---

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

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

          Friday, February 1, 2008, Vol. 9, Issue 23

                          Headlines

A R G E N T I N A

ASOCIACION CIVIL: Trustee Filing Individual Reports Tomorrow
DELTA AIR: Merger Talks with Northwest Hit Snag, Source Says
YPF SA: Selling Up to 10% Stake to Four Argentine Provinces

B A H A M A S

BANK OF BARODA: Profit Up 52% in Qtr. Ended December 31

B E R M U D A

SCOTTISH RE: Seth Gardner Joins on Board of Directors

B R A Z I L

BANCO DO BRASIL: Brasilcap's 2007 Revenues Increase to BRL1.90B
BANCO PINE: Net Profits Up 139% to BRL150 Million in 2007
BRASIL TELECOM: Shares Gain After Upping Dividend Payment
BRASIL TELECOM: Gov't Ratifying Telecoms Regulation Revision
COMPANHIA ENERGETICA: Gets 9.72% Rate Reduction from Aneel

FIDELITY NATIONAL: Paying US$0.30 Per Share Dividend on March 27
FLEXTRONICS INTERNATIONAL: Completes Acquisition of Avail
FORD MOTOR: Introducing Edge Brand in Brazil
HERCULES INC: Moody's Reviews Ratings for Possible Upgrade
TELE NORTE: Gov't Ratifying Telecoms Regulation Revision

* BRAZIL: In Talks with Iran for Caspian Sea Exploration

C A Y M A N   I S L A N D S

ALTERRA ENTERPRISES: Proofs of Claim Filing Deadline is Feb. 7
BOMBAY COMPANY: Court Approves Sale of Trademarks for US$2 Mil.
ELITEPERFORMANCE SIPS: Proofs of Claim Filing Deadline is Feb. 7
KEVIAN CAPITAL: Proofs of Claim Filing Ends on February 7
KEVIAN CAPITAL FUND: Proofs of Claim Filing is Until Feb. 7

PIMS INTERNATIONAL: Proofs of Claim Filing is Until Feb. 7
PIMS INTERNATIONAL: Sets Final Shareholders Meeting for Feb. 7
PH PROPERTY: Proofs of Claim Filing Deadline is February 7
SOULOR LIMITED: Proofs of Claim Filing Deadline is Feb. 7
SUNTRUST CORE: Proofs of Claim Filing is Until Feb. 7

SUNTRUST CORE CASH: Proofs of Claim Filing Ends on Feb. 7

C H I L E

EASTMAN KODAK: Earns US$92 Million in 2007 Fourth Quarter

C O S T A   R I C A

* COSTA RICA: Wants U.S. to Delay Free Trade Deal Effectivity

D O M I N I C A N   R E P U B L I C

BASIC ENERGY: Completes Buy of Xterra & Lackey for US$23.3MM
SMART MODULAR: Moody's Upgrades CFR to B1 with Stable Outlook

E C U A D O R

PETROECUADOR: Output at 257,069/day in First 11 Months of 2007
PETROECUADOR: Firms Have 3 Options in Contract Renegotiation

G U A T E M A L A

BRITISH AIRWAYS: Calls for Improved Service Quality Regulations

H A I T I

DYNCORP INT'L: Earns US$38.1 Million in Full Year Ended Dec. 28

J A M A I C A

NAT'L COMMERCIAL: Small Firms Complain of Bank's High Rates
NATIONAL COMMERCIAL: Court Extends Olint's Injunction

M E X I C O

BANCOPPEL SA: Moody's Assigns Preliminary Low-B Ratings
CLEAR CHANNEL: Pending US$19B Buyout Unaffected by Market Frets
DURA AUTOMOTIVE: Wants To Sell 9 Properties to IRG for US$19.2MM
DURA AUTOMOTIVE: Jacksonville Property Buyer Withdraws Offer
HSBC MEXICO: Plans Issue of MXN7 Billion of Bonds

KRONOS INC: Discloses New Trails in Workforce Management
US STEEL: Earnings Drop to $35 Mil. in Quarter Ended December 31

* MEXICO: Updates Tax, Law & Business Briefing in 2008 Edition

P A R A G U A Y

* PARAGUAY: Obtains US$37.58-Million Financing from World Bank

P U E R T O   R I C O

ANN TAYLOR: Launches Strategic Restructuring Program
ANN TAYLOR: Moody's Withdraws Ba1 Corporate Family Rating
APARTMENT INVESTMENT: Reports Special Dividend Election Results
MYLAN INC: Paying US$15.53 Per Share Dividend on Feb. 15
PEP BOYS: Teams Up with lanelogic for Easy Car Selling Process

PULTE HOMES: Posts US$453.8-Mln 4Q Pre-Tax Loss from Operations
ROYAL CARIBBEAN: Reports US$603.4-Million Net Income for 2007
T R I N I D A D   &   T O B A G O
INVACARE CORP: Earns US$7 Milion in 2007 Fourth Quarter

V E N E Z U E L A

NORTHWEST AIRLINES: Net Loss Drops to US$8MM in 2007 4th Quarter
PETROLEOS DE VENEZUELA: Inks Urdaneta Lago Pact with Royal Dutch


                          - - - - -

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


ASOCIACION CIVIL: Trustee Filing Individual Reports Tomorrow
------------------------------------------------------------
Gustavo Ariel Fiszman, the court-appointed trustee for
Asociacion Civil de Propietarios de Taximetros del Partido de
Ezeiza's bankruptcy proceeding, will present the validated
claims in in the National Commercial Court of First Instance in
Buenos Aires as individual reports on Feb. 2, 2008.

Mr. Fiszman verified creditors' proofs of claim until Nov. 23,
2007.

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

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

The trustee can be reached at:

         Gustavo Ariel Fiszman
         Tucuman 1295, Banfield
         Buenos Aires, Argentina


DELTA AIR: Merger Talks with Northwest Hit Snag, Source Says
------------------------------------------------------------
The ongoing merger talks between Delta Air Lines Inc. and
Northwest Airlines Corp. have stalled over a disagreement with
respect the roles of Northwest CEO Doug Steenland and Delta CEO
Richard Anderson, an unnamed source familiar with the
negotiations disclosed, the Atlanta Journal-Constitution
reports.

In a merged company, as is practiced in many deals, the CEO of
one company keeps his role as CEO while the other CEO is named
non-executive chairman.

Industry analysts and insiders have presumed that Mr. Anderson
wants to be chief executive while Mr. Steenland wants to be
chairman.

However, the paper says, this power-sharing structure could
present problems due to the personal histories of the two
executives.

Mr. Anderson was Mr. Steenland's boss while Mr. Anderson was
serving as Northwest's CEO in the 1990s.  Accordingly, Mr.
Anderson may not be too eager to have Mr. Steenland step in as
chairman of the board, as this would give Mr. Steenland  
significant power.

The source said there has been little evidence of active
discussions between Delta and UAL Corp.

                Commencement of Merger Negotiations

As reported in the Troubled Company Reporter on Jan. 22, 2008
Delta Air obtained approval from its board of directors on
Jan. 11, 2007, to engage in formal merger talks with both
Northwest Airlines and UAL.

Delta, which is in the early stages of discussions with
both Northwest and UAL, hopes to reach an agreement with one of
them over the next two weeks.

Delta is anticipating a deal announcement as early as mid-
February following Delta's board meeting scheduled early in the
month.

                          About Delta Air

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on
April 30, 2007.  The Court entered a final decree closing 17
cases on Sept. 26, 2007.

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

(Delta Air Lines Bankruptcy News, Issue No. 88; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Standard and Poor's said that media reports that
Delta Air Lines Inc. (B/Positive/--) entered into merger talks
with UAL Corp. (B/Stable/--) and Northwest Airlines Corp.
(B+/Stable/--) will have no effect on the ratings or outlook on
Delta, but that confirmed merger negotiations would result in
S&P's placing ratings of Delta and other airlines involved on
CreditWatch, most likely with developing or negative
implications.


YPF SA: Selling Up to 10% Stake to Four Argentine Provinces
-----------------------------------------------------------
Spanish firm Repsol YPF will sell up to a 10% stake in its
Argentine unit YPF SA to the provinces of Chubut, Santa Cruz,
Mendoza and Neuquen for EUR1.02 billion, according to a report
by news agency Telam report.

According to Telam, the provinces have the capital needed for
the purchase.

"The provinces are interested in buying a stake of 5% to 8% in
YPF.  It makes perfect sense that the Argentine provinces take a
stake in YPF since they are the ones that grant exploration
licenses and extend them," a Repsol spokesperson commented to
Dow Jones Newswires.

Business News Americas relates that another 20% stake in YPF
will be floated on the Buenos Aires stock exchange in June.

Meanwhile, Reuters notes that Repsol will sell a 25% stake in
YPF to Argentine investor Enrique Eskenazi in a two-stage deal.  
The Eskenazi transaction valued YPF as a whole at US$15 billion.

The sales will help Repsol raise funds to increase its expansion
and production projects in other areas, BNamericas states.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2008, Standard & Poor's Ratings Services placed its
'BB+' local-currency corporate credit rating on YPF S.A. on
CreditWatch with negative implications.  Standard & Poor's said
the outlook on the 'BB' foreign-currency rating remains stable.

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2008, Fitch Ratings affirmed YPF S.A.'s 'BB+' and
'BBB-' foreign-and local-currency Issuer Default Ratings
respectively, following the announced sale of 14.9% of the
company to Petersen Energia for US$2.235 billion.  Fitch has
also affirmed its 'AAA(arg)' national scale rating.  Fitch said
the rating outlook is stable.

Moody's Investors Service also assigned these ratings on YPF SA:
B2 long-term foreign currency corporate family rating; and Ba2
foreign currency senior unsecured rating.  Moody's said the
outlook is negative.


=============
B A H A M A S
=============


BANK OF BARODA: Profit Up 52% in Qtr. Ended December 31
-------------------------------------------------------
Bank of Baroda reported a net profit of INR5.01 billion in the
quarter ended Dec. 31, 2007, more than 52% compared to the
INR3.29 billion earned in the same quarter in 2006.

Total income increased to INR36.2 billion from 2006's
INR26.68 billion.  The bank reported operating profit of
INR9.32  billion after deducting operating expenses of
INR6.83 billion and interest expenses of INR20.05 billion.

The bank also booked INR1.57 billion as provisions and
contingencies other than tax.  Tax for the three-month period
totaled INR2.74 billion.

A copy of the bank's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

              http://ResearchArchives.com/t/s?2796

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                        *     *     *

On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes program.  Fitch said the outlook on all
ratings is stable.


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


SCOTTISH RE: Seth Gardner Joins on Board of Directors
-----------------------------------------------------
Scottish Re Group Limited has appointed Seth Gardner as a member
of the Board of Directors of Scottish Re Group Limited,
effective Jan. 29, 2008.  Mr. Gardner was designated for
election to the Board by MassMutual Capital Partners LLC and
SRGL Acquisition, LLC (an affiliate of Cerberus Capital
Management, LP) per their contractual right as combined majority
shareholders.  The Board voted unanimously to appoint Mr.
Gardner to the Board.

"We are pleased to welcome Seth.  His knowledge and experience
make him a great addition to the Board and Scottish Re," stated
Jonathan Bloomer, Chairman, Board of Directors.

Mr. Gardner is a Managing Director and Associate General Counsel
at Cerberus Capital Management, LP in New York City.  He joined
Cerberus in 2003.  From 1995 to 2003, Seth was an associate at
Wachtell, Lipton, Rosen & Katz, a New York City law firm.

Mr. Gardner graduated from Duke University in 1989 with an AB
degree.  He also received an MBA degree from the Fuqua School of
Business and a JD degree from the Duke University School of Law
in 1994.

Mr. Gardner will be replacing Lenard Tessler who resigned from
the Board to focus on other business opportunities.  "I enjoyed
working with Scottish Re as a member of the Board and will
continue to be involved with the company as an affiliate to an
investor of Scottish Re," stated Lenard Tessler.  His
resignation from the Board was effective Jan. 29, 2008.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Moody's Investors Service has affirmed the
ratings of Scottish Re Group Limited's senior unsecured shelf of
(P)Ba3 and changed the outlook to negative from stable.


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


BANCO DO BRASIL: Brasilcap's 2007 Revenues Increase to BRL1.90B
---------------------------------------------------------------
Banco do Brasil saving bond provider affiliate Brasilcap said in
a statement that it increased revenues 7.8% to BRL1.90 billion
in 2007, compared to 2006.

Brasilcap told Business News Americas that its net profits
totaled BRL87.8 million in 2007, exceeding projections by 10%.

According to BNamericas, Brasilcap's technical reserves dropped
6.81% to BRL2.60 billion at the end of 2007, compared to the end
of 2006.

                         About Brasilcap

Banco do Brasil controls 49.99% of Brasilcap.  Icatu Hartford
and SulAmerica hold 16.7% each, while Alianca da Bahia owns
15.8% of Brasilcap.

                      About Banco do Brasil

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

                          *     *     *

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

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


BANCO PINE: Net Profits Up 139% to BRL150 Million in 2007
---------------------------------------------------------
Banco Pine said in a statement that its net profits rose 139% to
BRL150 million in 2007, from 2006.

Business News Americas relates that Banco Pine's profits,
excluding costs from March 2007 initial public offering,
increased 165% to BRL166 million in 2007, compared to 2006.  
Meanwhile, the bank's return on equity rose to 29.2% from 23.0%.

Banco Pine's lending grew 108% to BRL4.33 billion in 2007, from
2006, BNamericas states.

Headquartered in Sao Paulo, Banco Pine was established in 1997
by the brothers Nelson and Noberto Pinheiro after the sale in
1996 of their participation in another family institution.  A
comprehensive corporate and operational restructuring was
implemented and in the first half of 2005 Noberto Pinheiro
became the bank's majority shareholder.  In April 2007, Banco
Pine went public by placing non-voting preferred shares at the
Bovespa Level 1 on the New Brazilian Stock Market.  These shares
enjoy a tag-along privilege, giving minority shareholders 100%
of the value of the block of controlling shares in the event of
the sale of the institution.

                       *     *     *

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings upgraded the National ratings of
Banco Pine S.A. as: Long-term National rating to 'A-(bra)' from
'BBB(bra)'; Short-term National rating to 'F2(bra)' from
'F3(bra)'.

Fitch also affirms the company's: Long-term Foreign Currency
Issuer Default Rating 'B+'; Short-term Foreign Currency rating
'B'; Long-term Local Currency Issuer Default Rating 'B+'; Short-
term Local Currency rating 'B'; Individual 'D'; and Support '5'.


BRASIL TELECOM: Shares Gain After Upping Dividend Payment
---------------------------------------------------------
Brasil Telecom Participacoes' shares gained 3.8% to BRL17.29 on
the Sao Paulo stock exchange after it disclosed plans to up
dividend payment by BRL380 million on top of what has been
previously said, Bloomberg News reports.  The company's
shareholders have yet to hear the proposal.

According to the same report, Brasil Telecom's shares have
gained 22% since the announcement it was reported in January
that the company will swap shares with Telemar Norte Leste SA.

"The performance of Brazil Telecom's shares will be driven by
news regarding its acquisition by Oi (fka Telemar)," Bloomberg
adds, citing Brascan Corretora analysts Felipe Cunha and Beatriz
Battelli.

                   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.


BRASIL TELECOM: Gov't Ratifying Telecoms Regulation Revision
------------------------------------------------------------
The change in telecoms regulation to allow a merger between
Brasil Telecom and Telemar Norte Leste SA would be authorized
within a month, Business News Americas reports, citing Brazilian
communications minister Helio Costa.

According to BNamericas, the final decision on the change in the
regulation depends on President Luiz Inacio Lula da Silva.

Minister Costa told news daily Correio da Bahia that Brasil
Telecom and Telemar Norte Leste SA have confirmed their merger
talks to the Brazilian communications ministry.

Brazilian telecoms regulator Anatel must ratify any change in
the regulations' text, BNamericas notes.

Minister Costa commented to BNamericas, "We are officially
receiving the information that those companies want to rearrange
their stock composition.  This way, the ministry will ask Anatel
to inform which procedure we need to follow for this issue to
proceed."

BNamericas relates that the Anatel board must authorize the
change in the regulation.  The board will hold a meeting after
Brazil's Carnaval celebrations from Feb. 4-6.  Once Anatel
ratifies the change, the communications ministry will discuss it
with President Lula da Silva.

Meanwhile, mobile telephony firm TIM Participacoes head Mario
Cesar Pereira de Araujo told the press that Brasil Telecom's
merger with Telemar Norte won't affect international mobile
operators' investments in Brazil,.

BNamericas notes that last week Mr. Araujo met with:

    -- TIM controller Telecom Italia Chief Executive Officer
       Franco Bernaba,

    -- Telecom Italia president Gabriele Galateri di Genola,

    -- Brazilian President Luiz Inacio Lula da Silva,

    -- government representatives,

    -- telecoms regulator Anatel, and

    -- antitrust authority Cade.

"The government assured us there will be competitive isonomy and
not competitive asymmetry.  Our stockholders are confident in
the country's ability to manage this process.  The government
affirmed it would continue encouraging private investment in the
Brazilian telecoms market and there will not be any sort of
favoritism or protectionism.  Mainly when you have public
reserves going to this deal, such as pension funds and national
bank [BNDES] reserves, there have to be guarantees this new
national company continue being national rather than sold right
after the merger," Mr. Araujo commented to BNamericas.

                    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: Gets 9.72% Rate Reduction from Aneel
----------------------------------------------------------
Brazilian power regulator Aneel said in a statement that it has
proposed a 9.72% rate reduction to Companhia Energetica de Minas
Gerais' unit Cemig Distribuicao.

According to Aneel's statement, it has also offered a 14.0% rate
reduction for CPFL Paulista.

Aneel told Business News Americas that the proposal is
preliminary.  It will be available to the public for review
before the final rate is decided.  The change in rates would be
implemented on April 8.

BNamericas relates that the rate reduction indicates the two
firms' increased productivity and lower average cost of capital.  

                      About CPFL Paulista

CPFL Paulista is controlled by holding company CPFL Energia.  It
distributes power to 3.3 million units in 234 municipalities in
Sao Paulo.

                    About Cemig Distribuicao

Cemig Distribuicao is a subsidiary of power holding company
Cemig.  It  distributes power to 6.4 million consuming units in
772 municipalities in Minas Gerais.

                   About Companhia Energetica

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                        *     *     *

As reported on March 8, 2007, Moody's Investors Service assigned
corporate family ratings of Ba2 on its global scale and Aa3.br
on its Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


FIDELITY NATIONAL: Paying US$0.30 Per Share Dividend on March 27
----------------------------------------------------------------
Fidelity National Financial, Inc. Board of Directors has
declared a quarterly cash dividend of $0.30 per share.  The
dividend will be payable March 27, 2008, to stockholders of
record as of March 13, 2008.

Fidelity National Financial, Inc. -- http://www.fnf.com--  
(NYSE: FNF), is a provider of title insurance, specialty
insurance and claims management services.  FNF is one of the
nation's largest title insurance companies through its title
insurance underwriters - Fidelity National Title, Chicago Title,
Ticor Title, Security Union Title and Alamo Title - that issue
approximately 28 percent of all title insurance policies in the
United States.  FNF also provides flood insurance, personal
lines insurance and home warranty insurance through its
specialty insurance business.  FNF also is a leading provider of
outsourced claims management services to large corporate and
public sector entities through its minority-owned subsidiary,
Sedgwick CMS.

                  About Fidelity National

Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. -- http://www.fidelityinfoservices.com/--  
provides core processing for financial institutions; card issuer
and transaction processing services; mortgage loan processing
and mortgage related information products; and outsourcing
services to financial institutions, retailers, mortgage lenders
and real estate professionals.  FIS has processing and
technology relationships with 35 of the top 50 global banks,
including nine of the top ten.  Nearly 50% of all US residential
mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Standard & Poor's Ratings Services has placed its
ratings, including the 'BB' corporate credit rating, on Fidelity
National Information Services Inc. on CreditWatch with negative
implications.

Moody's Investors Service also placed these ratings on review
for possible downgrade: US$1.6 billion First Lien Senior Secured
Term Loan B Ba1; US$2.1 billion First Lien Senior Secured Term
Loan A Ba1; US$900 million First Lien Senior Revolving Credit
Facility Ba1; US$200 million 4.75% (Certegy) notes due September
2008 Ba1; and Corporate Family Rating Ba1.


FLEXTRONICS INTERNATIONAL: Completes Acquisition of Avail
---------------------------------------------------------
Flextronics International Ltd. has completed its acquisition of
Avail Medical Products Inc.

As a division of the Flextronics Medical segment, Avail will
continue to operate as a stand-alone business.  Flextronics
Medical segment is one of the fastest growing Flextronics
segments focused on providing outsourced design, manufacturing
and logistics services to the medical device and equipment
marketplace, including consumer diagnostic devices, lab and life
science equipment, imaging and patient monitoring equipment,
hospital beds, and drug delivery devices.  With the combination
of continued strong organic growth and the acquisition of Avail,
Flextronics Medical expects to generate US$850-US$950 million in
revenue in the fiscal year ending March 31, 2009, which
represents a year-over-year expected growth rate of 90%.

"The acquisition of Avail expands our existing global design and
manufacturing capabilities creating a more robust and
competitive offering that now includes a wide range of
disposable medical devices such as catheters, wound management
and drug delivery devices.  The addition of Avail establishes
Flextronics as a leading supplier and partner for the medical
industry," said Dan Croteau, president, Flextronics Medical.  
"This is a highly strategic acquisition for Flextronics and I am
pleased to welcome the talented Avail staff to our
organization."

                        About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                          *     *     *

Flextronics International Ltd. continues to carry Moody's
"Ba1" probability of default and long-term corporate family
ratings with a negative outlook.  

The company also carries Standard & Poor's "BB+" long-term
local and foreign issuer credit ratings with a negative
outlook.


FORD MOTOR: Introducing Edge Brand in Brazil
--------------------------------------------
Ford Motor Co. intends to sell Edge, its latest small, sport-
utility vehicle in the Brazilian market later this year, The
Wall Street Journal reports.

The automaker's latest model has sold 130,000 units in North
America, up from the company's original forecast by 30%.  Edge
was introduced in the market in December 2006, the same paper
says.  Ford would be introducing a subcompact car in 2010 after
the brand will be sold in Europe and Asia also late this year.

According to the Journal, Ford's strategy to expand in Latin
America is in response to Chrysler LLC and Nissan Motor's
decision to sell small cars in the region.  

Overall, Ford's Latin American market is expected to post a gain
for the fiscal year 2007, the Journal relates.  Sales in the
region was up 72% to US$754 million for the first nine months of
2007.

To meet demand in the region, Ford, the Journal says, will
increase investment by $1 billion in Brazil and $160 million in
Argentina.

                       About Ford Motor

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

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

                        *     *     *

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


HERCULES INC: Moody's Reviews Ratings for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service placed the Ba2 corporate family rating
and other debt ratings Hercules Incorporated on review for
possible upgrade.  The reviews reflect the company's successful
efforts at debt reduction in past years and most recently in
2007.  The company reduced balance sheet debt by roughly
US$200 million in 2007 (to about US$795 million) and that this
reduction, along with strong cash flows, has caused credit
metrics to improve to levels that are strong relative to the Ba2
rating, Moody' assigned a positive outlook to the company's
ratings in June of 2007 in anticipation of the company's
positive performance.  At that time Moody's stated that provided
that capital expenditures remain moderate, there are no large
acquisitions and prospective dividend actions/share repurchases
are prudently sized, the company should be able to generate
retained cash flow to adjusted total debt above 20%, free cash
flow to adjusted total debt of over 10%, and a fixed charge
coverage ratio of over 4.5 times.  If these metrics were
realized Moody's indicated it could reassess the appropriateness
of the Ba2 ratings after the end of 2007.  The review also
reflects Moody's expectation of further modest debt reduction in
2008 and 2009, after which Moody's expects absolute debt levels
to stabilize.  The review, which is expected to be completed by
the end of March of 2008, will focus on several issues.  Moody's
will seek to better understand management's ongoing financial
philosophy as it relates to 1) acquisitions; 2) potential
changes in the secured structure of the company's debt along
with incremental debt reduction; and 3) uses of excess cash flow
and the future plans of returning such cash to shareholders.  In
addition, Moody's will seek to understand the sustainability of
the company's strong operating performance in the face of a
potentially slowing global economy and review its asbestos
exposures to insure that the positive trends are sustainable.

On Review for Possible Upgrade:

  -- Corporate Family Rating: Ba2

  -- Probability of Default Rating: Ba2

  -- Guaranteed Senior Secured Revolving Credit Facility due
     April 2009, Baa3, LGD2, 18%

  -- Guaranteed Senior Secured Term Loan B due October 2010,
     Baa3, LGD2, 18%

  -- 6.60% Guaranteed Senior Secured Putable Notes due 2027,
     Baa3, LGD2, 18%

  -- 6.75% Guaranteed Senior Subordinated Notes due 2029, Ba3,
     LGD4, 61%

  -- 8.00% Convertible Subordinated Debentures due 2010, B1,
     LGD5, 89%

  -- 6.50% Junior Subordinated Deferrable Int Debentures due
     2029, B1, LGD5, 89%

  -- Multiple Seniority Shelf

Outlook, Changed To Rating Under Review From Positive.  
Approximately US$900 million of debt securities affected.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical  
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.


TELE NORTE: Gov't Ratifying Telecoms Regulation Revision
--------------------------------------------------------
The change in telecoms regulation to allow a merger between
Brasil Telecom and Telemar Norte Leste SA would be authorized
within a month, Business News Americas reports, citing Brazilian
communications minister Helio Costa.

According to BNamericas, the final decision on the change in the
regulation depends on President Luiz Inacio Lula da Silva.

Minister Costa told news daily Correio da Bahia that Brasil
Telecom and Telemar Norte Leste SA have confirmed their merger
talks to the Brazilian communications ministry.

Brazilian telecoms regulator Anatel must ratify any change in
the regulations' text, BNamericas notes.

Minister Costa commented to BNamericas, "We are officially
receiving the information that those companies want to rearrange
their stock composition.  This way, the ministry will ask Anatel
to inform which procedure we need to follow for this issue to
proceed."

BNamericas relates that the Anatel board must authorize the
change in the regulation.  The board will hold a meeting after
Brazil's Carnaval celebrations from Feb. 4-6.  Once Anatel
ratifies the change, the communications ministry will discuss it
with President Lula da Silva.

Meanwhile, mobile telephony firm TIM Participacoes head Mario
Cesar Pereira de Araujo told the press that Brasil Telecom's
merger with Telemar Norte won't affect international mobile
operators' investments in Brazil.

BNamericas notes that last week Mr. Araujo met with:

     -- TIM controller Telecom Italia Chief Executive Officer
        Franco Bernaba,

    -- Telecom Italia president Gabriele Galateri di Genola,

    -- Brazilian President Luiz Inacio Lula da Silva,

    -- government representatives,

    -- telecoms regulator Anatel, and

    -- antitrust authority Cade.

"The government assured us there will be competitive isonomy and
not competitive asymmetry.  Our stockholders are confident in
the country's ability to manage this process.  The government
affirmed it would continue encouraging private investment in the
Brazilian telecoms market and there will not be any sort of
favoritism or protectionism.  Mainly when you have public
reserves going to this deal, such as pension funds and national
bank [BNDES] reserves, there have to be guarantees this new
national company continue being national rather than sold right
after the merger," Mr. Araujo commented to BNamericas.

                    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: In Talks with Iran for Caspian Sea Exploration
--------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA aka
Petrobras is negotiating with Iran for the exploration of
deepwater in the Caspian Sea, Iran Daily reports, citing the
National Iranian Oil Company's first deputy head Mohammad Javad
Asemipour.

Iran Daily relates that the Caspian Sea has at least 32 billion
barrels of oil.

Mr. Asmipour commented to Business News Americas, "Brazilians
will become the main contractor of exploration and drilling
operations and development in Caspian oil and gas fields.  The
investment in Caspian waters may reach US$400 million to US$500
million."

Iran's will begin its first oil drilling in the Caspian Sea this
week.  Iran has been unable to explore fields deeper than 90
meters, Iran Daily states.

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


ALTERRA ENTERPRISES: Proofs of Claim Filing Deadline is Feb. 7
--------------------------------------------------------------
Alterra Enterprises' creditors are given until Feb. 7, 2008, to
prove their claims to Joshua Grant and Richard Gordon, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Alterra Enterprises' shareholder decided on Dec. 13, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Joshua Grant
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


BOMBAY COMPANY: Court Approves Sale of Trademarks for US$2 Mil.
---------------------------------------------------------------
The Hon. Michael Lynn of the U.S. Bankruptcy Court for the
Northern District of Texas approved the sale of Bombay Company's
trademarks, trade names and other intellectual property for
US$2 million and a 25% share of future licensing proceeds to
Bombay Brands LLC, a joint venture of Gordon Brothers Retail
Partners LLC and Hilco Merchant Resources LLC, according to
various reports.

As reported in the Troubled Company Reporter on Dec. 26, 2007,
Hilco Consumer Capital will assume day-to-day brand management
responsibilities and will immediately undertake a strategic
brand rebuilding program designed to leverage the intrinsic
value of the Bombay name.  Through licensing strategies with
retailers, wholesalers and franchisees, a broad-range of new
consumer products will be created and marketed internationally.

The initial cash price offer, which was $1.25 million, increased
to US$2 million at an auction with competing bids, Bill Rochelle
of Bloomberg News reports.  The buyer also consented to a
capital infusion necessary to exploit the names.

                 About Hilco Consumer Capital

Hilco Consumer Capital - http://www.hilcocc.com/-- was formed  
in 2006 to make private equity investments in consumer brands
and build significant, additional value in them through
innovative product development, creative marketing and licensing
strategies.

HCC is a unit of The Hilco Organization --
http://www.hilcotrading.com/-- a privately-held, diversified
financial services firm specializing in appraising, purchasing,
selling, financing and enhancing the performance of tangible and
intangible business assets through a platform of 22 integrated
business units located in North America and the European Union.

                     About Gordon Brothers

Gordon Brothers Group -- http://www.gordonbrothers.com/-- is an
advisory, restructuring and investment firm specializing in the
retail, consumer products, real estate and industrial sectors.
Founded in 1903, Gordon Brothers provides asset valuations and
appraisals, dispositions, real estate consulting, lending and
advisory services.

                      About Bombay Company

Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/--  
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.

The company and five of its debtor-affiliates filed for Chapter
11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084).  Robert D. Albergotti, Esq., John D. Penn, Esq., Ian
T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone,
LLP, represent the Debtors.  Attorneys at Cooley, Godward,
Kronish LLP act as counsel for the Official Committee of
Unsecured Creditors.  Forshey & Prostok LLP is the Committee's
local counsel.  As of May 5, 2007, the Debtors listed total
assets of US$239,400,000 and total debts of US$173,400,000.


ELITEPERFORMANCE SIPS: Proofs of Claim Filing Deadline is Feb. 7
----------------------------------------------------------------
Eliteperformance Sips, Ltd.'s creditors are given until
Feb. 7, 2008, to prove their claims to Stuart K. Sybersma and
Ian A.N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Eliteperformance Sips' shareholder decided on Dec. 18, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Stuart K. Sybersma
          Ian A.N. Wight
          Attention: Jessica Turnbull
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands, B.W.I.
          Telephone: (345) 949 7500
          Fax: (345) 949 8258


KEVIAN CAPITAL: Proofs of Claim Filing Ends on February 7
---------------------------------------------------------
Kevian Capital Fund II, Ltd. (SPC)'s creditors are given until
Feb. 7, 2008, to prove their claims to dms Corporate Services,
Ltd., 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.

Kevian Capital's shareholders agreed on Dec. 27, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          dms Corporate Services, Ltd.
          Ansbacher House, 20 Genesis Close
          P.O. Box 1344, George Town
          Grand Cayman KY1-1108, Cayman Islands

Contact for inquiries:

          Mourant du Feu & Jeune
          c/o P.O. Box 1348
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


KEVIAN CAPITAL FUND: Proofs of Claim Filing is Until Feb. 7
-----------------------------------------------------------
Kevian Capital Fund, Ltd. (SPC)'s creditors are given until
Feb. 7, 2008, to prove their claims to dms Corporate Services,
Ltd., 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.

Kevian Capital's shareholders agreed on Dec. 27, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          dms Corporate Services, Ltd.
          Ansbacher House, 20 Genesis Close
          P.O. Box 1344, George Town
          Grand Cayman KY1-1108, Cayman Islands

Contact for inquiries:

          Mourant du Feu & Jeune
          c/o P.O. Box 1348
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


PIMS INTERNATIONAL: Proofs of Claim Filing is Until Feb. 7
----------------------------------------------------------
PIMS International Ltd.'s creditors are given until Feb. 7,
2008, to prove their claims to MBT Trustees Ltd., 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.

PIMS International's shareholder decided on Nov. 7, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Fax: 949-9793/4


PIMS INTERNATIONAL: Sets Final Shareholders Meeting for Feb. 7
--------------------------------------------------------------
PIMS International Ltd. will hold its final shareholders meeting
on Feb. 7, 2008, at 12:00 p.m. at:

              MBT Trustees Ltd.
              3rd Floor, Piccadilly Center
              Elgin Avenue, George Town
              Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

PIMS International's shareholder decided on Nov. 7, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Fax: 949-9793/4


PH PROPERTY: Proofs of Claim Filing Deadline is February 7
----------------------------------------------------------
PH Property Finance Cayman Corp.'s creditors are given until
Feb. 7, 2008, to prove their claims to Carlos Farjallah and
Giles Kerley, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

PH Property's shareholders agreed on Dec. 19, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          Carlos Farjallah
          Giles Kerley
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SOULOR LIMITED: Proofs of Claim Filing Deadline is Feb. 7
---------------------------------------------------------
Soulor Limited's creditors are given until Feb. 7, 2008, to
prove their claims to Joshua Grant and Jan Neveril, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Soulor Limited's shareholder decided on Dec. 11, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Joshua Grant
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SUNTRUST CORE: Proofs of Claim Filing is Until Feb. 7
-----------------------------------------------------
Suntrust Core Cash Plus Fund (Cayman), Ltd.'s creditors are
given until Feb. 7, 2008, to prove their claims to Bobby Toor
and Richard Gordon, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Suntrust Core's shareholders agreed on Dec. 21, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Bobby Toor
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SUNTRUST CORE CASH: Proofs of Claim Filing Ends on Feb. 7
---------------------------------------------------------
Suntrust Core Cash Plus Master Fund's creditors are given until
Feb. 7, 2008, to prove their claims to Bobby Toor and Richard
Gordon, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Suntrust Core's shareholders agreed on Dec. 21, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Bobby Toor
          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


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


EASTMAN KODAK: Earns US$92 Million in 2007 Fourth Quarter
---------------------------------------------------------
Eastman Kodak Company reported fourth-quarter earnings from
continuing operations of US$92 million on higher year-over-year
revenues, reflecting the emergence of a new, more profitable
company.

Kodak also met or exceeded all of its key financial commitments
and strategic goals for 2007, most notably:

    * Delivering an 8% increase in digital revenue

    * Achieving digital earnings of US$176 million

    * Net Cash Generation of US$333 million

    * On a GAAP basis, for the total year, revenue declined by
      3% and cash provided by operating activities from
      continuing operations was US$352 million

    * Aggressive entrance into new markets and product
      categories, including the introduction of the KODAK All-
      in-One Inkjet Printing System, KODAK digital picture
      frames, KODAK InSite enterprise management software, and
      the KODAK NEXPRESS S3000 Digital Production Color Press

    * Completion of the company's four-year corporate
      restructuring program

    * Achieving targeted cost model for the year and reducing
      full-year Selling, General and Administrative costs from
      18.5% to 17.1% of revenue

"I am thrilled with our 2007 performance, as it is powerful
evidence that a new Kodak has emerged and is producing solid,
value-creating growth," said Antonio M. Perez, Chairman and
Chief Executive Officer, Eastman Kodak Company.  "We delivered
another strong quarter, and another strong year of earnings
growth, and met or exceeded every important goal that we set for
ourselves."

"In addition, we successfully entered the US$50 billion consumer
inkjet market and exceeded our first-year printer sales goal.
What's more, third-party data indicates that Kodak is enjoying a
30% price premium over the industry average.  Clearly, our
value proposition is resonating with consumers and they are
willing to pay a bit more for a Kodak printer because they know
they will save money every time they print.  Consumer inkjet is
just one of several new product introductions that are receiving
positive customer response.  The more I see of them, the more
optimistic I am about their success."

Kodak's digital revenue grew 15% in the fourth quarter of 2007,
driven by strong year-over-year increases in all key digital
businesses, partially offset by a decline in snapshot printing.

The company achieved US$146 million in digital earnings for the
fourth quarter, driven by an expanded product portfolio,
intellectual property arrangements, and operational
improvements, resulting in strong full-year earnings performance
across the company's digital business units.  For the full year,
the company delivered US$176 million in digital earnings, a
US$189 million improvement from the prior year, significantly
outpacing a US$30 million year-over-year decline in traditional
earnings.  Earnings from continuing operations before interest,
other income (charges), net, and income taxes were US$130
million for the quarter and a loss of US$230 million for the
year.

On the basis of generally accepted accounting principles, the
company reported fourth-quarter earnings from continuing
operations of US$109 million pre-tax, US$92 million after tax,
or US$0.31 per diluted share, reflecting the impact of 19
million additional shares from contingently convertible
securities.  This compares with earnings of US$111 million pre-
tax, and a loss of US$15 million after tax, or US$0.05 per
share, in the year-ago period.  Items of net expense impacting
comparability in the fourth quarter of 2007 totaled US$28
million after tax, or US$0.09 per share.  The most significant
items were restructuring costs of US$68 million before tax and
US$44 million after tax, or US$0.14 per share, net gains on sale
of property of US$116 million before tax and US$89 million after
tax, or US$0.29 per share, impairment of an investment of US$46
million after tax, or US$0.15 per share, and various other tax-
related items totaling US$25 million, or US$0.08 per share.  In
the fourth quarter of 2006, items of net expense impacting
comparability totaled US$158 million after tax, or US$0.55 per
share, primarily reflecting restructuring costs and tax
valuation allowances.

For the fourth quarter of 2007:

    * Sales totaled US$3.220 billion, an increase of 4% from
      US$3.106 billion in the fourth quarter of 2006.  Digital
      revenue totaled US$2.262 billion, a 15% increase from
      US$1.974 billion in the prior-year quarter.  Traditional
      revenue totaled US$951 million, a 15% decline from
      US$1.117 billion in the fourth quarter of 2006.

    * Digital earnings for the fourth quarter improved by
      US$5 million, to US$146 million this quarter, from
      US$141 million in the year-ago quarter.

Other financial details:

    * Gross Profit margin was 24.5% for the quarter, up from
      23.8% in the year-ago period, primarily attributable to
      lower costs from manufacturing footprint reductions,
      intellectual property, and foreign exchange, partially
      offset by increased commodity costs and price/mix impacts.

    * Selling, General and Administrative expenses increased by
      US$48 million from the year-ago quarter, primarily
      reflecting the company's investment in advertising to
      support new products, including its consumer inkjet
      printing system.  As a result, SG&A as a percentage of
      revenue was 16%, compared with 15% in the year-ago
      quarter.

    * Net Cash Generation for the fourth quarter was US$1.132
      billion, compared with US$905 million in the year-ago
      quarter.  This corresponds to net cash provided by
      operating activities from continuing operations of
      US$1.046 billion for the fourth quarter, compared with
      US$1.002 billion in the year-ago quarter.

    * The company's debt level stood at US$1.597 billion as of
      Dec. 31, 2007, a US$1.181 billion reduction from the 2006
      year-end debt level of US$2.778 billion.

    * Kodak held US$2.947 billion in cash and cash equivalents
      as of Dec. 31, 2007, an increase of US$1.478 billion from
      the year-ago period.

Fourth-quarter segment sales and results from continuing
operations, before interest, taxes, and other income and charges
(earnings from operations), are as follows:

    * Consumer Digital Imaging Group sales for the fourth
      quarter were US$1.730 billion, an 8% increase from the
      prior-year quarter. Revenues from digital products grew by
      17%, driven by growth in Digital Capture and Devices,   
      kiosks and related media, and consumer inkjet printers.
      Earnings from operations improved by US$13 million to
      US$76 million, compared with US$63 million in the year-ago
      quarter.  This improvement was driven by an expanded
      product portfolio, intellectual property arrangements, and
      operational improvements in the Digital Capture and
      Devices business, partially offset by costs associated
      with new product introduction activities in the Inkjet
      Systems business.

    * Graphic Communications Group sales for the fourth quarter
      were US$998 million, a 7% increase from the year-ago
      quarter.  Revenues from digital products grew by 12% to
      US$891 million, driven by increased sales of digital
      plates, NEXPRESS digital color printing presses, and
      digital printing consumables.  Earnings from operations
      were US$33 million, compared with US$47 million in the
      year-ago quarter.  This earnings decline was primarily
      driven by higher aluminum and other costs, the impact of
      an intellectual property licensing settlement, and
      decreased sales and gross profit from traditional
      products.

    * Film Products Group fourth-quarter sales were US$463
      million, down from US$559 million in the year-ago quarter,
      representing a decrease of 17%.  Earnings from operations
      were US$40 million, compared with US$83 million in the
      year-ago quarter.  These results reflect impacts from
      volume and mix along with seasonal production slowdowns in
      film manufacturing, some initial effects from the writers'
      strike, higher silver costs, and the impact associated
      with new and renewed film agreements.

Other 2007 Highlights:

    * The company's loss from continuing operations for 2007 was
      US$205 million, or US$0.71 per share, a US$599 million, or
      US$2.09 per share improvement, from the 2006 level.  The
      favorable year-over-year change reflects a decrease in
      restructuring charges, as the company completed the final
      year of its corporate restructuring program.  It also
      reflects greatly improved operational performance across
      all of the company's businesses as well as reduced taxes
      and SG&A expenses versus the prior year.

    * All of Kodak's major businesses showed improvement in
      earnings from operations on a full-year basis.
      Specifically, CDG earnings from operations improved by
      US$148 million from 2006.  GCG earnings improved from
      US$100 million in the year-ago period to US$116 million in
      2007.  FPG earnings from operations were US$369 million in
      2007, compared with US$368 million in the previous year,
      and its operating margin improved to 19% for the year,
      from 16% in the prior year, despite a 15% decline in
      revenue.

    * Net Cash Generation for the full year was US$333 million,
      compared with US$365 million in 2006.  This corresponds to
      net cash provided by operating activities from continuing
      operations of US$352 million for 2007, compared with
      US$685 million in 2006.

"Our corporate restructuring is now over and Kodak is
revitalized and ready to grow," said Mr. Perez.  "We have a
strong market position in a significant number of very promising
digital businesses, a competitive operating structure, a
powerful brand, and extremely valuable intellectual property.  
We are a new company with a strong emphasis on sustaining
profitable growth, and the talent and resources necessary to
achieve that goal.  This positions us well for strong
performance in 2008 and beyond."

                    About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Eastman Kodak Co. and removed
the ratings from CreditWatch, where they had been placed with
negative implications on Aug. 2, 2006.  S&P said the outlook is
negative.


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


* COSTA RICA: Wants U.S. to Delay Free Trade Deal Effectivity
-------------------------------------------------------------
Oscar Arias, Costa Rican president has asked the United States
to postpone the start of a free-trade pact to give them a period
to submit the "parallel" laws that has been in the process
through the Legislative Assembly, Inside Costa Rica reports.

During the local leaders meeting, Mr. Arias, has noted that
Costa Rica will be the first country asking for a delay and was
remaining state in the free trade deal with the United States to
decide by popular vote, the same paper says.

Report shows that in order to strengthen state agencies under
competition and protect such items as copyright laws, Costa Rica
was committed to passing a series of laws.

According to Inside Costa Rica, the Legislature has only passed
4 of the 13 laws, a month to go before the March 1 deadline.

Inside Costa Rica states that the trade deal of Dominican
Republic, Guatemala, Honduras, Nicaragua and El Salvador has The
trade deal has been effective.

                        *     *     *

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 local and foreign currency ratings on Costa Rica.

Standard & Poor's also placed a BB long-term sovereign foreign
currency rating on Costa Rica.


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


BASIC ENERGY: Completes Buy of Xterra & Lackey for US$23.3MM
------------------------------------------------------------
Basic Energy Services, Inc. has acquired all of the outstanding
capital stock of Xterra Fishing and Rental Tools Co. and
purchased substantially all of the operating assets of Lackey
Construction LLC for a total combined consideration of
US$23.3 million in cash, excluding working capital acquired.  
The acquisitions are anticipated to be accretive to earnings in
2008.

Xterra Fishing located in Odessa, Texas, will further expand
Basic Energy's rental and fishing operations in the Permian
Basin market.  The projected first-year revenue for this
acquisition is expected to be approximately US$14 million.

The five well service rigs obtained in the Lackey Construction
acquisition will be added to the existing fleet of workover rigs
in the North Texas portion of Basic Energy's Mid Continent
Region and are expected to add approximately US$4.5 million in
first year revenue.

President and Chief Executive Offcier, Ken Huseman stated, "The
companies acquired are excellent examples of the type of
businesses that we find attractive and continue to be available
throughout our markets.  Each has excellent management and
operating personnel, modern and well maintained equipment and a
solid customer base.  We look forward to the contribution of
these organizations in expanding our footprint and
capabilities."

                    About Basic Energy

Headquartered in Texas, USA, Basic Energy Services, Inc.,
provides a range of well site services to oil and gas drilling
and producing companies, including well servicing, fluid
services, drilling and completion services, and well site
construction services.  Basic Energy has four segments: well
servicing encompasses a range of services performed with a
mobile well servicing rig; fluid services provides transport,
store and dispose of a variety of fluids; drilling and
completion services provides oil and gas operators with a
package of services, and well site construction services employs
an array of equipment and assets to provide services for the
construction and maintenance of oil and gas production
infrastructure.  In March 2007, it acquired JetStar Consolidated
Holdings, Inc.

In the Dominican Republic, Basic Energy controls power companies
Cepm, Cespm and Ege Haina.

As reported on May 1, 2007, Basic Energy head Rolando Gonzalez
Bunster told Business News Americas that the company and its
Dominican Republic affiliates will construct a 35-megawatt
thermo plant in Haiti.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on domestic oilfield services
provider Basic Energy Services Inc.  At the same time, Standard
& Poor's assigned its 'BB' debt rating and '1' recovery rating
to the company's proposed US$225 million revolving credit
facility.  S&P said the outlook remained positive.


SMART MODULAR: Moody's Upgrades CFR to B1 with Stable Outlook
-------------------------------------------------------------
Moody's Investors Service raised the corporate family rating of
SMART Modular Technologies (WWH), Inc. to B1 from B2 with a
stable ratings outlook.

The rating upgrade reflects Moody's expectations that SMART
Modular will be able to continue its solid execution and
operating performance, which it has demonstrated over the last
two years, particularly in spite of dramatic product price
erosion in its core DRAM memory module segment.  Moody's
believes that the company will be able to maintain its good
market position as a leading independent memory module supplier,
and will improve its financial leverage profile.  The upgrade
also considers SMART's gross and operating margin improvements
through a more diversified product mix and the company's
emphasis on growing its non-DRAM product segments, modest free
cash flow generation and the maintenance of a good liquidity
profile.

Ratings upgraded include:

   -- Corporate Family Rating to B1 from B2

   -- Probability of Default Rating to B1 from B2

   -- US$81 Million Senior Secured second lien notes to Ba3
     (LGD-3, 38%) from B1 (LGD-3, 34%)

Approximately US$81 million of rated debt affected.

The rating upgrade takes into consideration the company's
enhanced credit protection measures and focus on financial
leverage improvements through EBITDA expansion and moderate free
cash flow generation, which Moody's expects will be applied to
debt reduction.  As of Nov. 30, 2007, SMART Modular's adjusted
debt of US$95 million relative to its LTM adjusted EBITDA of
US$84 million results in leverage of 1.1 times as compared to
1.5 times in Fiscal Year 2006.  Interest coverage, as measured
by adjusted EBITDA to interest expense has improved to 7.6
times, which is comparable to the mean / median interest
coverage level of 6.9 times for Moody's B1-rated technology peer
group.  Additionally, SMART's free cash flow relative to debt
was 17.9% for LTM November 2007, which is also strong for the B1
rating range.  As of Nov. 30, 2007, the company had US$113
million of cash and cash equivalents.

Moody's notes that SMART is challenged by:

    1) a very volatile, cyclical, and competitive industry
       characterized by rapid technological changes, short
       product life cycles, and wide fluctuations in product
       supply and demand;

    2) significant customer concentration with its top ten
       customers constituting approximately 77% of its Fsical
       Year 2007 revenues with Hewlett Packard and Cisco
       representing 48% and 13% of 2007 revenues, respectively;

    3) above average exposure to downturns in corporate
       technology spending; and

    4) the potential for further pricing pressure in the
       company's core DRAM memory segment resulting in revenues
       and gross profit decline.

The stable outlook reflects Moody's expectation that SMART will
be able to continue to effectively execute its manufacturing and
technology roadmap including continued market penetration of its
high-end, higher density DRAM modules, which carry higher ASPs
and could help improve profitability and cash flow.

                     About SMART Modular

Headquartered in Fremont, California and incorporated in the
Cayman Islands, SMART Modular Technologies (WWH) Inc. (Nasdaq:
SMOD) -- http://www.smartm.com/-- is an independent  
manufacturer of specialty and standard DRAM and Flash memory
products, embedded computing subsystems, and TFT-LCD display
products that are sold to OEMs.

The company has design centers in California, South Korea and
Massachusetts.  Its manufacturing facilities are located in
California, Malaysia, Brazil, Dominican Republic and Puerto
Rico.


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


PETROECUADOR: Output at 257,069/day in First 11 Months of 2007
--------------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador's average oil
production, excluding shared production with private companies,
averaged 257,069 barrels a day in the first 11 months of 2007,
compared to the same period in 2006, Dow Jones Newswires
reports.

According to Dow Jones, data for Petroecuador include oil output
from oil fields confiscated from US oil firm Occidental
Petroleum Corp.

Ecuador's average oil output declined 5% to 509,119 barrels per
day in the first 11 months of 2007, from 537,949 barrels per day
in the same period in 2006, Dow Jones says, citing the
Ecuadorian central bank.

Dow Jones relates that the nation's total oil production dropped
to 170.05 million barrels in the first 11 months of 2007,
compared to 179.68 million barrels in the same period in 2006.

Private oil firm's production averaged 252,050 barrels a day in
the first 11 months of 2007, Dow Jones states.

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil   
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

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


PETROECUADOR: Firms Have 3 Options in Contract Renegotiation
------------------------------------------------------------
Ecuadorian President Rafael Correa said in a statement that oil
firms have three options they can discuss with the government
for the revision of their contracts with state-run oil firm
Petroecuador.

Business News Americas relates that these are the options:

   -- operation under decree 991, which stipulates the firms
      to give 99% of extraordinary oil profits to the state;

   -- conversion of participation contracts into service
      provider contracts through which companies would be paid a
      production fee and reimbursed for investment costs; and

   -- pulling up stakes and leaving Ecuador.

President Correa commented to BNamericas, "We want to move
toward special service contracts, called service provider deals,
where we pay US$10 for every barrel they have -- which is open
to renegotiation obviously -- and the rest stays with us.  How
much have they invested -- US$200 million?  They can have their
US$200mn and be on their way. [State oil company] Petroecuador
will exploit the field."

The companies have until March 8 to transfer to service provider
contracts.  About 19 oil contracts will expire from 2010-24,
BNamericas states.

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil   
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

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


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


BRITISH AIRWAYS: Calls for Improved Service Quality Regulations
---------------------------------------------------------------
British Airways Plc is urging the Civil Aviation Authority to
stop BAA Ltd. delaying the introduction of improved customer
service quality targets at Heathrow by up to two years.

The airline is providing evidence to the CAA at oral hearings on
the current BAA airport charges review that start on Monday,
Jan. 28, 2008.

As part of the current review, the Competition Commission
recommended that the CAA strengthened BAA's service quality
regulations in key areas such as the central security search
area, security control posts and transfer search areas.

BAA wants the delay to enable action plans and measurement
systems to be set up before many of the new targets are
introduced and to fund additional work to deliver acceptable
service standards in these areas.

"It appears that BAA is paying lip service to customers' needs
and will only take real steps to improve service quality when
forced to do so by the regulators.  For passengers to continue
to experience the Heathrow Hassle for another two years because
BAA hasn't got its act together is unacceptable," Paul Ellis,
British Airways' general manager airport policy and
infrastructure, said.  "Many of the areas identified as needing
better targets affect flight punctuality.  Delays at security
control posts mean that, on occasions, catering is late being
loaded on the aircraft and even our flight and cabin crew don't
get to the aircraft on time.  Airlines have been highlighting
punctuality problems to BAA for more than two years so it's had
ample time to plan for improved performance levels and invest in
the infrastructure necessary to deliver them.  We believe that
the technology exists now to develop measurement systems and
airlines have already made proposals to BAA on ways to reduce
delays."

The CAA as regulator has to decide whether or not to allow BAA
to delay the introduction of new service quality regulations.

"The CAA's role is to create an environment where a monopoly
supplier is forced to act in a competitive way.  A competitive
company wouldn't be able to rely on previous failures to invest
as an excuse for not being made accountable for service quality
improvements," Mr. Ellis said.

                          About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world's leading construction groups, specializing in
four strategic lines of business - airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.

                     About British Airways

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

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

                        *     *     *

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


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


DYNCORP INT'L: Earns US$38.1 Million in Full Year Ended Dec. 28
---------------------------------------------------------------
DynCorp International Inc. reported US$11.9 million of net
income for the three months ended Dec. 28, 2007, compared to
US$11.5 million of net income for the same period in 2006.

For the full year ended Dec. 28, 2007, the company earned
US$38.1 million compared to net income of US$8 million in 2006.

                      Third Quarter 2008 Vs.
                    Third Quarter 2007 Results

Revenue for the third quarter of fiscal 2008 was US$523.1
million, a 1.1% increase over revenue of US$517.5 million for
the third quarter of fiscal 2007.  Revenue for the Government
Services (GS) segment, which represented 65.7% of company
revenue, increased to US$343.6 million for the third quarter of
fiscal 2008, up US$1.4 million or 0.4% from the third quarter of
fiscal 2007.  GS revenue grew through additional work supporting
the International Narcotics Air Wing program and peacekeeping
activities in Africa.  This was offset by the conclusion of
construction and camp support task orders in Iraq.  Revenue for
the Maintenance and Technical Support Services segment, which
represented 34.3% of Company revenue, increased to US$179.5
million for the third quarter of fiscal 2008, up US$4.2 million
or 2.4% from the third quarter of fiscal 2007.  MTSS revenue
grew primarily through new business in the aviation and
maintenance business area, partially offset by reduced manning
under the Contract Field Teams program.

Operating income was US$30.8 million or 5.9% of revenue in the
third quarter of fiscal 2008, compared to US$32.3 million or
6.2% of revenue in the third quarter of fiscal 2007.  Operating
income decreased primarily due to an increase in selling,
general and administrative expenses.  Factors contributing to
the increased SG&A included:

    (i) costs incurred in fiscal 2008 related to Sarbanes-Oxley
        compliance preparation;

   (ii) consulting costs related to proposal activity; and

  (iii) general SG&A costs necessary to support the current and
        anticipated growth of the company's business.

Earnings before interest, taxes, depreciation and amortization
(EBITDA) in the third quarter of fiscal 2008 decreased 1.3% to
US$44.3 million or 8.5% of revenue, compared to US$44.9 million
or 8.7% of revenue in the third quarter of fiscal 2007.  The
decrease is primarily due to the previously discussed decrease
in operating income.

Earnings Per Share increased to US$0.21 in the third quarter of
fiscal 2008 from US$0.20 in the third quarter of fiscal 2007.  
EPS in the third quarter of fiscal 2008 includes the favorable
impact of lower interest expense, higher earnings from
affiliates, higher other income and a lower effective income tax
rate, offset by the previously discussed decrease in operating
income.

                       Year-to-Date Results

Revenue for the first nine months of fiscal 2008 was US$1,566.9
million, a 2.4% increase over revenue of US$1,529.9 million for
the first nine months of fiscal 2007.  Revenue for the GS
segment increased to US$1,026.8 million for the first nine
months of fiscal 2008, up US$8.6 million or approximately 1.0%
from the first nine months of fiscal 2007. GS revenue grew
principally as a result of increased work supporting the
International Narcotics Air Wing program, offset by the
conclusion of construction camp support task orders in Iraq and
the conclusion of protective services task orders.  Revenue for
the MTSS segment for the first nine months of fiscal 2008
increased to US$540.1 million, up US$28.4 million or 5.5% from
the first nine months of fiscal 2007.  MTSS revenue grew through
increased overhauls on engines and propellers performed under
the Life Cycle Contractor Support program, increased logistics
support services provided to the U.S. Air Force C-21 fleet, and
new business in the aviation and maintenance business area.  
This was partially offset by reduced manning under the Contract
Field Teams program.

Operating income increased US$26.4 million or 37.4% to US$97.0
million or 6.2% of revenue for the first nine months of fiscal
2008, compared to US$70.6 million or 4.6% of revenue for the
first nine months of fiscal 2007.  The increase in operating
income, both in dollars and as a percentage of revenue, was
primarily due to increased revenue volumes, improved contract
performance, lower depreciation and amortization expense and the
elimination of certain one-time costs of US$17.9 million that
were incurred during the first nine months of fiscal 2007.

EBITDA for the first nine months of fiscal 2008 increased
US$27.6 million or 25.6% to US$135.3 million or 8.6% of revenue,
compared to US$107.7 million or 7.0% of revenue for the first
nine months of fiscal 2007.  The increase is due to the
previously discussed increase in operating income in fiscal
2008, excluding the decrease in depreciation and amortization
expense.

EPS increased to US$0.67 for the first nine months of fiscal
2008 compared to EPS of US$0.15 for the first nine months of
fiscal 2007.  EPS for the first nine months of fiscal 2008
benefited from the previously discussed higher operating income,
higher earnings from affiliates, higher interest income and
lower interest expense, offset by higher weighted average
outstanding shares compared to the first nine months of fiscal
2007 due to the Company's initial public offering in May of
2006.  EPS for the first nine months of fiscal 2007, on an after
tax basis, included the unfavorable impact of US$0.22 per share
of non-recurring expenses associated with the company's initial
public offering and US$0.21 per share of the previously
referenced one-time costs.

Cash used by operations was US$49.3 million for the first nine
months of fiscal 2008 compared to cash provided by operations of
US$45.8 million for the first nine months of fiscal 2007.  The
cash used by operating activities in the nine months ended
Dec. 28, 2007 was primarily due to unfavorable conditions
relating to working capital, specifically accounts receivable.  
The increase in the accounts receivable balance was due to the
temporary delay in cash collections and in receiving executed
contract modifications from the Department of State, primarily
due to accounting, process and system changes within the DoS.  
As a point of reference, as of Dec. 28, 2007, approximately 68%
of the company's accounts receivable balance was due from the
DoS.  As a consequence, the company's Days Sales Outstanding at
Dec. 28, 2007 was 92 days an increase from 77 days at
Dec. 29, 2006.  The company is working diligently with DoS to
correct this problem, but many of the actions necessary are
internal to the customer.

Total debt was US$607.4 million at Dec. 28, 2007, a reduction of
US$23.6 million from March 30, 2007.  This reduction is
primarily due to an excess cash flow payment of US$34.6 million
required by the terms of our credit agreement, offset by US$13.5
million borrowed under our revolving credit facility.

Backlog as of Dec. 28, 2007 was US$6.3 billion. Included in this
total is US$3.5 billion from the linguist and translation
services contract awarded by the U.S. Army Intelligence and
Security Command to Global Linguist Solutions LLC, a joint
venture of DynCorp International and McNeil Technologies.  The
five-year contract, with a maximum value of US$4.6 billion, was
originally awarded in December 2006.  The Army terminated the
contract for convenience after the Government Accountability
Office sustained the incumbent's original protest.  INSCOM
requested and received revised proposals and again awarded the
contract to GLS.  The incumbent protested this second award and
the Army decided to take corrective action, resulting in
dismissal of the second protest.  Currently, the Army is
implementing a corrective action plan which will result in a new
award decision.  Our backlog and estimated remaining contract
value metrics may require future adjustment depending on the
outcome of this new award decision.

                       Fiscal 2008 Guidance

The company is revising its financial guidance for the fiscal
year ending March 28, 2008, based upon current outlook.  This
guidance excludes the previously discussed INSCOM contract.

                       About Dyncorp.

DynCorp International Inc. -- http://www.dyn-intl.com/-- (NYSE:   
DCP) through its operating company DynCorp International LLC, is
a provider of specialized mission-critical technical services,
mostly to civilian and military government agencies.  It
operates major programs in law enforcement training and support,
security services, base operations, aviation services and
operations, and logistics support worldwide.  Headquartered in
Falls Church, Virginia, DynCorp International LLC has
approximately 14,600 employees worldwide including Haiti.

                        *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.


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


NAT'L COMMERCIAL: Small Firms Complain of Bank's High Rates
-----------------------------------------------------------
The Jamaica Gleaner reports that small and medium-sized
enterprises have complained that the National Commercial Bank
Jamaica Limited's high interest rates undermined the viability
of these businesses.

According to The Gleaner, the National Commercial promised to do
something about the problem.

The Gleaner relates that National Commercial's assistant general
manager Bernadette Barrow, who is responsible for the bank's
small and medium enterprise division, explained to the
operators, "You are all familiar with the NIF (National
Insurance Fund) facility that was announced sometime last year.  
NCB [National Commercial Bank] will be participating in that
program and we will be able to offer this to our existing
customers."

The facility is the J$1-billion revolving fund, The Gleaner
notes.  The National Commercial will use money borrowed from the
NIF to provide small and micro enterprises soft loans -- capped
at J$5 million, with 10% interest over four years.  

Ms. Barrow admitted to The Gleaner that the NIF facility is
limited.  "We will be looking at introducing a pool of funds at
single-digit Jamaican dollars interest rate," Ms. Barrow told
The Gleaner.

The National Commercial regularly reviewed the rates offered to
its clients.  The customers should explore other investment
vehicles that offer higher returns, The Gleaner states, citing
the bank's retail banking regional manager Christopher Denny.

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial  
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the UK.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Standard & Poor's Rating Services affirmed its
'B/B' counterparty credit and CD ratings on National Commercial
Bank Jamaica Ltd.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited: long-term
foreign and local currency Issuer Default at 'B+'; short-term
foreign and local currency rating at 'B'; individual at 'D'; and
support at 4.

The rating outlook on the bank's ratings is stable, in line with
Fitch's view of the sovereign's creditworthiness.


NATIONAL COMMERCIAL: Court Extends Olint's Injunction
-----------------------------------------------------
The Supreme Court of Jamaica has granted alternative investment
scheme Olint an extension against the National Commercial Bank
Jamaica Limited, Radio Jamaica reports.

According to Radio Jamaica, the injunction prevents the National
Commercial from closing Olint's accounts.

Radio Jamaica notes that High Court Judge Roy Jones extended the
injunction until Feb. 15.  Olint took out an injunction against
the National Commercial on Jan. 11.

The National Commercial had decided to close Olint's accounts,
alleging that the investment scheme is an unregulated company
operating in breach of the Securities Act.

The National Commercial's legal representative Dave Garcia told
RJR News that the bank will heed to the court's ruling.

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited  -- http://www.jncb.com/-- provides commercial  
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the UK.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Standard & Poor's Rating Services affirmed its
'B/B' counterparty credit and CD ratings on National Commercial
Bank Jamaica Ltd.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited: long-term
foreign and local currency Issuer Default at 'B+'; short-term
foreign and local currency rating at 'B'; individual at 'D'; and
support at 4.

The rating outlook on the bank's ratings is stable, in line with
Fitch's view of the sovereign's creditworthiness.


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


BANCOPPEL SA: Moody's Assigns Preliminary Low-B Ratings
-------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of E+ to BanCoppel S.A.  At the same time, Moody's
assigned a long- and short-term global local currency deposit
ratings of Ba2/Not Prime, respectively.  The bank was also
assigned a foreign currency deposit rating of Ba2/Not Prime.  
Moody's also assigned long- and short-term Mexican National
Scale ratings of A2.mx / MX-2, respectively.  All these ratings
have stable outlooks.

According to Moody's, the BFSR of E+ reflects the challenges
inherent to a recently created bank -- Bancoppel was established
in May 2007.  Those include the developing banking business and
the operating losses common to a start up, as well as the still
seasoning credit underwriting and risk management practices.  
The bank is challenged to generate sustainable high-quality
earnings and to further establish its market position, both in
deposits and loans, and particularly in credit cards, which is
the bank's main targeted product.

Moody's also noted the bank's closely-held, family-based
ownership structure and its limited business scope as important
credit challenges.  The high competition on BanCoppel's core
product -- credit cards -- also challenges its developing
franchise and thus the BFSR.

The bank's Ba2 GLC deposit rating incorporates the benefits
drawn from being part of Grupo Coppel -- which ranks among
Mexico's largest department store chains catering to low and
medium income demographics with an integrated consumer finance
offering.  These benefits stem from the group's strong brand
name as well as its broad client base, infrastructure, and
expertise in lending to the low income segment of the
population.  In Moody's view, BanCoppel complements the group's
business strategy as a provider of a broad array of financial
products while leveraging Grupo Coppel's existing network.

These ratings were assigned:

   -- Bank Financial Strength Rating: E+
   -- Global Local Currency Deposits, long term: Ba2
   -- Global Local Currency Deposits, short term: Not Prime
   -- Foreign Currency deposits, long ter