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

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

          Monday, January 28, 2008, Vol. 8, Issue 19

                          Headlines

A R G E N T I N A

ALITALIA SPA: Air France-KLM to Retain Alitalia Brand
ARVINMERITOR INC: To Supply Hyundai Unit w/ Plastic Door Modules
AVAYA INC: Works with Extreme Networks in Ethernet Transition
BALL CORP: Reports US$281.3 Million 2007 Full Year Earnings
BRANDO HERMANOS: Proofs of Claim Verification Ends on March 12

GETTY IMAGES: S&P Affirms BB Corp. Credit Rating; Outlook Neg.
SUN MICROSYSTEMS: Earns US$260 Mil. in Second Qtr. Ended Dec. 30
TENNECO INC: Incurs US$72 Million 2007 Fourth Quarter Net Loss


B E R M U D A

VIVUS INT'L: Proofs of Claim Filing Deadline Is Feb. 8


B R A Z I L

BANCO NACIONAL: Okays BRL79.6-Million Loan for Cemar
BANCO PATAGONIA: Names UBS Pactual as Market Maker
BRASIL TELECOM: Investors to Swap Shares with Telemar Holders
COMPANHIA ENERGETICA: Sao Paulo Opens Data Room for Stake Sale
EMBRATEL PARTICIPACOES: Carlos Moreira Leaving CEO Post

EMI GROUP: Chairman Tables Bid for Chrysalis Group
FIAT SPA: Moody's Affirms Ba1 Corp. Family Rating; Outlook Pos.
GENERAL MOTORS: IUE-CWA Retirees to Get Belated Christmas Bonus
GERDAU AMERISTEEL: Expanding Jacksonville Mill Rolling Capacity
GERDAU SA: Chaparral Steel Acquisition Is Biggest Takeover Deal

HEXCEL CORP: Net Income Down to US$13-Million in Fourth Quarter
TELE NORTE: Investors to Swap Shares with Brasil Telecom Holders

* BRAZIL: Samsung To Build Ultra-Deepwater Drillship


C A Y M A N   I S L A N D S

BBH AOF: Proofs of Claim Filing Deadline Is Today
BREA EQUITY: Holding Final Shareholders Meeting Today
BREA INVESTMENTS: Final Shareholders Meeting Is Today
BREA HOLDINGS: Final Shareholders Meeting Today
COMMERCIAL INVESTMENTS: Final Shareholders Meeting Is Today

COMMERCIAL EQUITY: Holding Final Shareholders Meeting Today
LAGUNA EQUITY: Final Shareholders Meeting Is Today
LAGUNA INVESTMENTS: Holding Final Shareholders Meeting Today
LAKEHILL INVESTMENTS: Final Shareholders Meeting Is Today
LANDMARK EQUITY: Final Shareholders Meeting Is Today

MARCUS EQUITY: Final Shareholders Meeting Is Today
MARCUS HOLDINGS: Holding Final Shareholders Meeting Today
ORANGE EQUITY: Final Shareholders Meeting Is Today
ORANGE INVESTMENTS: Holing Final Shareholders Meeting Today
PARMALAT SPA: Milan Court Commences Trial vs. Citigroup et al.

WESTSHORE HOLDINGS: Final Shareholders Meeting Is Today


C H I L E

BELL MICROPRODUCTS: Head Expects LatAm Sales to Increase by 10%
ROCK-TENN CO: Earns US$17.5 Million in 2008 First Quarter
SHAW GROUP: Environmental Unit Bags Deal from General Electric


C O L O M B I A

QUEBECOR WORLD: Selects Arnold & Porter as Bankruptcy Counsel
QUEBECOR WORLD: US$750MM DIP Fund To Buy US$416MM Receivables
QUEBECOR WORLD: Wants Access to RBC's, Soc Gen's Cash Collateral


C O S T A   R I C A

BANCO DE COSTA RICA: Carlos Fernandez Leaves CEO Post
US AIRWAYS: Incurs US$79-Million Net Loss in Fourth Quarter


D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Building Third Dominican Power Plant

* DOMINICAN REPUBLIC: Mulls Signing Funding Accord with IMF


E C U A D O R

PETROECUADOR: Feiseh Getting US$1.47B from Block 15 Oil Exports


H O N D U R A S

* HONDURAS: Hondutel Head Marcelo Chimirri Leaves Post


J A M A I C A

AIR JAMAICA: Unions Hope Cabinet Intervention To Help Wage Talks
NATIONAL COMMERCIAL: Cash Plus Injunction Against Bank Ends

* JAMAICA: Pan Caribbean Eyes Cut of Stable Rating to Negative


M E X I C O

ADVANCED MICRO: Fitch Cuts Issuer Default Rating to B- from B
ALASKA AIR: Reports US$125 Million 2007 Full Year Net Income
AVNET INC: Reports US$142.2-Mln Net Income in Qtr. Ended Dec. 31
CONSTELLATION BRANDS: Selling Three Wine Brands for US$134 Mil.
GRUPO MEXICO: Must Disclose Results of Mine Surveys

INDUSTRIAS UNIDAS: Moody's Lowers Senior Notes Rating to Caa1
PRIDE INT: Awards Ultra-Deepwater Drillship Contract to Samsung
VISTA GOLD: Closes Adjacent Properties Acquisition in Mexico


N I C A R A G U A

XEROX CORPORATION: Earns US$1.1 Billion in Year Ended Dec. 31


P A N A M A

CHIQUITA BRANDS: May Bid for Five Million Boxes of Bananas

* PANAMA: Free Trade Pact with Chile Takes Effect on March 7


P E R U

DOE RUN: Says Levels of Lead at La Oroya Drop 61.7%


P U E R T O   R I C O

ADELPHIA COMMS: Ct. Extends Claims Objection Deadline to May 16
ALLIED WASTE: Closes US$33.9MM California Demand Bonds Offering
BURGER KING: May No Longer Buy Tomatoes from Immokalee
MOTHERS WORK: Taps L. Hendrickson as Chief Merchandising Officer
MUSICLAND: Panel Wants Best Buy to Disgorge US$145MM in Payments

SEARS HOLDINGS: Fitch Affirms Issuer Default Rating at BB


V E N E Z U E L A

CHRYSLER: Unit Inks Product Development Pact With Tata Motors
FERTINITRO FINANCE: Fitch Affirms CCC Rating on Secured Bonds
PETROLEOS DE VENEZUELA: Inks Junin Study Contracts with Statoil
PETROLEOS DE VENEZUELA: Oil Output Drops 148,000 bpd in 2007

* BOND PRICING: For the Week January 21 to January 25

                         - - - - -


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


ALITALIA SPA: Air France-KLM to Retain Alitalia Brand
-----------------------------------------------------
Air France-KLM SA has given its reassurance that it will retain
the Alitalia S.p.A. brand after it acquires the Italian
government's 49.9% stake in the national carrier, Thomson
Financial reports, citing the Anpac pilots union.

"There have been full and concrete assurances that there will
not be a 'regionalization' of the Italian flag carrier and the
Alitalia brand's value will be exploited and improved," said
Anpac, which with Anfav and Avia unions, met with Air France CEO
Jean Cyrille Spinetti.

Anpac added that the first phase of the plan will see a network
and fleet rationalization that will allow for a turnaround in
the results in order to reach breakeven beginning 2010, Thomson
Financial relates.

Air France also assured that following the downscaling of
Alitalia's operations at Milan's Malpensa airport, there will be
an expansion of flights to European destinations, Thomson
Financial adds.

Air France, Alitalia and trade unions will meet in February to
discuss the business plan for the national carrier.

As reported in the TCR-Europe 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.


ARVINMERITOR INC: To Supply Hyundai Unit w/ Plastic Door Modules
----------------------------------------------------------------
ArvinMeritor, Inc.'s Light Vehicle Systems (LVS) business group
has been awarded a multi-year contract to supply Hyundai North
America with an innovative plastic door module and accompanying
corporate latch product for the new Hyundai Sonata. Production
is scheduled to begin in March 2010.

The highly integrated plastic door module will replace the
current steel version, and is part of ArvinMeritor's smart
systems(TM) product strategy to combine electronics and controls
with heritage mechanical components to enhance vehicle systems
performance.  The door module uses an innovative composite
construction to intelligently integrate the electro-mechanical
and modular components, saving up to 25 percent in weight and
representing the first application of plastic door module
technology at Hyundai.  It is also the first such ArvinMeritor
product to appear on the North American market.

The Hyundai Global Latch will be delivered alongside the highly
integrated plastic and is ArvinMeritor's next generation
corporate latch for Hyundai.  This product is an adaptable
global concept based upon robust functional modules and provides
improvements in security, weight, packaging and cost.

Both of these products will be manufactured in North America
with an initial annual volume projected to be approximately
700,000 units each.

"This new business win is another example of how ArvinMeritor is
leveraging unique integration expertise into innovative modules
and systems," said LVS vice president and general manager of
ArvinMeritor Body Systems, Aziz Aghili.  "These new developments
allow us to bring real value to exciting vehicle manufacturers
such as Hyundai, while continuing to expand our global reach and
customer base."

ArvinMeritor's LVS business group is a market leader in the
product categories it serves, supplying integrated systems and
modules to the world's leading passenger car and light truck
OEMs.  Through smart systems(TM) technologies, the intelligent
application of controls and electronics, ArvinMeritor's
traditional mechanical products are taking on new form and
function at both the component and system levels.  With advanced
technology and systems design expertise in body systems, chassis
and wheels, LVS combines high-quality components into cost-
effective, performance-based solutions for virtually every car
and light truck on the road today.

                     About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 14, 2008, Fitch Ratings has taken these rating actions on
ArvinMeritor Inc.:

   -- Issuer Default Rating downgraded to 'B+' from 'BB-';

   -- Senior secured revolver affirmed at 'BB' and assigned
      'RR1';

   -- Senior unsecured notes affirmed at 'B+' and assigned
      'RR4'.

Fitch's rating outlook is negative.  The ratings affect
approximately US$1.1 billion of outstanding debt.


AVAYA INC: Works with Extreme Networks in Ethernet Transition
-------------------------------------------------------------
Avaya Inc. is working with its global partner Extreme Networks,
Inc. to provide a transition path for its customers who have
installed the Avaya Cajun(R) line of Ethernet switches and plan
to upgrade their converged network infrastructure.

Avaya is recommending the Extreme Networks BlackDiamond(R) and
Summit(R) Ethernet switches to its customers as the Avaya Cajun
family of switches approach end-of-sale status.  Ethernet
switches are typically used to accommodate the bandwidth
required for advanced applications in IP telephony, security and
wireless local area networks.

"Avaya has been integrating and supporting the Extreme Networks
product lines worldwide in its Intelligent Communications
solutions for more than four years," said Avaya Converged
Communications Division vice president, Simon Woollett.  "It's
only natural that Extreme would be Avaya's preferred offer for
our customers who want to transition from Avaya's Cajun
switches."

"Together, Avaya and Extreme Networks provide the right
combination of ntelligent features, performance, proven
interoperability and management integration, making for a solid
convergence solution," said Extreme Networks' Volume Products
Group vice president and general manager, Douglas Murray.  "Our
ExtremeXOS(TM) based BlackDiamond and Summit switches offer
Avaya's customers the right foundation for voice, video and
data."

Extreme Networks provides comprehensive Ethernet switching
product lines that are well proven in the market to support
Avaya's broad portfolio of communication products.  These
solutions and support services can be purchased by customers
from Avaya and its BusinessPartners in market segments that
include education, government, manufacturing, entertainment,
media, retail and financial services.

                   About Extreme Networks

Extreme Networks, Inc.  (Nasdaq: EXTR) --
http://www.extremenetworks.com-- designs, builds, and installs
Ethernet infrastructure solutions that solve the toughest
business communications challenges.  The company's commitment to
open networking sets it apart from the alternatives by
delivering meaningful insight and unprecedented control to
applications and services.  The company believes openness is the
best foundation for growth, freedom, flexibility, and choice.
Extreme Networks focuses on enterprises and service providers
who demand high performance, converged networks that support
voice, video and data, over a wired and wireless infrastructure.

                       About Avaya Inc.

Headquartered in Basking Ridge, New Jersey, Avaya Inc. (NYSE:
AV) -- http://www.avaya.com/-- designs, builds and manages
communications networks for more than one million businesses
worldwide, including more than 90% of the FORTUNE 500(R).  Avaya
is a world leader in secure and reliable Internet Protocol
telephony systems and communications software applications and
services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service has assigned a B2
corporate family rating to newly private Avaya, Inc. as well as
Ba3 ratings to its new senior secured US$200 million revolver
and US$3.8 billion term loan.  The company was acquired by TPG
Capital LLC and Silver Lake Partners on Oct. 26, 2007 for US$8.3
billion. Moody's also withdrew the company's previous Ba3
corporate family rating and shelf ratings, which were placed
under review for downgrade after the company announced the going
private transactions.  Moody's said the outlook is stable.


BALL CORP: Reports US$281.3 Million 2007 Full Year Earnings
-----------------------------------------------------------
Ball Corporation has reported full-year 2007 net earnings of
US$281.3 million, or US$2.74 per diluted share, on sales of
US$7.39 billion, compared to US$329.6 million, or US$3.14 per
diluted share, on sales of US$6.62 billion in 2006.

Fourth quarter 2007 net earnings were US$33.3 million, or 33
cents per diluted share, on sales of US$1.76 billion, compared
to US$48.3 million, or 46 cents per diluted share, on sales of
US$1.59 billion in the fourth quarter of 2006.

In both 2007 and 2006 results included costs from business
consolidation activities and significant non-operating items.
Fourth quarter 2007 results included net after-tax costs of
approximately US$27 million, or 27 cents per diluted share, for
business consolidation primarily in the company's food and
household products packaging, Americas, segment.  Full-year 2007
results included the fourth quarter business consolidation costs
and a third quarter after-tax charge of US$51.8 million, or 50
cents per diluted share, related to a customer settlement.

Fourth quarter 2006 results included net after-tax costs of
US$20.2 million, or 19 cents per diluted share, from business
consolidation activities, reduced by a one-time tax gain.  Full-
year 2006 results included property insurance proceeds resulting
from a fire at a plant in Germany, offset by business
consolidation costs, for a net after-tax gain of US$25.6
million, or 24 cents per diluted share.

Chairperson, president and chief executive officer, R. David
Hoover said "2007 was a record year for Ball in terms of
operating results."

"On a comparable basis, our diluted earnings per share were
US$3.50 in 2007, up 21 percent from our previous record of
US$2.90 in 2006.  This came despite a difficult fourth quarter
comparison where, also on a comparable basis, we earned 60 cents
per diluted share in the period in 2007 versus 65 cents in the
fourth quarter of 2006," Mr. Hoover said.

"While we generally are pleased with our results from 2007, we
have identified and are executing on numerous initiatives that
we believe will lead to further improvements in 2008 and better
position us for the longer term," Mr. Hoover said.  "Earlier
this week our board of directors elected John A. Hayes as
executive vice president and chief operating officer of Ball
Corporation. John has done a superior job of leading our
operations in Europe in recent years.  We look forward to having
him as chief operating officer for all of our businesses."

             Metal Beverage Packaging, Americas

Metal beverage packaging, Americas, segment operating earnings
were US$213.6 million in 2007 on sales of US$2.76 billion,
including an US$85.6 million charge for a customer settlement,
compared to US$269.4 million on sales of US$2.60 billion in
2006.  For the fourth quarter, earnings were US$57.8
million on sales of US$666.6 million in 2007, compared to
US$75.9 million on sales of US$611.9 million in 2006.

"Continued strong demand for specialty size cans contributed to
overall results in our metal beverage packaging, Americas,
segment in 2007," Mr. Hoover said.  "Work is progressing on
schedule to install a new 24-ounce can production line in our
Monticello, Indiana, beverage can plant.  That capacity will
come on stream later this year to help us keep up with the
growing demand for that particular container, primarily for
energy drinks and beer."

Ball Corp.'s board of directors approved yesterday the
corporation's participation in a one-line metal beverage
container plant in southeastern Brazil.  The plant will be part
of Latapack-Ball Embalagens, Ltda., the company's 50-50 joint
venture can company in Brazil.  Its capacity will be 900 million
cans per year and can be expanded to 2 billion cans per year as
demand grows.  The plant will be financed entirely by cash flows
from the joint venture, and production is expected to begin in
mid-2009.

            Metal Beverage Packaging, Europe/Asia

Metal beverage packaging, Europe/Asia, segment results in 2007
were operating earnings of US$256.1 million on sales of US$1.9
billion, compared to US$268.7 million on sales of US$1.51
billion in 2006, which included a pre-tax property insurance
gain of US$75.5 million related to a fire in a German
plant.  For the fourth quarter, operating earnings in 2007 were
US$37.6 million on sales of US$455.5 million, compared to US$33
million on sales of US$352.6 million in the fourth quarter of
2006.

Ball Corp. announced today plans to build a new beverage can
manufacturing plant in Poland in order to meet the rapidly
growing demand for beverage cans there and elsewhere in Central
and Eastern Europe.  The plant will be built in Lublin, near the
borders of Belarus and Ukraine.  It will initially have one
production line with an annual capacity of approximately 750
million cans per year and is expected to begin production in the
first half of 2009.

"Our metal beverage packaging, Europe/Asia, segment had a strong
2007, with improved results throughout Europe and in China, and
we have numerous growth opportunities," Mr. Hoover said.  "We
currently are speeding up certain production lines in Germany
and Poland in advance of the busy 2008 summer selling season.
In addition, during the fourth quarter of 2007 we announced
plans for a beverage can plant in India that will use existing
manufacturing equipment."

     Metal Food & Household Products Packaging, Americas

Metal food and household products packaging, Americas, segment
results for 2007 were a loss of US$8 million on sales of US$1.18
billion, including business consolidation costs of US$44.2
million, compared to US$2.4 million on sales of US$1.14 billion
in 2006.  For the fourth quarter of 2007, segment results were a
loss of US$33.4 million on sales of US$271.1 million, compared
to a loss of US$23.2 million on sales of US$288.1 million in the
same period of 2006.  The fourth quarter and full-year 2007
results included business consolidation costs of US$44.2
million.  The fourth quarter and full-year 2006 results include
business consolidation costs of US$33.8 million and US$35.5
million, respectively.

"Work has begun on the further restructuring announced early in
the fourth quarter of our metal food and household products
packaging, Americas, segment," Mr. Hoover said.  "The
restructuring plan includes closing aerosol can production
plants in California and Georgia and exiting the custom and
decorative tinplate can business.  Even though the anticipated
annualized cost savings of US$15 million from this restructuring
are not expected until 2009, we believe other improvements we
have already made and continue to make in pricing and operating
efficiencies will lead to much improved performance in this
segment in 2008."

                 Plastic Packaging, Americas

Plastic packaging, Americas, segment results for 2007 were
operating earnings of US$25.9 million on sales of US$752.4
million, compared to US$28.3 million on sales of US$693.6
million in 2006.  For the fourth quarter, earnings in 2007 were
US$8.8 million on sales of US$172.1 million, compared to US$10
million on sales of US$172.6 million for the same period in
2006.

"Plastic packaging, Americas, segment results were down slightly
in 2007 from 2006 and are at unacceptable levels," Mr. Hoover
said.  "We will continue to emphasize our heat set and other
higher margin plastic containers while pursuing price increases
for commodity plastic containers for water and carbonated soft
drinks, where returns are well below our cost of capital and
must improve."

                 Aerospace and Technologies

Aerospace and Technologies segment results were operating
earnings of US$64.6 million on sales of US$787.8 million in
2007, compared to US$50 million on sales of US$672.3 million in
2006.  For the fourth quarter, earnings were US$11.1 million on
sales of US$190.9.  Fourth quarter 2006 earnings were US$16.7
million on sales of US$166.6 million.

"Our aerospace and technologies segment enjoyed an outstanding
year in 2007, even though fourth quarter results were down from
a year ago," Mr. Hoover said.  "We have several large projects,
such as the WorldView 2 satellite for DigitalGlobe, in progress
and are competing for several other large contracts. The market
continues to hold strong demand for the products and
technologies for which we are most recognized."

                           Outlook

Raymond J. Seabrook, executive vice president and chief
financial officer, said adjusted free cash flow for 2007 was
US$440 million and that 2008 free cash flow will be lower due to
higher cash taxes, a one-time after-tax payment of US$42 million
for the customer settlement reached in the third quarter of 2007
and higher 2008 capital expenditures, offset partially by a
reduction in working capital.

"In part due to lower than expected capital expenditures in 2007
which will be spent in 2008, and due to growth projects in the
company's worldwide beverage can business, we expect capital
spending to exceed US$300 million in 2008," Mr. Seabrook said.
"Approximately 75 percent of our anticipated capital spending
will be in our beverage can segments, with more than US$150
million of the total earmarked for top-line growth projects.
Cost reduction and maintenance capital spending for the total
company should be approximately 60 percent of overall
depreciation.

"Our credit profile remains strong with net debt at the end of
2007 at US$2.2 billion.  This strong credit profile should allow
us to repurchase approximately US$300 million of our common
stock in 2008, including the accelerated share buyback program
we announced in December," Mr. Seabrook said.

"We are optimistic about 2008," Mr. Hoover said.  "We are
focused on getting results in our food and household products
packaging and plastic packaging segments to more acceptable
levels.

"We have attractive opportunities for growth in our beverage can
operations worldwide, and much of our capital spending will be
directed at these opportunities.  Our aerospace and technologies
segment is coming off of a remarkable record year that will be
difficult to duplicate, but results in 2008 should remain
strong," Mr. Hoover said.

"For full year 2008 we will work hard to achieve greater than
the US$3.50 per diluted share we made in 2007, excluding
restructuring and customer settlement costs," Mr. Hoover said.

                      About Ball Corp.

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and
plastic packaging products.  It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.
Ball Corp. reported sales of US$7.4 billion in 2007 and the
company employs about 15,500 people worldwide, including
Argentina, Hong Kong and China.

                        *     *     *

As of July 30, 2007, the company holds Moody's Ba1 long-term
corporate family rating, bank loan debt, senior unsecured debt,
and probability of default rating.  Moody's said the outlook is
stable.

Standard & Poor's rates the company's long-term foreign and
local issuer credits at BB+ with a stable outlook.

Fitch also rates the company's bank loan debt at BB+ and long-
term issuer default rating and senior unsecured debt at BB.
Fitch said the outlook is stable.


BRANDO HERMANOS: Proofs of Claim Verification Ends on March 12
--------------------------------------------------------------
Mirta A. Calfun de Bendersky, the court-appointed trustee for
Brando Hermanos S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until March 12, 2008.

Ms. Calfun de Bendersky will present the validated claims in
court as individual reports on April 23, 2008.  The National
Commercial Court of First Instance in Buenos Aires will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Brando Hermanos and its
creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Brando Hermanos'
accounting and banking records will be submitted in court on
June 4, 2008.

Ms. Calfun de Bendersky is also in charge of administering
Brando Hermanos' assets under court supervision and will take
part in their disposal to the extent established by law.

The trustee can be reached at:

         Mirta A. Calfun de Bendersky
         Avenida Santa Fe 2521
         Buenos Aires, Argentina


GETTY IMAGES: S&P Affirms BB Corp. Credit Rating; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings and
outlook on Seattle, Washington-based visual imagery company
Getty Images Inc., including its 'BB' corporate credit rating,
following the company's announcement that it is exploring
strategic alternatives.  The outlook is negative.

"We believe that a sale of the company could potentially result
in a weakened credit profile, but that current unfavorable
economic and credit market conditions suggest a lower
probability of a transaction within the next three months," said
S&P's credit analyst Tulip Lim.

The ratings on Getty Images reflect risks related to its limited
business diversity, its reliance on sales to the cyclical
advertising and publishing industries, the trend of organic
revenue decline, and secular pressures related to the
unfavorable economics of digital migration.  The company's good
competitive position in the niche market for generic (or stock)
visual imagery, solid discretionary cash flow generation, and
low leverage partially offset these risks.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


SUN MICROSYSTEMS: Earns US$260 Mil. in Second Qtr. Ended Dec. 30
----------------------------------------------------------------
Sun Microsystems, Inc., reported results for its fiscal second
quarter, which ended Dec. 30, 2007.

Revenues for the second quarter of fiscal 2008 were US$3.615
billion, an increase of approximately 1.4 percent as compared
with US$3.566 billion for the second quarter of fiscal 2007.
Total gross margin as a percent of revenues was 48.5, an
increase of 3.5 percentage points, as compared with the second
quarter of fiscal 2007.

Net income for the second quarter of fiscal 2008 on a GAAP basis
was US$260 million, as compared with a net income of US$133
million, for the second quarter of fiscal 2007.  GAAP net income
for the second quarter of fiscal 2008 included a US$32 million
restructuring charge.

Cash generated from operations for the second quarter of fiscal
2008 was US$336 million, and the cash and marketable debt
securities balance at the end of the quarter was US$4.677
billion.

"Today's results clearly demonstrate steady progress against our
financial targets and highlight the accelerating demand set to
fuel growth in the back half of the fiscal year," said Jonathan
Schwartz, Chief Executive Officer of Sun Microsystems.
"Headlining the results were improved margins and strong
bookings along with double digit growth in emerging markets
including India, China, Latin America, Eastern Europe, the
Middle East and Africa.  Adding to the momentum were the
SolarisTM Operating System OEM agreement with Dell and our
introduction of the industry's first open source datacenter
virtualization and management platform, Sun xVM."

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, Singapore, among others.

                        *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


TENNECO INC: Incurs US$72 Million 2007 Fourth Quarter Net Loss
--------------------------------------------------------------
Tenneco has reported a fourth quarter net loss of US$72 million,
or US$1.57 per diluted share, versus net income of US$15
million, or 31-cents per diluted share in fourth quarter 2006.
The loss was due to previously announced charges taken in the
fourth quarter for actions that advance the company's financial
strategy.  These include costs for refinancing a portion of the
company's debt, which will reduce interest expense, and non-cash
tax charges for realigning the European ownership structure,
which more effectively aligns the company's American and
European assets and revenues with liabilities and expenses.
This action will reduce cash taxes and accelerates the use of
United States net operating losses.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings assigned a rating of 'BB-' to
Tenneco Inc.'s new senior unsecured notes due 2015.  The new
notes replace a portion of the company's existing US$475 million
in 10.25% senior secured second-lien notes for which the company
is tendering.  Fitch said the rating outlook is positive.




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


VIVUS INT'L: Proofs of Claim Filing Deadline Is Feb. 8
------------------------------------------------------
Vivus International Limited's creditors are given until
Feb. 8, 2008, to prove their claims to Mike Morrison, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Vivus International's shareholders agreed on Jan. 10, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Mike Morrison
         KPMG Advisory Limited
         Crown House, 4 Par-la-Ville Road
         Hamilton, HM 08, Bermuda




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


BANCO NACIONAL: Okays BRL79.6-Million Loan for Cemar
----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has authorized a BRL79.6 million loan for
power distributor Companhia Energetica do Maranhao aka Cemar.

Banco Nacional told Business News Americas that Cemar will use
the proceeds to increase its distribution network and boost the
quality of its operational standards to lessen power theft.

According to BNamericas, Banco Nacional will lend Cemar about
60% of the project's BRL133 million total value.

Banco Nacional told BNamericas that Cemar will borrow the money
through Brazilian bank Unibanco, which will redirect the loan.

Cemar wanted to lessen power losses to 29.1% by the end of 2007
from 29.9% in 2004.  It wants to further decrease losses to
26.1% in 2010, BNamericas says, citing Banco Nacional.

                         About Cemar

Companhia Energetica do Maranhao aka Cemar is the electricity
distribution company operating in the state of Maranhao in
northeast Brazil.  Cemar currently serves 1.4 million customers
in its 333,366-square-kilometer concession area.

                     About Banco Nacional

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

                        *     *     *

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


BANCO PATAGONIA: Names UBS Pactual as Market Maker
--------------------------------------------------
Banco Patagonia said in a statement that it has hired investment
bank UBS Pactual as market maker to handle Brazilian depositary
receipts on the Sao Paulo stock exchange Bovespa.

Business News Americas relates that Banco Patagonia conducted an
initial public offering on the Buenos Aires, Sao Paulo and New
York stock exchanges in July 2007.  It raised US$255 million.

Meanwhile, Banco Patagonia said in the filing that it placed a
new ARS34.6-million securitization.

Banco Patagonia told BNamericas that investor demand for the
Ribeiro XXI securitization totaled ARS106 million, about 3.61
times the amount initially offered.

The securities were placed at a rate of 12.99%.  They mature
have a 3.87-month duration, BNamericas states.

Banco Patagonia specializes in public offerings of
securitizations.  It became Argentina's fifth largest locally
owned private bank through its purchase of Lloyds TSB Argentina
in late 2004.  The bank operates through 139 branches and has
202 ATM machines.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded Banco Patagonia
SA's local currency deposit rating is upgraded to Ba1 from Ba3.
Moody's confirmed that it raised its bank financial strength
rating on Banco Patagonia to D from E+, in connection with the
rating agency's implementation of its refined joint default
analysis and updated BFSR methodologies for banks in Argentina.
Its foreign currency deposit rating was affirmed at Caa1, with
positive outlook.  The company's long-term Argentine national
scale rating for local currency deposits is raised to Aa1.ar
from Aa2.ar. and its long term foreign currency deposit rating
in national scale was affirmed at Ba1.ar.  The foreign currency
subordinated debt rating was upgraded to B2 from Caa1.  The
outlook on the debt rating was positive.  The national scale
rating for foreign currency subordinated debt was raised to
Aa3.ar from Ba1.ar.


BRASIL TELECOM: Investors to Swap Shares with Telemar Holders
-------------------------------------------------------------
Romina Nicaretta at Bloomberg News reports that holders of
Telemar Norte Leste SA and Brasil Telecom SA's shares plan to
swap stakes in what may be the precursor to a merger of the two
telecom companies.

According to the same report, the planned exchange was disclosed
in a regulatory filing on Jan. 23 by holding companies Zain
Participacoes SA and Argolis Participacoes SA.

Bloomberg suggests that this latest development could eventually
lead to Telemar's buyout of Brasil Telecom.  The same report
said that Telemar's shareholders confirmed Jan. 10 that they are
indeed in talks to acquire Brasil Telecom.

Brasil Telecom denies this market speculation.  In regulatory
filings with the U.S. Securities and Exchange Commission dated
Jan. 9 and Jan. 18, Brasil Telecom said that Zain Participacoes,
one of its controlling companies, has clarified that it has not
entered into a merger or sale talks with Oi, "not even on a
preliminary nature."

Business News Americas previously reported that Oi has offered
BRL4.8 billion to buy Solpart, one of the controlling companies
of Brasil Telecom.  Zain owns 68% of Solpart, while the latter
has 51% of Brasil Telecom.

Meanwhile, if a merger would result between the two telecom
companies, antitrust laws might be violated.  But Brazilian
Communications Minister Helio Costa told Valor Economico that
the law cound be amended in order to facilitate such a merger.
Analysts said in different reports that the likely merger would
get government's supports because it would prevent other foreign
telecom companies, like Mexico's Telmex or Spain's Telefonica,
to control the local market.

                      About Telemar Norte

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

                     About Brasil Telecom

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


                        *     *     *

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


COMPANHIA ENERGETICA: Sao Paulo Opens Data Room for Stake Sale
--------------------------------------------------------------
Companhia Energetica de Sao Paulo said in a statement that the
Sao Paulo state government has opened the data room for the sale
of its 33.37% controlling stake in the firm.

Business News Americas relates that the state hasn't decided on
the date for the auction of the stake.  However, the auction is
expected in the first quarter of 2008.

According to the press, the 33.37% stake could be sold for as
much as BRL7 billion.

Sao Paulo governor Jose Serra told state newswire Agencia Estado
that the value is wrong and that it is not an official estimate.

Headquartered in Sao Paulo, Brazil, Companhia Energetica de Sao
Paulo (BOVESPA: CESP3, CESP5 and CESP6) is the country's third
largest power generator, majority owned by the State of Sao
Paulo.  CESP operates 6 hydroelectric plants with total
installed capacity of 7,456 MW and reported net revenues of
BRL1,983 million in the last twelve months through
Sept. 30, 2006.

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2007, Standard & Poor's Ratings Services has raised its
ratings on electricity generator Companhia Energetica de Sao
Paulo, including its corporate credit rating to 'B' from 'B-'.
At the same time, S&P raised its Brazil national scale ratings
on CESP to 'brBBB-' from 'brBB'.  S&P said the outlook remains
positive on both scales.


EMBRATEL PARTICIPACOES: Carlos Moreira Leaving CEO Post
-------------------------------------------------------
Embratel Participacoes said in a statement that Carlos Henrique
Moreira is resigning as its chief executive officer.

Mr. Moreira told news daily Valor Economico that he had been
wanting to leave the post since 2006 to have more personal time.

Business News Americas relates that Mr. Moreira will remain in
Embratel Participacoes as its chairperson and its representative
on the boards of Brazil's largest pay television provider Net
Servicos and satellite unit Star One.

Embratel Participacoes Mexican executive Jose Formoso Martinez
has replaced Mr. Moreira, BNamericas says.  Mr. Martinez is an
engineer and had been general director at Mexican cable operator
Cablevision, Guatemalan operator Telgua, El Salvadorian operator
Telecom and Nicaraguan operator PCS.

Mr. Martinez was already sharing the chief executive position
with Mr. Moreira, 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.


EMI GROUP: Chairman Tables Bid for Chrysalis Group
--------------------------------------------------
EMI Group Plc chairman Guy Hands made a bid for Chrysalis Group
Plc following Chrysalis founder Chris Wright's decision to carry
out a review of the business that might lead to its sale, The
Times reports.

According to the report, Mr. Hands' competitors for Chrysalis
are Warner Chappell and Sony/ATV, which also tabled an offer
through Chrysalis' adviser Jefferies International.

FT relates that private equity funds Saban Capital Group, GTCR
Golder Rauner and Apollo Management, and music publishing
specialists Primary Wave and Cherry Lane have also shown
interest in Chrysalis.

FT said analysts valued the Chrysalis group at more than GBP150
million.

Headquartered in London, England, The Chrysalis Group --
http://www.chrysalis.com/-- is an independent music company.
It is comprised of Chrysalis Music and CD distribution Lasgo
Chrysalis.  On July 31, 2007, the company completed the sale of
Chrysalis Radio for GBP170 million to Global Radio.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

EMI Group's consolidated balance sheet for the fiscal year ended
March 31, 2007, showed GBP1.498 billion in total assets,
GBP2.649 billion in total liabilities and GBP1.151 billion in
shareholders' deficit.

The company issued two profit warnings since January 2007.


FIAT SPA: Moody's Affirms Ba1 Corp. Family Rating; Outlook Pos.
---------------------------------------------------------------
Moody's Investors Service has affirmed Fiat SpA's Ba1 Corporate
Family Rating, and the group's other long-term senior unsecured
ratings.  At the same time, the positive outlook was maintained.
The short term Not Prime rating remains unchanged.

Moody's Senior Vice President and the lead analyst for the
European automotive sector, Falk Frey said:  "In 2007 Fiat
continued on its successful path towards a sustainable recovery
of its financial profile mainly driven by further operating
improvements at Fiat Group Automobiles but also higher
contributions from all other industrial businesses in particular
Iveco and CNH.  This strong performance of Fiat is very much in
line with Moody's expectations of late August when we changed
our outlook to positive on the rating"

Mr. Frey went on to say, "Moody's believes that 2008 might be
more challenging for Fiat, as a weakness in the overall economy
and the strengthening competitive landscape could slow down the
strong growth observed in the last few years.  Should Fiat be
able to sustain its market share performance achieved in Europe
last year also during 2008 while at least consolidating the
level of operating profitability reached in 2007, the ratings
could be upgraded to investment grade over the next 6 to 12
months."

Moody's says that the positive outlook is based on the
expectation that the company is well positioned to sustain the
current momentum, benefiting from (i) the strong demand of the
Fiat 500 launched in Q3 2007, (ii) a gradual overhaul of its
Alfa Romeo and Lancia models, (iii) an ongoing improvement of
Fiat Group Automobiles' dealer network as well as (iv) ongoing
efficiency gains.  Moody's nonetheless notes that company's
performance may no longer be aided by the favourable 2007
environment, notably in the company's core markets, but that the
heavy restructuring engaged by the company in the past years
should mitigate this possible headwind.

As Moody's outlined in its last press release dated
Aug. 22, 2007, the possibility of another positive rating change
as indicated by the positive outlook would be mainly dependent
on Fiat's ability to demonstrate the robustness of its current
business model in a more challenging market environment in 2008.
Among those challenges are Fiat's ability (i) to maintain
positive market share trend in Western Europe and Latin America,
Fiat's principal markets and (ii) to further solidify the
profitability and cash flows which will be necessary to fund
rising capital expenditure needs in order to keep a robust and
steady renewal rate.  In Moody's view, this sustained
development is a key factor to sustain the regained strength in
the company's competitive position and a factor where Fiat has
to close the gap compared to its direct peers.  A successful
execution of these challenges should go in line with a
trajectory of credit metrics towards RCF/Net debt above 50%,
which is one of the metrics expected from Baa Automotive
credits.

Moody's last rating action on Fiat SpA was an upgrade of the
Corporate Family Rating to Ba1 with a positive outlook from Ba2
on Aug. 22, 2007.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

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


GENERAL MOTORS: IUE-CWA Retirees to Get Belated Christmas Bonus
---------------------------------------------------------------
General Motors Corp. has finally agreed to pay IUE-CWA retirees
their Christmas bonus despite the fact that the Division has not
yet inked a new contract with the automaker, according to a
press release from the union.  The decision comes after a great
deal of pressure from the union and its retirees, who rely on
the payment to help cover holiday expenses.

"We are pleased the GM has recognized the hardship the delay in
this payment has placed on our retirees," IUE-CWA President Jim
Clark said.  "We have serious obstacles in reaching terms for
our active employees, but retirees should not be held hostage to
that process."

Payments will be made on or around March 17 to eligible IUE-CWA
retirees.  This includes both traditional IUE-CWA GM retirees
and eligible IUE-CWA Delphi "covered employees" who retired
after Jan. 1, 2000.  That covers, for example, those from Delphi
who "checked the box" to be covered by GM and Delphi retirees
who were extended GM coverage as part of the bankruptcy contract
settlement.

Payments will be US$700 for eligible retirees.  Eligible IUE-CWA
surviving spouses will receive 65% of that amount, or US$455.
The bonus will be cut in half for any eligible retiree with an
outstanding disability overpayment.  Payments to eligible
retirees or surviving spouses retired from Delphi will be pro-
rated based on the ratio of GM credited service.

"This agreement goes a long way to demonstrating good faith for
both parties," Automotive Conference Board Chairman Willie
Thorpe said.  "We can now focus on securing both a contract and
a long-term future for our members at Moraine."

                          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.


GERDAU AMERISTEEL: Expanding Jacksonville Mill Rolling Capacity
---------------------------------------------------------------
Gerdau Ameristeel told Business News Americas that it will
increase rolling capacity at Jacksonville Steel Mill, its mill
in Florida, to one million tons by 2010.

Gerdau Ameristeel said in a statement that Gerdau Ameristeel
wants to add 400,000 tons of rolling capacity at the
Jacksonville Steel Mill to match its recently expanded melting
capacity.  The mill primarily makes rebar and wire rod.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.  Gerdau Ameristeel is a unit of Brazilian firm
Gerdau SA.

                        *     *     *

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

Ratings affirmed are:

Issuer: Gerdau S.A.

-- Ba1 Global Local Currency Corporate Family Rating

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

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

-- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

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

Issuer: Jacksonville Economic Development Comm.

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

Outlook for all ratings: stable


GERDAU SA: Chaparral Steel Acquisition Is Biggest Takeover Deal
---------------------------------------------------------------
PricewaterhouseCoopers said in a report that Gerdau SA's
acquisition of US firm Chaparral Steel was the biggest takeover
transaction by a Brazilian company last year.

Business News Americas relates that Gerdau unit Gerdau
Ameristeel closed the deal to buy Chaparral Steel for US$4.22
billion in September 2007.

Meanwhile, Gerdau's accord to buy US-based Quanex Corp.'s steel
mill operation Macsteel for US$1.70 billion was also listed in
the 2007 ranking.

According to PricewterhouseCoopers' report, Gerdau also figures
among the Brazilian companies that conducted 10 or more mergers
or acquisitions last year.

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

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

Ratings affirmed are:

Issuer: Gerdau S.A.

-- Ba1 Global Local Currency Corporate Family Rating

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

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

-- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

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

Issuer: Jacksonville Economic Development Comm.

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

Outlook for all ratings: stable


HEXCEL CORP: Net Income Down to US$13-Million in Fourth Quarter
---------------------------------------------------------------
Hexcel Corporation reported results for the fourth quarter and
full year of 2007.  Net sales from continuing operations during
the quarter were US$317.6 million, 20.8% higher than the
US$262.9 million reported for the fourth quarter of 2006.
Related operating income for the fourth quarter was US$20.8
million, compared to US$17.5 million for the same quarter last
year.

Included within the 2007 operating income figure is US$9.4
million of pension settlement expense associated with the
termination of Hexcel's U.S. defined benefit pension plan and
US$3.2 million of impairment costs on certain purchased
technology and fixed assets, incurred as part of its portfolio
realignment.  Net income from continuing operations for the
fourth quarter of 2007 was US$13.0 million compared to US$17.7
million in 2006.  Net income from continuing operations for the
fourth quarter of 2007 was US$0.20 per share excluding one-time
items of the termination of Hexcel's U.S. defined pension plan,
the impairment costs and favorable tax adjustments.  Net income
for the fourth quarter of 2006 included the benefit from an
after-tax gain of US$9.6 million on the sale of a joint venture
interest.  Adjusted net income in the fourth quarter of 2006 was
US$6.9 million.

Chief Executive Officer David E. Berges commented, "This was a
very good closing quarter to a successful year of significant
transition for Hexcel.  Fourth quarter sales were at record
levels, led by the extremely strong growth in revenues from
aerospace (both commercial and defense) and assisted by strong
sales in the wind energy markets.  Our diluted earnings per
share for the quarter were a solid US$0.20 excluding the one-
time items, as compared to US$0.08 last year."

"For the year, we not only met all of our financial targets, we
accomplished or made great progress on all of our strategic
goals.  Our portfolio realignment is now complete and has
resulted in a more focused Company with better long-term growth
prospects.  Over 80% of our markets and submarkets delivered
double digit growth this year and have the potential to continue
doing so for years to come.  Our restructuring programs have
resulted in a single, lean entity, down from three business
units in 2005.  Our capacity expansion programs are all on
track, new product introductions are being embraced and we are
well positioned for the A350XWB."

"Despite the distractions presented by the restructuring and
business sale transactions, we are pleased with our financial
progress, particularly in the second half.  Adjusted operating
income margin was up for the fourth year in a row, at 11.5% of
sales, 40 basis points better than 2006, despite 30 basis points
of compression from exchange rates.  We have also achieved our
longstanding goal of reducing our net debt to EBITDA leverage
ratio below two times."

"As described in our 2008 Outlook, published in December 2007,
we expect the good growth trends to continue through at least
the next three years, thanks to sustained increases in wind
energy markets and in aircraft production, plus incremental new
programs from customers such as at Airbus, Boeing and USEC.  We
expect continued improvement of our financial performance.
While the impact of the recently announced delays of the 787
have not yet been determined, we are targeting to offset any
negative effects and do not expect it to cause a change in our
2008 earnings outlook of US$0.90 to US$0.95 per diluted share."

                     About Hexcel Corp.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


TELE NORTE: Investors to Swap Shares with Brasil Telecom Holders
----------------------------------------------------------------
Romina Nicaretta at Bloomberg News reports that holders of
Telemar Norte Leste SA and Brasil Telecom SA's shares plan to
swap stakes in what may be the precursor to a merger of the two
telecom companies.

According to the same report, the planned exchange was disclosed
in a regulatory filing on Jan. 23 by holding companies Zain
Participacoes SA and Argolis Participacoes SA.

Bloomberg suggests that this latest development could eventually
lead to Telemar's buyout of Brasil Telecom.  The same report
said that Telemar's shareholders confirmed Jan. 10 that they are
indeed in talks to acquire Brasil Telecom.

Brasil Telecom denies this market speculation.  In regulatory
filings with the U.S. Securities and Exchange Commission dated
Jan. 9 and Jan. 18, Brasil Telecom said that Zain Participacoes,
one of its controlling companies, has clarified that it has not
entered into a merger or sale talks with Oi, "not even on a
preliminary nature."

Business News Americas previously reported that Oi has offered
BRL4.8 billion to buy Solpart, one of the controlling companies
of Brasil Telecom.  Zain owns 68% of Solpart, while the latter
has 51% of Brasil Telecom.

Meanwhile, if a merger would result between the two telecom
companies, antitrust laws might be violated.  But Brazilian
Communications Minister Helio Costa told Valor Economico that
the law cound be amended in order to facilitate such a merger.
Analysts said in different reports that the likely merger would
get government's supports because it would prevent other foreign
telecom companies, like Mexico's Telmex or Spain's Telefonica,
to control the local market.

                    About Brasil Telecom

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

                    About Telemar Norte

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

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


* BRAZIL: Samsung To Build Ultra-Deepwater Drillship
----------------------------------------------------
Pride International said in a statement that it has awarded
Korean firm Samsung Heavy Industries a contract to construct an
ultra-deepwater drillship for Brazilian state-run oil firm
Petroleo Brasileiro SA aka Perobras.

Business News Americas relates that the vessel would be
delivered from the shipyard in the first quarter 2011, after
construction, commissioning and system integrated testing.

According to BNamericas that Petrobras will use the unit.  The
firm has the option to sign a firm contract for up to seven
years.

Pride International told BNamericas that it will get a fixed
daily rate and performance bonus of up to 17% of the daily rate
from Petrobras.  Contract revenues could range from US$916
million to US$1.24 billion.

The rig will initially be equipped for drilling in water depths
of up to 10,000 feet.  The estimated construction cost of the
rig, which includes commissioning and system integrated testing
but excludes capitalized interest, is US$720 million, BNamericas
states, citing Pride International.

                About Samsung Heavy Industries

Headquartered in South Korea, Samsung Heavy Industries Company
Limited's principal activity is the manufacturing of ships,
conveyance machines, chemical equipment and construction
equipment.

                  About Pride International

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.

                  About Petroleo Brasileiro

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


BBH AOF: Proofs of Claim Filing Deadline Is Today
-------------------------------------------------
BBH AOF Genpar, Limited's creditors are given until
Jan. 28, 2008, to prove their claims to Robert Gould, 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.

BBH AOF's shareholders agreed on Nov. 26, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

          Robert Gould
          Attention: Laura Del Fuoco
          Walkers
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9001
          Cayman Islands
          Phone: 345 814 4568
          Fax: 345 814 8268
          E-mail:laura.delfuoco@walkersglobal.com


BREA EQUITY: Holding Final Shareholders Meeting Today
-----------------------------------------------------
Brea Equity Limited will hold its final shareholders meeting on
Jan. 28, 2008, at 9:15 a.m. at the office of the company.

These agendas will be taken during the meeting:

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

Brea Equity's shareholders agreed on Nov. 20, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


BREA INVESTMENTS: Final Shareholders Meeting Is Today
-----------------------------------------------------
Brea Investments Limited will hold its final shareholders
meeting on Jan. 28, 2008, at 9:00 a.m. at the office of the
company.

These agendas will be taken up during the meeting:

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

Brea Investments' shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


BREA HOLDINGS: Final Shareholders Meeting Today
-----------------------------------------------
Brea Holdings Limited will hold its final shareholders meeting
on Jan. 28, 2008, at 10:00 a.m. at the office of the company.

These agendas will be taken during the meeting:

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

Brea Holdings' shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


COMMERCIAL INVESTMENTS: Final Shareholders Meeting Is Today
-----------------------------------------------------------
Commercial Investments Limited will hold its final shareholders
meeting on Jan. 28, 2008, at 9:30 a.m. at the office of the
company.

These agendas will be taken during the meeting:

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

Commercial Investments' shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


COMMERCIAL EQUITY: Holding Final Shareholders Meeting Today
-----------------------------------------------------------
Commercial Equity Limited will hold its final shareholders
meeting on Jan. 28, 2008, at 9:45 a.m. at the office of the
company.

These agendas will be taken during the meeting:

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

Commercial Equity's shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


LAGUNA EQUITY: Final Shareholders Meeting Is Today
--------------------------------------------------
Laguna Equity Limited will hold its final shareholders meeting
on Jan. 28, 2008, at 11:45 a.m. at the office of the company.

These agendas will be taken during the meeting:

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

Laguna Equity's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


LAGUNA INVESTMENTS: Holding Final Shareholders Meeting Today
------------------------------------------------------------
Laguna Investments Limited will hold its final shareholders
meeting on Jan. 28, 2008, at 11:30 a.m. at the office of the
company.

These agendas will be taken during the meeting:

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

Laguna Investments' shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


LAKEHILL INVESTMENTS: Final Shareholders Meeting Is Today
---------------------------------------------------------
Lakehill Investments Limited will hold its final shareholders
meeting on Jan. 28, 2008, at 10:15 a.m. at the office of the
company.

These agendas will be taken during the meeting:

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

Lakehill Investments' shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


LANDMARK EQUITY: Final Shareholders Meeting Is Today
----------------------------------------------------
Landmark Equity Limited will hold its final shareholders meeting
on Jan. 28, 2008, at 11:00 a.m. at the office of the company.

These agendas will be taken during the meeting:

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

Landmark Equity's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


MARCUS EQUITY: Final Shareholders Meeting Is Today
--------------------------------------------------
Marcus Equity Limited will hold its final shareholders meeting
on Jan. 28, 2008, at 1:00 p.m. at the office of the company.

These agendas will be taken during the meeting:

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

Marcus Equity's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


MARCUS HOLDINGS: Holding Final Shareholders Meeting Today
---------------------------------------------------------
Marcus Holding Limited will hold its final shareholders meeting
on Jan. 28, 2008, at 1:15 p.m. at the office of the company.

These agendas will be taken during the meeting:

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

Marcus Holding's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


ORANGE EQUITY: Final Shareholders Meeting Is Today
--------------------------------------------------
Orange Equity Limited will hold its final shareholders meeting
on Jan. 28, 2008, at 10:30 a.m. at the office of the company.

These agendas will be taken during the meeting:

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

Orange Equity's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


ORANGE INVESTMENTS: Holing Final Shareholders Meeting Today
-----------------------------------------------------------
Orange Investments Limited will hold its final shareholders
meeting on Jan. 28, 2008, at 10:45 a.m. at the office of the
company.

These agendas will be taken during the meeting:

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

Orange Equity's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


PARMALAT SPA: Milan Court Commences Trial vs. Citigroup et al.
--------------------------------------------------------------
A court in Milan, Italy, has commenced trial against Citigroup
Inc., UBS AG, Deutsche Bank AG, Morgan Stanley and nine
individuals on charges of market rigging that led to Parmalat
S.p.A.'s bankruptcy in December 2003, published reports say.

Lawyers for the banks rejected claims that the concerned firms,
as well as their current and former managers, withheld
information on Parmalat's true financial situation prior to its
collapse, Bloomberg News reports.

Milan prosecutors accused the banks of disguising the terms of
Parmalat bond sales and other financing from investors, thus
helping Parmalat conceal its financial situation.

Giuseppe Bana, a lawyer for UBS, said the bank had "absolutely
nothing to do" with Parmalat's breakdown, Bloomberg News says.

"Neither Citigroup nor its employees did anything wrong," Nerio
Dioda, was quoted by Bloomberg News as saying.  "Why would the
bank have lent US$500 million to Parmalat if it thought it was
in trouble?"

In a statement, Citigroup said it is "convinced that the trial
will finally prove that Citi and its employee are wholly
innocent of the charges being brought and that, instead, it is
the largest victim of the worst fraud in the history of modern
Italy."

Ten executives at Citibank, a unit of Citigroup, might face
trial for abetting Parmalat S.p.A.'s financial collapse in
December 2003.

                    Bondholders Join Case

Meanwhile, more than 40,000 bondholders asked to join the case
as civil parties, seeking damages on top of provision for
restitution if the banks are convicted, Dow Jones says.

According to Reuters, market-rigging cases permit third parties
to join and make a claim for damages.

"Let's hope we'll see some results," Carlo Federico Grosso, who
represents around 36,000 bondholders, told Bloomberg News.

Judge Gabriella Manfrin reset the hearing to March 7, 2008, to
allow more time to review the civil claims.

"It will finally be proven in court that Citi is in fact a
victim of this fraud," Citigroup said.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged
from bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


WESTSHORE HOLDINGS: Final Shareholders Meeting Is Today
-------------------------------------------------------
Westshore Holdings Limited will hold its final shareholders
meeting on Jan. 28, 2008, at 11:15 a.m. at the office of the
company.

These agendas will be taken up during the meeting:

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

Westshore Holdings' shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920




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


BELL MICROPRODUCTS: Head Expects LatAm Sales to Increase by 10%
---------------------------------------------------------------
Bell Microproducts' Latin American head Louis Leonardo told
Business News Americas that the firm expects sales in Latin
America to increase 10% in 2008.

BNamericas relates that Bell Microproducts sees overall growth
of up to 7% in 2008.

According to BNamericas, Latin America sales grew 12% in 2007,
from 2006, accounting for 14% of quarterly revenues that totaled
almost US$11.1 billion.

The report says that Bell Microproducts had initially estimated
20% growth for Latin America.  The firm then found it necessary
to readjust to consider a more moderate increase in sales due to
the US "subprime crisis."

Mr. Leonardo commented to BNamericas, "Usually if the US catches
a cold, Latin America gets pneumonia.  It definitely will have
an impact.  I see our growth coming not as much from the
commodity side of the business but from the conversion from the
desktop environment to the notebook, and enterprise and storage
solutions."

Local manufacturers have the largest share in Latin America with
regards to the personal computers segment, with their white box
products, BNamericas relates, citing Mr. Leonardo.  However,
there was a strong shift from desktops to laptops last year,
increasing the share of multinational brands.

Mr. Leonardo told BNamericas that in the storage segment the
launching of low-cost product lines by firms like Network
Appliance and Hitachi Data Systems makes it more affordable for
companies in Latin America, particularly mid-size firms, to
upgrade these products.

"In the next years we see strong increasing demand for storage,
both in the business side as well as in the individual side.
And for Bell Micro that is encouraging because, as a worldwide
group and even in Latin America, our strength has been in the
storage side first," Mr. Leonardo commented to BNamericas.

BNamericas reports that part of the strategies to get the 10%
growth include getting closer to clients by bringing more
products into each of the nations instead of being overly
dependent on the US operation.  Bell Microproducts will add more
personnel in the sales, technical and marketing areas in the
Latin American subsidiaries and in other nations.

Mr. Leonardo commented to BNamericas, "Throughout Central
America and the Caribbean we are expanding the work force as it
is important that we supply direct support to the resellers that
we are selling to.  And that was one of the big things that has
helped us in 2007 in that region."

The largest growth in Latin America last year was in Central
America and the Caribbean, with a 25% increase.  The growth was
mostly due to government bids in Guatemala and the Dominican
Republic, BNamericas states.

Headquartered in San Jose, California, Bell Microproducts Inc.
(Nasdaq: BELM) -- http://www.bellmicro.com/-- is an
international, value-added distributor of high-tech products,
solutions and services, including storage systems, servers,
software, computer components and peripherals, as well as
maintenance and professional services.  Bell is a Fortune 1000
company that has operations in Argentina, Brazil, Chile and
Mexico.

                        *     *     *

The company has received waivers from its lenders into March
2008 relating to the filing of financial reports with the SEC
and the provision of audited financial reports.


ROCK-TENN CO: Earns US$17.5 Million in 2008 First Quarter
---------------------------------------------------------
Rock-Tenn Company reported net income of US$17.5 million for the
first quarter of fiscal 2008 compared to US$15.1 million for the
prior year quarter.

The company's net sales of US$596.3 million for the first
quarter of fiscal 2008 increased US$62.4 million, or 11.7%, over
the first quarter of fiscal 2007.

Segment income was US$48.0 million compared to US$42.5 million
in the prior year quarter, or 12.9% over the prior year quarter.

For the first quarter of fiscal 2008, the company's income
including pre-tax restructuring and other costs of US$3.0
million, primarily related to the decision to close the
Chicopee, Massachusetts folding carton plant.  The closing of
the Chicopee plant takes advantage of low cost production
capacity resulting from our acquisition related capital
investments in one of the plants we acquired from Gulf States in
2005 and furthers the company's strategy of concentrating
production in larger facilities with market leading cost
positions.  Rock-Tenn's pre-tax restructuring and other costs
were US$0.5 million, or US$0.01 per diluted share after-tax, for
the first quarter of fiscal 2007.

                      Segment Results

Consumer Packaging Segment

Consumer Packaging segment net sales were US$327.3 million in
the first quarter of fiscal 2008 compared to US$303.1 million in
the prior year quarter, due to higher unit pricing in the fiscal
2008 quarter representing pass through of higher paperboard
costs and increased sales volumes.  Segment income increased
US$4.6 million over the prior year quarter to US$16.3 million in
the first quarter of fiscal 2008. Segment return on sales
increased to 5.0% compared to 3.9% in the prior year quarter.

Paperboard Segment

Paperboard segment net sales increased US$24.2 million from the
prior year quarter to US$235.0 million on higher selling prices
and a 1,624 increase in tons shipped.  Bleached paperboard tons
shipped increased 7.6% over the prior year quarter to 79,623
tons.  The average selling price for all paperboard grades
increased US$41 per ton over the prior year quarter.  Average
recycled fiber costs increased US$49 per ton over the prior year
quarter and energy and chemical costs each increased US$4 per
ton of recycled paperboard.  Segment income was US$21.5 million
compared to US$23.9 million in the prior year quarter.  During
the quarter we received approximately US$1.7 million in recovery
of previously expensed environmental costs, which was largely
offset by approximately US$1.3 million of impact in our Dallas
mill associated with a dryer section failure and rebuild in
December.

Merchandising Displays Segment

Merchandising Displays segment net sales increased US$21.1
million, or 34.6%, over the prior year first quarter, to US$82.0
million on strong demand for promotional displays.  Segment
income increased 56.9% to US$8.0 million compared to US$5.1
million in the prior year quarter.

Corrugated Packaging Segment

Corrugated Packaging segment net sales increased US$4.6 million
over the prior year quarter to US$41.2 million in the first
quarter of fiscal 2008, due to increased volumes and price
increases to recover higher paperboard costs.  Segment income
was US$2.2 million in the first quarter of fiscal 2008 and
US$1.8 million in the prior year quarter.

Rock-Tenn Company Chairman and Chief Executive Officer James A.
Rubright stated, "Strong sales growth in our consumer packaging,
corrugated packaging and merchandising display segments drove
our 27.5% increase in adjusted net income per share.  Operating
efficiencies flowing from our commitment to performance
excellence in our consumer-packaging segment enabled us to
achieve the return on sales target of 5% that we established
when we acquired the Gulf States assets in 2005."

Net cash provided by operating activities in the first quarter
of fiscal 2008 was US$22.3 million compared to US$32.3 million
in the prior year quarter.  The decrease was primarily due to
the reduction of non-debt current liabilities.

Headquartered in Norcross, Georgia, Rock-Tenn Company (NYSE:
RKT) -- http://www.rocktenn.com/-- provides a wide range of
marketing and packaging solutions to consumer products
companies, with operating locations in the United States,
Canada, Mexico, Argentina and Chile.  The company is one of
North America's manufacturers of packaging products,
merchandising displays and bleached and recycled paperboard.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 15, 2008, Standard & Poor's Ratings Services placed its
'BB+' corporate credit rating on Rock-Tenn Co. on CreditWatch
with negative implications.  At the same time, S&P placed the
'BB-' rating on the company's existing senior unsecured notes on
CreditWatch with developing implications.


SHAW GROUP: Environmental Unit Bags Deal from General Electric
--------------------------------------------------------------
The Shaw Group Inc.'s Environmental & Infrastructure Group has
been awarded a contract by the General Electric Company for work
on the Upper Hudson River dredging project.  The value of Shaw's
contract, which will be included in the company's fiscal year
2008-second quarter backlog, was not disclosed.

"We are pleased to assist GE in the important environmental
cleanup of the Hudson River," said Ronald W. Oakley, president
of Shaw's Environmental & Infrastructure Group.  "With our
involvement in the Hudson River project, and the Fox River
project in Wisconsin, Shaw is playing a significant role in two
of the largest and most important sediment remediation projects
in the U.S."

Once dredging begins, Shaw will operate the processing
facilities needed to manage sediments that are dredged from the
Upper Hudson River.  These facilities include:

   -- a barge terminal where sediments will be delivered and
      unloaded;

   -- a dewatering building with specialized equipment that will
      press water from dredged sediments;

   -- a water treatment plant that will remove polychlorinated
      biphenyls (PCBs) from the water; and

   -- large railroad staging facilities for the rail cars
      transporting the processed sediment for disposal.

Shaw will manage the project out of its Latham, N.Y., office.

With this contract, Shaw plans to utilize local subcontractors
and local manpower from Washington County and the Capital
District Region in New York.

                      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.




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C O L O M B I A
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QUEBECOR WORLD: Selects Arnold & Porter as Bankruptcy Counsel
-------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
authority to hire Arnold & Porter as their counsel, nunc pro
tunc to Jan. 21, 2008.

The Debtors relate that Arnold & Porter has provi