TCRLA_Public/070316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, March 16, 2007, Vol. 8, Issue 54

                          Headlines

A R G E N T I N A

AC GROUP: Trustee Will Verify Proofs of Claim Until May 18
BALLY TECHNOLOGIES: Inks Chickasaw Deal to Provide Mgmt. Systems
BANCO MACRO: Argentine Research Recommends "Buy" on Firm
DAIMLERCHRYSLER: Chrysler's Feb. Pre-Owned Vehicle Sales Up 9%
DAIMLERCHRYSLER: CEO Meets with Governor on Chrysler Status

FORD MOTOR: DBRS Says Aston Sale May Not Warrant Rating Actions
IMPEXCOM SA: Trustee Will Verify Proofs of Claim Until April 20
IRON MOUNTAIN: S&P Assigns BB Rating on Proposed US$800MM Credit
SU TAXI: Trustee Will Verify Proofs of Claim Until May 16
TELECOM PERSONAL: Earns ARS62 Million in 2006

TERRA NATURE: Trustee Will Verify Proofs of Claim Until May 17
VTVT SA: Trustee Will Verify Proofs of Claim Until May 2

* ARGENTINA: To Form Natural Gas Producers Group with Venezuela

B E R M U D A

REFCO INC: RCM Trustee Objects to 18 Claims Totaling US$240 Mil.
REFCO INC: RCM Trustee Objects to Sevilleja's US$4.2MM Claim
SCOTTISH RE: Ernst & Young Raises Going Concern Doubt
SEA CONTAINERS: Jan. 31 Balance Sheet Upside-Down by US$166 Mln

B O L I V I A

* BOLIVIA: Regulator Calls for Crude & LPG Output from Producers

B R A Z I L

ACXIOM CORP: Expands IT Outsourcing Service for Safety-Kleen
AVNET INC: Unit Inks New Distribution Deal with Plasmon
BANCO DO BRASIL: Inks Insurance Through Credit Card Pact with GM
BANCO ITAU: Unit to Boost Lending by 50% This Year
BANCO NACIONAL: Invests BRL75-Million Fund in Metropolitan Train

BANCO NACIONAL: To Finance Hidreletrica Project for BRL71.3 Mil.
BANCO PANAMERICANO: S&P Revises B Credit Rating Outlook to Pos.
BAUSCH & LOMB: Recalls 12 Lots of ReNu MultiPlus Solution
DIRECTV INC: Enlists Euro RSCG to Revitalize Spanish Programming
MACDERMID INC: Paying US$0.06 Per Share Dividend to Shareholders

METSO OYJ: Supplies EUR8-Mln Lime Calcining Plant to Graymont
PARANA BANCO: Launches IPO, Buys Back Surety Bond Company
PETROLEO BRASILEIRO: Sergio Gabrielli Expects High Oil Prices
TOWER AUTOMOTIVE: Posts US$65-Mln Net Loss in Qtr Ended Sept. 30
TOWER AUTOMOTIVE: Plan-Filing Period Extended to March 21

TRW AUTO: Wants to Buy Back US$1 Bil. & EUR211 Mil. Senior Notes
TRW AUTOMOTIVE: S&P Rates Proposed Senior Unsecured Notes at BB-
USINAS SIDERURGICAS: Companhia Vale Seeks to Sell Shares in Firm

* BRAZIL: Calls for Tenders on Sao Francisco River Project

C A Y M A N   I S L A N D S

BEVERLY EQUITY: Sets Last Shareholders Meeting for April 17
BEACH EQUITY: Will Hold Last Shareholders Meeting on April 17
COMFORT HOLDINGS: Sets Last Shareholders Meeting for April 17
DOVE LTD: Will Hold Last Shareholders Meeting on April 11
INN EQUITY: Will Hold Last Shareholders Meeting on April 17

LODGE EQUITY: Will Hold Last Shareholders Meeting on April 17
LODGE INVESTMENTS: Sets Last Shareholders Meeting for April 17
ROOM INVESTMENTS: Sets Last Shareholders Meeting for April 17
SHELTER EQUITY: Sets Last Shareholders Meeting for April 17
SOMMERSET INVESTMENTS: Last Shareholders Meeting Is April 17

SANTA HELENA: To Start Voluntary Liquidation on April 10

C H I L E

PHELPS DODGE: Shareholders Okay Freeport's Acquisition Proposal
SHAW GROUP: Unit Inks Oil Contract with Marathon Petroleum
SHAW GROUP: Unit Wins Envt'l Remediation Contract from U.S. Army

C O L O M B I A

ECOPETROL: Gov't To Start Selling Shares on Aug. 23
GOODYEAR TIRE: Darren Wells Replaces Mr. Kramer as Senior VP
OLEODUCTO CENTRAL: S&P Revises Tranche A Debt Rating to BB+

C O S T A   R I C A

BANCO DE COSTA RICA: Alarmed at Internet Frauds, Identity Thefts

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Banks Warned of Buying Firm's Assets

E C U A D O R

IMPSAT FIBER: Extends Tender Offer Expiration Date to March 27

E L   S A L V A D O R

ALCATEL-LUCENT: Inks Multi-Year UTS IP Network Upgrade Deal

G U A T E M A L A

GOODYEAR TIRE: Names Richard Kramer as President of Tire Unit

M E X I C O

ADVANCED MARKETING: Court Approves Asset Sale to Baker & Taylor
AMERICAN TOWER: Hires Edmund DiSanto as New Executive Vice-Pres.
CLEAR CHANNEL: Proposed Merger Voting Moved to April 19
COTT CORP: Appoints Juan Figuereo as Chief Financial Officer
DELTA AIR: Amends Code Share Agreements with Mesa Air Group

DELTA AIR: Amends Fixed-Free Agreements with Republic Airways
FORD MOTOR: Mulally Says Company Has Realistic Business Plan
FORD MOTOR: UAW Local 863 Wins New Venture in Sharonville Plant
FORD MOTOR: Investors Speculate on Jaguar & Land Rover Sale
GENERAL MOTORS: 2006 Net Loss Decreases to US$2 Billion

GENERAL MOTORS: Bank Selling Insurance Through Credit Card Pact
GENERAL MOTORS: Fitch Says B Rating Unaffected by Earnings News
PLASTICON INT'L: Wants to List Shares in American Stock Exchange
SENSATA TECHNOLOGIES: Completes SmaL Camera Acquisition
UNITED RENTALS: Earns US$224 Million in Fiscal 2006

* MEXICO: Ministry May Suspend Industrial Minera's 7 Concessions

P A N A M A

CHIQUITA BRANDS: Inks Plea Agreement with U.S. Attorney & DOJ

P E R U

* IDB Approves US$100-Million Loan to BBVA Banco
* PERU: Settles Exchange & Tender Offers to Bondholders

P U E R T O   R I C O

AFC ENTERPRISES: Generates US$22.4MM Net Income in FY 2006
CENTENNIAL COMM: Darren Battistoni to Join Board of Directors
SANTANDER BANCORP: Delays 2006 10-K Report Filing
STANDARD MOTOR: Reports US$169MM Net Sales in 2006 4th Quarter

V E N E Z U E L A

DAIMLERCHRYSLER AG: UAW President Wants Chrysler Group Retained
DAIMLERCHRYSLER AG: Investors Want "Chrysler" Dropped from Name
HERBALIFE LTD: Picks Vanna Lara as Venezuelan Managing Director
INTERNATIONAL PAPER: L. Elsenhans Elected to Board of Directors
PETROLEOS DE VENEZUELA: Delays Alkylation Unit's Repair

YPF SA: Parent Firm to Explore & Produce Gas in Venezuela

* VENEZUELA: Closes Mobil Cerro Negro Admin Offices for 48 Hours
* VENEZUELA: To Form Natural Gas Producers Group with Argentina

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


AC GROUP: Trustee Will Verify Proofs of Claim Until May 18
----------------------------------------------------------
Mirta Calfun de Bendersky, the court-appointed trustee for AC
Group SA's bankruptcy proceeding, will verify creditors' proofs
of claim until May 18, 2007.

Under the Argentine bankruptcy law, Ms. Bendersky is required to
present the validated claims in court as individual reports.
Court No. 14 of Buenos Aires' Civil and Commercial Tribunal will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
raised by AC Group and its creditors.

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

Ms. Bendersky will also submit a general report that contains an
audit of AC Group's accounting and banking records.  The report
submission dates have not been disclosed.

AC Group was forced into bankruptcy at the behest of Ezequiel
Soubrie.

Clerk No. 47 assists the court in the proceeding.

The debtor can be reached at:

          AC Group SA
          Avenida Rivadavia 2358
          Buenos Aires, Argentina

The trustee can be reached at:

          Mirta Calfun de Bendersky
          Humahuaca 4165
          Buenos Aires, Argentina


BALLY TECHNOLOGIES: Inks Chickasaw Deal to Provide Mgmt. Systems
----------------------------------------------------------------
Bally Technologies Inc. has signed an enterprise-wide contract
with the Chickasaw Nation to provide an expansive range of Bally
slot and casino management systems and bonusing technology in
more than 8,000 gaming machines in 17 locations along the
Interstate 35 corridor of southeastern Oklahoma.

After the decision to replace its current systems provider and a
thorough competitive review, the Chickasaw Nation selected a
full complement of Bally Slot Management Systems and Casino
Management Systems technologies, Bally Power Bonusing(TM)
solutions, eTICKET(TM) cashless functionality and interactive
iVIEW displays for a large portion of their casino floors.
Bally will also provide custom technology development that will
allow the Chickasaw Nation to seamlessly integrate Class II and
Class III machines.

The Chickasaw Nation operates gaming centers in 13 counties in
south-central Oklahoma and offers full casino destinations at
the Riverwind Casino in Norman and the WinStar Casino in
Thackerville, both with more than 2,200 electronic games.  The
Chickasaw Nation plans to utilize Bally technology to introduce
a common player's club across all of its locations.  The Bally
solution will also allow the locations to offer their players
Bally Power Winners(TM), a configurable random progressive
jackpot technology that rewards players using their player's
club cards.

The Chickasaw gaming locations are expected to "go live" with
the various Bally technologies over the next 18 months.

"The stability and reputation of the Bally products were the key
drivers of our decision," said Rob Jacks, CIO, of the Chickasaw
Nation Division of Commerce.  "We see our business continuing to
expand over the years and we wanted a business partner who has a
proven track record of providing solutions to large casino
enterprises.  The Bally SMS/CMS solution will offer a solid
foundation for us to add Bally's player-centric bonusing tools
to further enhance our market-leading position."

"The Chickasaw Nation is the perfect partner and its Oklahoma
enterprise is a great way for Bally to showcase the flexibility
of our technology for small and large casinos, both Class II and
Class III," said Derik Mooberry, Vice President of Systems
Sales, West Region.  "Oklahoma is clearly becoming a major
domestic gaming market and we're pleased customers are
recognizing the strength of both our games and systems."

Recognized as the industry systems leader with more than 350,000
machines and 660 casino, bingo, Class II, central determination
and lottery locations worldwide -- including more than 188
locations currently running Bally eTICKET(TM) on more than
224,000 slot machines -- the Bally Technologies systems product
line offers slot machine cash monitoring, table management,
cashless, accounting, security, maintenance, marketing,
promotional and bonusing capabilities, enabling operators to
accurately analyze performance and accountability while
providing an enhanced level of customer service.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


BANCO MACRO: Argentine Research Recommends "Buy" on Firm
--------------------------------------------------------
Consultancy firm Argentine Research said in a report that it has
revised its recommendation on Banco Macro to "buy", based on the
bank's 2006 results.

Business News Americas relates that Banco Macro's loans to the
private sector increased 85% to ARS5.53 billion in 2006,
compared to 2005, mainly due to personal loans.  The boost in
the loans increased the bank's earnings by 62% to ARS424
million.

According to BNamericas, Banco Macro's fourth quarter 2006
results included those of local bank Nuevo Banco Bisel, which it
acquired in April 2006.

The addition Nuevo Banco is also helping Banco Macro's
commercial growth, BNamericas states, citing Argentine Research.

Headquartered in Buenos Aires, Argentina, Banco Macro SA fka
Banco Macro Bansud SA offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and
middle-income individuals.  It offers savings and checking
accounts, credit and debit cards, consumer finance loans, other
credit-related products and transactional services to its
individual customers, and small and medium-sized businesses
through its branch network.  The bank also offers Plan Sueldo
payroll services, lending, corporate credit cards, mortgage
finance, transaction processing and foreign exchange.  The
bank's subsidiaries are Nuevo Banco Suquia SA, Banco del Tucuman
SA, Nuevo Banco Bisel SA, Sud Bank & Trust Company Limited,
Macro Securities SA Sociedad de Bolsa, Sud Inversiones &
Analisis SA and Macro Fondos SA, Macro Valores SA and Red Innova
Administradora de Fondos de Inversion SA.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 11, 2007,
Moody's Investors Service assigned a provisional B2 global
foreign currency rating to Banco Macro SA's senior unsecured
notes, which are due 2017, for US$150,000,000.  Moody's also
assigned a provisional Aa3.ar in national scale to the same
debt.  Moody's said the outlook on the ratings is stable.


DAIMLERCHRYSLER: Chrysler's Feb. Pre-Owned Vehicle Sales Up 9%
--------------------------------------------------------------
Continuing on the momentum started in January, DaimlerChrysler
AG's Chrysler Group reported that its Five Star(R) dealers set a
new February record of 10,187 Certified Pre-Owned Vehicle sales
in 2007, a 9% increase compared with February 2006 sales of
9,309 units.  Year-to-date sales also set a new record with
19,298 units, rising 9% from year-to-date sales in 2006.

Boosted by sales of the Jeep(R) Grand Cherokee (1,215 units) and
the Jeep Liberty (669 units), total Jeep sales accelerated 31%
in February.  In addition, both Dodge and Chrysler brand sales
rose 4% for the month.  Year-to-date sales were also up across
the board with Chrysler brand up 6%, Jeep brand up 26%, and the
Dodge brand up 3%.

"With America's Hottest Product's offered at our Five Star
dealers, Chrysler, Jeep and Dodge brands appeal to customers on
many levels and continue to set sales records," DaimlerChrysler
Motors Remarketing Director Peter Grady said.

"In our quest to deliver a great product to our customers,
vehicles undergo a rigorous 125-point inspection to ensure only
the highest quality products are driven off our Five Star lots,"
he said.

The Chrysler Group offers one of the most comprehensive
Certified Pre-Owned Vehicle programs in the industry.  For a
vehicle to be certified under the Chrysler Group's used-vehicle
program, it must be a 2002 through 2007 model pre-owned vehicle
with less than 65,000 miles and pass a stringent 125-point
inspection.

The Chrysler Group's CPO vehicles are backed by an eight-
year/80,000-mile powertrain limited warranty, 24-hour, 365-day
full roadside assistance with a US$35 per day rental car
allowance and a three-month or 3,000-mile Maximum Care warranty,
in addition to a Carfax Vehicle History Report and buyback
guarantee.

Marketed as "Brand Spankin' Used(R)," the Chrysler Group's CPO
vehicles are sold only through Chrysler, Jeep and Dodge
dealerships that have earned the automaker's Five Star
certification.

Five-Star certification is a comprehensive validation of the
dealership's facilities, operational processes, salesperson and
technician training accreditation as well as customer
satisfaction survey ratings.  Approximately 2,100 Chrysler Group
dealerships in the United States are certified Five Star
dealers.

                    About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER: CEO Meets with Governor on Chrysler Status
-----------------------------------------------------------
Michigan Gov. Jennifer Granholm met with DaimlerChrysler AG
Chief Executive Dieter Zetsche in Stuttgart earlier this week,
The Associated Press reports.

The governor stressed that she hopes Chrysler Group will remain
in the state no matter who owns the company, AP adds.

"I wanted to make sure that he knew ... how important it is for
us to retain the investment, and have Daimler or DaimlerChrysler
or Chrysler grow in Michigan," she said in a telephone interview
with AP.  "He certainly was very understanding of that message."

According to that report, the governor also told her hope that
DaimlerChrysler would consider Michigan when it looks to build a
US$3 billion powertrain plant.

"I told him that Michigan is the right place for that investment
given the clustering of suppliers, R and D (research and
development) and manufacturers," she further said in AP's
interview. "He was very open to that.  However, the decision has
not been made."

The governor said Mr. Zetsche told her that Michigan is already
an excellent business partner, the AP notes.

"I feel optimistic that there will be a strong DaimlerChrysler
or Chrysler presence in Michigan in some shape or form," she
said to AP.

                    About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


FORD MOTOR: DBRS Says Aston Sale May Not Warrant Rating Actions
---------------------------------------------------------------
Dominion Bond Rating Service said that Ford Motor Company has
announced that it has entered into a definitive agreement to
sell Aston Martin to a consortium of investors in a transaction
valued at US$925 million.  Ford will also retain a US$77 million
investment in Aston Martin.

DBRS believes that the sale is beneficial to Ford but is not
material enough to warrant any rating actions.  The transaction
is expected to close during the second quarter of 2007 and is
subject to customary closing conditions, including applicable
regulatory approvals.

Ford had announced on August 2006 that it intended to explore
strategic options for the Aston Martin business as part of the
company's plan to restructure its automotive operations.  DBRS
believes the transaction is a positive development.  The
proceeds from the sale will add to the company's liquidity to
fund the execution of the "Way Forward" plan, Ford's
restructuring program to restore its North American automotive
operations.  Aston Martin competes in the luxury segment, which
is not a critical component to the success of Ford's automotive
operations.  The divestiture of Aston Martin will have minimal
negative impact on the company's profitability.  The conclusion
of the sale will also remove a distraction from senior
management.

Nevertheless, DBRS notes that Ford continues to face significant
challenges to turn around its deteriorating performance.  The
company has indicated that its North American operations are not
expected to be profitable before 2009.  These concerns are
reflected in the Negative trend on the ratings of Ford and its
finance subsidiaries.  To change the trend to Stable, the
Company needs to demonstrate consistent progress in executing
its Way Forward plan in its North American operations.

More importantly, the company's UAW contract expires in
September 2007.  The company needs to secure a new labour
agreement with the UAW, addressing issues such as "jobs bank"
and inflexible work rules, to enable it to become competitive
with the Asian producers without any extended labour
disruptions.  Conversely, any signs of stalling in executing the
Way Forward plan and disruptive labour actions during contract
negotiations may lead to negative rating actions.


IMPEXCOM SA: Trustee Will Verify Proofs of Claim Until April 20
---------------------------------------------------------------
Bartolome Bavio, the court-appointed trustee for Impexcom SA's
bankruptcy proceeding, will verify creditors' proofs of claim
until April 20, 2007.

Under the Argentine bankruptcy law, Mr. Bavio is required to
present the validated claims in court as individual reports.
Court No. 24 of Buenos Aires' Civil and Commercial Tribunal will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
raised by Impexcom SA and its creditors.

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

Mr. Bavio will also submit a general report that contains an
audit of Impexcom SA's accounting and banking records.  The
report submission dates have not been disclosed.

Impexcom SA was forced into bankruptcy at the behest of De Levie
SA, which it owes US$23,662.91.

Clerk No. 49 assists the court in the proceeding.

The debtor can be reached at:

          Impexcom SA
          Hipolito Yrigoyen
          Buenos Aires, Argentina

The trustee can be reached at:

          Bartolome Bavio
          Avenida de Mayo 1324
          Buenos Aires, Argentina


IRON MOUNTAIN: S&P Assigns BB Rating on Proposed US$800MM Credit
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a bank loan rating
of 'BB' and a recovery rating of '1' to the proposed US$800
million credit facilities of Iron Mountain Inc. (BB-/Stable/--),
indicating high expectation of full recovery of principal in the
event of a payment default.  The credit facilities consist of a
US$600 million revolving credit facility due 2012 and a US$200
million term loan due 2014.  Proceeds from the proposed
transaction will be used to repay existing debt and for general
corporate uses.

At the same time, Standard & Poor's affirmed all existing
ratings, including the 'BB-' corporate credit rating, on the
company.  The outlook is stable.  Iron Mountain had total debt
outstanding of about US$2.7 billion.

"The ratings reflect Iron Mountain's high debt leverage, history
of debt-financed acquisitions, and aggressive financial
policies, and the capital intensity of the record storage
business," Standard & Poor's credit analyst Andy Liu said.

These factors are only partially offset by Iron Mountain's
leading position as the world's largest record management
company and fairly stable growth from existing and new customer
accounts.

Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated is an international provider of information storage
and protection related services.  The company offers
comprehensive records management and data protection solutions,
along with the expertise to address complex information
challenges such as rising storage costs, litigation, regulatory
compliance and disaster recovery.  Founded in 1951, Iron
Mountain has more than 90,000 corporate clients throughout North
America, Europe, Latin America, and Asia Pacific.  Revenue for
the twelve months ended December 31, 2006 was approximately
US$2.4 billion.  Its Latin American operations are located in
Argentina, Brazil, Chile, Mexico and Peru.


SU TAXI: Trustee Will Verify Proofs of Claim Until May 16
---------------------------------------------------------
Trustee Magdalena de la Quintana will verify claims from Su
Taxi's creditors until May 16, 2007.

Court No. 19 of Buenos Aires' Civil and Commercial Tribunal
approved a petition for reorganization filed by Su Taxi SA,
according to a report from Argentine daily La Nacion.

After verification period, the trustee will submit the
individual and general reports in court.  Dates for submission
of these reports are yet to be disclosed.

The informative assembly will be held on Feb. 8, 2008.
Creditors will vote to ratify the completed settlement plan
during the said assembly.

The city's Clerk No. 37 assists the court on the case.

The debtor can be reached at:

          Su Taxi SA
          Avenida Rivadavia 5512
          Buenos Aires, Argentina

The trustee can be reached at:

          Magdalena de la Quintana
          Cerrito 1136
          Buenos Aires, Argentina


TELECOM PERSONAL: Earns ARS62 Million in 2006
---------------------------------------------
Mobile firm Telecom Personal said in a statement that its net
profits for 2006 is ARS62 million, compared to a net loss of
ARS175 million in 2005.

Business News Americas relates that Telecom Personal's revenue
increased 54% to ARS4.33 billion in 2006, compared to 2005.

According to BNamericas, Telecom Personal's increased its
investment by 106% to ARS633 million in 2006, compared to 2005.
The amount was mainly used to expand and boost capacity of its
GSM network as well as to offer value added services.  The firm
invested ARS557 million in Argentina, while it spent ARS76
million in Paraguay.

Telecom Argentina Chief Executive Officer Carlos Felices said in
a conference call that the overall Argentine mobile telephony
market will have an almost 85% penetration at the end of this
year.

BNamericas underscores that Telecom Personal's customer base in
Argentina and Paraguay increased 41% to 9.6 million subscribers
in 2006, compared to 2005.  In Argentina, the firm's customers
increased 37% to 8.4 million in 2006, from 2005.  About 66% of
users were prepaid clients.  Some 88% of the client base use
Telecom Personal's GSM platform, while the remainder used code
division multiple access.

Telecom Argentina Investor Relations Manager Pedro Insussarry
commented to BNamericas, "The company continues to work towards
the consolidation of its market position in the north of Buenos
Aires province and to gain market share in the south."

Telecom Argentina concentrated on gaining more high value
clients and promoting the use of value added services last year,
BNamericas says, citing Mr. Insussarry.

Mr. Insussarry told BNamericas that Telecom Personal concluded
in December 2006 the initial phase of a network expansion plan
to the most important towns and cities in southern Argentina.
The second phase will be on expanding network capacity.

Meanwhile, Telecom Personal's Paraguayan subsidiary Nucleo's
customers increased 79% to 1.16 million in 2006, compared to
2005.  Prepaid subscribers represented 87%, postpaid users were
13%, and GSM clients represented 75% of the overall subscriber
base, BNamericas states.

Telecom Personal is the wireless provider of Telecom Argentina
SA, providing services in Argentina and Paraguay over a GSM
network.  The company has 7.7 million users, with an estimated
30% market share in Argentina and a customer mix of 66% prepaid
and 34% postpaid as of June 30, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, Fitch Ratings affirmed Telecom Personal SA's
foreign and local currency Issuer Default Rating at 'B', and the
senior unsecured at 'B/RR4', and revised the Rating Outlook of
the international scale IDRs to Positive from Stable.
Approximately US$200 million in debt is affected by the rating
action. Fitch has also upgraded the national scale rating of
Personal to 'A(arg)' from 'BBB+(arg)' with a Stable Rating
Outlook.


TERRA NATURE: Trustee Will Verify Proofs of Claim Until May 17
--------------------------------------------------------------
Marta Susana Polistina, the court-appointed trustee for Terra
Nature SA's bankruptcy proceeding, will verify creditors' proofs
of claim until May 17, 2007.

Under the Argentine bankruptcy law, Ms. Polistina is required to
present the validated claims in court as individual reports.
Court No. 5 of Buenos Aires' Civil and Commercial Tribunal will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
raised by Terra Nature and its creditors.

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

Ms. Polistina will also submit a general report that contains an
audit of Terra Nature's accounting and banking records.  The
report submission dates have not been disclosed.

Terra Nature was forced into bankruptcy at the behest of De
Filippi Hermanos SA, which it owes US$9,680.

Clerk No. 9 assists the court in the proceeding.

The debtor can be reached at:

          Terra Nature SA
          Brandsen 1190
          Buenos Aires, Argentina

The trustee can be reached at:

          Marta Susana Polistina
          Cramer 2175
          Buenos Aires, Argentina


VTVT SA: Trustee Will Verify Proofs of Claim Until May 2
--------------------------------------------------------
Stella Maris Diaz, the court-appointed trustee for VTVT SA's
bankruptcy proceeding, will verify creditors' proofs of claim
until May 2, 2007.

Under the Argentine bankruptcy law, Ms. Diaz is required to
present the validated claims in court as individual reports.
Court No. 4 of Buenos Aires' Civil and Commercial Tribunal will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
raised by VTVT SA and its creditors.

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

Ms. Diaz will also submit a general report that contains an
audit of VTVT SA's accounting and banking records.  The report
submission dates have not been disclosed.

VTVT SA was forced into bankruptcy at the behest of Diego Caba,
whom it owes US$2,944.73.

Clerk No. 7 assists the court in the proceeding.

The debtor can be reached at:

          VTVT SA
          Juan B. Justo 2091
          Buenos Aires, Argentina

The trustee can be reached at:

          Stella Maris Diaz
          Araoz 323
          Buenos Aires, Argentina


* ARGENTINA: To Form Natural Gas Producers Group with Venezuela
---------------------------------------------------------------
Argentine President Nestor Kirchner has agreed with his
Venezuelan counterpart, Hugo Chavez, to create an organization
of natural gas producers called The Organization of Gas
Producing and Exporting Countries of South America or OPEGASUR,
which is based on the Organization of the Petroleum Exporting
Countries, Petroleumworld reports.

State-run oil company Petroleos de Venezuela SA said in a
statement that president Chavez and Bolivian President Evo
Morales signed a treaty in Bolivia to join OPEGASUR.

According to Petroleos de Venezuela's statement, OPEGASUR will
seek:

          -- gas sovereignty of the peoples of South America,
          -- better valuing of natural resources,
          -- interchange of technology and experiences, and
          -- industrialization of gas and joint investments in
             the energy sector.

OPEGASUR will be initially exclusive to Venezuela, Bolivia and
Argentina, Petroleos de Venezuela told Petroleumworld.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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


REFCO INC: RCM Trustee Objects to 18 Claims Totaling US$240 Mil.
----------------------------------------------------------------
Mark S. Kirschner, the duly appointed Plan Administrator and
Chapter 11 trustee for Refco Capital Markets, Ltd.'s estate, ask
the U.S. Bankruptcy Court for the Southern District of New York
to rule on 18 invalid proofs of claim aggregating approximately
US$240,000,000.

The Subject Claims are:

    Claimant                       Claim No.    Claim Amount
    --------                       --------     ------------
    Carlos Fradique                  11400      US$5,524,340
    Corporex Investment, LLC         10077            33,223
    Dante Canonica                    9934           179,540
                                      9935           350,610
    Geshoa Structured Finance Ltd.   11443         9,560,708
                                     14177        10,134,755
    Jose Maria Gregorio              11019            17,070
    Markwood Investments Ltd.        12260       144,206,978
    Minglewood Investments, LLC       1679         2,796,619
    PM Petromanagement Limited        9879           669,200
    Quercus Investments Ltd.          9933         5,277,684
    Reserve Invest (Cyprus) Ltd.     11392        14,199,476
    Rocky Systems Corp.               9923           486,271
    RR Investment Company Ltd.       11837        42,565,793
    Swix Currency Fund Limited        9938         2,473,118
    Vedat Barha                       9943         1,030,168
    Vipasa Int'l. Investments Corp.  10134                 -
    Armand Marquis                    1368                 -

Specifically, the RCM Administrator asserts that:

   (a) the Marquis Claim should be disallowed because it does
       not hold any liability owing to RCM or any of the other
       Debtors;

   (b) the Fradique Claim, which was based on the claimant's
       foreign exchange account as of the Petition Date; and the
       Corporex Claim, which arose from an account containing
       digital options, should be classified as RCM FX/Unsecured
       Claims instead of being RCM Securities Customer Claims
       pursuant to the Debtors' Chapter 11 Plan;

   (c) seven claims filed by PM Petromanagement, Mr. Canonica,
       Quercus Investments, Rocky Systems, Swix Currency, and
       Vedat Barha -- the FX customers who attempted to buy
       U.S. Treasury Bills with their FX account proceeds after
       the RCM Petition Date, should be reclassified as RCM
       FX/Unsecured Claims since their requested T-Bill
       purchases were not consummated as of the Petition Date;

   (d) Geshoa's Claim No. 14177 is inconsistent with RCM's
       books and records, while its Claim No. 11443 should be
       disallowed and expunged because it is duplicative to
       Claim No. 14177;

   (e) the Gregorio Claim, which is alleged to be funds wrongly
       transferred to an RCM account before the Petition Date,
       has an inappropriate value and should be treated as an
       RCM FX unsecured Claim;

   (f) the Markwood Claim should be disallowed because it is
       inconsistent with RCM's books and records;

   (h) three claims filed by Minglewood, RIC, and RR Investment
       are inconsistent with RCM's books and records, and, thus
       should be disallowed; and

   (i) the Vipasa Claim, which was filed in respect of a
       securities account with a negative balance, was not
       amended, and thus should be disallowed and expunged in
       its entirety.

Moreover, the RCM Administrator seeks a scheduling order
governing certain procedures to resolve the Subject Claims.

                       About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2007. (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


REFCO INC: RCM Trustee Objects to Sevilleja's US$4.2MM Claim
------------------------------------------------------------
Marc S. Kirschner, as the duly appointed administrator and
Chapter 11 Trustee of Refco Capital Markets, Ltd.'s estate, asks
the Court to disallow and expunge Claim 10136 filed by Carlos
Sevilleja asserting not less than US$4,235,972 in connection
with Mr. Sevilleja's account at RCM.

Tina L. Brozman, Esq., at Bingham McCutchen LLP, in New York,
relates that before Refco Inc. and its debtor-affiliates'
bankruptcy filing, Mr. Sevilleja and RCM entered into a master
agreement and executed various transactions in the Account,
which left RCM owing US$4,235,972 to Mr. Sevilleja.

Within 90 days before its bankruptcy filing, RCM separately
transferred an aggregate of US$105,000,000 from the Account to
Mr. Sevilleja.

Subsequently, the RCM Trustee filed a complaint against Mr.
Sevilleja to recover the Preferential Transfers.  Mr. Sevilleja
also filed its claim as a result of the Transactions under the
Agreement.

Under Section 547(b) of the Bankruptcy Code, Ms. Brozman notes
that the RCM Trustee may avoid the Preferential Transfers
because Mr. Sevilleja was a creditor of RCM at all times.

Ms. Brozman adds that the Preferential Transfers:

   (i) were made for the benefit of Mr. Sevilleja on account of
       a previous debt owed by RCM before the Preferential
       Transfers were made;

  (ii) were made while RCM was insolvent;

(iii) were made within 90 days before the Petition Date; and

  (iv) enabled Mr. Sevilleja to receive more than he would have
       received if (x) the Preferential Transfers had not been
       made, (y) the case was a Chapter 7 case, and (z) he had
       received payment of the debt provided by the Bankruptcy
       Code.

Ms. Brozman further contends that under Section 550, the RCM
Trustee may recover the Preferential Transfers, including
interest and costs since (i) they are avoidable under Section
547, and (ii) Mr. Sevilleja is the initial transferee of the
Preferential Transfers, or the immediate transferee of that
initial transferee.

Ms. Brozman insists that the Claim should be disallowed because
Mr. Sevilleja has not paid the amount of the Preferential
Transfers, or turned over any property, to RCM.

                      About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2007.  (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


SCOTTISH RE: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------
Ernst & Young LLP, in Charlotte, North Carolina, expressed
substantial doubt about Scottish Re Group Limited's ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended
Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's net loss for the year ended Dec. 31, 2006, retained
deficit at Dec. 31, 2006, deteriorating financial performance,
and worsening liquidity and collateral position.

At Dec. 31, 2006, the company's balance sheet showed
US$13.436 billion in total assets, US$12.227 billion in total
liabilities, US$7.9 million in minority interest, US$143.7
million in Mezzanine Equity, and US$1.057 billion in total
stockholders' equity.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2007, Scottish Re Group Limited reported a net loss of
US$231.6 million for the fourth quarter ended Dec. 31, 2006,
compared with net income of US$60.8 million for the prior year
period.  For 2006, the company reported a net loss of US$366.7
million, compared with net income of US$130.2 million for the
prior year.

                      MassMutual Merger

On Nov. 26, 2006, the company entered into a Securities Purchase
Agreement with MassMutual Capital Partners LLC, a member of the
MassMutual Financial Group, and SRGL Acquisition, LLC, an
affiliate of Cerberus Capital Management, L.P. whereby, subject
to the terms and conditions set forth in the Securities Purchase
Agreement, the Investors will each purchase 500,000 of the
company's convertible cumulative participating preferred
shares, which will be newly issued, and which shares may be
converted into an aggregate of 150,000,000 ordinary shares,
subject to certain adjustments, if any, at any time and will
automatically convert on the ninth anniversary of the issue date
if not previously converted.

                      About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--
is a global life reinsurance company.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland,
Singapore, the United Kingdom and the United States.  Its
flagship operating subsidiaries include Scottish Annuity & Life
Insurance Company (Cayman) Ltd., Scottish Re (U.S.) Inc. and
Scottish Re Limited.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 6, 2007, Standard & Poor's Ratings Services said that its
ratings on Scottish Re Group Ltd. (B/Watch Dev/--) and
affiliated operating companies remain on CreditWatch with
developing implications following the announcement by the
company that the shareholders have approved the transaction by
which MassMutual Capital Partners LLC and affiliates of Cerberus
Capital Management L.P. would provide an equity infusion of
US$600 million in a transaction to close in the second quarter
of 2007.


SEA CONTAINERS: Jan. 31 Balance Sheet Upside-Down by US$166 Mln
---------------------------------------------------------------

                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of January 31, 2007

                            Assets

Current Assets
   Cash and cash equivalents                      US$54,289,351
   Trade receivables, less allowances
     for doubtful accounts                                    -
   Due from related parties                           7,758,745
   Prepaid expenses and other current assets          6,478,060
                                                   ------------
      Total current assets                        US$68,526,156

Fixed assets, net                                             -

Lont-term equipment sales receivable, net                     -
Investments in group companies                                -
Intercompany receivables                                      -
Investment in equity ownership interests            209,015,333
Other assets                                          3,226,962
                                                   ------------
Total assets                                     US$280,768,451

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                US$2,031,753
   Accrued expenses                                  33,996,232
   Current portion of long-term debt                 26,411,239
   Current portion of senior notes                  385,125,608
                                                   ------------
      Total current liabilities                     447,564,832

Total shareholders' equity                         (166,796,381)
                                                   ------------
Total liabilities and shareholders' equity        US$280,768,451

                     Sea Containers, Ltd.
               Unaudited Statement of Operations
             For the Month Ended January 31, 2007

Revenue                                            US$1,450,454

Costs and expenses:
   Operating costs                                     (100,063)
   Selling, general and
     administrative expenses                            892,796
   Reorganization costs                                       -
   Charges to provide against
     intercompany accounts                          (14,914,955)
   Depreciation and amortization                              -
                                                   -------------
      Total costs and expenses                      (14,122,222)
                                                   ------------

Gain or (Loss) on sale of assets                        272,531
                                                   ------------
Operating income (loss)                              15,845,207

Other income (expense)
   Interest income                                        5,393
   Foreign exchange gains or (losses)                   (53,776)
   Interest expense, net                             (3,508,109)
                                                   ------------
Income (Loss) before taxes                           12,288,715
Income tax expense                                     (100,000)
                                                   ------------
Net (Loss)                                        US$12,188,715

Sea Containers, Ltd., also reported US$1,781,721 in cash
receipts and US$1,889,159 in disbursements for January 2007.

                    Sea Containers Services
                    Unaudited Balance Sheet
                    As of January 31, 2007

                            Assets

Current Assets
   Cash and cash equivalents                         US$206,104
   Trade receivables                                    185,845
   Due from related parties                           5,070,228
   Prepaid expenses and other current assets          4,821,696
                                                   ------------
      Total current assets                           10,283,873

Fixed assets, net                                     3,077,947

Investments                                           2,637,008
Intercompany receivables                             43,483,537
Other assets                                          3,654,824
                                                   ------------
Total assets                                      US$63,137,188

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                US$2,197,677
   Accrued expenses                                   4,159,988
   Current portion of long-term debt                  1,679,853
                                                   ------------
      Total current liabilities                       8,037,519

Total shareholders' equity                           55,099,669
                                                   ------------
Total liabilities and shareholders' equity        US$63,137,188

                    Sea Containers Services
               Unaudited Statement of Operations
             For the Month Ended January 31, 2007

Revenue                                              US$818,278

Costs and expenses:
   Operating costs                                            -
   Selling, general and
     administrative expenses                            554,441
   Professional Fees                                     68,555
   Other charges                                              -
   Depreciation and amortization                        119,809
                                                   ------------
      Total costs and expenses                          742,805
                                                   ------------

Gains on sale of assets                                       -
                                                   ------------
Operating income (loss)                                  75,474

Other income (expense)
   Interest income                                            -
   Foreign exchange gains (losses)                        5,819
   Interest expense, net                                (13,136)
                                                   ------------
Income (Loss) before taxes                               68,157
Income tax credit                                             -
                                                   ------------
Net Income                                            US$68,157

Sea Containers Services recorded US$1,621,872 in cash receipts
and US$1,473,529 in disbursements for January 2007.

A full-text copy of Sea Containers Services and Sea Containers
Ltd.'s schedules of receipts and disbursements is available for
free at http://researcharchives.com/t/s?1b06

Sea Containers Carribean, Inc., reported zero assets and
accounts payable of US$3,530,094, as its sole liability, in its
January 2007 balance sheet.

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On Oct. 3, 2006, the company's common
shares and senior notes were suspended from trading on the NYSE
and NYSE Arca after the company's failure to file its 2005
annual report on Form 10-K and its quarterly reports on Form 10-
Q during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 12;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a plan expires on
June 12, 2007.  They have until Aug. 11, 2007, to solicit
acceptances to that plan.




=============
B O L I V I A
=============


* BOLIVIA: Regulator Calls for Crude & LPG Output from Producers
----------------------------------------------------------------
Bolivia's hydrocarbons regulator Superintendencia de
Hidrocarburos has made two resolutions related to oil and LPG
output from producers operating in the country, Business News
Americas reports.

According to its Web site, the regulator required the producers
to make 37,080b/d of crude in March, 43,580b/d in April, and
46,080b/d in May.

The producers, which include Spanish oil-company Repsol YPF's
Bolivian subsidiary Petrolera Andina will be required 11,114b/d.
Repsol YPF will produce 7,781b/d and 5,505b/d from Brazil's
federal energy company Petrobras.

                       LPG Production

In the LPG area, the regulator asked for production of 881t/d in
March, which in combination with stored volumes of some 115t/d
would satisfy demand estimated at 996t/d in the month,
BNamericas.com relates.

Report shows that in April, producers are mandated to produce
968t/d of LPG to help fulfill expected demand of 1,021t/d and
970t/d in May for demand anticipated at 1,027t/d.

In addition, BNamericas.com says that the producers will provide
the regulator with estimated monthly output by the 20th of the
month and a monthly report of LPG volumes produced the previous
month on the 10th of the following month.




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


ACXIOM CORP: Expands IT Outsourcing Service for Safety-Kleen
------------------------------------------------------------
Acxiom(R) Corp. renewed and expanded the three-year service
agreement to provide IT outsourcing services for Safety-Kleen.

According to Marty Sunde, Acxiom's multi-industry client
services organization leader, the renewal will not only extend
the current mainframe agreement that was established in 2000,
but also includes new services for fully managed distributed
systems management.

"When I joined Safety-Kleen, 78 of our servers were managed by
another firm, while our mainframe operations and a few servers
were managed by Acxiom," said Safety-Kleen CIO Magnus Borg.
"After several months of managing two partners, we decided to
migrate all of our servers to Acxiom as they were the better
choice for us."

"Acxiom's IT delivery model will help Safety-Kleen reduce IT
management costs across their enterprise applications and enable
more flexibility in their systems management and application
infrastructure," said Mr. Sunde.  "We are pleased to announce
our expanded relationship with Safety-Kleen and look forward to
build upon that as their exclusive IT outsourcing provider."

                     About Safety-Kleen

Safety-Kleen, a privately held company, is North America's
premier provider of industrial oil collection and re-refining,
parts cleaner services, and industrial waste management.
Safety-Kleen offers its customers a complete set of responsible
re-refining, cleaning, and environmental solutions through its
fully integrated branch network designed to collect, process,
recycle, re-refine, and dispose of a wide range of both
hazardous and non-hazardous waste streams.  The company has
approximately 4,500 employees serving hundreds of thousands of
customers in the United States, Canada and Puerto Rico.

                     About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.

                        *    *    *

Standard & Poor's Ratings Services recently assigned these
ratings to Acxiom Corp:

     -- Long-term Foreign Issuer Credit Rating at BB
     -- Long-term Local Issuer Credit Rating at BB

S&P said the rating outlook is stable.


AVNET INC: Unit Inks New Distribution Deal with Plasmon
-------------------------------------------------------
Avnet Technology Solutions, Americas, an operating group of
Avnet, Inc., and Plasmon reached a new distribution agreement.
Under the agreement, Avnet will distribute and provide services
and support for Plasmon's archival products and solutions to
authorized value-added reseller partners in North America.

The addition of Plasmon's Ultra Density Optical professional
archival solutions expands Avnet's storage portfolio from disk
and tape-based solutions to include optical media.  Plasmon's
optical-based solutions are designed to meet the archival
storage demands of large corporations, small- to mid-sized
businesses, healthcare facilities and government agencies.  They
benefit end-customers by providing an archival storage option
that features media longevity of more than 50 years, fast random
access to data, low total cost of ownership, and an
environmentally-conscious solution with low-power consumption
and carbon footprint.

"An archive strategy to meet today's demanding compliance
standards is a business imperative.  IT executives should strive
to separate fixed content data from production data and move
static data to an active archive," said Carolyn DiCenzo,
Research Vice President, Gartner, Inc.  "A best practice for
securing long-term data archives is to maintain three copies of
data on at least two different types of media in multiple
locations, mitigating the risk of media failure.  At least one
copy of the media should be removable and be maintained offsite
for disaster recovery purposes."

Plasmon's solutions help partners implement a tiered archival
strategy for their customers.  While Plasmon's products are
widely used as a primary active archive solution, they also have
the flexibility to work alongside existing disk and tape-based
solutions as a secure second disaster recovery solution where
two different types of media are recommended.

"The need for archival solutions continues to rise at an
accelerated pace because of regulatory compliance, litigation
protection and long-term retention requirements," said Jeff
Bawol, senior vice president and general manager, Enterprise
Software and Storage Business Unit, Avnet Technology Solutions,
Americas.  "Adding Plasmon to our existing storage portfolio
gives partners new, high-margin opportunities to help their
customers safeguard their data and ensure regulatory
compliance."

Through Avnet, partners will have access to Plasmon's flagship
product, UDO Archive Appliance, UDO 1 and 2 Drives and Media, G-
Series UDO Libraries, and IBM 3996 Libraries for IBM System i
and System p families.  Partners can also leverage Avnet's
Consolidation Impact Assessment for Storage service.  This
provides partners with a proven methodology to rapidly assess a
customer's storage environment, present a total cost of
ownership analysis, and recommend the storage solutions and
services most appropriate for end customers needs.  The data in
the analysis provides the partner's end-user customer with an
objective review of the financial and technical benefits of
storage consolidation.  Additionally, partners can demonstrate
Plasmon's products to potential customers through Avnet's IT
DemoCentral portal.  This portal provides easy access to full
production versions of leading enterprise hardware and software,
and offers a real-world environment for conducting training and
highlighting software functionality.

"The channel is vital to our company's go-to-market strategy,
and cultivating the right base of reseller partners is critical
to our success," said Mike Koclanes, chief strategy officer and
senior vice president of sales and marketing, Plasmon.
"Partnering with Avnet and leveraging the company's extensive
expertise in storage gives us the infrastructure and reach we
need to accelerate the adoption of advanced archival solutions
through valued reseller partners."

In addition to serving the needs of businesses in the mainstream
IT market, Plasmon has a 20-year track record of delivering
active archiving solutions to medical and healthcare providers.
Partners will be able to leverage Avnet's dedicated HealthPathTM
healthcare practice and its training program, HealthPath
University.  Through Avnet's HealthPath University, partners
will learn how to develop business practices to address the
growing healthcare industry and the types of solutions, such as
Plasmon's, that will enable them to meet the unique customer
needs of this market.

"Avnet has always focused on providing us with the solutions,
services and support that enable us to become trusted advisors
to our customers," said Ted Glahn, president, Presidio Networked
Solutions.  "The addition of Plasmon to Avnet's portfolio offers
us a unique option for customers that are looking for long-term,
removable storage solutions with longevity and data authenticity
for disaster recovery."

                        About Plasmon

Plasmon (LSE: PLM) -- http://www.plasmon.com/-- is the trusted
source in archiving systems and provides the most comprehensive
line of archival storage solutions, including the flagship
Archive Appliance product.  Founded in 1984, Plasmon is listed
on the London Stock Exchange, with worldwide headquarters in
Cambridge, United Kingdom and U.S. headquarters in Denver,
Colorado.  Plasmon offers longevity, authenticity, and ease of
access to critical business data to enterprises looking to
protect business assets for competitive reasons and meet
regulatory compliance requirements.

             About Avnet Technology Solutions

Avnet Technology Solutions - http://www.ats.avnet.com/--is a
distributor focused on enterprise computing solutions and an
operating group of Avnet, Inc. representing US$4.99 billion in
annual revenue, with locations in more than 30 countries.  As a
global technology sales and marketing organization, Avnet
Technology Solutions has sales divisions focused on specific
customer segments and a select line card strategy enabling an
exceptional level of attention to the needs of its customers and
suppliers.

                      About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT) --
http://www.avnet.com/-- distributes electronic components and
computer products, primarily for industrial customers.  It has
operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, Sweden, Brazil,
Mexico and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on March 5, 2007,
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


BANCO DO BRASIL: Inks Insurance Through Credit Card Pact with GM
----------------------------------------------------------------
Banco do Brasil retail and distribution vice president Aldemir
Bendine told Business News Americas that the bank will market
insurance products through a private-label credit card accord
with General Motors' Brazilian unit.

Mr. Bendine commented to Business News Americas, "Selling
insurance will be part of the partnership.  We'll sell any
product, with a focus on auto insurance, of course."

Banco do Brasil's insurance strategy for 2007 includes selling
more products through complementary channels like financial
services deals with retailers and other businesses, BNamericas
says, citing Mr. Bendine.  Banco do Brasil and General Motors
will still determine if points earned by card users can be used
for discounts on insurance policies.

According to BNamericas, Banco do Brasil and General Motors
expect to issue about 400,000 credit cards through the
partnership in the first year, as the bank aims to bring its
total number of cards in circulation to 20 million in 2007.
Banco do Brasil has 26 financial services accords and expects to
increase it to 40 by the end of the year.

The report says that Banco do Brasil's net profits from
insurance, private pension and savings bonds affiliates were
BRL1.1 billion in 2006.

Banco do Brasil's fourth quarter 2006 net income increased 69.3%
to BRL1.25 billion, compared to the same quarter in 2005.  the
amount is 37.6% higher compared to the third quarter of 2006.
Meanwhile, full-year net profits increased 45.5% to BRL6.04
billion, BNamericas states.

                  About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                    About Banco do Brasil

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings upgraded Banco do Brasil S.A.'s
Support rating to '3' from '4', and affirmed its other ratings:

   -- Foreign currency Issuer Default Rating (IDR) at 'BB+';
   -- Short-term foreign currency at 'B';
   -- Local currency IDR at 'BB+';
   -- Short-term local currency at 'B';
   -- Individual rating at 'C/D';
   -- National Long-term rating at 'AA(bra)'; and
   -- Short-term rating at 'F1+(bra)'.


BANCO ITAU: Unit to Boost Lending by 50% This Year
--------------------------------------------------
Banco Itau Holding Financeira SA investor relations officer
Alfredo Setubal said in a conference call that the bank's
consumer finance arm, Taii, will increase lending by 50% in
2007, compared to 2006.

Mr. Setubal told Business News Americas that lending by the
client finance unit will increase sharply, as its loan portfolio
is still relatively small.

BNamericas relates that Taii's loan portfolio in the fourth
quarter 2006 rose 6.8% to BRL3.23 billion, compared to the third
quarter 2006.

Mr. Setubal commented to BNamericas, "We maintain our projection
that [Taii] will break even in the fourth quarter this year or
at the beginning of 2008 at the latest."

Banco Itau expects Taii's non-performing loan ratio to increase
in 2007.  Taii loans overdue for over 60 days came to 15.2% at
the end of 2006, BNamericas says, citing Mr. Setubal.

BNamericas underscores that since Taii launched operations in
2006, it has issued over 5.2 million credit cards, including
private label credit cards in conjunction with retailer Lojas
Americanas and supermarket Pao de Acucar.  Banco Itau will
increase Taii's branches by 100 in 2007, from 834 at the end of
2006.

Banco Itau will boost overall lending up to 25% in 2007,
compared to 2006.  Lending increased 38.2% in 2006 to BRL93.6
billion.  Retail lending grew 42.2% to BRL40.5 billion, while
commercial lending rose 36.0% to BRL47.3 billion, BNamericas
states.

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA (Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2007, Fitch changed the outlook of these ratings of
Banco Itau Holding Financiera SA:

   -- foreign currency IDR at 'BB+'; outlook to positive from
      stable;

   -- local currency IDR at 'BBB-'; outlook to positive
      from stable; and

   -- national Long-term rating at 'AA+(bra)'; outlook to
      positive from stable.


BANCO NACIONAL: Invests BRL75-Million Fund in Metropolitan Train
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES's
President, Demian Fiocca, announced Monday, the adhesion of the
Bank to a fund that will enable to increase the investments of
Sao Paulo's Metropolitan Train Company.  The amount of the Non-
Standard Direct Credit Investment Fund -- FIDC-NP -- will be of
BRL150 million, with quotas available to the market.  BNDES,
through subsidiary BNDESPAR, will be its main investor, with a
financing of BRL75 million, which equals to a 50% share.

"This is an important operation, for its symbolic character",
said Mr. Fiocca, who made the announcement in Sao Paulo,
together with the Secretary of Transports of the State's
government, Jose Luiz Portella, and CPTM's President, Alvaro
Armond.

Mr. Fiocca reminded that this is the first raising operation in
Non-Standard FIDC of the Brazilian market and it reveals the
financing potential of social infrastructure projects with
market mechanisms.

Social Inclusion Area's Director, Elvio Gaspar, described the
operation as "emblematic", for being the first urban
infrastructure operation using market mechanisms.  Gaspar
considered it a good example of financing alternative for the
public sector.

This line of business has been adopted by BNDES as a way of
complementing resources for consistent projects with PAC (Growth
Acceleration Program).

Secretary Portella emphasized that the resources should allow
for a considerable quality improvement on the services rendered
by CPTM, particularly on Line F.

The resources raised with the Fund will be applied in an
investment fund of CPTM, whose amount is BRL670 million.
Projects of Line F's (Bras-Calmon Viana) restoration and Line
C's expansion up to Grajau are included.  These investments will
be implemented until 2008.

Line C's expansion and Line F's restoration will benefit around
580 thousand passengers per day from Sao Paulo's metropolitan
region, covering the capital of the State, as well as Po ,
Itaquaquecetuba and Osasco.  The investments will also allow for
the improvement of the company's operational performance, with
the increasing of transportation capacity, more comfort, quality
and trustfulness for the passengers.

The project foresees the integration of 10 trains (30 cars) to
the line's fleet, which are now immobilized and will be totally
repaired.  Three new stations will be inserted to Line F: Jardim
Helena, Jardim Romano and USP Leste, and the Itaim Paulista and
Comendador Ermelino stations will also be reconstructed.

CPTM, controlled by State of Sao Paulo's Government, is the
biggest company of urban train transportation of passengers of
the country and employs, directly, more than 5.5 thousand
workers.  The company serves 22 municipalities of Sao Paulo's
metropolitan region, transporting, as a rule, 1.4 million
passengers per day.  CPTM has 88 passenger stations along a line
extension of 253.2 kilometers.

BNDES is the main investor of CPTM's Non-Standard FIDC
operation, and Rio Bravo Investimentos S.A. Distribuidora de
Titulos e Valores Mobiliarios is the financial institution that
structured the Fund.  The financial operation consists of
securitizing the future revenue deriving from CPTM's ticket
sales, which means that this revenue is given as a collateral
for the payment of the Fund investors.  The operation has a term
of seven years and its final cost is of IPCA plus 9% per year.

Created in December 2006, Non-Standard FIDC is a market's new
instrument.  FIDC-NP is a fund model that allows for the
securitizing of revenue flow, without the need of a particular
commercial contract between the parties.  In the case of CPTM's
FIDC-NP, there is no commercial contract between the users and
Sao Paulo's transportation company.

By participating in FIDC-NP's pioneer operation, BNDES is
contributing to strengthen the Brazilian capital market and
performing its role as development agent.

                         About BNDES

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.

                        *     *     *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.


BANCO NACIONAL: To Finance Hidreletrica Project for BRL71.3 Mil.
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
Board approved a BRL71.3 million financing to the enterprise,
Hidreletrica Cachoeirao S/A, for the implementation of a small
hydroelectric plant -- PCH -- located in the Rio Manhuacu --
Manhacu River -- between the Municipalities of Pocrane and
Alvarenga, in the State of Minas Gerais.

In addition to the PCH Cachoeirao plant, with a 27 MW installed
power, the credit operation includes the construction of a 38 km
transmission line, to connect it to the energy distribution
system of Cemig.  It is forecast the generation of 300 jobs,
during the construction, and 6 more permanent positions in the
operation phase of the plant.

The total project forecasts BRL104 million investments.  The
enterprise, Hidreletrica Cachoeirao S/A, will apply BRL32.7
million by using its own resources and BNDES's financing will be
transferred by Banco do Brasil (BRL60.6 million) and BDMG
(BRL10.7 million).

The enterprise, Hidreletrica Cachoeirao S/A, is a specific
purpose company, established by Santa Maria Energetica S/A and
Cemig, which hold, respectively, 51% and 49% of the shares. In
addition to the energy and distribution sector, which has been
serving 11 Municipalities of Espírito Santo, the Santa Maria
group also operates in the cattle raising and cold room
businesses.

This is the first BNDES's financial support approved for an
endeavor in the ambit of Minas PCH Program, which was created in
2004 by the Government of Minas Gerais to make feasible the
construction of small hydroelectric plants in the State, through
partnerships of Cemig with private investors. The program
forecasts the implementation of up to 252 small hydroelectric
plants, which correspond to a 2,848 MW generator capacity.

Besides the new Minas PCH Program, BNDES also operates the
Financial Support Program for Investments in Alternative Sources
of Electrical Energy -- Proinfa -- that was created in 2002 by
the Ministry of Mines and Energy.  The objective is to diversify
the Brazilian energetic matrix and increase its capacity by 3.3
thousand MW, with generation arising from three alternative
sources: small hydroelectric plants, wind energy and biomass
(sugar cane bagasse, rice husk, wood residue and sanitary
landfill gas).

The project portfolio in the ambit of Proinfa in BNDES already
reaches the amount of BRL3.6 billion financings, with BRL5
billion financings.

                         About BNDES

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.

                        *     *     *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.


BANCO PANAMERICANO: S&P Revises B Credit Rating Outlook to Pos.
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
'B/B' counterparty credit rating on Banco PanAmericano to
positive from stable.  At the same time the ratings were
affirmed.

"The outlook revision reflects the possibility of an upgrade if
the bank is successful in improving its capital and funding
structure in 2007, which would allow the bank to book most of
the credit portfolio it generates and take additional benefit
from its profitability, while at the same time maintaining asset
quality indicators and liquidity.  We believe that the bank has
increased options to fund its operations given more favorable
liquidity in the domestic capital market," said Standard &
Poor's credit analyst Tamara Berenholc.

The ratings on Banco PanAmericano incorporate the leveraged
balance sheet, the higher credit risk of its loan portfolio, and
the bank's exposure to the fierce competition and pressures on
margins.  These risk factors are tempered by Banco
PanAmericano's long track record in the consumer finance
segment, its scattered credit portfolio with reduced
concentration risk, and higher liquidity.

With total assets of BRL3.7 billion as of December 2006,
Banco PanAmericano is the 23rd-largest private bank in Brazil.
The bank gained market share in the system credit operation
mainly in auto finance (to 2.85% in 2006 from 2.7% in 2005) and
payroll discount lending (to 2.2% in 2006 from 1.9% in 2005).
Banco PanAmericano's own distribution network of 137 proprietary
offices and 63 sales offices provides cross-selling
opportunities to its clientele and the ability to maintain
loyalty.

The rating will benefit if Banco PanAmericano is successful in
improving its capacity to obtain funding and capital to support
the generated credit operations ceded to other financial
institutions, thus reducing its leverage and improving its
profitability standard with the spreads from the ceded credit
portfolio.  An upgrade will also depend on the bank's ability to
maintain its asset quality indicators and liquidity measures to
support the intrinsic volatility of its funding.

There could be negative pressure on the ratings, however, if
there is significant deterioration in the bank's asset quality
ratios (vis-a-vis its current levels); if profitability ratios
deteriorate due to higher credit risk; or if the bank's
liquidity and funding are pressured.  The outlook could be
revised to stable if there is no sustained improvement in
operating profitability as a result of the improved capital
level or if the credit expansion negatively affects the bank's
asset quality and liquidity.

Banco PanAmericano is headquartered in Sao Paulo, Brazil and had
total assets of BRL2.54 billion and equity of BRL413 million in
March 2006.


BAUSCH & LOMB: Recalls 12 Lots of ReNu MultiPlus Solution
---------------------------------------------------------
Bausch & Lomb has initiated a limited voluntary recall from
distribution centers and retail shelves in the United States and
specific other countries of 12 lots of ReNu MultiPlus lens care
solution made at its plant in Greenville, South Carolina because
they contain an elevated level of trace iron.  This may result
in discoloration of the solution in some bottles, and the shelf
life of the product may be shortened to less than its two-year
expiration date, due to a potential loss of effectiveness over
time.  The company has received no reports of serious adverse
events associated with these lots and believes virtually all of
the affected product, manufactured about a year ago, has already
been used by consumers.  Bausch & Lomb has notified the U.S.
Food and Drug Administration of this voluntary action.

About a million bottles of solution from nine of the 12 lots
were originally distributed in the United States.  Product from
the 12 affected lots was also distributed in Canada, Latin
America, Korea and Taiwan, where it is also being recalled.

The company initiated an investigation after receiving three
customer reports of discolored solution.  The root cause of the
discoloration was determined to be an elevated level of trace
iron in a single batch of raw material sourced from an outside
supplier.  Iron is an element present at trace levels --
measured in parts per billion -- in many compounds used in
manufacturing food, drug, medical device and cosmetic products
for human use. The elevated level of trace iron could combine
with other compounds in the solution to cause discoloration
which signals that the solution may be losing effectiveness over
time.

"The health and safety of consumers is our top priority," said
Angela J. Panzarella, vice president and head of Bausch & Lomb's
global vision care business.  "With detailed and specific
information about the distribution of the affected product, and
good information about consumer use patterns, we are highly
confident that virtually all of the affected product was used
before it began to lose effectiveness.  We're now in the process
of confirming with distributors and retailers that there is no
product still available for sale anywhere."

"We are confident we have identified the source of the problem
and we are taking appropriate measures designed to avoid a
recurrence," Panzarella said.

Bausch & Lomb does not expect the costs associated with this
limited recall will have a significant impact on its financial
results.

If consumers notice that their lens care solution appears to be
discolored, they should discard it, as it may be losing
effectiveness.  The recalled lots all carry the expiration date
"2008 - 03 on the bottle.  Consumers who have bottles from the
lot numbers listed below should check the company's web site at
http://www.bausch.com/productrecallor call the consumer affairs
line (1-866-259-8255) to arrange for a replacement.

Lot numbers subject to recall are:

    * GC6030
    * GC6037
    * GC6038
    * GC6045
    * GC6048
    * GC6052
    * GC6061
    * GC6063
    * GC6072
    * GC6073
    * GC6080
    * GC6085

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. --
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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6,
Moody's Investors Service downgraded Bausch & Lomb Inc.'s senior
unsecured debt to Ba1 and continues to review all ratings for
possible downgrade.  Moody's also assigned the company a Ba1
Corporate Family Rating.


DIRECTV INC: Enlists Euro RSCG to Revitalize Spanish Programming
----------------------------------------------------------------
DIRECTV Inc. has named Euro RSCG Latino as the creative and
media agency-of-record for its Spanish-language programming
service.  In this position, Euro RSCG will handle all marketing
communications functions.

"This year, DIRECTV is changing the face of its Spanish-language
programming platform and is excited to bring in a fresh,
creative perspective to help develop a new relationship with and
communicate new messages to our Spanish-language customers
across the country," said John De Armas, vice president,
International, DIRECTV, Inc.  "After reviewing a number of top
U.S. Hispanic agencies, Euro RSCG Latino met our needs on all
levels.  They came to the table with a unique set of ideas that
seamlessly execute DIRECTV's new strategy and we are excited to
be working together with their team."

"We are proud to have DIRECTV as a client, and applaud the
company's willingness to approach the U.S. Latino market in an
innovative, truly integrated way," said Gustavo Razzetti, CEO of
Euro RSCG Latino.  "We are eager to delve into Euro's
trademarked CBI or Creative Business Ideas(R) process, a media-
neutral approach that places primary emphasis on what is best
for the brand."

Recently proclaimed "Global Agency of the Year" by Advertising
Age and "Advertising Network of the Year" by Campaign, Euro RSCG
is the world's fifth largest global agency, with 233 offices
across the globe that specialize in advertising, branding,
marketing, interactive, healthcare and public relations.  Euro
RSCG's key clients include Ford Motor Co., Reckitt Benckiser,
Danone Group, PSA Peugeot Citroen, Citigroup, Bayer, Schering-
Plough Corp., LG Group, Carrefour, and Sanofi-Aventis.

                      About Euro RSCG

Euro RSCG Worldwide, an integrated marketing communications
agency and Advertising Age's 2006 Global Agency of the Year, is
made up of 233 offices located in 75 countries throughout
Europe, North America, Latin America, and Asia-Pacific.  Euro
RSCG provides advertising, marketing services, corporate
communications, and interactive solutions to global, regional,
and local clients.  The agency's client roster includes Airbus,
Air France, BNP Paribas, Capgemini, Charles Schwab, Danone
Group, Diageo, IBM, Jaguar, L'Oreal, LVMH Louis Vuitton, PSA
Peugeot Citroen, Reckitt Benckiser, Sanofi-Aventis, Schering-
Plough, Verizon, and Volvo.  Headquartered in New York, Euro
RSCG Worldwide is the largest unit of Havas.

                        About DIRECTV

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital
television entertainment in the United States and Latin America.
It has two segments, DIRECTV U.S. and DIRECTV Latin America.
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

As reported on Jan. 10, 2007, Standard & Poor's Ratings Services
affirmed its ratings on satellite direct-to-home TV provider The
Directv Group Inc., including the 'BB' corporate credit rating.
S&P said the outlook is stable.


MACDERMID INC: Paying US$0.06 Per Share Dividend to Shareholders
----------------------------------------------------------------
MacDermid Inc.'s Board of Directors approved a US$0.06 per share
dividend for shareholders of record at the close of business on
March 19, 2007.  The dividends will be paid on April 2, 2007.

The investor group will use proceeds from the new bank credit
facilities, the senior unsecured notes, and the senior
subordinated notes to finance the acquisition of MacDermid in a
transaction valued at about US$1.3 billion.

Upon successful completion of the acquisition and proposed
financing, Standard & Poor's will resolve the CreditWatch
listing. "We will lower the corporate credit rating on MacDermid
to 'B' from 'BB+' to reflect the substantial increase in debt
and subsequent deterioration of the financial profile," said
Standard & Poor's credit analyst David Bird.

"We also expect to withdraw all of the ratings on the existing
debt instruments upon closing of the proposed refinancing."

After the completion of the pending transaction, the ratings on
MacDermid will reflect its satisfactory business position,
offset by a highly leveraged financial profile.  MacDermid
manufactures and markets specialty chemicals to a variety of
industries, including graphic arts, electronic materials, and
metal finishing.  Graphic arts include liquid and solid-sheet
photopolymer plates for flexographic printing, and offset
blankets for the offset printing segment.  In electronic
materials, the company focuses on chemicals used in the
fabrication of printed circuit boards. Metal finishing products
include decorative and functional metal and plastic plating, and
surface treatment chemicals used in a variety of end-markets,
including automotive, electronic equipment, and appliances.

MacDermid Inc. (NYSE:MRD)-- http://www.macdermid.com/-- is
manufacturer of a broad line of chemicals and related equipment
for a range of applications, including metal and plastic
finishing, electronics, graphic arts and printing, and offshore
drilling.  The company maintains its headquarters in Denver,
Colorado, but operates facilities worldwide, including Brazil,
China, Germany, Italy, and Japan.  Revenues for the twelve
months ended June 30, 2006, were US$797 million.

                        *     *     *

As reported in Troubled Company Reporter-Latin America on
March 5, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to MacDermid Inc.'s proposed
US$560 million senior secured credit facilities, based on
preliminary terms and conditions.  The 'B+' bank loan rating and
the '1' recovery rating indicate the rating agency's expectation
that lenders will experience full (100%) recovery of principal
in a payment default scenario.

Standard & Poor's also assigned its 'CCC+' rating to the
proposed US$250 million senior unsecured notes due in 2014 and
to the proposed US$215 million senior subordinated notes due
2017.  Both note issues are rated two notches below the expected
'B' corporate credit rating to reflect the substantial amount of
priority debt in the capital structure.

Standard & Poor's said that its 'BB+' corporate credit rating
and other existing ratings on MacDermid remain on CreditWatch
with negative implications, where they were placed on Sept. 6,
2006. The ratings were placed on CreditWatch after the
disclosure that MacDermid received a proposal letter from the
investor group consisting of Daniel H. Leever, MacDermid's
chairman and chief executive officer, Court Square Capital
Partners, and Western Presidio to purchase all of its
outstanding common stock at US$32.50 per share.  Subsequently,
the merger agreement was signed on Dec. 15, 2006, with a
purchase price of US$35.00 per share

Moody's Investors Service revised the ratings outlook for
MacDermid, Incorporated to developing from stable.

Ratings for the issuer are:

Corporate family rating - Ba2

   * US$301.5 million 9.125% Guaranteed Senior Subordinated
     Notes due 2011 -- Ba3


METSO OYJ: Supplies EUR8-Mln Lime Calcining Plant to Graymont
-------------------------------------------------------------
Metso Minerals, a unit of Metso Oyj, will supply a lime
calcining plant to Graymont for its Cricket Mountain lime plant
in Utah, U.S.A.

The delivery will be completed by the end of this year.  The
value of the order is approximately EUR8 million.  The order
comprises a lime calcining plant with a Low Pressure Drop (LPD)
preheater system as well as erection and commissioning services.

When the delivery is complete, Cricket Mountain lime plant's
production of high quality quicklime will increase from current
annual production of around 900,000 tons to 1,300,000 tons. The
plant is one of the largest lime plants in the western U.S.A.

Graymont is the third largest producer of lime in U.S.A.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *     *     *

As of Feb. 9, Metso Oyj carries Standard & Poor's 'BB+' long-
term and 'B' short-term corporate credit ratings and 'BB' senior
unsecured debt rating.


PARANA BANCO: Launches IPO, Buys Back Surety Bond Company
---------------------------------------------------------
Parana Banco will launch an initial public offering of preferred
shares with 100% tag-along rights, Business News Americas
reports.

Under the IPO, a share swap to buy back surety bond firm J
Malucelli Seguradora from investment fund Advent International,
which bought an 85% stake in the company in 2004 for BRL45.3
million (currently US$21.6 million).

According to BNamericas, the bank will give 14.7 million
preferred shares at the price per share set during the
bookbuilding stage of its IPO.  Once insurance regulator Susep
approved the transaction, Advent International will then return
the surety bond company to the bank.

Parana Banco's net profits fell to 42.5 million reais (US$20.2
million) by 46.6% in 2006, resulted by non-recurring gains in
2005 from the sale of J Malucelli.

The bank had total assets of 715 million reais in the year ended
Dec. 31, 2006, which rose to 33.6% on the same time 2005,
BNamericas says.

Parana Banco is a niche bank in the segment of payroll discount
lending, primarily to public-sector employees.  The bank's
adjusted total assets of US$375 million as of June 2006
represented less than 1% of total assets in the Brazilian
banking industry.  The bank is a relevant part of a broader
conglomerate (J. Malucelli), with operations in different
sectors and concentrated in the South of Brazil.  Standard &
Poor's does not assign ratings to any company in the J.
Malucelli group, and the ratings assigned to the bank do not
incorporate potential support from shareholders.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2007, Standard & Poor's Ratings Services assigned its
'B' foreign-currency senior unsecured debt rating to the US$100
million medium-term notes program of Parana Banco S.A.


PETROLEO BRASILEIRO: Sergio Gabrielli Expects High Oil Prices
-------------------------------------------------------------
Brazilian state oil firm Petroleo Brasileiro SA Chief Executive
Officer Sergio Gabrielli told Dow Jones Newswires that he
expects high oil prices and very high price volatility for the
next couple of year.

Global markets are currently balanced in terms of supply and
demand, Dow Jones says, citing Mr. Gabrielli.  However,
inventories are low and production capacity isn't increasing
fast enough.

The oil services market for both equipment and labor is very
"heated and tight," Mr. Gabrielli told Dow Jones.

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, 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.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


TOWER AUTOMOTIVE: Posts US$65-Mln Net Loss in Qtr Ended Sept. 30
----------------------------------------------------------------
Tower Automotive, Inc. reported a net loss of US$65.15 million
on revenues of US$615.66 million for the three months ended
Sept. 30, 2006, as compared with a net loss of US$76.55 million
on revenues of US$712.66 million for the three months ended
Dec. 31, 2005.

The decrease in revenues for the year 2006 was primarily due to
lower volume, the impact of two frame programs ending and
unfavorable product mix, which decreased revenue by US$103.5
million during the 2006 period, as compared with the 2005
period.

Chapter 11 and related reorganization expense for the quarter
decreased to US$2.74 million during the 2006 period, as compared
with US$6.61 million in the 2005 period.

                   Results for Nine-Month Period

Sales decreased during the nine months ended Sept. 30, 2006, to
US$2.15 billion from US$2.55 billion during the nine months
ended Sept. 30, 2005.

For the nine months ended Sept. 30, 2006, the company had a net
loss of US$150.88 million, versus a net loss of US$309 million
for the same period a year earlier.

Chapter 11 and related reorganization expense incurred for the
nine months ended Sept. 30, 2006, decreased by US$93.5 million
to US$58.01 million during the 2006 period, as compared with
US$151.52 million in the 2005 period.

               Liquidity and Capital Resources

During the first nine months of 2006, the company's cash
requirements were met through operations and a US$725 million
commitment of debtor-in-possession financing.

At Sept. 30, 2006, the company had available liquidity in the
amount of US$145.8 million, which consisted of US$103.44 million
of cash on hand and the availability of US$43 million for
borrowing under the DIP Financing.

Net cash provided by operating activities was US$13.89 million
during the nine months ended Sept. 30, 2006, as compared with
net cash utilized of US$125.8 million during the nine months
ended Sept. 30, 2005.  Net cash utilized in investing activities
was US$61 million during the first nine months of 2006, as
compared with net cash utilized of US$104.54 million in the
corresponding period of 2005.  Net cash provided by financing
activities was US$84.76 million during the first nine months of
2006, as compared with net cash provided of US$126.75 million
during the comparable period of 2005.

As of Dec. 31, 2006, the company had total assets were
US$2.21 billion and US$2.82 billion in total liabilities,
resulting to US$613.16 million in total stockholders' deficit.
The company had strained liquidity with US$715.34 million in
total current assets available to pay US$1.29 billion in total
current liabilities as of Dec. 31, 2006.

The company's December 31 balance sheet also showed an
accumulated deficit of US$1.25 billion, as compared with US$1.1
billion in 2005.

Full-text copies of the company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?1b2f

                About Tower Automotive, Inc.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


TOWER AUTOMOTIVE: Plan-Filing Period Extended to March 21
---------------------------------------------------------
Pending a final ruling on the request, the Honorable Allen L.
Gropper of the U.S. Bankruptcy Court for the Southern District
of New York extends Tower Automotive Inc. and its debtor-
affiliates' exclusive periods through and including
March 21, 2007.

Judge Gropper adjourns the hearing on the request to March 21.

As reported in the Troubled Company Reporter on Feb. 13, 2007,
the Debtors asked Judge Gropper to further extend, without
prejudice, their exclusive periods to:

   (a) file a plan of reorganization to May 3, 2007; and
   (b) solicit acceptances of that plan to June 29, 2007.

While the Debtors believed that they have made significant
progress in preparing and distributing a draft Chapter 11 Plan
to the Official Committee of Unsecured Creditors, negotiations
are ongoing, Anup Sathy, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, told Judge Gropper.  The Debtors stressed
that their ability to formulate a Chapter 11 Plan is predicated
upon obtaining a substantial equity investment, possibly
implemented through a rights offering.

As evidence of the their good faith efforts to negotiate the
terms of an equity investment, late in December 2006, the
Debtors obtained the Court's permission to indemnify and pay
fees to certain investment funds managed by Strategic Value
Partners LLC, Wayzata Investment Partners LLC and Stark
Investments pursuant to a Backstop Commitment Letter and
Restructuring Term Sheet, Mr. Sathy noted.  While the Debtors
later withdrew the Term Sheet Motion after receiving a notice of
termination from the Initial Committed Purchasers, the Debtors
continued to evaluate other alternatives.

Moreover, if the Debtors are unable to locate a suitable
investor, the Debtors may consider alternative exit structures
that would be implemented through a Plan, Mr. Sathy said.  The
Debtors have continued to update the Creditors Committee's
advisors regarding these discussions.

Mr. Sathy maintained that the Debtors' Exclusive Periods should
be extended because:

   (a) The Debtors' Chapter 11 cases are large and complex;

   (b) The Debtors have made considerable progress in their
       Chapter 11 cases, are paying their obligations as they
       come due and are effectively managing their business and
       preserving the value of their assets; and

   (c) The Debtors have been actively working with the Creditors
       Committee and other key parties-in-interest to facilitate
       the Debtors' emergence from bankruptcy as soon as
       possible.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The Company and 25 of its debtor-affiliates filed
voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y.
Case No. 05-10576 through 05-10601).  James H.M. Sprayregen,
Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz,
Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP,
represent the Debtors in their restructuring efforts.  Ira S.
Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
listed US$787,948,000 in total assets and US$1,306,949,000 in
total debts.  (Tower Automotive Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


TRW AUTO: Wants to Buy Back US$1 Bil. & EUR211 Mil. Senior Notes
----------------------------------------------------------------
TRW Automotive Holdings Corp., through its subsidiary TRW
Automotive Inc., has commenced tender offers to repurchase any
and all of its outstanding:

    * US$825 million 9-3/8% Senior Notes due 2013,
    * EUR130 million 10-1/8% Senior Notes due 2013,
    * US$195 million 11% Senior Subordinated Notes due 2013 and
    * EUR81 million 11-3/4% Senior Subordinated Notes due 2013.

In conjunction with the tender offers, the company also
commenced consent solicitations to eliminate substantially all
the covenants and certain events of default and to modify the
provisions relating to defeasance of the Notes.  The tender
offers and consent solicitations are being made pursuant to the
company's Offer to Purchase and Consent Solicitation Statement
dated March 12, 2007.

Holders who properly tender and deliver their consents to the
proposed amendments on or prior to 5:00 p.m., New York City
time, on March 23, 2007, unless extended or earlier terminated,
will be eligible to receive the total consideration with respect
to the applicable series of Notes, which includes a consent
payment equal to US$30 per US$1,000 principal amount of the
tendered 9-3/8% Senior Notes and 11% Senior Subordinated Notes
and EUR30 per Euro 1,000 principal amount of the tendered
10-1/8% Senior Notes and 11-3/4% Senior Subordinated Notes.

Total consideration for the Dollar Notes will be determined
using standard market practice of pricing to the first
redemption date.  As such, the Dollar Notes will be priced at a
fixed spread of 50 basis points over the bid-side yield on the
4-5/8% Treasury Notes due Feb. 29, 2008.  The prices will be
determined at 10:00 a.m., New York City time, on March 21, 2007,
based on a yield determined by the Treasury bid-side prices
reported by the Bloomberg Government Pricing Monitor or any
recognized quotation source selected by Lehman Brothers Inc., as
representative of the Dealer Managers in its sole discretion if
the Bloomberg Government Pricing Monitor is not available or is
manifestly erroneous.

With respect to the Euro Notes, the total consideration will be
determined using standard market practice of pricing to the
first redemption date.  As such, the Euro Notes will be priced
at a fixed spread of 50 basis points over the bid-side yield on
the 4-1/4% German OBL due Feb. 15, 2008.  The prices will be
determined at 10:00 a.m., New York City time, on March 21, 2007,
based on a yield determined by the German OBL bid-side prices
reported by the Bloomberg Government Pricing Monitor or any
recognized quotation source selected by the Representative, or
one of its affiliates, in its sole discretion if the Bloomberg
Government Pricing Monitor is not available or is manifestly
erroneous.

Holders who properly tender after the Consent Date but on or
prior to the Expiration Date will be eligible to receive the
tender offer consideration applicable to such series of Notes,
which equals the total consideration less the consent payment.

In addition, all Notes accepted for payment will be entitled to
receipt of accrued and unpaid interest in respect of such Notes
from the last interest payment date prior to the applicable
settlement date to, but not including, the applicable settlement
date.

The tender offers will expire at midnight, New York City time,
on April 6, 2007, unless extended or earlier terminated.
Settlement for all Notes tendered on or prior to the Consent
Date and accepted for payment is expected to be promptly
following the satisfaction of the Financing Condition.
Settlement for all Notes tendered after the Consent Date, but on
or prior to the Expiration Date, is expected to be promptly
following the Expiration Date.

Consummation of the tender offers, and payment for the tendered
notes, is subject to the satisfaction or waiver of certain
conditions, including obtaining debt financing, in an amount and
on terms acceptable to the company, sufficient to pay for all
Notes tendered.

Holders may withdraw their tenders and revoke their consents at
any time on or prior to 5:00 p.m., New York City time, on the
Consent Date, but not thereafter.

Holders who wish to tender their Notes must consent to the
proposed amendments and holders may not deliver consents without
tendering their related Notes.  Holders may not revoke consents
without withdrawing the Notes tendered pursuant to the
applicable tender offer.

Lehman Brothers, Banc of America Securities LLC, Deutsche Bank
Securities, Goldman, Sachs & Co. and Merrill Lynch & Co. are
each acting as a Dealer Manager and Solicitation Agent for the
tender offers and the consent solicitations.  The Depositary is
The Bank of New York and the Information Agent is Global
Bondholder Services Corporation.

Requests for documentation should be directed to:

     1) Global Bondholder Services Corporation
        Telephone (866) 924-2200

     2) The Bank of New York
        Attention: William Buckley
        101 Barclay Street, 7 East,
        New York, New York 10286
        Telephone (212) 815-5788
        Fax (212) 298-1915

     3) The Bank of New York (Luxembourg) S.A.
        Aerogolf Center -- 1A
        Hoehenhof
        L-1736 Senningerberg, Luxembourg
        Telephone +(352) 34 20 90 5637

Questions regarding the tender offers and the consent
solicitations should be directed to Lehman Brothers at (800)
438-3242 (toll- free) or (212) 528-7581 (collect).

                          About TRW

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


TRW AUTOMOTIVE: S&P Rates Proposed Senior Unsecured Notes at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
TRW Automotive Inc.'s proposed senior unsecured notes.  The
refinancing is expected to lower TRW's interest expense and
modestly extend maturities.

At the same time, Standard & Poor's affirmed its ratings on the
Livonia, Michigan-based auto supplier, including its 'BB+'
long- and 'A-3' short-term corporate credit ratings.  The
outlook is stable.

TRW had US$3 billion in total balance sheet debt outstanding at
Dec. 31, 2006.

The notes will be issued in three tranches:

   * US$670 million due 2014;
   * EUR250 million due 2014; and
   * US$500 million due 2017.

TRW is expected to use the net proceeds to purchase outstanding
debt pursuant to the cash tender offers that recently began:

   * US$825 million 9.37% senior notes due 2013;
   * EUR130 million 10.12% senior notes due 2013;
   * US$195 million 11% senior subordinated notes due 2013; and
   * EUR81 million 11.75% senior subordinated notes due 2013.

TRW's upside ratings potential is restricted by the company's
moderately heavy debt burden, by its large debt-like
postretirement benefit obligations, and by its exposure to the
cyclical and competitive automotive original equipment market.
The downside risk is limited by TRW's leading market positions
and good revenue diversity.  Standard & Poor's could revise the
outlook to positive if TRW were able to continue permanent debt
reduction.


USINAS SIDERURGICAS: Companhia Vale Seeks to Sell Shares in Firm
----------------------------------------------------------------
Companhia Vale do Rio Doce said in a filing with Brazilian
securities regulator, Comissao de Valores Mobiliarios, that it
wants permission to sell shares in Usinas Siderurgicas de Minas
Gerais SA.

Bloomberg relates that Companhia Vale had disclosed plans to
reduce its stake in Usinas Siderurgicas on Nov. 6, 2006, aiming
to sell almost 14 million shares.

Usinas Siderurgicas said in a statement that the shares being
offered don't form part of any controlling stake in the firm.

Companhia Vale and Previ, the workers' pension fund for Banco do
Brasil, will sell Usinas Siderurgicas shares that total US$800
million.  The shares represent about 7.3% of Usinas
Siderurgicas, Business News Americas reports.

                    About Companhia Vale

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                 About Usinas Siderurgicas

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.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 3, 2007, that Standard & Poor's Ratings Services revised
its outlook on Brazil-based steelmaker Usinas Siderurgicas de
Minas Gerais S.A., aka Usiminas, to positive from stable.
Standard & Poor's also said that it affirmed its 'BB+' local and
foreign currency corporate credit ratings on Usiminas.


* BRAZIL: Calls for Tenders on Sao Francisco River Project
----------------------------------------------------------
Brazil's integration ministry calls for consultation and
supervision tenders on the Sao Francisco river transportation
project, government news service Radiobras reports.

The supervision and consultation tender process is the first
phase of the project.  It is estimated to cost US$39.7 million
(BRL84 million).  Offers are due by April 7.

The agency, according to Business News Americas, will contract
consultancy services to accompany the technical development of
the project's 14 lots and supervise the provision of equipment.

BNamericas relates the tender rules were published in May 2005,
but were suspended due to legal actions blocking works
licensing.  The suspension was lifted in December 2006, but the
attorney general, Antonio Fernando de Souza, once again
requested suspension of the works earlier this month.

Bidding rules for the BRL3 billion project, is expected to be
published this month, BNamericas says.  The construction will be
underway once the environmental license is released.

The Sao Francisco river plan involves diverting 26 cu m/s of the
1,850 cu m that flow every second from the Sobradinho dam in
northeastern Bahia state to provide water to 12 million people
in the northeast, BNamericas says.  That diverted water will be
deposited into two canals: the northern running to Ceara and Rio
Grande do Norte states, and the eastern canal to Pernambuco and
Paraiba.

                        *     *     *

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable.  Standard & Poor's
also affirmed these ratings on the Republic of Brazil:

   -- 'BB' for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.




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


BEVERLY EQUITY: Sets Last Shareholders Meeting for April 17
-----------------------------------------------------------
Beverly Equity Ltd. will hold its final shareholders meeting on
April 17, 2007, at 2:00 p.m., at the offices of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and how the property has
      been disposed of to the date of final winding up on
      April 17, 2007; and

   2) authorize the liquidator to retain the records of the
      company for a minimum of six years from the dissolution of
      the company, after which they may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

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


BEACH EQUITY: Will Hold Last Shareholders Meeting on April 17
------------------------------------------------------------
Beach Equity Ltd. will hold its final shareholders meeting on
April 17, 2007, at 10:00 a.m., at the offices of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and how the property has
      been disposed of to the date of final winding up on
      April 17, 2007; and

   2) authorize the liquidator to retain the records
      of the company for a minimum of six years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

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


COMFORT HOLDINGS: Sets Last Shareholders Meeting for April 17
------------------------------------------------------------
Comfort Holdings Ltd. will hold its final shareholders meeting
on April 17, 2007, at 11:30 a.m., at the offices of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and how the property has
      been disposed of to the date of final winding up on
      April 17, 2007; and

   2) authorize the liquidator to retain the records
      of the company for a minimum of six years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

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


DOVE LTD: Will Hold Last Shareholders Meeting on April 11
---------------------------------------------------------
Dove Limited will hold its final shareholders meeting on
April 11, 2007, at:

          Pradafant 21, 9490
          Vaduz

These agendas will be followed during the meeting:

   1) requesting the members' approval of the liquidation fees
      incurred to date and liquidator's estimated costs to
      completion; and

   2) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The company's liquidator can be reached at:

          Dizane Consulting S.A.
          c/o Maples and Calder
          P.O. Box 309
          George Town, Ugland House
          South Church Street, Grand Cayman
          Cayman Islands


INN EQUITY: Will Hold Last Shareholders Meeting on April 17
-----------------------------------------------------------
Inn Equity Ltd. will hold its final shareholders meeting on
April 17, 2007, at 11:00 a.m., at the offices of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and how the property has
      been disposed of to the date of final winding up on
      April 17, 2007; and

   2) authorize the liquidator to retain the records
      of the company for a minimum of six years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

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


LODGE EQUITY: Will Hold Last Shareholders Meeting on April 17
-------------------------------------------------------------
Lodge Equity Ltd. will hold its final shareholders meeting on
April 17, 2007, at 9:30 a.m., at the offices of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and how the property has
      been disposed of to the date of final winding up on
      April 17, 2007; and

   2) authorize the liquidator to retain the records
      of the company for a minimum of six years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

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


LODGE INVESTMENTS: Sets Last Shareholders Meeting for April 17
--------------------------------------------------------------
Lodge Investments Ltd. will hold its final shareholders meeting
on April 17, 2007, at 10:30 a.m., at the offices of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and how the property has
      been disposed of to the date of final winding up on
      April 17, 2007.

   2) authorize the liquidator to retain the records
      of the company for a minimum of six years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

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


ROOM INVESTMENTS: Sets Last Shareholders Meeting for April 17
-------------------------------------------------------------
Room Investments Ltd. will hold its final shareholders meeting
on April 17, 2007, at 9:00 a.m., at the offices of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and how the property has
      been disposed of to the date of final winding up on
      April 17, 2007.

   2) authorize the liquidator to retain the records
      of the company for a minimum of six years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

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


SHELTER EQUITY: Sets Last Shareholders Meeting for April 17
-----------------------------------------------------------
Shelter Equity Ltd. will hold its final shareholders meeting on
April 17, 2007, at 1:00 p.m., at the offices of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and how the property has
      been disposed of to the date of final winding up on
      April 17, 2007.

   2) authorize the liquidator to retain the records
      of the company for a minimum of six years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

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


SOMMERSET INVESTMENTS: Last Shareholders Meeting Is April 17
------------------------------------------------------------
Sommerset Investments Ltd. will hold its final shareholders
meeting on April 17, 2007, at 1:30 p.m., at the company's
offices.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and how the property has
      been disposed of to the date of final winding up on
      April 17, 2007.

   2) authorize the liquidator to retain the records
      of the company for a minimum of six years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

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


SANTA HELENA: To Start Voluntary Liquidation on April 10
--------------------------------------------------------
Santa Helena's shareholder has passed a special written
resolution and an ordinary resolution at an extraordinary
general meeting on Feb. 22, 2007, to place the company into
voluntary liquidation on April 10, 2007, under The Companies Law
(2004 Revision) of the Cayman Islands.  Commerce Corporate
Services Limited was appointed as the company's liquidator.

The liquidator can be reached at:

          Commerce Corporate Services Limited
          P.O. Box 694, George Town,
          Grand Cayman, Cayman Islands
          Telephone: 949 8666
          Fax: 949 0626




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


PHELPS DODGE: Shareholders Okay Freeport's Acquisition Proposal
---------------------------------------------------------------
Phelps Dodge Corporation and Freeport-McMoRan Copper & Gold Inc.
announced that both companies' shareholders approved Freeport-
McMoRan's acquisition of Phelps Dodge at special meetings.  At
each meeting, approximately 98 percent of the votes cast
supported the transaction.

Richard C. Adkerson, Freeport-McMoRan's President and Chief
Executive Officer, said, "We are pleased with the approval from
shareholders, which will allow us to complete the acquisition of
Phelps Dodge.  This is an exciting time for our company as we
transform Freeport-McMoRan into the world's largest publicly
traded copper producer."

Under the terms of the merger agreement, Phelps Dodge
shareholders will receive US$88 in cash and 0.67 of a share of
Freeport-McMoRan's common stock for each Phelps Dodge common
share, which is equivalent to a value of US$125.53 based on the
closing price of Freeport-McMoRan's common stock on
March 13, 2007.  The cash portion of US$18 billion represents
approximately 70 percent of the total consideration.  Following
completion of the transaction, there will be approximately 334
million shares outstanding.

The transaction is expected to close on March 19, 2007.

Freeport-McMoRan stockholders also approved an increase in the
number of authorized shares of Freeport-McMoRan common stock
from 423.6 million to 700.0 million.

Upon the closing of the merger, Freeport-McMoRan will operate a
geographically diverse portfolio of long-lived reserves of
copper, gold and molybdenum.  The Grasberg mine, the world's
largest copper and gold mine in terms of reserves, will be the
key asset of the combined company.  Freeport-McMoRan will
operate significant mining operations in North and South America
and will proceed with the initial development of the world-class
Tenke Fungurume project in the Democratic Republic of Congo.

          About Freeport-McMoran Copper & Gold Inc.

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia.  Freeport's revenue in 2006 was US$5.8 billion.

                 About Phelps Dodge Corp.

Phelps Dodge Corp. (NYSE: PD) http://www.phelpsdodge.com/-- is
one of the world's leading producers of copper and molybdenum
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company employs 15,000 people
worldwide.  Phelps Dodge has mining operations in Chile, Peru,
Colombia, Venezuela and Ecuador, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 6, 2007, Moody's Investors Service affirmed the B1 (LGD4,
63%) rating on Phelps Dodge's Cyprus Amax notes and on Phelps
Dodge's other existing senior unsecured notes.

Moody's also assigned a B2 (LGD5, 88%) senior unsecured rating
to Freeport-McMoRan Copper & Gold Inc.'s US$6 billion notes
issue.  The notes will be unsecured and unguaranteed obligations
of Freeport-McMoRan.  Moody's also affirmed Freeport's Ba3
corporate family rating and its other ratings:


   -- the Baa3 (LGD1, 1.0%) senior secured rating on
      Freeport-McMoRan's US$500 million secured revolver;

   -- the Ba2 (LGD2, 29%) senior secured ratings on each of
      Freeport-McMoRan's US$1 billion secured revolver, US$2.5
      billion secured Term Loan A, and US$7.5 billion secured
      Term Loan B; and

   -- the Ba2 (LGD2, 29%) rating on Freeport-McMoRan's existing
      6.875%, 10.125% and 7.20% senior unsecured notes.


SHAW GROUP: Unit Inks Oil Contract with Marathon Petroleum
----------------------------------------------------------
The Shaw Group Inc.'s Shaw Stone & Webster business unit has
been awarded an engineering and procurement contract by Marathon
Petroleum Company LLC, a subsidiary of Marathon Oil Corporation,
for a 70,000 barrels per day heavy gas oil hydrocracker unit and
47,000 bpd kerosene hydrotreater unit.  The contract award is
part of the Garyville Major Expansion Project at Marathon's
Garyville, La. refinery.  The expansion project is expected to
increase refining capacity from 245,000 bpd to 425,000 bpd,
providing the market with an additional 7.5 million gallons of
clean transportation fuels daily.  The value of Shaw's contract
was not disclosed.

Shaw has worked at Marathon's Garyville refinery since 2003,
performing engineering, procurement and construction services
for a distillate hydrotreater unit, gasoline desulphurization
unit and coker naphta splitter unit, which helped conform the
refinery to meet new clean-fuel standards.

J.M. Bernhard, Jr., Chairman, President and Chief Executive
Officer of Shaw said, "This award reflects a successful and
solid relationship Shaw and Marathon have built through the
years, and we are pleased to continue that relationship by
facilitating these plant improvements, essential enhancements
needed to meet today's growing energy demands.  Shaw's unique
capability to provide integrated services and viable solutions
for our customers has established us as significant force in the
refining market."

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

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

                        *     *     *

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

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


SHAW GROUP: Unit Wins Envt'l Remediation Contract from U.S. Army
----------------------------------------------------------------
The Shaw Group Inc.'s Environmental & Infrastructure business
unit has been awarded an Environmental Remediation Services
contract by the U.S. Army Corps of Engineers, Sacramento
District.  Shaw Group is one of seven contractors selected for
this 5-year indefinite delivery/indefinite quantity Multiple
Award Contract, which has an overall program ceiling of US$200
million.

Under this nationwide contract, Shaw Group will be eligible to
compete for task orders to provide cradle-to-grave services for
hazardous, toxic, and radioactive waste or HTRW remediation with
an emphasis on remedial action.  The work may be performed for
various U.S. Government Agencies, which could include the
Department of Defense Environmental Restoration Program, the
Base Realignment and Closure Program, the Environmental
Protection Agency's Superfund Program, and other federal
environmental programs.

J. M. Bernhard, Jr., Chairman, President and Chief Executive
Officer of Shaw Group, said, "Shaw has been supporting the
Corps' Sacramento District under Total Environmental Restoration
Contracts for the past 12 years, providing a complete range of
remediation services at military bases in California, Nevada,
Arizona, Utah, and New Mexico.  We are pleased to continue our
successful partnership with the Sacramento District and its
clients under this nationwide contract and are committed to
providing innovative, cost-effective solutions to their
environmental remediation needs."

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

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

                        *     *     *

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

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




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


ECOPETROL: Gov't To Start Selling Shares on Aug. 23
---------------------------------------------------
Colombian Mines and Energy Minister Hernan Martinez told Dow
Jones Newswires that the government will start selling
Ecopetrol's shares on Aug. 23.

Minister Martinez commented to reporters, "This a process that
is running very well at an accelerated pace.  We will begin
selling shares starting in August."

Dow Jones underscores that the government will sell up to 20% of
Ecopetrol on the Colombian stock market to individuals and
private companies.  Ecopetrol will use the proceeds to fund part
of its ambitious US$12.5-billion five-year investment plan.

An Ecopetrol spokesperson told Dow Jones that Ecopetrol could
sell shares in international markets if there wouldn't be enough
demand in Colombia.  Ecopetrol will choose in April two
international investment banks to value the stake and structure
the sale.  The chosen banks will have to work together with two
local investment banks.  Ecopetrol has sought proposals from a
group of 11 foreign banks.

Minister Martinez said that Ecopetrol hired international law
company Shearman & Sterling and the local firm Duran Osorio-
Edgar Paris to advise it in the initial public offering, Dow
Jones notes.

Eduardo Reyes, who manages a fund of shares and bonds with the
local brokerage Asesores en Valores, told Dow Jones that demand
for the shares will be strong as Ecopetrol has been reporting
solid profits in the past years.

Initially, Ecopetrol's shares won't be very liquid because of
the limitations but it will still be attractive as a long-term
investment, Mr. Reyes commented to Dow Jones.  Gradually, as the
government sells more shares, the volume of Ecopetrol shares
being traded will increase.

John Padilla, managing director of energy consultancy group IPD
Latin America, told Dow Jones, "The IPO [initial public
offering] will attract a lot of interest with the current high
oil prices.  This is a very exciting process, although I wonder
if the Colombian market can absorb some US$3 billion to US$4
billion in equity."

Analysts estimate Ecopetrol's 20% stake is worth up to US$3
billion, Dow Jones states, citing Mauricio Salgar, Ecopetrol's
former acting chief executive.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol SA to Positive from Stable.  This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia.  Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.


GOODYEAR TIRE: Darren Wells Replaces Mr. Kramer as Senior VP
------------------------------------------------------------
The Goodyear Tire & Rubber Company announced that Darren Wells
has been appointed senior vice president of finance and strategy
for the company effective immediately.  Mr. Wells, 41,
previously served as senior vice president, business development
& treasurer.

With the announced appointment of Chief Financial Officer
Richard J. Kramer to run the North American Tire Business as its
president, Mr. Wells assumes Mr. Kramer's former responsibility
for the company's overall strategy development.  In addition,
Mr. Wells retains his finance responsibilities, which include
treasury, investor relations, business development and tax.

Goodyear Chairman and CEO Robert J. Keegan said that until the
company names a new chief financial officer Kramer would retain
responsibility for that position along with his new assignment
in North American Tire.

Simultaneously, Damon Audia has been named the company's vice
president and treasurer, replacing Mr. Wells, with the
responsibility for the company's capital markets, banking, risk
management and benefits financing activities.

"Darren has been pivotal in the finance team's design and
execution of Goodyear's complex refinancing and capital
structure improvement over the past four years," said Mr.
Keegan.  "That allowed the company time to successfully
implement critical elements of its strategy."

Mr. Keegan added that Mr. Wells' accomplishments under such a
challenging set of circumstances established his considerable
strategic skills and makes him well suited to work directly with
him to help Goodyear develop its future strategy.

"Damon was instrumental in the execution of the plans to
refinance the company and his experiences with Goodyear and
previously at Delphi provide him an ideal base for our company's
requirements," Mr. Keegan said.  "He's had extensive experience
in executing complex transactions for multi-national companies."

Mr. Wells joined Goodyear in August of 2002 as vice president
and treasurer.  In May of 2005, he was named senior vice
president of business development and treasurer.  Prior to
Goodyear he served two years as assistant treasurer of Visteon
Corporation, assisting with the spin-off from Ford Motor
Company.  He worked for Ford Motor Company from 1989 until
joining Visteon in a variety of assignments including finance
director for Ford Credit, Australia.  A native of Indianapolis,
Wells earned a bachelor of arts degree from DePauw University
and an MBA in finance from Indiana
University.

Mr. Audia, 36, joined Goodyear as assistant treasurer, capital
markets in December 2004 from Delphi Corporation, where he
served in a variety of treasury and financial roles.  He joined
Delphi as manager, Capital Planning & Pensions Analysis in 1998,
and held positions including manager, Capital Markets; director,
Capital Planning & Structured Finance; director, Corporate
Finance & Capital Markets, and product line director for the
company's Automotive Holdings Group.  Prior to Delphi, Mr. Audia
spent time with General Motors, Merck and Ford Motor Company in
a variety of finance positions.

A native of Detroit, Mr. Audia holds a bachelor's degree from
the University of Michigan, and earned a Master of Science in
Industrial Administration from Carnegie Mellon University.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala, Jamaica and Peru in Latin America.  Goodyear employs
more than 80,000 people worldwide.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 9, Fitch
Ratings affirmed its ratings on Goodyear Tire & Rubber Co. and
removed them from Rating Watch Negative where they were placed
on Oct. 18, 2006, when the company announced a US$975 million
drawdown of its bank revolver.  Fitch affirmed Goodyear's Issuer
Default Rating at B.  Fitch said the Rating Outlook is Negative.


OLEODUCTO CENTRAL: S&P Revises Tranche A Debt Rating to BB+
-----------------------------------------------------------
Standard & Poor's Ratings Services has revised its long-term
foreign currency rating on Oleoducto Central S.A.'s or OCENSA's
tranche A debt to 'BB+' from 'BB'.  The outlook is stable.
OCENSA is a capital stock company formed to acquire, develop,
own, and operate the 840-kilometer Oleoducto Central pipeline,
which transports crude from the Cupiagua and Cusiana oil fields
in Colombia's Llanos Basin to the Port of Covenas.

The rating action follows Standard & Poor's decision to raise
the long-term foreign currency rating on the Republic of
Colombia to 'BB+' from 'BB', which is supported by the
sovereign's improved economic prospects along with lower debt
and reduced external vulnerabilities.

The rating on OCENSA's debt reflects the risk of Ecopetrol S.A.
as the single source of repayment.  This reflects our perception
that the state-owned oil company's creditworthiness is highly
related to that of the sovereign due to the government's
ownership in Ecopetrol, the importance of the company to public
sector revenues and to the country's economy, and the
government's considerable oversight of the company's activities.
The rating also considers the Republic of Colombia's implicit
support of OCENSA through Ecopetrol's 35% ownership stake.
These strengths are partially offset by the weaker than
originally expected production levels at the Cupiagua and
Cusiana oil fields.

"The stable outlook reflects the outlook assigned to the
Republic of Colombia," said Standard & Poor's credit analyst
Luis Martinez.  "We expect OCENSA to continue generating
adequate cash flow streams that will allow the full repayment of
the tranche A debt in September 2007," he continued.

OCENSA is a capital stock company formed to acquire, develop,
own, and operate the 840-kilometer Oleoducto Central pipeline,
which transports crude from the Cupiagua and Cusiana oil fields
in Colombia's Llanos Basin to the Port of Covenas.




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


BANCO DE COSTA RICA: Alarmed at Internet Frauds, Identity Thefts
----------------------------------------------------------------
Banco de Costa Rica's officials were alarmed upon learning that
user names and passwords were fraudulently obtained from
unsuspecting customers.

Local reports say this is the first time someone tried to scam
the Costa Rican bank.

Banco de Costa Rica's customers were urged, through e-mailed
messages, to check their accounts on the bank's Web page, but
the electronic link provided went to the fake page.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2006, Fitch Ratings assigned these ratings to Banco de
Costa Rica, with a Stable Rating Outlook:

   -- Long-term foreign currency Issuer Default Rating at 'BB';
   -- Short-term foreign currency rating at 'B';
   -- Long-term local currency Issuer Default Rating at 'BB+';
   -- Short-term local currency rating at 'B';
   -- Individual at 'C/D';
   -- Support at '3';
   -- National-scale Long-term rating affirmed at 'AA+(cri)';
   -- National-scale Short-term rating affirmed at 'F1+(cri)'.




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


BANCO INTERCONTINENTAL: Banks Warned of Buying Firm's Assets
------------------------------------------------------------
The Dominican Republic's Central Bank and the Banks
Superintendence has warned banks to refrain from purchasing
Banco Intercontinental's assets, Dominican Today reports, citing
Zunilda Paniagua, one of the witness in the firm's fraud case.

Ms. Paniagua told Dominican Today that after the Progreso bank
withdrew from the negotiations these banks were still interested
in buying Banco Intercontinental:

          -- Profesional,
          -- Banco BHD, and
          -- Scotia.

However, those interested buyers didn't acquire Banco
Intercontinental because they were notified to abstain from
entering into any type of negotiation with the latter, Dominican
Today notes, citing Ms. Paniagua.

Judges Antonio Sanchez Martinez, Giselle Mendez and Pilar
Rufino, that in a meeting in which participated the

Ms. Paniagua said that Banco Intercontinental presented a
balance of DOP80 billion in assets in a meeting with the banks,
Dominican Today says.  The group was surprised with the balance
presented because the amount was twice the DOP26 billion that
the Central Bank and the Banks Superintendence were aware of.
Because of this, the interested buyers objected the volume of
the assets.

Ms. Paniagua admitted to Dominican Today that she was contracted
by the Central Bank to investigate Banco Intercontinental's
problems.

Banco Intercontinental aka Baninter collapsed in 2003 as a
result of a massive fraud that drained it of about US$657
million in funds.  As a consequence, all of its branches were
closed.  The bank's current and savings accounts holders were
transferred to the bank's new owner -- Scotiabank.  The
bankruptcy of Baninter was considered the largest in world
history, in relation to the Dominican Republic's Gross Domestic
Product.  It cost Dominican taxpayers DOP55 billion and resulted
to the country's worst economic crisis.




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


IMPSAT FIBER: Extends Tender Offer Expiration Date to March 27
--------------------------------------------------------------
IMPSAT Fiber Networks Inc.'s previously announced cash tender
offer, consent solicitation and waiver for its Series A 6%
Senior Guaranteed Convertible Notes due 2011 and its Series B 6%
Senior Guaranteed Convertible Notes due 2011 has been extended.
The Offer is being made pursuant to an Offer to Purchase and
Consent Solicitation Statement, dated Jan. 29, 2007 and an
accompanying Letter of Transmittal and Consent, as amended by a
supplement dated Feb. 15, 2007, and a second supplement dated
Feb. 26, 2007.

The expiration date of the Offer is now 5:00 p.m., New York City
time, on March 27, 2007.  As of 5:00 p.m., New York City time,
on March 13, 2007, which was the previous expiration date,
Impsat had received valid tenders from holders of US$66,295,984,
or approximately 98% of the outstanding Series A Notes and
US$25,374,000, or approximately 99% of the outstanding Series B
Notes.

The Offer had been previously amended to reflect that if the
Offer is extended beyond March 15, 2007, holders of Notes on
March 15, 2007 will receive the normal interest payment for the
Notes and thereafter the purchase price for each US$1,000
principal amount of Notes will be US$1,010, plus an amount equal
to US$0.17 per US$1,000 of principal amount of Notes for each
day after March 15, 2007 to, but excluding, the date on which
the Notes are purchased.  Therefore, as a result of this
extension, a holder of US$1,000 of principal amount of Notes
should expect to receive an additional US$2.04, for a total
consideration of US$1,012.04, unless the offer is further
extended, in which case holders of Notes will receive an
additional US$0.17 per US$1,000 of principal amount of Notes for
each day the Offer is extended after March 27, 2007, to, but
excluding, the date on which the Notes are purchased.  Payment
made in respect of any Notes validly tendered (and not
previously validly withdrawn) is expected to be promptly
following the Expiration Time.

On Oct. 25, 2006, Impsat entered into an Agreement and Plan of
Merger with Global Crossing Limited and GC Crystal Acquisition,
Inc. pursuant to which Impsat would be acquired by Global
Crossing.  The Offer is being made in connection with the
proposed merger, and the Offer is conditioned upon the
consummation of the proposed merger upon satisfaction or waiver
of the conditions to closing of the merger.  The consent
solicitation with respect to the Series A Notes is conditioned
upon the receipt by Impsat of valid consents from holders of a
majority in principal amount of the Series A Notes outstanding
and unaffiliated with Impsat.  The consent solicitation with
respect to the Series B Notes is conditioned upon the receipt by
Impsat of holders of a majority in principal amount of the
Series B Notes outstanding and unaffiliated with Impsat.  The
waiver with respect to the Series A Notes is conditioned upon
the receipt by Impsat of valid waivers from holders of
two-thirds in principal amount of the Series A Notes outstanding
and unaffiliated with Impsat.  The waiver with respect to the
Series B Notes is conditioned upon the receipt by Impsat of
valid waivers from holders of two-thirds in principal amount of
the Series B Notes outstanding and unaffiliated with Impsat.

The proposed amendments and waivers will not become operative
until the closing of the merger.  There is no separate payment
for the consent solicitation and waiver, and satisfaction of the
consent solicitation and waiver is not a condition for the
closing of the tender offer.  The Offer may be extended or
terminated by Impsat at its option.

This announcement is not an offer to purchase or sell, a
solicitation of an offer to purchase or sell or a solicitation
of consents or waivers with respect to any securities.  The
Offer is being made solely pursuant to the Offer to Purchase, a
supplement to the Offer to Purchase, dated Feb. 15, 2007, and a
second supplement to the Offer to Purchase dated Feb. 26, 2007.

The company has retained Goldman, Sachs & Co. to serve as Dealer
Manager and Solicitation Agent, Georgeson Inc. to serve as
Information Agent and The Bank of New York to serve as
Depositary Agent for the Offer.  Requests for documents may be
made directly to Georgeson Inc. by telephone at: (212) 440-9800
(banks and brokers) or (866) 277-5068 (toll free), or in writing
at 17 State St. 10th Floor, New York, NY 10004.  Questions
regarding the solicitation of consents may be directed to
Goldman, Sachs & Co. by telephone at: (800) 828-3182 (toll free)
or (212) 357-0775 (collect), or in writing at One New York
Plaza, 48th Floor, New York, NY 10004, Attention: Credit
Liability Management Group.

IMPSAT Fiber Networks Inc. (OTC: IMFN.OB) --
http://www.impsat.com/-- provides private telecommunications
networks and Internet services in Latin America.  The company
owns and operates 15 metropolitan area networks in some of the
largest cities in Latin America and has 15 facilities to provide
hosting services, providing services to more than 4,500 national
and multinational client.  IMPSAT has operations in Argentina,
Colombia, Brazil, Venezuela, Ecuador, Chile, Peru and the United
States.

                    Going Concern Doubt

In its audit report on the consolidated financial statements for
year ended Dec. 31, 2005, auditors working for Deloitte & Touche
LLP noted that IMPSAT Fiber Networks, Inc.'s current liquidity
position, high debt obligations, and negative operating results
raise substantial doubt as to its ability to continue as a going
concern.




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


ALCATEL-LUCENT: Inks Multi-Year UTS IP Network Upgrade Deal
-----------------------------------------------------------
Alcatel-Lucent announced a multi-year agreement to supply its
OmniSwitch 6850 solution for the distribution and access layer
of the University of Technology Sydney's IP network upgrade,
delivering reliable connectivity to more than 27,000 users
across two UTS campuses in Sydney.

Alcatel-Lucent's OmniSwitch 6850 solutions, which provide the
most advanced services, highest performance and best value in
the industry, will replace an existing multi-vendor legacy
network, reducing the cost and complexity of network operations
for UTS.  The 14,000 network ports that make up the access and
distribution network will be upgraded in phases by systems
integrator, Integ.  The initial phase has already been deployed
to address UTS' immediate requirements.

"We selected Alcatel-Lucent because of the strength of its
portfolio and the seamless integration it offered with the rest
of our network," Peter James, Director IT Infrastructure and
Operations at UTS, said.  "We have also, through previous
projects with them, built up a level of trust in their
solutions."

More universities are responding to the needs of a new
generation of tech-savvy faculty and students through network
transformations similar to UTS'.  The network improvements will
enable UTS to differentiate themselves through an enhanced
learning process and increased overall user satisfaction.

"This win reinforces the partnership and strong ties that we
already enjoy with UTS," said Tom Burns, president of Alcatel-
Lucent enterprise solutions activities.  "The consolidation of
this relationship has also contributed to Alcatel-Lucent's
continued strong growth in the enterprise sector."

UTS, which became a member of Alcatel-Lucent's Research Partner
Program in 2003, also selected Alcatel-Lucent in April last year
for its 3-D Animation Multimedia Lab, the first of its kind in
an Australian university. Developing 3-D animations require
sophisticated computers and software applications built over a
very high-speed network.  Users typically require huge bandwidth
at Gigabit Ethernet speeds to meet the demands of a distributed
rendering solution.

UTS selected the Alcatel-Lucent OmniSwitch 9700 to support the
core and the Alcatel-Lucent OmniSwitch 6800 to support the edge
of the network in the lab, which is made up of 50 Quad Mac G5
workstations, two Apple X Servers and 19 dedicated render
cluster nodes.  The two switches are linked together via 10
Gigabit Ethernet in order to deliver maximum performance to
simultaneous users.

"Alcatel-Lucent's innovation allows our students to do more,
learn faster and immediately visualize the results of their 3-D
animation," said Peter James of UTS.  "The benefit of an
Alcatel-Lucent network is a state-of-the-art facility that is
closely aligned to industry operating conditions, with flow-on
benefits for student creativity and employment opportunities.

                          About UTS

The University of Technology, Sydney (UTS) is Sydney's city
university, with a main campus located on the edge of the CBD
and the vibrant Chinatown precinct. In 2006 more than 32,700
students were enrolled at UTS in onshore and offshore courses.
UTS is known for its practical and industry-focused teaching and
research in fields including business, engineering, design,
science, communications, social inquiry, law, IT, nursing and
education.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

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, Australia, Brunei and Cambodia.

                        *     *     *

As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.

Moody's, on the other hand, put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.




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


GOODYEAR TIRE: Names Richard Kramer as President of Tire Unit
-------------------------------------------------------------
The Goodyear Tire & Rubber Company (NYSE: GT) reported that
Richard J. Kramer has been appointed president of the company's
North American Tire unit, effective immediately.  Mr. Kramer
succeeds Jonathan D. Rich, 51, who is leaving the company to
pursue other leadership options.  Currently executive vice
president and chief financial officer for Goodyear, Mr. Kramer,
43, also will continue as CFO until the company names a
replacement.

Mr. Kramer joined Goodyear in March of 2000 and was elected an
officer of the company as vice president, corporate finance.  He
became vice president of finance for the North American Tire
business in July of 2002 and was promoted to senior vice
president, strategic planning and restructuring in August of
2003.  In May of 2004 Mr. Kramer became chief financial officer.

"Rich Kramer has demonstrated outstanding business leadership at
every level in his career and has earned the respect of his
peers, his associates and Wall Street," said Robert J. Keegan,
Goodyear chairman and chief executive officer.  "Rich became our
chief financial officer under very challenging circumstances,
made courageous value-creating decisions, recruited top talent,
and built a strong finance team."

Mr. Keegan said that in Mr. Kramer's time in North American Tire
as that business' chief financial officer, he helped build the
business platforms for our improvement.  "He knows the business,
knows the customers and understands the challenges," Mr. Keegan
said.  "I believe Rich is the ideal leader to take the North
American Tire business to the next level of performance.

"At the same time, I want to thank Jon Rich for his outstanding
service to the company and the significant contributions that he
made in helping to create the foundation for the future success
of the North American business," Mr. Keegan added.  "Jon
assembled a strong, capable team that has earned the respect of
our customers in a challenging environment."

Mr. Rich was elected president of Goodyear Chemical in August of
2001 after joining the company in September of 2000.  He was
named president of North American Tire in December of 2002.
Prior to joining Goodyear, Mr. Rich served in various senior
management roles at General Electric where he worked for 18
years.

A native of Cleveland, Mr. Kramer received a bachelor of science
in business administration degree from John Carroll University
in Cleveland in 1986.  Prior to joining Goodyear he spent 13
years with PricewaterhouseCoopers.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala, Jamaica and Peru in Latin America.  Goodyear employs
more than 80,000 people worldwide.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 9, Fitch
Ratings affirmed its ratings on Goodyear Tire & Rubber Co. and
removed them from Rating Watch Negative where they were placed
on Oct. 18, 2006, when the company announced a US$975 million
drawdown of its bank revolver.  Fitch affirmed Goodyear's Issuer
Default Rating at B.  Fitch said the Rating Outlook is Negative.




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


ADVANCED MARKETING: Court Approves Asset Sale to Baker & Taylor
---------------------------------------------------------------
The Honorable Christopher S. Sontchi of the U.S. Bankruptcy
Court for the District of Delaware approved in its entirety the
Asset Purchase Agreement between Advanced Marketing Services
Inc. and Baker & Taylor Inc. for the sale of majority of AMS'
assets.

Judge Sontchi authorized the Debtors and Baker & Taylor to take
necessary actions to implement and effectuate the APA, the
Transition Services Agreement, and the Collateral Agreement,
without the necessity of a further Court order.

Under the agreement, which both parties entered into on Feb. 16,
Baker & Taylor will acquire all of AMS' right, title, and
interest in certain of its assets including:

     (i) certain assigned contracts,

    (ii) certain tangible property owned or used by AMS in
         connection with the conduct of its business,

   (iii) all trade accounts receivable of AMS' business,
         including unbilled accounts receivable,

    (iv) an inventory of Advantage Publishers Group selected by
         Baker & Taylor,

     (v) the capital stock of Advanced Marketing Services
         Investments Inc.; Advanced Marketing S. de R.L, de
         C.V.; and Advanced Marketing (Europe) Ltd., and

    (vi) product prepayments with respect to APG.

Baker & Taylor will pay:

    (i) US$20,000,000;

   (ii) the Selected APG Inventory Price;

  (iii) the APG Product Prepayment Price; and

   (iv) the Accounts Receivable Price; plus or minus

    (v) the net proration of the Apportioned Obligations
       determined in accordance with the agreement.

Baker & Taylor will pay to AMS 50% of the Purchase Price on the
Closing Date; 25% no later than 60 days after the Closing Date;
and the remaining 25% no later than 90 days after the Closing
Date.

Several creditors and publishers tried to block the sale,
including:

   (1) The Official Committee of Unsecured Creditors,
   (2) Wells Fargo Foothill Inc.,
   (3) Anova Books Company Limited,
   (4) Houghton Mifflin Company,
   (5) Hewlett-Packard Financial Services Company,
   (6) Hewlett Packard Company
   (7) Simon & Schuster Inc.,
   (8) Meredith Corporation,
   (9) Barron's Education Series Inc.,
  (10) Manhattan Associates Inc.,
  (11) Reader's Digest Children's Publishing Inc.,
  (12) The Quarto Group Inc.,
  (13) Hachette Book Group USA, Inc.,
  (14) New Holland Publishers (UK) Ltd.,
  (15) Templar Company plc,
  (16) Random House Inc.,
  (17) Teogas Inc.,
  (18) Leisure Arts Inc., and
  (19) County of Denton, City of Carrollton and Lewisville
       Independent School District

The Creditors Committee, among other things, asserted that the
APA must provide adequate time to allow for the proper
implementation of the TSA, and allow the Debtors to maintain
control over their assets during the post-closing transition
period.

Wells Fargo consented to the sale so long as it and its
participant lenders are paid in full in connection with the
Debtors' pre- and postpetition financing.

Denton County asked the Court to rule that delinquent property
taxes, penalties and interest be paid in full from the proceeds
of the sale, at the time of the closing of the transaction,
prior to application of proceeds to other lien creditors.

The rest of the objecting parties either opposed the Debtors'
proposed assumption and assignment of their executory contracts,
or the proposed cure amounts.

                 Buyer to Make Cure Payments

Judge Sontchi directs Baker & Taylor to promptly pay to parties
to any assigned contract the requisite Prepetition Date "cure"
amounts, or a lesser amount as maybe agreed upon between Baker &
Taylor and the counter-party to an Assigned Contract, following
assumption and assignment.  The Debtors will pay any amounts due
that arose and became payable after the Petition Date with
respect to any non-debtor party to an Assigned Contract.

Baker & Taylor will pay in a "Closing Payoff Amount" sufficient
to satisfy the Debtors' obligations to the Lender and Senior
Lender to Wells Fargo Foothill concurrently with the Closing in
full satisfaction of all obligations under the Senior Loan
Agreement and the Loan Agreement.  Wells Fargo Foothill, in
turn, will provide Baker & Taylor and the Debtors a payoff
demand letter and wire instructions at least three business days
prior to the Closing Date.

The payment of the Closing Payoff Amount will be part of, and
not in addition to, Baker & Taylor's obligations to pay the
purchase price, so that any amounts paid by Baker & Taylor to
Wells Fargo Foothill for application to the obligations under
the Senior Loan Agreement and the Loan Agreement will be
credited in full against Baker & Taylor's obligations to deliver
the purchase price to the Debtors.

Judge Sontchi clarifies that no accounts receivable of the
Debtors from Leisure Arts, Meredith Corp., and Barron's
Educational are being sold or purchased pursuant to the APA, nor
are any executory contracts, if any, with the parties being
assumed and assigned pursuant to the APA.

Judge Sontchi also holds that Baker & Taylor, absent the consent
of the Quarto Group, will not take an assignment of any
executory contracts to which the Debtors and the Quarto Group
may be parties.  In connection with Baker & Taylor's purchase of
selected APG Inventory and APG Product Prepayments from the
Debtors published and derived from the Quarto Group, Baker &
Taylor will have and be granted a limited, non-exclusive license
and full rights to sell any and all inventory published and
derived from the Quarto Group selected and purchased by Baker &
Taylor only to wholesale clubs, like Costco, Sam, and B.J.'s.

The Debtors are authorized to assume and assign the executory
contracts between Templar and the Debtors to Baker & Taylor.
Baker & Taylor waives any right to exclude the executory
contracts with Templar from the definition of Assigned Contracts
in accordance with the terms of the APA.  The Cure Amount has
been agreed among Templar, Baker & Taylor, and the Debtors to be
US$481,707.  Baker & Taylor agrees to pay the Cure Amount on or
promptly following the Closing.

Baker & Taylor and Manhattan Associates will promptly
memorialize and execute, prior to assumption and assignment, an
amendment to a license agreement between the Debtors and
Manhattan.

             US$100,000 Adequate Protection Reserve

A US$100,000 reserve will be established in the Debtors' general
operating account as adequate protection for the claims filed on
behalf of Denton County, et al.  The liens of Denton County, et
al., if any, will attach to the Reserved Funds with the same
validity, to the same extent, and with the same priority as any
liens now hold in the property being sold.

The Reserved Funds will be in the nature of adequate protection
and will neither be a cap on the amounts recoverable by Denton
County, et al., nor will the Reserve Funds be an allowance of
their claims -- which claims remain subject to any rights of any
party to object to the validity, extent or priority of the
claims.   No portion of the Reserve Funds will be distributed
apart from the agreement of the Debtors and Denton County, et
al. or upon subsequent Court order duly noticed to Denton
County, et al.

            Payments to Hewlett-Packard Entities

Baker & Taylor will pay US$12,083 to Hewlett-Packard Financial
as cure under HPFS' lease agreement with the Debtors through
Feb. 28.  Baker & Taylor will pay US$19,700 to Hewlett Packard
Co. as cure under HP's support agreement with the Debtors
through Feb. 28.

Baker & Taylor will timely pay all amounts under the Lease
Agreement and the Support Agreement that come due after the
Closing Date but before a final decision on assumption and
assignment of the Agreements has been made.

None of the equipment subject to the Lease Agreement will be
considered part of the Purchased Assets under the APA.

HP, the Debtors, and Baker & Taylor agree to confer promptly to
identify the documentation that comprises the Support Agreement
subject to assumption and assignment.  If the parties cannot
agree with respect to identification of the assumed and assigned
contract or on the correct amount to be paid in connection with
the proposed assumption and assignment, the Court will rule on
the matter.

            Assumption of Indianapolis Facility Lease

The Debtors are authorized to assume and assign to Baker &
Taylor an Oct. 10, 2000, lease for the Debtors' Distribution
Center facility in Building 140, Park 100 Business Park, 5045
West 79th Street, in Indianapolis, Indiana, subject to the
execution of a mutually acceptable amendment between Baker &
Taylor and the landlord, supplementing and modifying the lease
agreement.

Judge Sontchi says no "cure" payment under Section 365(b)(1)(A)
of the Bankruptcy Code need be paid as none exists, and Baker &
Taylor has complied with Section 365, and the Lease will be in
full force and effect without any outstanding enforceable
defaults.

The Landlord will have the right to assert a claim for damages.
The rent due to the Landlord for March 2007 will promptly be
paid by the Debtors, and, subject to the Closing of the APA,
Baker & Taylor will reimburse the Debtors for the period
commencing with the date of the Closing through March 31.

Judge Sontchi clarifies that Baker & Taylor is not a "successor"
to the Debtors or their bankruptcy estates, and will not assume,
nor be deemed to assume, or in any way be responsible for, any
liability or obligation of any of the Debtors or their estates,
including but not limited to any bulk sales law or similar
liability, except as otherwise expressly provided in the APA.

Objections not otherwise withdrawn, waived, or settled, are
overruled and denied, Judge Sontchi adds.

A full-text copy of the agreement is available for free at:

    http://bankrupt.com/misc/AMS_B&T_APA_FinalForm.pdf

                  About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution, and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom, and Australia and employs
around 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on April 28, 2007.


AMERICAN TOWER: Hires Edmund DiSanto as New Executive Vice-Pres.
----------------------------------------------------------------
American Tower Corp. announced that Edmund DiSanto will be
joining the company as its new Executive Vice President, Chief
Administrative Officer and General Counsel.  In this role, Mr.
DiSanto will have oversight of the company's legal, risk
management, compensation and human resources functions and will
report directly to the company's Chief Executive Officer, Jim
Taiclet.  It is expected that Mr. DiSanto will commence his new
role with the company effective April 1, 2007.

Jim Taiclet said, "We are pleased that Ed has agreed to join the
American Tower management team.  We created the position of
Executive Vice President, Chief Administrative Officer and
General Counsel to advance the capabilities and improve the
cross-functional effectiveness of our corporate operations.
Ed's breadth of experience over the last 29 years as a legal
counselor, business advisor and skilled manager make him ideally
suited for this role.  We look forward to working with Ed as we
continue to implement our process improvement initiatives and
strive for the highest levels of effectiveness in corporate
governance and compliance."

Mr. DiSanto comes to American Tower from Pratt & Whitney, a unit
of United Technologies Corp. and a leader in the design,
manufacture and service of aircraft engines, industrial gas
turbines and space propulsion systems.  Mr. DiSanto started with
Pratt & Whitney in 1997 as Group Deputy Counsel and since then
has held legal and business development roles of increasing
responsibility, most recently as Vice President, Global Service
Partners Business Development.  Prior to joining Pratt &
Whitney, Mr. DiSanto served in a number of legal, business and
operations roles at United Dominion Industries, Carrier Corp.
and United Technologies Corp.

Mr. DiSanto earned his law degree from Boston College Law School
and a Bachelor of Science from Northeastern University.

Headquartered in Boston, Massachusetts, American Tower Corp.
(NYSE: AMT) -- http://www.americantower.com/-- is an
independent owner, operator and developer of broadcast and
wireless communications sites in the United States, Mexico and
Brazil.  American Tower owns and operates over 22,000 sites in
the United States, Mexico, and Brazil.  Additionally, American
Tower manages approximately 2,000 revenue producing rooftop and
tower sites.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Moody's Investors Service upgraded the corporate
family rating of American Tower Corp. to Ba1 from Ba2, affirmed
the company's SGL-1 liquidity rating and changed the ratings of
its various debt instruments pursuant to the loss given default
methodology.  This concludes the ratings review commenced
Dec. 11, 2006.  Moody's said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2007, Fitch Ratings has upgraded the ratings on
American Tower Corp. and its subsidiaries as:

American Tower Corp.

   -- Issuer Default rating to 'BB+' from 'BB-';
   -- Senior Unsecured notes to 'BB+' from 'BB-'.

American Towers Inc.

   -- IDR to 'BB' from 'BB-'.

SpectraSite Communications Inc.

   -- IDR to 'BB' from 'BB-'.


CLEAR CHANNEL: Proposed Merger Voting Moved to April 19
-------------------------------------------------------
Clear Channel Communications Inc.'s Board of Directors has
rescheduled the special meeting of shareholders regarding the
proposed merger with the group led by Thomas H. Lee Partners,
L.P. and Bain Capital Partners, LLC, and has set a new record
date.  Clear Channel shareholders of record as of
March 23, 2007, will be entitled to vote at the special meeting,
which will now be held on April 19, 2007.  Clear Channel's
disinterested directors continue to unanimously recommend that
all Clear Channel shareholders vote for the proposed merger.
The disinterested directors, with management and other
interested directors recusing themselves, unanimously approved
the action by the board.

The company stated, "The disinterested directors of the Clear
Channel Board considered the substantial trading volume in Clear
Channel shares since the original record date for the special
meeting, and as the original record date no longer reflects
Clear Channel's current stockholder base, determined to set a
new record date to better align the economic and voting
interests of all Clear Channel shareholders.  The move will
allow shareholders who have purchased shares since the original
record date and who currently have economic stakes in the
company to participate in the vote."

The disinterested directors also concluded that postponing the
special meeting until April 19 was necessary in light of the
time required to prepare a revised proxy statement, mail the
proxy statement to Clear Channel's shareholder base as of the
new record date and give current shareholders - many of whom did
not become shareholders until after the original record date - a
meaningful opportunity to review the new proxy materials and
arrive at an informed judgment.  Clear Channel wants to ensure
that this important decision about the future of the company is
made by its current shareholders.

The special meeting will be held at 8:00 a.m. Central Time at
the Westin Riverwalk Hotel, 420 Market Street, San Antonio,
Texas.

               About Thomas H. Lee Partners, L.P.

Thomas H. Lee Partners or THL Partners is one of the oldest and
most successful private equity investment firms in the United
States.  Since its founding in 1974, THL Partners has become the
preeminent growth buyout firm, investing approximately US$12
billion of equity capital in more than 100 businesses with an
aggregate purchase price of more than US$100 billion, completing
over 200 add-on acquisitions for portfolio companies, and
generating superior returns for its investors and partners.  The
firm currently manages approximately US$20 billion of committed
capital.  Notable transactions sponsored by the firm include
Dunkin Brands, Nielsen, Michael Foods, Houghton Mifflin Company,
Fisher Scientific, Experian, TransWestern, Snapple Beverage and
ProSiebenSat1 Media.

                About Bain Capital Partners, LLC

Bain Capital http://www.baincapital.com/-- is a global private
investment firm that manages several pools of capital including
private equity, high-yield assets, mezzanine capital and public
equity with more than US$40 billion in assets under management.
Since its inception in 1984, Bain Capital has made private
equity investments and add-on acquisitions in over 230 companies
around the world, including investments in a broad range of
companies such as Burger King, HCA, Warner, Chilcott, Toys "R"
Us, AMC Entertainment, Sensata Technologies, Burlington Coat
Factory and ProSiebenSat1 Media.  Headquartered in Boston, Bain
Capital has offices in New York, London, Munich, Tokyo, Hong
Kong and Shanghai.

            About Clear Channel Communications Inc.

Based in San Antonio, Texas, Clear Channel Communications Inc. -
- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader
in the out-of-home advertising industry with radio and
television stations and outdoor displays.  Aside from the U.S.,
the company operates in 11 countries -- Norway, Denmark, the
United Kingdom, Singapore, China, the Czech Republic,
Switzerland, the Netherlands, Australia, Mexico and New Zealand.

                       *     *     *

Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.

In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on
Nov. 16, 2006.


COTT CORP: Appoints Juan Figuereo as Chief Financial Officer
------------------------------------------------------------
Cott Corp. has appointed Juan R. Figuereo as its new chief
financial officer, effective March 26.

Mr. Figuereo joins Cott from Wal-Mart International, where he
held the position of vice president, Mergers & Acquisitions
since 2003.  In this role, he provided leadership to Wal-Mart's
international growth strategy through acquisitions,
partnerships, and joint ventures in global markets.

Prior to joining Wal-Mart, Mr. Figuereo spent 15 years with
PepsiCo in a variety of international finance and general
management roles, first within the Pepsi-Cola organization and
then in the Frito Lay business.

He held chief financial officer roles for Frito Lay in Southern
Europe, and Pepsi-Cola in Brazil and Latin America.  He also
spent three years as managing director of Frito Lay Dominicana,
where he was responsible for the full scope of business
operations in the Caribbean.

"Juan's extensive global experience and his hands-on leadership
of financial turnarounds is a perfect fit for Cott at this stage
in our Company's evolution," commented Cott CEO Brent Willis.

"His in-depth knowledge of the beverage industry and retail
environments will be extremely valuable in driving profitability
in our core North American business and his track record of
global success is a great fit with our future growth
opportunities.

"We're extremely pleased that Juan is joining our team and I am
confident that he will quickly make a significant contribution
to our priorities of cost reduction, retailer partnerships,
innovation, and building a high-performance, winning team.

"I also want to thank Tina Dell'Aquila for her stewardship as
the Company's interim CFO.  She has been an important resource
and will continue to be a valuable member of Cott's leadership
team," added Willis.

Mr. Figuereo holds a Bachelor of Business Administration in
Public Accounting from Florida International University and he
completed the Financial Management Program at the University of
London in England.  He is a Certified Public Accountant and
fluent in English, Spanish, and Portuguese.

                        About Cott Corp.

Headquartered in Toronto, Ontario, Canada, Cott Corp. (NYSE:COT;
TSX:BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The Company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom, and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and Company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavored mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 6, Standard & Poor's Ratings Services lowered its ratings
on Toronto-based private label soft drink manufacturer Cott
Corp. by one notch, including its long-term corporate credit
rating, to 'B+' from 'BB-'.  S&P said the outlook is negative.


DELTA AIR: Amends Code Share Agreements with Mesa Air Group
-----------------------------------------------------------
Mesa Air Group Inc. reached an agreement with Delta Air Lines
Inc. for an amendment to and assumption of its existing Delta
Connection Agreement, as well as for a new code share agreement
to operate 14 CRJ-900 regional jet aircraft.  The agreements are
subject to approval by the U.S. Bankruptcy Court for the
Southern District of New York.

After service begins pursuant to the Expansion DCA and the
Amended DCA, the Mesa regional jet fleet flying for Delta will
consist of 14 CRJ-900s and 36 ERJ-145s.

                          Expansion DCA

The Expansion DCA authorizes Mesa to operate 14 CRJ-900 regional
jet aircraft as a Delta Connection Carrier for a term of up to
ten years.  This new service is expected to begin in September
2007.  The compensation structure for the Expansion DCA will be
similar to the structure in the existing Delta Connection
agreement, except in these areas:

   * The CRJ-900 aircraft will be owned by Delta and leased to
     Mesa for a nominal amount.

   * No mark-up or incentive compensation will be paid on fuel
     costs above a certain level or on fuel provided by Delta.

                           Amended DCA

The Amended DCA provides for, among other things:

   * Adding six additional ERJ-145 aircraft to the scope of
     existing DCA for up to three years beginning immediately.

   * Commencing in August 2008, the removal of eight of the
     original 30 ERJ-145 aircraft at a rate of three aircraft
     per month.

   * Mesa receiving a general unsecured claim of US$35 million
     as part of Delta's bankruptcy proceedings in connection
     with the amendment.  Such claim is in full and final
     satisfaction of any and all claims Mesa may have against
     Delta for pre-petition debt.

"We are delighted that Delta has once more demonstrated
confidence in Mesa and provided us this opportunity to expand
our valued partnership," Mesa Chairman and CEO, Jonathan
Ornstein said.  "Since we began flying for Delta in October 2005
our people have worked hard to provide a high quality product to
our Delta Connection customers and we would like to thank them
for their important contribution."

"We look forward to continuing to work closely with Delta to
deliver the best customer service experience possible to our
passengers and to ensure that Mesa continues to make a positive
contribution to Delta's success," Mr. Ornstein added.

"Delta is pleased to be expanding our relationship with Freedom
Airlines," Shawn Anderson Delta's vice president in charge of
the Delta Connection said.  "The addition of these capable new
aircraft -- the CRJ-900 -- into their program in a two-class
configuration will be a clear winner for our customers."

                      About Mesa Air Group

Mesa Air Group Inc. (Nasdaq: MESA) -- http://www.mesa-air.com/-
-operates 199 aircraft with over 1,300 daily system departures
to 173 cities, 43 states, the District of Columbia, Canada, and
Mexico.  Mesa operates as US Airways Express, Delta Connection,
and United Express under contractual agreement with US Airways,
Delta Air Lines, and United Airlines, respectively, and
independently as Mesa Airlines and go!  On June 9, 2006, Mesa
launched inter-island Hawaiian service as go! --
http://www.iflygo.com/ This new operation links Honolulu to the
neighbor island airports of Hilo, Kahului, Kona and Lihue.  The
company, founded by Larry and Janie Risley in New Mexico in
1982, has approximately 5,000 employees and generates revenue in
excess of $1 billion annually.

                         About Delta Air

Headquartered in Atlanta, Georgia, Delta Air Lines (OTC: DALRQ)
-- http://www.delta.com/-- is the world's second-largest
airline in terms of passengers carried and the leading U.S.
carrier across the Atlantic, offering daily flights to 502
destinations in 88 countries on Delta, Song, Delta Shuttle, the
Delta Connection carriers and its worldwide partners.  The
Company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.

                         Plan Update

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the adequacy
of the Debtors' disclosure statement.  The hearing to consider
confirmation the Debtors' plan is scheduled on April 25, 2007.


DELTA AIR: Amends Fixed-Free Agreements with Republic Airways
-------------------------------------------------------------
Republic Airways Holdings Inc.'s operating subsidiaries
Chautauqua Airlines and Shuttle America have amended their
fixed-fee agreements with Delta Air Lines Inc.  Currently the
two airlines operate a total of 55 Embraer regional jets on
behalf of Delta, which represents approximately 30% of Republic
Airways' current fleet.  The amended agreements are subject to
bankruptcy court approval.  Key terms of the amended agreements
are:

   -- Beginning in September 2008, all 15 thirty-seven-seat E135
      aircraft currently operated by Chautauqua will be removed
      from the Delta Connection program at a rate of 2 aircraft
      per month;

   -- Reimbursement on Chautauqua's remaining 24 fifty seat E145
      and Shuttle America's 16 seventy seat E170 aircraft will
      be permanently reduced by approximately 3%, effective on
      the latter of the court approval date or May 1, 2007;

   -- Delta will surrender 100% of its warrants on approximately
      3.4 million shares of Republic Airways common stock.
      These warrants represented approximately 1.0 million
      shares included in the company's diluted share count at
      Dec. 31, 2006; and

   -- Republic Airways will be granted a pre-petition,
      unsecured, general claim in the amount of US$91 million in
      Delta's Chapter 11 bankruptcy case.

"Republic Airways is pleased to support Delta Air Lines in their
restructuring efforts," Bryan Bedford, Chairman, President and
CEO of Republic Airways Holdings, said.  "The affirmation of our
amended Chautauqua Airlines and Shuttle America jet service
agreements is a positive development for our employees and
shareholders."

"We are pleased to have secured the support of our trusted
partner Republic Airways, helping us to successfully compete in
the current environment while meeting our restructuring goals,"
Shawn Anderson, Delta's Vice President of Delta Connection,
said.  "The Republic management team and its employees have
proven to be a great partner that delivers a consistent quality
experience to our passengers at competitive costs.  We look
forward to a long and fruitful partnership."

                     About Republic Airways

Based in Indianapolis, Indiana, Republic Airways Holdings
(NASDAQ:RJET) is an airline holding company that owns Chautauqua
Airlines, Republic Airlines and Shuttle America.  The airlines
offer scheduled passenger service on over 1,000 flights daily to
93 cities in 36 states, Canada and Mexico through airline
services agreements with six major U.S. airlines.  All of the
airlines' flights are operated under their airline partner
brand, such as AmericanConnection, Delta Connection, United
Express, US Airways Express, Continental Express and Frontier
Airlines.  The airlines currently employ approximately 3,800
aviation professionals and operate 181 regional jets.  With the
affirmation of these two jet service agreements, Republic
Airways will operate under fixed-fee agreements for 6 different
airline partners with expiration terms ranging from 2012 to
2020.

                       About Delta Air

Headquartered in Atlanta, Georgia, Delta Air Lines (OTC: DALRQ)
-- http://www.delta.com/-- is the world's second-largest
airline in terms of passengers carried and the leading U.S.
carrier across the Atlantic, offering daily flights to 502
destinations in 88 countries on Delta, Song, Delta Shuttle, the
Delta Connection carriers and its worldwide partners.  The
Company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.

                         Plan Update

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the adequacy
of the Debtors' disclosure statement.  The hearing to consider
confirmation the Debtors' plan is scheduled on April 25, 2007.


FORD MOTOR: Mulally Says Company Has Realistic Business Plan
------------------------------------------------------------
Ford Motor Co. Chief Executive Alan Mulally told Congress on
Wednesday that the company has a strong and realistic plan to
turn around its troubled business, Reuters reports.

According to the report, Mr. Mulally said in written testimony
for a U.S. House of Representatives Energy and Commerce
subcommittee that Ford's business strategies must be flexible.

Reuters also cited Mr. Mulally as saying that the plan is
beginning to show results in strong sales of vehicles like the
new Edge crossover.

More than two weeks ago, Ford estimated US$11,182 million in
total life-time costs for restructuring actions.

Of the total US$11,182 million of estimated costs, Ford said
that US$9,982 million has been accrued in 2006 and the balance,
which is primarily related to salaried personnel-reduction
programs, is expected to be accrued in the first quarter of
2007.

The company expects a curtailment gain for other postretirement
employee benefit obligations related to hourly personnel
separations that occur in 2007, which gain the company expects
to record in 2007.  Of the estimated costs, those relating to
job bank benefits and personnel-reduction programs also
constitute cash expenditure estimates.

The restructuring cost estimates relate to the automaker's
previously announced commitment to accelerate its restructuring
plan, referred to as Way Forward plan.

The "Way Forward" plan includes closing plants and laying off up
to 45,000 employees.

Ford, which incurred a US$12,613 million net loss on US$160,123
million of total sales and revenues for the year ended
Dec. 31, 2006, said in a regulatory filing with the Securities
and Exchange Commission that its overall market share in the
United States has declined in each of the past five years, from
21.1% in 2002 to 17.1% in 2006.  The decline in overall market
share primarily reflects a decline in the company's retail
market share, which excludes fleet sales, during the past five
years from 16.3% in 2002 to 11.8% in 2006, the automaker said.

Ford also reported a US$16.9 billion decrease in its
stockholders' equity at Dec. 31, 2006, which, according to the
company, primarily reflected 2006 net losses and recognition of
previously unamortized changes in the funded status of the
company's defined benefit postretirement plans as required by
the implementation of Statement of Financial Accounting
Standards No. 158, offset partially by foreign currency
translation adjustments.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury, and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's $3 billion of senior convertible notes due
2036.


FORD MOTOR: UAW Local 863 Wins New Venture in Sharonville Plant
---------------------------------------------------------------
The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America members at Local 863
in Sharonville, Ohio, have secured an agreement from Ford Motor
Co. to invest US$200 million for retooling to build a new, fuel-
efficient transmission, union officials said.

"This shows what we can accomplish when we work together to
preserve good-paying manufacturing jobs in the United States,"
UAW President Ron Gettelfinger said.

"Our members earned this agreement," UAW Vice President Bob King
added.  "Ford understands our extraordinary commitment to world-
class productivity and efficiency."

"This is great news for our members, for Ford Motor Co. and for
our communities," said Lloyd Mahaffey, director of UAW Region
2B, which covers the state of Ohio.

"Our members build world-class quality, and this is a great
opportunity to build the fuel-efficient transmissions that will
power the Ford vehicles of the future."

                    About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures and distributes
automobiles in 200 markets across six continents.  With more
than 280,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury, and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's $3 billion of senior convertible notes due
2036.


FORD MOTOR: Investors Speculate on Jaguar & Land Rover Sale
-----------------------------------------------------------
Ford Motor Company's recent sale of its Aston Martin brand has
led investors to wonder if the automaker will capitalize on the
current popularity of luxury brands and market its British
Jaguar and Land Rover units, John D. Stoll writes for the Wall
Street Journal.

As reported in the TCR-Europe on March 13, Ford has entered into
a definitive agreement to sell Aston Martin, its prestigious
sports car business, to a consortium comprised of David
Richards, John Sinders, Investment Dar, and Adeem Investment
Co., for GBP479 million (US$925 million).

Ford has said before that it isn't putting its Jaguar and Land
Rover brands on the market right now, although the company has
not closed the doors on a sale as it is still considering its
options, WSJ states.

Ford CEO Alan Mulally revealed in January that he might consider
selling the company's Jaguar brand, threatening about 8,000 car
workers' jobs.

According to the WSJ report, analysts say there has been a
higher demand for luxury cars lately as compared with light
vehicles, signaling a marked boost in the luxury goods market.

However, selling the Jaguar and Land Rover units may prove to be
quite the challenge for Ford and potential investors, as it
would dismantle the Premier Automotive Group strategy, which the
company introduced in 1999 to cash in on the boom in luxury-car
demand, WSJ relates.

Jaguar is part of the Premier Automotive Group -- the
organization under which all of Ford's European brands are
grouped -- including other brands like Volvo and Land Rover.

In Ford's second quarter results, the segment incurred US$180
million in net loss.  The company's management said the decline
in earnings in the PAG segment primarily reflected unfavorable
currency exchange related to the expiration of favorable hedges,
adjustments to warranty accruals for prior model-year vehicles,
mainly at Land Rover and Jaguar, and lower market share at Volvo
associated with new model changeovers, offset partially by
favorable product and market mix and lower overhead costs.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 280,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury, and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's $3 billion of senior convertible notes due
2036.


GENERAL MOTORS: 2006 Net Loss Decreases to US$2 Billion
-------------------------------------------------------
General Motors Corp. reported net income for 2006, excluding
special items, of US$2.2 billion, compared with a net loss of
US$3.2 billion in 2005, marking a US$5.4 billion improvement.

Including special items, GM had a net loss of US$2.0 billion for
2006, compared with a net loss of US$10.4 billion in the year-
ago period.  GM earned record revenue of US$207 billion in 2006,
compared with $195 billion in 2005.

"We needed 2006 to be a big year, and it was," GM Chairman and
CEO Rick Wagoner said.  "Our performance last year reflects the
significant progress we've made toward transforming GM into a
more competitive, global business focused on long-term,
sustainable success.  The improvement is a credit to our
employees, union partners, dealers and suppliers worldwide.
It's also validation that our strategy is working, and faster
than many people thought possible."

"But nobody at GM is declaring victory, because we all know
there is still a lot more work to do to achieve our goals of
steady growth, solid profitability and positive cash flow
generation. We're confident that the momentum we generated in
2006 will continue to build through this year and beyond," Mr.
Wagoner added.

GM's net income in the fourth quarter 2006 was US$180 million
excluding special items.  These results compare to a net loss of
US$936 million in the year ago period.  Including the net
favorable effect of all special items, GM's net income was
US$950 million in the fourth quarter of 2006, compared with a
loss of US$6.6 billion in the fourth quarter of 2005.  GM had
revenue of US$51.2 billion in the fourth quarter 2006, compared
with US$51.7 billion in the same period a year ago, with the
decline more than accounted for by the exclusion of GMAC revenue
starting Dec. 1, 2006.

The reported results for the fourth quarter 2006 include special
items totaling US$770 million after tax.  These are primarily
attributable to gains related to GMAC transaction-related items
and the sale of the GM desert proving ground property, partially
offset by costs related to previously announced GM restructuring
items.

                  GM Automotive Operations

Net income from global automotive operations for 2006 improved
by more than US$5.7 billion, totaling US$422 million on an
adjusted basis, excluding special items (reported net loss of
US$3.2 billion).  Adjusted net income for GM's automotive
operations in the fourth quarter 2006 was US$228 million
(reported net income of US$194 million), compared with an
adjusted loss of US$1.2 billion in the year-ago period.

GM sold 9.1 million vehicles worldwide in 2006.  For the second
consecutive year, unit sales outside of the U.S. surpassed
domestic sales with almost 5 million units, or 55 percent of
global volume.  GM Europe, GM Asia Pacific, and GM Latin
America, Africa and the Middle East all set regional sales
records, with GME exceeding 2 million units, GMAP topping 1.25
million units, and LAAM surpassing 1 million units for the first
time.

GM North America posted a US$5 billion earnings improvement in
2006, with an adjusted net loss of US$779 million (reported net
loss of US$4.6 billion).  In the fourth quarter of 2006, GMNA
recorded its fourth consecutive quarter of more than US$1
billion improvement in adjusted earnings.  GMNA had an adjusted
net loss of US$14 million in the fourth quarter 2006 (reported
net income of US$50 million), versus an adjusted loss of US$1.4
billion in the same quarter 2005.  The calendar year improvement
was realized despite a 207,000 unit reduction in GMNA production
to balance inventory with deliveries, and reflects continued
significant reductions in structural costs related to health
care, manufacturing and workforce attrition, as well as positive
sales mix and the impact of the company's product and value
focused sales and marketing strategy.

GM reduced structural costs in North America by US$6.8 billion
in 2006, exceeding its target of US$6 billion, and remains on-
track to deliver the previously announced US$9 billion of annual
structural cost savings in 2007(versus 2005 structural cost
levels).  GM's progress in globalizing its product development,
powertrain and manufacturing operations, combined with
aggressive GMNA turnaround actions, are driving these
significant structural cost reductions. GM reduced its global
automotive structural cost from over 34 percent of revenue in
2005 to 30 percent of revenue in 2006, an impressive first step
toward GM's goal of cutting structural cost to 25 percent of
revenue by 2010.

"We made very significant progress in 2006 toward our 25 percent
structural cost goal," Mr. Wagoner said.  "At the same time, we
continue to invest heavily in future products, technology and
growth markets. GM plans to increase its global capital spending
from US$7.5 billion in 2006, to between US$8.5 and US$9 billion
in 2007 and 2008."

GM's commitment to quality and design leadership was reinforced
in 2006 with strong consumer and media reception to GM's newest
cars and trucks, including the Chevrolet Tahoe, GMC Yukon, and
Cadillac Escalade full-size utilities; GMC Sierra and Chevrolet
Silverado full-size pickups; the Saturn Aura midsize sedan; Opel
Corsa small car; and the Holden Commodore fullsize sedan.  In
addition, early public reaction to the Saturn Outlook and GMC
Acadia midsize crossovers, introduced late in 2006, has been
positive.

GME posted its first full year of profitability since 1999 with
adjusted earnings of US$227 million for 2006 (reported net loss
of US$225 million).  GME had an adjusted loss of US$8 million in
the fourth quarter 2006 (reported net loss of US$119 million),
compared to net income of US$5 million in the year-ago quarter.
GME revenue in the fourth quarter 2006 was US$9 billion, up from
US$8.1 billion in the same quarter 2005.  Contributing to GME's
improved performance during the year was strong revenue growth
due to record volume of over 2 million units, and continued
structural cost reductions.

"The actions we've taken in Europe to reduce structural cost and
re-energize our product lineup is making a big impact on the
business," Mr. Wagoner noted.  "And our multi-brand approach in
Europe is really getting traction.  The Opel/Vauxhall brands are
strengthening, led by products like the all-new Corsa and
segment-leading Meriva and Zafira.  And, the Chevrolet brand
again achieved record sales, while Saab and Cadillac also
demonstrated strong growth.  And we're especially pleased with
our progress in Russia, where GM sales grew 73 percent in 2006."

GMAP delivered adjusted earnings of US$441 million in 2006
(reported net income of US$1.2 billion), compared with US$557
million in 2005, with the decline totally attributable to the
loss of Suzuki equity income in 2006, as a result of the
divestiture of most of GM's holdings in Suzuki Motor Corp.  For
the fourth quarter of 2006, GMAP's adjusted earnings were US$122
million (reported net income of US$135 million), consistent with
the same quarter 2005 earnings of US$124 million.  Record 2006
sales of GM Daewoo products contributed to GM's continued strong
performance in the region, headlined by sales gains of 32
percent in China and 19 percent in Korea.

"The AP region remains the core of GM's global growth strategy.
In 2006, GM advanced its leading position in China, again
improving its market share to almost 12 percent.  We also
announced plans to add a new assembly plant in India to take
advantage of opportunities in that important market, and we
continue to grow in Korea," Mr. Wagoner said.

GM's LAAM region delivered its best financial performance in 10
years with adjusted earnings of US$533 million in 2006 (reported
net income of US$490 million), an improvement of US$381 million
over 2005.  GMLAAM also recorded adjusted and reported fourth
quarter earnings of US$128 million, up from adjusted earnings of
US$63 million in the same quarter of 2005.  These improvements
were driven by record revenue and volume for the region, and
significant gains at GM do Brasil.

"By cost-effectively leveraging GM's products and resources from
around the world, GM LAAM has been able to take advantage of
growth opportunities throughout the region, achieving milestone
sales of over 1 million units and impressive revenue and profit
results," Mr. Wagoner said.

                            GMAC

On a standalone basis, GMAC Financial Services reported 2006 net
income of US$2.1 billion, compared with net income of US$2.3
billion in 2005.  GMAC's operating earnings for 2006, excluding
two significant items, amounted to US$2.0 billion, compared to
US$2.7 billion of operating earnings in 2005.

For the fourth quarter of 2006, GMAC had net income of
US$1.0 billion, up from US$112 million in the fourth quarter of
2005.  The 2006 fourth quarter results include a US$791 million
after-tax benefit related to deferred tax liabilities that GMAC
transferred to GM when GMAC converted to a Limited Liability
Company (LLC). Conversely, fourth quarter 2005 results included
the impact of goodwill impairment charges of US$439 million
after-tax.  Excluding the LLC benefit, GMAC operating earnings
for the fourth quarter 2006 were US$225 million, compared to
US$551 million in the year-ago period.

On Nov. 30, 2006, GM closed the previously announced transaction
to sell 51 percent controlling interest in GMAC to an investor
consortium led by Cerberus Capital.  As a result of the closing
of the GMAC transaction, GMAC results through November were
fully consolidated in GM's reporting, and December results were
reflected on an equity income basis for GM's remaining
49 percent interest.

After adjusting GMAC results for equity income in December,
dividends to GM on preferred stock and various transaction-
related items, GM reported an adjusted net loss of US$284
million associated with GMAC for the fourth quarter 2006, and
net income of US$1.5 billion for the calendar year.  Going
forward, GM will record GMAC results on an equity income basis.

Based on GMAC's results, GM will refund approximately US$1
billion to GMAC, in the form of a capital contribution, to
restore its adjusted tangible equity balance as of Nov. 30,
2006, to the US$14.4 billion level that was agreed upon in
conjunction with the 51 percent sale of GMAC.  The amount of the
refund reflects reduced tangible book value at Nov. 30, 2006,
principally caused by a deterioration in GMAC's Residential
Capital, LLC (ResCap) earnings, changes in GMAC deferred tax
balances and the restatement of prior financial results.

For additional details on GMAC 2006 fourth quarter and calendar-
year financial results, see the company's earnings release dated
March 13, 2007, on the company web site at
http://www.gmacfs.com/

                      Cash and Liquidity

GM achieved positive adjusted operating cash flow for the fourth
quarter 2006 of approximately US$300 million, an improvement of
US$1.4 billion compared to the fourth quarter 2005.

Cash, marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association (VEBA) Trust
totaled US$26.4 billion at Dec. 31, 2006, up from US$20.4
billion on Sept. 30, 2006.  In addition to the impact of
favorable operating cash flow in fourth quarter, this reflects
the impact of distributions received from the closing of the
sale of the 51 percent interest in GMAC.

                   Financial Restatements

GM previously disclosed that it had understated its
stockholders' equity as of Dec. 31, 2001, and subsequent periods
by approximately US$500 million related to deferred tax
liabilities and taxation of foreign currency translation.  GM
confirmed a final adjustment to stockholders' equity as of
Jan. 1, 2002, of US$245 million.

GM also previously disclosed it would be restating its financial
statements for 2002 through the third quarter of 2006 largely
due to hedge accounting.  The following chart provides a summary
of the impact of the restatements on reported net income for the
2002-2006 periods.

         (US$Ms) GM Reported Net Income (after-tax GAAP)

                      Q1-Q32006    2005    2004    2003    2002
                      ---------    ----    ----    ----    ----
Previously reported    (3,025)   (10,567) 2,804   3,859   1,574
Adjustments                97       150   (103)   (334)     161
Restated results       (2,928)   (10,417) 2,701   3,525   1,735

These results had no impact on cash flow for any of the restated
periods.

GM said it will file its annual report on Form 10-K with the
Securities and Exchange Commission today.

                US$1 Billion GMAC Settlement

As reported yesterday in the Troubled Company Reporter, GM
agreed to pay approximately US$1 billion in settlement charges
to GMAC Financial Services by the end of the first quarter in
relation to a change in the lending arm's balance sheet, John D.
Stoll of The Wall Street Journal wrote.

The cash settlement is related to the impact that problems in
the subprime mortgage segment, which focuses on borrowers with
low credit scores, have had on GMAC's book value, WSJ said,
citing people familiar with the settlement.

As reported in the Troubled Company Reporter on Dec. 1, 2006, GM
completed the sale of a 51% interest in GMAC to a consortium of
investors led by Cerberus FIM Investors LLC and including wholly
owned subsidiaries of Citigroup Inc., Aozora Bank Ltd., and The
PNC Financial Services Group Inc.

The transaction was intended to preserve the mutually beneficial
relationship between GM and GMAC, while improving GMAC's access
to cost- effective funding.  In addition, the sale of the
controlling
interest in GMAC was intended to provide significant liquidity
to GM that will support its North American turnaround plan,
finance global growth initiatives, and strengthen its balance
sheet.

                 About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


GENERAL MOTORS: Bank Selling Insurance Through Credit Card Pact
---------------------------------------------------------------
Banco do Brasil retail and distribution vice president Aldemir
Bendine told Business News Americas that the bank will market
insurance products through a private-label credit card accord
with General Motors' Brazilian unit.

Mr. Bendine commented to Business News Americas, "Selling
insurance will be part of the partnership.  We'll sell any
product, with a focus on auto insurance, of course."

Banco do Brasil's insurance strategy for 2007 includes selling
more products through complementary channels like financial
services deals with retailers and other businesses, BNamericas
says, citing Mr. Bendine.  Banco do Brasil and General Motors
will still determine if points earned by card users can be used
for discounts on insurance policies.

According to BNamericas, Banco do Brasil and General Motors
expect to issue about 400,000 credit cards through the
partnership in the first year, as the bank aims to bring its
total number of cards in circulation to 20 million in 2007.
Banco do Brasil has 26 financial services accords and expects to
increase it to 40 by the end of the year.

The report says that Banco do Brasil's net profits from
insurance, private pension and savings bonds affiliates were
BRL1.1 billion in 2006.

Banco do Brasil's fourth quarter 2006 net income increased 69.3%
to BRL1.25 billion, compared to the same quarter in 2005.  the
amount is 37.6% higher compared to the third quarter of 2006.
Meanwhile, full-year net profits increased 45.5% to BRL6.04
billion, BNamericas states.

                   About Banco do Brasil

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

                  About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


GENERAL MOTORS: Fitch Says B Rating Unaffected by Earnings News
---------------------------------------------------------------
Fitch Ratings reports that General Motors' issuer default rating
remains at B and on Rating Watch Negative.  General Motors'
ratings are unaffected by the company's earnings announcement
and the US$1 billion payment related to its sale of a 51%
ownership stake in GMAC.  During 2007, Fitch remains focused on
the status of the turnaround of North American automotive
operations, the upcoming United Auto Workers Union or UAW
contract talks, resolution of the Delphi situation, and the
impact of prevailing economic conditions.  Liquidity remains
substantial, although negative cash flows will persist.

Fourth quarter revenues in North America continued to fall, and
revenues and share will remain under pressure despite new
product introductions.  As in fourth quarter-2006, first half-
2007 results will benefit from the rollout of new GMT-900
products, particularly General Motors' well-received pickup
lineup.  Second half results are much more uncertain due to
continued weakness in the housing market, the ramp-up of
Toyota's new pickup plant, and the importance of General Motors'
pickups to consolidated volume and profitability.  Combined with
weaker economic conditions, revenues are likely to experience
increased pressure in second half-2007, although a stronger
product lineup, including important crossover and Saturn
products, should provide some support.  Europe, Latin American
and Asian operations showed healthy improvement.

General Motors has made substantial progress through its
employee buyout program and changes to health-care programs
(some of which will be offset by absorption of Delphi
liabilities).  However, a significant portion of the cost
savings are on a non-cash basis, and cash flow will remain
negative in 2007 (albeit at a lesser level than in 2006).  In
particular, reduced non-cash OPEB expenses and non-cash earnings
associated with General Motors' growth in pension assets have
benefited reported results.  Cash outlays related to
restructuring efforts could continue to decline, although
expenditures will be incurred as the company continues to
consolidate its North American manufacturing operations and
reduce its reliance on rental fleets.  General Motors's non-debt
liabilities are expected to shrink accordingly, which will
result in associated cash outflows.

Revenue pressures, from continued transplant expansion and
General Motors's share losses, will continue to highlight the
need for step changes in cash costs in order to reverse negative
cash flows.  Despite profitability on a reported basis, General
Motors's margin levels remain insufficient for long-term
viability given the economic and product cycles inherent in the
industry.  The upcoming UAW negotiations will be a critical
milestone in General Motors's ability to achieve long-term cost-
competitiveness.  Progress continues to be made in a number of
areas including work rules, job classifications, employee
reductions, among others, but cost-competitiveness will not be
achieved without significant changes to General Motors's health
care burden.  Although progress is expected to continue in this
area, within and outside of the upcoming contract negotiations,
the significant competitive disadvantage is unlikely to be
resolved in the intermediate term.  UAW workforce issues,
centering on ultimate wage and benefit issues, continue to pose
risks of a work stoppage, at General Motors and at Delphi.

Liquidity, including automotive cash and s/t VEBA of US$26.4
billion at year-end 2006, remains very healthy but continues to
erode through operating and non-operating cash drains.
Restructuring costs, the US$1 billion purchase price adjustment
to the GMAC transaction, costs associated with the resolution of
Delphi and contributions to the recently established special-
purpose VEBA have all exacerbated cash outflows from operations.
Liquidity has been sustained through asset sales, which are
expected to be limited going forward.  Large liquidity holdings
will remain critical to finance large working capital
requirements and for General Motors to extract savings out of
its fixed-cost structure.  Despite improvement in OPEB
liabilities, automotive debt rose US$4.3 billion in 2006,
largely resulting from the deconsolidation of debt owed to GMAC.
The shifting of 20% of assets from equities to fixed-income
securities, combined with recent asset and expected payout
levels, has significantly reduced the potential for any required
contributions over the near term.  Continued accounting and
financial reporting issues also remain concerns.

                 About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.


PLASTICON INT'L: Wants to List Shares in American Stock Exchange
----------------------------------------------------------------
Plasticon International Inc. intends to make an application for
listing of its common stock on the American Stock Exchange.

Currently, the company is taking special efforts to complete the
filing of its third quarter 2006 Form 10-QSB with the U.S.
Securities and Exchange Commission.  Upon filing of the third
Quarter 2006 Form 10-QSB, the company will become current with
its periodic filing obligations.  In addition, if the company is
successful in acquiring AV-CB, the company believes that its
balance sheet will satisfy the capital requirements that will
allow the company to submit an application for listing of its
common stock on the American Stock Exchange.  If current plans
continue to hold and subject to further negotiations, the
company anticipates that the acquisition of AV-CB may be
completed within the next 30 to 60 days.

"This is a proud moment for Plasticon International, Inc. and
its shareholders.  We are looking to become fully compliant in
meeting our reporting obligations in the near future.  If we are
successful in completing the acquisition of AV-CB, we will be
working to submitting an application for listing of our common
stock on the American Stock Exchange," stated Jim Turek,
Plasticon's CEO and President.

The company recently announced that their wholly owned
subsidiary, SEMCO Manufacturing, Inc., has completed surfacing
the concrete embankment on the I-515 Beltway Interchange for the
Nevada Department of Transportation.  The $241,000 contract
called for the application of SEMCO's proprietary concrete
sealants and anti-graffiti coating across a 76,400 square foot
span of the interchange.

Plasticon International Inc. (PINKSHEETS: PLNI) --
http://www.plasticonintl.com/-- designs, produces, and
distributes high-quality concrete accessories (rebar supports),
informational and directional signage, and plastic lumber, which
are all produced from recycled and recyclable plastics.  The
Company's line of plastic concrete accessories has been approved
or accepted in all 50 states and several foreign countries
including Poland, Israel, Canada, Mexico, and Egypt.

As of June 30, 2006, the company had stockholders' equity
deficit of US$214,233 compared to US$6,840,176 of deficit in
Dec. 31, 2005.


SENSATA TECHNOLOGIES: Completes SmaL Camera Acquisition
-------------------------------------------------------
Sensata Technologies has completed its acquisition of SMaL
Camera Technologies, Inc., the automotive imaging business unit
of Cypress Semiconductor Corp.

Located in Cambridge, Mass., the SMaL Camera business unit
provides cameras and camera subsystems to automotive Advanced
Driver Assistance Systems to Tier 1 automotive suppliers and
employs about 25 people.  All SMaL Camera business unit
employees will be offered employment with Sensata at SMaL
Camera's present location.

Sensata Technologies' Chief Executive Officer Tom Wroe said the
acquisition of SMaL Camera aligns well with Sensata's market
focus on automotive safety and driver assistance systems.  He
said, "This acquisition will provide strong, complementary
intellectual property to development efforts in automotive
vision systems already under way and will enable Sensata to
accelerate its time-to-market in this rapidly growing market
segment."

SMaL Camera was founded in 1999 out of research conducted at the
Massachusetts Institute of Technology in the field of CMOS
(complimentary metal-oxide semiconductor) imaging.  At SMaL
Camera, the focus was on techniques to control and expand the
dynamic range of imagers that leveraged SMaL Camera's strengths
in mixed-signal and digital design.  SMaL Camera was acquired by
Cypress in 2005.

                About Cypress Semiconductor

Cypress Semiconductor delivers high-performance, mixed-signal,
programmable solutions that provide customers with rapid time-
to-market and exceptional system value.  Cypress offerings
include the PSoC(R) Programmable System-on-Chip(TM), USB
controllers, general-purpose programmable clocks and memories.
Cypress also offers wired and wireless connectivity solutions
ranging from its WirelessUSB(TM) radio system-on-chip, to West
Bridge(TM) and EZ-USB(R) FX2LP controllers that enhance
connectivity and performance in multimedia handsets.  Cypress
serves numerous markets including consumer, computation, data
communications, automotive, industrial, and solar power.

                 About Sensata Technologies

Headquartered in Attleboro, Massachusetts, Sensata Technologies
B.V. -- http://www.sensata.com/-- designs and manufactures
sensors and controls across a range of markets and applications.
Sensata has business and technology development centers in
Attleboro, Massachusetts, Holland and Japan and manufacturing
operations in Brazil, China, Korea, Malaysia, and Mexico, as
well as sales offices around the world.  Sensata Technologies
employs approximately 5,400 people world-wide.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 11, 2006,
Moody's Investors Service affirmed Sensata Technologies B.V.'s
B2 corporate family and probability of default ratings.

Moody's rating affirmation pertains to Sensata's pending
acquisition of First Technology Automotive and Special Products
from Honeywell and its subsequent financing via a US$95 million
add-on to Sensata's existing senior secured Term Loan B.

Moody's said the rating outlook remains stable.


UNITED RENTALS: Earns US$224 Million in Fiscal 2006
---------------------------------------------------
United Rentals, Inc. reported US$3.64 billion in total revenues
and a net income of US$224 million for the year ended
Dec. 31, 2006, compared with total revenues of US$3.28 billion
and a net income of US$187 million for the previous year.

Revenues in 2006 increased due to the increases in equipment
rentals of US$192 million, sales of rental equipment of US$31
million, new equipment sales of US$27 million, contractor
supplies sales of US$84 million, and service and other revenues
of US$18 million.

Total costs of revenues for the years 2006 and 2005 were
US$2.35 billion and US$2.17 billion, respectively.

The company's balance sheet showed total assets of US$5.36
billion and total liabilities of US$3.82 billion, resulting to
total stockholders' equity of US$1.53 billion as of
Dec. 31, 2006.

               Liquidity and Capital Resources

As of Dec. 31, 2006, the company had

       (i) US$492 million of borrowing capacity available under
           the revolving credit facility portion of its senior
           secured credit facility;

      (ii) US$275 million of borrowing capacity available under
           its accounts receivable securitization facility; and

     (iii) cash and cash equivalents of US$119 million.  The
           company believes that its existing sources of cash
           will be sufficient to support existing operations
           over the next 12 months.

In the third quarter of 2006, the company prepaid US$400 million
of its outstanding term loan using US$200 million of available
cash and US$200 million borrowed under its accounts receivable
securitization facility.

In 2006, the company disclosed a redemption of US$76 million of
its 6-1/2% Convertible Quarterly Income Preferred Securities, at
a price of 101.3 percent.

In October 2006, the company amended its existing accounts
receivable securitization facility, which provides for generally
lower borrowing costs, by increasing the facility size from
US$200 million to US$300 million.  Additionally, the maturity
date has been extended from May 2009 to October 2011.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1b36

                  About United Rentals, Inc.

Greenwich, Conn.-based United Rentals Inc. (NYSE: URI) --
http://unitedrentals.com/-- is an equipment rental company,
with an integrated network of more than 760 rental locations in
48 states, 10 Canadian provinces, and Mexico.  The company's
13,900 employees serve construction and industrial customers,
utilities, municipalities, homeowners and others. The company
offers for rent over 20,000 classes of rental equipment.  United
Rentals is a member of the Standard & Poor's MidCap 400 Index
and the Russell 2000 Index(R).

                        *     *     *

Moody's Investors Service confirmed its B1 Corporate Family
Rating for United Rentals (North America), Inc.


* MEXICO: Ministry May Suspend Industrial Minera's 7 Concessions
----------------------------------------------------------------
Published reports say that the Mexican economy ministry will
consider the suspension of the seven concessions awarded to
Industrial Minera Mexico.

Sources told Business News Americas that a widow of a worker
killed in an explosion at Minera Mexico's Pasta de Conchos
coalmine in February 2006 presented evidence indicating that the
firm didn't take appropriate safety measures.

About 65 miners died in that accident, BNamericas states.

Grupo Mexico's subsidiary Southern Copper owns Minera Mexico.

                        *     *     *

As reported in the Troubled Company Reporter on April 17, 2006,
Standard & Poor's Ratings Services placed an mxBB+ long-term
rating with stable outlook on the state of Mexico.




===========
P A N A M A
===========


CHIQUITA BRANDS: Inks Plea Agreement with U.S. Attorney & DOJ
-------------------------------------------------------------
Chiquita Brands International Inc. said Wednesday that it
entered into a plea agreement with the United States Attorney's
Office for the District of Colombia and the National Security
Division of the U.S. Department of Justice relating to the
previously disclosed investigation by the government into
payments made by the company's former banana-producing
subsidiary in Colombia to certain groups designated under U.S.
law as foreign terrorist organizations.  Chiquita voluntarily
disclosed the payments to the government in April 2003.

Under the terms of the agreement, the company will plead guilty
to one count of Engaging in Transactions with a Specially-
Designated Global Terrorist, and will pay a fine of US$25
million, payable in five equal annual installments, with
interest.

The company said it will continue to cooperate with the
government in any continuing investigation into the matter.

The company previously recorded a reserve in 2006 of the full
US$25 million fine amount in anticipation of reaching a
settlement with the government.  The agreement is subject to
approval and acceptance by the United States District Court for
the District of Colombia.

                       CEO's Statement

Commenting on the agreement with the U.S. Department of Justice,
Fernando Aguirre, the company's chairman and chief executive
officer, said, "The information filed is part of a plea
agreement, which we view as a reasoned solution to the dilemma
the company faced several years ago."

"In 2003, Chiquita voluntarily disclosed to the Department of
Justice that its former banana-producing subsidiary had been
forced to make payments to right- and left-wing paramilitary
groups in Colombia to protect the lives of its employees.  The
company made this disclosure shortly after senior management
became aware that these groups had been designated as foreign
terrorist organizations under a U.S. statute that makes it a
crime to make payments to such organizations.  Since voluntarily
disclosing this information, Chiquita has continued to cooperate
with the DOJ's investigation," Mr. Aguirre continued.

"The payments made by the company were always motivated by our
good faith concern for the safety of our employees.
Nevertheless, we recognized - and acted upon - our legal
obligation to inform the DOJ of this admittedly difficult
situation.  The agreement reached with the DOJ is in the best
interests of the company," he added.

           Amendment of Credit Pact with Operating Unit

As reported in the Troubled Company Reporter on Mar. 14, 2007,
Chiquita and its operating subsidiary, Chiquita Brands L.L.C.,
entered into an amendment effective March 7, 2007, of their
credit agreement dated as of June 28, 2005, with a syndicate of
banks, financial institutions and other institutional lenders.

The Amendment addressed the treatment under the Credit Agreement
of a US$25 million charge for the potential settlement of a
contingent liability related to the U.S. Department of Justice's
investigation of the company in connection with payments made by
its former Colombian subsidiary.

Even without the Amendment, the company said it was in
compliance with the financial covenants under the Credit
Agreement at Dec. 31, 2006.

According to the company, the Amendment, which makes certain
adjustments in the calculation of financial covenants relating
to the charge and certain legal fees and expenses, affords the
company greater flexibility to remain in compliance with the
financial covenants under the Credit Agreement in future
periods.

              U.S. Department of Justice Probe

In a press statement dated Feb. 22, 2007, Chiquita disclosed
that in April 2003, the company's management and audit
committee, in consultation with the board of directors,
voluntarily disclosed to the U.S. Department of Justice that its
former banana-producing subsidiary in Colombia, which was sold
in June 2004, had made payments to certain groups in that
country which had been designated under United States law as
foreign terrorist organizations.

Following the voluntary disclosure, the Justice Department
undertook an investigation, including consideration by a grand
jury.  In March 2004, the Justice Department advised that, as
part of its criminal investigation, it would be evaluating the
role and conduct of the company and some of its officers in the
matter.  In September and October 2005, the company was advised
that the investigation was continuing and that the conduct of
the company and some of its officers and directors was within
the scope of the investigation.

During the fourth quarter of 2006, the company commenced
discussions with the Justice Department about the possibility of
reaching a plea agreement.  As a result of the discussions, and
in accordance with the guidelines set forth in SFAS No. 5, the
company has recorded a reserve of US$25 million in its financial
statements for the quarter and year ended Dec. 31, 2006.

The amount reflects liability for payment of a proposed
financial sanction contained in an offer of settlement made by
the company to the Justice Department.  The US$25 million would
be paid out in five equal annual installments, with interest,
beginning on the date judgment is entered.  The Justice
Department has indicated that it is prepared to accept both the
amount and the payment terms of the proposed US$25 million
sanction.

According to the company, negotiations are ongoing, and there
can be no assurance that a plea agreement will be reached or
that the financial impacts of any such agreement, if reached,
will not exceed the amounts currently accrued in the financial
statements.  Furthermore, the company said that the agreement
would not affect the scope or outcome of any continuing
investigation involving any individuals.

In the event an acceptable plea agreement between the company
and the Justice Department is not reached, the company believes
the Justice Department is likely to file charges, against which
the company would aggressively defend itself.  The company is
unable to predict the financial or other potential impacts that
would result from an indictment or conviction of the company or
any individual, or from any related litigation, including the
materiality of such events.

                   About Chiquita Brands

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc. Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.




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


* IDB Approves US$100-Million Loan to BBVA Banco
------------------------------------------------
The Inter-American Development Bank approved a US$100 million
credit guarantee facility for BBVA Banco Continental S.A. of
Peru to enhance residential mortgage backed securities.

BBVA Banco Continental is the second largest commercial bank in
Peru in terms of assets and deposits and belongs to the first
tier of financial institutions in that country.  Housing finance
constitutes a cornerstone of Continental's core business
strategy.

The project will support Continental in meeting its projected
growth for mortgage origination and in its efforts to acquire
mortgage loans from other eligible originators for
securitization.

"With this approval and the support provided by the IDB, BBVA
Banco Continental is able to take an important step forward to
assure a market based financing source and at the same time
provide a significant contribution to the development of
Peruvian capital markets," said Eduardo Avila Zaragoza,
Continental's deputy finance manager.

The guarantee facility approved by the IDB will support the
first securitization of a mortgage portfolio in Peru, thus
introducing a new source of funding for originators and a new
financial instrument for investors.

"Considering Banco Continental's leading role as mortgage lender
in Peru, its support to securitization of mortgage assets
constitutes an important guideline for future market
developments," said IDB project team leader and senior
investment officer, Daniela Carrera Marquis.  "We are pleased to
support BBVA Banco Continental with a guarantee facility that
has the flexibility to adapt to innovations over time as the
Peruvian's RMBS market evolves."

Banco Continental is the second largest commercial bank in Peru.
As of June 2006, it had total assets of US$5.8 billion and total
deposits of US$5.3 billion. It has built an extensive network
throughout the country with 219 branches, 356 ATMs and 2,924
employees.  Banco Continental has been recently assigned an
international rating of BBB for long-term local currency and
BBB- for long term foreign currency by Fitch Ratings.


* PERU: Settles Exchange & Tender Offers to Bondholders
-------------------------------------------------------
The Republic of Peru disclosed the settlement of its exchange
offers and tender offers to holders of its 9.125% U.S. Dollar-
Denominated Global Bonds due 2012 and of its Past-Due Interest
Bonds due March 2017, Front-Loaded Interest Reduction Bonds due
March 2017, Floating Rate Bonds due 2027 and the Fixed Rate
Bonds due 2027.  The Invitations expired at 3:00 P.M. (New York
City Time) on Feb. 22, 2007.

With respect to the 2012 Bonds Invitation, a total of
US$1,021,421,000 aggregate original principal amount of 2012
Bonds were accepted for cash and in exchange for Peru's reopened
8.375% U.S. Dollar-Denominated Global Bonds due 2016 and 8.75%
U.S. Dollar-Denominated Global Bonds due 2033.  The aggregate
principal amount of 2016 Bonds and 2033 Bonds issued pursuant to
the 2012 Bonds Invitation was US$832,895,000 and US$84,636,000,
respectively.

With respect to the Brady Bonds Invitation, a total of
US$1,468,188,000 aggregate original principal amount of Brady
Bonds were accepted for cash and in exchange for Peru's newly-
issued 6.55% U.S. Dollar-Denominated Global Bonds due 2037.  The
aggregate principal amount of 2037 Bonds issued pursuant to the
Brady Bonds Invitation was US$1,201,667,000.

Following the exchange offers and tender offers, the outstanding
principal amount of the 2012 Bonds is US$401,562,000 and the
aggregate outstanding principal amount of the Brady Bonds is
US$1,055,353,000.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.




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


AFC ENTERPRISES: Generates US$22.4MM Net Income in FY 2006
----------------------------------------------------------
AFC Enterprises Inc. reported results for its fiscal year 2006
which ended Dec. 31, 2006.  Fiscal 2006 results included 53
weeks compared to 52 weeks in fiscal 2005.

Fiscal year 2006 highlights included:

   -- Net income was US$22.4 million compared to US$149.6
      million in fiscal 2005 during which the company recognized
      an after-tax gain of US$158.0 million from the sale of the
      company's former Church's Chicken(R) brand.

   -- Total system-wide sales increased by 7.0 percent compared
      to 4.8 percent in fiscal 2005.

   -- Total domestic same-store sales increased 1.6 percent
      compared to 3.3 percent in fiscal 2005.  Total global
      same-store sales increased 1.1 percent compared to 2.6
      percent in fiscal 2005.

   -- Opened 142 new restaurants, an increase of more than 15
      percent compared to fiscal year 2005.

   -- Repurchased approximately 1.5 million shares of common
      stock for US$20.3 million and reduced outstanding term
      loan debt by US$59.5 million to US$130.0 million.

AFC Chief Executive Officer Kenneth Keymer stated, "Strong sales
from new restaurant openings, positive same-store sales, and
improved operations throughout our system all contributed to
better financial results in 2006.  Our efforts to build Popeyes'
brand awareness and differentiate ourselves in the marketplace
are continuing to produce results, and I would like to thank
everyone in our entire system for making 2006 a successful
year."

                 2006 Financial Performance Review

Total system-wide sales increased by 7.0 percent.  This growth
was comprised of a 6.9 percent increase in franchisee restaurant
sales to US$1.66 billion, and an 11.2 percent increase in
company-operated restaurant sales to approximately US$64.0
million after adjusting for the impact of FIN 46R.  The 53rd
week in fiscal 2006 contributed approximately 1.8 percent to
system-wide sales growth.

Total domestic same-store sales increased 1.6 percent compared
to 3.3 percent in the prior year, and total global same-store
sales increased 1.1 percent compared to 2.6 percent in the prior
year.  Company-operated same-store sales increased 9.0 percent,
primarily driven by the re-opening of the New Orleans
restaurants, which were impacted by Hurricane Katrina.

Total revenues were US$153.0 million, compared to US$143.4
million in the prior year.  The US$9.6 million increase was
comprised of approximately US$10.0 million (net of lost
franchise royalty revenue) from 13 franchised restaurants the
company acquired in the Memphis and Nashville markets in the
second quarter of 2006, approximately US$6.1 million from same-
store sales increases, a US$3.1 million increase in franchise
revenues driven by sales from new franchised restaurants, and a
US$2.5 million increase for the 53rd week.  This increase was
partially offset by a US$9.9 million reduction due to the
permanent and temporary closures of company-operated restaurants
in the New Orleans market as a result of Hurricane Katrina and a
US$1.6 million reduction due to the non-consolidation of a
franchisee entity in accordance with FIN 46R.

General and administrative expenses were consistent with
previous guidance at US$48.1 million, a US$20.6 million decrease
compared to 2005, primarily due to reductions in costs
associated with the transition of the AFC corporate center.
General and administrative expenses for fiscal 2006 included
US$3.4 million for stock option expenses and restricted stock
awards to existing employees, US$3.1 million for spice royalty
expense, and US$2.7 million for rental expense.

Operating profit was US$45.3 million, compared to an operating
loss of US$6.9 million last year.  This improvement was
primarily due to a decrease in general and administrative
expenses, and a US$25.0 million decrease in shareholder
litigation and other expenses.  The company also benefited from
a US$5.1 million increase in franchise revenue. The remaining
US$1.5 million increase was primarily related to improvements in
company operations.

Income tax expense was US$12.0 million, yielding an effective
tax rate of 35.1 percent, compared to an income tax benefit of
US$5.3 million in the prior year.  The company estimates its
effective tax rate to be 37-38 percent in fiscal 2007.

Income before discontinued operations was US$22.2 million, a
US$30.6 million increase.

Net income was US$22.4 million compared to US$149.6 million for
fiscal 2005.  This decrease in net income was primarily due to a
US$158.0 million after-tax gain recognized from the sale of the
company's former Church's Chicken(R) brand, which occurred at
the beginning of fiscal 2005.

The term loan component of the company's 2005 Credit Facility
was reduced by US$59.5 million to US$130.0 million, and the
company repurchased approximately 1.5 million shares of its
common stock for approximately US$20.3 million during fiscal
2006.  As of Feb. 25, 2007, there were approximately 29.5
million shares of the Company's common stock outstanding.

From Jan. 1, 2007, through Feb. 25, 2007, the company
repurchased 136,400 shares of common stock for approximately
US$2.4 million.  As of Feb. 25, 2007, the company had
approximately US$44.8 million remaining under its current multi-
year repurchase authorization. Under the terms of its current
credit facility, the company has the ability to repurchase up to
US$7.3 million of additional shares during fiscal year 2007.

The Popeyes system opened 142 new restaurants in fiscal 2006,
compared to 123 openings last year.  New openings included 100
restaurants domestically and 42 restaurants internationally.
The Popeyes system closed 96 restaurants, consisting of 37 units
domestically (including 3 permanent closings of company-operated
restaurants in the New Orleans market), and 59 units
internationally (of which 45 were in Korea).

On a system-wide basis, Popeyes had 1,878 units operating at the
end of fiscal 2006.  Total unit count was comprised of 1,559
domestic units and 319 international units in 24 foreign
countries and two territories.  This total unit count included
1,822 franchised and 56 company-operated restaurants, 20 of
which were in the New Orleans market.

                    Fiscal 2007 Guidance

Total domestic same-store sales guidance for fiscal 2007 remains
at 1.5- 2.5 percent.  In the first quarter, same-store sales
growth is expected to be negative and is expected to strengthen
throughout the year, as the rollover effect of hurricane markets
diminishes and the company's new products, operational
improvement efforts and promotional strategies continue to gain
traction.

Guidance for new openings remains at 165-175 restaurants, with
domestic openings comprising more than 60 percent of the total.
Excluding company-operated restaurants that remain temporarily
closed due to Hurricane Katrina, total restaurant closures are
estimated to be 70-80, with 30-40 restaurants in Korea.  Net new
openings in fiscal 2007 are expected to be in the range of 85-
105, compared to 46 net new openings in fiscal 2006.

The company also anticipates re-opening 2-3 additional
restaurants in the New Orleans market during fiscal 2007.  The
company will continue to assess the New Orleans market
conditions to determine if or when additional restaurants will
be re-opened.  The company continues to be actively engaged in
discussions with its insurance carriers to recover its hurricane
losses related to business interruption and property losses.

The company's general and administrative expenses in fiscal 2007
are expected to be consistent with previous guidance at US$48-
US$50 million, an increase over fiscal 2006 due to additional
strategic investments in marketing for national cable
advertising, and additional field support to be used for
accelerating domestic development, and improving operations and
training.

Earnings per diluted share for fiscal 2007 are projected to be
in the range of US$0.87-US$0.91, a 15-20 percent increase
compared to US$0.75 per diluted share in fiscal 2006.

Mr. Keymer concluded, "In 2007, our team will continue to
execute the strategy we have laid out over the past two years to
strengthen the Popeye's brand, improve operations throughout the
system, upgrade our imaging, enhance the guest experience, and
increase our rate of profitable unit growth.  We have made great
progress in the last couple of years, and we believe our brand
has never been stronger and better equipped to deliver greater
value to our shareholders."

Headquartered in Atlanta, Georgia, AFC Enterprises Inc. (Nasdaq:
AFCE) engages in the development, operation, and franchising of
quick-service restaurants.  Its restaurants offer food and
beverage products.  As of Dec. 25, 2005, the company operated
1,828 Popeyes restaurants in the United States, Puerto Rico,
Guam, and 24 foreign countries.  The company was founded in
1972.

At Dec. 31, 2006, the company had USUS$163.1 million in total
assets, USUS$194.3 million in total liabilities, and a
stockholders' deficit of USUS$31.2 million.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 27, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the restaurant sector, the rating
agency revised its Corporate Family Rating for AFC Enterprises
Inc. from B1 to B2.

Additionally, Moody's affirmed its B1 ratings on the company's
US$190 million Guaranteed Senior Secured Term Loan B Due 5/2011
and USUS$60 million Guaranteed Senior Secured Revolver Due May
2010.  Moody's assigned the debentures an LGD3 rating suggesting
lenders will experience a 31% loss in the event of default.


CENTENNIAL COMM: Darren Battistoni to Join Board of Directors
-------------------------------------------------------------
James R. Matthews, formerly a general partner of Welsh, Carson,
Anderson & Stowe, has resigned from Centennial Communications
Corp.'s Board of Directors upon joining Evercore Partners as Co-
Head of Private Equity.  Darren C. Battistoni has been named to
serve the remainder of Mr. Matthews' term.

Mr. Battistoni is currently a Senior Associate with Welsh,
Carson, Anderson & Stowe.  Prior to joining Welsh, Carson,
Anderson & Stowe in 2004, he was an investment-banking analyst
at Credit Suisse for two years.  He is also a director of
several private companies.

"On behalf of our management team, I would like to thank Jim for
his many years of dedication to Centennial," said Michael J.
Small, Chief Executive Officer.  "I am delighted to welcome
Darren to the Centennial family, and we look forward to his
contributions as we continue to grow our businesses."

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

                        *     *     *

As reported in the Troubled Company Reporter on July 3, 2006,
Fitch assigned Centennial Communications Corp.'s issuer default
rating at 'B-' and senior unsecured notes rating at 'CCC/RR6'.
Fitch said the rating outlook is stable.


SANTANDER BANCORP: Delays 2006 10-K Report Filing
-------------------------------------------------
Puerto Rican bank Santander BanCorp said in a press statement
that it won't be able to file its annual 2006 10-K report by the
March 16 deadline.

Business News Americas relates that Santander BanCorp expects to
file its 2006 consolidated financial statements by March 30, as
it is still completing the preparation of the document.

Santander BanCorp told BNamericas that it intends to issue its
fourth quarter 20006 earnings release together with the filing
of its 2006 form 10-K.

Santander BanCorp (NYSE: SBP) (LATIBEX: XSBP) is a publicly held
financial holding company that is traded on the New York Stock
Exchange and on Latibex (Madrid Stock Exchange).  About 91% of
the outstanding common stock of Santander BanCorp is owned by
Banco Santander Central Hispano, SA aka Santander.  The company
has four wholly owned subsidiaries -- Banco Santander Puerto
Rico, Santander Securities Corp., Santander Financial Services
and Santander Insurance Agency.

                        *     *     *

As reported in the Troubled Company Reporter on May 30, 2006,
Fitch affirmed the Individual ratings of Santander Bancorp and
Banco Santander Puerto Rico at 'C'.


STANDARD MOTOR: Reports US$169MM Net Sales in 2006 4th Quarter
--------------------------------------------------------------
Standard Motor Products Inc. reported consolidated net sales of
US$169 million for the fourth quarter ended Dec. 31, 2006,
compared with consolidated net sales of US$172.1 million during
the same period in 2005.  Losses from continuing operations for
the fourth quarter of 2006 were US$1.5 million, compared to a
loss from continuing operations of US$5.7 million in the fourth
quarter of 2005.  However, this included a loss of US$3.2
million on the divestiture of the European Temperature Control
business.

Consolidated net sales for 2006 were US$812 million, compared to
consolidated net sales of US$830.4 million in 2005.  Earnings
from continuing operations for 2006 were US$9.2 million,
compared to a loss from continuing operations of US$1.8 million
in 2005.  Excluding the US$3.2 million loss incurred from the
European Temperature Control divestiture, earnings from
continuing operations would have been US$12.4 million.

Commenting on the results, Mr. Lawrence Sills, Standard Motor
Products' Chairman and Chief Executive Officer, said, "Despite
the slight drop in sales, which was concentrated in Temperature
Control, we were pleased with the earnings improvement in 2006,
especially with the continued improvement in Engine Management
gross margin.  Our Engine Management gross margin was 25.8% in
the fourth quarter of 2006, compared with 18.7% in the fourth
quarter of 2005.  For the full year, the figures were 24.6% in
2006 versus 20.1% in 2005.  The increase resulted from
continuing operating improvements-increased manufacturing,
improved pricing, additional sourcing from low cost areas-plus
the fact that the one time costs of the Dana integration are now
substantially behind us.

"We continue to work on additional improvements.  We previously
announced our plans to close our Puerto Rico manufacturing
facility, and we recently announced our proposal to close our
Long Island City plastic molding operation.  The majority of the
combined production from both facilities will go to a new
operation in Reynosa, Mexico.  We estimate one time costs of
US$9 million, and annual savings, once the moves are complete,
of US$9 million.  We anticipate the moves will occur over the
next 18-24 months.

"We are also pleased to announce that we are gaining additional
business from original equipment (OE) and original equipment
service providers (OES).  The new business amounts to
approximately US$25 million annualized and will begin in the
second half of 2007.  The OE and OES customers are both domestic
and international based, and they will purchase electronics,
ignition and temperature control-related product lines."

                        About Standard Motor

Headquartered in Long Island City, New York, Standard Motor
Products Inc. (NYSE: SMP) -- http://smpcorp.com/-- manufactures
and distributes replacement parts for motor vehicles in the
automotive aftermarket industry.  The company supplies Engine
Management and Temperature Control parts for motor vehicles -
domestic and imported, new as well as older vehicles.  Parts are
sold throughout the U.S., Canada, Central and South America,
Europe and Asia, by traditional warehouse distributors and auto
parts stores, as well as major retail stores.

Standard Motor Products Inc has more than 20 factories and
distribution centers throughout the U.S., Puerto Rico, Canada,
Europe and the Far East.  Lawrence I. Sills, grandson of the
company's founder, is the current Chairman of the Board and
Chief Executive Officer, and John Gethin is President and Chief
Operating Officer.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 9, 2006,
Moody's Investors Service lowered the ratings for Standard Motor
Products Inc. Corporate Family Rating to B3 from B1.




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


DAIMLERCHRYSLER AG: UAW President Wants Chrysler Group Retained
---------------------------------------------------------------
The United Auto Workers President Ron Gettelfinger said
DaimlerChrysler AG' Chrysler Group should remain in the family,
various news agencies report.

"I've been around the process long enough to know that I'm not
ready to concede that the Chrysler Group is going to come out of
DaimlerChrysler," Mr. Gettelfinger told radio station WJR-AM in
Detroit in an interview.

According to reports, Mr. Gettelfinger added that he hopes that
if ever Chrysler will be sold, it will be to a car company.

Mr. Gettelfinger is a member of DaimlerChrysler's supervisory
board.  He will represent the UAW in negotiating labor contracts
with Chrysler Group, General Motors Corp, and Ford Motor Co.

                       About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER AG: Investors Want "Chrysler" Dropped from Name
---------------------------------------------------------------
DaimlerChrysler AG shareholders have recommended that the
company remove "Chrysler" from its name and revert to its old
moniker -- Daimler-Benz AG -- and reincorporate under new
European guidelines, Bloomberg News reports.

"Maintaining a corporate name that evokes associations with the
failure of the business combination with Chrysler is detrimental
to the image of the corporation and its products," shareholders
Ekkehard Wenger and Leonhard Knoll wrote in an amendment to the
agenda for the April 4 annual meeting published on the company's
Web site.

The shareholders' motion has heightened the tension between them
and the board following DaimlerChrysler CEO Dieter Zetsche's
Feb. 14, 2007, announcement that "all options are on the table"
for Chrysler, including a possible sale.  Investors have been
demanding for Chrysler's disposal since DaimlerChrysler's
inception in 1998, Bloomberg states.

In response to the motion, the company's management board said
on its Web site: "The DaimlerChrysler name is established all
over the world.  There are no grounds to change the name of the
corporation."

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


HERBALIFE LTD: Picks Vanna Lara as Venezuelan Managing Director
---------------------------------------------------------------
Herbalife Ltd. appointed Vanna Lara as managing director of
Venezuela, responsible for overall operations and the
development and leadership of staff and independent
distributors.  She will report to Tom Harms, vice president,
South America.

Herbalife began doing business in Venezuela in 1994.  It marked
the company's entrance to South America and was the 17th country
overall.  Lara was one of the original staff members.  Having
begun her career with the company in the sales order department,
she held roles of increasing responsibility, ultimately
overseeing all marketing and distributor services for both
Venezuela and Colombia, which opened in 2001.

Before joining Herbalife, Ms. Lara was employed in customer
service positions for several retail companies, as well as
working for the National Agriculture Institute in Venezuela.
She holds an M.A. in geography and an M.S. in human behavior,
both from Central University, Caracas, Venezuela.  Lara is
fluent in Spanish, English and Italian.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *    *    *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


INTERNATIONAL PAPER: L. Elsenhans Elected to Board of Directors
---------------------------------------------------------------
International Paper elected Lynn Laverty Elsenhans to its board
of directors, effective March 15.

"Lynn brings global business and manufacturing expertise to our
board," said John Faraci, International Paper's chairman and
chief executive officer.  "A senior executive at Shell, Lynn is
highly regarded within industry.  Her accomplishments and
experience around the world in a capital-intensive industry like
ours will add significant benefit to International Paper."

Ms. Elsenhans, 50, is executive vice president of global
manufacturing for Shell Downstream Inc., a business of Royal
Dutch Shell plc, one of the world's largest oil and gas
companies, where she began in 1980.  In her current role she is
responsible for Shell's refining business and chemical
manufacturing worldwide.  She has held numerous senior
positions, including president of Shell Oil Company and Country
Chair for Shell U.S., president and CEO of Shell Oil Products
U.S., president and CEO Shell Oil Products East based in
Singapore, and director of strategic planning, sustainable
development and external affairs for Shell International Limited
in London.  She earned her B.A. from Rice University in 1978 and
an M.B.A. from Harvard University in 1980. Ms. Elsenhans resides
in Houston, Texas.

Ms. Elsenhans is a trustee of Rice University and the First Tee,
serves as an overseer of the Jones Graduate School of Management
at Rice, and is on the boards of the World Golf Foundation, the
Texas Medical Center, and Central Houston, Inc.

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the US, Europe, South America and Asia.  Its
South American operations include, among others, facilities in
Argentina, Brazil, Bolivia, and Venezuela.  These businesses are
complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper Co.
on Dec. 5, 2005.


PETROLEOS DE VENEZUELA: Delays Alkylation Unit's Repair
-------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA
hasn't started the repair of an alkylation unit in the Puerto La
Cruz refinery, El Universal reports.

According to El Universal, Petroleos de Venezuela reported a
fire of "moderate intensity" in the Puerto La Cruz alkylation
facilities last week.  The fire was due to a failure in the
power head, resulting in a broken seal and leakage of the
flammable liquid.  No one was injured and the supply of fuel and
other by products were guaranteed.

A managing director of PDVSA East, Petroleos de Venezuela's
refining unit, explained to the press, "We have not delivered it
(the unit) to maintenance as far as we do not put the things at
a 100% security level (in the area)."

Some issues must first be corrected before the unit is repaired
to ensure the security of workers and the facilities, Reuters
states, citing the director.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in  Venezuela and
abroad.  The company has a commercial office in China.

                        *     *     *

As reported on Nov. 22, 2006, Fitch affirmed the local and
foreign currency Issuer Default Ratings of Petroleos de
Venezuela S.A. at 'BB-'.  Fitch has also affirmed the 'AAA(ven)'
national scale rating of the company.  Fitch said the rating
outlook is stable.


YPF SA: Parent Firm to Explore & Produce Gas in Venezuela
---------------------------------------------------------
Repsol, YPF SA's parent company, has obtained a 20-year license
from the Venezuelan the government to explore for and produce
natural gas, Venezuela's state-owned oil firm Petroleos de
Venezuela SA posted on its Web site.

According to Petroleos de Venezuela's statement, the state oil
company also awarded the same license to Teikoku Oil Co.

Petroleos de Venezuela told the Associated Press that Repsol
will have a 60% stake in a joint venture with Petroleos de
Venezuela to exploit the Quiriquire Deep gas field, which has
the potential to produce about 280 million cubic feet gas daily.

Meanwhile, Teikoku Oil will hold a 70% stake in a separate joint
venture with Petroleos de Venezuela to exploit the Copa Macoya
gas field, which has a potential of 120 million cubic feet per
day, AP says, citing Petroleos de Venezuela.

Petroleos de Venezuela explained to AP that under the accords,
Repsol and Teikoku Oil will have to invest 1% of profits from
future gas output into social projects.

                       About Teikoku

Headquartered in Tokyo, Teikoku Oil Co., Ltd. operates in two
business segments.  The Petroleum and Natural Gas-related
segment is engaged in the exploration, refining, processing,
storage, purchase, sale, transportation and development of
petroleum, natural gas and other energy resources.  This segment
is also engaged in the sale of petroleum-related equipment, such
as drilling machinery.  The Others segment is engaged in the
purchase, sale, leasing and management of real estate
properties, and the provision of insurance services,
warehousing, electricity supply and automobile transportation
services.  The company has 32 subsidiaries and nine associated
companies.

                 About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/--
is Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                       About Repsol

Repsol YPF, SA, is an integrated oil and gas company engaged in
all aspects of the petroleum business, including exploration,
development and production of crude oil and natural gas,
transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, petrochemical production
and marketing of petroleum products, petroleum derivatives,
petrochemicals and natural gas.  The company operates in four
segments: Exploration and Production, Refining and Marketing,
Chemicals, and Gas and Electricity.  Repsol YPF operates in 32
countries. On December 31, 2004, the Company acquired Falk
S.p.A. On March 31, 2005, Repsol acquired Shell Gas (L.P.G.),
S.A.  In April 2005, through Gas Natural SDG, the Company
acquired Desarrollo de Energias Renovables, SA.  On Feb. 17,
2005, it acquired an investment of 51% in Termobarrancas.  In
February 2007 Repsol discovered a major oil reserve in Libya,
which allow to double its production and reserves in the
country.

                        About YPF SA

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

                        *     *     *

Fitch Ratings assigned BB+ long-term issuer default rating on
YPF SA.  Fitch said the outlook is stable.

Moody's Investors Service assigned these ratings on YPF SA:

          -- B2 long-term foreign currency corporate family
             rating; and

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook is negative.


* VENEZUELA: Closes Mobil Cerro Negro Admin Offices for 48 Hours
----------------------------------------------------------------
Seniat, Venezuela's tax authority, has closed for 48 hours the
administrative offices of Mobil Cerro Negro, the local
subsidiary of U.S. oil major ExxonMobil, El Universal says.

Cerro Negro production, upgrading and sales will not be halted,
the same paper says, citing a statement from Seniat.

Seniat ordered for the closure of the company's offices over
alleged failure to meet procedures related to VAT.

Cerro Negro, where ExxonMobil and PDVSA hold 41%-plus and the
UK's BP (NYSE: BP) the balance, takes extra-heavy crude of API
grade 8 or heavier and transforms it into light sweet syncrude
of API 30 or more.

                        *    *    *

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


* VENEZUELA: To Form Natural Gas Producers Group with Argentina
---------------------------------------------------------------
Venezuela's President Hugo Chavez has agreed with his Argentine
counterpart, Nestor Kirchner, to create an organization of
natural gas producers called The Organization of Gas Producing
and Exporting Countries of South America or OPEGASUR, which is
based on the Organization of the Petroleum Exporting Countries,
Petroleumworld reports.

State-run oil company Petroleos de Venezuela SA said in a
statement that president Chavez and Bolivian President Evo
Morales signed a treaty in Bolivia to join OPEGASUR.

According to Petroleos de Venezuela's statement, OPEGASUR will
seek:

          -- gas sovereignty of the peoples of South America,
          -- better valuing of natural resources,
          -- interchange of technology and experiences, and
          -- industrialization of gas and joint investments in
             the energy sector.

OPEGASUR will be initially exclusive to Venezuela, Bolivia and
Argentina, Petroleos de Venezuela told Petroleumworld.

                        *     *     *

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Upcoming Meetings, Conferences and Seminars

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Event - "Judges Panel"
         Athletic Club
            Seattle, Washington
               Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, New York
            Contact: http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, Georgia
            Contact: http://www.NABT.com/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

March 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, New York
            Contact: http://www.westlegalworks.com/

March 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Cost of Government with Kevin P. Gaughan
         Buffalo Club, Buffalo, New York
            Contact: http://www.turnaround.org/

March 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Happy Hour
         TBD, St. Louis, Miss.
            Contact: 314-333-3815 or http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Automotive Conference
         Atheneum Hotel, Detroit, Mich.
            Contact: http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Event with Institute of Management Accountants -
         Role of Consultants in the Turnaround Industry
            Cherry Creek Holiday Inn, Denver, Col.

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Toot Your Own Horn - This event is for members only.
         Pronto Cena, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Reception Co-Sponsored with IWIRC
         Hartford Club, Hartford, Conn.
            Contact: 203-265-2048 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         TBA
            Contact: http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia Launch
         Melbourne Hotel, Perth, WA, Australia
            Contact: http://www.turnaround.org/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lunch Seminar
         Kansas City, Miss.
            Contact: http://www.turnaround.org/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
         Rodney Page, Senior Partner of Blue Springs Partners
            Citrus Club, Orlando, Fla.
               Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons
            Las Colinas, Dallas, Tex.
               Contact: http://www.turnaround.org/

March 28-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Four Seasons Las Colinas, Dallas, Tex.
            Contact: http://www.turnaround.org/

March 29-31, 2007
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Chapter 11 Business Reorganizations
         Scottsdale, Ariz.
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

March 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      10th Annual April Fools' Networking Cocktail Reception
         University Club, New York, New York
            Contact: 646-932-5532 or http://www.turnaround.org/

March 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Zinifex/Pasminco - What a ride?
         Ferriers, Melbourne, Australia
            Contact: http://www.turnaround.org/

April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, Fla.
            Contact: http://www.turnaround.org/

April 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Pal's Cabin, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, District of Columbia
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 4th Spring Luncheon and Founders Awards
         Washington, District of Columbia
            Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon University Club
         Jacksonville, Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, District of Columbia
            Contact: http://www.abiworld.org/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Biltmore Hotel, Phoenix, Ariz.
            Contact: http://www.turnaround.org/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Breakfast with Association for Corporate Growth
         Woodbridge Hilton, Iselin, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Personnel Issues in Bankruptcy
         University Club, Portland, Or.
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast: Program on Fraud and Forensic Investigations
         Athletic Club, Denver, Col.
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Tyson's Corner Marriott, Vienna, Virginia
            Contact: 215-657-5551 or http://www.turnaround.org/

April 19-20, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Eighth Annual Conference on Healthcare Transactions
         Successful Strategies for Mergers, Acquisitions,
            Divestitures, and Restructurings
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
         Mark Fitzgerald, President of Sales Training Institute
            Inc
               Centre Club, Tampa, Fla.
                  Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, Fla.
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, Conn.
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, Conn.
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, Conn.
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, Penn.
            Contact: http://www.ali-aba.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting - Working Effectively with
      the Media to Create Publicity for Your Business
         TBA
            Contact: http://www.turnaround.org/

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Washington University, St. Louis, Miss.
            Contact: http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
         Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 2-4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Washington University, Ariz.
            Contact: http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
            New York, New York
               Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
            New York, New York
               Contact: http://www.abiworld.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Col.
            Contact: http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, Fla.
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, Ohio
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, Wash.
            Contact: http://www.turnaround.org/

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, Miss.
            Contact: http://www.turnaround.org/

May 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Annual Golf Outing
         TBD, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt
            Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, Ariz.
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Fla.
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, South Carolina
               Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, New Jersey
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Ill.
            Contact: http://www.airacira.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, Ill.
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Biltmore Hotel, Phoenix, Ariz.
            Contact: http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Fla.
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Fla.
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Ill.
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Fla.
                  Contact: http://www.turnaround.org/

August 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

August 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Ill.
            Contact: http://www.turnaround.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Ill.
            Contact: http://www.nabt.com/

August 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Fla.
            Contact: http://www.turnaround.org/

August 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
        Gideon Putnam Resort and Spa, Saratoga Springs, New York
           Contact: http://www.turnaround.org/

September 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/

September 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Ill.
            Contact: http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Fla.
            Contact: http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Fla.
            Contact: http://www.turnaround.org/

September 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

September 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         Contact: http://www.turnaround.org/

September 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

October 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 9-10, 2007
   IWIRC
      Orlando, Fla.
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

October 10-13, 2007
   NCBJ
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Fla.
            Contact: http://www.ncbj.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachusetts
               Contact: 312-578-6900; http://www.turnaround.org/

October 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

October 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         Contact: http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Fla.
            Contact: http://www.turnaround.org/

November 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

November 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

November 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Fla.
            Contact: http://www.turnaround.org/

November 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2007
   TMA AZ Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

December 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Fla.
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Fla.

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Fla.
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachusetts
               Contact: http://www.turnaround.org/

July 31 - August 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Fla.
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Ariz.
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Ariz.
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

September 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, NV
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Ariz.
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Fla.
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
         Validation and Risk Assessment
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the
         New Code
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
         Discovery and Records Management for Bankruptcy
            Practitioners and Litigators
               Audio Conference Recording
                  Contact: 240-629-3300;
                     http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
         Risks, Latest Decisions
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/



                            ***********


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

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

Copyright 2076.  All rights reserved.  ISSN 1529-2746.

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

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

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


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