TCRLA_Public/070323.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 23, 2007, Vol. 8, Issue 59

                          Headlines

A R G E N T I N A

AGROPECUARIA SUDESTE: Claims Verification Is Until April 26
ARROW ELECTRONICS: Agilysys Owners OK KeyLink Systems Takeover
COEUR D'ALENE: Builds New Mill in Argentina to Boost Production
DISTRIBUIDORA ENERGY: Trustee Verifies Claims Until June 5
KONINKLIJKE AHOLD: Names Carl Schlicker as Giant-Carlisle CEO

PETROLEO BRASILEIRO: Argentine Energy Prices Impede Investment
VALEANT PHARMA: Peter Blott Replaces Bary Bailey as CFO

* ARGENTINA: Bolivia May Not Fulfill Gas Export Pact with Nation

B E L I Z E

* BELIZE: Sugar Quota for Euro Market Increased by 20 Percent

B E R M U D A

REFCO INC: Administrators Want Protocol on 140 Related Claims

B O L I V I A

* BOLIVIA: May be Unable to Meet Gas Export Pact with Argentina
* BOLIVIA: Seeks to Replace Private Pension System

B R A Z I L

AMRO REAL: Parent Firm Launches Merger Talks with Barclays
BANCO NACIONAL: Board Approves BRL187.3-Mil. Loan to Grupo Pao
BANCO SAFRA: Fitch Assigns BB+ Rating on US$200MM Proposed Notes
BENQ CORP: Detains Head on Alleged Insider Trading Activities
BENQ CORP: Probe Has No Immediate Impact on Ratings, TRC Says

GERDAU SA: Names Deloitte Touche as Independent Auditing Firm
ITRON INC: S&P Keeps BB- Corp. Credit Rating on CreditWatch
METSO OYJ: Supplies Handling Equipment to Bateman Africa
PETROLEO BRASILEIRO: Aims to Lead LatAm Energy Sector by 2015
PETROLEO BRASILEIRO: Joint Venture with PDVSA to Start by 2011

PETROLEO BRASILEIRO: Loses 188,000 Barrels Due to Labor Strike
TELE NORTE: Fails to Get Regulator Okay on Way Brasil Purchase
TOWER AUTO: Wants to Make Initial Payment in ERISA Settlement
TOWER AUTOMOTIVE: Wants Avoidance Actions Protocol Established
TOWER AUTOMOTIVE: Wants Deutsche Bank's 2nd Lien L/Cs Extended

TRW AUTOMOTIVE: Considers Payment on Tender Offers for Sr. Notes

C A Y M A N   I S L A N D S

HAPPY RICE: Will Hold Final Shareholders Meeting on May 31
LEAHLON HOLDINGS: To Hold Last Shareholders Meeting on April 23
MAVERICK LONG: Final Shareholders Meeting Is on May 31
NIRVANA PACIFIC: Proofs of Claim Filing Deadline Is April 27
NIRVANA PACIFIC: Sets Last Shareholders Meeting for April 27

C H I L E

FREEPORT-MCMORAN: Fitch Rates Mandatory Pref. Stock Issue at B+
GOODYEAR TIRE: Refinancing Principal Credit Facilities
REVLON CONSUMER: Dec. 31 Balance Sheet Upside-Down by US$1.22B

C O L O M B I A

GRAN TIERRA: Drills New Guayuyaco Well with Solana Resources

* COLOMBIA: Zuluaga Says Biofuel Dev. To Help End Oil Dependency
* COLOMBIA: Gov. Agencies Ink Mining Pact with Comptroller Gen'l

C O S T A   R I C A

* COSTA RICA: Recope Completes Ethanol Pilot Project

D O M I N I C A N   R E P U B L I C

AES CORPORATION: Keller Rohrback Probes Claims Against Officers
CERVECERIA NACIONAL: S&P Puts B+ Rating on US$150-Million Debt

E C U A D O R

BANCO DEL PICHINCHA: Seeks to Increase Profits by 25% in 2007
PETROECUADOR: Raises Operations & Investments Budget to US$2.65B

E L   S A L V A D O R

ALCATEL-LUCENT: Inks Submarine Cable Network Deal with EASSy

G U A T E M A L A

BRITISH AIRWAYS: EU Court Upholds EUR6.8-Mln Fine Imposed by EC

H A I T I

* HAITI: To Get 14,000 Barrels of Crude Per Day from Venezuela

H O N D U R A S

LEAR CORP: Faces Lawsuits Over US$2.31-Bln Sale to Carl Icahn

J A M A I C A

GOODYEAR TIRE: Inks Tentative Pact with United Steelworkers

M E X I C O

ADVANCE FOOD: S&P Affirms Ratings After Increasing Term Loans
ADVANCED MARKETING: Can Pay Employees Under Retention Bonus Plan
ADVANCED MARKETING: Hires Houlihan Lokey as Investment Banker
AMERICAN TOWER: Ronald M. Dykes Joins Board of Directors
AMR CORP: Dec. 31 Balance Sheet Upside-Down by US$606 Million

BEARINGPOINT INC: Lenders Extend Waiver Until March 30
DISTRIBUTED ENERGY: Losses Cue PwC to Raise Going Concern Doubt
KANSAS CITY SOUTHERN: Unit to Build San Luis Railway Terminal
SHILOH INDUSTRIES: Discloses Unfavorable Results of Litigation

N I C A R A G U A

XEROX CORP: Launches Latest Ads to Increase Consulting Services

P A N A M A

CABLE & WIRELESS: Inks MOU with CCT Global
CHIQUITA: Moody's Says Plea Agreement Won't Affect Ratings Yet

* PANAMA: Fitch Says Weak Regulations Hamper Region's Growth

P A R A G U A Y

* PARAGUAY: Pres. Says Part of Reserves to Go to South Bank

P E R U

NUTRO PRODUCTS: S&P Says Product Recall Won't Affect B- Rating

P U E R T O   R I C O

ALLIED WASTE: S&P Puts BB Rating on US$3.17B Sr. Sec. Bank Debt
FRANCISCO MENDOZA: Case Summary & 40 Largest Unsecured Creditors
GLOBAL HOME: Hires Johnson Associates as Compensation Advisor
GLOBAL HOME: Court Extends Removal Period Deadline to July 15
STANDARD MOTOR: Secures New Revolving Credit Facility

V E N E Z U E L A

PEABODY ENERGY: Creates New Positions in China Office
PETROLEOS DE VENEZUELA: JV with Petrobras to Operate by 2011
PETROLEOS DE VENEZUELA: Plant to Undergo Engineering Work

* VENEZUELA: Dominica May Reject Nation's Plant Project Offer
* VENEZUELA: Monagas Sues Foreign Firms for Tax Payment Default
* VENEZUELA: Rejects IADB's Mass Biofuel Production Proposal

* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


AGROPECUARIA SUDESTE: Claims Verification Is Until April 26
-----------------------------------------------------------
Ricardo Jorge Randrup, the court-appointed trustee for
Agropecuaria Sudeste S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until April 26, 2007.

Mr. Randrup will present the validated claims in court as
individual reports on June 11, 2007.  Buenos Aires' Civil and
Commercial Tribunal in Mar del Plata will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Agropecuaria Sudeste and its creditors.

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

A general report that contains an audit of Agropecuaria
Sudeste's accounting and banking records will be submitted in
court on July 24, 2007.

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

The debtor can be reached at:

         Agropecuaria Sudeste S.A.
         Avda Luro 8568 Mar del Plata
         Buenos Aires, Argentina

The trustee can be reached at:

         Ricardo Jorge Randrup
         Ortiz de Zarate 6450 Mar del Plata
         Buenos Aires, Argentina


ARROW ELECTRONICS: Agilysys Owners OK KeyLink Systems Takeover
--------------------------------------------------------------
Agilysys Inc. shareholders have approved the proposed sale of
KeyLink Systems Group to Arrow Electronics Inc. for US$485
million in cash.  The company also received clearance under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976.

"With the approval by the Agilysys shareholders and Hart-Scott-
Rodino clearance, we remain on schedule to close this
transaction at the end of the current quarter," said William E.
Mitchell, chairman, president, and chief executive of Arrow
Electronics.

"We are excited about the significant cross-selling
opportunities this partnership will bring to further accelerate
our growth in the global enterprise computing solutions
distribution market.  We will become the leading distributor of
enterprise products for both International Business Machines
Corporation and Hewlett-Packard Company, as well as a leading
value-added distributor of storage and software."

                  About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.   The rating
outlook is positive.


COEUR D'ALENE: Builds New Mill in Argentina to Boost Production
---------------------------------------------------------------
Coeur d'Alene Mines Corp. will construct a flotation mill at its
Martha mine in the province of Santa Cruz, Argentina, at a cost
of US$13.9 million.  The design of the mill would accommodate
annual silver production of as much as 3 million ounces.
Completion is expected by the end of the year.

The company's continued success in expanding the high-grade
reserves and resources at Martha, as well as the mine's
significant exploration upside, are key reasons for deciding to
create a standalone operation at Martha.  As previously
announced, Martha reported a 50 percent increase in proven and
probable silver mineral reserves as of the end of 2006 as
compared to 2005.

In 2006, the average grade of proven and probable silver mineral
reserves also increased, to more than 61 ounces of silver per
ton, which ranks among the world's highest silver grades.
Additionally, in 2006, the company acquired interests in four
highly prospective silver-gold exploration properties in Santa
Cruz and has budgeted more than US$4.6 million for exploration
in Santa Cruz in 2007.

The mill also will enable Martha to reduce its cash operating
cost by processing ore on site.  Currently, Martha's ore is
processed at the company's Cerro Bayo facilities in Chile.  In
2006, Martha produced approximately 2.7 million ounces of silver
and more than 3,400 ounces of gold.

Dennis E. Wheeler, Coeur's Chairman, President, and Chief
Executive Officer, said, "Not only does the mill create value
for the company, but it will provide new jobs and generate
positive economic activity in the region, where mining continues
to be of growing importance.  In addition, we are particularly
pleased and grateful to have the support of the provincial
government and federal mining authorities as we begin to move
forward with this project."

Coeur originally acquired Martha in 2002 for US$2.5 million.
Since that time, the company has mined more than 9.5 million
ounces of silver there.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The Company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poors' B- rating.


DISTRIBUIDORA ENERGY: Trustee Verifies Claims Until June 5
----------------------------------------------------------
Lia Stella Maris Alvarez, the court-appointed trustee for
Distribuidora Energy Drinks de Argentina S.A.'s reorganization
proceeding, verifies creditors' proofs of claim until
June 5, 2007.

Buenos Aires' Civil and Commercial Tribunal approved a petition
for reorganization filed by Distribuidora Energy, according to a
report from Argentine daily Infobae.

Ms. Alvarez will present the validated claims in court as
individual reports on July 7, 2007.  A court in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Distribuidora Energy and its
creditors.

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

A general report that contains an audit of Distribuidora
Energy's accounting and banking records will be submitted in
court on Sept. 12, 2007.

The informative assembly will be held on Dec. 3, 2007.
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:

          Distribuidora Energy Drinks de Argentina S.A.
          Migueletes 1717
          Buenos Aires, Argentina

The trustee can be reached at:

          Lia Stella Maris Alvarez
          Cerrito 146
          Buenos Aires, Argentina


KONINKLIJKE AHOLD: Names Carl Schlicker as Giant-Carlisle CEO
-------------------------------------------------------------
Koninklijke Ahold N.V. has appointed Carl Schlicker as new chief
executive officer of Giant-Carlisle/Tops.  He takes over from
Tony Schiano, who retired recently.

Mr. Schlicker has experience in many areas of the company --
especially marketing and sales.  In his new role, Mr. Schlicker
will be responsible for Giant Food Stores' 24,000 employees and
143 stores in four states in the U.S.A.  Mr. Schlicker will
report directly to Larry Benjamin, Chief Operating Officer of
Ahold U.S.A.

After graduating with a Business Administration degree, Mr.
Schlicker joined Pathmark Supermarkets.  During the next 11
years, he held several management positions including store
manager.

In 1986, Mr. Schlicker joined First National Supermarkets (later
Edwards Super Food Stores) as a store manager.  His assignments
included Produce Supervisor, District Manager, Director of
Operations, Director of Advertising, and Regional Vice
President.

In 1998, Mr. Schlicker transferred to Giant Food Stores as
Executive Vice President of Store Operations.  In May 2000, he
was promoted to Executive Vice President of Sales and Marketing,
with responsibility for advertising, marketing, procurement, and
category management for Giant Food Stores and Tops Markets.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                        *     *     *

As reported on Dec. 22, 2006, Standard & Poor's Ratings Services
revised its outlook on the Dutch food retailer and food service
distributor Koninklijke Ahold N.V. to positive from stable.  At
the same time, the 'BB+/B' long- and short-term corporate credit
ratings were affirmed.

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


PETROLEO BRASILEIRO: Argentine Energy Prices Impede Investment
--------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA told
Reuters that energy prices in Argentina hamper investment in the
sector, as they don't reflect scarcity of products like oil
derivatives and natural gas.

Reuters relates that Petroleo Brasileiro Chief Executive Jose
Sergio Gabrielli called for changes in Argentina's pricing
system.

The Argentine government has "de facto" control over energy
prices, the report says.

According to Reuters, most of Petroleo Brasileiro's foreign
production comes from Argentina, where it is actively operating
Petrobras Energia after acquiring Perez Companc in 2003.

Mr. Gabrielli told Reuters, "We believe that the price system is
not a system that could stimulate much investment.  We believe
that there is a need for some changes in the sector, especially
in the area of derivatives and also natural gas so that they can
convey more adequately signals of relative scarcity of these
products."

Petroleo Brasileiro was worried on the decreasing oil and
natural gas reserves in Argentina, which called for additional
investment, Reuters notes, citing Mr. Gabrielli.

Energy analysts confirmed to Reuters the shortage of gas and
electricity in Argentina, as supply didn't rise as much as the
robust economic growth of the past few years.

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.


VALEANT PHARMA: Peter Blott Replaces Bary Bailey as CFO
-------------------------------------------------------
Valeant Pharmaceuticals International reported the resignation
of its chief financial officer, Bary G. Bailey.  Mr. Bailey
joined the company in 2002 to work on its restructuring after
the removal of the former management team.  Consistent with
succession planning discussions with the board of directors,
Peter J. Blott, ACA, the company's group financial controller,
has been appointed chief financial officer.  Mr. Bailey will
remain with the company through May 31, 2007, to assist with
transition matters.

Timothy C. Tyson, president and chief executive officer, said,
"On behalf of the board of directors and the Valeant management
team, I want to thank Bary for his outstanding contributions to
the company over the past four years.  He has guided us through
some very complex financial issues and we will all miss his
leadership and counsel.  We wish Bary well in his future
endeavors.  At the same time, we are very excited to appoint
Peter to this critical role.  I have known Peter for many years
and his financial expertise and industry background will serve
the company well now and into the future."

Mr. Blott is a member of the Valeant management team and has
worked closely with Messrs. Bailey and Tyson and the board of
directors since joining the company in 2003.  He currently
oversees all group financial information, including
consolidation and financial reporting, operations finance,
accounting shared services, and all planning, budgeting and
forecasting activities.  Prior to joining Valeant, Mr. Blott
held several senior finance positions for Otsuka Pharmaceuticals
Europe Ltd. and GlaxoSmithKline.  Mr. Blott began his career at
PriceWaterhouseCoopers in London where he qualified as a
Chartered Accountant.  He graduated with a BA (Hons) in
Economics and Law from the University of Newcastle-upon-Tyne.

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/is a
research-based specialty pharmaceutical company that discovers,
develops, manufactures and markets products primarily in the
areas of neurology, infectious disease and dermatology.  The
company has offices in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2007, Standard & Poor's affirmed its ratings on Costa
Mesa, California-based Valeant Pharmaceuticals International,
including the 'B+' corporate credit rating.  The ratings were
removed from CreditWatch, where they were placed with negative
implications Oct. 24, 2006, to reflect the ongoing uncertainty
at that time regarding the company's inability to file its Form
10-Q for the third quarter and the possibility that all of its
debt obligations would have been accelerated.


* ARGENTINA: Bolivia May Not Fulfill Gas Export Pact with Nation
----------------------------------------------------------------
Bolivia is at risk of not fulfilling its gas export accord with
Argentina due to delays in finalizing the 44 contracts signed
with oil companies, Manuel Morales Olivera, Bolivian state-owned
oil firm Yacimientos Petroliferos Fiscales de Bolivia's head,
told government news agency Agencia Boliviana de Informacion.

As reported in the Troubled Company Reporter-Latin America on
Feb. 6, 2007, Yacimientos Petroliferos said that the 44
contracts it signed in October 2006 with 12 oil companies as
part of President Evo Morales' nationalization plan will not
come into effect until adequate technical/legal conditions can
be guaranteed.  Yacimientos Petroliferos said that it must sign
the contracts with the legal representatives from each company.
The contracts must also be notarized.

Business News Americas relates that Yacimientos Petroliferos and
its Argentina counterpart Enarsa signed an accord in October to
increase gas export volumes from 4.5 million cubic meters per
day to:

       -- 7.7 million cubic meters per day in 2007,
       -- 16 million cubic meters per day for 2008 and 2009, and
       -- 27.7 million cubic meters per day from 2010 to 2026.

Mr. Olivera told BNamericas that the delay puts the investment
process at risk.  As a result, it makes gas supply to Argentina
in 2010 and 2011 uncertain.

The Bolivian senate is still studying the "short law," which
would correct 15 flawed contracts.  Once ratified, the 44
contracts would have to pass through the Bolivia's lower and
upper houses, BNamericas states.

                        *     *     *

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 L I Z E
===========


* BELIZE: Sugar Quota for Euro Market Increased by 20 Percent
-------------------------------------------------------------
Belize's sugar supply quota to the European market has been
increased by about 8,000 tons or 20%.  The increase came as a
result of St. Kitts cessation of production, the Caribbean
PressReleases.com reports.

At a Special Meeting of Ministers of the African Caribbean and
Pacific countries, the member-nations decided to reallocate the
quota equally between Belize and Guyana.

Belize is happy with the decision.

"This decision is the culmination of a year long struggle to
persuade the ACP countries that having on several previous
occasions ceded quota shortfalls to their African colleagues the
CARICOM nations had to keep this vital access within the newly
established Caribbean Single Market. The final agreement was a
welcome expression of solidarity amongst ACP sugar producers and
halts a growing transfer from the Caribbean of long standing
commodity trading benefits," Belize's Hon. Eamon Courtenay said.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2007, Standard & Poor's Ratings Services raised its
long- and short-term foreign currency sovereign credit ratings
on Belize to 'B' from 'SD' following the completion of the
government's debt restructuring.  At the same time, Standard &
Poor's raised its long-term local currency sovereign credit
rating on Belize to 'B' from 'CCC+' and its short-term local
currency sovereign rating to 'B' from 'C'.  The outlooks on both
the long-term foreign and local currency sovereign credit
ratings are stable.  Standard & Poor's also assigned its 'B'
rating to Belize's new US$546.8 million step-up bonds due
Feb. 20, 2029, issued at the conclusion of the debt exchange.
These bonds bear the interest of 4.25% for the first three
years, 6% for years four to five, and 8.5% thereafter, and start
amortizing in 2019.




=============
B E R M U D A
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REFCO INC: Administrators Want Protocol on 140 Related Claims
-------------------------------------------------------------
RJM, LLC, the duly appointed administrator of Refco, Inc.'s
Chapter 11 case, and Marc S. Kirschner, the duly appointed
administrator and Chapter 11 Trustee of Refco Capital Markets,
Ltd.'s estate, ask the U.S. Bankruptcy Court for the Southern
District of New York to treat approximately 140 claims as
Related Claims in accordance with the Plan.

The Plan Administrators assumed the rights, powers, and duties
of the Reorganized Debtors and RCM upon the Plan Effective Date.

Under the Reorganized Debtors' chapter 11 Plan, a creditor is
entitled to recover on its claim from its primary debtor
obligor.  Other claims arising from the same facts, transactions
or occurrences giving rise to the creditor's claim are deemed
"Related Claims" and are subordinated under the Plan.  The
claimholders are not entitled to a distribution on account of
those claims unless and until all Allowed General Unsecured
Claims against the applicable Reorganized Debtor or RCM, have
been paid in full.

After reviewing the Reorganized Debtors' books and records, the
Plan Administrators have identified approximately 140 Related
Claims, with underlying claims asserted against each claimant's
primary obligor.

The Related Claims include:

                                Primary            Related
  Claimant                Case No. Claim No.  Case No. Claim No.
  --------                -------- ---------  -------- ---------
  Alternative Investments    018      9198     262       9172
  Fund, Ltd.

  Banesco Holding CA         018     10125     023      10546

  Fimex International        018      5750     029       9288
  Limited

  IDS Managed Fund LLC       018      9352     261      14417

  Lebo Capital               018     12289     262      12261
  Management LLC

  NBK Investment, Ltd.       018     10221     262      10194

  Nikko Futures Fund         018     10015     020      10017

  Reserve Invest             018     11392     006      11391
  (Cyprus) Limited

  Rietumu Banka              018     11383     027      11380

  RPM Risk & Portfolio       018      9568     007       9561
  Management AB

  TAU 28 Fund Ltd.           018      9420     023       9404

A complete list of the Related Claims is available at no charge
at http://ResearchArchives.com/t/s?1bc1

Mark W. Deveno, Esq., at Bingham McCutchen LLP, in New York,
asserts that proper treatment of the Related Claims is necessary
to ensure that distributions are properly calculated within the
terms of the Plan.

                       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. 59; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)




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


* BOLIVIA: May be Unable to Meet Gas Export Pact with Argentina
---------------------------------------------------------------
Manuel Morales Olivera, Bolivian state-owned oil firm
Yacimientos Petroliferos Fiscales de Bolivia's head, told
government news agency Agencia Boliviana de Informacion that
Bolivia is at risk of not fulfilling its gas export accord with
Argentina due to delays in finalizing the 44 contracts signed
with oil companies.

As reported in the Troubled Company Reporter-Latin America on
Feb. 6, 2007, Yacimientos Petroliferos said that the 44
contracts it signed in October 2006 with 12 oil companies as
part of President Evo Morales' nationalization plan will not
come into effect until adequate technical/legal conditions can
be guaranteed.  Yacimientos Petroliferos said that it must sign
the contracts with the legal representatives from each company.
The contracts must also be notarized.

Business News Americas relates that Yacimientos Petroliferos and
its Argentina counterpart Enarsa signed an accord in October to
increase gas export volumes from 4.5 million cubic meters per
day to:

       -- 7.7 million cubic meters per day in 2007,
       -- 16 million cubic meters per day for 2008 and 2009, and
       -- 27.7 million cubic meters per day from 2010 to 2026.

Mr. Olivera told BNamericas that the delay puts the investment
process at risk.  As a result, it makes gas supply to Argentina
in 2010 and 2011 uncertain.

The Bolivian senate is still studying the "short law," which
would correct 15 flawed contracts.  Once ratified, the 44
contracts would have to pass through the Bolivia's lower and
upper houses, BNamericas states.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

   Country Ceiling    B-       Jun. 17, 2004
   Long Term IDR      B-       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     B-       Dec. 14, 2005


* BOLIVIA: Seeks to Replace Private Pension System
--------------------------------------------------
A draft bill for pension reform, which proposes the replacement
of Bolivia's private pension system with a new state-run scheme,
will be presented to President Evo Morales next week, local
daily Los Tiempos reports.

Los Tiempos underscores that a pension reform commission is
preparing the draft bill.

Business News Americas relates that Bolivia had a "pay-as-you-
go" pension system until a private "defined-contribution" system
was adopted in 1996.  The private system has two pension fund
managers:

          -- BBVA Prevision, owned by Spain's BBVA; and
          -- Futuro de Bolivia, owned by Swiss group Zurich.

Statistics from pension, securities and insurance watchdog SPVS
indicated that the pension fund managers reported BOB18.5
billion in assets under management in January 2006, BNamericas
states.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

   Country Ceiling    B-       Jun. 17, 2004
   Long Term IDR      B-       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     B-       Dec. 14, 2005




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


AMRO REAL: Parent Firm Launches Merger Talks with Barclays
----------------------------------------------------------
ABN Amro, Brazilian Banco ABN Amro Real's Dutch parent, has
launched merger negotiations with Barclays Plc, Business News
Americas reports.

According to BNamericas, analysts differ as to what Barclays
will do with Amro Real if it eventually acquires ABN Amro.

Rodrigo Margela, an investment analyst at ARX Capital
Management, told BNamericas, "Barclays is interested in entering
emerging markets as they've shown in India.  All signs point to
Barclays holding on to ABN Amro Real."

However, Mr. Margela said that Banco Itau Holding Financeira
will be the likely buyer if Barclays decides to sell Amro Real,
BNamericas notes.  He said that Banco Itau wants more exposure
to corporate and consumer lending.

HSBC or Spain's Santander would also be interested in acquiring
ABN Amro to boost exposure in the local market.  HSBC would
double the size of retail operations in Brazil, probably rising
to third in terms of total assets, BNamericas says, citing Mr.
Margela.

Mr. Margela told BNamericas that if negotiations between
Barclays and ABN Amro fail, the latter could sell off units
outside Europe to boost shareholder value, attracting interest
from:

          -- Banco Itau,
          -- Banco Bradesco,
          -- HSBC, and
          -- Santander.

ABN Amro Real would be a key asset in the consolidation of the
Brazilian financial market, BNamericas notes, citing Mr.
Margela.

Mr. Margela told BNamericas, "However, everybody said Bank of
America [BofA; NYSE: BAC] would sell [BankBoston Brasil] right
away when it bought FleetBoston, but it took them a couple of
years to decide.  At the end of the day, maybe Barclays will
sell [ABN Amro Real], but it doesn't look like it."

Celso Boin, an investment strategist at brokerage Link Corretora
commented to BNamericas that if Barclays establishes retail
operations in Brazil, competition will increase in the local
banking sector.  However, if Barclays decides to sell, the
sector will see more consolidation and less competition.

"Acquisitions in Brazil are worth more and more each time.
Maybe Barclays could negotiate a good price," Mr. Boin told
BNamericas.

For Mr. Boin, Banco Bradesco would be the most likely buyer if
Barclays decides to sell Amro Real, BNamericas says.  He stated
that with interest rates falling, banks want to increase their
credit portfolios and ABN Amro Real would be very interesting.

BNamericas emphasizes that Banco Bradesco would also like to
increase its exposure among higher-income customers like Amro
Real account holders, especially after Banco Itau acquired
BankBoston Brasil in May 2006.

"That's another motive for Bradesco to be more aggressive.
They're interested in the segment and that's why they bought
Amex operations in Brazil last year [for US$490 million]," Mr.
Boin told BNamericas.

However, Mr. Boin thought that it was less likely HSBC or
Santander would want to purchase Amro Real, according to
BNamericas.

Mr. Boin explained to BNamericas that competition in the
European and Asian markets are tight.

Banco Safra analyst Victor Martins told BNamericas that there
could be some "overlap" if a local bank bought Amro Real.

Meanwhile, Fitch Ratings reports that Barclays could find ABN
Amro's Brazilian operations attractive.  However, the
acquisition talks had no immediate impact on either bank's
ratings.

ABN Amro Real specializes in commercial banking, capital
markets, corporate banking, asset management, and trade finance.
Its more than 22,000 employees assist over five million clients
throughout five thousand different points of sales.  In 1999,
the bank merged with Brazil's Banco Real.  The regional office
for Latin America and the Caribbean is located in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept 4, 2006, Moody's Investors Service upgraded Banco ABN AMRO
Real S.A.'s long-term foreign currency deposits to Ba3, from B1.
Moody's said the rating outlook is stable.


BANCO NACIONAL: Board Approves BRL187.3-Mil. Loan to Grupo Pao
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
Board of Directors approved a BRL187.3 million financing to
Companhia Brasileira de Distribuicao -- CBD -- Grupo Pao de
Acucar.  The resources are directed to the expansion and
modernization of its store network, in several states of Brazil,
some of which already in its course.  The objective is to open
15 stores and repair 122 others, which backs up the generation
forecast of 2 thousand direct jobs and 3.2 thousand indirect
ones.

BNDES's support equals to 47% of the total investments, which
amounts to BRL398.7 million.  The new stores are located in the
States of Sao Paulo, Rio de Janeiro, Federal District,
Pernambuco and Piaui.  The repairs will result in layout
improvements and innovations, change in the facades and floors,
sales area resizing and equipment modernization.

CBD began its operations in 1948, in Sao Paulo, with Doceira Pao
de Acucar - -Pao de Acucar Pastry Shop -- controlled by the
Diniz Family and, in 1959, opened its first supermarket. In
1995, the company opened its capital, with simultaneous share
placement in Brazil, United States and Europe.  In 1997, it
became the fourth Brazilian company and the first in the
Brazilian retail sector with negotiable shares at the New York
Stock Market.  In 1999, the French group Casino became a
minority partner of the company.

In 2004, it executed a joint venture with Banco Itau, in order
to operate in the structuring and commercialization of financial
products and services for CBD's clients.  The corporate
restructuring, which resulted in the sharing of the corporate
control between AbĦlio Diniz (50%) and the Casino Group (50%)
through its current holding Wilkes, occurred in 2005.  In that
year, the group reached gross revenue of BRL16.1 billion,
becoming the biggest supermarket's network in Brazil.

Since 2004, BNDES has already financed BRL1 billion, through its
Department of Commerce, Services and Tourism.  For this year, it
is expected to reach BRL700 million, which would lead the
disbursements to almost BRL2 billion in four years.  The
information comprehends the support given by BNDES to the retail
network (supermarket, department stores, malls, bookstores,
drugstores, fuel commerce and vehicle-related products).  The
contemplated sectors are tourism, services, publishing companies
and print shops.

This department's project portfolio is currently composed of 77
contracted operations, which amount to BRL2.47 billion, and 24
other operations in analysis, amounting BRL2.78 billion.

                         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 SAFRA: Fitch Assigns BB+ Rating on US$200MM Proposed Notes
----------------------------------------------------------------
Fitch has assigned an expected local currency rating of 'BB+' to
the proposed unsecured and unsubordinated issuance of Banco
Safra S.A., acting through its Cayman Branch, of the Brazilian
Real or BRL equivalent to US$200 million due in 2017.

The notes are payable in US dollars and will rank pari passu
with Banco Safra's other senior unsecured external debt
obligations; principal will be due at maturity, with interest
payable semi-annually.  The issuance is made under the bank's
US$3 billion global medium-term note program.  While the notes
are payable in US dollars, the notes will carry a local currency
rating as the issue is an amount fixed at the BRL equivalent of
US$200 million on issue date, with repayment of principal and
interest based on that amount and the dollar amount to be paid
at each payment date determined by the BRL/US$ exchange rate
then in effect, transferring the potential exchange risk to the
noteholders.  In addition, should the issuer not be able to
obtain dollars due to the imposition of foreign exchange
constraints, noteholders may opt to receive payment in BRL; if
noteholders decide to receive payment in foreign currency in the
case of foreign exchange constraints being imposed, the
resulting delay in receiving payment will not constitute an
event of default.

The rating reflects Banco Safra's Issuer Default Rating of
'BB+', based on its capacity to successfully anticipate and
adapt to market changes and the volatility of the Brazilian
economy.  Fitch notes the bank's nimble management, solid
knowledge of its borrowers, and unusually good controls on
collateral flows.  Banco Safra's foreign currency IDR is at
Brazil's Country Ceiling.  The banks's local currency IDR is
higher than Brazil's sovereign rating ('BB'), reflecting Safra's
consistent performance and balance sheet strength and management
capacity.  These qualities, which are taken into account in the
bank's Individual rating of 'C', have allowed Safra to
successfully manage through often-turbulent economic cycles.

Banco Safra is wholly controlled by Joseph Safra, following the
agreement, officially signed and approved by the Central Bank of
Brazil in 2006, with his brother Moise Safra.  The bank and its
subsidiaries rank among the 10 largest banks in Brazil in terms
of total assets as at Dec. 31, 2006, and are engaged in a broad
range of commercial and corporate banking activities.  The full
branch in the Cayman Islands opened in May 1996 and is currently
focused in the business of providing trade financing services in
US Dollars and other currencies for the bank's corporate banking
customers and functions as a funding vehicle for the bank in the
international capital markets.

At Dec. 31, 2006, the Banco Safra had total assets of
approximately BRL55,390 million, total deposits of approximately
BRL10,892 million and stockholders' equity of approximately
BRL3,803 million, operating through a relatively small retail
network of 92 full service branches, primarily concentrated in
the City and State of Sao Paulo, as well as through 20 special
detached mini branches located on site in the offices of the
Bank's principal customers.

The expected rating was based on preliminary information
provided by the issuer.  The rating assignment will be based on
the analysis of the final documents to be provided by the issuer
and might differ from the expected rating.

Banco Safra S.A. is a notable and respected player in the
Brazilian and international banking sector, ranking sixth among
the country's largest private sector financial institutions in
terms of total assets.  The Bank is part of the larger Safra
Group of banks and financial institutions.

A full-service commercial bank, the company operates in all
areas of the financial sector.  Outside Brazil, the bank offers
its large customer base a broad selection of international
services.  Through its major Brazilian subsidiaries, Safra
Leasing, Safra Seguros S. A., Safra Distribuidora de Titulos e
Valores Mobiliarios and Safra Corretora de Valores e Cambio
Ltda., the bank's activities extend beyond traditional lending
operations to leasing, securities underwriting, investment fund
management, brokerage and insurance operations.  The bank is
also active in trade finance, asset management and treasury
operations.


BENQ CORP: Detains Head on Alleged Insider Trading Activities
-------------------------------------------------------------
Taiwanese prosecutors raided BenQ's headquarter in Neihu and a
factory in Taoyuan and detained its chief financial officer Eric
Yu over alleged involvement in insider trading activities,
various reports say.

Taoyuan District Prosecutors' Office spokesman John Chang
confirmed that it was Mr. Yu who was detained by the authorities
after the raid, Taipei Times relates.

Mr. Yu could be detained for up to four months before being
charged, in accordance with Taiwan's legal system, the Times
says.

Prosecutors also questioned former Chief Financial Officer Alex
Liou and Accounting Manager Billy Liu, on their suspected
involvement in the scandal.  Both were released on bail.  Mr.
Liou's bail was NT$5 million while Mr. Liu's bail was NT$2
million, BenQ said in a statement.

Bloomberg News, in a telephone interview with Chang Chin-fung,
deputy prosecutor of the Taoyuan District Court, relates that
the allegations involve some employees who benefited from BenQ's
stock trading around March 2006, just before BenQ posted a
fourth quarter loss.

China Post adds that it is believed BenQ executives sold large
amounts of company shares ahead of the company's announcement of
huge losses incurred from its takeover of Siemens's handset
division.

"We have yet to find out whether those shares were owned by
those persons or by the company," Mr. Chang said, noting that
BenQ Chairman K.Y. Lee is not being investigated.

In an internal e-mail, BenQ said that the probe would not
significantly affect its operations, Taipei Times says.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
It has  operations in Brazil.

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

                        *     *     *

As reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned
its long-term twBB+ and short-term twB corporate credit ratings
to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BENQ CORP: Probe Has No Immediate Impact on Ratings, TRC Says
-------------------------------------------------------------
On March 14, 2007, Taiwan Ratings Corp. said that its ratings on
BenQ Corp. -- (twBB+/Negative/twB)-- are not immediately
affected by the current investigation by Taiwan's prosecutors
into alleged insider trading by some of the company's employees.

The prosecutors took action on March 13, 2007, to search for
evidence related to the alleged insider trading.  The
allegations involve some employees making profits from BenQ's
stock trading in March 2006, just before the company posted a
loss of NT$6 billion for the fourth quarter of 2005, which was
derived from its acquisition of German-based Siemens AG's money-
losing handset division in June 2005.

Taiwan Ratings views the alleged insider trading to have no
immediate impact on the company's business operations, as the
probe is not expected to change the company's fundamentals.
Nevertheless, the incident raises concerns over BenQ's internal
controls.  Taiwan Ratings will monitor the progress of the
investigations, as well as the company's operating performance.


GERDAU SA: Names Deloitte Touche as Independent Auditing Firm
--------------------------------------------------------------
Gerdau SA said in a statement that it has appointed Deloitte
Touche Tohmatsu Auditores Independentes as its new independent
auditing company.

Gerdau needed to choose a new auditor to abide by requirements
from Brazilian securities regulator Comissao de Valores
Mobiliarios, Business News Americas reports.

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

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB' corporate credit rating, on Tampa, Fla.-based Gerdau
Ameristeel Corp. on CreditWatch with positive implications.


ITRON INC: S&P Keeps BB- Corp. Credit Rating on CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services keeps Itron Inc.'s ratings on
CreditWatch with negative implications, including the 'BB-'
corporate credit rating.  The ratings were placed on CreditWatch
on Feb. 26, 2007, following the announcement that the company
would purchase Luxembourg-based meter manufacturer Actaris
Metering for more than US$1.6 billion.  Standard & Poor's will
resolve the CreditWatch listing upon completion of the
acquisition (the deal is expected to close by the second quarter
of 2007).  If it is completed as planned, the corporate credit
rating on Itron would be lowered to 'B+'.  The outlook would be
stable.

At the same time, Standard & Poor's assigned its loan and
recovery ratings to Itron's proposed US$1.1 billion senior
secured first-lien credit facilities, based on preliminary terms
and conditions.  The credit facilities were rated 'B+' with a
recovery rating of '3', indicating Standard & Poor's expectation
for a meaningful recovery of principal by lenders (50%-80%) in
the event of a default.  The facilities will be used along with
cash balances (partially derived from a US$345 million
convertible note offering and a US$235 million issuance of
equity) to fund the acquisition.

Standard & Poor's will withdraw its rating on the company's
existing US$55 million revolving credit facility upon the
closing of the new facilities.

Itron Inc. (NASDAQ:ITRI)  -- http://www.itron.com/-- is a
technology provider and critical source of knowledge to the
global energy and water industries.  Nearly 3,000 utilities
worldwide rely on Itron technology to provide the knowledge they
require to optimize the delivery and use of energy and water.
Itron creates value for its clients by providing industry-
leading solutions for electricity metering; meter data
collection; energy information management; demand response; load
forecasting, analysis and consulting services; distribution
system design and optimization; web-based workforce automation;
and enterprise and residential energy management.  Effective
April 2006, Itron has acquired Brazil's ELO Tecnologia.  Itron
Tecnologia has offices and a manufacturing assembly facility in
Campinas, Sao Paulo, Brazil and offices in Santiago, Chile.


METSO OYJ: Supplies Handling Equipment to Bateman Africa
--------------------------------------------------------
Metso Minerals, a division of Metso Oyj, will supply bulk
materials handling equipment to Bateman Africa (Pty) Ltd. for
Richards Bay Coal Terminal (RBCT) situated on the east coast of
South Africa.

The delivery, installation and commissioning will be completed
by the first quarter of 2009.  The value of the order is around
EUR17 million.

The order comprises a twin-cell rotary railcar dumper system and
a stacker reclaimer.  The railcar dumper rotates two railcars at
a time and will be capable of unloading trains at the rate of 65
railcars per hour.  The stacker reclaimer has a 60-meter boom
outreach with an average reclaim rate of 4,500 tons per hour and
a stacking rate of 6,000 tons per hour.  The order also
comprises commissioning and installation services.

Metso's supply is part of the overall solution for the expansion
of the terminal.  Once the expansion is completed, the terminal
annual throughput capacity will increase from 72 million tons to
91 million tons.

Bateman Africa is the main contractor for engineering,
procurement and construction (EPC) for the RBCT phase V
expansion project.  RBCT is the largest single export coal
terminal in the world and it employs around 500 permanent
people.

                        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.


PETROLEO BRASILEIRO: Aims to Lead LatAm Energy Sector by 2015
-------------------------------------------------------------
Brazil's state-owned oil firm Petroleo Brasileiro SA Chief
Executive Officer Jose Gabrielli told news magazine Carta
Capital that the company aims to become the leading energy firm
in Latin America by 2015.

Mr. Gabrielli told Business News Americas that Petroleo
Brasileiro is competing against Venezuelan counterpart Petroleos
de Venezuela and Mexican counterpart Pemex.

BNamericas relates that Petroleo Brasileiro wants to boost
output at home and abroad to over 4.5 million barrels of oil
equivalent per day by 2015 from the current 2 million barrels of
oil equivalent per day.

Petroleo Brasileiro's corporate governance is solid, BNamericas
notes, citing Mr. Gabrielli.  He said that no government does
whatever it wants with Petroleo Brasileiro, as the company is
separate from the government.  It has its own budget.  The board
members, except for the chairperson, are chosen at a
shareholders' assembly and subject to rules of securities
regulator Comissao de Valores Mobiliarios.

Mr. Gabrielli reiterated to Carta Capital Petroleo Brasileiro's
strategy to:

         -- continue expanding domestic oil and gas output,

         -- expand the gas pipeline network to 10,000 kilometers
            from 6,000 kilometers, and

         -- increase the firm's fleet renewal program to 42 new
            ships by 2011.

According to BNamericas, Mr. Gabrielli also played down the
effect of recent changes in Bolivia and a new accord reached on
imported gas prices.

"Bolivia is seen by the market as a very small thing for
Petrobras [Petroleo Brasileiro].  Bolivia is important to Brazil
because 50% of the gas [Brazilians] consume comes from there,"
Mr. Gabrielli told BNamericas.

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.


PETROLEO BRASILEIRO: Joint Venture with PDVSA to Start by 2011
--------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA Chief
Executive Officer Sergio Gabrielli told radio network CBN that
the firm's joint refinery with Venezuelan counterpart Petroleos
de Venezuela SA aka PDVSA will start operations by 2011.

Works on the plant are within the schedule, CBN notes, citing
Mr. Gabrielli.  He said that the Petroleo Brasileiro and PDVSA
are considering the possibility of advancing the commissioning a
little bit.

The facilities, which are in Northeast Brazil, could then begin
operations well in advance, Business News Americas relates.

However, Mr. Gabrielli told the Associated Press that no final
decision has been made yet.

The plant will process 200,000 barrels per day, with 100,000
from each country, BNamericas states, citing Petroleo Brasileiro
Provision and Refining head Paulo Roberto Costa.

                 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 Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, 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.


PETROLEO BRASILEIRO: Loses 188,000 Barrels Due to Labor Strike
--------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras has lost 188,000 barrels of
oil after production has stopped due to labor strikes in
Ecuador's Orellana province in the Amazon, Business News
Americas reports.

The workers, with close residence in Petrobras' block 18 in the
Amazon region, alleged that the company ignored their demands to
raise salaries and limit environmental damage.

BNamericas states that the government of Ecuador failed to end
the protests.  The government owned more than 50% of the lost
production.

Reports show that Petrobras has been complying with community
investment plans approved by the local authorities.

                  About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, 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.


TELE NORTE: Fails to Get Regulator Okay on Way Brasil Purchase
--------------------------------------------------------------
Oi fka Tele Note Leste Participacoes said in a statement that
telecoms regulator Anatel rejected the firm's planned
acquisition of television company Way Brasil.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Tele Norte's purchase of Way Brasil was still
waiting for Anatel's approval.  Tele Norte, through its mobile
phone unit Oi, acquired the cable television firm at an auction
for BRL132 million.  Tele Norte Chief Executive Officer Luiz
Falco said that the authorization of Way TV already took a long
time.  The acquisition was totally legal from a regulatory
perspective as Tele Norte was the sole bidder in a public
auction.

Business News Americas relates that Anatel established that Oi
would breach its fixed line telecoms concession contract if it
offered cable television services in its own region.

Oi aimed to get a cable television license by acquiring Way TV,
as part of its plan to compete in the triple play services
market, BNamericas notes.

Andre Roche, a telecoms analyst with brokerage Unibanco
Corretora told BNamericas that the regulator's decision doesn't
have a major impact on Oi's financial results, as cable is still
a small part of its business.  However, he said that it has an
impact on Oi's future strategy.  Oi may ask Anatel to review its
decision or go to court to reverse the decision.

Anatel's ruling is in line with the telecoms law, which
prohibits telecoms operators to offer cable television in their
own regions, BNamericas says, citing Mr. Roche.

Alain Riviare, Oi's regulatory affairs director, said during an
earnings conference call earlier this month that if Anatel
rejected the acquisition of Way TV, Oi would offer triple play
through a partnership with a cable television provider.

"We have a plan A, which is to have a cable TV license, while
plan B will be to offer triple play via satellite and radio...
This can be done via a partnership or through our own license as
Telefonica has done," Mr. Riviare told BNamericas.

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

The Troubled Company Reporter-Latin America reported on
March 6, 2007, Tele Norte said that it would unify its fixed,
mobile, Internet and entertainment services under the Oi brand.
Tele Norte's fixed line segment would be called Oi Fixo, while
the Internet service Velox would be renamed Oi Velox.  The
integration would be gradually adopted through August 2007.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Brazil-based telecom service
providers Tele Norte Leste Participacoes SA and Telemar Norte
Leste SA, jointly referred to as Telemar, to 'BB+' from 'BB'.
At the same time, Standard and Poor's revised its ratings on the
combined BRL300 million outstanding local debentures of Telemar
Participacoes SA in Brazil National Scale to 'brAA-' from
'brA+', and assigned o 'brAA-' rating to TmarPart's proposed
five-year BRL$250 million debentures.


TOWER AUTO: Wants to Make Initial Payment in ERISA Settlement
-------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates seek permission
from the Honorable Allen L. Gropper of the U.S. Bankruptcy Court
for the Southern District of New York to make a US$2 million
provisional settlement payment as part of a settlement of an
Employee Retirement Income Security Act Class Action.

The Debtors previously obtained approval from Judge Gropper to
advance up to an aggregate of US$1,500,000 in legal defense
fees, costs and related expenses incurred by the Debtors'
current and former officers, directors and employees to defend
alleged violations of the Employee Retirement Income Security
Act Class Action.

The Debtors maintain that resolution of the ERISA Litigation is
an important aspect of their efforts to reorganize.

The Debtors and the individual defendants have been negotiating
a settlement of the Class Action Lawsuits that resolves all
potential liability of the Debtors or the Individual Defendants,
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
relates.

While the Settlement will be subject to review and approval by
U.S. District Court for the Southern District of New York, the
Debtors come before Judge Gropper seeking authority to make a
provisional payment pursuant to the Settlement, Mr. Cieri notes.
If the request is granted, the Debtors would execute a fully
documented settlement agreement and make the Provisional
Settlement Payment.

The salient terms of the Settlement term sheet provides that:

    (a) Upon approval of the Settlement by the District Court,
        the Debtors will deposit US$2,000,000 in a segregated
        account;

    (b) The stipulated liability under the ERISA Litigation will
        be capped at US$14,000,000, which is within the policy
        limits under the ERISA Policy;

    (c) The Debtors and the Individual Defendants would agree to
        assign to the plaintiffs in the Class Action Lawsuits
        the right to pursue the Debtors' and the Individual
        Defendants' claims against Federal Insurance Company --
        the Debtors' insurance carrier -- up to US$14,000,000,
        at the Plaintiffs' sole expense; and

    (d) If the Plaintiffs prevail against Federal in the
        Coverage Litigation, the first US$4,000,000 of any
        recovery would go to the Plaintiffs, the next
        US$2,000,000 would go to the Debtors to reimburse them
        for the Provisional Settlement Payment, and the balance
        of any recovery would go to the Plaintiffs.  Thus, so
        long as there is more than US$6,000,000 in coverage for
        the ERISA Litigation, the Debtors will be entitled to a
        full refund of the Provisional Settlement Payment upon
        the Plaintiffs' receipt of funds from Federal.

The Debtors submit that the Settlement is beneficial to their
estates and creditors, fair and equitable, and falls well within
the range of reasonableness.

Mr. Cieri also notes that in exchange for the Provisional
Settlement Payment, the Debtors will receive several important
benefits from the Settlement, including that:

    (1) The Debtors will realize significant savings by not
        continuing to fund the litigation costs associated with
        the Coverage Litigation and the ERISA Litigation.  The
        Coverage Litigation and the ERISA Litigation are both in
        relatively early stages, and given the tenor to date,
        would be very costly to conclude, and would likely
        involve significant appellate litigation;

    (2) The Settlement will provide much needed certainty to the
        Debtors and the Individual Defendants at a crucial time
        in the Debtors' Chapter 11 cases.  The ERISA Litigation
        and the Coverage Litigation have been a distraction for
        the Debtors and for the Individual Defendants, and the
        Debtors believe that their reorganization efforts would
        benefit from putting an end to this distraction and
        allowing the Debtors and the Individual Defendants to
        more fully focus on the considerable challenges at hand
        related to the Debtors' planned emergence from Chapter
        11;

    (3) The Settlement will remove a significant obstacle to the
        Debtors' ability to retain the services of the
        Individual Defendants going forward.  The Debtors expect
        that the future owners of, or investors in, their
        businesses, whomever they may be, may want to retain
        some or all of the Individual Defendants, and that the
        ERISA Litigation could be a barrier to that goal; and


    (4) The Debtors and the Individual Defendants will receive a
        full release of all claims arising out of, or in any way
        related to, directly or indirectly, any or all of the
        acts, omissions, facts, matters, transactions or
        occurrences during the Class Period that are, were, or
        could have been alleged, asserted or set forth in the
        ERISA Litigation related to alleged violations of ERISA.
        The release is significant because there's a risk that
        if the Individual Defendants were held liable in the
        ERISA Litigation, their liability would be as agents of
        the Debtors, exposing the Debtors to both vicarious
        liability under the theory of "respondeat superior" and
        the risk of being collaterally estopped from denying
        liability for the actions of the Individual Defendants.

                            Responses

(a) Silver Point

Silver Point Capital Fund, L.P., asserts that it neither takes
issue with the economic structure of the Settlement nor
maintains that the Settlement falls outside the "range of
reasonableness."  However, Silver Point believes that
consideration of the request should be deferred until a better
understanding of the Debtors' ability to fully satisfy the
claims of their senior creditors -- specifically, the Second
Lien Lenders -- in cash can be ascertained.

James C. Tecce, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in
New York, argues that the Debtors' bankruptcy cases have reached
a critical point, and paying junior creditors' prepetition
claims outside of a Chapter 11 plan before the satisfaction of
the Second Lien Lenders' claims simply is inappropriate.

"This is especially true when the US$2 million provisional
payment will not be used to satisfy claims asserted against the
Debtors," Mr. Tecce argues.

Mr. Tecce adds that at best, the Debtors may be obligated with
respect to indemnification claims asserted by the Individual
Defendants relating to the ERISA Litigation.  These claims would
arise under the Debtors' by-laws and employment agreements, and
relate to alleged prepetition misconduct.

Accordingly, Silver Point asks Judge Gropper to sustain its
objection and defer consideration of the Debtors' request.

(b) Creditors Committee

The Official Committee of Unsecured Creditors asks the
Bankruptcy Court to deny the Debtors' request because:

    * The Plaintiffs' claims arose from the sale of securities,
      and the Bankruptcy Code mandates that the claims be
      subordinated to the claims of general unsecured creditors.
      Thus, payment of the Settlement, without a guarantee of
      insurance coverage, will in essence elevate the
      plaintiffs' claims above all other claims; and

    * The Settlement Payment will constitute the payment of a
      prepetition claim outside of a confirmed Reorganization
      Plan.  Courts have consistently held that payment of those
      claims should only be approved where it is essential to
      the debtors' reorganization efforts.

The Bankruptcy Court must not allow the Debtors to end run
around the bankruptcy priority scheme, and favor the Plaintiffs'
subordinate claims to the detriment of all other claimants, Ira
S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP in New
York emphasizes.

Under Section 510(b) of the Bankruptcy Code, courts must
subordinate bankruptcy claims "for damages arising from
purchases and sales of securities of a debtor," including claims
for "reimbursement or contribution" based on those claims, Mr.
Dizengoff notes.

According to Mr. Dizengoff, even if the Plaintiffs' claims are
not subordinated pursuant to Section 510(b), they are still
merely general unsecured claims that should be paid pursuant to
a confirmed Plan.  Multiple provisions in the Bankruptcy Code
envision and demand that similarly situated creditors receive
equal treatment.

Moreover, as required by the Bankruptcy Court's prior orders,
the Debtors must be directed to seek reimbursement from Federal
of all amounts advanced, including amounts already paid, to the
Individual Defendants if the Debtors prevail in the ERISA
Coverage Litigation, Mr. Dizengoff argues.  It is premature to
allow the Debtors to pay any more amounts, including the
Settlement Payment, if there is no basis to recover those
amounts from Federal, he says.

Mr. Dizengoff maintains that the Debtors should know first if
they can recover the Settlement Payment -- plus the amounts
previously paid -- from Federal.  If the Debtors or their
assigns are successful in the ERISA Coverage Litigation, then
the proposed Settlement would have no impact on the estate.

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.  The Debtors' exclusive plan-filing deadline is
extended to March 21, 2007, pending a hearing on that date.
(Tower Automotive Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


TOWER AUTOMOTIVE: Wants Avoidance Actions Protocol Established
--------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates previously asked
the U.S. Bankruptcy Court for the Southern District of New York
to enter a ruling establishing streamlined procedures for claims
and actions that are commenced by the Debtors pursuant to
Sections 502, 547, 548 and 550 of the Bankruptcy Code.

The Court requested that the motion be noticed to all defendants
in the Avoidance Actions.

On Feb. 23, the Debtors filed a similar request asking the Court
to enter an order establishing certain procedures governing all
Avoidance Actions.

Specifically, Frank A. Oswald, Esq., at Togut, Segal & Segal
LLP in New York, says the Debtors ask the Court to enter a
ruling:

    (a) eliminating the requirement of a scheduling conference
        required by Rule 7026(f) of the Federal Rules of
        Bankruptcy Procedure, and an initial pretrial conference
        under Rule 7016, and instead, set procedures and
        timetables for service of Rule 7026 disclosures;

    (b) requiring a pre-motion conference before any motion is
        filed; and

    (c) authorizing and approving omnibus procedures for the
        settlement and compromise of the Avoidance Actions,
        pursuant to which the Debtors would be permitted to
        settle a majority of the Avoidance Actions without the
        requirement of noticing all creditors or bringing all of
        the proposed settlements before the Court for approval
        pursuant to Rule 9019 of the Federal Rules of Bankruptcy
        Procedure.

Mr. Oswald notes that the Debtors have served a copy of the
present request with the summons and complaint on the defendant
in each adversary proceeding.

The Debtors, the Official Committee of Unsecured Creditors and
their retained professionals have been working together to
determine whether any transfers made by the Debtors to third
parties within the one-year period immediately before their
bankruptcy filing, may be avoided and recovered by the Debtors
pursuant to Chapter 5 of the Bankruptcy Code, Mr. Oswald tells
Judge Kishel.

According to Mr. Oswald, the Debtors have commenced more than
400 adversary proceedings seeking to avoid and recover in excess
of US$260,000,000, and have entered into 29 tolling agreements.

Mr. Oswald asserts that absent the establishment of streamlined
procedures to govern the prosecution and settlement of the
Avoidance Actions, it will be extremely difficult and costly for
the Debtors to prosecute the Avoidance Actions in an efficient
and timely manner and equally as difficult for the Court to
administer the matters.

Mr. Oswald says by instituting certain procedures, the Debtors
will be able to minimize the administrative costs to the estates
including, among other things:

    * the cost and expense of having counsel travel to and from
      the Court for countless pretrial and scheduling
      conferences;

    * drafting Rule 9019 motions; and

    * serving every creditor with every proposed settlement,
      which could amount to hundreds of motions for approval of
      settlements.

Mr. Oswald explains that given the volume of the Avoidance
Actions that were commenced, the Debtors believe that their
request with respect scheduling conferences, pretrial
conferences, initial disclosures and motion practice are
imperative.  Absent the limitations, Mr. Oswald says, the
Court's docket will be clogged with those matters and additional
time will be consumed with reviewing and signing individual
scheduling orders in potentially hundreds of adversary
proceedings.

In addition, the Debtors seek the Court's authority to settle
and compromise Avoidance Actions in accordance with these
procedures:

    (1) For the settlement of any Avoidance Action where the
        amount demanded is US$1,000,000 and greater, the Debtors
        will, after obtaining the prior agreement of the
        Creditors Committee or its successor that the proposed
        settlement is fair and reasonable, seek for Court
        approval of the proposed settlement pursuant to Rule
        9019 on notice by regular, first-class mail upon:

         (a) counsel for the Creditors Committee;

         (b) the Office of the U.S. Trustee for the Southern
             District of New York;

         (c) the parties listed on the "Notice List" established
             by the Court's ruling establishing notice
             procedures; and

         (d) the defendant in that particular Avoidance Action;

    (2) For the settlement of any Avoidance Action where the
        amount demanded is greater than US$150,000 but less than
        US$1,000,000, after consultation with the Creditors
        Committee or its successor regarding the settlement, the
        Debtors will serve notice of any proposed settlement by
        regular, first-class mail on the Notice Parties,
        provided that if any of the Notice Parties object to a
        settlement proposed by the Debtors, and the Debtors
        still desire to enter into the proposed settlement with
        the defendant, the execution of the settlement will not
        proceed except upon:

           -- resolution of the objection by the Debtors and the
              Objecting Party; or

           -- further Court ruling after a hearing.

        The Debtors will also file notice on the Court's
        electronic docket.  If no written objection is received
        within 10 business days after the date of service of the
        Notice, the Debtors will be authorized to consummate the
        proposed settlement without further Court ruling or
        consent of any other party;

    (3) For the settlement of any Avoidance Action where the
        amount demanded is US$150,000 or less, the Debtors will
        be authorized to consummate the proposed settlement
        without further Court ruling, and without giving notice
        to, or receiving consent from any other party; and

    (4) The Debtors will provide a confidential bi-weekly
        settlement report to the Creditors Committee or its
        successor listing all settled actions, settlement
        amounts and claim waivers, unless the Committee or its
        successor waives the requirement.

The Debtors hope that the proposed procedures will promote
settlements because they believe proceeding in this manner may
obviate the need for defendants to retain outside counsel during
the settlement process.  Often, not having to expend substantial
resources for outside counsel is a major consideration in a
defendant's willingness to settle quickly, Mr. Oswald explains.

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.

The Debtors' exclusive plan-filing deadline is extended to
March 21, 2007, pending a hearing on that date.  (Tower
Automotive Bankruptcy News, Issue No. 55; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Wants Deutsche Bank's 2nd Lien L/Cs Extended
--------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of New
York to enter into and perform under a Second Extension
Agreement and to pay Deutsche Bank' fees.  The Debtors also ask
the Court to approve a proposed "affirmation and consent" of
various Debtors.

The Court previously authorized the replacement of Comerica Bank
with Deutsche Bank Trust Company Americas as the issuer of
Second Lien Letters of Credit under the Prepetition Credit
Agreement.  On Nov. 1, 2006, the Debtors and Deutsche Bank
agreed to extend the maturity dates of the Second Lien L/Cs from
Feb. 7, 2007, to not later than June 7, 2007.

As of March 9, 2007, there are 10 outstanding undrawn and unpaid
Second Lien L/Cs under the Second Lien Facility in the aggregate
amount of approximately US$97,200,000.  The Second Lien L/Cs are
set to expire on June 7.

According to Anup Sathy, Esq., at Kirkland & Ellis LLP, in
Chicago, in light of the pending expiry of the Second Lien L/Cs,
the Debtors negotiated an extension agreement, and certain
related agreements, which extend the expiry of the L/Cs to the
earlier of:

   (a) Oct. 9, 2007; and

   (b) the effective date of the Debtors' plan of
       reorganization.

However, the Debtors have the right not to request the extension
of the expiry date of one or more of the Second Lien L/Cs, or to
request the extension of the expiry date of one or more of the
Second Lien L/Cs to a date before Oct. 9, 2007, in their sole
discretion, Mr. Sathy explains.

Mr. Sathy notes that the Second Extension Agreement is subject
to certain conditions, including the agreement of Silver Point
Capital Fund L.P., as the successor administrative agent under
the Second Lien Facility, and LaSalle Bank National Association,
as the escrow agent.

Mr. Sathy relates that in exchange for Deutsche Bank's
commitment to extend the expiry of the Second Lien L/Cs,
Deutsche Bank has requested, and the Debtors have agreed to pay:

   (i) Deutsche Bank's legal expenses related to the
       negotiation, documentation and implementation of the
       Second Extension Agreement, and otherwise related to the
       Second Lien L/Cs; and

  (ii) a non-refundable, fully-earned extension fee for
       US$243,219.

Mr. Sathy asserts that if the Second Extension Agreement and
Affirmation are not authorized, each of the beneficiaries will
most likely draw on their Second Lien L/Cs.  He explains that
this could have serious adverse consequences to the Debtors'
estates because the Debtors are generally current on amounts
owed to the beneficiaries, and a full draw of the Second Lien
L/Cs may over-collateralize certain of the beneficiaries.

Furthermore, the Debtors' budget under the DIP credit agreement
was negotiated with the assumption that the Second Lien L/Cs
would continue, generally undrawn and unpaid, throughout the
Debtors' Chapter 11 cases, Mr. Sathy explains.

The DIP Credit Agreement's revolving credit facility limits L/Cs
under it to US$100,000,000.  If the Second Extension Agreement
and the Affirmation are not approved and the beneficiaries fully
draw the Second Lien L/Cs, the Debtors believe that many of the
beneficiaries would nevertheless require replacement L/Cs that
would have to be issued under the DIP Credit Agreement.

In this case, Mr. Sathy says, there would be insufficient
availability under the DIP Credit Agreement to issue both
replacement L/Cs to beneficiaries under the Second Lien Facility
as well as new letters of credit as may become required during
the Debtors' Chapter 11 cases.

A full-text copy of the proposed Second Extension Agreement,
together with a proposed Affirmation and Consent of various
Debtors, is available for free at:

            http://ResearchArchives.com/t/s?1b94

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.

Tower Automotive 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.

The Debtors' exclusive plan-filing deadline is extended to
March 21, 2007, pending a hearing on that date.  (Tower
Automotive Bankruptcy News, Issue No. 56; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TRW AUTOMOTIVE: Considers Payment on Tender Offers for Sr. Notes
----------------------------------------------------------------
TRW Automotive Holdings Corp., through its subsidiary TRW
Automotive Inc., has determined the consideration to be paid in
connection with the previously announced cash tender offers and
consent solicitations for 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.

The total consideration, excluding accrued and unpaid interest,
for each US$1,000 principal amount of 9-3/8% Notes validly
tendered is US$1,078.26, which includes a US$30.00 consent
payment.  The total consideration, excluding accrued and unpaid
interest, for each EUR1,000 principal amount of 10-1/8% Notes
validly tendered (and not validly withdrawn) is EUR1,096.69,
which includes a EUR30.00 consent payment.  The total
consideration, excluding accrued and unpaid interest, for each
US$1,000 principal amount of 11% Notes validly tendered (and not
validly withdrawn) is US$1,099.86, which includes a US$30.00
consent payment.  The total consideration, excluding accrued and
unpaid interest, for each EUR1,000 principal amount of 11-3/4%
Notes validly tendered (and not validly withdrawn) is
EUR1,118.44, which includes a EUR30.00 consent payment.

The total consideration for the 9-3/8% Notes and the 11% Notes
was determined using standard market practice of pricing to the
first redemption date at a fixed spread of 50 basis points over
the bid-side yield on the 4- 5/8% Treasury Notes due
Feb. 29, 2008, determined at 10:00 a.m. New York City time on
March 21, 2007, based on the Treasury bid-side prices reported
by the Bloomberg Government Pricing Monitor Page BBT3.  The
total consideration for the 10-1/8% Notes and the 11-3/4% Notes
was determined using standard market practice of pricing to the
first redemption date at a fixed spread of 50 basis points over
the bid-side yield on the 4-1/4% German OBL due Feb. 15, 2008,
determined at 10:00 a.m. New York City time on March 21, 2007,
based on the German OBL bid-side prices reported by the
Bloomberg Government Pricing Monitor Page PXGB.

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.  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 Inc., 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 Global
Bondholder Services Corporation at (866) 924-2200,

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

                -- or --

          The Bank of New York (Luxembourg) S.A.
          Aerogolf Center - 1A
          Hoehenhof, L-1736
          Senningerberg, Luxembourg
          Tel: +(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.

                        *     *     *

Fitch Ratings affirmed TRW Automotive Holdings Corp.'s BB Issuer
Default Rating, BB+ Senior secured bank lines, BB- Senior
unsecured notes, and B+ Senior subordinated unsecured Notes on
September 2006.




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


HAPPY RICE: Will Hold Final Shareholders Meeting on May 31
----------------------------------------------------------
Happy Rice Field will hold its final shareholders meeting on
May 31, 2007, at:

         Maples Finance Limited
         Queensgate House
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      the winding up has been conducted and how the property has
      been disposed, and

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

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 liquidators can be reached at:

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


LEAHLON HOLDINGS: To Hold Last Shareholders Meeting on April 23
---------------------------------------------------------------
Leahlon Holdings (Cayman) Ltd. will hold its final shareholders
meeting at 10:00 a.m. on April 23, 2007, at:

         Myers & Alberga,
         Harbour Place
         2nd Floor, 103 South Church Street
         P.O. Box 472, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      the winding up has been conducted and how the property has
      been disposed, as at the final winding up on
      April 23, 2007; and

   2) authorizing the liquidator to retain the company's
      records for a period of five 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:

         Michael L. Alberga
         Harbour Place
         2nd Floor, 103 South Church Street
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-0699
         Fax: (345) 949-8171


MAVERICK LONG: Final Shareholders Meeting Is on May 31
------------------------------------------------------
Maverick Long (Plans), Ltd. will hold its final shareholders
meeting on May 31, 2007, at:

         Maples Finance Limited
         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      the winding up has been conducted and how the property has
      been disposed, 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 liquidator can be reached at:

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


NIRVANA PACIFIC: Proofs of Claim Filing Deadline Is April 27
------------------------------------------------------------
Nirvana Pacific Capital Limited's creditors are given until
April 27, 2007, to prove their claims to Richard L. Finlay, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Nirvana Pacific's shareholder decided on Feb. 26, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Richard L. Finlay
       Attention: Krysten Lumsden
       Conyers Dill & Pearman
       Cricket Square, Hutchins Drive
       Grand Cayman KY1-1111, Cayman Islands
       Telephone: (345) 945 3901
       Fax: (345) 945 3902


NIRVANA PACIFIC: Sets Last Shareholders Meeting for April 27
------------------------------------------------------------
Nirvana Pacific Capital Limited will hold its final shareholders
meeting at 9:00 a.m. on April 27, 2007, at the offices of the
company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      the winding up has been conducted and how the property has
      been disposed, as at the final winding up on
      April 27, 2007.

   2) authorizing the liquidator to retain the company's
      records for a period 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:

       Richard L. Finlay
       Attention: Krysten Lumsden
       Conyers Dill & Pearman
       Cricket Square, Hutchins Drive
       Grand Cayman KY1-1111, Cayman Islands
       Telephone: (345) 945 3901
       Fax: (345) 945 3902




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


FREEPORT-MCMORAN: Fitch Rates Mandatory Pref. Stock Issue at B+
---------------------------------------------------------------
Fitch has rated Freeport-McMoRan Copper & Gold Inc.'s mandatory
convertible preferred stock issue at 'B+'.  The issue is
expected to generate some US$1 billion in gross proceeds.  The
Outlook is Stable.

The proceeds of the new preferred issue together with a
secondary offering of 35 million shares of common stock will be
used to repay borrowings under the secured term loans used to
finance, in part, the acquisition of Phelps Dodge Corp.

The mandatory convertible preferred stock is not redeemable and
has a mandatory conversion date of May 1, 2010.  The issue will
rank on parity with Freeport's outstanding 5 1/2% convertible
perpetual preferred stock.

The ratings reflect Freeport's position as the world's second-
largest copper producer, its diversified operations and strong
liquidity, as well as the company's exposure to copper prices
and its relatively high financial leverage.  The outlook is for
copper producers to continue to benefit from a strong pricing
environment over the near term.

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

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


GOODYEAR TIRE: Refinancing Principal Credit Facilities
------------------------------------------------------
The Goodyear Tire & Rubber Company intended to refinance its
principal credit facilities.  These include a:

   * US$1.5 billion first-lien credit facility due April 30,
     2010;
   * US$1.2 billion second-lien term loan facility due April 30,
     2010; and
   * EUR505 million credit facility for the company's Goodyear
     Dunlop Tires Europe affiliate due April 30, 2010.

Goodyear said it expects to amend, restate and extend these
facilities to provide for a:

   * US$1.5 billion first-lien credit facility due in 2013,
   * US$1.2 billion second-lien term loan due in 2014 and
   * EUR505 million European revolving credit facility due in
     2012.

The transaction is subject to normal conditions and the
execution of definitive documentation. The facilities are
expected to close in April.  Goodyear is one of the world's
largest tire companies.  The company manufactures tires,
engineered rubber products and chemicals in more than 90
facilities in 28 countries around the world.  Goodyear employs
more than 75,000 people worldwide.

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-Latin America on
March 19, 2007, Fitch Ratings has affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

The ratings affirmed are:

* The Goodyear Tire & Rubber Company

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';
      and

   -- Senior unsecured debt 'CCC+/RR6'.


REVLON CONSUMER: Dec. 31 Balance Sheet Upside-Down by US$1.22B
--------------------------------------------------------------
Revlon Consumer Products Corp. increased its net loss for the
year ended Dec. 31, 2006, to US$244.5 million, from US$77.8
million for the year ended Dec. 31, 2005.  Net sales in 2006 and
2005 were somewhat flat at US$1.33 billion, sales in 2005 were
higher by US$900,000.

The company had an operating loss of US$43.6 million in 2006, as
compared with an operating income of US$72.5 million a year
earlier.  The operating loss was partly due to the increased
selling, general, and administrative expenses of US$802.1
million in 2006, as compared with US$750.2 million in 2005.

The company's balance sheet as of Dec. 31, 2006, showed a
stockholders' deficiency of US$1.22 billion, resulting from
total assets of US$944 million and total liabilities of US$2.16
billion.  It stockholders' deficiency in 2005 was US$1.09
billion.

As of Dec. 31, 2006, the company's cash and cash equivalents
totaled US$35.4 million, slightly up from US$32.4 million in
2005.

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

                       Year 2006 Highlights

In September 2006, the company elected David Kennedy as a
Director and as president and chief executive officer to replace
Mr. Stahl.  Mr. Kennedy was also elected as a director.  Mr.
Kennedy previously served as Revlon, Inc.'s executive vice
president, chief financial officer and treasurer, and prior to
that as the company's executive vice president and president of
Revlon, Inc.'s international operations.

Revlon, Inc. also announced in September 2006 the discontinuance
of its Vital Radiance brand, which did not maintain an
economically feasible retail platform for future growth.

During 2006 the company incurred charges of US$9.4 million in
connection with the Mr. Stahl's departure and US$60.4 million in
connection with the discontinuance of the Vital Radiance brand.

                         Credit Agreements

On Dec. 20, 2006, the company replaced the US$800 million 2004
Term Loan Facility under its 2004 Credit Agreement with a new 5-
year, US$840 million 2006 Term Loan Facility pursuant to the
2006 Term Loan Agreement, as of Dec. 20, 2006, among the
company, as borrower, the lenders party thereto, Citicorp USA,
Inc., as administrative agent and collateral agent, Citigroup
Global Markets Inc., as sole lead arranger and sole bookrunner,
and JPMorgan Chase Bank, N.A., as syndication agent.

As part of the bank refinancing, the company also amended and
restated the 2004 Multi-Currency Facility by entering into the
US$160 million 2006 Revolving Credit Agreement that amended and
restated the 2004 Credit Agreement.

The company was in compliance with all applicable covenants
under the 2006 Credit Agreements as of Dec. 31, 2006.

At Feb. 28, 2007, the 2006 Term Loan Facility was fully drawn
and availability under the US$160 million 2006 Revolving Credit
Facility, based upon the calculated borrowing base less about
US$15.1 million of outstanding letters of credit and nil then
drawn on the 2006 Revolving Credit Facility, was about US$134.4
million.

                       About Revlon Consumer

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company's Latin American
operations are located in Argentina, Brazil, Chile, Mexico and
Venezuela.

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc. -- http://www.revloninc.com/-- which in turn is
majority-owned by MacAndrews and Forbes, which is wholly owned
by Ronald O. Perelman.  The company's Latin American operations
are located in Argentina, Brazil, Chile, Mexico and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2006, Moody's Investors Service assigned a (P)B1 rating
to Revlon Consumer Products Corporation's US$160 million senior
secured asset based revolving credit facility and a (P)B3 rating
to the company's new US$840 million senior secured term loan.
At the same time, Moody's affirmed the company's long-term
ratings, including the corporate family rating of Caa1.  Moody's
also affirmed the company's speculative grade liquidity rating
of SGL-4. Final ratings are subject to review of documentation.
Ratings on the existing bank facilities will be withdrawn upon
completion of the new term loan facility.  Moody's said the
outlook remains negative.




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


GRAN TIERRA: Drills New Guayuyaco Well with Solana Resources
------------------------------------------------------------
Gran Tierra Energy Inc., in collaboration with Solana Resources,
has drilled and logged a new field wildcat well in the Putumayo
basin's Guayuyaco block in Colombia, Business News Americas
reports.

Gran Tierra said in a statement that the Juanambu-1 well reached
a total depth of 9,154 feet on March 10.

BNamericas relates that the well "encountered" reservoir quality
sandstones with hydrocarbons shows in four zones.  The well is
being "cased."  A service rig with test equipment will move to
Juanambu-1 to operate a completion string and start testing the
hydrocarbons zones in April.

Once Juanambu-1 is cased, the Pride-17 rig will be moved to the
neighboring Chaza block to drill the Costayaco-1 exploration
well.  Costayaco-1 drilling is will start in early April, Gran
Tierra said in a statement.

Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America.  The company currently holds
interests in producing and prospective properties in Argentina,
Colombian and Peru.

                        *     *     *

Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future.  The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and, as at Sept. 30, 2006, had an accumulated deficit of US$4.1
million.


* COLOMBIA: Zuluaga Says Biofuel Dev. To Help End Oil Dependency
----------------------------------------------------------------
Colombia's Economy Minister Oscar Ivan Zuluaga told news daily
Panorama Digital that biofuel development is an important way to
help end "mid-term" dependency on oil.

Business News Americas relates that under the Colombian law, 10%
ethanol from sugarcane must be added to gasoline to improve fuel
quality and decrease tailpipe emissions.

Colombia managed to make great advances in two years producing
ethanol, BNamericas states, citing Minister Zuluaga.  The
country has become the sixth largest producer in Latin America.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2007, Standard & Poor's lifted the country's foreign
credit to BB+ from BB.  Colombia's local currency debt rating
was raised to BBB+ from BBB.


* COLOMBIA: Gov. Agencies Ink Mining Pact with Comptroller Gen'l
----------------------------------------------------------------
Colombia's environment, mines and transport ministries have
signed an accord with the comptroller general's office to
promote measures favorable for the environment at coal
operations, Business News Americas reports.

The office of the president said in a statement that the
agreement also includes state-run oil firm Ecopetrol, which will
do the same when extracting fuel.

Mines and Energy Minister Hernan Martinez told BNamericas that
the idea is to agree upon actions to outline an environmental
improvement plan in the oil and coal sectors, like the
implementation of stricter requirements on coal-carrying ships
to avoid accidents.

Juan Lozano, the environment, housing and territorial
development minister, commented to BNamericas that that his
office will award permits to oil and mining projects that meet
all environmental requirements.  In the future, no licenses will
be awarded to those that don't comply with the most rigorous
environmental norms in terms of coal mining or oil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2007, Standard & Poor's lifted the country's foreign
credit to BB+ from BB.  Colombia's local currency debt rating
was raised to BBB+ from BBB.




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


* COSTA RICA: Recope Completes Ethanol Pilot Project
----------------------------------------------------
Recope, Costa Rica's state oil refiner, told Business News
Americas, that it completed an ethanol pilot project that was
started over a year ago.

The refiner's project involved introducing a 5% ethanol
admixture at 64 service stations.  The plan is for Recope to
introduce a 10% admixture in service stations throughout Costa
Rica by mid-2008.

Costa Rica's environment and energy ministry, BNamericas says,
continues to find ways to develop alternative biofuels that
would meet growing demands from more than a million vehicles.

                        *     *     *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.




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


AES CORPORATION: Keller Rohrback Probes Claims Against Officers
---------------------------------------------------------------
Keller Rohrback L.L.P. is investigating claims against AES
Corporation's executive officers and board members in light of
recent information concerning alleged backdating of stock
options at the company.

On Feb. 26, 2007, the company announced that it is restating its
previously reported financial statements as a result of errors
discovered by its management.  Since that announcement, the
company has disclosed that the accounting issues identified in
February would prevent it from timely filing its 2006 Annual
Report and that its previously issued financial statements and
reports should no longer be relied upon for the years ended
Dec. 31, 2003, 2004 and 2005.  The company stated that it
expects to report a reduction in net income of US$80-US$105
million as a result of accounting errors, including share based
compensation relating to stock options and restricted stock unit
awards.

Keller Rohrback's investigation focuses on the extent to which
the company's stock option grant dates and exercise prices of
stock options were manipulated by AES's executive officers and
directors in order to boost their value to those who received
them.

If you are an AES shareholder and have relevant information, or
if you would like additional information concerning the
shareholder derivative claims presently being investigated by
Keller Rohrback, please contact paralegal Rodney Shanks or
attorneys Juli Farris, Elizabeth Leland, Tyler Farmer, or Lynn
Sarko by telephone, toll-free at 1-800-776-6044, or via e-mail
at: investor@kellerrohrback.com.

Keller Rohrback L.L.P. is a law firm headquartered in Seattle
that has successfully represented shareholders and consumers in
class action cases for over two decades. Its trial lawyers have
obtained judgments and settlements on behalf of clients in
excess of seven billion dollars.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

                        *     *     *

As reported on Oct. 20, 2006, Moody's Investors Service's
downgraded its B1 Corporate Family Rating for AES Corporation in
connection with the implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


CERVECERIA NACIONAL: S&P Puts B+ Rating on US$150-Million Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to Cerveceria Nacional Dominicana C. por
A.'s Dominican peso-linked senior unsecured debt tranche due
2012, equivalent to up to US$150 million.  The notes are senior
unsecured obligations of Cerveceria Nacional and rank pari-passu
with all existing and future unsecured and unsubordinated senior
debt of the company.  At the same time, Standard & Poor's raised
its rating on the US$255 million senior unsecured debt tranche
due 2014 to 'B+' from 'B'.  Standard & Poor's also affirmed its
'B+' long-term corporate credit rating.  The outlook is stable.

"The rating actions follow Cerveceria Nacional's recent
announcement that proceeds from both tranches will be used to
refinance the company's existing indebtedness, including a
significant portion of the US$157 million senior secured loan,"
said Standard & Poor's credit analyst Luis Manuel Martinez.

Standard & Poor's believes that Cerveceria Nacional's
approximate US$130 million refinancing of the secured debt
removes the structural subordination on the senior unsecured
notes, which previously had resulted in a one-notch differential
below the corporate credit rating.  The ratings reflect the
shift in Cerveceria Nacional's financial policy toward more
aggressive use of debt, as the company historically relied only
on internally generated cash to finance its capital investment
needs.

The stable outlook reflects Standard & Poor's expectations that
Cerveceria Nacional will be able to maintain its solid business
profile, which is driven by a consolidation of its leading
position in the Dominican Republic, and will increase the
company's participation in the international markets while
maintaining its strong financial profile.  A negative rating
action could result from a greater than expected cyclical
downturn or a departure from Cerveceria Nacional's expected
financial policies, including the strategy to deleverage its
capital structure.  Competitive margins, along with the dominant
market position, temper downside risk.  However, upside ratings
potential is limited because of the company's high geographic
concentration and exposure to a highly vulnerable economy.

Cerveceria Nacional Dominicana C. por A. is the leading beer and
malt producer and distributor in the Dominican Republic.  The
company is the main operating subsidiary of E. Leon Jimenes, a
family-controlled holding company also based in the Dominican
Republic.




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


BANCO DEL PICHINCHA: Seeks to Increase Profits by 25% in 2007
-------------------------------------------------------------
Banco del Pichincha Chief Executive Officer Fernando Pozo told
Business News Americas that the bank wants to increase profits
by 25% to US$75 million in 2007, compared to 2006, on the back
of strong loan volume.

According to BNamericas, Banco del Pichincha increased net
lending by 24% to US$1.67 billion in 2006, compared to 2007, due
in part to a 56% boost in consumer loans.

Mr. Pozo told BNamericas that Banco del Pichincha wants to
exceed the system's 20% projected loan growth for this year to
retain its leading market share in Ecuador.  He said that
political uncertainty regarding President Rafael Correa's
economic policies might lead to a slowdown in loan increase this
year, compared to last year, which grew 26%, or five times the
gross domestic product growth.

Banco del Pichincha will also aim to boost its efficiency ratio
to below 50% in five years from 60%, due to an information
technology accord in January 2006 with Indian firm Tata
Consultancy Services, BNamericas relates, citing Mr. Pozo.

BNamericas underscores that Banco del Pichincha joined the
Inter-American Development Bank's regional trade finance
facilitation program as "issuing and confirming bank."

The deal will give Banco del Pichincha with essential funding
for exporters and importers in Ecuador's dollarized economy, Mr.
Pozo told BNamericas.

Banco del Pichincha is Ecuador''s largest private bank.  At the
end of the first half (2006), Banco del Pichincha ranked first
in the local financial system with an asset market share of 24%.
The bank's parent is financial group Grupo Financiero Banco del
Pichincha, Ecuador's largest financial group, with assets of
US$3.71 billion at June end.  Banco del Pichincha was founded in
1906 and has 227 branches in about 80 cities and 416 ATMs.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Fitch Ratings affirmed Banco del Pichincha's
long-term and short-term Issuer Default Ratings as:

   -- Foreign currency long-term IDR at 'B-';
   -- Foreign currency short-term rating at 'B'; and
   -- Support rating at '5'.

Fitch said the rating outlook is negative.


PETROECUADOR: Raises Operations & Investments Budget to US$2.65B
----------------------------------------------------------------
State-owned oil company Petroecuador said in a statement that
its board has ratified a US$2.65 billion budget for operations
and investments this year.

Business News Americas relates that of the US$2.65 billion,
about US$1.74 billion will be used for operating costs and some
US$912 million is allotted for investments.

The Ecuadorian government will also provide Petroecuador with
US$2.19 billion for the import of fuel derivatives, BNamericas
notes.

A Petroecuador spokesperson told BNamericas that the combined
US$4.84 billion planned for 2007 is 34.3% higher compared to
2006.

According to BNamericas, Petroecuador unit Petroproduccion will
get US$512 million from the budget for operations and US$234
million for investments.  Among new investments, Petroproduccion
will contract four drilling towers to drill 35 new wells:

          -- 29 development wells,
          -- two exploratory wells, and
          -- four are reinjection.

BNamericas underscores that Petroproduccion will contract 12
reconditioning towers to conduct 300 well-maintenance works and
execute a 3D seismic program to incorporate new reserves.  It
will also start works on new projects like the Panacocha field.

Petroecuador said in a statement that Petroproduccion aims to
stabilize production and reach an average of 185,000 barrels per
day by the end of 2007, not including block 15.

The spokesperson told BNamericas that output on March 19 --
excluding block 15 -- was 170,000 barrels per day.

The report says that Petroproduccion's budget includes US$71.5
million for operating partnerships.

BNamericas states that Petroecuador's board budgeted US$205
million in operating costs and US$292 million in investments for
UB-15, the temporary administration unit operating
Petroecuador's block 15.  New investments will include drilling
nine wells to incorporate new reserves and register output of
85,000 barrels per day at year-end.

The spokesperson told BNamericas that production as of March 19
on block 15 was 85,000 barrels per day.

UB-15 Chief Executive Officer told BNamericas earlier this month
that block 15's production would reach its lowest level of
81,000 barrels per day in April, increasing to 95,000 barrels
per day in December, for an annual average of 90,000 barrels per
day.

BNamericas emphasizes that Petroecuador cancelled the block 15
contract with Occidental Petroleum in May 2006.  Output at that
time was 100,000 barrels per day.

According to the report, Petroecuador's Petroindustrial unit
will receive US$166 million for operational costs and US$120
million for investments, with projects including the restoration
of the Esmeraldas plant.  Meanwhile, the operational budget for
unit Petrocomercial in 2007 is US$227 million.  The firm will
receive US$129 million for investments.  It will launch its
liquefied petroleum gas storage project and Cuenca-Pascuales
multi-purpose pipeline project, among other things.

BNamericas notes that the national Sote pipeline will get US$62
million for operation and US$25.2 million for investments.

Petroecuador also allocated US$16.2 million for its
environmental protection department, BNamericas relates.

BNamericas reports that the Ecuadorian economy ministry must
also provide Petroecuador with:

          -- US$25 million to fulfill promises made by the
             previous government with Amazon towns and council,
             and

          -- US$15.1 million for legal costs related to the
             cases against Oxy and US oil firm Chevron.

Petroecuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.




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


ALCATEL-LUCENT: Inks Submarine Cable Network Deal with EASSy
------------------------------------------------------------
Alcatel-Lucent has signed a turnkey contract with the East
Africa Submarine Cable System (EASSy) consortium to lay the
first ever optical submarine cable network landing in East
Africa.

Based on Alcatel-Lucent's submarine and terrestrial optical
solutions, EASSy will provide connectivity across the continent
to support the increase in local traffic from both traditional
and new broadband services.  Additionally, with interconnection
to other submarine cable systems to the North and South, this
project will provide an international gateway, crucial for the
economic development of the region.

With completion scheduled by the end of 2008, the EASSy
submarine network will deliver a regional capacity of 320
Gbit/s. Governments, public administrations and businesses will
leverage advanced technology to support new applications such as
remote medical diagnosis and international call centers.
Consumers will benefit from accessible and affordable broadband
Internet.

The EASSy submarine network will span nearly 10,000 km linking
eight countries from Sudan to South Africa, via Djibouti,
Somalia, Kenya, Tanzania, Madagascar and Mozambique.  Landings
will be located in Port Sudan, Djibouti (Djibouti), Mogadishu
(Somalia) Mombasa (Kenya), Dar Es Salaam (Tanzania), Toliary
(Madagascar), Maputo (Mozambique) and Mtunzini (South Africa).
By interconnecting with Sea-Me-We 3, Sea-Me-We 4, SAS1, Falcon
and SAT3/ WASC /SAFE, the EASSy submarine cable system will also
serve as a supporting infrastructure for these networks.

"This project represents a milestone in the development of the
African communication infrastructure, where there is a strong
need for optical connectivity," Sammy Kirui, Chairman of the
EASSy Project Management Committee and Managing Director of
Telkom Kenya, said.  "Alcatel-Lucent is recognized as one of the
key turnkey suppliers in the submarine cable market and was
selected through a competitive tendering process."

"Globalization of the economy and the Internet have enhanced
communications, and submarine networks contribute greatly by
connecting almost every corner in the world," said Jean
Godeluck, President of Alcatel-Lucent's submarine network
activity.  "Our turnkey approach to projects allows consortia
like EASSy to continue breaking barriers and extending
communications capabilities to those areas which are not
adequately served."

The Alcatel-Lucent submarine solution will be based on its 1620
Light Manager next-generation DWDM submarine platform, and will
also include cables and submarine repeaters.  Branching units
will ensure direct connectivity to landing stations where
Alcatel-Lucent will deploy its 1678 Metro Core Connect (MCC) for
terrestrial interconnection.

The Alcatel-Lucent 1350 management system will supervise all the
equipment supplied.  A comprehensive suite of professional
services, including project management, engineering, marine
operation, and installation testing and commissioning, is part
of this turnkey project.

                   About the EASSy Consortium

EASSy is a project set up by 22 licensed telecommunications
operators in the Eastern and Southern African region and a few
international carriers.

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


BRITISH AIRWAYS: EU Court Upholds EUR6.8-Mln Fine Imposed by EC
---------------------------------------------------------------
The European Commission welcomed the judgment by the European
Court of Justice definitely dismissing British Airways plc's
claims against the Commission's decision of July 1999 imposing
on it a fine as a result of abusive conduct (case C-95/04 P).

BA filed an appeal against that judgment before the ECJ.
However, the ECJ dismissed the appeal as in part inadmissible
and in part unfounded.

The ECJ has stated that, in an appeal, it is not the function of
the Court of Justice to substitute its own assessment of market
data and the competition situation for that of the Court of
First Instance.  The appeal must be limited to questions of law.
The assessment of facts is not a question of law, which can be
submitted to the Court of Justice for review.  As a result, the
pleas in which BA challenges assessments of facts and evidence
by the Court of First Instance are inadmissible.

The ECJ confirms that the bonus schemes (including the so-called
"performance reward schemes") used by BA to calculate travel
agents' commissions constitute an abuse of dominant position in
violation of Article 82 of the EC Treaty and keeps the level of
the fine unchanged at EUR6.8 million.  The judgment confirms the
application of an approach under European competition law based
on the effects on the market(s) of the conduct in question.

On July 14, 1999, the Commission found that BA had abused its
dominant position on the United Kingdom market for air travel
agency services and accordingly fined BA EUR6.8 million.  BA
appealed that decision before the Court of First Instance.  The
latter rejected its appeal in December 2003.

The ECJ judgment confirms the CFI ruling on all points subject
to the appeal.

                ECJ Finds Bonus Schemes "Abusive"

The ECJ holds that bonus schemes may be abusive even if they do
not correspond exactly to the types of loyalty bonuses that have
been condemned in past judgments.  More generally, the ECJ
confirms that the list of abusive conduct in Article 82 is not
exhaustive; the practices there mentioned are merely examples of
abuses of a dominant position.

The judgment holds that bonuses granted by dominant companies
can be abusive if they are likely to reduce competition on the
market, that is to say, as the Court stated, "whether they are
capable, first, of making market entry very difficult or
impossible for competitors of the undertaking in a dominant
position and, secondly, of making it more difficult or
impossible for its co-contractors to choose between various
sources of supply or commercial partners".  In addition, it has
to be determined "whether the exclusionary effect arising from
such a system, which is disadvantageous for competition, may be
counterbalanced, or outweighed, by advantages in terms of
efficiency which also benefit the consumer".

The ECJ confirms that the CFI did not err in law when it found
that the bonuses granted by BA were abusive since they had the
effect of excluding rivals of BA from the market without any
objective economic justification.

                   British Airways' Illegal Conduct

In its decision of July 1999, the Commission found that the
performance reward schemes implemented by BA in order to
calculate travel agents' commissions constituted an abuse of the
dominant position held by BA on the United Kingdom market for
air travel agency services.  Although their exact functioning
changed over time (BA modified its bonuses policy in 1998), the
commission schemes put in place by BA had one notable feature in
common: in each case, meeting the targets for sales growth led
to an increase in the commission paid on all BA tickets sold by
the agent, not just on the tickets sold after the target is
reached.

Such commissions were considered to be equivalent to a "loyalty
discount" i.e. a discount based not on cost savings but simply
on customers' loyalty, thereby able to exclude the dominant
firm's competitors from the market.  Indeed, the effect of such
performance reward schemes was to encourage United Kingdom
travel agents to maintain or increase their sales of BA tickets,
to the detriment of sales of tickets of rival airlines.  These
schemes therefore created illegal barriers to airlines that
wished to compete against BA on the U.K. markets for air
transport.  The case began following a complaint lodged by rival
Virgin Atlantic Airways.

                        About the Company

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

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.




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


* HAITI: To Get 14,000 Barrels of Crude Per Day from Venezuela
--------------------------------------------------------------
Venezuelan President Hugo Chavez and his Haitian counterpart,
Rene Preval, inked a crude supply agreement under the
Petrocaribe initiative.

Under the agreement, Haiti will receive 14,000 barrels of oil
per day from Petroleos de Venezuela S.A. and will pay 60% of the
bill within 90 days from delivery.  The rest of the payment will
be paid over a 25-year period at an annual 1% interest rate.

The Petrocaribe initiative, launched in June 2005, allows
member-nations to purchase up to 185,00 barrels of oil at
preferential payment.  In addition, it allows for nations to pay
for oil with other products like banana, rice and sugar.

                        *    *    *

Haiti is currently seeking international help to spur economic
development in the country.  President Rene Preval submitted
that the country's poverty, widespread unemployment and the
dilapidated state of infrastructure will be alleviated with
increased international assistance.




===============
H O N D U R A S
===============


LEAR CORP: Faces Lawsuits Over US$2.31-Bln Sale to Carl Icahn
-------------------------------------------------------------
Southfield, Michigan-based Lear Corp. is facing six purported
class actions filed by certain shareholders seeking to block the
automotive parts supplier's acquisition by billionaire investor
Carl Icahn, according to the company's Feb. 27, 2007 Form 10-K
filing with the U.S. Securities and Exchange Commission for the
period ended Dec. 31, 2006.

In February, the company agreed to a US$2.31 billion buyout
offer from Icahn-controlled American Real Estate Partners LP.
The transaction involves Mr. Icahn paying US$36 per share for
the shares he does not already own, according to reports.

Under the terms of the agreement, Lear was allowed to solicit
alternate proposals for 45 days.

Between Feb. 9, 2007 and Feb. 21, 2007, certain stockholders
filed six purported class actions against the company, certain
members of the board of directors and American Real Estate
Partners, L.P. and certain of its affiliates (AREP).

Three of the lawsuits were filed in the Delaware Court of
Chancery and have since been consolidated into a single action.
Another three were filed in Michigan Circuit Court.

The class action complaints, which are substantially similar,
generally allege that the Agreement and Plan of Merger unfairly
limits the process of selling Lear and that certain members of
the company's board of directors have breached their fiduciary
duties in connection with the Merger Agreement and have acted
with conflicts of interest in approving the Merger Agreement.

The lawsuits seek to enjoin the merger, to invalidate the Merger
Agreement and to enjoin the operation of certain provisions of
the Merger Agreement, a declaration that certain members of the
company's Board of Directors breached their fiduciary duties in
approving the Merger Agreement and an award of unspecified
damages or rescission in the event that the proposed merger with
AREP is completed.

On Feb. 23, 2007, the plaintiffs in the consolidated Delaware
action filed a consolidated amended complaint, a motion for
expedited proceedings and a motion to preliminarily enjoin
the merger contemplated by the Merger Agreement.

The company believes that the lawsuits are without merit and
intend to defend against them vigorously.

                      About the Company

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

                        *     *     *

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.




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


GOODYEAR TIRE: Inks Tentative Pact with United Steelworkers
-----------------------------------------------------------
Goodyear Tire & Rubber Co. has reached a tentative agreement on
local issues with the United Steelworkers of America after five
weeks of negotiations, Melissa Willett of The Fayetteville
Observer reports.

The report says the agreement, which mainly addressed
scheduling, hiring and vacation time, provides, among others,
that:

   a) all workers except maintenance -- craftsmen, electricians
      and machinists -- will be given multiple shift options;
      and

   b) maintenance workers will be split into two shifts -- one
      working eight hours and the other working 12 hours.

                    Amended Pension Plans

Early this month, the company made a series of changes to its
U.S.-based retail and salaried employee pension and retiree
benefit plans aimed at increasing its global competitiveness
while significantly reducing its cost structure.

The changes will be phased in over a two-year period, with most
benefit plan changes effective in 2008 and the most significant
pension plan changes in 2009.  As a result, Goodyear expects
after-tax savings of US$80 million to US$90 million in 2007,
US$100 million to US$110 million in 2008, and US$80 million to
US$90 million in 2009 and beyond.

The actions are expected to reduce the company's pension
obligation by approximately US$100 million and its obligation
for other post retirement benefits by about US$525 million
assuming interest rates used to value the obligations remain
similar to those used at Dec. 31, 2006.

Goodyear plans to record a one-time after-tax charge of
approximately US$65 million related to these actions in the
first quarter of 2007.

Benefit plan changes effective Jan. 1, 2008, include:

    * Increasing the amounts that current and future salaried
      retirees contribute toward the cost of their medical
      benefits;

    * Redesigning retiree medical benefit plans to minimize cost
      impact on premiums;

    * Closing the company's Medicare supplement plan to new
      entrants; and

    * Discontinuing company-paid life insurance for salaried
      retirees.

The pension changes include:

    * Freezing the current salaried defined benefit pension
      plans as of Dec. 31, 2008;

    * Replacing the defined benefit pension plans with enhanced
      401(k) savings accounts with varying levels of company
      contributions for current associates beginning
      Jan. 1, 2009; and

    * Introducing company-matching contributions for the
      salaried 401(k) savings plan at 50 percent of the first 4
      percent of annual pay beginning Jan. 1, 2009.

             About The Goodyear Tire & Rubber Company

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-Latin America on
March 19, 2007, Fitch Ratings has affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

The ratings affirmed are:

* The Goodyear Tire & Rubber Company

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';
      and

   -- Senior unsecured debt 'CCC+/RR6'.




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


ADVANCE FOOD: S&P Affirms Ratings After Increasing Term Loans
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its corporate credit
and bank loan ratings on Advance Food Co., including the
company's senior secured first-lien and second-lien bank
facilities, following the recent announcement that the company
will increase the first-lien term loan facility by US$15 million
and reduce the second-lien term loan facility by the same
amount.  The outlook is negative.  At the same time, Standard &
Poor's lowered the recovery rating on the first-lien facility to
'3' from '2', indicating an expectation for meaningful (50%-80%)
recovery of principal in the event of a payment default.  The
'5' recovery rating on the company's US$50 million second-lien
term loan facility was affirmed, indicating an expectation for
negligible (0%-25%) recovery of principal in the event of a
payment default.

"The rating action reflects first-lien lenders' less favorable
recovery position following the incremental debt added to the
first-lien term loan facility," said Standard & Poor's credit
analyst Mark Salierno.

The ratings reflect Advance Food's highly leveraged capital
structure, aggressive financial policy, high customer and
supplier concentration, and narrow business focus.  These
factors are partially mitigated by the company's leading
position in its niche markets and existing long-term
relationships with its distributors and end users.

Advance Food Co. is a developer, manufacturer, and marketer of
processed food items, including meat products and ready-to-serve
non-meat products.  Restaurants represent a majority of the
company's end users, although the company is a niche player in
the US$460 billion food-prepared-away-from-home market in the
U.S.  This market includes many larger, financially stronger
competitors, particularly vertically integrated processors and
suppliers of meat such as Tyson Foods and Smithfield Foods.

Advance Food, based in Enid, Oklahoma, operates nine
manufacturing facilities in five states, a nationwide
distribution network and sells internationally to Canada,
Mexico, Germany, Japan and the Caribbean.  Advance currently
produces nearly 2200 center-of-the-plate products made from
beef, pork, poultry, lamb and veal.  Proforma 2006 revenues
exceed US$530 million.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 26, 2007, Standard & Poor's Ratings Services assigned its
'B+' corporate credit rating to Advance Food Co.  In addition,
Standard & Poor's assigned its bank loan and recovery ratings to
Advance Food's proposed US$250 million first-lien senior secured
credit facility and US$65 million second-lien term loan
facility.  The first-lien facility was rated 'B+' (at the same
level as the corporate credit rating), with a recovery rating of
'2', indicating the expectation of substantial (80%-100%)
recovery of principal in the event of a payment default.  The
second-lien facility was rated 'B-' (two notches below the
corporate credit rating), with a recovery rating of '5',
indicating the expectation that second-lien lenders can expect
negligible (0%-25%) recovery of principal in the event of a
payment default. The ratings are based on preliminary terms and
are subject to review upon final documentation.  The outlook is
negative.


ADVANCED MARKETING: Can Pay Employees Under Retention Bonus Plan
----------------------------------------------------------------
The Hon. Judge Christopher S. Sontchi of the U.S. Bankruptcy
Court for the District of Delaware has authorized Advanced
Marketing Services Inc. and its debtor-affiliates to pay key AMS
Employees retention bonuses aggregating US$820,000 under the AMS
Retention Bonus Plan.

Judge Sontchi further rules that:

    -- the Debtors may use up to US$50,000 of the Retention Plan
       Fund to add additional individuals to the Retention Plan
       or to increase the amount of a particular employee's
       retention pay, with the consent of the Official Committee
       of Unsecured Creditors.  If the Committee does not
       consent, the Debtors must obtain prior Court approval.

    -- all payments under the Retention Plan will be in lieu of
       any other performance bonus, severance pay, or retention
       compensation or other plan program.

    -- certain individuals which the Debtors propose to include
       in the Retention Plan have been deferred from
       participation in the Retention Plan and will be
       considered for participation by the Court on March 13,
       2007, at 10:30 a.m., which, if approved by the Court,
       will correspondingly increase the aggregate amount of the
       Retention Plan Fund.

The provision for postpetition payments pursuant to the
Retention Plan will be administrative expenses of the estates,
Judge Sontchi says.

As reported in the Troubled Company Reporter on March 6, 2007,
the Debtors asked the Court for approval for the payment of:

    a) sale-related incentives to AMS employees including
       members of senior management (AMS Management Incentive
       Plan)

    b) retention plan to certain AMS non-management employees
       (AMS Employee Retention Plan)

    c) allowing all payments thereunder as administrative
       expenses of the estates.

The request was made to ensure the continued availability of
qualified, trained, and motivated personnel and executives
necessary to bring an AMS sale to completion and to oversee and
implement the complicated business arrangements necessary to
effect a sale of the business or its material parts and an
inventory return program.

                     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 approximately 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.
The Debtors' exclusive period to file a chapter 11 plan expires
on Apr. 28, 2007.  (Advanced Marketing Bankruptcy News, Issue
No. 8; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: Hires Houlihan Lokey as Investment Banker
-------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware authorized Advanced Marketing Services
Inc. and its debtor affiliates to employ Houlihan Lokey Howard &
Gukin Capital Inc. as their investment banker, at the expense of
the Chapter 11 estate, nunc pro tunic to Jan. 14.

As reported in the TCR-Europe on Feb. 20, The Official Committee
of Unsecured Creditors, as well as Kelly Beaudin Stapleton, the
United States Trustee for Region 3, filed objections to the
Debtors' motion.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, in
Wilmington, Delaware, relates that Houlihan Lokey is one of the
leading advisors and investment bankers to troubled companies,
both inside and outside of bankruptcy.  The firm's Financial
Restructuring Group has advised more than 500 transactions,
valued in excess of US$200 billion, over the past 12 years.

The Debtors have chosen Houlihan Lokey to act as their
investment banker because the firm has substantial expertise in
advising them, and is well qualified to perform the services and
represent their interests in the Chapter 11 cases, Mr. Collins
explains.

As investment banker, Houlihan Lokey will:

   (a) evaluate the Debtors' strategic options based on
       Houlihan's initial review;

   (b) advise the Debtors generally as to available financing
       and capital restructuring alternatives, including
       recommendations of specific courses of action;

   (c) assist the Debtors with the development, negotiation and
       implementation of a restructuring plan, including
       participation as an advisor to the Debtors in
       negotiations with creditors and other parties involved in
       a restructuring;

   (d) assist the Debtors, if required, to draft an information
       memorandum to seek potential new capital, and to solicit,
       coordinate and evaluate indications of interest
       regarding a transaction;

   (e) assist the Debtors with the design of any debt and equity
       securities or other consideration to be issued in
       connection with a Transaction;

   (f) advise the Debtors as to potential mergers or
       acquisitions, and the sale or other disposition of any of
       the Debtors' assets or businesses;

   (g) assist the Debtors in communications and negotiations
       with its constituents; including, creditors, employees,
       vendors, shareholders, and other parties in interest in
       connection with any Transaction;

   (h) assist the Debtors in locating and negotiating debtor-in-
       possession financing with a new lender to replace the DIP
       financing with Wells Fargo Foothill, Inc., in effect
       as of the Effective Date of the Agreement; and

   (i) render other financial advisory and investment banking
       services as may be mutually agreed upon by Houlihan and
       the Debtors.

Houlihan Lokey will be paid a flat monthly fee of US$150,000 for
the first three months of the engagement, and US$100,000 per
month afterwards.

The Debtors will also pay the firm:

   (1) a Financing Fee upon the consummation of a DIP Financing
       Transaction on behalf of the Debtors equal to the greater
       of (i) US$750,000 and (ii) 1.25% of the aggregate
       principal amount of DIP Financing raised or committed;

   (2) a M&A Transaction Fee equal to a minimum of US$1.25
       million plus incremental increases; and

   (3) a US$1.25 million Restructuring Transaction Fee.

Houlihan Lokey will be reimbursed for all its reasonable out-of-
pocket expenses.

According to Mr. Collins, Houlihan Lokey's restructuring
expertise, as well as its capital markets knowledge, financing
skills, and mergers and acquisitions capabilities, some or all
of which may be required by the Debtors during the term of the
engagement, were important factors in the determination of the
amount of the firm's fees.

As its compensation will be calculated and paid based on certain
transaction fees, Houlihan Lokey will not be required to file
time records, Mr. Collins adds.  Rather, in its fee applications
filed with the Court, Houlihan Lokey would present descriptions
of those services provided on behalf of the Debtors and the
individuals who provided the professional services.

The Debtors would indemnify and hold Houlihan Lokey harmless
against liabilities arising out of or in connection with its
retention.

Christopher R. Di Mauro, managing director at Houlihan Lokey,
assures the Court that his firm is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code.

                           Objections

(a) Committee

The Official Committee of Unsecured Creditors said it is
inappropriate and unnecessary at this juncture for the Debtors
to retain Houlihan Lokey or any other investment banker.

Given the high fees Houlihan Lokey is seeking, there is no
benefit to the estates and creditors to retain them at this
time, Thomas F. Driscoll III, Esq., at Morris, Nichols, Arsht &
Tunnell LLP, in Wilmington, Delaware, told Judge Sontchi.

Any beneficial services that Houlihan Lokey could realistically
provide at this point can be provided by the Debtors' other
professionals, Mr. Driscoll maintains.  It is also possible that
Jefferies & Company, Inc., the Debtors' prepetition investment
banker, will make a claim for compensation, he added.

Houlihan Lokey's compensation must be subject to review under
Section 330 of the Bankruptcy Code.  A greater portion of any
monthly fees awarded to Houlihan Lokey should be credited
against any M&A Transaction Fee Houlihan may become entitled to
in these cases, Mr. Driscoll asserts.

(b) U.S. Trustee

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
reminded the Court that professional fees may not be awarded
unless and until the applicant shows that there is a benefit to
the estate.  The fees must be reasonable and necessary, she
added.

Ms. Stapleton noted that Houlihan Lokey's monthly fee, if
allowed, should be subject to Section 330 standards, while the
various transaction and financing fees should be disallowed
under the "improvident" standard set forth in Section 328 and
subject to Section 330.

With respect to the objections filed by the Official Committee
of Unsecured Creditors and the U.S. Trustee, the Court ruled
that:

   (a) Houlihan Lokey will receive a Transaction Fee during the
       Tail Period only if an M&A Transaction or Restructuring
       Transaction is caused or procured by Houlihan Lokey; and

   (b) if Houlihan Lokey commences a process intending to raise
       exit financing or other sources of capital in support of
       a Transaction, its proposed fees will be submitted upon
       proper notice in an application to the Court for
       approval.

Judge Sontchi said Houlihan Lokey will be compensated for its
services, and reimbursed for any related expenses, in accordance
with Section 328(a) of the Bankruptcy Code, the Bankruptcy
Rules, the Local Bankruptcy Rules and any other applicable
orders of the Court.   The firm's fees and expenses will be paid
in the amounts, at the times and in the manner, described in the
Engagement Letter.

The Debtors and the Committee are permitted to review the
Monthly Fees pursuant to the reasonableness standards set forth
in Section 330 of the Bankruptcy Code provided that the number
of hours spent by Houlihan Lokey's personnel during any given
monthly period will not be the sole basis for any objection.

All other fees to which Houlihan Lokey is entitled will be
subject to review by the U.S. Trustee, the Committee, the
Debtors, and all parties-in-interest under the standards set
forth in Section 328(a).

In the event that Jefferies & Co., Inc., moves for, and is
granted, a claim in connection with any sale of the Debtors'
assets which also gives rise to a M&A Transaction Fee or
Restructuring Fee, the Committee, the U.S. Trustee and the
Debtors may challenge, and the Court will review, for
reasonableness, that portion of the Houlihan Lokey M&A
Transaction Fee or Restructuring fee which is in the equivalent
amount of the allowed Jefferies Section 503(b) claim.

Houlihan Lokey will file interim and final fee applications.

In the event that Houlihan Lokey is required to contribute to
any losses, claims, liabilities or expenses, any limitation of
the contribution in the Engagement Letter will not apply.

If, before the earlier of (i) the entry of an order confirming a
Chapter 11 plan in the Debtors' cases, and (ii) the entry of an
order closing the Chapter 11 cases, Houlihan Lokey believes that
it is entitled to indemnification claims under the Engagement
Letter and the application, the firm must file an application in
the Court, and the Debtors may not pay any amounts to Houlihan
Lokey before the entry of a Court order approving the payment.

The Debtors will indemnify and hold Houlihan Lokey harmless
against liabilities arising out of or in connection with its
retention by the Debtors except for any losses, claims, damages,
or liabilities incurred by the Debtors that are finally
judicially determined by a court of competent jurisdiction to
have resulted from Houlihan Lokey's gross negligence, willful
misconduct or fraud.

Houlihan Lokey is excused from maintaining time records as set
forth in Rule 2016 in connection with the services to be
rendered pursuant to the Engagement Letter.  The firm is
permitted to:

   (a) present summary time descriptions of those services
       provided on behalf of the Debtors and the individuals who
       provided professional services on behalf of the Debtors
       for work performed prior to the entry of the Order; and

   (b) maintain time records in half-hour increments in
       connection with the services to be rendered pursuant to
       the Engagement Letter for work performed after the entry
       of the Order.

The U.S. Trustee's objection has been withdrawn.

                    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: Ronald M. Dykes Joins Board of Directors
--------------------------------------------------------
American Tower Corp.'s Board of Directors elected Ronald M.
Dykes as a member of the Board, effective March 21, 2007.

Mr. Dykes brings over 34 years of telecommunications industry
experience to the company's Board of Directors.  Mr. Dykes is
the former Chief Financial Officer of BellSouth Corp., a
position he retired from in 2005.  In addition, from October
2000 through December 2005, Mr. Dykes served as a director of
Cingular Wireless, most recently as Chairman of the Board.

"Ron will be a tremendous addition to our board, bringing both
his deep understanding of the telecom industry and his Chief
Financial Officer experience to the table," said Jim Taiclet,
American Tower's Chairman and Chief Executive Officer.  "Ron is
a respected industry leader with an outstanding track record of
accomplishments.  We are truly excited to be working closely
with him as we pursue our Company vision of serving our
customers as the premier wireless communications infrastructure
provider."

"I am pleased to join the American Tower team," said Mr. Dykes.
"American Tower plays an important role in the wireless
communications industry, and I look forward to contributing to
the company's success as a member of the Board."

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-'.


AMR CORP: Dec. 31 Balance Sheet Upside-Down by US$606 Million
-------------------------------------------------------------
AMR Corp. reported net earnings for the year ended
Dec. 31, 2006, of US$231 million, compared with net loss of
US$857 million for the previous year.  The company's 2006
results reflected an improvement in revenues somewhat offset by
fuel prices and certain other costs that were higher in 2006,
compared to 2005.

The company's total operating revenues were US$22.56 billion,
which consisted of US$17.86 billion in revenues from American
Airlines, US$2.5 billion in revenues from Regional Affiliates,
US$827 million cargo revenues, and US$1.37 billion in other
revenues, for the year ended Dec. 31, 2006.  The company had
total operating revenues of US$20.71 billion for the year ended
Dec. 31, 2005.

As of Dec. 31, 2006, the company's balance sheet showed
US$29.14 billion in total assets, US$29.75 in total liabilities,
resulting to US$606 million in stockholders' deficit.  The
company's December 31 balance sheet also showed strained
liquidity with US$6.9 billion in total current assets available
to pay US$8.5 billion in total current liabilities.

Unrestricted cash and short-term investments held by the company
as of Dec. 31, 2006, was US$121 million and US$4.59 billion,
respectively, as compared with cash of US$138 million and
US$3.67 billion, respectively, as of Dec. 31, 2005.  AMR Corp.'s
working capital deficit decreased by US$505 million, from
US$2.11 billion at Dec. 31, 2005, to US$1.6 billion at
Dec. 31, 2006.

AMR Corp. continues to recapitalize its balance sheet and in
May 2006, issued 15 million shares of common stock for net
proceeds of US$400 million.  On Jan. 26, it issued an additional
13 million shares of common stock for net proceeds of US$497
million.

                       Credit Facility

American Airlines, Inc. has a fully drawn US$740 million credit
facility which consists of a fully drawn US$295 million senior
secured revolving credit facility, with a final maturity on
June 17, 2009, and a fully drawn US$445 million term loan
facility, with a final maturity on Dec. 17, 2010.  American's
obligations under the Credit Facility are guaranteed by AMR
Corp.

The Credit Facility contains a covenant requiring American to
maintain, as defined, unrestricted cash, unencumbered short term
investments and amounts available for drawing under committed
revolving credit facilities of not less than US$1.25 billion for
each quarterly period through the life of the Credit Facility.

The required ratio was 1.2 to 1 for the four-quarter period
ending Dec. 31, 2006, and will increase gradually for each four-
quarter period ending on each fiscal quarter thereafter until it
reaches 1.5 to 1 for the four-quarter period ending
June 30, 2009.

A full-text copy of the company's annual report for 2006 is
available for free at http://ResearchArchives.com/t/s?1b0e

                       About AMR Corp.

Forth Worth, Tex.-based AMR Corp., operates with its principal
subsidiary, American Airlines, Inc., -- http://www.aa.com/-- a
worldwide scheduled passenger airline.  At the end of 2006,
American provided scheduled jet service to approximately 150
destinations throughout North America, the Caribbean, Latin
America, Europe and Asia.  American is also a scheduled
airfreight carrier, providing freight and mail services to
shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines, Inc. and Executive
Airlines, Inc. and does business as "American Eagle."  The
American Eagle carriers provide connecting service from eight of
American's high-traffic cities to smaller markets throughout the
United States, Canada, Mexico and the Caribbean.  American also
contracts with three independently owned regional airlines, which
does business as the American Connection. American Beacon Advisors
Inc., a wholly owned subsidiary of AMR, is responsible for the
investment and oversight of assets of AMR's U.S. employee
benefit plans, as well as AMR's short-term investments.


BEARINGPOINT INC: Lenders Extend Waiver Until March 30
------------------------------------------------------
BearingPoint Inc. obtained on March 15 a limited waiver to the
Fifth Amended Credit Agreement, dated as of Oct. 31, 2006, among
the company, BearingPoint, LLC, the guarantors party, the
lenders party, General Electric Capital Corporation, as
syndication agent and collateral agent, Wells Fargo Foothill,
LLC, as documentation agent, UBS Securities, LLC, as lead
arranger, UBS AG Stamford Branch, as issuing bank and
administrative agent, and UBS Loan Finance LLC, as swingline
lender.

Among other things, the Waiver waives the delivery requirement
of the company's Form 10-K for the year ended Dec. 31, 2006 and
of its Forms 10-Q for the fiscal quarters ended March 31, 2006
and June 30, 2006, until March 30.

The Company said in a regulatory filing with the U.S. Securities
and Exchange Commission that it currently expects to file its
Forms 10-Q for fiscal 2006 as soon as reasonably practicable
after the 2006 Form 10-K filing.

The Company has sought and obtained the additional Waiver to
permit the lenders under the Credit Facility time to review and
consider the Company's request to obtain certain additional
amendments to the terms of the Credit Facility and to work
toward execution of a single amendment that would, among other
things, extend the deadline for filing the 2006 Form 10-K and
its other SEC periodic reports, consistent with the Company's
previous announcements.

On July 19, 2005, the company entered into a US$150 million
Senior Secured Credit Facility, which was amended on
Dec. 21, 2005, March 30, 2006, July 19, 2006, Sept. 29, 2006,
and Oct. 31, 2006.

The 2005 Credit Facility provides for revolving credit and
advances, including issuance of letters of credit.  Advances
under the revolving credit line are limited by the available
borrowing base, which is based upon a percentage of eligible
accounts receivable.  As of Dec. 31, 2005, the company did not
have availability under the borrowing base.  As of
Sept. 30, 2006, the company had approximately US$22 million
available under the borrowing base.

                     About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                        *     *     *

Moody's Investors Service's rated BearingPoint Inc.'s 2.5%
Series A Convertible Subordinated Debentures due 2024 at B3.


DISTRIBUTED ENERGY: Losses Cue PwC to Raise Going Concern Doubt
---------------------------------------------------------------
PricewaterhouseCoopers LLP expressed substantial doubt on
Distributed Energy Systems Corp.'s ability to continue as a
going concern after auditing the company's financial statements
for the year ended Dec. 31, 2006.  The auditing firm points to
the company's recurring operating losses and cash outflows from
operations.

The company disclosed that it had expected a going concern doubt
statement from its auditors due to unsatisfactory results for
the fourth quarter and full year 2006.

For the full year 2006, the company incurred a net loss of
US$53.35 million on total revenues of US$45.09 million, versus a
net loss of US$16.24 million on total revenues of US$44.97
million for the full year 2005.

The company's balance sheet as of Dec. 31, 2006, showed total
assets of US$69.88 million and total liabilities of US$23.14
million, resulting to total stockholders' equity of US$46.74
million.  Its accumulated deficit in 2006 totaled US$189.26
million, up from US$135.91 million in 2005.

Cash and cash equivalents and marketable securities as of
Dec. 31, 2006, stood at US$4.91 million and $13.25 million,
respectively.

                  About Distributed Energy

Based in Wallingford, Connecticut, Distributed Energy Systems
Corp. (Nasdaq: DESC) -- http://www.distributed-energy.com/--
creates and delivers products and solutions to the emerging
decentralized energy marketplace, giving users greater control
over their energy cost, quality and reliability.  The company
delivers a combination of practical, ready-today energy
solutions and the solid business platforms for capitalizing on
the changing energy landscape.  The company has operations in
Mexico.


KANSAS CITY SOUTHERN: Unit to Build San Luis Railway Terminal
-------------------------------------------------------------
Jose Zozaya -- president of Kansas City Southern de Mexico S. de
R.L. de C.V., Kansas City Southern's Mexican subsidiary -- told
daily El Norte that the firm has signed a US$270-million
agreement to construct a new railway terminal in San Luis
Potosi.

Jaime Valdez, Kansas City Southern de Mexico's director of
institutional relations, said that the project is still in its
conceptual stages, Business News Americas relates.

Mr. Valdez told BNamericas that project designs and studies will
be conducted in the second half of 2007, with the works expected
to start in 2008.  As part of the project, Kansas City Southern
de Mexico will end operations at its existing terminal in the
center of San Luis Potosi city, and construct a new one in its
eastern industrial district.

BNamericas underscores that the purpose of the new terminal will
be to decongest traffic flows in San Luis Potosi, part of the
Kansas City Southern de Mexico's plan to improve community
relations in all of the areas where it operates.

Mr. Valdez told BNamericas that Kansas City Southern de Mexico
will also turn over its existing tracks running through the
center of San Luis Potosi to the communication and transport
ministry, which will offer them under concession to a firm to
use as a new urban transit line running from the north to the
south of the city.

The new terminal will have almost 200% more capacity compared to
the existing one.  It will be able to handle up to 1,000 cars,
compared to the existing terminal's 350-car capacity, BNamericas
says, citing Mr. Valdez.

Mr. Valdez told BNamericas that Kansas City Southern de Mexico
will partly finance the works with public funds received for
giving back the land and facilities that it is using in the city
center under a US$1.4-billion concession obtained in 1997.

The new terminal will be the most modern in Latin America
because of its design and its synchronized systems and
communication, Mr. Zozaya commented to El Norte.

Kansas City Southern de Mexico has similar plans in northern
Nuevo Leon state capital Monterrey, and its Nuevo Laredo
municipality, as well as for Coahuila state capital Saltillo,
BNamericas states, citing Mr. Valdez.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the US,
Mexico and Panama. Its primary U.S. holding includes KCSR,
serving the central and south central US.  Its international
holdings include Kansas City Southern de Mexico, serving
northeastern and central Mexico and the port cities of L zaro
C rdenas, Tampico and Veracruz, and a 50% interest in
Panama Canal Railway Company, providing ocean-to-ocean freight
and passenger service along the Panama Canal.  KCS' North
American rail holdings and strategic alliances are primary
components of a NAFTA Railway system, linking the commercial and
industrial centers of the U.S., Canada and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Kansas City Southern, including the 'B' corporate
credit rating, and removed the ratings from CreditWatch, where
they were placed Jan. 29, 2007.  The 'D' rating on the preferred
stock was not on CreditWatch.


SHILOH INDUSTRIES: Discloses Unfavorable Results of Litigation
--------------------------------------------------------------
Shiloh Industries, Inc. disclosed that on March 16, 2007, a jury
verdict was entered against the company in the United States
District Court in Akron, Ohio following a jury trial in a claim
by the bankruptcy estate of Valley City Steel, LLC relating to
the company's sale of certain assets in 2001.

Valley City Steel, LLC claimed that the company's sale of
certain assets to Valley City Steel, LLC, in connection with the
creation of the joint venture in which the company was a
minority shareholder, amounted to a constructive fraudulent
conveyance under Ohio law.  The plaintiff also alleged that
certain amounts were due and owing on account to Valley City
Steel, LLC.  The jury verdict against the company was
approximately US$4.9 million, US$4.6 million of which related to
the constructive fraudulent conveyance claim.

The company believes that the verdict relating to the
constructive fraudulent conveyance claim is contrary to the
facts and the law and the company intends to file post-trial
motions including a motion for a new trial and other relief.

The company will vigorously appeal any final constructive
fraudulent conveyance judgment if the court denies the post-
trial motions.  The company believes that there are valid
grounds to reverse, or reduce the damages applicable to, the
portion of any final judgment relating to the constructive
fraudulent conveyance claim on appeal.  There can be no
assurance that the company's appeal will be successful.

                      About Valley City

Headquartered in Valley City, Ohio, Valley City Steel, LLC, is a
subsidiary of Viking Steel LLC.  The Company filed for chapter
11 protection on November 27, 2002 (Bankr. N.D. Ohio Case No.
02-55516).  Howard E. Mentzer, Esq., at Mentzer, Vuillemin and
Mygrant Ltd., represents the Debtor.  When it filed for
bankruptcy, the Company reported assets and debts between
US$10 million and US$50 million.

                        About Shiloh

Headquartered in Valley City, Ohio, Shiloh Industries, Inc.
(NASDAQ:SHLO) -- http://www.shiloh.com/-- manufactures first
operation blanks, engineered welded blanks, complex stampings
and modular assemblies for the automotive and heavy truck
industries.  The Company has 15 wholly owned subsidiaries at
locations in Ohio, Georgia, Michigan, Tennessee and Mexico, and
employs approximately 1,890.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 26, 2007,
Moody's Investors Service affirmed the ratings for Shiloh
Industries, Inc's Corporate Family at Ba3; and Probability of
Default at B1.  Moody's also affirmed the ratings of the
company's guaranteed first lien senior secured credit facility,
Ba2, LGD2, 24%.  Moody's said the outlook remains stable.




=================
N I C A R A G U A
=================


XEROX CORP: Launches Latest Ads to Increase Consulting Services
---------------------------------------------------------------
Xerox Corp. is launching new advertising campaigns and marketing
programs designed to bolster the fastest growing segments of its
business: consulting services and color.

A series of new print ads positions Xerox Global Services as the
premier consulting and outsourcing partner for document
management needs.  Aimed at C-level decision makers and IT
executives, the ads are running in publications including
Harvard Business Review, CIO Magazine, CFO Magazine as well as
online Web sites including Business Week, The Economist,
Financial Times and The New York Times.

One ad spotlights a team of Xerox consultants under the banner
"We Find Millions."  It focuses on document assessment services
that result in millions in cost savings at companies like Owens
Corning and InterContinental Hotels Group.  Another ad -- titled
"We Retrieve" -- shows a golden retriever with a duck decoy in
its mouth, an analogy for how Xerox helps search, retrieve and
manage everything from accounting and HR documents to legal
contracts at organizations such as JP Morgan Chase and
Enterprise Rent-A-Car Company.  A third ad, headlined "We Go One
to One" emphasizes personalized, targeted customer
communications that boost response rates.

In early April, Xerox will debut additional print ads and two
new television commercials around the theme of affordable color
for businesses small to large.  These ads promote Xerox's
growing line of affordable color printers and multifunction
systems that print, copy, fax and scan.  One ad shows three
colorful owls with the words "Wise Color" in the background.
The sub-head asks, "Who makes color affordable with prints for
just pennies a page? You know who."

According to Michael C. Mac Donald, Xerox's chief marketing
officer, the ads are part of a broader push to build the value
of the Xerox brand and better serve customers.

"When it comes to the customer experience, we need to think big
and small.  That means paying equal attention to 'big brand'
efforts like advertising and 'little brand' experiences that
define the way customers interact with us everyday," Mac Donald
said in remarks prepared for a keynote presentation today at THE
Conference on Marketing in Las Vegas.

In addition to new ad campaigns, Xerox is moving more of its
marketing online.  The company recently revamped its home page
at http://www.xerox.com/to reduce clutter and make it easier to
navigate.   Xerox also has launched industry blogs, viral
marketing efforts and is expanding its presence in the online
virtual world of Second Life.

In parallel with these efforts, Xerox is leveraging a
proprietary software tool called Sentinel to monitor and boost
customer satisfaction.  The tool automatically contacts
customers and offers an easy way to provide immediate feedback
and solve problems in real time.  Use of Sentinel has nearly
doubled over the past two years, expanding to 14 countries
worldwide and 124 major accounts.

At the same time, Xerox is revamping traditional measures of
customer satisfaction, placing more emphasis on customer
likelihood to recommend Xerox.  "We've found that customers who
say they are likely to recommend us are 2.5 times more likely to
re-purchase," Mac Donald said.

He urged marketers to better engineer all kinds of customer
communications, from direct mail pieces to forms, statements,
manuals, applications and welcome kits.  "The more personal your
relationship is with your customers, the more likely they will
be to recommend you," he said.  "The way we handle these touch
points can reduce service calls, boost customer retention and
enhance the brand experience."

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company has operations in Japan, Italy and
Nicaragua.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 1, 2007, Standard & Poor's Ratings Services revised its
rating outlook on Stamford, Conn.-based Xerox Corp. to positive
from stable.  Ratings on the company, including the 'BB+' long-
term and 'B-1' short-term corporate credit ratings, were
affirmed.




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


CABLE & WIRELESS: Inks MOU with CCT Global
------------------------------------------
Cable & Wireless PLC has signed an Interconnection Agreement
Memorandum of Understanding with CCT Global Communications, a
sole British Virgin Islands-based mobile provider, Caribbean Net
News reports.

Vance Lewis, Chief Executive of Cable & Wireless, told press
that the MOU provide access to an open and level playing field
in the BVI.  "The remaining obstacle is the issuance of unitary
licenses for those operators who will be allowed to provide
telecommunications services," Mr. Lewis added.

The only thing to accomplish, Mr. Lewis asserted, once all
unitary licenses have been issued, is introducing bmobile, the
most recognized mobile service in the Caribbean.

Carribbean Net discloses that Cable & Wireless would likely
receive its unitary licence after the March 31st deadline given
by government.

In addition Mr. Lewis believed that bMobile would provide the
best value for money with unrivalled island-wide coverage and
reliability as BVI enters a dynamic telecoms market.

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
Its principal operations are in the United Kingdom, continental
Europe, Asia, the Caribbean, Panama and the Middle East.

                        *     *     *

Cable & Wireless Plc carries these ratings:

    * Moody's Investors Service

      -- Long-Term Corporate Family Rating: Ba3
      -- Senior Unsecured Debt: B1
      -- Short-Term: NP
      -- Outlook: Negative

    * Standard & Poor's

      -- Long-Term Foreign Issuer Credit Rating: BB-
      -- Long-Term Local Issuer Credit Rating: BB-
      -- Short-Term Foreign Issuer Credit Rating: B
      -- Short-Term Local Issuer Credit Rating: B
      -- Outlook: Negative


CHIQUITA: Moody's Says Plea Agreement Won't Affect Ratings Yet
--------------------------------------------------------------
Moody's Investors Service related that the March 19, 2007,
approval and acceptance by the U.S. District Court for the
District of Columbia of the March 14 plea agreement entered by
Chiquita Brands International, Inc. has not at this point had
any impact on the company's ratings.  The rating outlook remains
stable.

As previously disclosed, in April 2003 Chiquita 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 right- and left-wing paramilitary
groups to protect the lives of its employees.  The company's
disclosure was made shortly after its senior management became
aware that the paramilitary group had been designated as foreign
terrorist organizations under a U.S. stature that forbids
payments to such organizations.  In the fourth quarter of 2006,
Chiquita recorded a charge of US$25 million to reflect liability
for payment of a proposed financial sanction contained in the
company's offer of settlement to the Justice Department.  Court
approval for the plea agreement and the payment of the US$25
million in five annual installments with interest was received
on March 19.  The first US$5 million principal will be paid upon
formal sentencing, currently scheduled for June 1, 2007.

As part of its ongoing monitoring of Chiquita, Moody's will
remain close to the situation, especially in regards to the
company's ability to fund its annual payments.  Should there be
negative repercussions to the business of Chiquita or its
ability to operate in any markets as a consequence of its plea,
Moody's would consider negative rating action.

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'.


* PANAMA: Fitch Says Weak Regulations Hamper Region's Growth
------------------------------------------------------------
The financial crisis that had hit Central America for the past
few years has prompted Fitch Ratings to look into the regulatory
and supervisory activities of the region.  In a Special Report,
"Prudential Regulations in Central America and Panama," Fitch
enumerates the weaknesses of these regulatory and supervisory
activities, and the deficiencies of the legal framework for the
financial system.

The report relates that the pace of improvements in the
financial systems' regulatory and supervisory activities is
still a primary concern for the region, as industry norms
continue to lag behind international standards and deficiencies
in the legal framework hamper regulators' abilities to make
adequate decisions in a timely manner.  These deficiencies lead
institutions and customers alike to assume unnecessary high-risk
levels, triggering several financial crises across the region,
some of which have been quite severe over the past few years.
Finally, the tendency of authorities to be reactive rather than
proactive has led their operative structure to be more focused
on problem solving rather than the prevention of future crises,
a weakness that should be addressed when upgrading regulations
and resources available to authorities in the region.

After reviewing the various legal frameworks and regulatory
activities, this report focuses on Fitch's two primary concerns,
the lack of homogeneity in regulations across the region, and
the lack of supervision for financial groups on a consolidated
level, particularly in those countries exhibiting significant
offshore activity.  The relatively small size of each individual
system has hampered its development in the past, leading
financial institutions to favor large economic groups and
related parties when extending loans.  In addition, the region's
financial system has experienced a high concentration in
government securities as well as a significant increase in
unregulated offshore banking activity.  Also considered a major
concern is the banks' failure to adjust their capitalization and
reserve levels using expected loan loss models.

Finally, an important issue considered in this report is the
large degree of dollarization of banks' balance sheets in
countries that have not adopted the US Dollar as their legal
tender.  The dollarization of balance sheets represents a
significant risk to regional banks, as the payment capacity for
borrowers who do not generate income in foreign currency may
deteriorate in a scenario of high foreign-exchange volatility.
In Fitch's view, a proper regulatory framework is as vital as
the quality and thoroughness of supervisory activity in the
achievement of a stronger and healthier financial system.




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


* PARAGUAY: Pres. Says Part of Reserves to Go to South Bank
-----------------------------------------------------------
Paraguayan President Nicanor Duarte said he's willing to set
aside part of the country's international reserves to the so-
called Bank of the South, a project initiated by Venezuelan
President Hugo Chavez to ease out the International Monetary
Fund in the region, El Universal reports.

The Bank of the South was launched in Nov. 25, 2006, by the
Venezuelan leader, and was recently joined by Argentina, Efe
news agency reported.

According to the Paraguayan leader, the country has about US$1.6
billion in international reserves, which could be deposited in
the Bank of the South rather than in U.S. banks, El Universal
says.

Cesar Barreto, head of Paraguay's Financial Agency for
Development, will be meeting with Argentine experts next week to
conduct feasibility surveys on the projected bank, El Universal
says, citing Pres. Duarte.

Venezuela is investing US$600 million for the Bank of the
South's initial capital, while Argentina will disburse US$400
million, El Universal says.

                       *     *     *

Moody's assigned these ratings on Paraguay:

     -- CC LT Foreign Bank Deposit, Caa2
     -- CC LT Foreign Currency Debt, Caa1
     -- CC ST Foreign Bank Deposit, NP
     -- CC ST Foreign Currency Debt, NP
     -- LC Currency Issuer Rating, Caa1
     -- FC Currency Issuer Rating, Caa1
     -- Local Currency LT Debt, WR

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

     -- Foreign Currency LT Debt B-
     -- Local Currency LT Debt   B-
     -- Foreign Currency ST Debt C
     -- Local Currency ST Debt   C




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


NUTRO PRODUCTS: S&P Says Product Recall Won't Affect B- Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that there would be no
immediate effect on its credit ratings or outlook on Nutro
Products Inc. (B-/Stable/--) following the company's voluntary
participation in the Menu Foods recall of its 'cuts and gravy'
style dog and cat food packaged in cans and pouches and
manufactured in its Kansas and New Jersey facilities between
Dec. 3, 2006, and Mar. 6, 2007.

Menu Foods manufactures 'wet' food products for several other
dog and cat food brands in addition to Nutro Products, including
Purina, Eukanuba, Iams and Science Diet who also voluntarily
recalled their products.  The recall occurred after Menu Foods
received complaints about pet illness or death from customers in
the US.

At this time, Standard & Poor's does not expect this recall to
have any material financial effect on Nutro Products as the
recalled product sales represents a very small percentage of the
overall company sales; however, Standard & Poor's will monitor
the situation for further developments and any impact on future
product sales or damage to the Nutro Products brand image as
well as the potential for litigation.

Based in City of Industry, California, Nutro Products, Inc. --
http://www.nutroproducts.com/-- formulates and manufactures dry
and canned food, biscuits, and treats for dogs and cats.  The
company's brand names include Natural Choice, MAX, and Gourmet
Classics.  Its products are available in feed stores and pet
supply shops, such as Petco and PetSmart, across the US and
Canada.  Nutro Products's products are also distributed
worldwide, including Indonesia, Peru and Austria, among others.




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


ALLIED WASTE: S&P Puts BB Rating on US$3.17B Sr. Sec. Bank Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned bank loan and
recovery ratings to Allied Waste North America Inc.'s US$3.17
billion senior secured bank credit facilities, based on
preliminary terms and conditions.  The amended credit facilities
are rated 'BB' with recovery ratings of '2', indicating the
expectation of substantial (80%-100%) recovery of principal in
the event of a payment default.

In addition, Standard & Poor's raised the ratings on the
existing US$4.6 billion of outstanding senior secured notes to
'BB' from 'BB-' and revised the recovery rating to '2' from '4',
indicating the expectation of substantial (80%-100%) recovery of
principal in the event of a payment default.

Standard & Poor's affirmed the 'BB' corporate credit rating on
Allied Waste Industries.  The outlook is stable.

Under the proposed amendment, the final maturity under the
revolving credit facility will be extended to 2012 from 2010.
The final maturities under the term loan and letter of credit
facility will be extended to 2014 from 2012.

"The ratings on Allied Waste-NA reflect a highly leveraged
financial profile, which outweighs the company's fairly strong
competitive business position," said Standard & Poor's credit
analyst Robyn Shapiro.

Allied Waste-NA is the second-largest solid waste management
participant in the US, with 2007 revenues and EBITDA estimated
at about US$6.2 billion and US$1.65 billion, respectively.  The
company provides collection, transfer, disposal, and recycling
services to about 10 million residential, commercial, and
industrial customers in 37 states and Puerto Rico.  Leading
shares in most local markets, good collection-route density, and
a high rate of waste internalization enhance operations.

Allied Waste-NA's highly leveraged financial profile stems
mainly from debt incurred in the 1999 acquisition of Browning-
Ferris Industries Inc.  Since that time, the firm's key focus
has been on debt reduction from free cash flow, the issuance of
equity, and the proceeds from divestitures.  Operating margins
stabilized at around 26% in 2006, supported by price increases,
modest volume gains, and benefits of ongoing cost reduction
programs.

Allied Waste North America, Inc., a wholly owned operating
subsidiary of Allied Waste Industries, Inc., is based in
Phoenix, Arizona.  Allied Waste is a vertically integrated, non-
hazardous solid waste management company providing collection,
transfer, and recycling and disposal services for residential,
commercial and industrial customers.  As of Dec. 31, 2006, the
company operated a network of 304 collection companies, 161
transfer stations, 168 active landfills and 57 recycling
facilities in 37 states and Puerto Rico.  The company had
revenues of approximately US$6.0 billion in fiscal 2006.


FRANCISCO MENDOZA: Case Summary & 40 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: Francisco Mendoza, Inc.
             dba JJ Alvarez
             dba Empresas Mendoza
             dba YPSO
             dba Mueblerias Mendoza
             P.O. Box 1277
             Cayey, Puerto Rico 00737

Bankruptcy Case No.: 07-01474

Debtor-affiliates filing separate chapter 11 petitions:

      Entity                                   Case No.
      ------                                   --------
      Comercial Mendoza, Inc.                  07-01476
      Inversiones Mendoza, Inc.                07-01477
      Inmobiliaria Mendoza Del Norte, Inc.     07-01478

Chapter 11 Petition Date: March 21, 2007

Court: District of Puerto Rico (Old San Juan)

Debtors' Counsel: Carmen D. Conde Torres, Esq.
                  C. Conde & Associates
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: (787) 729-2203

                             Estimated Assets   Estimated Debts
                             ----------------   ---------------
   Francisco Mendoza, Inc.   US$1 Million to    Unknown
                             US$100 Million

   Comercial Mendoza, Inc.   US$50,000 to       US$100,000 to
                             US$100,000         US$500,000

   Inversiones               US$10 Million to   Less than
   Mendoza, Inc.             US$50 Million      US$50,000

   Inmobiliaria Mendoza      Less than          Less than
   Del Norte, Inc.           US$50,000          US$50,000

A. Francisco Mendoza, Inc.'s 20 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
Leo Burnett                            US$2,033,483
268 Mu¤oz Rivera Avenue
San Juan, PR 00918

IBM Corp.                                US$816,765
P.O. Box 7247-0298
Philadelphia, PA 19170

Capri S.E. - Los Colobos                 US$339,678
P.O. Box 363148
San Juan, PR 00936-4668

JJ Alvarez                               US$298,163
129 Calle Balboa
Mayaguez, PR 00681

Mente Creativa                           US$239,945
P.O. Box 7891
Guaynabo, PR 00970-7891

Capri, S.E. - Humacao                    US$238,671

Secretario De Hacienda                   US$209,516

G.E. Appliances Caribbean                US$199,895

New Port Investments                     US$197,949

AEE                                      US$145,405

Whirlpool Corp.                          US$144,874

Jose J. Alvarez                          US$128,772

Roberto Ledesma Ins.                     US$109,100

Inversiones Rafael A. Soto, Inc.          US$83,277

Ramallo Bros. Printing Inc.               US$80,406

A.I. Credit Corp.                         US$67,003

Ryder Puerto Rico                         US$59,198

Trailer Bridge Inc.                       US$57,439

Rotta Moveis                              US$56,042

Sony De Puerto Rico                       US$53,453

B. Comercial Mendoza, Inc.'s 20 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
J. Cobo & Associates, Inc.                US$44,013
15712 Southwest 41 Street, Suite 800
Fort Lauderdale, FL 33331

Fogel Caribbean Corp.                     US$43,639
170 Pedro Albizu Campos
Aguadilla, PR 0603

Refricentro, Inc.                         US$17,586
H-15 Calle Amapola
Condado Viejo
Caguas, PR 00726

Carrier PR, Inc.                          US$14,959
P.O. Box 71519
San Juan, PR 00936

Follet Corporation                        US$11,806
P.O. Box D
801 Church Lane
Easton, PA 18044

Collazo Electric                           US$8,000

Cumba Refrigeration                        US$7,472

York International                         US$7,150

Asoc. Industrials Del Pan Coliseo          US$5,980

Wilberto Rivera Feliciano                  US$2,352

Mitel Distributing Inc.                    US$1,887

Padilla Refrigeration                      US$1,876

Vanya Air                                  US$1,406

Simcox Refrigeration Suppliers             US$1,143

Tourism Events Unlimited                     US$975

Thunderbird Food Machine, Inc.               US$955

Trane De PR, Inc.                            US$939

Joe Caceres                                  US$700

Brothers Bakery Machinery                    US$557

IMI Cornelius, Inc.                          US$548

C. Inversiones Mendoza, Inc., and Inmobiliaria Mendoza Del
   Norte, Inc., do not have any creditors who are not insiders.


GLOBAL HOME: Hires Johnson Associates as Compensation Advisor
-------------------------------------------------------------
Global Home Products LLC and its debtor-affiliates obtained
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Johnson Associates Inc. as their compensation
advisor nunc pro tunc Jan. 9, 2007.

Johnson Associates is expected to:

   a) perform an analysis of the Debtors' proposed management
      incentive plan and sales bonus plan;

   b) provide expert testimony, at one or more depositions or
      hearings related to their chapter 11 cases, regarding
      their proposed plans, or any modifications to that plans;
      and

   c) provide other advisory services as necessary by the
      Debtors.

Jeff Visithpanich, Esq., at Johnson Associates, will bill the
Debtors US$300 per hour for his work.  Mr. Visithpanich
discloses that the firm's other professionals bill:

        Professional                Hourly Rate
        ------------                -----------
        Alan Johnson                  US$575
        Staff and Associates      US$155 - US$300

Mr. Visithpanich assured the Court that Johnson Associates is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


GLOBAL HOME: Court Extends Removal Period Deadline to July 15
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware further
extended until July 15, 2007, the period within which Global
Home Products LLC and its debtor-affiliates can remove state
court civil actions.

As reported in the Troubled Company Reporter on Jan. 29, 2007,
since filing for bankruptcy, Debtors' efforts were directed to:

   a) obtain Court approval for the sale of the Burnes Group
      assets and WearEver assets;

   b) address issues attendant to that sales;

   c) consider going forward alternatives for the Anchor Hocking
      business;

   d) extend and modify their dip financing; and

   e) work with key constituencies on issues relating to their
      cases.

Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, told the Court that the Debtors did not
have the opportunity to thoroughly review actions that may be
need to be removed from other jurisdictions.

The extension, Ms. Laura said, will allow the Debtors to make
fully informed decisions in removing each action and will assure
that the Debtors won't forfeit valuable rights under Section
1452 of the Bankruptcy Code.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


STANDARD MOTOR: Secures New Revolving Credit Facility
-----------------------------------------------------
Standard Motor Products Inc. has entered into a new revolving
credit facility, replacing its existing credit facility, with GE
Capital Markets acting as Agent for a syndicate of lenders.  The
new credit facility provides for a line of credit up to US$275
million, with an additional US$50 million accordion feature, and
has a term of five years.

The US$275 million revolving credit facility will continue to be
secured primarily with the Company's accounts receivable,
inventory and fixed assets similar to the existing advance rate
formulas.

Mr. James J. Burke, Standard Motor Products' Chief Financial
Officer, stated, "We are very pleased to secure this new
financing arrangement which capitalizes on current favorable
market conditions.  This facility will offer immediate benefits
and secure an integral component of our capital structure for
the next five years.  In addition, the US$50 million accordion
feature allows for future expansion needs."

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


PEABODY ENERGY: Creates New Positions in China Office
-----------------------------------------------------
Peabody Energy disclosed new positions for its office in
Beijing.  Russell Phillips has been named Vice President of
Engineering for Peabody China, and Pan Wanze has joined
Peabody's international sales and trading subsidiary, COALTRADE
International, as Commercial Operations Manager for China.

Mr. Phillips will report to President of Peabody China Mark N.
Schroeder.  He will be responsible for engineering-related
services and will assist in evaluating commercial opportunities.
He will be based in Peabody's Beijing office.

Mr. Phillips brings nearly 35 years of experience in managing
coal mining operations, most recently serving as Chief
Representative for Anglo American's Anglo Coal operations in
Beijing, China.  He also served as General Manager of Anglo
Coal's Xiwan Coal project in the Shaanxi Province.  Mr. Phillips
holds a Graduate Diploma of Applied Finance and Investment from
the Securities Institute of Australia and a Diploma of Applied
Geology from the Royal Melbourne Institute of Technology.

Pan will report to COALTRADE International Director of Trading
for China Phil Smith.  Pan will be responsible for coordinating
commercial contacts for all marketing, sales and trading
opportunities for import and export coal in China.  He will also
be based in Peabody's Beijing office.

Pan brings 25 years of experience in foreign trade in the coal
industry.  He began his career with China National Coal Import
and Export Corporation -- CNCIEC -- as a Sales Coordinator
importing coal mining machines and equipment for use in the
Chinese coal industry.  In 1995, he was appointed Chief
Representative of CNCIEC's Europe office and President of
Sineuro S.A. in Belgium, selling Chinese coal to European
customers.  Since 2000, he has held various positions with China
Coal Group, most recently as General Manager of the
International Cooperation Department.  Pan holds a Bachelor of
Arts degree from Peking University.

China is the world's fastest-growing major economy, representing
half the world's growth in raw materials and more than one-third
of global coal demand.  Peabody opened its Beijing office in the
fall of 2005 and began its trading activities in China earlier
this year.

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 21, 2006,
Moody's Investors Service assigned Peabody Energy Corporation's
proposed US$500 million convertible junior subordinated
debentures a rating of Ba2.  Moody's also revised Peabody's
outlook to stable from negative.  At the same time, Moody's
affirmed Peabody's Ba1 corporate family rating and the Ba1
senior unsecured rating on its existing revolver, term loan and
notes.


PETROLEOS DE VENEZUELA: JV with Petrobras to Operate by 2011
------------------------------------------------------------
The joint refinery of Venezuelan state-owned oil firm Petroleos
de Venezuela SA aka PDVSA and Brazilian counterpart Petroleo
Brasileiro SA aka Petrobras will start operations by 2011, radio
network CBN reports, citing the latter's Chief Executive Officer
Sergio Gabrielli.

Works on the plant are within the schedule, CBN notes, citing
Mr. Gabrielli.  He said that the Petroleo Brasileiro and PDVSA
are considering the possibility of advancing the commissioning a
little bit.

The facilities, which are in Northeast Brazil, could then begin
operations well in advance, Business News Americas relates.

However, Mr. Gabrielli told the Associated Press that no final
decision has been made yet.

The plant will process 200,000 barrels per day, with 100,000
from each country, BNamericas states, citing Petroleo Brasileiro
Provision and Refining head Paulo Roberto Costa.

                  About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, 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.

                 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.

As reported on March 12, 2007, Standard & Poor's Ratings
Services raised its long-term foreign currency corporate credit
rating on Petroleos de Venezuela S.A. or PDVSA to 'BB-' from
'B+'.  S&P said the rating was removed from CreditWatch.


PETROLEOS DE VENEZUELA: Plant to Undergo Engineering Work
---------------------------------------------------------
Japan Gasoline and Inelectra will conduct extended basic
engineering work at state-owned oil firm Petroleos de Venezuela
SA's Puerto La Cruz plant, local daily El Universal reports.

Japan Gasoline designs refineries and similar plants, while
Inelectra is a group of engineering, construction,
telecommunication and computer services firms.

Fernando Padron, Petroleos de Venezuela's eastern division
refining manager, told El Universal that the plant will be
retooled to use the HDH Plus refining technology.

Business News Americas relates that Intevep, Petroleos de
Venezuela's research and development unit, developed HDH Plus as
a specialty refining method for Venezuela's trademark heavy and
extra-heavy sour crude oils.

Puerto La Cruz will be the first major plant to use HDH Plus to
upgrade crude from API grade 8 to 35 once the work is completed,
BNamericas states.

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.


* VENEZUELA: Dominica May Reject Nation's Plant Project Offer
-------------------------------------------------------------
United Workers Party, the main opposition party in Dominica, has
asked the government to reject Venezuela's offer to construct an
oil refinery, The Associated Press reports.

The opposition told AP that the Venezuelan project would damage
Dominica's image as a nature island.

The Dominican government should instead seek to take control
from Venezuela over Isla de Aves, or Bird Island, to help
attract ecotourists, AP notes, citing the United Workers head
Edison James.  He said that Bird Island would bring greater
economic benefit to Dominica, instead of an oil refinery.  It
would boost Dominica's nature tourism image through scuba diving
and whale-watching activities.

According AP, Venezuela has kept its ownership of Isla de Aves -
- an uninhabited, treeless island about 350 miles north of
Venezuela but closer to Dominica -- since 1865.  The Venezuelan
government has a small outpost on it shared by naval troops and
scientists.

The Caribbean Conservation Association in Barbados also urged
Dominica to reject Venezuela's proposed refinery, which is part
of the Petrocaribe deal, AP states.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.


* VENEZUELA: Monagas Sues Foreign Firms for Tax Payment Default
---------------------------------------------------------------
News daily El Universal reports that the municipality of
Monagas, Anzoategui, Venezuela, has filed a lawsuit
international oil firms and joint ventures for nonpayment of
municipal taxes.

According to El Universal, Monagas Mayor Rafael Puerta went
before a tax court in Anzoategui capital Barcelona to launch
legal action that requires the firms to pay VEB376 billion in
taxes plus accrued interests.

El Universal underscores that Monagas sued:

          -- US oil company ConocoPhillips,
          -- Norway's state oil firm Statoil,
          -- France's Total,
          -- Orinoco joint venture Sincor, and
          -- Orinoco joint venture Petrozuata.

Mayor Puerta told El Universal that he notified the firms of his
intentions to collect taxes in 2006 to no avail.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.


* VENEZUELA: Rejects IADB's Mass Biofuel Production Proposal
------------------------------------------------------------
Venezuela has rejected the Inter-American Development Bank's
proposal for a US$200 billion investment for mass production of
biofuels in the region, El Universal reports, citing Finance
Minister Rodrigo Cabeza.

"Suggesting an investment of USD 200 billion is incredible when,
even at this moment, two out of five Latin Americans do not have
access to power supply," the finance minister told AFP news
agency.

According to El Universal, IADB President Luis Alberto Moreno
suggested Monday the mass production of biofuels in Latin
America to create more jobs for rural sectors.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Country Club at District of Columbia Ranch,
            Scottsdale, Arizona
               Contact: http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia Launch
         Melbourne Hotel, Perth, Washington, Australia
            Contact: http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fundamentals of Turnaround Management
         Sydney, Australia
            Contact: 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, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         TBA
            Contact: http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia Launch
         Melbourne Hotel, Perth, Washington, Australia
            Contact: http://www.turnaround.org/

March 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Completing the Turnaround
         Sydney, Australia
            Contact: http://www.turnaround.org/

March 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Evolving Role of the Turnaround Professional
         Kimmel Center, Philadelphia, Pennsylvania
            Contact: http://www.turnaround.org/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lunch Seminar
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lunch Seminar
         Kansas City, Missouri
            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, Florida
               Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons
            Las Colinas, Dallas, Texas
               Contact: http://www.turnaround.org/

March 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Position" in the Strategic Marketing Context
         Norton White, Sydney, Australia
            Contact: http://www.turnaround.org/

March 28-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

March 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Rising to the (Counter) Top of the Market
         Solera, Minneapolis
            Contact: http://www.turnaround.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, Florida
            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
   BEARD AUDIO CONFERENCES
      Second Lien Financings and Intercreditor Agreements
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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, Florida
            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 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: http://www.turnaround.org/

April 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Completing the Turnaround
         Melbourne, Australia
            Contact: http://www.turnaround.org/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

April 17, 2007
   BEARD AUDIO CONFERENCES
      Real Estate Bankruptcy
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            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, Oregon
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Program on Fraud and Forensic Investigations
         Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fundamentals of Turnaround Management
         Brisbane, Australia
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Personnel Issues in Bankruptcy
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast: Program on Fraud and Forensic Investigations
         Athletic Club, Denver, Colorado
            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 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Operational Turnaround Management
         Renaissance Hotel, Syracuse, New York
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fraud and Forensic Investigation
         Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Completing the Turnaround
         Brisbane, Australia
            Contact: http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Nuts & Bolts of Buying and Selling
         Distressed Companies
            University Club, Chicago, Illinois
               Contact: 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
   BEARD AUDIO CONFERENCES
      Hospitals in Crisis: The Insolvency Crisis Plaguing
         Hospitals Across the U.S.
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
         Mark Fitzgerald, President of Sales Training Institute
            Inc
               Centre Club, Tampa, Florida
                  Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, Florida
            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, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, Connecticut
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, Pennsylvania
            Contact: http://www.ali-aba.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Working Effectively with
         the Media to Create Publicity for Your Business
            Contact: http://www.turnaround.org/

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Washington University, St. Louis, Missouri
            Contact: http://www.turnaround.org/

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Equity Sponsor Panel Breakfast
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
         Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
   Networking Organization of Women Visit King Tut Exhibit
      Franklin Institute, Philadelphia, Pennsylvania
         Contact: 215-657-5551 or www.turnaround.org/

May 2-4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Washington University, Arizona
            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 14-16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual TMA Regional Conference - Texas
         Hyatt Regency Resort & Spa
            Lost Pines, Texas
               Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, Florida
            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, Washington
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Networking Lunch
         TBD, Arizona
            Contact: 623-581-3597 or http://www.turnaround.org/

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, Missouri
            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 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds
         Standard Club, Chicago, Illinois
            Contact: http://www.turnaround.org/

May 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Calaloo Cafe, Morristown, New Jersey
            Contact: 908-575-7333 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 Arizona and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, Arizona
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            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, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series
         E&Y Tower, Calgary, Alberta
            Contact: 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, Illinois
            Contact: http://www.airacira.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            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 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Clarion Hotel, Princeton, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.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, Florida
            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, Florida
            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, Illinois
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            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 Arizona 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, Florida
                  Contact: http://www.turnaround.org/

Aug. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Aug. 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/

Aug. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Aug. 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/

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 9-10, 2007
   IWIRC
      Orlando, Florida
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
        TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2007
   TMA Arizona Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            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, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               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/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            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/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            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
   BAPCPA One Year On: Lessons Learned and Outlook
      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
   Changes to Cross-Border Insolvencies
      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
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      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
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         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
   Distressed Claims Trading
      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
   Distressed Real Estate under BAPCPA
      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
   Equitable Subordination and Recharacterization
      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
   Second Lien Financings and Intercreditor Agreements
      Handling Complex Chapter 11 Restructuring Issues
         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
   High-Yield Opportunities in Distressed Investing
      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
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         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
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      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
   Second Lien Financings and Intercreditor Agreements
      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
   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
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      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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