applicable to QWI and its
subsidiaries.

The DIP Facility will mature on the earliest of:

   -- 18 months after the Petition Date;

   -- 45 days after the entry of an interim DIP order if a final
      DIP order has not been entered before the expiration of
      the 45-day period;

   -- the substantial consummation of a plan of reorganization
      filed with the U.S. Bankruptcy Court; or

   -- the acceleration of the loans and the termination of the
      commitment with respect to the DIP Facilities in
      accordance with the DIP Loan Documents.

The DIP Lenders is represented by Shearman & Sterling, LLP, in
the United States, and Blake, Cassels & Graydon, LLP, in Canada.

The Debtors prepared a 13-week consolidated North American cash
flow forecast for weeks ending Jan. 27, 2008, through
April 20, 2008.  The cash flow forecast is in consideration of
the Debtors' reorganization proceedings before the U.S.
Bankruptcy Court for the Southern District of New York and
insolvency proceedings before the Superior Court of Justice
(Commercial Division), for the Province of Quebec, in Canada.

The cash flow indicates that the Debtors' total receipts at the
end of the 13-week Period will be US$498,000,000.  They
anticipate that their disbursements, which include payments of
professional fees and workers compensation, will total
US$1,161,000,000.

A full-text copy of the 13-Week Cash Flow is available free of
charge at http://bankrupt.com/misc/quebecor_13WeekBudget.pdf

                    About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

Quebecor World has approximately 27,500 employees working in
more than 120 printing and related facilities in the United
States, Canada, Argentina, Austria, Belgium, Brazil, Chile,
Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden,
Switzerland and the United Kingdom.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


QUEBECOR WORLD: Wants Ernst & Young as CCAA (Canada) Monitor
------------------------------------------------------------
Quebecor World Inc. and its Canadian Debtor affiliates ask the
Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec, in
Canada, to appoint Ernst & Young Inc., as their monitor in its
insolvency proceedings under the Canadian Companies' Creditors
Arrangement Act.

As an officer of the Canadian Court, E&Y will monitor the
Debtors' business and financial affairs.  Specifically, E&Y
will:

   (a) assist the Debtors in deadline with their creditors and
       other interested parties during the Stay Period;

   (b) assist the Debtors with the preparation of their cash
       flow projections and any other projections or reports and
       the development, negotiation, and implementation of a
       plan of reorganization, including the preparation of the
       debtor-in-possession projections;

   (c) advise and assist the Debtors to review their business
       and assess opportunities for cost reduction, revenue
       enhancement, and operating efficiencies;

   (d) assist the Debtors with the restructuring of their
       businesses and in their negotiations with their creditors
       and other interested parties, and with the holding and
       administration of any meetings held to consider a
       reorganization plan;

   (e) report to the Canadian Court the state of the Debtors'
       business and financial affairs or developments in their
       insolvency proceedings or any related proceedings within
       the time limits provided in the CCAA, and provide copies
       of those reports to the DIP Lenders;

   (f) report to the Court and interested parties its assessment
       of, and recommendations with respect to, a reorganization
       plan;

   (g) retain and employ agents, advisers, and other assistants
       as are reasonably necessary to carry out the terms of the
       Canadian Court's order;

   (h) engage legal counsel to the extent it considers necessary
       in connection with the exercise of its powers as monitor
       of the Debtors' Canadian insolvency proceedings;

   (i) may act as a "foreign representative" of the Debtors in
       any proceedings outside of Canada, and will assist the
       Canadian Court in coordination of the proceedings under
       Chapter 11 of the United States Bankruptcy Code;

   (j) may give any consent or approval as are contemplated by
       the Canadian Court order; and

   (k) perform other duties as are required by the Canadian
       Court Order, the CCAA, or the Canadian Court from time to
       time.

The Monitor will not interfere with the Debtors' business and
financial affairs, and is not empowered to take possession of
the Debtors' property nor manage any of their business or
financial affairs.

The Debtors and their directors, officers, employees and agents,
accountants, auditors, and all other related parties will
provide the Monitor with unrestricted access to all of the
Debtors' properties, including premises, books, records, data,
including data in electronic form, and all other documents of
the Debtors in connection with the Monitor's duties and
responsibilities.

The Monitor may provide creditors and other interested parties
with information relating to the Debtors.  The Monitor, however,
will not disclose any information that is considered
confidential, proprietary or competitive, or where the
disclosure of information would be prejudicial to the Debtors'
restructuring process.

The Monitor will not incur any liability or obligation as a
result of its appointment and the fulfillment of its duties,
except any liability arising from its gross negligence or
willful misconduct.  No action will be commenced against the
Monitor relating to its appointment, except without prior leave
of the Canadian Court.

The Debtors will entitle the Monitor, its legal counsel, as
well as the Debtors' legal counsel, an administration charge
on the Debtors' Property, not exceeding CDN$5,000,000.

                     About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

Quebecor World has approximately 27,500 employees working in
more than 120 printing and related facilities in the United
States, Canada, Argentina, Austria, Belgium, Brazil, Chile,
Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden,
Switzerland and the United Kingdom.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In
March 2007, it sold its facility in Lille, France.  Quebecor
World (USA) Inc. is its wholly owned subsidiary.

Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.  The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

(Quebecor World Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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


FREEPORT MCMORAN: Profits Drop to US$423MM in 4th Quarter 2007
--------------------------------------------------------------
Freeport McMoRan Copper & Gold's profits decreased to US$423
million in the fourth quarter 2007, compared to US$426 million
in the same quarter in 2006, despite higher sales due to one-
time charges and increasing costs, Business News Americas
reports.

Freeport McMoRan Chief Executive Officer Richard Adkerson said
in a web cast conference call that the firm had US$120 million
in charges related to debt from the Phelps Dodge takeover and
accounting adjustments in the fourth quarter 2007.

According to BNamericas, Freeport McMoRan's revenue increased to
US$4.18 billion in the fourth quarter 2007, from US$1.64 billion
in the fourth quarter 2006.

Mr. Adkerson commented to BNamericas, "We consider the fourth
quarter operationally to be a very strong quarter."

Copper sales rose to 878 million pounds in the fourth quarter
2007, compared to 432 million pounds in the fourth quarter 2006,
BNamericas says.  On a pro forma basis copper sales were 1.03
billion pounds in the fourth quarter 2006.

BNamericas relates that gold decreased to 161,000 ounces in the
fourth quarter 2007, compared to 508,000 ounces in the same
period in 2006.  Meanwhile, molybdenum increased to 19.0 million
pounds from 18.0 million pounds.

The report says that Freeport McMoRan's South American copper
sales increased to 379 million pounds in the fourth quarter
2007, compared to 266 million pounds in the same period in 2006,
mainly because of higher output at the Cerro Verde mine in Peru
due to a new concentrator.  El Abra in Chile produced less
copper due to lower grades.  Indonesian and North American sales
also dropped.

BNamericas reports that cash costs from Freeport McMoRan's South
American operations averaged US$1.02 per pound in the fourth
quarter 2007, compared to US$1.05 per pound in the same period
in 2006.

Freeport McMoRan's copper production increased to 3.88 billion
pounds in 2007, from 3.64 billion pounds pro forma in 2006,
BNamericas states.

Freeport McMoRan wants 4.30 billion pounds of copper sales this
year.  It is budgeting some US$175 million for exploration this
year, which in Latin America will concentrate mainly on Cerro
Verde, Mr. Adkerson told BNamericas.

Meanwhile, Freeport McMoRan is optimistic about the future of
the copper market despite the decreasing US market and global
impact of the subprime loan crisis, BNamericas says.

Mr. Adkerson emphasized in a web cast financial results
conference the strength of the US non-residential construction
sector despite a downturn in housing demand and substitution in
plumbing applications by plastic products.

Mr. Adkerson told BNamericas that demand from China and other
countries has offset the poor US market.  He commented to
BNamericas, "Weakness in the US has been offset by strength in
the global economies."

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

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

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

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

       -- Corporate Family Rating: Ba2;

       -- Probability of Default Rating: Ba2;

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

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

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

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

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


PARKER DRILLING: Sets Year-End 2007 Earnings Release on Feb. 26
---------------------------------------------------------------
Parker Drilling Company will host a conference call on Feb. 26,
at 9:00 a.m. CST (10:00 a.m. EST), to discuss fourth quarter and
year-end 2007 financial results.  Earnings for the quarter will
be released that morning prior to the call.  Those interested in
participating in the call may dial in at 303-262-2075.

The conference call replay can be accessed from Feb. 26 through
March 4 by dialing (800) 405-2236 and using the access code
11107527#.  Alternatively, the call can be accessed live through
the investor relations section of company's website at
http://www.parkerdrilling.comand will be archived on the site
for 12 months.

Information on earnings will also be available on the company's
website.
                     About Parker Drilling

Headquartered in Houston, Texas, Parker Drilling Company
-- http://www.parkerdrilling.com/-- provides contract drilling
and drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2007, Standard & Poor's Ratings Services has raised its
corporate credit rating on oil and gas contract driller Parker
Drilling Co. to 'B+' from 'B'.  At the same time, S&P has raised
the issue ratings on Parker's senior and convertible notes to
'B+' from 'B-'.  These consist of its US$125 million 2.125%
convertible notes due 2012, and US$225 million 9.625% senior
notes due 2013.

On Oct. 12, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Parker Drilling
Company, as well as it B2 rating on the company's 9.625% Senior
Unsecured Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.


SOLUTIA INC: Chapter 11 Emergence Delayed on Credit Woes
--------------------------------------------------------
Solutia Inc. discloses that the effective date of its confirmed
plan of reorganization and its emergence from Chapter 11 will be
delayed from the previously anticipated Jan. 25, 2008 emergence
date.

As previously reported, Solutia's Consensual Plan, which was
confirmed on Nov. 29, 2007, is subject to numerous closing
conditions, including entering into an exit financing facility.
The lead arrangers of Solutia's exit financing -- Citigroup
Global Markets Inc. and certain of its affiliates, Goldman Sachs
Credit Partners L.P., Deutsche Bank Trust Company Americas and
Deutsche Bank Securities Inc. -- informed Solutia yesterday
that, in their view, due to continuing conditions in the credit
markets, they have not been able to complete the exit financing
they committed to on October 25, 2007. The exit financing
consists of a US$1,200,000,000 senior secured term loan
facility, a US$400,000,000 senior secured asset-based revolving
credit facility and US$400,000,000 aggregate principal amount of
senior unsecured notes.

Under the terms of the commitment, the lead arrangers of the
exit financing have an obligation, subject to certain
conditions, to provide the term loan facility, the revolving
credit facility and, in case they are not able to successfully
market the senior unsecured notes, a US$400,000,000 senior
unsecured bridge facility. The commitment expires on
Feb. 29, 2008.

Solutia said in a statement that one of the conditions of the
lead arrangers' obligations to provide those credit facilities
is the absence of any adverse change since Oct. 25, 2007, in the
loan syndication, financial or capital markets generally that,
in their reasonable judgment, materially impairs syndication of
the proposed loan facilities.  The lead arrangers have asserted
that this condition has not been satisfied.

Solutia, however, believes that the ongoing conditions in the
credit markets began long before Oct. 25, 2007. Accordingly, the
company believes that the lead arrangers are required to fund
their commitments on or before Feb. 29, 2008.

"While we disagree with the position asserted by the lead
arrangers, we intend to continue to work with them to
successfully syndicate the exit facility," said Jeffry N. Quinn,
Chairman, President and Chief Executive Officer of Solutia.

The delayed deal has ramifications for recoveries throughout the
capital markets and for companies that go into default, said
Matthew Dundon, head of research at Miller Tabak Roberts
Securities, according to Reuters.

"An obvious conclusion is the market is demanding better terms
and higher spreads now than it was then," Mr. Dundon said.  "It
indicates that the bank loan market remains strained.

"In fact it is not just hard to sell debt that you agreed to
originate before last summer, it may be hard to sell debt that
you agreed to originate in October," Mr. Dundon added, citing
changes in fiscal policy, the economic outlook and concerns
about the liquidity of credit markets and bond insurance.

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on Nov. 29, 2007, the Court confirmed
the Debtors' Consensual Plan.  (Solutia Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Standard & Poor's Ratings Services assigned its
'B+' loan rating to Solutia Inc.'s (D/--/--) proposed $1.2
billion senior secured term loan and a '3' recovery rating,
indicating the likelihood of a meaningful (50%-70%) recovery of
principal in the event of a payment default.  The ratings are
based on preliminary terms and conditions.  S&P also assigned
its 'B-' rating to the company's proposed US$400 million
unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.




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


BANCO BHD: Assets Increase 51.4% to DOP1.07 Billion in 2007
-----------------------------------------------------------
Banco BHD's assets increased 51.4% to DOP1.07 billion in 2007,
compared to 2006, Dominican Today reports.

Dominican Today relates that Banco BHD also reported a 34.5%
yield on its holdings.

According to Dominican Today, Banco BHD's loan portfolio grew
about 39.4% in 2007, form 2006, due to business, mortgage and
consumption loans, and as to its acquisition of the Republic
Bank's businesses.

The portfolio of loans in default was 2.3%, Banco BHD told
Dominican Today.

Dominican Today notes that Banco BHD's assets increased 17.3% to
DOP56.17 billion at the close 2007, compared to the same period
in 2006.  Its deposits grew 17% to DOP47.6 billion.

Banco BHD told Dominican Today that it launched four new branch
offices in Santo Domingo and Santiago.  It also paid attention
to non-conventional distribution channels, through alliances
with generating firms of loans in sectors of great incidence in
the economy.

Banco BHD is a privately owned commercial bank in the Dominican
Republic and part of the BHD Group.  Having operated for over 30
years, it is a financial institution focused on serving
individuals and corporations of the Dominican Republic.  Banco
BHD deals in multiple currencies and has an international
department that handles large money transfers.  In 1998 it
acquired the insurance provider Compania de Seguros Palic and
has an alliance with Spanish Banco Sabadell.  The company has 60
branches located in the Dominican Republic, New York and the
Cayman Islands.

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Fitch Ratings affirmed these Dominican Republic-
based Banco BHD ratings:

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

  -- Short-term foreign and local currency IDR at 'B';

  -- Support at '5';

  -- Individual at 'D';

  -- Long-term National rating at 'A(dom)';

  -- Short-term National rating at 'F-1(dom)'

  -- Support Floor at 'NF'.

Fitch said the outlook for the issuer default rating is
positive.




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


PETROECUADOR: Gov't Launches Oil Contract Renegotiation Talks
-------------------------------------------------------------
The Ecuadorian government has started renegotiating state-run
oil firm Petroecuador's contracts with foreign firms, Business
News Americas reports.

According to BNamericas, the government is negotiating with:

          -- Repsol YPF,
          -- Perenco,
          -- Andes Petroleum,
          -- Petrobras, and
          -- City Oriente.

BNamericas notes that Ecuador wants to convert existing
participation contracts into service provider contracts, which
pay firms a production fee and reimburse them for investment
costs.

The report says that there are 19 oil contracts that will expire
from 2010-24.  There is no set timetable for the renegotiations.
Each contract has its own characteristics.

The government said in a statement that the negotiations will
also cover corporate plans to invest over US$1 billion in the
oil sector.  Talks will include crude transport through the OCP
pipeline and payments under the service provider contracts.

Legal issues that arise will be discussed in Ecuadorian courts
and not in the International Center for Settlement of Investment
Disputes, BNamericas states, citing Ecuadorian mines and oil
minister Galo Chiriboga.

Petroecuador wants to produce about 107,000 barrels a day in the
former Occidental Petroleum Company fields, including block 15,
this year.  Budget for those fields will total US$713 million:
US$276 million will be used for operative and administrative
expenses and US$437 million for investment, Dow Jones Newswires
states.  Block 15 has a separate budget than the one set out for
Petroecuador.

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.




=====================
E L   S A L V A D O R
=====================


ALCATEL-LUCENT: Mark Sue Maintains Sector Perform Rating on Firm
----------------------------------------------------------------
RBC Capital Markets analyst Mark Sue has kept his "sector
perform" rating on Alcatel-Lucent's shares, Newratings.com
reports.

According to Newratings.com, the target price for Alcatel-
Lucent's shares was decreased to US$7 from US$12.

Mr. Sue said in a research note that growth opportunities in the
wireless infrastructure market would be limited this year.

Mr. Sue told Newratings.com that Alcatel-Lucent would be
adversely affected by its restructuring efforts.

Operating earnings per share estimates for Alcatel-Lucent for
fiscal years 2008 and 2009 were decreased to US$0.41 from
US$0.45 and to US$0.71 from US$0.75, respectively,
Newratings.com states.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from
Ba2 the Corporate Family Rating of Alcatel-Lucent.   The ratings
for senior debt of the group were equally lowered to Ba3 from
Ba2 and the trust preferred notes of Lucent Technologies Capital
Trust I have been downgraded to B2 from B1.  At the same time,
Moody's affirmed its Not-Prime rating for short-term debt of
Alcatel-Lucent.  Moody's said the outlook for the ratings is
stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.




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


BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Firm
------------------------------------------------------------
Panmure Gordon & Co. analysts have kept their "buy" rating on
British Airways Plc's shares, Newratings.com reports.

According to Newratings.com, the target price for British
Airways' shares was decreased to 410 pounds from 540 pounds.

Panmure Gordon said in a In a research note that British Airways
would meet its 2008 year operating margin target of 10% despite
high fuel prices.

The analysts told Newratings.com that deteriorating economic
conditions would adversely affect British Airways' profits in
2008/2009.

Due to economic slowdown, British Airways' exposure to premium
traffic makes it more vulnerable to potential weakness in
demand, Newratings.com says, citing Panmure Gordon.

Earnings per share estimates for 2008 and 2009 were decreased to
54.82 pounds from 58.0 pounds, and to 47.92 pounds from 56.8
pounds, respectively, Newratings.com states.

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

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

                        *     *     *

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


BRITISH AIRWAYS: Pilots to Vote for Strike Action
-------------------------------------------------
Pilots in British Airways Plc are to ballot for strike action
following the airline's refusal to ensure that there is open
access to jobs between BA and its new European subsidiary
OpenSkies.  The ballot is being held by the pilots' union BALPA
(British Airline Pilots' Association), which represents almost
all of BA's 3,200 pilots.

The decision to ballot was taken after weeks of abortive
negotiations with BA.  The notice was due to be served on
January 17 but was delayed for obvious reasons.  If subsequently
endorsed by members in a ballot it would be the first strike by
pilots in BA since 1980.

"We hope the BA leadership will think again," BALPA General
Secretary Jim McAuslan said.

"This is not about money; and it is not about safety (whatever
today's Times headline writers might think).  BALPA is
explicitly not linking the events of BA038 with this dispute.

"We have been prepared to accept that a new service will need
lower costs to build business and that BALPA would be able to
crew the service to meet the BA business case, but we are not
prepared to see the pilot body broken up in the way BA plans and
are bemused as to why they will not use BA pilots.

There are fears, borne out by BA's intransigence that BA's real
aim is to start an outsourcing program that will eventually
force down BA pilot conditions.

"We believe there should be one pilot body for BA and its
subsidiary so that there can be fair promotion opportunities, a
cohesion of the pilot force which is so important in a safety
critical industry and a safeguarding of BA's brand.

"OpenSkies is being set up with BA money, will fly BA planes and
draw on the BA brand; and a brand is more than a tailfin, it is
about its people and the BA pilot community is making a stand to
protect that brand.  This is a line in the sand."

As previously reported in the TCR-Europe on January 11, 2008, BA
is planning to launch its new US-EU subsidiary airline
"OpenSkies" in June 2008 with one Boeing 757 aircraft that will
operate from New York to either Brussels or Paris Charles de
Gaulle airports.  A second aircraft will be added to the fleet
later this year to fly to the other EU destination.  The plan is
to operate six 757s by the end of 2009, all of which will be
sourced from BA's current fleet.

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

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

                        *     *     *

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


BRITISH AIRWAYS: Accident Insurance Premium May Go Up
-----------------------------------------------------
British Airways Plc's accident insurance premium may go up after
one of its Boeing 777 crash-landed at Heathrow, the Daily
Telegraph reports, citing an underwriter at Lloyd's.

It is speculated that the incident left BA's insurers with a
GBP135 million bill, but the airline, seems to be "spending more
on toilet rolls and peanuts per flight than on its insurance
cover," the underwriter was quoted by the Daily Telegraph's
Yvette Essen.

The underwriter explained that the airline insurance market,
which is thought to have made a loss in 2007, saw a drop in
premiums in recent years because of increased competition, the
Daily Telegraph relates.

Aon, an insurance broker, on the other hand, revealed in a
report that "technology, training and fleet improvements have
all reduced the risk of an incident and minimized the effects of
any incidents that do occur," the Daily Telegraph adds.

A spokesman for BA, however, told the paper "our insurance
premiums have come down since 2002 and for quality carriers with
a good record there is still capacity in the market at
attractive prices."

As previously reported in the TCR-Europe on January 21, 2008, BA
has confirmed that a Boeing 777, registration GYMMM operating
flight BA038 from Beijing to Heathrow was involved in an
incident on Friday, Jan. 18, at Heathrow airport.

According to published reports, the pilot, Captain Peter
Burkill, lost all power as he approached the runway.

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

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

                        *     *     *

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




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


BAUSCH & LOMB: Names Gerald Ostrov as Chief Executive Officer
-------------------------------------------------------------
Bausch & Lomb Inc. has appointed Gerald M. Ostrov as its
chairman and chief executive officer, effective immediately.
Most recently, Mr. Ostrov was company group chairman, Worldwide
Vision Care, for Johnson & Johnson, where he led the company's
global Vision Care businesses from 1998 to 2006.

Current Chairman and CEO Ronald L. Zarrella will retire in March
and serve as chairman emeritus.

"It has been a privilege to serve as Bausch & Lomb's chairman
and CEO since 2001," said Mr. Zarrella.  "Working with thousands
of highly talented employees worldwide, we were able to grow
every aspect of the company while enhancing its reputation as
the world's premier eye health brand.  Jerry has extensive
experience in ophthalmic businesses and consumer marketing, and
is the ideal leader to take Bausch & Lomb into a new era of
growth."

Mr. Ostrov first joined Johnson & Johnson in 1976, before
leaving for Ciba-Geigy AG in 1982.  He was named president, Ciba
Consumer Pharmaceuticals, in 1985.  In 1991, he returned to
Johnson & Johnson as president of its Personal Products
business, and then became company group chairman for its North
American Consumer and Personal Care businesses.

"It's an honor to lead Bausch & Lomb into a growth period, one
that we believe will be marked by considerable success across
the vision care, pharmaceutical and surgical businesses," said
Mr. Ostrov.  "I'm impressed by the passion of the company's
employees, and its strong relationships with industry partners
and customers.  We're going to build upon an unparalleled
155-year-old foundation of trust and innovation."

Mr. Ostrov continued, "Warburg Pincus' commitment to a long-term
investment horizon, and the collaborative relationship it has
quickly built with Bausch & Lomb, is empowering the company to
grow.  This week's eyeonics acquisition announcement is
testament to our positive momentum."

Elizabeth H. Weatherman, a Warburg Pincus managing director and
member of the Bausch & Lomb Board of Directors, commented, "We
thank Ron for his dedication to Bausch & Lomb.  He was
instrumental in growing all aspects of the business, in leading
the company through the 2006 recall, and then reestablishing
widespread momentum -- an element vital for the organization's
continued success.  Jerry's extraordinary knowledge of the eye
health industry will be instrumental as he leads Bausch & Lomb
into an extended period of growth."

Mr. Ostrov holds an M.B.A. from Harvard University and a B.S.
degree in industrial engineering and operations research from
Cornell University.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 31, 2007, Moody's Investors Service has confirmed and will
withdraw Bausch & Lomb Incorporated's Ba1 Corporate Family
Rating, Ba1 Probability of Default Rating and Ba1 ratings on
certain existing senior unsecured notes.  Moody's said the
rating outlook was revised to stable and will be withdrawn.


CONSTELLATION BRANDS: Opts To Sell Almaden & Inglenook Brands
-------------------------------------------------------------
Constellation Brands, Inc., in its ongoing effort to focus on
its premium wine offerings in the United States, has entered
into an agreement to sell the Almaden and Inglenook wine brands,
and the Paul Masson winery located in Madera, California, to The
Wine Group LLC for US$134 million in cash, subject to closing
adjustments.  Close of the transaction is subject to routine and
customary regulatory review, and is expected by the end of the
fiscal year on Feb. 29, 2008.

"This transaction, when coupled with the recent acquisition of
Clos du Bois, the number one super-premium U.S. wine brand, will
allow our wine sales forces to focus on selling higher-growth,
higher-margin premium wines," said Constellation Brands
president and chief executive officer, Rob Sands.  "This change
also demonstrates our commitment to improve return on invested
capital."

Almaden and Inglenook are table wines, which retail for less
than US$3.00 per 750 ml bottle equivalent.  The Mission Bell
Winery, also in Madera, California, will be retained and allows
the company to increase premium wine production in California's
important San Joaquin Valley wine producing region.  This winery
will also provide wine production services to The Wine Group for
a period of time on a contract basis.

The transaction is expected to result in a pre-tax loss of
approximately US$27 million or an after-tax loss of US$0.13
diluted earnings per share on a reported basis, and will be
excluded from the company's comparable basis earnings per share.
The loss on the disposal is primarily driven by the higher
write-off of goodwill unrelated to these brands as required by
generally accepted accounting principles in the U.S. and the low
tax basis associated with goodwill.

Proceeds from the transaction will be used to reduce borrowings.
The impact of this transaction is expected to be slightly
dilutive to ongoing reported basis and comparable basis diluted
earnings per share for fiscal 2009.  The Almaden and Inglenook
wine brands are expected to generate approximately US$130
million of net sales for fiscal 2008, and represent
approximately 10 million 9-liter cases of the company's U.S.
wine volume.  The proceeds from this transaction do not impact
free cash flow, and therefore the company's free cash flow
guidance for fiscal 2008 remains unchanged at US$280 - US$300
million.

                           Outlook

The table below sets forth management's current diluted earnings
per share expectations for fiscal 2008 on a reported basis and a
comparable basis.

            Constellation Brands Fiscal Year 2008
              Diluted Earnings Per Share Outlook

                            Reported Basis     Comparable Basis
                                2008                 2008
                              Estimate             Estimate

Fiscal Year Ending Feb. 29  US$0.93-US$0.98     US$1.33-US$1.38

The above guidance is based on information previously provided,
taking into account the developments described above.  In
addition to the loss on the transaction, the change in the
company's fiscal 2008 reported basis diluted earnings per share
guidance includes, and is limited to, the following tax rate
assumption:

   -- Tax rate: approximately 42 percent on a reported basis,
      which includes a provision of approximately two percentage
      points on the disposal in connection with the company's
      contribution of its U.K. wholesale business to the Matthew
      Clark joint venture and the repatriation of proceeds
      associated with the joint venture, and a provision of
      approximately three percentage points on the disposal of
      the Almaden and Inglenook brands and Paul Masson winery,
      or approximately 37 percent on a comparable basis.

                        Explanations

Reported basis diluted earnings per share are as reported under
generally accepted accounting principles.  Diluted earnings per
share on a comparable basis, excludes acquisition-related
integration costs, restructuring and related charges and unusual
items.

                  About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in the
U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                        *     *     *

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


HARMAN INT'L: Declares US$0.0125 Per Share Quarterly Dividend
-------------------------------------------------------------
Harman International Industries Incorporated has declared a cash
dividend of US$0.0125 per share for the second quarter ended
Dec. 31, 2007.

The quarterly dividend will be paid on Feb. 20, 2008, to each
stockholder of record as of the close of business on
Feb. 6, 2008.

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implications for the 'BB-' corporate credit rating
on Harman International Industries Inc. to positive from
developing.


MAXCOM TELECOM: May Get Acquisition Offers, Says Analyst
--------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. has become an
acquisition target for other companies, Mexican news daily El
Semanario reports, citing Vector Casa de Bolsa analyst Martin
Lara.

Mr. Lara told El Semanario that companies that may want to
acquire Maxcom Telecomunicaciones include:

          -- Spain's Telefonica,
          -- media company Grupo Salinas, and
          -- Mexican multi-service telco Axtel.

Maxcom Telecomunicaciones operates with an estimated value of
6.3 times Ebitda, which is about 14% lower than its closest
competitor and possible buyer Axtel, Business News Americas
relates, citing Mr. Lara.

Mr. Lara told BNamericas that Maxcom Telecomunicaciones is the
operator with the highest organic growth in Mexico.

According to BNamericas, Mr. Lara forecasts that Maxcom
Telecomunicaciones will report positive results in the fourth
quarter 2007.  Mr. Lara told BNamericas that Maxcom
Telecomunicaciones' revenues would increase 24% in the quarter,
compared to the same period in 2006.  This could affect the
price of the stock in the short term.

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

                        *     *     *

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


MEGA BRANDS: Weak Cash Flow Prompts S&P's Rating Downgrade to B
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit and bank loan ratings on Montreal-based MEGA Brands Inc.
to 'B' from 'B+'.  The ratings remain on CreditWatch with
negative implications, where they were placed Nov. 9, 2007.
The '3' recovery rating on the bank loan is unchanged.

"The downgrade and CreditWatch listing reflect Standard & Poor's
concerns that earnings, credit measures, and financial
flexibility are weaker than expected due to challenges MEGA
Brands faces," said S&P's credit analyst Lori Harris.  "The
company's financial flexibility is limited because of the
possibility it might not be in compliance with its financial
covenants for the fourth quarter 2007 or thereafter due to the
material decline in operating profit and cash flow," Ms. Harris
added.

MEGA Brands' profitability has been negatively affected by
problems related to its Magnetix product, other litigation,
manufacturing inefficiencies, and higher costs for products
manufactured in China.  Excluding one-time charges, gross margin
for third-quarter 2007 declined to 38% from 45% for the same
period in 2006.  In addition, the softening economy could
negatively affect industry participants that have already faced
criticism because of product safety concerns.

For the past two years, the company has been involved in
litigation related to its Magnetix product, which resulted in
product recalls, replacement, and liability settlement expenses.
The charges related to the litigation have negatively affected
its debt levels and credit ratios in a material way.  In
addition, MEGA Brands is involved in litigation with the former
shareholders of Rose Art Industries Inc. concerning employment
arbitration due to the premature departure of the Rosen
brothers, as well as contingent payments related to the
company's 2005 acquisition of the business.   An additional
US$51 million in accrued consideration has yet to be paid
because the company is disputing this claim.

The ratings will remain on CreditWatch until the company's
financial flexibility and covenant compliance concerns are
resolved.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.


PRIDE INTERNATIONAL: Inks Contract for Deepwater Fleet Expansion
----------------------------------------------------------------
Pride International Inc. is continuing the expansion of its
premium deepwater fleet, following a multi-year contract award
from a subsidiary of Petroleo Brasileiro S.A. for the
construction and operation of an advanced-capability, ultra-
deepwater drillship in support of Petrobras's international
exploration and development drilling projects.  The ultra-
deepwater drillship, to be constructed at the Samsung Heavy
Industries, Co. Ltd. shipyard in Geoje, South Korea on a fixed-
price basis, is expected to be delivered from the shipyard in
the first quarter of 2011, following construction, commissioning
and system-integrated testing.

The multi-year drilling contract allows Petrobras to elect, by
Jan. 31, 2010, a firm contract term of at least five years and
up to seven years in duration.  The drilling contract provides
for the payment of a fixed daily rate and the payment of a
performance bonus of up to 17% of the fixed daily rate if a five
year term is selected (or up to 15% if a six or seven year term
is selected.) Depending on the firm contract term chosen and
excluding revenues for reimbursement of costs associated with
the mobilization of the rig to an initial location, estimated
contract revenues which could be generated range from US$916
million to US$1.24 billion and include the operating dayrate,
the full amount of the performance bonus and other contractually
guaranteed payments of US$41 million to US$49 million.  In
addition, a cost escalation provision is provided from the
signing date of the contract through the term selected.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "This third addition to our
deepwater fleet in less than seven months, along with the
supporting contract, is beneficial in a number of ways as we
continue to successfully transition the company to a pure
offshore focus with an increasing emphasis on ultra-deepwater
drilling.  These benefits include:

   a) Expanding our strong business relationship with Petrobras,
      a client with increasing opportunities in deepwater
      exploration and development drilling around the world.

   b) Adding a new, premium ultra-deepwater drilling rig to our
      fleet, which will have technically advanced features
      allowing the unit to compete effectively in all deepwater
      drilling regions.

   c) Securing a firm, multi-year contract that allows the
      company to build a backlog of revenue and cash flow that
      enhances earnings growth prospects and shareholder value
      well into the next decade.

   d) Adding to our critical mass in dynamically-positioned
      deepwater floaters, currently the industry's second
      largest fleet, and enhancing our ability to attract and
      retain the industry's best operations and engineering
      talent.

   e) Achieving construction management efficiencies, as all
      three of our newbuilds will be constructed in the same
      shipyard with an identical hull design and similar
      technical features."

Mr. Raspino added, "Deepwater exploration and development
activity continues to be supported by impressive geologic
success and strong energy demand outlook well into the next
decade.  Technological advancements continue to enable the
industry to achieve drilling successes in challenging deepwater
environments, resulting in promising new geologic plays, the
emergence of new deepwater regions and expansion of the customer
base.  Each of these factors buttresses our high level of
confidence in the long-term duration of the present deepwater
cycle and in our ability to realize attractive contracting
opportunities for our two ultra-deepwater drillships already
under construction, while building our resolve to pursue
additional deepwater growth opportunities."

The new drillship, to be named at a later date, is Pride's third
ultra-deepwater drillship construction project, following
previously announced decisions in 2007 to construct one unit and
to purchase from another party a second unit in the early stages
of construction.  Like the first two drillships, the latest unit
is based on an SHI proprietary hull design measuring 750 feet
long, 140 feet wide and offering a pay load in excess of 20,000
metric tons.  The drillship is designed for drilling in water
depths of up to 12,000 feet, with a total vertical drilling
depth of up to 40,000 feet, and will have off-line tubular stand
building capabilities.  The rig will feature dynamic positioning
in compliance with DPS-3 certification.

The rig, which will be initially equipped for drilling in water
depths of up to 10,000 feet, will also have expanded drilling
fluids capacity, a 1,000 ton capacity top drive and living
quarters for up to 200 personnel.  The expected construction
cost of the rig, including commissioning and system integrated
testing and excluding capitalized interest, is approximately
US$720 million.  The company expects to fund the construction of
the unit with available cash and borrowings.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Service raised its
corporate credit rating on offshore contract drilling firm Pride
International Inc. to 'BB+' from 'BB'.  At the same time, S&P
raised the rating on the company's unsecured debt to 'BB+' from
'BB-'.  S&P said the outlook is stable.




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


CUMMINS INC: To Add 500 Workforce in Columbus
---------------------------------------------
Cummins Inc. will add approximately 500 professional employees,
many of them engineers, in Columbus over the next two years, and
has agreed to lease an office building being built as part of
the Commons Mall redevelopment project to meet the expected
growth.

The four-story, 100,000 square foot building is scheduled to be
completed late in the first quarter of 2009.  The project also
includes a parking garage for Cummins employees to be built on
property just southwest of the office building.

"We are pleased to be able to further strengthen our commitment
to Columbus and the state of Indiana by bringing new, well-
paying jobs to the region," said Cummins President and Chief
Operating Officer Joe Loughrey.  "As a large and growing
employer in the city, we have a significant stake in helping
Columbus remain a vibrant community.  This project, along with
the other initiatives outlined as part of the city's Vision 2020
plan, is a big step in that direction."

The announcement was made this afternoon at Columbus City Hall.
In addition to Loughrey, Indiana Lt. Gov. Becky Skillman,
Columbus Mayor Fred Armstrong, project developer Tim Dora,
representatives of the City of Lawrenceburg Regional Economic
Development Fund and members of the staffs of U.S.
Representatives Baron Hill and Mike Pence were among those in
attendance.

"Last year 600 new production jobs, this year 500 new
professional jobs.  We're proud of Cummins and the growth the
company is bringing to south central Indiana," said Governor
Mitch Daniels.

Cummins currently has approximately 5,500 employees in Columbus,
along with an additional 900 contract workers.  The new space,
two blocks from the company's headquarters, will allow Cummins
to consolidate its employees in fewer locations in the city and
make room for new workers expected as part of Cummins' growth
plans.

The office space is part of a larger redevelopment project on
the site of the Commons Mall by Dora Brothers Hospitality Corp.
When complete, the project - which will result in demolition of
much of the mall -- also will include a new hotel, conference
center and additional retail locations.  Dora Brothers is
nearing completion on another hotel in downtown Columbus - Hotel
Indigo.

"Today's exciting announcement is another example of the
revitalization of downtown Columbus and the success of our
Vision 2020 plan," said Columbus Mayor Fred Armstrong.  "Cummins
continues to be a major driver of our success as a community,
and we are thrilled with the Company's latest commitment to the
city."

The ability to provide sufficient parking for Cummins employees
was a significant factor in the company's decision to locate the
office building in downtown Columbus.  The garage is expected to
cost approximately US$8 million, with the city of Columbus
paying US$4 million of the cost and the City of Lawrenceburg
Regional Economic Development Fund providing a US$3 million
grant for the project.

"The City of Lawrenceburg and our Regional Economic Development
Grant Committee is pleased to be able to assist our regional
neighbors in expanding the commercial and industrial environment
here in Columbus," said Lawrenceburg Mayor William Cunningham.
"It is our hope that with investments such as ours, Indiana
will maintain, and improve, its reputation as a Midwestern
economic powerhouse."

At the request of Cummins, the Indiana Economic Development
Corporation agreed to provide the City of Columbus a US$1
million grant to assist in the cost of the infrastructure
improvements associated with the new project.

Today's announcement builds on Cummins' recent growth in the
Columbus area, including the decision to locate the Company's
new light-duty diesel program at the Columbus Engine Plant.
That program is expected to result in at least 600 new jobs by
the end of the decade.

"Cummins is such an integral part of the Columbus community,"
said Rep. Hill.  "And, these new jobs will further enrich this
community from all aspects.  I am very pleased with Cummins'
efforts to continue bringing high-quality jobs to the region."

"For generations, for thousands of Hoosier families Cummins is
Columbus," added Rep. Pence.  "Today's announcement shows yet
again that Cummins believes in this community and this state.
The Cummins brand is all about dependability, hard work and
integrity-all values that are synonymous with the Columbus
community."

                        About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                        *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


DOE RUN: Promotes Narayanaswamy Krishnaswamy as Analysis Manager
----------------------------------------------------------------
The Doe Run Company has promoted of Dr. Narayanaswamy
Krishnaswamy to financial planning and analysis manager.

According to Doe Run management, Dr. Krishnaswamy's role is
important to the long-term success of Doe Run's global
operations.  In his new position, Dr. Krishnaswamy analyzes
monthly operational and financial performance, and he also is
charged with overseeing the development of a five-year profit
plan.

"As a global provider of premium metals and services, it is
extremely critical to our future success to have accurate and
thorough snapshots of our performance on an ongoing basis," said
Terry Fox, chief financial officer of Doe Run.  "We expect Dr.
Krishnaswamy's work will have a measurable, positive impact on
our operations in both the near and long term."

Doe Run first hired Dr. Krishnaswamy in 2002.  He previously
served as project manager of metal modeling.

Prior to joining Doe Run, Dr. Krishnaswamy was a post-doctoral
fellow at the University of Missouri-Rolla, where he earned a
doctoral degree in metallurgical engineering.  He holds a
master's of business administration degree from Washington
University in St. Louis.  He has also worked as a principal
process engineer at Billiton Process Research in Johannesburg,
South Africa.

Based in St. Louis, Mo., The Doe Run Company --
http://www.doerun.com/-- is a privately held natural resources
company dedicated to environmentally responsible mineral
production, metals fabrication, recycling and reclamation.  The
company and its subsidiaries deliver products and services
needed to provide power, protection and convenience through
premium products and associated metals including lead, zinc,
copper, gold and silver.  As the operator of one of the world's
only multi-metal facilities and the Americas' largest integrated
lead producer, Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

Doe Run Peru S.R.L., an indirect Peruvian subsidiary, operates a
smelter in La Oroya, Peru, one of the largest polymetallic
processing facilities in the world, producing an extensive
product mix of non-ferrous and precious metals, including
silver, copper, zinc, lead and gold.  Doe Run Peru also has a
copper mining and milling operation in Cobriza, Peru in the
region of Huancavelica, which is approximately 200 miles
southeast of La Oroya in Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.




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


ADVANCED AUTO: Appoints Judd Nystrom as Investor Relations VP
-------------------------------------------------------------
Advance Auto Parts Inc. has named Judd Nystrom as its Vice
President, Finance and Investor Relations, effective
Feb. 11, 2008.  Mr. Nystrom will be responsible for Investor
Relations, Budgeting and finance decision support.  Mr. Nystrom
will report to Mike Norona, Executive Vice President and Chief
Financial Officer.

"Judd is an exceptional leader with a range of talents beyond
his financial business acumen, including communication,
collaboration and strategic implementation skills," said Darren
Jackson, President and Chief Executive Officer.

Mr. Nystrom joins Advance Auto Parts from Best Buy where he
served as Senior Director, Retail Finance, supporting U.S.
Stores and Retail Store Support.  He has spent six years at Best
Buy with a broad range of experiences within finance, including
enterprise financial accounting and control and finance decision
support for U.S. Stores, Field Leadership, Store Labor and Real
Estate.  Prior to that, Mr. Nystrom spent seven years at Carlson
Companies, Inc. with increasing responsibilities, ultimately
serving as the Director of Accounting and Reporting.  Mr.
Nystrom holds a Bachelor's Degree in Accounting from the
University of Minnesota Carlson School of Management and is a
Certified Public Accountant (inactive), a Certified Management
Accountant, and Certified in Financial Management.

Headquartered in Roanoke, Virginia, Advance Auto Parts (NYSE:
AAP) -- http://www.advanceautoparts.com/-- is the second-
largest retailer of automotive aftermarket parts, accessories,
batteries, and maintenance items in the United States, based on
store count and sales.  As of April 22, 2006, the company
operated 2,927 stores in 40 states, Puerto Rico, and the Virgin
Islands.  The company serves both the do-it-yourself and
professional installer markets.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Moody's Investors Service affirmed the Ba1
corporate family rating of Advance Auto Parts, Inc. and assigned
a Ba1 rating to its new US$200 million senior unsecured term
loan.  The Probability of Default rating was downgraded to Ba2
from Ba1.  Moody's said the outlook is positive.  The SGL-2
speculative grade liquidity rating was also affirmed.

At the same time, Standard & Poor's Ratings Services revised its
outlook on Advance Auto Parts Inc. to negative from stable.
This action reflects the company's more aggressive financial
policy; Advance Auto just signed a new US$200 million term loan
due 2011 and plans to use proceeds to repurchase shares.  The
term loan is not rated.  S&P also affirmed the company's current
'BB+' corporate credit rating.


ADVANCED AUTO: Hires Kevin Freeland as EVP for Supply Chain & IT
----------------------------------------------------------------
Advance Auto Parts Inc., has appointed Kevin Freeland as its
Executive Vice President, Supply Chain and Information
Technology, effective Feb. 13, 2008.  Mr. Freeland will be
responsible for overseeing the Supply Chain and Logistics area,
as well as the Information Technology area.  Mr. Freeland will
be a member of Advance's Executive Committee and will report to
Darren Jackson, President and Chief Executive Officer.

"I am honored and excited to have Kevin join our Advance Team,"
said Mr. Jackson.  "Kevin's track record of success in supply
chain and business as a whole speaks volumes about what he will
bring to our company."

Mr. Freeland most recently was the President and Founder of
Optimal Advantage, a boutique retail-consulting firm, currently
and recently engaged with clients such as Advance Auto Parts and
various other specialty retailers.  Prior to that position,
Mr. Freeland spent eight years with Best Buy serving as Vice
President of Inventory, Senior Vice President of Inventory and,
ultimately, President of the Musicland Division.  Mr. Freeland
also spent eight years at Payless Shoe Source in a variety of
merchandising positions, including his final position as
Vice President of Merchandise Distribution.  Mr. Freeland holds
a Bachelor's Degree in Economics from the University of Florida.

Advance Auto Parts also announced that C. Roy Martin has
resigned as Senior Vice President, Supply Chain, effective
Feb. 8, 2008.  Mr. Martin joined Discount Auto Parts in November
2000 as Vice President, Supply Chain and Logistics.  He then
transitioned to Advance Auto Parts in March 2002 when Discount
was acquired by Advance, at which time he was promoted to Senior
Vice President, Logistics and Replenishment.  His title was
later changed to Senior Vice President, Supply Chain.

Headquartered in Roanoke, Virginia, Advance Auto Parts (NYSE:
AAP) -- http://www.advanceautoparts.com/-- is the second-
largest retailer of automotive aftermarket parts, accessories,
batteries, and maintenance items in the United States, based on
store count and sales.  As of April 22, 2006, the company
operated 2,927 stores in 40 states, Puerto Rico, and the Virgin
Islands.  The company serves both the do-it-yourself and
professional installer markets.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Moody's Investors Service affirmed the Ba1
corporate family rating of Advance Auto Parts, Inc. and assigned
a Ba1 rating to its new US$200 million senior unsecured term
loan.  The Probability of Default rating was downgraded to Ba2
from Ba1.  Moody's said the outlook is positive.  The SGL-2
speculative grade liquidity rating was also affirmed.

At the same time, Standard & Poor's Ratings Services revised its
outlook on Advance Auto Parts Inc. to negative from stable.
This action reflects the company's more aggressive financial
policy; Advance Auto just signed a new US$200 million term loan
due 2011 and plans to use proceeds to repurchase shares.  The
term loan is not rated.  S&P also affirmed the company's current
'BB+' corporate credit rating.


ADVANCED AUTO: Michael Moore Quits as EVP & CFO Effective Feb. 1
----------------------------------------------------------------
Advance Auto Parts Inc. has disclosed that Michael Moore has
resigned his position as Executive Vice President and Chief
Financial Officer to pursue other business opportunities,
effective Feb. 1, 2008.  Mr. Moore joined Advance in December
2005.

"I want to personally thank Michael for his dedicated service to
Advance Auto Parts, its customers, Team Members and
stockholders," said President and Chief Executive Officer Darren
Jackson.

Advance also announced that it has named Michael "Mike" Norona
as its Executive Vice President and Chief Financial Officer.  In
this role as CFO, Mr. Norona will be responsible for all
financial aspects of the company, including accounting, internal
audit, investor relations, treasury and tax, budgeting and
financial management and risk finance and claims.  Mr. Norona
will be a member of Advance's Executive Committee, and will
report directly to Jackson.

"We are very excited to have an executive of Mike's caliber join
our company," said Mr. Jackson.  "Mike's global experience,
financial experience and long track record of successes is going
to be an asset to our team."

Prior to joining Advance, Mr. Norona spent his entire 19-year
career in various finance capacities with Best Buy, the first 14
of which were with Future Shop, a Best Buy subsidiary in Canada.
He has held escalating Finance leadership roles, including
officer positions in Shared Services, Retail Decision Support
and Head of Finance of Future Shop.  Mr. Norona brings
significant hands on experience in many aspects of retail and
finance through his direct involvement in the company's
significant growth.  In 2006, Mr. Norona expanded the Financial
Services area as a new growth opportunity for Best Buy and he
most recently served as Best Buy's President of Financial
Services.

Mr. Norona has a Bachelor's of Commerce Degree in Accounting
from the University of British Columbia, Canada, as well as a
Professional Accounting Designation.  He is a member of the
Certified General Accountants of Canada.

Headquartered in Roanoke, Virginia, Advance Auto Parts (NYSE:
AAP) -- http://www.advanceautoparts.com/-- is the second-
largest retailer of automotive aftermarket parts, accessories,
batteries, and maintenance items in the United States, based on
store count and sales.  As of April 22, 2006, the company
operated 2,927 stores in 40 states, Puerto Rico, and the Virgin
Islands.  The company serves both the do-it-yourself and
professional installer markets.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Moody's Investors Service affirmed the Ba1
corporate family rating of Advance Auto Parts, Inc. and assigned
a Ba1 rating to its new US$200 million senior unsecured term
loan.  The Probability of Default rating was downgraded to Ba2
from Ba1.  Moody's said the outlook is positive.  The SGL-2
speculative grade liquidity rating was also affirmed.

At the same time, Standard & Poor's Ratings Services revised its
outlook on Advance Auto Parts Inc. to negative from stable.
This action reflects the company's more aggressive financial
policy; Advance Auto just signed a new US$200 million term loan
due 2011 and plans to use proceeds to repurchase shares.  The
term loan is not rated.  S&P also affirmed the company's current
'BB+' corporate credit rating.


JETBLUE AIRWAYS: Closes Stock Purchase Transaction w/ Lufthansa
---------------------------------------------------------------
JetBlue Airways Corporation and Deutsche Lufthansa AG has
completed their stock purchase agreement transaction in which
Lufthansa now holds a 19 percent stake in JetBlue.

With the conclusion of the financial transaction, Lufthansa and
JetBlue will begin exploring innovative commercial arrangements
designed to benefit both airlines and their customers.

Headquartered in Forest Hills, New York, JetBlue Airways
(Nasdaq:JBLU) -- http://www.jetblue.com/-- is a passenger
airline that provides customer service on point-to-point routes.
As of Feb. 14, 2007, JetBlue operated approximately 502 daily
flights.  The company serves 50 destinations in 21 states,
Puerto Rico, Mexico and the Caribbean.  The company operates a
fleet of 98 Airbus A320 and 23 Embraer 190 aircrafts.  The
company's operations primarily consists of transporting
passengers on its aircraft, with domestic United States
operations, including Puerto Rico, accounting for approximately
97.1% of its capacity during the year ended Dec. 31, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Fitch Ratings affirmed these debt ratings of
JetBlue Airways Corp.: issuer default rating at 'B'; and senior
unsecured convertible notes at 'CCC' with a recovery rating of
'RR6'.  Fitch said the rating outlook is stable.


LIN TV: Promotes Rosetta Rolan as Diversity Director
----------------------------------------------------
LIN TV Corp. has promoted Rosetta Rolan to Director of
Diversity, a new position at the company.

As Director of Diversity, Ms. Rolan will ensure that a rich
variety of cultures, ethnicities, and lifestyles are represented
and supported in a way that produces better journalism and
better service to our diverse communities.  One of Ms. Rolan's
main focuses will be to enhance and strengthen LIN TV's Minority
Scholarship Program, developed more than a decade ago for
minority students who are pursuing a career in broadcast
television and digital media.  This program awards minority
students scholarships and paid internships at one of LIN TV's 29
television stations.

Ms. Rolan previously held the position of Director of Community
Affairs for LIN TV's WAVY-TV (NBC) and WVBT-TV (FOX) in Norfolk
since 2001, where she acted as the liaison between the stations
and the various service, non-profit, and community organizations
in the viewing area.  Her responsibilities included managing
several community service campaigns, such as Hampton Roads Young
Achievers, Jefferson Awards, Operation School Supplies, and
Coats for Kids.  She was also the executive producer of Kid Talk
and producer of The Bottom Line on WAVY-TV and Families First on
WVBT-TV.

"Rosetta has done a tremendous job building diverse
relationships for WAVY-TV and WVBT-TV and we look forward to
putting her great people skills to work for all of LIN TV," said
Vincent L. Sadusky, LIN TV's President and Chief Executive
Officer.  "Our goal is to ensure diversity which results in
better journalism and Rosetta is the right person to help us
accomplish our goals."

Ms. Rolan's television career began in 1997 as the Programming
and Executive Assistant to the Vice President/General Manager of
WTVR-TV, the CBS affiliate in Richmond, Virginia.  Ms. Rolan is
a native of Chesapeake, Virginia, and received her Bachelor of
Science degree in Mass Communications from Virginia Commonwealth
University in 1989.

Ms. Rolan currently serves on the boards of the March of Dimes
and American Heart Association Mid-Atlantic Affiliate, and is a
member of the Mayor's Sister Cities Commission for the City of
Portsmouth, Virginia where she resides.  Past community service
includes the Public Relations Committee for the Urban League of
Hampton Roads, Inc., the Red Cross Diversity Advisory Council,
and the Eastern Virginia Medical School Cultural Diversity
Training Advisory Group.

Headquartered in Providence, Rhode Island, LIN Television Corp.
(NYSE: TVL) -- http://www.lintv.com/-- owns and operates 31
television stations in 18 mid-sized markets in the United States
and Puerto Rico.  The company had US$866.4 million of debt as of
Sept. 30, 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Standard & Poor's Ratings Services affirmed its
ratings on LIN TV Corp., including the 'B+' corporate credit
rating, and revised the outlook to stable from negative.


MUSICLAND HOLDING: Court Confirms 2nd Amended Liquidation Plan
--------------------------------------------------------------
Finding that Musicland Holding Corp. and its debtor-affiliates'
Second Amended Liquidation Plan complies with the statutory
requirements, the Honorable Stuart M. Bernstein of the U.S.
Bankruptcy Court for the Southern District of New York confirmed
the Debtors' Plan on Jan. 18, 2007.

All of the objections to confirmation of the Plan that were not
withdrawn, resolved or rendered moot, were overruled.

Judge Bernstein held that a reserve of US$6,300,000 in the
aggregate for Allowed Administrative Claims and Allowed Priority
Claims is sufficient for the Debtors to be able to fulfill their
obligations under the Plan.

               Court Resolves Wachovia Dispute

To address the objection filed by Wachovia Bank, National
Association, based on indemnification claims arising out of an
action filed against it, the Court held that there will be no
further distributions from the Debtors' estates to any members
of Class 3, including without limitation, current or former
members of the Informal Committee of Secured Trade Vendors, or
to any members of Class 4, general unsecured creditors, absent:

   (a) an agreement in writing by and among Wachovia, the
       Responsible Person, and the Plan Committee;

   (b) a final non-appealable order concluding the Litigation
       with no finding of liability against Wachovia; or

   (c) further order of the Court.

At the conclusion of the Litigation, but no later than 30 days
from the conclusion of the Litigation pursuant to a final non-
appealable order, Wachovia may apply to the Court for a
determination of the amount, if any, of any additional
administrative claim for the Debtors' indemnification
obligations, the allowed amount of which will be paid in
accordance with the terms of the Plan and prior to any
distribution to any current or former members of Class 3 or
Class 4.  The Secured Trade Vendors, the Plan Committee and the
Responsible Person reserve all rights to object to any
application.

This will not prohibit distributions to be made under the Plan
to (a) other holders of allowed administrative or priority
unsecured claims, or (b) allowed pre-confirmation professional
fees, Judge Bernstein clarified.

Furthermore, the Court directed the Debtors to transfer to
Wachovia US$250,000, which funds (i) will be held by Wachovia in
an interest-bearing special reserve account, and (ii) may be
used to pay reasonable fees and expenses incurred by Wachovia's
professionals in defending the Litigation.

Funds from the Special Reserve may only be disbursed in
accordance with specified procedures.  Any unused funds from the
Special Reserve will be promptly returned to the Debtors
following:

   -- the entry of a final non-appealable order concluding the
      Litigation with no finding of liability against Wachovia,

   -- an agreement in writing by and among Wachovia, the
      Responsible Person and the Plan Committee; or

   -- further order of the Court that Wachovia is not entitled
      to be paid the amounts.

If the disbursement of funds by Wachovia causes the balance of
the Special Reserve to become US$50,000 or less, the Debtors
will transfer to Wachovia sufficient funds to replenish the
Special Reserve to its original balance of US$250,000.  For
disbursements to be made from the Special Reserve, Wachovia's
professionals will serve copies of their monthly fee statements
on Wachovia, the Responsible Person and the Plan Committee.

These Parties will have 10 days to object, with reasonable
specificity, in writing, to items which any of the Parties
contend should not be paid.  Until a final non-appealable order
is entered against Wachovia in the Litigation, the only basis
upon which the fees and expenses of Wachovia may be challenged
or disputed will be the reasonableness of particular items set
forth in the monthly fee statements.

In the event that no objection is made, or with respect to the
balance of fees and expenses for which no objection has been
received, Wachovia will be authorized to pay the fees and
expenses out of the Special Reserve.  In the event a timely
objection is received, the Parties will first endeavor to
resolve consensually the objection, failing which, the objection
will be submitted to and resolved by the Court.

All monthly fee statements submitted by professionals retained
post-confirmation by the Responsible Person or the Plan
Committee will be served on the Parties, absent:

   a) an agreement in writing by and among Wachovia, the
      Responsible Person and the Plan Committee;

   b) a final non-appealable order concluding the Litigation
      with no finding of liability against Wachovia; or

   c) further order of the Court.

The Parties have 10 days to object, with reasonable specificity,
in writing, to the payment of the fees.  In the event that no
objection is made, or with respect to the balance of fees and
disbursements for which no objection has been received, the
Responsible Person will be authorized to pay the fees.  If a
timely objection is received, the Parties will first endeavor to
resolve consensually the objection, failing which, the objection
will be submitted to and resolved by the Court.

The rights of each of Wachovia, the Secured Trade Vendors and
the Responsible Person, which arise out of or relate to the
dispute, which is the subject of the Litigation, including
without limitation the rights of the parties under an
Intercreditor Agreement, are expressly preserved.  In the event
that a final non-appealable judgment is entered against Wachovia
in the Litigation, the Parties will have the right to seek
disgorgement from Wachovia of any and all disbursements from the
Special Reserve in payment of fees and expenses incurred by
Wachovia's professionals in defending the Litigation, and
Wachovia will have the right to oppose the application.

                  ACE and ESIS Agreements

Pacific Employers Insurance Company, ACE American Insurance
Company, other members of the ACE group of companies, and ESIS,
Inc. can continue to perform under their agreements with the
Debtors, Judge Bernstein said.

Pursuant to the Plan, the Responsible Person will be responsible
for the Debtors' performance of non-financial obligations under
the agreements with ACE and ESIS, like notice of claims and
cooperating in the investigation and defense of claims.

To the extent the financial obligations of the Debtors or other
insureds are not performed, including the obligations to pay
premiums and to pay the insureds' share of losses and expenses,
nothing will alter, amend or modify the remedies available to
ACE or ESIS under their agreements with the Debtors, including
the rights of ACE or ESIS to satisfy those obligations from any
collateral or Paid Loss Deposit Funds currently being held by
ACE or ESIS.

                      Releases and Fees

Neither the Plan nor the confirmation order discharges or
releases any third party from liability for claims that may
exist under bankruptcy or non-bankruptcy law.

All requests for payment of Fee Claims for services rendered
through the Confirmation Date must be filed with the Court no
later than 45 days following the Confirmation Date.  The
Professionals will jointly file their Fee Claims with their
third interim application for compensation and reimbursement of
expenses covering the time period Dec. 1, 2006, through the
Confirmation Date.  Any and all prior deadlines for filing Third
Interim Fee Applications are vacated.

According to Judge Bernstein, the deadline for the Confirmation
Order to become a Final Order is extended until Jan. 31, 2008,
and the deadline for the occurrence of the Effective Date is
extended until Feb. 29.

A full-text copy of the order confirming the Debtors' Second
Amended Joint Plan of Liquidation is available for free at:

              http://researcharchives.com/t/s?2750

                   About Musicland Holding

Based in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products in the United States and Puerto Rico.  The Debtor and
14 of its affiliates filed for chapter 11 protection on
Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).  James
H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T. Power, Esq.,
at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  At March 31, 2007, the Debtors disclosed
US$20,121,000 in total assets and US$321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  The hearing to consider confirmation of the
2nd Amended Joint Plan started on Nov. 28, 2006.

(Musicland Bankruptcy News, Issue No. 45; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PEP BOYS: Posts US$28 Mln Net Loss in Third Quarter Ended Nov. 3
----------------------------------------------------------------
The Pep Boys - Manny, Moe & Jack reported a net loss of
US$28.0 million for the thirteen weeks ended Nov. 3, 2007,
compared with a net loss of US$10.9 million in the corresponding
period ended Oct. 28, 2006.

Total revenues for the thirteen weeks ended Nov. 3, 2007, were
US$535.4 million, as compared to the US$550.8 million for the
thirteen weeks ended Oct. 28, 2006.

Total revenues for the third quarter decreased 2.8%, with a 2.9%
comparable revenues decrease, resulting primarily from a decline
in retail and commercial merchandise sales.  Comparable
merchandise sales decreased 4.1%, while comparable service
revenue increased 2.6%.  The decline in merchandise sales was
due primarily to reduced customer count, fewer promotional
offerings and the removal of commercial delivery from fifty-five
stores. Service revenues were driven by a greater allocation of
the company's advertising spend to service offerings, improved
staffing, fewer package discounts and improved overall pricing
conditions.

During the third quarter of fiscal 2007, the company recorded a
US$3.1 million executive severance and US$6.2 million legal
settlements and reserves.  During the third quarter of fiscal
2006, the company recorded a US$4.6 million litigation
settlement.

Net loss for the third quarter of fiscal 2007 was greater than
the net loss from the prior year primarily from the impairment
of inventory and the pending closure of 31 low-return stores
partially offset by lower selling, general and administrative
expenses and interest expense.

                         Nine Months

Total revenues for the nine months ended Nov. 3, 2007, were
US$1.64 billion as compared to the US$1.69 billion recorded last
year.

Net loss of US$20.6 million for fiscal 2007, was greater than
the US$10.3 million net loss from the prior year primarily from
the impairment of inventory and the pending closure of 31 low-
return stores partially offset by improved gross profit service
revenue, lower selling, general and administrative expenses and
interest expense.

CFO Harry Yanowitz commented, "We were pleased with the
continuing improvement of our service center business which
yielded a 4.5% comparable service center revenue increase and
underlying gross profit margin improvement, despite the
prevailing difficult macroeconomic environment.  Our cost
reduction initiatives also continue to be a highlight,
supporting improved overall operating performance.

"As we work through our inventory transition, we expect
continued pressure on our retail business, resulting in reduced
sales and gross profit margins as we sell down our non-core
merchandise through Q4 and into the first half of 2008."

                      Capital Resources

At Nov. 3, 2007, the company had long-term debt, net of current
maturities, of US$549.7 million.  As of Nov. 3, 2007, the
company had further undrawn availability under it revolving
credit facility totaling US$156.0 million.

                        Balance Sheet

At Nov. 3, 2007, the company's consolidated balance sheet showed
US$1.65 billion in total assets, US$1.15 billion in total
liabilities, and US$496.3 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Nov. 3, 2007, are available for
free at http://researcharchives.com/t/s?2741

                       About Pep Boys

Headquartered in Philadelphia, The Pep Boys - Manny, Moe & Jack
(NYSE: PBY) -- http://pepboys.com/-- has over 560 stores and
approximately 6,000 service bays in 35 states and Puerto Rico.
Along with its vehicle repair and maintenance capabilities, the
company also serves the commercial auto parts delivery market
and is one of the leading sellers of replacement tires in the
United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2008, Moody's Investors Service has placed all ratings
of Pep Boys Manny Moe & Jack under review for possible
downgrade:

   -- Corporate family rating at B1
   -- Probability of default rating at B1
   -- US$155 million senior secured term loan due 2013 at Ba3
   -- US$200 million senior subordinated notes due 2014 at B3.




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


ITAU URUGUAY: Profit Increases 43.1% to UYU167 Million in 2007
--------------------------------------------------------------
Banco Itau Uruguay's profit increased 43.1% to UYU167 million in
2007, from 2006, Business News Americas reports, citing
Uruguayan central bank figures.

BNamericas relates that Banco Itau Uruguay's net interest income
grew 28.3% to UYU804 million in 2007, compared to 2006.  Its fee
income increased almost fourfold to UYU261 million.

Banco Itau Uruguay's loans rose 1.22% to UYU17.6 billion in
December 2007, compared to December 2006, with peso-denominated
loans rising 50.3% to UYU2.71 billion, BNamericas notes.  The
bank's past-due loan ratio improved to 0.68% as of December
2007, from 1.06% December 2006.

Banco Itau Uruguay S.A. is a multi-product commercial bank, with
a branch network throughout the country.  As of June 2007 the
bank had UYU21.1 billion of assets and UYU1.9 billion of equity.

As of Jan. 4, 2008, Moody's said that Banco Itau Uruguay's B2
foreign currency deposit rating is constrained by Uruguay's
foreign currrency country ceiling for deposits.  Banco Itau
Uruguay's Aa2.uy local currency national scale deposit rating is
directly linked to the local currency deposit rating of Ba1.

As reported in the Troubled Company Reporter-Latin America on
Sept. 25, 2007, Moody's Investors Service upgraded to Ba1 from
Ba2 the long-term global local currency deposit ratings of Banco
Itau Uruguay S.A., and the local-currency national scale deposit
ratings to Aa2.uy from Aa3.uy.

These ratings were upgraded:

-- Long Term Global Local Currency Deposits: to Ba1 from Ba2

-- National Scale Rating for Local Currency Deposits: to
    Aa2.uy Aa3.uy




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


PETROZUATA FINANCE: S&P Affirms B Rating on US$987.2-Mln Bonds
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B' rating
on Petrozuata Finance Inc.'s US$287.2 million bonds due 2009,
US$625 million bonds due 2017, and US$75 million bonds due 2022.
S&P also removed the ratings from CreditWatch with negative
implications, where it was placed on June 27, 2007.  The ratings
are now on CreditWatch with positive implications.  Petrolera
Zuata C.A. guarantees Petrozuata Finance's bonds.  Petrolera
Zuata is a heavy oil production and upgrading project in the
Bolivarian Republic of Venezuela (BB-/Stable/B) and is wholly
owned by Petroleos de Venezuela S.A. (PDVSA; BB-/Stable/--).

"The CreditWatch positive placement reflects the potential for
bondholders to be fully repaid under a PDVSA tender, consistent
with the Cerro Negro Finance Ltd. and Ameriven (Hamaca)
projects, or to bear a lower risk of default if the existing
lending arrangements continue," noted S&P's credit analyst Terry
A. Pratt.  "The arrangements could continue if tax issues are
resolved and the current operations remain on track.  If PDVSA
tenders successfully for the debt, we will withdraw our
ratings."

"If the existing lending arrangements remain, we could upgrade
the project ratings following detailed analysis of expected
future operational and financial performance," Mr. Pratt
continued.

Petrolera Zuata CA, Cerro Negro, Sincrudos de Oriente CA, and
Hamaca Holding LLC are all domiciled in Venezuela and are key to
the development of the Orinoco Basin's extra heavy crude oil
reserves.  Debt holders rely solely on the ability of each
project to generate sufficient cash flow from operations to meet
scheduled debt service.  Revenues are largely derived from the
sale of Syncrude exports.

Petrozuata is owned 50.1% by a ConocoPhillips subsidiary and
49.9% by a Petroleos de Venezuela SA subsidiary.


SHAW GROUP: Nuclear Unit Launches New Office in Shanghai, China
---------------------------------------------------------------
The Shaw Group Inc. announced that the Nuclear Division of the
Shaw Power Group has opened a new office in Shanghai, China, to
support the rapidly growing Chinese nuclear power marketplace.
The office will accommodate the Shaw project management team
already working on four AP1000 nuclear reactors at power plants
in Sanmen and Haiyang.

"We are extremely pleased to expand our China operations," said
Richard F. Gill, president of Shaw's Power Group.  "Having a
significant presence in both Beijing and Shanghai will allow us
to serve our customers more efficiently, facilitate the
successful execution of our existing nuclear power projects in
China and strengthen our position for future projects and
services in the world's fastest-growing economy."

Shaw selected Shanghai as the location for its newest office to
establish and grow a strong presence in the business center of
China.  The location also will facilitate close interaction with
the Shanghai Nuclear Engineering Research and Design Institute,
which is the premier nuclear design institute in China and
provides important engineering services to the Consortium.  Shaw
will maintain its well-established Beijing office to continue
providing business development services for the nuclear, fossil
and process industries in China.

Shaw and Westinghouse Electric Company, its AP1000 Consortium
partner, signed contracts in July 2007 to provide services and
equipment for two AP1000 nuclear reactors in Sanmen and two
reactors in Haiyang.  China has indicated plans to build as many
as 30 new nuclear reactors by 2020.

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


* VENEZUELA: Pequiven's Joint Venture To Have Minority Investor
---------------------------------------------------------------
Venezuelan state-run petrochemicals firm Pequiven's joint
venture with Braskem SA will have a minority investor with a 2%
stake to help resolve bureaucratic matters, Business News
Americas reports, citing Braskem's head Jose Carlos Grubisich.

Polipropileno del Sur and Polietilenos de America would be
formed under the joint venture, BNamericas notes, citing Mr.
Grubisich.  If Braskem and Pequiven each owned 50% of the two
companies, these new firms would be considered state-owned under
Venezuelan legislation.

Mr. Grubisich commented to BNamericas, "Their control will be in
equal shares of 49% and the minor shareholder will not be able
to form a partnership with another shareholder to increase its
shareholding to 51%, for example."

The candidate to be the minority stakeholder is almost decided,
BNamericas says, citing Mr. Grubisich.

BNamericas relates that Braskem has negotiated the price it will
pay for the natural gas to feed the Polipropileno del Sur
polypropylene project and the Polietilenos de America
ethylene/polyethylene complex with Venezuelan state-run oil firm
Petroleos de Venezuela.

According to BNamericas, Polipropileno del Sur will construct
and run a 450,000-ton-per-year polypropylene unit costing over
US$840 million.  Polietilenos de America will build and operate
a natural gas-based ethane cracker that can make:

   -- 1.3 million tons per year of ethylene,
   -- 419,000 tons per year of high-density polyethylene,
   -- 309,000 tons per year of low-density polyethylene, and
   -- 440,000 tons per year of linear low-density polyethylene.

Polietilenos de America project would require an estimated
US$2.66 billion investment, BNamericas states.

                       About Pequiven

Pequiven is an integrated company, which operates 13 fully-owned
plants, producing basic petrochemicals and fertilizers.  It
participates in 19 joint ventures of which one, FertiNitro, went
on stream in 2000, and has investments overseas.  It has four
complexes in Venezuela: El Tablazo, Jose, Paraguana and Moron.

                        About Braskem

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.  The company reported consolidated
net revenues of about US$9 billion in the trailing twelve months
through Sept. 30, 2007.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at
'B'and the Country Ceiling at 'BB-'.  Fitch said the outlook on
the ratings remains stable.


                         ***********


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

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

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

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

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

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


              * * * End of Transmission * * *