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

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

           Tuesday, February 5, 2008, Vol. 9, Issue 25

                          Headlines

A R G E N T I N A

ACORA SRL: Trustee Filing Individual Reports in Court Tomorrow
CAMIONES SAN MARTIN: Trustee Filing Individual Reports Tomorrow
ELIAGRO SA: Files for Reorganization in Buenos Aires
FILL IN THE BLANKS: Trustee Filing General Report Tomorrow
FLOWER POWER: Trustee Verifies Proofs of Claim Until February 25

INVERSIONES Y REPRESENTACIONES: Fitch Ups Issuer Default Rating
JURYS SRL: Proofs of Claim Verification Deadline is March 10
PAPELERA UNIVERSAL: Files for Reorganization in Buenos Aires
PARAMIRO SA: Files for Reorganization in Buenos Aires Court
TYSON FOODS: Shareholders Pick Ten Board of Director Members

* BUENOS AIRES: ARS1.6 Bil. Loan Cues Moody's to Retain Ratings

B E R M U D A

FOSTER WHEELER: Improved Cash Flow Spurs S&P's Outlook Revision
WARNER CHILCOTT: Eyes Up to US$325-Mil. Cash Net Income in 2008

B R A Z I L

BANCO NACIONAL: Grants BRL1.97-Million Loan to Vale do Ivai
BAUSCH & LOMB: Completes Eyeonics Acquisition
DELPHI CORP: Anticipates Chapter 11 Emergence by March 31
KENDLE INT'L: Satish Tripathi To Oversee Global Regulatory Group
NET SERVICOS: 4th Quarter 2007 Net Profit Increases to BRL96MM

SANMINA-SCI: Elects John P. Goldsberry to Board of Directors
USINAS SIDERURGICAS: Moody's Assigns Ba1 Local Currency Rating

* BRAZIL: Regasification Terminals To Miss Operating Deadlines
* BRAZIL: Supermarket Sector Sales Increase 5.9% in 2007

C A Y M A N   I S L A N D S

EARLSWOOD LTD: To Hold Final Shareholders Meeting on February 7
PAI HEDGED: Proofs of Claim Filing Deadline is February 7
RETAIL BUSINESS: Sets Final Shareholders Meeting for February 7
SABOTEN HOLDINGS: Final Shareholders Meeting is on February 7
SHINSEI FUNDING: Holding Final Shareholders Meeting on Feb. 7

SHINSEI FUNDING CAYMAN: Final Shareholders Meeting on February 7
STOCKHORN CDO: Sets Final Shareholders Meeting for February 7
SPECIAL SELECT: To Hold Final Shareholders Meeting on February 7

C H I L E

AES GENER: To Implement Changes in Alto Maipo Hydro Project

C O L O M B I A

CORPORACION INTERAMERICANA: Gets Tenders & Consents on Sr. Notes

D O M I N I C A N   R E P U B L I C

ALCATEL-LUCENT: To Post 4Q & Full-Year 2007 Results on Feb. 8
CENVEO INC: Hires Dean Cherry as President-Envelope Operations

E L   S A L V A D O R

HANESBRANDS INC: Earns US$126.1 Million in Quarter Ended Dec. 29

G U A T E M A L A

AFFILIATED COMPUTER: Earns US$81.6 Mln in 2nd Qtr. Ended Dec. 31
AFFILIATED COMPUTER: Stifel Reiterates Buy Rating on Firm
BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Firm

J A M A I C A
AIR JAMAICA: Gov't Wants to Stop Allotting Budget for Airline
NAT'L COMMERCIAL: Court Refuses To Extend Cash Plus' Injunction

* JAMAICA: Bus Company To Dismiss 340 Employees To Reduce Costs

M E X I C O

CALPINE CORP: Emergence Prompts Moody's to Affirm B2 Ratings
CHEMTURA CORP: Closes Fluorochemicals Biz Sale to DuPont
GRUPO MEXICO: To Produce 635,000 Tons of Copper in 2008
TREOFAN HOLDINGS: S&P Holds CCC+ Ratings on New Commitment
US STEEL: Offers Capital Investment Program to Boost Production

VISTEON CORP: Selling Non-Core Aftermarket Facilities to Centrum
VITRO SAB: Year-Over-Year Consolidated Net Sales is US$2,560MM
WEST CORP: Dec. 31, 2007 Balance Sheet Upside-Down by US$2.2 Mln

P A N A M A

CHIQUITA BRANDS: Inks New Banana Pact with C.I. Banacol
CHIQUITA BRANDS: Posts US$28.2 Mln Net Loss in 2007 3rd Quarter

P E R U

GOODYEAR TIRE: Will Redeem US$650 Million in Sr. Secured Notes
QUEBECOR WORLD: U.K. Unit Placed Into Administration
QUEBECOR WORLD: Union Sees Job Cuts with Corby Unit Receivership

* PERU: Mine Workers to Stage Strike, May Affect Production

P U E R T O   R I C O

AEROMED SERVICES: Case Summary & 20 Largest Unsecured Creditors
BURGER KING: Reports US$49-Mln Net Income in 2008 Second Quarter
HORIZON LINES: Earns US$10.7 Million in Fourth Quarter of 2007
JETBLUE AIRWAYS: Signs Strategic Deal with Aer Lingus
MUSICLAND HOLDING: Liquidation Plan Declared Effective Jan. 30

SUNCOM WIRELESS: Commences Consent Solicitation on 8-1/2% Notes
TREASURE ISLAND: Case Summary & Eight Largest Unsec. Creditors
UNITED RUBBER: Case Summary & 10 Largest Unsecured Creditors
WERNER LADDER: Creditors Sue Former Owners, Insiders for US$1B

V E N E Z U E L A

CUMMINS INC: Net Income Climbs 3% to US$739 Million in 2007
CUMMINS INC: Promotes Pamela Carter as Distribution Biz Pres.
PETROLEOS DE VENEZUELA: In Talks With Cos. on Carabobo Project
PETROLEOS DE VENEZUELA: Mulls El Palito Expansion

* Large Companies with Insolvent Balance Sheets


                         - - - - -

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

ACORA SRL: Trustee Filing Individual Reports in Court Tomorrow
--------------------------------------------------------------
Monica Olga Rajo, the court-appointed trustee for Acora S.R.L.'s
bankruptcy proceeding, will present in the National Commercial
Court of First Instance in Buenos Aires the validated claims as
individual reports on Feb. 6, 2008.

Ms. Rajo verified creditors' proofs of claim until Nov. 16,
2007.

A general report that contains an audit of Acora's accounting
and banking records will be submitted in court on March 19,
2008.

Ms. Rajo is also in charge of administering Acora's assets under
court supervision and will take part in their disposal to the
extent established by law.

The debtor can be reached at:

       Acora S.R.L.
       Irigoyen 1920
       Buenos Aires, Argentina

The trustee can be reached at:

       Monica Olga Rajo
       Viamonte 2359
       Buenos Aires, Argentina


CAMIONES SAN MARTIN: Trustee Filing Individual Reports Tomorrow
---------------------------------------------------------------
Patricia Monica Narduzzi, the court-appointed trustee for
Camiones San Martin S.A.'s bankruptcy proceeding, will present
in the National Commercial Court of First Instance in Dolores,
Buenos Aires, the validated claims as individual reports on
Feb. 6, 2008.

Ms. Narduzzi verified creditors' proofs of claim until
Nov. 20, 2007.

A general report that contains an audit of Camiones San Martin's
accounting and banking records will be submitted in court on
March 19, 2008.

Ms. Narduzzi is also in charge of administering Camiones San
Martin's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

         Patricia Monica Narduzzi
         Necochea 94, Dolores
         Buenos Aires, Argentina


ELIAGRO SA: Files for Reorganization in Buenos Aires
----------------------------------------------------
Eliagro S.A. has requested for reorganization approval after
failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 7 in Buenos Aires.  Clerk No. 14 assists the court
in this case.

The debtor can be reached at:

           Eliagro SA
           Yerua 4975
           Buenos Aires, Argentina


FILL IN THE BLANKS: Trustee Filing General Report Tomorrow
----------------------------------------------------------
Osvaldo Jose Raimundo, the court-appointed trustee for Fill In
The Blanks S.R.L.'s bankruptcy proceeding, will present in the
National Commercial Court of First Instance in Buenos Aires a
general report containing an audit of the bank's accounting and
banking records on Feb. 6, 2008.

Mr. Raimundo verified creditors' proofs of claim until
Oct. 8, 2007.  He submitted the validated claims in court as
individual reports on Nov. 20, 2007.

Mr. Raimundo is also in charge of administering Fill In The
Blanks' assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

         Osvaldo Jose Raimundo
         Rodriguez Pena 797
         Buenos Aires, Argentina


FLOWER POWER: Trustee Verifies Proofs of Claim Until February 25
----------------------------------------------------------------
Carlos Wolff, the court-appointed trustee for Flower Power SA's
reorganization proceeding, will be verifying creditors' proofs
of claim until Feb. 25, 2008.

Mr. Wolff will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Flower Power and its
creditors.

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

A general report that contains an audit of Flower Power's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 11, 2008.

The debtor can be reached at:

        Flower Power SA
        Honduras 4900
        Buenos Aires, Argentina


INVERSIONES Y REPRESENTACIONES: Fitch Ups Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has upgraded these ratings of Inversiones y
Representaciones S.A.:

  -- Foreign currency Issuer Default Rating to 'B+' from 'B';
  -- Local currency IDR to 'B+' from 'B';
  -- $150 million notes due in 2017 to 'B+/RR4' from 'B';
  -- National Scale ratings to 'AA-(arg)' from 'A-(arg)'.

All ratings have a Stable Outlook.

The upgrade in the company's ratings reflects improvements in
its cash flow generation and the successful financings by the
company, and its subsidiary, APSA, during 2007 that have
improved the company's debt profile and lessened refinancing
risk.

The company's credit ratings are supported by its strong
business position in the Argentine real estate market.  Through
its subsidiary APSA (61.5% owned), the company has a 60% market
share in the shopping center segment of the market within Buenos
Aires, owning five malls.  APSA also owns and operates five
additional malls outside the city of Buenos Aires.  This
business unit, which includes a credit card division, accounts
for about 77% of the company's consolidated EBITDA.  Its second
most important business division is its office building segment,
accounting for about 12% of EBITDA.  The company is the clear
leader in the development and management of office buildings in
Buenos Aires, with a market share of approximately 20% in the
premium buildings class.  The balance of its EBITDA is derived
from three premium hotels, as well as its residential property
development division.  Importantly, both IRSA and APSA own key
parcels of land in strategic areas of Buenos Aires, which could
be sold to improve the company's liquidity, or used in new
developments.  The book value of this undeveloped land is
approximately US$100 million.

The company's 'B+' ratings reflect the cyclical nature of the
real estate market in Argentina, which is highly correlated with
the local economy, and the lack of geographic diversification of
the company's cash flows.  The company's credit ratings also
reflect the mismatch between its dollar denominated debt and
peso denominated cash flow.  Further factored into the ratings
are the company's reliance upon APSA for dividends for its debt
service, as well as payments on convertible bonds of APSA held
by IRSA.  During the company's fiscal year ended June 30, 2007,
dividends and payments from APSA accounted for 40% of its funds
from operations.

The company had US$435 million of debt as of Sept. 30, 2007. Its
consolidated debt consists of a US$150 million bond issued in
2007 that matures in 2017, a US$120 million bond issued by APSA
during 2007 that matures in 2017, and a US$50 million peso-
linked bond issued by APSA that amortizes between 2009 and 2012.
This debt is all unsecured.  Cash and marketable securities
totaled US$200 million as of Sept. 30, 2007.  During
October 2007, the company used US$40 million of its cash to
repay additional debt that matured during 2008 and 2009.

For the LTM ended Sept. 30, 2007, the company had a consolidated
EBITDA of US$95 million, an increase from US$89 million during
the 12 months ended June 30, 2006.  Its EBITDA is expected to
continue to improve due to high occupancy rates in the market
that have led to higher lease prices, strong sales in shopping
centers due to a relatively strong economic environment, plus
aggressive investments in office buildings during 2007 that
resulted in a 29% increase in leaseable office space and other
leased properties.  The company should also benefit from a newly
formed joint venture with the Brazilian residential real estate
developer Cyrela Brazil Realty S.A. (rated 'BB').  On a stand-
alone basis, the company's FFO includes the cash generation from
its office buildings and residential property developments plus
dividends from APSA and the hotels plus interest on APSA's
convertible notes.  For its fiscal year ended June 30, 2007,
this figure totaled about $30 million.  This figure is expected
to grow to around US$50 million in the coming years and should
allow the company to face its annual average debt service of
about US$16 million for 2009 and 2010 periods.

The company's leverage is moderate relative to the value of its
assets.  As of Sept. 30, 2007, its consolidated undepreciated
property value was estimated at US$994 million.  The value of
its offices buildings and land reserves is $375 million.  These
figures result in a consolidated Loan to Value ratio of less
than 40% and a stand-alone LTV ratio of 45%.  On a market value
basis, these ratios would be even lower.  The company is
currently in the process of acquiring a new office building in
Buenos Aires called 'Edificio Republica' for US$74 million.
About one-half of the purchase price is expected to be financed
with seller financed notes.  The company will likely borrow for
the balance of this payment, but could tap into its cash balance
if needed.  During January 2008, the company's cash position
improved when it sold 29.85% of its office building 'Edificio La
Nacion' to Techint Group for US$34.4 million.

Created in 1943, Inversiones y Representaciones S.A. aka IRSA
(NYSE: IRS) (BCBA: IRSA) is a leading company with activities in
the business of offices, commercial centers and hotels.  It is
the only company in the industry whose shares are listed on the
Bolsa de Comercio de Buenos Aires and The New York Stock
Exchange.  Through its subsidiaries, IRSA manages an expanding
top portfolio of shopping centers and office buildings,
primarily in Buenos Aires.  The company also develops
residential subdivisions and apartments (specializing in high-
rises and loft-style conversions) and owns three luxury hotels.
Additionally, IRSA owns a 11.8% stake in Banco Hipotecario,
Argentina's largest mortgage supplier in the country which
shareholder's equity amounted to ARS2,247.6 million.


JURYS SRL: Proofs of Claim Verification Deadline is March 10
------------------------------------------------------------
Eduardo Fernandez Prol, the court-appointed trustee for Jurys
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
until March 10, 2008.

Mr. Prol will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Jurys and its
creditors.

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

A general report that contains an audit of Jurys' accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Jurys SRL
         Uruguay 695
         Buenos Aires, Argentina

The trustee can be reached at:

         Eduardo Fernandez Prol
         Belgrano 634
         Buenos Aires, Argentina


PAPELERA UNIVERSAL: Files for Reorganization in Buenos Aires
------------------------------------------------------------
Papelera Universal Group S.R.L. has requested for reorganization
approval after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 13 in Buenos Aires.  Clerk No. 26 assists the court
in this case.

The debtor can be reached at:

           Papelera Universal Group S.R.L.
           Juan Ramirez de Velazco 274
           Buenos Aires, Argentina


PARAMIRO SA: Files for Reorganization in Buenos Aires Court
-----------------------------------------------------------
Paramiro SA has requested for reorganization approval after
failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 2 in Buenos Aires.  Clerk No. 3 assists the court
in this case.


TYSON FOODS: Shareholders Pick Ten Board of Director Members
------------------------------------------------------------
Tyson Foods Inc.'s shareholders have elected ten members to the
Board of Directors at the company's 45th annual meeting.  Tyson
officials also announced plans to significantly expand its
poultry business in China through a joint venture with a Chinese
poultry company.

Those elected to the board, which includes six independent
directors, were Richard Bond, Scott Ford, Lloyd Hackley, Jim
Kever, Kevin McNamara, Jo Ann Smith, Barbara Tyson, Don Tyson,
John Tyson and Albert Zapanta.

Mr. Bond, who is also President and CEO of the company,
announced during the meeting that Tyson has signed a deal to
work with Jiangsu Jinghai Poultry Industry Group Co. Ltd., a
Chinese poultry breeding company, to raise and process chicken
under the Tyson brand for sale to consumers in eastern China.
Terms of the agreement were not disclosed, however, Tyson
officials have confirmed the company will have a 70% ownership
share in the business.

Tyson and Jinghai will build a new, fully integrated poultry
operation in Haiman City in the Jiangsu Province near Shanghai.
It will be called "Jiangsu Tyson Foods" and will include
development of live chicken operations and a chicken processing
plant.  The operation will produce fresh, retail packaged
chicken products sold under the Tyson brand name.

"Demand for high quality, fresh chicken in China is growing
faster than the existing domestic supply," said Mr. Bond.  "We
intend to help meet this need by becoming the first producer to
deliver brand name, high quality fresh chicken to consumers in
the eastern China market."

The two companies plan to break ground for the processing plant
as soon as Chinese government approvals are received and
currently expect to begin operations in 2009.  The companies
will also be working to finish a feedmill currently under
construction and to establish modern chicken farming operations
in the region to supply the plant.

"We believe Jinghai's extensive experience in poultry breeding
will provide the foundation needed to successfully build a
network of live poultry operations," said Rick Greubel,
international president for Tyson.  The joint venture will
initially start by producing 400,000 birds per week with plans
to eventually increase production to one million birds per week.

Products from the processing plant will be sold to retailers
serving the Shanghai, Jiangsu and Zhejiang Provinces, which have
a combined population of 139 million people.

Tyson already has a presence in China.  The company has a joint
venture poultry operation involved in producing further
processed chicken, including chicken nuggets and popcorn chicken
sold under the Tyson name.  Tyson also has part ownership in a
pork processing plant in China.

                      About Tyson Foods

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.

Tyson's U.S. beef plants are located in Amarillo, Texas; Dakota
City, Nebraska; Denison, Iowa; Finney County, Kansas; Joslin,
Illinois, Lexington, Nebraska and Pasco, Washington.  The
company also has a beef complex in Canada, and is involved in a
vertically integrated beef operation in Argentina.

                        *     *     *

Tyson Foods Inc. continues to carry Moody's Ba1 corporate family
rating and Ba2 probability of default rating.  Moody's said the
outlook is negative.


* BUENOS AIRES: ARS1.6 Bil. Loan Cues Moody's to Retain Ratings
---------------------------------------------------------------
Moody's said that the City of Buenos Aires' ratings will remain
unchanged following the recent declaration of potential
indebtedness of up to ARS1.6 billion budgeted for this year.

The current ratings include B2 (Global Scale) and Aa3.ar
(National Scale) foreign currency ratings and local currency
ratings of B1 (Global Scale) and Aa2.ar (National Scale).

In December 2007, the city legislature, by means of the Law Nr.
2570, approved the foundation of the Social Infrastructure Fund,
whose aim is to finance a large portion of the public
infrastructure projects that the city plans for the coming
years.

The City of Buenos Aires, under the guidance of Mayor Mauricio
Macri, could borrow up to ARS1.6 billion in the form of either,
financial loans or the issuance of public bonds.  In accordance
with the city's 2008 budget law, the amortization period of this
new debt should not be longer than seven years.

"Currently, the city has a manageable debt burden, which, in
terms of total revenues, has been decreasing over the past four
years", said Moody's Associate Analyst Patricio Esnaola.
According to preliminary data, he said, the total debt as of
September 2007 measured ARS1.7 billion, equivalent to 25.4% of
total revenues.  In 2003, total debt accounted for 54.9% of
total revenues.

"The city's capacity to generate own-source revenue, together
with the application of prudent fiscal policies on the expense
side, allows it to maintain an acceptable capacity to repay its
debt", said Mr. Esnaola.  "The increase in the stock of debt
related to the potential issuance, which probably will take
place before the end of June, remains manageable within the
city's fiscal framework".

At the end of 2008, the city estimates its debt level will be
roughly ARS3.2 billion, or 27.1% of total revenues budgeted for
that year.



=============
B E R M U D A
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FOSTER WHEELER: Improved Cash Flow Spurs S&P's Outlook Revision
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Foster Wheeler Ltd. to positive from stable.  At the same time,
S&P affirmed its 'BB' corporate credit rating on the company.
Foster Wheeler, a Clinton, New Jersey-headquartered provider of
petrochemical and power-related engineering and construction
services, reported total debt of approximately US$150 million at
Sept. 30, 2007.

"The outlook revision reflects Foster Wheeler's sustained
improvements in profitability and cash flow generation," said
S&P's credit analyst James T. Siahaan, "along with its ability
to maintain a firm backlog of geographically diversified
projects in the robust oil and gas and power markets."

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


WARNER CHILCOTT: Eyes Up to US$325-Mil. Cash Net Income in 2008
---------------------------------------------------------------
Warner Chilcott Limited has announced a view of anticipated full
year 2008 results.

Total revenues for 2008 are expected to be in the range of
US$935 to US$945 million, with the growth primarily being driven
by LOESTRIN 24 FE, DORYX, FEMCON FE, and TACLONEX.  Gross profit
margin, as a percentage of total revenues, is anticipated to be
in the range of 80% to 81% in 2008.

Total selling, general and administrative expenses in 2008 are
anticipated to be in the range of US$228 to US$237 million,
which reflects the previously disclosed reduction of advertising
and promotional spend due to a reduction in DTC advertising in
2008 as compared to 2007.

Total R&D spend in 2008 is anticipated to be in the range of
US$57 to US$60 million.  Included in this amount is internal R&D
expense of US$54 to US$57 million and anticipated potential
milestone payments to third parties of US$3 million.

Based on the 2008 view, GAAP net income is expected to be in the
range of US$118 to US$128 million.  Cash net income in 2008 is
anticipated to be US$315 to US$325 million.  Using 251 million
Class A shares, the company expects cash net income per share to
be in the range of US$1.25 to US$1.30 for the full year 2008.

Cash net income refers to the company's net income adjusted for
the after-tax effects of two non-cash items: amortization of
intangible assets and amortization (or write-off) of deferred
loan costs related to the company's debt.

                    About Warner Chilcott

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company
for a host of pharmaceutical makers.  Women's health care
products, including hormone therapies (femhrt and Estrace
Cream) and contraceptives (Estrostep, Loestrin, and OvCon), are
the company's largest segment.  Other products include
dermatology treatments for acne (Doryx) and psoriasis (Dovonex
and Taclonex).  US subsidiary Warner Chilcott Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2008, Standard & Poor's Ratings Services revised its
outlook on specialty drug manufacturer Warner Chilcott Corp.,
Warner Chilcott Limited's subsidiary, to positive from stable.
The ratings, including B+ corporate credit rating, were
affirmed.  "The outlook revision on the company reflects its
solid operational track record and improving financial profile
over the past two years," said S&P's credit analyst Arthur Wong.



===========
B R A Z I L
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BANCO NACIONAL: Grants BRL1.97-Million Loan to Vale do Ivai
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Econ“mico e Social's board has
approved a BRL1.97-million financing to Vale do Ivai S/A Acucar
e Alcool.  The resources will be directed to the construction of
the Technology Reference Center for the sugar-alcohol sector, in
the Municipality of Sao Pedro do Ivai, in the ambit of the
Bank's financing line, Innovation-Production.

The line, created in 2005, enables a financing of up to 100% of
the investment amount, which is fully carried out according to
the TJLP, Long-Term Interest Rate, used as a reference in the
majority of the financings granted by BNDES, which is currently
6.25% per year.  In the last two years, the Bank has already
disbursed BRL117 million on innovation projects.  In this case,
the Bank's share will be equivalent to 79% of the total
investment of the project, which is budgeted in BRL2.48 million.

BNDES's support will contribute to increase the competitiveness
of an important part of the Brazilian industry by enabling a
higher quality to the alcohol production of the factories, which
are clients of the Reference Center, and expanding the
productivity of yeasts.  The investments will also enable the
finding of new economic applications in yeasts.

With the resources, the company will develop models and
processes of alcohol fermentation and distillation, aiming to
obtain high performances, both in the production of alcohol and
yeast mass.  For this reason, the alcohol factories will be the
main beneficiaries of the research results, as the microorganism
(Sacharomysees Cerevisiae), which has been chosen for the
development of the studies, is a type of yeast which produces
bioethanol from saccharose.

Yeast is one of the several products which can be obtained from
the sugar cane, which is an excess of the sugar cane juice
fermentation, in the alcohol production.  Each liter of produced
alcohol leaves, as a residue, 30 grams of yeast on a dry basis.
In Brazil, it is estimated that only 10% of the yeast production
potential are used in the manufacture of products for human and
animal consumption.  The largest part of the productive
potential is either wasted by factories and distilleries, which
are not aware of the yeast distillation process in the
fermentation, or sold in the gross form, for the animal feeding,
without undergoing any type of industrial improvement.

The project will make feasible technological leaps in the areas
of yeast production of a better quality, sugar cane juice
fermentation and alcohol distillation, diffusion of new
processes for the companies in the sugar-alcohol sector and
breweries.  Besides this, it will reduce the consumption of
electrical and thermal energy and liquid effluents.

Regional impacts of the project - The center shall make feasible
technologies which can contribute to the improvement of the
competitiveness of sugar-alcohol factories and breweries of the
region.  The new products arising from the Reference Center,
when manufactured on industrial scale, will be able to generate
an increase in the manpower demand, which has a multiplier
effect in the region.

Vale do Ivai, established in 1981, operates in the sugar-alcohol
sector, with an installed milling capacity of 1.5 million tons
of sugar cane/crop.  The production forecast for the crop of
2007/2008 is 57 million liters of alcohol, 127 thousand tons of
sugar and 25 thousand tons of yeast cream.

                     About Banco Nacional

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

                        *     *     *

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


BAUSCH & LOMB: Completes Eyeonics Acquisition
---------------------------------------------
Bausch & Lomb has completed its acquisition of eyeonics,
inc.(TM), a privately held ophthalmic medical device company
headquartered in Aliso Viejo, Calif.  Financial terms of the
transaction were not disclosed.

Eyeonics now operates as a wholly owned subsidiary of Bausch &
Lomb.  Its crystalens(TM) intraocular lens, the first and only
U.S. Food and Drug Administration-approved accommodating IOL for
the treatment of cataracts, joins Bausch & Lomb's portfolio of
innovative ophthalmic surgical products for cataract,
vitreoretinal and refractive markets.

Nixon Peabody LLP acted as legal counsel to Bausch & Lomb.
Wilson Sonsini Goodrich & Rosati acted as legal counsel to
eyeonics, and Piper Jaffray & Co. served as a financial advisor
to eyeonics.

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

                        *     *     *

Bausch & Lomb Incorporated still carries Moody's Ba1 Corporate
Family Rating, Ba1 Probability of Default Rating and Ba1 ratings
on certain existing senior unsecured notes.  Rating outlook was
revised to stable.


DELPHI CORP: Anticipates Chapter 11 Emergence by March 31
---------------------------------------------------------
Delphi Corp. and its debtor-affiliates expect to consummate
their First Amended Joint Plan of Reorganization on or before
March 31, 2008, Delphi Corp. Vice President and Chief
Restructuring Officer John D. Sheehan said in a regulatory
filing with the U.S. Securities and Exchange Commission.  As
reported in the Troubled Company Reporter on Jan. 28, 2008, the
Court entered an order confirming the Debtors' Plan, as
modified, on Jan. 25, 2008.

The Plan contemplates the reorganization of the Debtors and the
resolution of certain outstanding claims against and interests
in the Debtors.  On the Effective Date of the Plan, Delphi's
existing Common Stock, as well as all rights or claims arising
in connection therewith, will be cancelled.  On or after the
Effective Date, Reorganized Delphi will have outstanding up to
181,831,951 shares of New Common Stock.

As of Jan. 17, 2008, there were 565,025,907 shares of Existing
Delphi Common Stock issued and outstanding, Mr. Sheehan noted.

The Plan provides for the adoption of four of Delhi Corp.'s
incentive plans for its employees:

(1) the Delphi 2007 Short-Term Incentive Plan,

(2) the Delphi 2007 Long-Term Incentive Plan,

(3) the Delphi Supplemental Executive Retirement Program, and

(4) the Delphi Salaried Retirement Equalization Savings
     Program.

The Delphi Incentive Plans will become effective on the
Effective Date of the Plan.  Eligible participants of the Delphi
Incentive Plans will include Delphi's approximately 560 global
executives, including Delphi's principal executive officer,
principal financial officer, other executive officers and
controller and chief accounting officer, Mr. Sheehan reported.

The purpose of the STIP is to motivate and reward performance
and provide cash incentive awards, limited to an annual
individual maximum of US$7,500,000, to eligible employees who
contribute to the company's success, according to Mr. Sheehan.
The STIP is available for incentive programs not to exceed a
period of one year for eligible employees.

The purpose of the LTIP, Mr. Sheehan said, is to provide
incentive award programs to attract and retain exceptional
employees, to align those employees with the company's long-term
strategies and to best align the employee interests with those
of Delphi's stockholders.

The LTIP is designed to permit the payment of compensation that
qualifies as performance-based compensation under Section 162(m)
of the Internal Revenue Code of 1986 and provides for the grant
of various stock-based and cash-based awards, including stock
options, stock appreciation rights, restricted stock, and
restricted stock units, Mr. Sheehan elaborated.  The maximum
number of shares of Delphi Common Stock available for issuance
under the LTIP is equal to 8% of the number of fully diluted
shares of Common Stock outstanding immediately after
consummation of the Plan.  Awards of stock options and stock
appreciation rights are limited to an annual individual maximum
of 1,000,000 shares.  Awards of restricted stock and restricted
stock units are limited to an annual individual maximum of
500,000 shares.  Cash awards are limited to an annual individual
maximum of US$10,000,000.

The STIP and LTIP are administered by the Compensation and
Executive Development Committee of the Delphi Corp. Board of
Directors.  Awards may be made under the STIP and LTIP until the
tenth anniversary of the Effective Date.

The SERP is an unfunded, nonqualified defined benefit plan that
provides a benefit in conjunction with the Delphi Retirement
Program for Salaried Employees, a tax-qualified defined benefit
pension plan.  The purpose of the DB SERP, according to Mr.
Sheehan, is to assure that the company's eligible retiring
salaried executive employees will receive an overall level of
retirement benefits that are competitive with the peer group of
companies selected by the Delphi Compensation Committee.  Delphi
administers the SERP separately and distinctly from the
Retirement Program for Salaried Employees.

The SRESP is a funded, nonqualified defined contribution plan
that will replace the company's pre-existing supplemental
retirement programs.  The SRESP will be maintained primarily for
the purpose of providing deferred compensation to certain Delphi
executives, managers and other highly-compensated employees, Mr.
Sheehan said.  The purpose of the program, Mr. Sheehan
explained, is to supplement the company's tax-qualified defined
contribution savings plan and allow company nonelective
contributions and matching contributions to be made into a
nonqualified defined contribution savings plan in situations
where legal limitations under the tax-qualified defined
contribution savings plan have been reached.  "A participant is
always 100% vested in the amounts credited to his or her account
that are attributable to his or her deferrals.  A participant
will also be 100% vested in his or her employer and matching
contributions," Mr. Sheehan clarified.

A full-text copy of the Delphi 2007 Short-Term Incentive Plan is
available for free at the SEC's Web site:

                http://ResearchArchives.com/t/s?27b1

A full-text copy of the Delphi 2007 Long-Term Incentive Plan for
U.S. employees is available for free at the SEC's Web site:

                http://ResearchArchives.com/t/s?27b2

A full-text copy of the Delphi Supplemental Executive Retirement
Program is available for free at the SEC's Web site:

               http://ResearchArchives.com/t/s?27b3

A full-text copy of the Delphi Salaried Retirement Equalization
Savings Program is available for free at the SEC's Web site:

                     About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 110; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2008, Moody's Investors Service assigned ratings to
Delphi Corporation for the company's financing for emergence
from Chapter 11 bankruptcy protection: Corporate Family Rating
of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  The outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


KENDLE INT'L: Satish Tripathi To Oversee Global Regulatory Group
----------------------------------------------------------------
Kendle International Inc. has hired Satish Tripathi, PhD, RAC as
Vice President, Global Regulatory and Quality.  Dr. Tripathi
will provide additional leadership to the Regulatory Affairs
Brand, overseeing the multi-functional global regulatory group
consisting of approximately 450 personnel.  He will focus on
driving growth in the company's regulatory brand, which includes
strategic clinical development planning, regulatory consulting
and submissions, clinical trial regulatory affairs, nonclinical
consulting, Chemistry, Manufacturing and Controls development,
medical writing and pharmacovigilance/safety services.

"We are thrilled to have someone with Satish's background and
experience as part of our regulatory leadership team," said
Melanie Bruno, PhD, Vice President, Global Regulatory Affairs,
Quality and Safety.  "His ability to analyze the regulatory
complexities of drug development and fashion a market
positioning strategy to help ensure commercial success
will provide a wonderful resource to Kendle's customers."

Dr. Tripathi served most recently as the Director of Worldwide
Regulatory Strategy at Pfizer (formerly Pharmacia).  Prior to
that, he was a Director of Global Regulatory Affairs at the
Biosciences Division of Baxter Healthcare Corporation in charge
of all global regulatory submissions within the Recombinant
Strategic Business Unit.  While at the U.S. Food and Drug
Administration, Dr. Tripathi served as a Pharmacology and
Toxicology Reviewer with an emphasis on oncology and pulmonary
products.

Dr. Tripathi earned his doctorate from the University of Glasgow
in Scotland, his Master of Philosophy from Bhopal University in
India and bachelor's and master's degrees from Jiwaji University
at Gwalior, India.  His post-doctoral fellowships include the
Massachusetts Institute of Technology, Emory University Medical
School and the Medical College of Wisconsin.

Dr. Tripathi will be based in Kendle's Chicago office.

                        About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a clinical research organization
which provides Phase II-IV clinical development services
worldwide.  The company's global clinical development business
is focused on five regions - North America, Europe,
Asia/Pacific, Africa and Latin America including Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2007, Standard & Poor's Rating Services revised its
outlook on Kendle International Inc. to positive from stable.
S&P also revised its issue rating on the company's amended
US$53.5 million revolver to 'BB' with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default.  At the same time, S&P
affirmed all existing ratings, including its 'B+' corporate
credit rating, on the company.


NET SERVICOS: 4th Quarter 2007 Net Profit Increases to BRL96MM
--------------------------------------------------------------
Net Servicos de Comunicacao S.A. said in a statement that its
net profit rose 243% to BRL96 million in the fourth quarter
2007, from BRL28 million in the same quarter in 2006.

Business News Americas relates that Net Servicos' net revenues
increased 28% to BRL799 billion in the fourth quarter 2007,
compared to the fourth quarter 2006.  Its Ebitda rose 23% to
BRL216 million.

Net Servicos' net profit increased 151% to BRL208 million in
2007, from 2006.  Its revenue grew 28% to BRL2.90 billion, while
its Ebitda rose 26% to BRL804 million in 2007, compared to 2006.

According to BNamericas, Net Servicos Chief Financial Officer
Joao Adalberto Elek said in a conference call, "The figures of
quarter and year include [fellow television operator, acquired
in May last year] Vivax's results, which became an integral Net
subsidiary."

According to BNamericas, Net Servicos' paid television client
base increased 16% to 2.4 million in 2007, compared to 2006.
Its broadband subscribers grew 65% to 1.4 million, while its
fixed telephony customers grew 212% to 567,000.

Mr. Elek commented to BNamericas, "In the operational results,
we keep presenting attractive growth rates and above the market
average for all our products.  This is happening in a market
where there is strong competition.  We believe through our offer
of quality products, Net will continue similar growth."

BNamericas relates that Net Servicos' operational costs rose
30.7% to BRL1.38 billion in 2007, from 2006.  Its programming
costs increased 20.1%, mainly due to a growth in paid television
subscribers.  Other operational costs, mainly customer service
and hiring of Internet bandwidth, rose 75.9% in 2007, compared
to 2006.

Net Servicos' general, administrative and sale expenses
increased 35.9% to BRL736 million in 2007, from BRL541 million
in 2006, BNamericas says.  Due to higher commissions paid and a
bigger publicity budget, the firm's sales expenses rose 23.5%.
Meanwhile, general and administrative expenses increased 17.4%
due to increased consultancy fees associated with the purchase
of Vivax.

Mr. Elek told BNamericas that Net Servicos will begin
"amortizating" the main part of its debts by the end of 2010.

"For 2008, we believe the scene is very competitive.  However,
we continue believing we are well positioned in the market and
with a complete offer of products.  We are the only company to
offer convergent services due to our advanced infrastructure,
which combines fiber optic and coaxial cable," Mr. Elek
commented to BNamericas.

In 2008, Net Servicos would report capex similar to 2007, which
was BRL770 million, BNamericas notes.  Capex directed to the
acquisition of new subscribers would total BRL550 million in
2008.

Net Servicos is considering an additional spending of US$200
million for the acquisition of Big TV, depending on government
authorization.  The firm would also accelerate organic growth
using the money, BNamericas states, citing Mr. Elek.

               About Net Servicos de Comunicacao SA

Headquartered in Sao Paulo, Brazil, Net Servicos de Comunicacao
SA -- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1
-- is the largest cable company in Latin America with
approximately 2.4 million Pay TV subscribers as of
Sept. 30, 2007.  The company also offers bidirectional broadband
Internet access through its Virtua franchise and voice services
through Net Fone via Embratel.  The acquisition of BIGTV will
add 107 thousand and 56 thousand pay-TV and broadband
subscribers, respectively, to Net's subscriber base.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Moody's Investors Service assigned a Ba2 foreign
currency rating to the proposed up to US$200 million guaranteed
long term senior unsecured notes to be issued by Net Servicos de
Comunicacao S.A.  Moody's said the rating outlook is stable.

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


SANMINA-SCI: Elects John P. Goldsberry to Board of Directors
------------------------------------------------------------
Sanmina-SCI Corporation has appointed John P. Goldsberry to the
company's board of directors effective Jan. 28, 2008.  Mr.
Goldsberry will serve as chairman of the audit committee.

Mr. Goldsberry meets the requirements as defined by NASDAQ and
Institutional Shareholder Services as a financial expert and an
independent director.

Mr. Goldsberry is a seasoned financial executive with broad
industry experience in investment banking, corporate finance and
computer and semiconductor manufacturing.  He has over 14 years
of chief financial officer experience with both public and
private companies and is chief financial officer and SVP-IT of
Gateway Inc.

Mr. Goldsberry also held CFO positions with TrueSpectra,
Calibre, Quality Semiconductor, DSP Group and the Good Guys and
served in a variety of corporate finance positions at Salomon
Brothers and Morgan Stanley.

Goldsberry earned a bachelor's degree in Applied Mathematics and
a Ph.D. in Business Economics from Harvard University.

"We are fortunate to have someone of John's caliber join our
board of directors," Jure Sola, chairman and chief executive
officer of Sanmina-SCI Corporation, stated.  "His financial
expertise and insight will bring an additional perspective and
significant value to the board and the audit committee."

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 4, 2007, Fitch affirmed these ratings for Sanmina-SCI
Corporation:

-- Issuer Default Rating at 'B+';
-- Senior secured credit facility at 'BB+/RR1'.
-- Senior unsecured notes at 'BB+/RR1';
-- Senior subordinated debt at 'B/RR5'.

Moody's Investor Service placed Sanmina-SCI Corp.'s long term
corporate family and probability of default ratings at 'B1' in
December 2007.  The outlook is stable.


USINAS SIDERURGICAS: Moody's Assigns Ba1 Local Currency Rating
--------------------------------------------------------------
Moody's America Latina has assigned a Ba1 local currency rating
and an Aa1.br rating on its Brazilian national scale to the
BRL500 million non-guaranteed subordinated debentures due 2013
to be issued by Usinas Siderurgicas de Minas Gerais S.A. (aka
Usiminas).  Net proceeds from the debentures issuance will be
used to partially fund the company's capex program.  The rating
outlook is stable.

The Ba1 rating of the debentures on the global scale reflects
the contractual and structural subordination of the debentures
to the company's senior obligations and was notched below the
Baa3 local currency issuer rating.  Unlike other debt securities
the debentures do not benefit from guarantees by Cosipa.

The company's Baa3 local currency issuer rating is supported by
its dominant position in the Brazilian flat-steel market, in
addition to its globally competitive production costs, which
reflect its large scale, almost full-capacity utilization, the
proximity of its facilities to high-grade iron-ore reserves,
efficient logistics, and partial self-sufficiency in coke and
energy.  As a low-cost producer, the compahy is well positioned
to manage the cyclicality of the steel industry from an
operational standpoint.  Its continued balance sheet de-
leveraging and accumulation of a substantive cash position over
the past years underpins its disciplined financial management.
It should also allow the company to finance its large capex
program in the coming years with relatively little difficulty.
Nevertheless, execution risk associated with the management of
the large capital-expenditure program is a constraining factor
on the rating.  While Moody's expects the company to benefit
from its ample access to the local and international capital
markets to finance the program with long-term debt, the rating
agency cautions that an eventual tightening of global liquidity
could more severely affect issuers located in emerging
economies.

While the Ba1 global scale rating reflects the default and loss
expectation on a global basis, the Aa1.br national scale rating
reflects the standing of its credit quality relative to other
domestic issuers.  National Scale Ratings are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Brazil are designated by
the ".br" suffix.  NSRs differ from global scale ratings in that
they are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the
same country.

The stable outlook reflects Moody's expectation that Usiminas
will continue to report healthy operating margins in the near
term while executing its investment program with financial
discipline, which includes the maintenance of leverage as
measured by Total Adjusted Debt to EBITDA below 2.5, moderate
payout of dividends and healthy liquidity.

Given the significant challenges deriving from the company's
capex program, an upgrade of its ratings is not foreseen in the
near term.  However, significantly weakened operating margins
resulting in CFO less Dividends to Net Debt consistently below
20% or a substantive deterioration of its liquidity position as
measured by cash balance plus unused committed credit facilities
to short-term debt below 1.3 for an extended period could place
downward pressure on Usiminas' ratings.  Also, a significant
increase in consolidated secured debt could negatively affect
Usiminas' unsecured debt ratings.

The company reported consolidated net revenues of
BRL13.6 billion (US$6.7 billion) in the twelve months ended
Sept. 30, 2007.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.


* BRAZIL: Regasification Terminals To Miss Operating Deadlines
--------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's
regasification terminals in Rio de Janeiro and Pecem, Ceara,
won't be able to start operating on their deadlines, Business
News Americas reports.

A Petroleo Brasileiro spokesperson told BNamericas that the 14
million cubic meter per day terminal in Rio de Janeiro will
begin operating in September 2008, instead of May 2008.

Published reports say that the delay in the launching of the Rio
de Janeiro terminal's operations indicates difficulties in
securing liquefied natural gas supplies.

According to BNamericas, Petroleo Brasileiro already secured
approval for the construction of the terminal from:

          -- Rio de Janeiro environmental regulator Feema,

          -- federal oil and gas regulator Agencia Nacional do
             Petroleo, and

          -- waterways transport regulator Antaq.

The SPU division of the planning ministry would approve the
project by April 30, 2008, BNamericas states.

Meanwhile, the six million cubic meter per day regasification
terminal in Ceara will begin operations July 8, 2008, instead of
May 1, 2008, due to a delay in the vessel conversion for
liquefied natural gas, BNamericas states, citing the
spokesperson.

                  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.


* BRAZIL: Supermarket Sector Sales Increase 5.9% in 2007
--------------------------------------------------------
The Associated Press reports that Brazil's supermarket sector
recorded its biggest sales in five years, which is upped 5.9% in
real terms in 2007, according to Brazilian Supermarket
Association.

The sales, due to the country's rising purchasing power, was
taking into account the government's calculation of 4.46 percent
inflation, the association said.

Association president Sussumo Honda disclosed that the boosted
sales resulted to:

   * increased incomes,
   * credit expansion,
   * decline in unemployment,
   * government social programs and
   * rising food prices

AP relates that the association is expecting the 2008 sales
would keep at the same levels as in 2007.  Mr. Honda added that
the "fundamental solidity" of the Brazilian economy would
maintain the strong growth of sales.

                          *     *     *

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

EARLSWOOD LTD: To Hold Final Shareholders Meeting on February 7
---------------------------------------------------------------
Earlswood Limited will hold its final shareholders meeting
on Feb. 7, 2008, at:

             Cititrust (Cayman) Limited
             CIBC Financial Center, George Town
             Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

Earlswood Limited's shareholders decided on Dec. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Buchanan Limited
          P.O. Box 1170
          Grand Cayman KY1-1102, Cayman Islands


PAI HEDGED: Proofs of Claim Filing Deadline is February 7
---------------------------------------------------------
Pai Hedged Value Master Fund, Ltd.'s creditors are given until
Feb. 7, 2008, to prove their claims to John Cullinane and Derrie
Boggess, 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.

Pai Hedged's shareholder decided on Dec. 31, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands
          Telephone: (345) 914-6305


RETAIL BUSINESS: Sets Final Shareholders Meeting for February 7
---------------------------------------------------------------
Retail Business Partners will hold its final shareholders
meeting on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

Retail Business' shareholders decided on Nov. 1, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Martin Couch
          Emille Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SABOTEN HOLDINGS: Final Shareholders Meeting is on February 7
-------------------------------------------------------------
Saboten Holdings, Ltd., will hold its final shareholders meeting
on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

Saboten Holdings' shareholders decided on Nov. 1, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Chris Marett
          Emille Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SHINSEI FUNDING: Holding Final Shareholders Meeting on Feb. 7
-------------------------------------------------------------
Shinsei Funding Cayman 1 will hold its final shareholders
meeting on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

Shinsei Funding's shareholders decided on Nov. 1, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Emille Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SHINSEI FUNDING CAYMAN: Final Shareholders Meeting on February 7
----------------------------------------------------------------
Shinsei Funding Cayman 2 will hold its final shareholders
meeting on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

Shinsei Funding's shareholders decided on Nov. 1, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Martin Couch
          Emille Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


STOCKHORN CDO: Sets Final Shareholders Meeting for February 7
-------------------------------------------------------------
Stockhorn CDO, Limited, will hold its final shareholders meeting
on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

Stockhorn CDO's shareholders decided on Nov. 1, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Andrew Dean
          Emille Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


SPECIAL SELECT: To Hold Final Shareholders Meeting on February 7
----------------------------------------------------------------
The Special Select Fund will hold its final shareholders meeting
on Feb. 7, 2008, at:

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

These agendas will be taken during the meeting:

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

The Special Select's shareholders decided on Nov. 1, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Carrie Bunton
          Emille Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands



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

AES GENER: To Implement Changes in Alto Maipo Hydro Project
-----------------------------------------------------------
An AES Gener spokesperson told Business News Americas that the
firm will modify its US$600-million Alto Maipo hydro project,
after consultations with Chilean residents.

BNamericas relates that Alto Maipo includes the construction of
these two run-of-river plants:

          -- Alfalfal II in the Colorado sub-basin downstream
             from the Alfalfal I plant, and

          -- Las Lejas plant near the confluence of the Maipo
             river and El Manzano marsh.

According to the report, the Alfalfal II and Las Lejas plants
will bring 530 megawatts of capacity to Chile's central SIC
grid.

The spokesperson commented to BNamericas, "The changes will
improve the environmental conditions of the project.  The
proposed solutions are technologically possible but will require
more complicated engineering."

BNamericas relates that the works initially planned for El
Manzano zone will be moved 15 kilometers upstream.  These works
include the machine house for the Las Lajas plant.

Alfalfal II and Las Lejas will be remotely operated from a
control center that AES Gener has for its Alfalfal 1 and
Maitenes plants, BNamericas says.

The spokesperson told BNamericas, "The construction of new roads
into the mountain will be minimized and the new plans will use
more tunneling machines."

Over 95% of the works for the plants will be done underground.
AES Gener wants he project to be a clean development mechanism
under the Kyoto Protocol, which would let the firm produce
carbon credits, BNamericas states.

                         About AES Gener

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *     *     *

To date, AES Gener carries Moody's Ba2 long-term foreign bank
deposit rating with a stable outlook.  The firm also carries
Standard & Poor's BB+ long-term foreign issuer credit rating
with a positive outlook.



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

CORPORACION INTERAMERICANA: Gets Tenders & Consents on Sr. Notes
----------------------------------------------------------------
Corporacion Interamericana de Entretenimiento, S.A.B. de C.V.
had received, as of 5:00 p.m., New York City time, on Jan. 31,
2008, tenders and consents from holders of US$145,962,000 (or
approximately 78.7% of the aggregate principal amount) of the
company's 8.875% Senior Notes due 2015, pursuant to its
previously announced cash tender offer and consent solicitation.

As a result of the receipt of the requisite consents, on
Jan. 31, 2008 the company entered into a supplemental indenture
incorporating the proposed amendments to the indenture governing
the Notes, which eliminate or modify substantially all of the
restrictive covenants, certain events of default and related
provisions in the indenture.  The supplemental indenture will
become operative upon acceptance and payment by the Company of
the tendered Notes.

The Early Tender Date has now passed and withdrawal rights have
terminated.  Holders of Notes who have not already tendered
their Notes may do so at any time at or prior to 12:00 a.m., New
York City time, on Feb. 15, 2008, unless extended by the
company, but such holders will only be eligible to receive the
purchase price for their Notes, which is an amount equal to the
total consideration less the early tender premium.  Holders
whose Notes are accepted for payment will also be entitled to
receive accrued and unpaid interest in respect of such Notes
from the last interest payment date prior to the settlement date
to, but not including, the settlement date.

Consummation of the Offer and payment for the tendered Notes is
subject to the satisfaction or waiver of certain conditions,
including a financing condition.  The company's obligation to
purchase the Notes is not conditioned upon receipt of any
minimum principal amount of the Notes.  Further details about
the terms and conditions of the Offer are set forth in the
company's Offer to Purchase and Consent Solicitation Statement
dated as of Jan. 17, 2008 and the related Consent and Letter of
Transmittal.

Citi is acting as Dealer Manager for the Offer.  The Depositary
and the Information Agent is Global Bondholder Services
Corporation.  The Luxembourg Agent is Dexia Banque
Internationale a Luxembourg.

Requests for documentation should be directed to Global
Bondholder Services Corporation at (866) 794-2200.  Questions
regarding the Offer should be directed to Citi at (800) 558-3745
(toll-free) or (212) 723-6108 (collect).  Requests for
documentation may also be directed to the Luxembourg Agent at
+352 4590 1.

Corporacion Interamericana de Entretenamiento is a Mexican
entertainment company involved in the promotion of live events,
including concerts, theatrical productions, amusement parks,
betting on foreign sports and number games, trade fairs and
exhibitions, as well as sporting and other events.  The
company's operations are divided into five strategic areas:
Corporacion Interamericana Entertainment, which promotes musical
concerts, theatrical productions, family shows and other live
events; Corporacion Interamericana Las Americas, which centers
on the operation and development of the Las Americas Complex in
Mexico City, including the Las Americas Hippodrome; Corporacion
Interamericana Amusement Parks, which operates nine parks in
Mexico and two in Columbia and has also opened the Wannado City
Theme Park in Fort Lauderdale, Florida; Corporacion
Interamericana Commercial, which attracts and channels customers
via advertising and public relations, and Corporacion
Interamericana International, which develops live events outside
of Mexico, mainly in Argentina, Brazil, Colombia and the United
States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America
Jan. 21, 2008, Moody's Investors Service downgraded the ratings
of Corporacion Interamericana de Entretenimiento, S.A.B. de
C.V.:

  -- Corporate Family Rating -- downgraded to Ba3 from Ba2

  -- US$186 million Senior Unsecured Notes due 2015 --
     downgraded to Ba3 from Ba2

  -- MXN1,400 million in Certificados Bursatiles due 2010 --
     downgraded to A3.mx from A2.mx

  -- MXN500 million in Certificados Bursatiles due 2009 --
     downgraded to A3.mx from A2.mx

Moody's changed the outlook to stable from negative.



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

ALCATEL-LUCENT: To Post 4Q & Full-Year 2007 Results on Feb. 8
-------------------------------------------------------------
Alcatel-Lucent will publish its fourth quarter and full year
2007 results on February 8, 2008.

Patricia Russo, CEO of Alcatel-Lucent, and Hubert de Pesquidoux,
CFO, will present the fourth quarter and full year 2007 results
during a live audio webcast and conference call, which will be
held at 1:00PM CET.  The audio webcast will be available at
http://www.alcatel-lucent.com/4q2007

Dial-in instructions to participate in the Q&A session are
listed below:

  From the USA:                     800 230 1096

  From other countries:          +1 612 332 0637

The conference call will be available for digital replay from
February 8, 2008, at 5:15PM CET, ending on February 22, 2008, at
11:59PM CET at the following call in numbers:

  From the USA: 800 475-6701              access code: 907781

  From other countries: + 1 320 365 3844  access code: 907781

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

                         *     *     *

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

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


CENVEO INC: Hires Dean Cherry as President-Envelope Operations
--------------------------------------------------------------
Cenveo Inc. has appointed Dean E. Cherry to the position of
President of its Envelope Operations.  Mr. Cherry will report
directly to Mr.Burton.

Robert G. Burton, Cenveo's Chairman and Chief Executive Officer,
stated:

"I have personally worked with Dean for over 20 years at several
successful printing and publishing operations.  Dean is a strong
and proven leader who will deliver on our commitment to grow our
envelope business.  His business and marketing acumen, along
with his strong results-oriented approach, will immediately
raise the performance of those around him to a new level.  He
excels at aligning resources and assets directly to the needs
of customers.  Dean's strong understanding of manufacturing,
sales and administration functions will be a definite asset as
we complete the integration of Commercial Envelope and position
the Company to provide a greater level of focus on our customers
and higher degree of precision in responding to their needs."

With regards to his appointment, Mr. Cherry stated:

"I am extremely pleased to be given this opportunity. I have
worked closely with Bob over the years and know first-hand his
ability to lead a team that generates results that our
customers, employees and shareholders expect.  This new role
will allow me the opportunity to build upon the tremendous
foundation we now have in place at Cenveo to strengthen our
position as the premier envelope provider in the industry."

Mr. Cherry is a printing industry veteran who has served in a
series of senior management positions.  He recently held the
title of Group President, Integrated Print Communications and
Global Solutions, a US$4.5 billion division of RR Donnelley &
Sons.  In this position, Mr. Cherry had global P&L
responsibility for Direct Mail, Commercial Print, Global Capital
Markets, Business Communication Services, Forms and Labels,
Astron (Outsourcing) and Latin America.

                       About Cenveo Inc.

Cenveo Inc. -- http://www.cenveo.com/-- (NYSE:CVO),
headquartered in Stamford, Connecticut, is a leader in the
management and distribution of print and related products and
services.  The company provides its customers with low-cost
solutions within its core business of commercial printing and
packaging, envelope, form, and label manufacturing, and
publisher services; offering one-stop services from design
through fulfillment.  With over 10,000 employees worldwide,
Cenveo delivers everyday for its customers through a network of
production, fulfillment, content management, and distribution
facilities across the globe.

Cenveo acquired Cadmus Communications in a merger completed on
March 2007.  The company has operations in the US, India and the
Caribbean Rim, particularly in the Bahamas, Cuba, Jamaica,
Haiti, Dominican Republic, Puerto Rico, and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Standard & Poor's Ratings Services raised its
ratings on Cenveo Inc.  The corporate credit rating was raised
to 'BB-' from 'B+'.  S&P said the rating outlook is stable.



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

HANESBRANDS INC: Earns US$126.1 Million in Quarter Ended Dec. 29
----------------------------------------------------------------
Hanesbrands Inc. reported US$126.1 million of net income for the
three months ended Dec. 29, 2007, compared to US$208 million for
the three months ended Dec. 30, 2006.  For the full year of
2007, the company earned US$49.7 million compared to net
earnings of US$23.7 million in 2006.

Total net sales in the quarter increased by 2.4 percent to
US$1.16 billion - the fourth consecutive quarter of sales
growth.  By sequential quarter, sales in the fiscal year grew by
0.7%, 0.2%, 3.1% and 2.4%.  Total net sales for the full fiscal
year increased by US$71 million, or 1.6%, to US$4.47 billion.

"We capped a successful first year, in which we exceeded our
financial goals, with solid performance in the fourth quarter in
a tough consumer climate," said Hanesbrands Chief Executive
Officer Richard A. Noll.  "And, as we have done all year, we
continued to generate strong cash flow, using it to reduce long-
term debt by an additional $50 million in the quarter."

"One of our strategies is to invest in our largest and strongest
brands with innovative key items supported by great media,"
Mr. Noll said.  "This strategy is delivering results."

For the quarter and the full year, Hanes, Champion and Bali
brand sales increased.  The Champion brand has recorded double-
digit sales growth for three consecutive years.  For the full
year, sales to each of the company's top three customers
increased.

Operating profit in the quarter, based on generally accepted
accounting principles, increased to US$125.9 million, from
US$96.2 million a year ago.  For the year, operating profit
increased to US$388.6 million compared with US$366.2 million a
year ago.

Non-GAAP operating profit increased by 6.6% in the quarter and
3.3% in the year, to US$101.8 million and US$432.0 million,
respectively.  The company's non-GAAP operating profit margin, a
measure the company uses to better assess underlying performance
because it excludes actions, was 9.7% for the year, compared
with 9.5% last year.

"We achieved operating profit growth and improved our margins
during a year of significant change," Mr. Noll said.  "We
exceeded our goal to offset our stand-alone company costs and
selected increased investment in our business with cost savings
from consolidation and moving supply chain operations to
lower cost countries."

Hanesbrands used its continued strong cash flow from operations
to prepay long-term debt in the quarter by US$50 million.  Cash
flow from operations for the year increased by 28 percent to
US$359 million.  In fiscal 2007, Hanesbrands repaid US$178
million of long-term debt, repurchased US$44 million in company
stock and voluntarily contributed US$48 million to its qualified
pension plans.

Since Hanesbrands spun off in September 2006, the company has
reduced long-term debt by US$285 million and voluntarily
contributed US$96 million to its qualified pension plans.

                        Other Highlights

As part of continued investment in brands and marketing, the
Champion brand launched its "How You Play" advertising campaign
on Nov. 7, the first campaign for the brand since 2003.  On
Oct. 31, Hanesbrands announced a 10-year strategic alliance with
The Walt Disney Company that includes basic apparel exclusivity
for the Hanes and Champion brands, product co-branding,
attraction sponsorships and other brand visibility and signage
at Disney properties.  The alliance included the naming rights
for the stadium at Disney's Wide World of Sports Complex, now
known as Champion Stadium.

As part of its global supply chain strategy, Hanesbrands
acquired in December the Inversiones Bonaventure S.A. de C.V.
hosiery sewing operation in Las Lourdes, El Salvador.  The 900-
employee Bonaventure plant had been a contract sewing supplier
for Hanesbrands for 12 years.

"We are very pleased with our performance in our first year of
independence," Mr. Noll said.  "We delivered sales growth,
margin expansion and continued strong cash generation.  This
puts us in good position as we seek to achieve our long-term
growth goals for sales, operating profit and earnings per share.

"This would not have been possible without the significant
efforts of our worldwide workforce to manage change, embrace our
improvement strategies and focus on our competitiveness.  I
appreciate all of their efforts and commitment to our success."

Winston-Salem, North Carolina-based Hanesbrands Inc. --
http://www.hanesbrands.com/-- markets innerwear, outerwear and
hosiery apparel under consumer brands, including Hanes,
Champion, Playtex, Bali, Just My Size, barely there and
Wonderbra.  The company designs, manufactures, sources and sells
T-shirts, bras, panties, men's underwear, children's underwear,
socks, hosiery, casual wear and active wear.  Hanesbrands has
approximately 50,000 employees in 24 countries, including
Dominican Republic, El Salvador, Mexico, Puerto Rico, India and
China.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2007, Standard & Poor's Ratings Services revised its
ratings outlook for intimate apparel and activewear maker
Hanesbrands Inc. to positive from stable.  At the same time,
existing ratings on the company, including the 'B+' corporate
credit rating, were affirmed.



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

AFFILIATED COMPUTER: Earns US$81.6 Mln in 2nd Qtr. Ended Dec. 31
----------------------------------------------------------------
Affiliated Computer Services Inc. reported net income of
US$81.6 million for second quarter ended Dec. 31, 2007, compared
to net income of US$72.1 million for the same period in the
previous year.

"I am very pleased with our second quarter results," said
Lynn Blodgett, ACS president and chief executive officer.  "With
the uncertainty of ownership behind us we were able to focus on
selling more business, collecting our cash and growing earnings
per share.  Our financial goal is to deliver consistent, good
growth in revenue, signings and earnings."

"I feel we made very positive progress toward those goals this
quarter.  We need to continue improving our revenue growth rates
and I am confident that our improved signings this quarter and
in the future will be the main catalyst for accelerating our
growth.  We also demonstrated we can manage our collections and
capital expenditures.  I'm proud of the results our great team
delivered this quarter."

For six months ended Dec. 31, 2007, the company reported net
income of US$147.7 million, compared to net income of
US$133.5 million for the same period in the previous year.

Key highlights from ACS' fiscal year 2008 second quarter:

   -- Cash flow from operations during the second quarter was
      approximately US$323 million.  Free cash flow during the
      quarter was US$248 million.  This quarter's cash flow
      results benefited from improved collections on accounts
      receivable. Capital expenditures and additions to
      intangible assets were approximately US$74 million.

   -- During the quarter, the company's board of directors
      endorsed a US$1 billion share repurchase program and
      authorized a US$200 million share repurchase program.  The
      company used free cash flow to complete the US$200 million
      share repurchase program during the second quarter,
      purchasing approximately 4.5 million shares at an average
      price of US$44 per share.

Key year-to-date highlights for fiscal 2008:

   -- Cash flow from operations for year-to-date fiscal 2008
      was approximately US$331 million and free cash flow was
      US$181 million.  Capital expenditures and additions to
      intangibles were approximately US$150 million.

At Dec. 31, 2007, the company's balance sheets showed total
assets of US$6.03 billion, total liabilities of US$3.98 billion
and total stockholder's equity of US$2.05 billion.

            About Affiliated Computer Services Inc.

Headquartered in Dallas, Texas, Affiliated Computer Services
Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology services to
commercial and government clients.  The company has two segments
based on the clients it serves: commercial and government.  The
company provides services to a variety of clients including
healthcare providers and payers, manufacturers, retailers,
wholesale distributors, utilities, entertainment companies,
higher education institutions, financial institutions, insurance
and transportation companies.

                        *     *      *

As reported in the Troubled Company Reporter on Jan. 30, 2008,
Moody's Investors Service confirmed Affiliated Computer
Services' Ba2 corporate family rating with a stable rating
outlook.  This rating confirmation concludes a review for
possible downgrade initiated on March 20, 2007.  The ratings of
ACS remained under review for possible downgrade.


AFFILIATED COMPUTER: Stifel Reiterates Buy Rating on Firm
---------------------------------------------------------
Stifel Nicolaus & Company analysts have reiterated their "buy"
rating on Affiliated Computer Services Inc.'s shares,
Newratings.com reports.

Newratings.com relates that the target price for Affiliated
Computer's shares was increased to US$52 from US$51.

According to Newratings.com, Stifel Nicolaus said in a research
note that Affiliated Computer's revenues were in-line with
expectations for the second quarter of the fiscal year 2008,
while its earnings per share and free cash flows were
significantly ahead of expectations for the quarter.

Stifel Nicolaus told Newratings.com that Affiliated Computer's
"robust" contract signings would continue in the second half of
2008.

Newratings.com notes that the earnings per share estimates for
fiscal year 2008 and fiscal year 2009 were increased to US$3.56
from US$3.48 and to US$4.00 from US$3.99, respectively,
Newratings.com states.

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2008, Moody's Investors Service confirmed Affiliated
Computer Services' Ba2 corporate family rating with a stable
rating outlook.


BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Firm
------------------------------------------------------------
Panmure Gordon analyst Gert Zonneveld has kept his "buy" rating
on British Airways Plc's shares, Newratings.com reports.

Newratings.com relates that the target price for British
Airways' shares was set at 410 pounds.

According to Newratings.com, Mr. Zonneveld said in a research
note that British Airways' nine-month results were in-line with
expectations.

Mr. Zonneveld told Newratings.com that British Airways will
launch an all-business class service between London City and New
York next year.  To provide the service, British Airways ordered
two A318 planes.

British Airways seems to be on track to generating operating
margins of 10% in 2008, Newratings.com states, citing Panmure
Gordon.

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 still carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.



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

AIR JAMAICA: Gov't Wants to Stop Allotting Budget for Airline
-------------------------------------------------------------
Jamaica's Prime Minister Bruce Golding told the Jamaica
Information Service that the government is considering removing
the airline from the national budget.

According to the Jamaica Information Service, Prime Minister
Golding admitted during his first one-hour radio call-in program
from Jamaica House that the government is spending over
US$100 million to maintain Air Jamaica.

Prime Minister Golding commented to the Jamaica Information
Service, "We have given instructions to the Ministry of Finance
and Public Service to have discussions with private interests
that will be prepared to come in and still run it, as Air
Jamaica still employs our pilots and flight attendants.  But
take it off our books so that the money we are spending to keep
Air Jamaica going, we can spend that to improve our education
and try and improve our hospitals and try and fix some roads."

Air Jamaica is important to Jamaica as it provides a significant
number of airlifts that are important to the tourism sector.  If
tourists are having problems coming to Jamaica "they will get
flights somewhere else and we will lose the business," the
Jamaica Information states, citing Prime Minister Golding.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in
1994.  The Jamaican government does not plan to own Air Jamaica
permanently.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.

On July 21, 2006, Standard & Poor's Rating Services assigned a
"B" long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, based on the government's
unconditional guarantee of both principal and interest payments.


NAT'L COMMERCIAL: Court Refuses To Extend Cash Plus' Injunction
---------------------------------------------------------------
Jamaica's Justice Marva McIntosh has refused to extend Cash Plus
Limited's injunction that prevented the National Commercial Bank
Jamaica Limited from closing its remaining seven accounts, Radio
Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on
Jan. 28, 2008, the injunction that a Jamaican court granted to
Cash Plus against the National Commercial expired last week.
Cash Plus had obtained the injunction blocking the National
Commercial from closing its accounts last year.  The attorneys
for Cash Plus sought another injunction against the National
Commercial before the Jamaican court.  The National Commercial's
management allegedly implemented precautionary measures to
protect its workers from angry supporters of alternative
investment schemes.  The management instructed the workers not
to wear their uniforms to work.  The instruction was reportedly
issued on Wednesday when persons accusing the National
Commercial of taking part of a plot to destroy alternative
investment schemes threatened the bank.  Justice Marva McIntosh
granted CASH Plus Limited a nine-day injunction, blocking the
National Commercial from closing the 16 accounts held with the
bank.  The injunction effectively prevented the National
Commercial from closing Cash Plus' accounts at its Duke Street
and Barry Street unit in Kingston by Dec. 4.  Some of Cash Plus'
account with the National Commercial include:

          -- remittance account,
          -- foreign currency account,
          -- Cash Mart Ltd,
          -- Cash Plus Foods Ltd,
          -- Atlantic Gas Distributors Ltd,
          -- ExMil Security Company Ltd operating and general
             accounts, and
          -- the Drax Hall Ltd development local and foreign
             currency accounts.

The National Commercial's legal representative Dave Garcia
explained to Radio Jamaica, "The judge found that Cash Plus was
in breach of its contract with NCB [National Commercial] and
that it breached that contract, by failing to supply NCB with
vital information that the bank had requested to comply with
statutory and regulatory requirements.  By reason of that
breach, the court found that NCB was put at risk and the bank
acted in response to that.  The judge also found that Cash Plus
was given sufficient time by NCB to close its accounts."

The attorneys for Cash Plus told Radio Jamaica that they will be
filing an appeal on the ruling.

Cash Plus' lead attorney Harold Brady told RJR News that he is
getting instructions from the firm on how to challenge the
ruling.  He said he heard that the National Commercial closed
the accounts immediately after the ruling was made.

According to Radio Jamaica, the National Commercial returned
Cash Plus' funds in the form of a manager's cheque.

Meanwhile, man of Cash Plus clients are wondering what is next
for Cash Plus, Radio Jamaica says.

Cash Plus will have to seek alternative arrangements to continue
operations and to provide refunds to its investors.  Based on
talks in the banking sector, Cash Plus will still comply with
banking regulations, Today's Money Limited chairperson Orville
Johnson told Radio Jamaica.

                  About National Commercial Bank

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
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.

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.


* JAMAICA: Bus Company To Dismiss 340 Employees To Reduce Costs
---------------------------------------------------------------
Jamaican state-owned Jamaica Urban Transit Company will dismiss
at least 340 employees in February to lessen costs, the
Associated Press reports, citing transportation minister Mike
Henry.

Minister Henry told the AP that the Jamaica Urban will fire 256
fare collectors and 84 drivers.  About 100 were already laid
off.  The rest would be dismissed throughout the rest of the
month.

The AP relates that the Jamaica Urban chairperson Douglas
Chambers said in December 2007 that worker dismissals were
imminent as the firm was losing some US$423,000 per month.

Minister Henry assured the AP that the layoffs won't affect bus
routes and travel schedules.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2008, Moody's Investors Service said that the country's
B1 foreign currency government bond rating reflects the
government's strong willingness to service obligations, a proven
ability to respond to exogenous shocks and a commitment to
fiscal discipline.  Constraints to Jamaica's ratings include low
growth and a large public debt burden that allows very little
room to absorb shocks.

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned B
long- and short-term sovereign local and foreign currency
ratings on Jamaica.  Standard & Poor's said the outlook for all
the ratings is stable.

As reported on Oct. 16, 2007, Fitch Ratings affirmed Jamaica's
ratings and the Stable Outlook as:

  -- Foreign and local currency Issuer Default Ratings 'B+';
  -- Country ceiling 'BB-';
  -- Bond obligations 'B+/RR4'.



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M E X I C O
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CALPINE CORP: Emergence Prompts Moody's to Affirm B2 Ratings
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Calpine
Corporation, including the company's Corporate Family Rating at
B2 and the B2 rating assigned to the company's senior secured
term loan and revolving credit facility, following the company's
emergence from bankruptcy.  Moody's also assigned a Speculative
Grade Liquidity Rating of SGL-3.  The rating outlook is stable.

"Calpine's emergence from bankruptcy will result in a
substantially less levered company as more than US$6 billion
of unsecured debt and other claims has been converted to equity,
which should enhance overall financial flexibility for this
merchant energy company", commented Vice President and Senior
Credit Officer, A.J. Sabatelle.

The rating affirmation reflects the degree of uncontracted
revenues and resulting cash flow expected to be generated by the
company's largely natural-gas fired merchant generation fleet
over the next several years.  While it has substantial hedges in
place for 2008 which should lock-in more than 70% of the
company's margin this year, the percentage of margin hedged
beyond 2008 declines leaving the company exposed to potentially
greater year-over-year cash flow and earnings volatility over
the next several years.  Moody's believes that the company's
funds from operations is expected to represent about 4.0-6.0% of
total adjusted debt in 2008 while FFO from 2009 through 2010 is
expected to average 5.0-8.0% of the company's projected average
adjusted debt.  Moody's also believes that its cash flow
coverage of interest expense should range between 1.5 to 1.9
over the same three year time frame.  These financial measures,
which incorporate Moody's standard adjustments, are consistent
with the financial measures of other B-rated independent power
producers.

Factored into this rating assessment is Moody's recognition that
the company's consolidated earnings and cash flow should improve
above the projected 2008 credit metrics and should be
accompanied by greater predictability due to stronger margins
anticipated across the key electric markets served by Calpine as
well as the expected in-service date of three new separate
generation projects in 2008, 2009, and 2010.  These three
projects, which are currently under construction, will provide,
when completed, highly predictable contracted revenues and cash
flows over an extended period based upon power purchase
arrangements already in place with high credit quality off-
takers.  The ratings further consider the substantial degree of
regional diversity that exists across the company's fleet, the
company's recent operating performance, the fleet's competitive
position in certain key markets, including California and to a
lesser extent, in Texas, and the long-term advantages associated
with having among the largest, most environmentally benign and
efficient natural gas-fired electric generation fleets in North
America.

Under the reorganization plan, approximately US$8.0 billion of
claims is being settled with cash.  Specifically, approximately
US$3.887 billion of borrowings under the company's debtor-in-
possession term loan was converted to exit financing maturing
March 29, 2014; US$3.978 billion will satisfy claims of the
company's second lien note holders; approximately US$151.3
million will meet other secured, administrative, priority and
convenience claims; and US$267.1 million will cover transaction
costs and professional fees.  Calpine Corp. is funding the
approximate US$8.0 billion with a combination of US$1.7 billion
of