TCRLA_Public/070327.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

          Tuesday, March 27, 2007, Vol. 8, Issue 61

                          Headlines

A R G E N T I N A

BALTON SA: Proofs of Claim Verification Deadline Is April 19
CLAXSON INTERACTIVE: Forms Special Panel to Assess Proposal
COOPERATIVA DE VIVIENDA: Trustee Verifies Claims Until April 19
COPZA SRL: Proofs of Claim Verification Deadline Is April 9
EL PASO: Declares Final Results of Cash Tender Offers

EMPRESA DE OMNIBUS: Claims Verification Deadline Is April 16
ERBO SA: Proofs of Claim Verification Ends on April 26
ETICA SANTA FE: Asks for Court Approval to Reorganize Business
FINAGRO SRL: Enters Bankruptcy on Court Order
FOOD SISTEM: Asks for Court Approval to Reorganize Business

HIJOS DE ELPINO: Reorganization Proceeding Concluded
LA CASA: Files for Bankruptcy in Buenos Aires Court
NUESTRA SENORA: Proofs of Claim Verification Ends on April 20
PLAST SAICI: Trustee Verifies Claims Until April 20
RISTORANTE SAN BABILA: Reorganization Proceeding Concluded

ROCAYAPA SA: Reorganization Proceeding Concluded
SATECNA COSTA: Reorganization Proceeding Concluded
SERVIPAT SH: Individual Reports Due in Court on April 10
TELECOM ARGENTINA: Deutsche Bank Ups Target Price for Firm
TIA NORMA: Proofs of Claim Verification Deadline Is April 27

VADTEL SA: Reorganization Proceeds to Bankruptcy
VAUQUITA SA: Reorganization Proceeding Concluded
VIDRIERIA EL ANGEL: Claims Verification Deadline Is April 17

B E R M U D A

ATTICUS ALPHA: Will Hold Final General Meeting on April 11
CHINA PACIFIC: Final General Meeting Is Set for April 17
CHINA PACIFIC: Proofs of Claim Filing Deadline Is Today
FOSTER WHEELER: Unit Wins US$100-Mil. Deal from City Utilities
GNEISS INTERNATIONAL: Final General Meeting Is Set for April 16

GNEISS INTERNATIONAL: Proofs of Claim Filing Is Until March 28
LSF5 CHELSEA: Will Hold Final General Meeting on April 17
MERCK LMC: Final General Meeting Is Set for April 12
PALOMA FUND: Proofs of Claim Filing Deadline Is April 5
PALOMA FUND: Will Hold Final General Meeting on April 18

STEINHARDT INTERMEDIARY: Final General Meeting Set for April 12
UNOCAL KAPOPOSANG: Proofs of Claim Filing Deadline Is March 28
UNOCAL KAPOPOSANG: Will Hold Final General Meeting on April 16
WORLD LEISURE: Final General Meeting Is Set For April 19
WORLD LEISURE: Proofs of Claim Filing Ends on March 28

B R A Z I L

BANCO DO BRASIL: To Expand Agricultural Loan Portfolio Next Year
BANCO ITAU: Cancels Planned Serasa Initial Public Offering
BANCO ITAU: Preparing Two New Cards for Low-Income Earners
BANCO NACIONAL: Inks BRL570.2MM Pact with Companhia Energetica
BENQ CORP: Creditors File EUR1.2-Bln Claim Against Mobile Unit

BENQ CORP: Posts NT$7.89-Billion Loss in Fourth Quarter 2006
JABIL CIRCUIT: Revenues Up 27% to US$2.9 Bil. in Full Year 2006
LG.PHILIPS: Czech Unit Suspends Production as Demand Falls
STRATOS GLOBAL: To Be Acquired by CIP Canada for US$576 Million
WCM BETEILIGUNGS: Sells Klockner-Werke Stake for EUR240 Million

C A Y M A N   I S L A N D S

AALL REALTY: Sets Last Shareholders Meeting for April 19
EMERGING TECHNOLOGY: Last Shareholders Meeting Is on April 19
GOLDEN JADE: Will Hold Last Shareholders Meeting on April 19
HAPPY RICE: Proofs of Claim Filing Deadline Is April 19
MAVERICK LONG: Proofs of Claim Filing Ends on April 19

MAVERICK ENHANCED: Proofs of Claim Filing Deadline Is April 19
MBF NO.1: Proofs of Claim Must be Filed by April 19
OP FUNDING: Will Hold Last Shareholders Meeting on April 19
PARK VIEW: Last Shareholders Meeting Is on April 19
PARMALAT SPA: New Jersey Court Denies Citigroup Motion to Appeal

PARMALAT SPA: Earns EUR192.5 Mil. for Year Ended Dec. 31, 2006
PRINCIPAL PROTECTED: Proofs of Claim Filing Ends on April 19
REPACK HOLDINGS: Proofs of Claim Filing Deadline Is on April 19
SANTA ROSA: Proofs of Claim Filing Is Until April 19
SOCS LTD: Will Hold Last Shareholders Meeting on April 19

STANFIELD OPPORTUNISTIC: Last Shareholders Meeting Is April 19
Y.R.E. ASSET: Proofs of Claim Filing Is Until April 19

C H I L E

SMURFIT KAPPA GROUP: Fitch Ups Rating to BB- on IPO Completion
SMURFIT KAPPA: Moody's Assigns Ba3 Corporate Family Rating

C O L O M B I A

BBVA COLOMBIA: Earns COP49.0 Billion in First Two Months

D O M I N I C A N   R E P U B L I C

AFFILIATED COMPUTER: Buyout Offer Cues Fitch's Negative Watch
AFFILIATED COMPUTER: Buyout Offer Cues S&P's Negative Watch

E C U A D O R

* ECUADOR: May Renegotiate Debts with World Bank & CAF

E L   S A L V A D O R

TARGUS GROUP: Names Theresa Hope-Reese as Senior Vice President

G U A T E M A L A

ALCATEL-LUCENT: Chief Executive Confirms Job Cuts in R&D Units
BRITISH AIRWAYS: Calls on UK to Sanction US Under Aviation Pact

J A M A I C A

DYOLL GROUP: National Commercial Clarifies Involvement in Firm
GOODYEAR TIRE: Selling Assets to Carlyle Group for US$1.4-Bil.
NATIONAL COMMERCIAL: Clarifies Involvement in Dyoll Group

M E X I C O

ADVANCED MARKETING: C. Smith Succeeds G. Rautenstrauch as CEO
BLOCKBUSTER INC: CEO John Antioco to Leave Post by Year-End
CONSOLIDATED CONTAINER: Extends Expiration Date for Tender Offer
KANSAS CITY SOUTHERN: Unit to Complete Lazaro Terminal Next Year
NORTEL NETWORKS: Moody's Rates Proposed US$1-Bln Sr. Notes at B3

NORTEL NETWORKS: S&P Puts B- Rating on Proposed US$1-Bln Debt
SCHEFENACKER PLC: Enters Second Phase of Restructuring
SCHEFENACKER PLC: Assumes Schefenacker AG's Assets & Debts

P E R U

COMVERSE TECH: Reports Preliminary Selected Financial Results

P U E R T O   R I C O

ANGIOTECH PHARMA: Picks Santo Corsaro as Sales & Marketing VP
COVENTRY HEALTH: To Release First Quarter Results on April 27
MEDIRECT LATINO: Appoints New Members to Board of Directors

T R I N I D A D   &   T O B A G O

MIRANT CORP: Court Approves Mirant NY-Gen's Disclosure Statement
MIRANT CORP: NY-Gen's Plan Confirmation Hearing Set for April 25

V E N E Z U E L A

* VENEZUELA: Plans Joint Refineries with China
* VENEZUELA: To Complete Orinoco Nationalization in Six Months

* Banco del Sur Creates Apprehension in Banking Industry
* BOND PRICING: For the Week March 19 to March 23, 2007
* Large Companies with Insolvent Balance Sheets


                          - - - - -


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


BALTON SA: Proofs of Claim Verification Deadline Is April 19
------------------------------------------------------------
Marcelo Liderman, the court-appointed trustee for Balton SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
April 19, 2007.

Mr. Liderman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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 Balton 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 Balton's accounting
and banking records will be submitted in court.

La Nacion did not state the date for the submission of the
reports.

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

The debtor can be reached at:

          Balton SA
          Lavalle 1290
          Buenos Aires, Argentina

The trustee can be reached at:

          Marcelo Liderman
          Pinzon 1555
          Buenos Aires, Argentina


CLAXSON INTERACTIVE: Forms Special Panel to Assess Proposal
-----------------------------------------------------------
Claxson Interactive Group. Inc. has, with the support of a group
of the its controlling shareholders, the Cisneros Group, Hicks
Muse, Roberto Vivo and the Liberman family, proposed that the
company acquire for US$10.50 per share in cash, up to all of the
outstanding Class A Common shares of the Company not held by
such group.  A special committee of independent directors of the
Company has been formed to evaluate and negotiate this proposal
with its own legal and financial advisors.

Claxson's Chairman and Chief Executive Officer, Mr. Roberto Vivo
explained, "In light of the recently announced Pay TV and Radio
sale transactions and given that Claxson does not intend to
reinvest the proceeds in new assets, Claxson's operating
companies will become significantly smaller.  The increase of
public company costs will make it difficult for a company like
Claxson to continue to operate as a reporting company."

No assurance can be given that the proposed transaction, or
similar transaction, will take place on these or any other
terms.

Headquartered in Buenos Aires, Argentina, and Miami, Florida,
Claxson Interactive Group. Inc. (Pink Sheets: XSONF) has a
presence in the United States and all key Ibero-American
countries, including without limitation, Argentina,
Mexico, Chile, Brazil, Spain and Portugal. Claxson's principal
shareholders are the Cisneros Group of Companies and funds
affiliated with Hicks, Muse, Tate & Furst Inc.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2007, Claxson Interactive Group Inc.'s obligaciones
negociables for US$44,400,000 is rated BB by Fitch Argentina.  
The rating action was based on the company's balance sheet at
Sept. 30, 2006.


COOPERATIVA DE VIVIENDA: Trustee Verifies Claims Until April 19
---------------------------------------------------------------
Norberto Aurelio Alvarez, the court-appointed trustee for
Cooperativa de Vivienda Credito y Consumo Almirante Brown
Ltda.'s reorganization proceeding, verifies creditors' proofs of
claim until April 19, 2007.

The National Commercial Court of First Instance in San Martin,
Buenos Aires, approved a petition for reorganization filed by
Cooperativa de Vivienda, according to a report from Argentine
daily Infobae.

Mr. Alvarez will present the validated claims in court as
individual reports on June 4, 2007.  The court 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 Cooperativa de Vivienda 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 Cooperativa de
Vivienda's accounting and banking records will be submitted in
court on July 18, 2007.

The informative assembly will be held on March 11, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

          Cooperativa de Vivienda Credito y
          Consumo Almirante Brown Ltda.
          San Martin 201
          Buenos Aires, Argentina

The trustee can be reached at:

          Norberto Aurelio Alvarez
          Rodriguez Pena 189
          Buenos Aires, Argentina


COPZA SRL: Proofs of Claim Verification Deadline Is April 9
-----------------------------------------------------------
Hector Piedrabuena, the court-appointed trustee for C.O.P.Z.A.
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until April 9, 2007.

Mr. Piedrabuena will present the validated claims in court as
individual reports on May 22, 2007.  The National Commercial
Court of First Instance in San Nicolas 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 C.O.P.Z.A. 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 C.O.P.Z.A.'s
accounting and banking records will be submitted in court on
July 6, 2007.

Mr. Piedrabuena is also in charge of administering C.O.P.Z.A.'s
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

          C.O.P.Z.A. S.R.L.
          25 de Mayo 365
          San Nicolas, Buenos Aires
          Argentina

The trustee can be reached at:

          Hector Piedrabuena
          Alem 134 bis
          San Nicolas, Buenos Aires
          Argentina


EL PASO: Declares Final Results of Cash Tender Offers
-----------------------------------------------------
El Paso Corporation disclosed the expiration and final results
of its previously announced cash tender offers to purchase notes
of each of the series.  The tender offers expired at 12:00
midnight, New York City time, on March 22, 2007.  

Holders of US$2,590,990,000 notes validly tendered and accepted
the purchase in the tender offers.  US$627,089,000 aggregate
principal amount of such notes were purchased by El Paso on the
early settlement date, which was March 9, 2007.  El Paso expects
final settlement of the tender offers to occur yesterday.

                                                Principal Amount
                                                  Tendered and
                               Principal Amount   Accepted for
Title of Security               Outstanding (1)     Purchase

7.625% Senior Notes due
Aug. 16, 2007                  US$272,102,000     US$229,020,000

6.750% Notes due Oct. 1, 2007  US$75,172,000       US$49,235,000

6.950% Medium Term Notes due
Dec. 15, 2007                  US$300,000,000     US$204,561,000

7.625% Senior Notes due
Sept. 1, 2008                  US$215,000,000     US$145,381,000

6.625% Notes due Feb. 1, 2008  US$100,000,000      US$49,429,000

6.500% Senior Notes due
June 1, 2008                   US$200,000,000      US$63,002,000

6.375% Senior Notes due
Feb. 1, 2009                   US$200,000,000      US$88,365,000

6.750% Senior Notes due
May 15, 2009                   US$495,000,000      US$81,657,000

7.750% Senior Notes due
June 15, 2010                  US$400,000,000     US$251,332,000

10.750% Senior Notes due
Oct. 1, 2010                    US$56,573,000      US$23,664,000

7.000% Senior Notes due
May 15, 2011                   US$470,000,000     US$274,016,000

7.625% Notes due July 15, 2011 US$595,000,000     US$241,922,000

9.625% Senior Notes due
May 15, 2012                   US$150,000,000      US$97,921,000

7.875% Notes due June 15, 2012 US$465,000,000     US$216,166,000

7.375% Medium Term Notes due
Dec. 15, 2012                  US$300,000,000     US$147,316,000

7.000% Notes due Feb. 1, 2018  US$100,000,000      US$17,811,000

6.950% Senior Notes due
June 1, 2028                   US$200,000,000      US$25,570,000

8.050% Medium Term Notes due
Oct. 15, 2030                  US$300,000,000      US$12,407,000

7.800% Medium Term Notes due
Aug. 1, 2031                   US$700,000,000     US$118,716,000

7.750% Medium Term Notes due
Jan. 15, 2032                US$1,249,275,000     US$213,953,000

7.420% Senior Notes due
Feb. 15, 2037                  US$200,000,000      US$39,546,000

Citigroup Corporate and Investment Banking, Goldman, Sachs & Co.
and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as
lead dealer managers for the tender offers and Global Bondholder
Services Corporation served as the depositary and information
agent for the tender offers.

Headquartered in Houston, Texas, El Paso Corp. (NYSE:EP)
-- http://www.elpaso.com/-- provides natural gas and related  
energy products in a safe, efficient, and dependable manner.
The company owns North America's largest natural gas pipeline
system and one of North America's largest independent natural
gas producers.  The company has operations in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on El Paso Corp. and its subsidiaries
to 'BB' from 'B+' and removed the ratings from CreditWatch with
positive implications.  S&P said the outlook is positive.


EMPRESA DE OMNIBUS: Claims Verification Deadline Is April 16
------------------------------------------------------------
Estudio Momany Auditores y Consultores, the court-appointed
trustee for Empresa de Omnibus Benjamin Araoz S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
April 16, 2007.

Estudio Momany will present the validated claims in court as
individual reports on June 4, 2007.  The National Commercial
Court of First Instance in San Miguel de Tucuman 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 Empresa de Omnibus 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 Empresa de Omnibus'
accounting and banking records will be submitted in court on
Aug. 27, 2007.

Estudio Momany is also in charge of administering Empresa de
Omnibus' assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

         Empresa de Omnibus Benjamin Araoz S.R.L.
         Avenida de las Industrias y Cervino
         El Corte, Alderetes
         Departamento Cruz Alta (Tucuman)
         San Miguel de Tucuman
         Tucuman, Argentina

The trustee can be reached at:

         Estudio Momany Auditores y Consultores
         San Martin 107
         San Miguel de Tucuman
         Tucuman, Argentina


ERBO SA: Proofs of Claim Verification Ends on April 26
------------------------------------------------------
Francisco Vazquez, the court-appointed trustee for the court-
appointed trustee for Erbo SA's bankruptcy proceeding, verifies
creditors' proofs of claim until April 26, 2007.

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2005, Erbo's reorganization progressed into bankruptcy,
as ordered by the National Commercial Court of First Instance
No. 21 in Buenos Aires.  

Mr. Vazquez will present the validated claims in court as
individual reports on June 11, 2007.  The National Commercial
Court of First Instance No. 21 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 Erbo and its creditors.

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

Mr. Vazquez will submit a general report that contains an audit
of Erbo's accounting and banking records in court on
Aug. 8, 2007.

La Nacion did not disclose the dates for the submission of the
reports.

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

Clerk No. 41 assists the court on this case.

The debtor can be reached at:

          Erbo SA
          Tucuman 1538   
          Pueyrredon 1221, Martinez       
          Buenos Aires, Argentina

The trustee can be reached at:

          Francisco Vazquez
          Callao 215
          Buenos Aires, Argentina


ETICA SANTA FE: Asks for Court Approval to Reorganize Business
--------------------------------------------------------------
The National Commercial Court of First Instance No. 20 in Buenos
Aires is studying the merits of Etica Santa Fe S.A.'s petition
to reorganize its business after it stopped paying its
obligations on March 12, 2007.

The petition, once approved by the court, will allow Etica Santa
Fe to negotiate a settlement plan with its creditors in order to
avoid a straight liquidation.

Clerk No. 40 assists the court on this case.

The debtor can be reached at:

         Etica Santa Fe S.A.
         Lezica 4288
         Buenos Aires, Argentina


FINAGRO SRL: Enters Bankruptcy on Court Order
---------------------------------------------
Finagro S.R.L. enters bankruptcy protection after the National
Commercial Court of First Instance in Rosario, Santa Fe, ordered
the company's liquidation.  The order effectively transfers
control of the company's assets to a court-appointed trustee who
will supervise the liquidation proceedings.

The Argentine bankruptcy law requires the trustee to verify
proofs of claim from Finagro's creditors and provide the court
with individual reports on the validated claims, as well as a
general report containing an audit of the company's accounting
and business records.  

Infobae did not disclose the name of the trustee appointed for
Finagro's bankruptcy, as well as the deadline of the reports.

The debtor can be reached at:

         Finagro S.R.L.
         Santa Fe 1261
         Rosario, Santa Fe
         Argentina


FOOD SISTEM: Asks for Court Approval to Reorganize Business
-----------------------------------------------------------
The National Commercial Court of First Instance No. 16 in Buenos
Aires is studying the merits of Food Sistem SA's petition to
reorganize its business after it stopped paying its obligations
on June 8, 2006.

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

Clerk No. 31 assists the court on this case.

The debtor can be reached at:

         Food Sistem SA
         Tucuman 540
         Buenos Aires, Argentina


HIJOS DE ELPINO: Reorganization Proceeding Concluded
----------------------------------------------------
The reorganization of Hijos de Elpino Vicentin S.R.L. has been
concluded.  Data reported by Infobae on its Web site indicated
that the process was concluded after the National Commercial
Court of First Instance in Reconquista, Santa Fe, approved the
debt agreement signed between the company and its creditors.

The debtor can be reached at

          Hijos de Elpino Vicentin S.R.L.
          H. Yrigoyen No. 67 (3560)
          Reconquista, Santa Fe, Argentina
          Phone: 03482-420487
          Fax: 03482-420487
          E-mail: danielvi@trcnet.com.ar


LA CASA: Files for Bankruptcy in Buenos Aires Court
---------------------------------------------------
The National Commercial Court of First Instance No. 21 in Buenos
Aires is studying the merits of La Casa de Orfelia S.R.L.'s
bankruptcy petition after it stopped paying its obligations on
November 2006.

The petition, once the court approves the petition, will allow
the transfer of control of the company's assets to a court-
appointed trustee who will supervise the liquidation
proceedings.

Clerk No. 41 assists the court on this case.

The debtor can be reached at:

         La Casa de Orfelia S.R.L.
         Paraguay 1359     
         Buenos Aires, Argentina


NUESTRA SENORA: Proofs of Claim Verification Ends on April 20
-------------------------------------------------------------
Miguel Angel Troisi, the court-appointed trustee for Nuestra
Senora de Pompeya S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until April 20, 2007.

Mr. Toisi will present the validated claims in court as
individual reports on June 5, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Nuestra Senora 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 Nuestra Senora's
accounting and banking records will be submitted in court on
Aug. 2, 2007.

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

The debtor can be reached at:

         Nuestra Senora de Pompeya S.A.
         Avenida Escalada 2831
         Buenos Aires, Argentina

The trustee can be reached at:

         Miguel Angel Troisi
         Cerrito 146
         Buenos Aires, Argentina


PLAST SAICI: Trustee Verifies Claims Until April 20
---------------------------------------------------
Maria del Pilar Enriquez, the court-appointed trustee for
Plast S.A.I.C.I. y F.'s bankruptcy proceeding, verifies
creditors' proofs of claim until April 20, 2007.

Ms. del Pilar Enriquez will present the validated claims in
court as individual reports on June 5, 2007.  The National
Commercial Court of First Instance in Buenos Aires will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Plast 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 Plast's accounting
and banking records will be submitted in court on July 19, 2007.

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

The debtor can be reached at:

          Plast S.A.I.C.I. y F.
          Moreno 455
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria del Pilar Enriquez
          Adolfo Alsina 1495
          Buenos Aires, Argentina


RISTORANTE SAN BABILA: Reorganization Proceeding Concluded
----------------------------------------------------------
Buenos Aires-based Ristorante San Babila S.R.L. concluded its
reorganization process, according to data released by Infobae on
its Web site.  The conclusion came after the National Commercial
Court of First Instance in Buenos Aires approved the debt-
restructuring plan signed between the company and its creditors.

The debtor can be reached at:

          Ristorante San Babila S.R.L.
          Pte. R. M. Ortiz 1815 (C1113ABA)
          Ciudad Autonoma de Buenos Aires
          Argentina
          

ROCAYAPA SA: Reorganization Proceeding Concluded
------------------------------------------------
Rocayapa S.A.'s reorganization of has been concluded.  Data
revealed by Infobae on its Web site indicated that the process
was concluded after the National Commercial Court of First
Instance in Buenos Aires approved the debt agreement signed
between the company and its creditors.

The debtor can be reached at:

          Rocayapa S.A.
          Avenida Rivadavia 7855
          Buenos Aires, Argentina


SATECNA COSTA: Reorganization Proceeding Concluded
--------------------------------------------------
Buenos Aires-based Satecna Costa Afuera S.A. concluded its
reorganization process, according to data released by Infobae on
its Web site.  The conclusion came after the National Commercial
Court of First Instance in Buenos Aires approved the debt-
restructuring plan signed between Satecna Costa and its
creditors.

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2005, Satecna Costa started reorganization proceedings
after the court granted its petition for "concurso preventivo,"
allowing the company to negotiate a settlement proposal for its
creditors so as to avoid a straight liquidation.  

The debtor can be reached at:

         Satecna Costa Afuera S.A.
         Reconquista 559
         Buenos Aires, Argentina


SERVIPAT SH: Individual Reports Due in Court on April 10
--------------------------------------------------------
Daniel Arturo Julio, the court-appointed trustee for Servipat
S.H.'s reorganization proceeding, will present in court the
validated claims of the company's creditors as individual
reports on April 10, 2007.

Mr. Julio verified proofs of claim from Servipat's creditors
until Feb. 22, 2007.  The National Commercial Court of First
Instance in Puerto Madryn determines if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Servipat and
its creditors.

Mr. Julio will also submit on May 23, 2007, a general report
that contains an audit of Servipat's accounting and banking
records.  

The informative assembly will be held on Aug. 13, 2007.  
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:
          
          Servipat S.H.
          Paso de Indios 1779
          Puerto Madryn, Chubut
          Argentina

The trustee can be reached at:

          Daniel Arturo Julio
          Roca 353
          Puerto Madryn, Chubut
          Argentina


TELECOM ARGENTINA: Deutsche Bank Ups Target Price for Firm
----------------------------------------------------------
Deutsche Bank said in a research note that it has increased its
target price for Telecom Argentina to US$23 per American
Depositary Receipt from US$19.50, due to a positive outlook for
the wireless business in Argentina.

According to the research note, Telecom Argentina should
continue delivering solid top-line and Ebitda growth in 2007 to
2008, driven by its wireless division and improving margins.  
Telecom Argentina should continue capitalizing on Argentina's
positive economic momentum.  The firm is expected to report net
additions of around 2.1 million wireless clients for 2007.

"Wireless should continue increasing its relevance in the
company's top line and Ebitda, accounting for 62% of
consolidated sales in 2007 and 63% in 2008," Deutsche Bank told
Business News Americas.

BNamericas underscores that Deutsche Bank thinks that Telecom
Argentina will be in a better position next year to begin paying
dividends.

Deutsche Bank analysts told Business News Americas that they are
maintaining their hold recommendation on Telecom Argentina.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B', announced on Oct. 2, 2006.


TIA NORMA: Proofs of Claim Verification Deadline Is April 27
------------------------------------------------------------
Jose Angel Tsanis, the court-appointed trustee for Tia Norma
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until April 27, 2007.

Mr. Tsanis will present the validated claims in court as
individual reports on June 12, 2007.  The National Commercial
Court of First Instance No. 25 in Buenos Aires, with the
assistance of Clerk No. 49, 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 Tia Norma 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 Tia Norma's
accounting and banking records will be submitted in court on
Aug. 9, 2007.

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

The debtor can be reached at:

          Tia Norma SRL
          Arevalo 2706
          Buenos Aires, Argentina

The trustee can be reached at:

          Jose Angel Tsanis
          Tte. Gral. J. D. Peron 1410
          Buenos Aires, Argentina


VADTEL SA: Reorganization Proceeds to Bankruptcy
------------------------------------------------
Vadtel S.A.'s reorganization has progressed into bankruptcy, as
ordered by the National Commercial Court of First Instance in
Rosario, Santa Fe.

The order effectively transfers control of the company's assets
to a court-appointed trustee who will supervise the liquidation
proceedings.

The Argentine bankruptcy law requires the trustee to verify
proofs of claim from Vadtel's creditors and provide the court
with individual reports on the validated claims, as well as a
general report containing an audit of the company's accounting
and business records.  

Infobae did not disclose the name of the trustee appointed for
Vadtel's bankruptcy, as well as the deadline of the reports.

The debtor can be reached at:

          Vadtel S.A.
          Pellegrini 1538
          Rosario, Santa Fe
          Argentina


VAUQUITA SA: Reorganization Proceeding Concluded
------------------------------------------------
The reorganization of Buenos Aires-based Vauquita S.A. has
ended.  Data reported by Infobae on its Web site indicated that
the process was concluded after the National Commercial Court of
First Instance in Buenos Aires approved the debt agreement
signed between the company and its creditors.

          Vauquita S.A.
          Reconquista 538
          Buenos Aires, Argentina


VIDRIERIA EL ANGEL: Claims Verification Deadline Is April 17
------------------------------------------------------------
Julio Cesar Beorleghi, the court-appointed trustee for
Vidrieria El Angel S.A.'s reorganization proceeding, verifies
creditors' proofs of claim until April 17, 2007.

The National Commercial Court of First Instance in Dolores
approved a petition for reorganization filed by Vidrieria El
Angel, according to a report from Argentine daily Infobae.

Mr. Beorleghi will present the validated claims in court as
individual reports on June 5, 2007.  The court 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 Vidrieria El Angel 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 Vidrieria El Angel's
accounting and banking records will be submitted in court on
Aug. 7, 2007.

The informative assembly will be held on Feb. 7, 2008.  
Creditors will vote to ratify the completed settlement plan
during the said assembly.

The debtor can be reached at:
          
          Vidrieria El Angel S.A.
          Jupiter Esq. Rivadavia, Pinamar
          Buenos Aires, Argentina

The trustee can be reached at:

          Julio Cesar Beorleghi
          Buenos Aires 595, Dolores
          Buenos Aires, Argentina




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


ATTICUS ALPHA: Will Hold Final General Meeting on April 11
----------------------------------------------------------
Atticus Alpha's final general meeting will be at 9:30 a.m. on
April 11, 2007, or as soon as possible, at:

             Messrs. Conyers Dill & Pearman
             Clarendon House, Church Street
             Hamilton, Bermuda

These agendas will be taken during the meeting:

          -- accounting on the manner in which the winding-up of
             the company has been conducted and its property
             disposed of and of hearing any explanation that may
             be given by the liquidator;

          -- deciding on the manner in which the books, accounts
             and documents of the company and of the liquidator
             shall be disposed of; and

          -- by resolution dissolving the company.

The liquidator can be reached at:

             Robin J Mayor
             Clarendon House, Church Street
             Hamilton, Bermuda


CHINA PACIFIC: Final General Meeting Is Set for April 17
--------------------------------------------------------
China Pacific Merchants Ltd.'s final general meeting will be at
9:00 a.m. on April 17, 2007, or as soon as possible, at the
liquidator's place of business.

These agendas will be taken during the meeting:

          -- the approval of and adoption of an account laid
             before the shareholders showing the manner in which
             the winding-up of the company has been conducted
             and its property disposed of;

          -- hearing any explanation that may be given by the
             liquidator;

          -- the manner in which the books, accounts and
             documents of the company and of the liquidator
             shall be disposed; and

          -- to dissolve the company.

The liquidator can be reached at:

             Jennifer Y. Fraser
             Canon's Court, 22 Victoria Street
             Hamilton, Bermuda


CHINA PACIFIC: Proofs of Claim Filing Deadline Is Today
-------------------------------------------------------
China Pacific Merchants Ltd.'s creditors are given until
March 27, 2007, to prove their claims to Jennifer Y. Fraser, 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.

China Pacific's shareholders agreed on March 6, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


FOSTER WHEELER: Unit Wins US$100-Mil. Deal from City Utilities
--------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary within its Global Power Group
has been awarded a contract by City Utilities of Springfield,
Missouri, for the design and supply of a natural circulation
pulverized-coal steam generator to be constructed at City
Utilities' existing Southwest Power Station in Springfield,
Missouri.  City Utilities is a community-owned municipal utility
serving more than 106,000 customers in southwest Missouri with
electricity, natural gas, water, telecommunications and transit
services.

Foster Wheeler has received a full notice to proceed on this
contract, valued in excess of US$110 million, which will be
included in Foster Wheeler's first-quarter 2007 bookings.

The 300MWe (gross megawatt electric) PC steam generator will be
designed to fire low-sulfur Powder River Basin coal.  To burn
this fuel as cleanly and efficiently as possible, the unit will
be equipped with Foster Wheeler's advanced low-NOx (nitrogen
oxides) burner system.  In addition, Foster Wheeler's selective
catalytic reduction technology will be installed to reduce NOx
emissions at the stack, and a flue gas scrubber will be used for
sulfur dioxide reduction.  Commercial operation of the plant is
scheduled for the end of 2010.

"This award underscores our client's confidence in our proven PC
steam generator technology," said Gary Nedelka, president and
chief executive officer of Foster Wheeler North America Corp.  
"This is another example of Foster Wheeler's commitment to
supply environmentally friendly and cost-effective twenty-first
century solutions to support our power industry clients."

"This contract is a significant step in City Utilities of
Springfield's plan to supply our community with a long-term,
reliable and affordable energy source," said Scott Miller,
associate general manager - electric supply, City Utilities.  
"This new facility will be a state-of-the-art facility producing
clean, coal-fired energy for the region.  In addition,
construction and operation of the facility will provide highly
skilled employment opportunities for the southwest Missouri
area."

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

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


GNEISS INTERNATIONAL: Final General Meeting Is Set for April 16
---------------------------------------------------------------
Gneiss International Investments Limited's final general meeting
will be at 9:30 a.m. on April 16, 2007, or as soon as possible,
at the liquidator's place of business.

During the meeting, Gneiss International's shareholders will:

           -- receiving an account showing the manner in which
              the winding-up of the company has been conducted
              and its property disposed of and of hearing any
              explanation that may be given by the liquidator;

           -- determining through a resolution, the manner in
              which the books, accounts and documents of the
              company will be disposed; and
  
           -- by resolution dissolving the company.

The liquidator can be reached at:

         Robin J Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda
             

GNEISS INTERNATIONAL: Proofs of Claim Filing Is Until March 28
--------------------------------------------------------------
Gneiss International Investments Limited's creditors are given
until March 28, 2007, to prove their claims to Robin J Mayor,
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.

Gneiss International's shareholders agreed on March 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Robin J Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


LSF5 CHELSEA: Will Hold Final General Meeting on April 17
---------------------------------------------------------
LSF5 Chelsea's final general meeting will be at 9:30 a.m. on
April 17, 2007, or as soon as possible, at:

             Messrs. Conyers Dill & Pearman
             Clarendon House, Church Street
             Hamilton, Bermuda

These agendas will be taken during the meeting:

          -- accounting on the manner in which the winding-up of
             the company has been conducted and its property
             disposed of and of hearing any explanation that may
             be given by the liquidator;

          -- deciding on the manner in which the books, accounts
             and documents of the company and of the liquidator
             shall be disposed of; and

          -- by resolution dissolving the company.

The liquidator can be reached at:

             Robin J. Mayor
             Clarendon House, Church Street
             Hamilton, Bermuda


MERCK LMC: Final General Meeting Is Set for April 12
----------------------------------------------------
Merck LMC Cash Management (Bermuda) Ltd's final general meeting
will be at 9:30 a.m. on April 12, 2007, or as soon as possible,
at:

             Messrs. Conyers Dill & Pearman
             Clarendon House, Church Street
             Hamilton, Bermuda

These agendas will be taken during the meeting:

          -- accounting on the manner in which the winding-up of
             the company has been conducted and its property
             disposed of and of hearing any explanation that may
             be given by the liquidator;

          -- deciding on the manner in which the books, accounts
             and documents of the company and of the liquidator
             shall be disposed of; and

          -- by resolution dissolving the company.

The liquidator can be reached at:

             Robin J Mayor
             Clarendon House, Church Street
             Hamilton, Bermuda


PALOMA FUND: Proofs of Claim Filing Deadline Is April 5
-------------------------------------------------------
Paloma Fund's creditors are given until April 5, 2007, to prove
their claims to Roderick Forrest, 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.

Paloma Fund's shareholders agreed on March 12, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Roderick Forrest
         Chancery Hall
         52 Reid Street
         Hamilton, Bermuda


PALOMA FUND: Will Hold Final General Meeting on April 18
--------------------------------------------------------
Paloma Fund's final general meeting will be on April 18, 2007,
or as soon as possible, at the liquidator's place of business.

During the meeting, Paloma Fund's shareholders will:

           -- receiving an account showing the manner in which
              the winding-up of the company has been conducted
              and its property disposed of and of hearing any
              explanation that may be given by the liquidator;

           -- determine during the meeting, through a
              resolution, the manner in which the books,
              accounts and documents of the company will be
              disposed; and
  
           -- by resolution dissolving the company.

The liquidator can be reached at:

         Roderick Forrest
         Chancery Hall
         52 Reid Street, Hamilton
         Bermuda

       
STEINHARDT INTERMEDIARY: Final General Meeting Set for April 12
---------------------------------------------------------------
Steinhardt Intermediary Fund, Ltd's final general meeting will
be at 9:30 a.m. on April 12, 2007, or as soon as possible, at:

             Messrs. Conyers Dill & Pearman
             Clarendon House, Church Street
             Hamilton, Bermuda

These agendas will be taken during the meeting:

          -- accounting on the manner in which the winding-up of
             the company has been conducted and its property
             disposed of and of hearing any explanation that may
             be given by the liquidator;

          -- deciding on the manner in which the books, accounts
             and documents of the company and of the liquidator
             shall be disposed of; and

          -- by resolution dissolving the company.

The liquidator can be reached at:

             Robin J Mayor
             Clarendon House, Church Street
             Hamilton, Bermuda


UNOCAL KAPOPOSANG: Proofs of Claim Filing Deadline Is March 28
--------------------------------------------------------------
Unocal Kapoposang, Ltd.'s creditors are given until
March 28, 2007, to prove their claims to Gary R Pitman, 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.

Unocal Kapoposang's shareholders agreed on March 9, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Gary R Pitman
         Chevron House
         11 Church Street
         Hamilton, Bermuda


UNOCAL KAPOPOSANG: Will Hold Final General Meeting on April 16
--------------------------------------------------------------
Unocal Kapoposang, Ltd.'s final general meeting will be at 9:30
a.m. on April 16, 2007, or as soon as possible, at the
liquidator's place of business.

During the meeting, Unocal Kapoposang's shareholders will:

           -- receiving an account showing the manner in which
              the winding-up of the company has been conducted
              and its property disposed of and of hearing any
              explanation that may be given by the liquidator;

           -- determine during the meeting, through a
              resolution, the manner in which the books,
              accounts and documents of the company will be
              disposed; and
  
           -- by resolution dissolving the company.

The liquidator can be reached at:

         Gary R. Pitman
         Chevron House
         11 Church Street
         Hamilton, Bermuda


WORLD LEISURE: Final General Meeting Is Set For April 19
--------------------------------------------------------
World Leisure Investments Limited's final general meeting will
be at 9:30 a.m. on April 19, 2007, or as soon as possible, at:

         Messrs. Conyers Dill & Pearman
         Clarendon House
         Church Street
         Hamilton, Bermuda

During the meeting, Unocal Kapoposang's shareholders will:

           -- receiving an account showing the manner in which
              the winding-up of the company has been conducted
              and its property disposed of and of hearing any
              explanation that may be given by the liquidator;

           -- determine during the meeting, through a
              resolution, the manner in which the books,
              accounts and documents of the company will be
              disposed; and
  
           -- by resolution dissolving the company.

The liquidator can be reached at:

         Robin J. Mayor
         Clarendon House
         Church Street
         Hamilton, Bermuda

         
WORLD LEISURE: Proofs of Claim Filing Ends on March 28
------------------------------------------------------
World Leisure Investments Limited's creditors are given until
March 28, 2007, to prove their claims to Robin J Mayor, 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.

World Leisure's shareholders agreed on March 9, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Robin J Mayor
         Clarendon House
         Church Street
         Hamilton, Bermuda


         

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


BANCO DO BRASIL: To Expand Agricultural Loan Portfolio Next Year
----------------------------------------------------------------
Banco do Brasil Agribusiness Vice President Dercy Alcantara told
Business News Americas that the bank will increase its
agricultural loan portfolio 26% to BRL63 billion by June 2008,
when the current 2007-08 harvest will end.

Mr. Alcantara commented to BNamericas, "Of course, this is going
to depend on government policy, but we want to grow at that
rate."

According to BNamericas, the current harvest marks the first
year of recovery in Brazil's agricultural sector, with
international commodity prices increasing and the real stable
against the dollar.

Mr. Alcantara told BNamericas, "Next year will be even better
than this because prices are higher and producers can fix crop
prices on the futures market.  Many growers in the center-west
have already sold cotton that will be harvested in 2010."

BNamericas underscores that Brazilian farmers suffered low
international commodity prices and differences in the exchange
rate between planting and harvesting in the past two years,
which lessened revenues.  Drought also affected the nation's
major agricultural regions in the south, southeast and center-
west in 2005 and 2006.

Mr. Alcantara told BNamericas that due to the crisis, Banco do
Brasil renegotiated BRL6 billion in overdue loans in 2006, and
the bank's non-performing loan ratio peaked at 2% compared to a
historic level below 1%.

The report says that Banco do Brasil has extended the
renegotiated loan payments over the next five years.

The vast majority of producers will be able to make their
payments in 2007, BNamericas notes, citing Mr. Alcantara.  The
non-performing loan ratio this year will likely improve to 0.5%.

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

                        *     *     *

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

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


BANCO ITAU: Cancels Planned Serasa Initial Public Offering
----------------------------------------------------------
Banco Itau Holding Financeira, Uniao de Bancos Brasileiros SA
and Banco Bradesco SA said in a joint statement that they
canceled a planned initial public offering of credit information
firm Serasa after receiving an offer to buy the company.

Business News Americas says that Banco Itau holds 32.25% of
Serasa, Bradesco owns 22.02% and Uniao de Bancos 19.04%.  The
local units of HSBC and ABN Amro have 4.20% and 2.76%,
respectively.

According to BNamericas, Serasa filed for an initial public
offering with securities regulator Comissao de Valores
Mobiliarios on March 5.

Banco Bradesco, Banco Itau and Uniao de Bancos did not disclose
the prospective buyer or buyers to BNamericas.

However, financial daily Valor Economico relates that the offer
came from Experian, an Irish financial information firm.

                    About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco
(NYSE: BBD) -- http://www.bradesco.com.br/-- prides itself on
serving low-and medium-income individuals in Brazil since the
1960s.  Bradesco is Brazil's largest private bank, with more
than 3,000 banking branches, and also a leader in insurance and
private pension management.  Bradesco has branches throughout
Brazil as well as one in New York, and Japan.  Bradesco offers
Internet banking, insurance, pension plans, annuities, credit
card services (including football-club affinity cards for the
soccer-mad population), and Internet access for customers.  The
bank also provides personal and commercial loans, along with
leasing services.

                   About Uniao de Bancos

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros
SA -- http://www.unibanco.com/-- is a full-service financial
institution providing a range of financial products and services
to a diversified individual and corporate customer base
throughout Brazil.  The company's businesses comprise segments:
Retail, Wholesale, Insurance and Pension Plans and Wealth
Management.  Uniao de Bancos and its associated companies
FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas)
offer a network composed of 17,000 points of service.  It also
counts on 7,580 automated teller machines and all 30 Hours'
products and services, including the telephone service and the
Internet banking.  The company's international network consists
of branches in Nassau and the Cayman Islands; representatives
offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York --
Unibanco Securities Inc.

                      About Banco Itau

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

                        *     *     *

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

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

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

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


BANCO ITAU: Preparing Two New Cards for Low-Income Earners
----------------------------------------------------------
Banco Itau Holding Financeira SA credit card marketing director
Fernando Chacon told the press that the bank is preparing two
new cards for low-income earners.

The low-income segment continues to increase faster than the
general market, reports say, citing Mr. Chacon.

Mr. Chacon commented to Business News Americas, "The high-income
population segment has been well developed by the credit card
industry and now it's time to create products for the low-income
population."

Banco Itau has been testing a savings bonds-credit card product
on 5,000 people for the past six months.  A person purchases a
savings bond and also receives a credit card.  The product lets
people with no credit history to make a good credit record.  
It's similar to the security card in the US, which is granted to
clients with low credit ratings after they provide some sort of
collateral, BNamericas notes, citing Mr. Chacon.  

Banco Itau will extend the test to 15,000 users for a total
period of up to 24 months, before considering launching the
product onto the market.  Banco Itau is also developing a credit
card that fixes a monthly limit on charges, but not a limit on
total purchases, Mr. Chacon told BNamericas.

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

                        *     *     *

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

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

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

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


BANCO NACIONAL: Inks BRL570.2MM Pact with Companhia Energetica
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES's
president Demian Fiocca, and the president of group Suez,
Mauricio Bahr, signed Wednesday, a financing agreement for
BRL570.2 million to Companhia Energetica Sao Salvador -- CESS
-- to build the Sao Salvador Plant at Tocantins River, in the
Municipalities of Parana and Sao Salvador (State of Tocantins).  
According to Demian Fiocca, this is the first hydroelectric
project contracted under the new electric generation financial
support conditions implemented by BNDES since the launching of
the Growth Acceleration Program -- PAC -- in addition to causing
a big impact in employment generation.

"This is one of the projects that will strengthen the energy
supply in Brazil and the first one ever approved under the new
interest rate conditions, which have been reduced for the second
time within two years", he said.  BNDES had already decreased
its interest rates to all sectors at the turning from 2005 to
2006.  "In the beginning of the year we announced another
reduction in the ambit of PAC, for investments in
infrastructure, basically logistics and energy, and social
infrastructure", said Mr. Fiocca, at a meeting also attended by
representatives of the banks involved in the operation.

The new financing will be granted under a more favorable
financial cost to investors.  BNDES has reduced the basic spread
to 1% per annum, instead of 1.5% per annum that prevailed
previously for endeavors of this size.

Currently, the Bank already carries in its portfolio 20 electric
generation projects included in PAC, amounting to 7.7 thousand
megawatts and that will benefit from the new financing
conditions.  PAC includes 41 other hydroelectric plants, which
will amount to 24.6 thousand MW.  Most of the new endeavors
should be part of BNDES's portfolio within the following two
years.

                         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.


BENQ CORP: Creditors File EUR1.2-Bln Claim Against Mobile Unit
--------------------------------------------------------------
About 4,350 creditors have filed claims against BenQ Mobile GmbH
& Co. OHG, the bankrupt mobile subsidiary of Taiwan-based BenQ
Corp., John Blau of IDG News Service reports citing BenQ
insolvency administrator Martin Prager as saying.

BenQ Mobile is facing up to EUR1.2 billion (US$1.6 billion) in
claims, most of which comes from 3,500 former BenQ employees who
are seeking up to EUR27 million in compensation, Mr. Blau
relates.

According to the report, creditors have asked Mr. Prager to
examine whether they could require the company's Taiwanese
parent to meet their demands as Mr. Prager's estimates of the
mobile unit's assets fall only at around EUR300 million.

BenQ Corp. Chairman K.Y. Lee is in pressure to turn the company
around after the board of directors refused to accept his offer
to resign from his post.  Instead, the board said it will form a
task force to review and report on all losses attributed to the
acquisition of the mobile phone maker from Siemens in 2005.

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.

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: Posts NT$7.89-Billion Loss in Fourth Quarter 2006
------------------------------------------------------------
BenQ Corp. posted its fifth straight quarterly loss as its
handset business continues to drag after it declared its German
unit insolvent late last year, Reuters relates.

According to the report, BenQ posted a net loss of NT$7.89
billion or US$238 million for the October-December quarter,
widening from a year-ago loss of NTT$6.02 billion.

Reuters notes that the result was compared with an average
forecast for an NT$843 million loss from five analysts the news
agency surveyed.  The firm posted a loss of NT$12.22 billion in
the third quarter, Reuters relates.

The report says BenQ faces more challenges as it tries to
strengthen its struggling core businesses, while its outlook is
also clouded by the detention last week of its chief financial
officer in a probe over suspected insider trading.

However, BenQ said it will continue to sell phones in Asia, even
though it failed to turn around the loss-making handset unit it
bought from Germany's Siemens in late 2005, Reuters notes.

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.

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.

                        *     *     *

The Troubled Company Reporter - Asia Pacific 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.


JABIL CIRCUIT: Revenues Up 27% to US$2.9 Bil. in Full Year 2006
---------------------------------------------------------------
Jabil Circuit Inc. reported unaudited net revenue for the second
quarter of fiscal 2007, ended Feb. 28, 2007, increased 27
percent to US$2.9 billion compared to US$2.3 billion for the
same period of fiscal 2006.  

Jabil is not yet able to provide GAAP results.  Jabil will be
able to file its 2006 Form 10-K once its Board of Directors'
Audit Committee has concluded its evaluation of the company's
historical financial statements and the independent registered
public accounting firm is able to complete its audit of the
financial statements to be included in Form 10-K.

            Taiwan Green Point Acquisition Update

On Jan. 15, 2007, Jabil utilized approximately US$870 million
from its credit facility to acquire 97.5 percent of the shares
of Taiwan Green Point Enterprises.  The remaining minority
interest shares will be purchased with finalization of the
acquisition, which is expected during the last week of April,
depending upon the timing of government approvals.  Transition
plans are ongoing.

                    Restructuring Update

Jabil estimates the associated cost for the previously announced
restructuring will be at the high end of its estimated range of
US$200 to US$250 million (US$150 to US$200 million cash cost).  
The realignment is on schedule and Jabil still anticipates the
restructuring to take place during the course of fiscal 2007 and
fiscal 2008.

          Other Fiscal Second Quarter 2007 Details

  -- Current and long term debt is approximately US$1.4 billion,
     reflecting approximately US$870 million to fund the
     acquisition of Taiwan Green Point shares

  -- Sales cycle for the quarter was 29 days

  -- Annualized inventory turns for the quarter were seven

  -- Second quarter capital expenditures were approximately
     US$74 million

  -- Capital expenditures for fiscal 2007 are estimated to be
     US$200 to US$250 million

  -- Cash and cash equivalent balances at quarter end were
     US$559 million

  -- A US$0.07 quarterly dividend was paid on March 1, 2007.

                      Guidance Update

The company said it currently expects revenue for its third
fiscal quarter of 2007 to range from US$2.9 to US$3.0 billion,
with an estimated core operating margin range of 2.5 to 3.0
percent, and anticipated core earnings per share in a range of
US$0.17 to US$0.23 per diluted share.  Under generally accepted
accounting principles in the United States of America, earnings
per share are estimated to be US$(0.08) to US$0.04 per diluted
share.  (Expected GAAP earnings per share for the third quarter
of fiscal 2007 are currently estimated to include US$0.01 per
share for amortization of intangibles, US$0.05 per share for
stock-based compensation and US$0.13 to US$0.19 per share for
restructuring and impairment charges.)

In addition, Jabil said its fourth quarter of fiscal 2007
revenue should be in a range of US$2.9 to US$3.0 billion, with
estimated core operating margin in a range of 3.25 to 3.75
percent, and core earnings per share anticipated to be in a
range of US$0.29 to US$0.34 per diluted share.  Under generally
accepted accounting principles in the United States of America,
earnings per share are estimated to be US$0.18 to US$0.28 per
diluted share.  (Expected GAAP earnings per share for the fourth
quarter of fiscal 2007 are currently estimated to include
US$0.01 per share for amortization of intangibles, US$0.04 per
share for stock-based compensation and US$0.01 to US$0.06 per
share for restructuring and impairment charges.)

Jabil defines core operating income as GAAP operating income
before amortization of intangibles, stock-based compensation
expense, acquisition-related charges, restructuring and
impairment charges.  Jabil defines core earnings as GAAP net
income before amortization of intangibles, stock-based
compensation expense, acquisition-related charges, restructuring
and impairment charges and other income/loss, net of tax.  Jabil
defines core earnings per share as core earnings divided by the
weighted average number of outstanding shares determined under
GAAP.  Jabil reports core operating income, core earnings and
core earnings per share to provide its investors with an
alternative method for assessing operating income, earnings and
earnings per share from what it believes to be its core
manufacturing operations.

As previously disclosed, Jabil is involved in several lawsuits
and has received inquiries from the government in connection
with certain historical stock option grants.  As disclosed on
Dec. 8, 2006, Jabil's Board of Directors' Special Review
Committee, created to review backdating allegations, authorized
the company to announce that the committee has concluded that
there was no merit to the allegations that Jabil's officers
issued themselves backdated stock options or attempted to cause
others to issue them.

The Audit Committee of Jabil's Board of Directors is still
reviewing the recognition of certain revenue by Jabil in the
fourth quarter of fiscal year 1999 and the third quarter of
fiscal year 2001.  At this time the Audit Committee's review of
these matters is still ongoing.  The committee will continue to
evaluate the company's historical recognition of revenue in a
manner and for such periods as it determines may be appropriate.

Jabil Circuit, Inc. (NYSE:JBL) -- http://www.jabil.com/-- is an  
electronic product solutions company providing comprehensive
electronics design, manufacturing and product management
services to global electronics and technology companies.  Jabil
Circuit has more than 50,000 employees and facilities in 20
countries, including Brazil, Mexico, Europe and Asia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2007, Moody's Investors Service downgraded Jabil
Circuit, Inc.'s issuer rating to Ba1 (corporate family rating)
and the senior unsecured note rating to Ba2 from Baa3, while
continuing to keep the company's rating under review for
possible downgrade.  Moody's first placed Jabil's rating under
review for possible downgrade in November 2006.  Continuation of
the review process reflects continued uncertainty vis-a-vis
Jabil's credit and liquidity profile mainly due to issues
surrounding delays in its filing of audited financial
statements.

Standard & Poor's Ratings Services placed a BB+ preliminary
rating on Jabil Circuit's US$1.5 billion senior and subordinated
debts on Aug. 19, 2005.


LG.PHILIPS: Czech Unit Suspends Production as Demand Falls
----------------------------------------------------------
Multidisplay s.r.o. (formerly LG.Philips Displays Czech Republic
s.r.o.) halted TV tubes production at its Hranice plant after a
temporary fall in demand, CTK reports citing plant spokeswoman
Zuzana Fojtikova.

Ms. Fojtikova told CTK that warehouses are full at the moment.

"It is less expensive to stop the lines than to let them run,
say, at 50 percent," Ms. Fojtikova said.

According to CTK, part of the employees will be on holiday
during the temporary shutdown while others will be paid 70% of
the average monthly wage.

The plant will resume operations on April 2 as demand is
expected to rise again.

In February, CTP Invest bought the entire business from the
trustee of the bankrupt mother company LG.Philips Displays
Holding B.V. seated in the Netherlands.

As previously reported, LG.Philips Displays Holding B.V. filed
for insolvency protection along with its Dutch subsidiary,
LG.Philips Displays Netherlands B.V., and its German subsidiary
in Aachen due to worsening conditions in the CRT marketplace and
unsustainable debt.

Less than two months after the insolvency filings in Europe, the
company's U.S. unit, LG.Philips Displays USA Inc., filed a
chapter 11 petition in the U.S. Bankruptcy Court for the
District of Delaware on March 15.  

                   About LG.Philips Displays

Headquartered in Hong Kong, LG.Philips Displays --
http://www.lgphilips-displays.com/-- manufactures cathode ray   
tubes for use in televisions and computer monitors.  The company
produces one in every four television and computer monitor tubes
sold.  Making use of its global manufacturing infrastructure, it
provides regional supplies to top TV and monitor brands
worldwide.  LG.Philips Displays continues to be committed to the
CRT industry and will maintain a strong profile based on its
competitive operations and innovative, high-quality products.  
The company's production facilities are in: China, Korea,
Indonesia, Brazil, The Netherlands and United Kingdom.


STRATOS GLOBAL: To Be Acquired by CIP Canada for US$576 Million
---------------------------------------------------------------
Stratos Global Corp. has entered into a definitive agreement to
be acquired by CIP Canada Investment Inc., a wholly owned
subsidiary of Communications Investment Partners Limited, a
professional investment company with a focus on satellite
services.  Until at least April 2009, an independent Canadian
trust established by CIP Canada will hold the Stratos shares and
exercise sole voting control over Stratos.

Under the terms of the agreement, CIP Canada would acquire
beneficial ownership of 100% of Stratos Global through a Plan of
Arrangement under the Canada Business Corporations Act for a
cash purchase price of CDN$6.40 per share.  The purchase price
represents a premium of 7% compared with the closing price of
Stratos shares on March 8, 2007, the day before an article
appeared in The Globe & Mail highlighting the possibility of a
sale of Stratos.  The premium is 15% compared with the most
recent 30-day average through March 8 and 25% compared with the
90-day average through that date.  The total transaction value,
including the assumption of net debt, is US$576 million at
current exchange rates.

The transaction will be indirectly financed by a wholly owned
subsidiary of Inmarsat plc, Inmarsat Finance III Limited.  There
is no financing condition to the obligations of CIP Canada to
consummate the transaction.  Arrangements and plans are in place
from third parties and Inmarsat Finance to address any debt
refinancing requirements at Stratos.  Inmarsat Finance will have
a call option exercisable beginning in April 2009, and expiring
in December 2010, to acquire 100% of Stratos from CIP, but will
not have any legal ownership in, or managerial control of
Stratos.

"After careful consideration, the Stratos Board of Directors
unanimously concluded that this is the right transaction for
Stratos' shareholders, customers, partners, and employees,"
Charles Bissegger, Stratos' chairman of the Board of Directors,
said.

"This transaction will allow Stratos to remain as an independent
company executing its strategy through April 2009, and will
promote stability of our business in the post-April 2009 period
when our existing distribution agreements with Inmarsat come up
for renewal," James Parm, Stratos' president and chief executive
officer, added.

Following closing, Stratos will continue to have a Board of
Directors comprised of a majority of independent, non-executive
directors, and key management is expected to remain with
Stratos.  None of the directors will be selected by or
affiliated with Inmarsat or CIP.

The Plan of Arrangement will require approval by an Ontario
court and by 66-2/3% of votes cast at a special meeting of
Stratos shareholders.  A Stratos Management Proxy Circular
detailing the terms of the transaction and the date of the
special shareholders meeting is expected to be mailed to Stratos
shareholders in late April 2007.  The transaction will also be
subject to customary conditions and regulatory approvals,
including any applicable clearances under competition laws and
the Federal Communications Commission.  The transaction is
expected to close in the third quarter of 2007.

Bear, Stearns & Co. Inc. acted as financial advisor to the
Special Committee of the Board of Directors of Stratos and RBC
Capital Markets acted as financial advisor to Stratos.  Both
firms provided fairness opinions to the Board of Directors
indicating that the cash consideration to be received in the
transaction is fair from a financial point of view to Stratos
shareholders.

                         About CIP

Communications Investment Partners Limited is a professional
investment company incorporated in 2006.  The directors of CIP
collectively have more than 50 years of experience as directors
of and advisors to satellite services companies in both the
mobile satellite and fixed satellite services sectors.

                        About Stratos

Headquartered in Bethesda, Maryland, Stratos Corporation (TSX:
SGB) -- http://www.stratosglobal.com/-- is a publicly traded  
company that provides a range of mobile and fixed-site remote
communications solutions for users operating beyond the reach of
traditional networks.  The company has offices in Canada,
Brazil, the United Kingdom, Norway, Germany, the Netherlands,
Sweden, Italy, Spain, Turkey, Russia, Kenya, South Africa,
United Arab Emirates, India, Hong Kong, Japan, Singapore,
Australia and New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on March 23, 2007,
Standard & Poor's Ratings Services raised the ratings on remote
telecommunications service provider Stratos Global Corp.,
including the long-term corporate credit rating to 'B+' from
'B'.


WCM BETEILIGUNGS: Sells Klockner-Werke Stake for EUR240 Million
---------------------------------------------------------------
WCM Beteiligungs- und Grundbesitz AG has sold its stake in
Klockner-Werke AG for around EUR240 million, Borsen Zeitung
reports.

Following the sale, WCM now has more than enough funds to repay
its EUR230-million debt to HSH Nordbank, Borsen Zeitung relates.  
To repay its remaining debts, the company either has to sell or
restructure its remaining holdings in Maternus Kliniken AG and
Ymos.  Borsen Zeitung suggests that WCM would become a shell
company after paying its debts.

Michael C. Frege, WCM's court-appointed administrator, told
Borsen Zeitung that the stake sale would not terminate the
company's insolvency.  Mr. Frege stressed that the sale
represents a major move and could form the basis for a new
insolvency plan.

In a TCR-Europe report on Nov. 13, 2006, WCM applied for
insolvency on Nov. 8 as a result of the extraordinary
termination of the loan agreement by HSH Nordbank AG.  The
District Court of Frankfurt (Main) opened bankruptcy proceedings
against the company on Nov. 21, 2006.  

The Court will verify the claims against the company at
9:00 a.m. on April 23, at:

         The District Court of Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

The administrator can be reached at:

         Michael C. Frege
         Barckhausstrasse 12-16
         60325 Frankfurt (Main)
         Germany
         Tel: 069/71701-300
         Fax: 069/71701-40-410

                        About WCM AG

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests   
in other real estate investment, management, and development
companies, as well as in the nursing homes and a packaging
maker.  The group owns 80% of Klockner-Werke AG, which also
operates in Austria, Czech Republic, Denmark, France, United
Kingdom, Italy, Netherlands, Spain, Switzerland, Australia,
Brazil, India, Japan, Mexico, Russian Federation, Singapore, and
the U.S.A.

WCM has been posting consecutive annual net losses of EUR849
million in 2002; EUR315 million in 2003; EUR163 million in 2004;
and EUR44 million in 2005.




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


AALL REALTY: Sets Last Shareholders Meeting for April 19
--------------------------------------------------------
AALL Realty Holdings Corp. will hold its final shareholders
meeting on April 19, 2007, at 10:00 a.m., at:

         Deloitte
          Fourth Floor, Citrus Grove
          P.O. Box 1787
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) authorize the liquidators to retain the
      records of the Company for a period of five years
      from the dissolution of the Company, after which
      they may be destroyed.

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:

         Stuart Sybersma
         Attention: Nicole Ebanks
         Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258


EMERGING TECHNOLOGY: Last Shareholders Meeting Is on April 19
-------------------------------------------------------------
Emerging Technology Strategy Assets will hold its final
shareholders meeting on April 19, 2007, at:

         Cititrust (Bahamas) Limited
         P.O. Box N-1576
         Citibank Bldg., Thompson Boulevard
         Oakes Field, New Providence
         Nassau, Bahamas
    
These agendas will be taken during the meeting:

   1) enabling the members to review an account of the
      winding up  of the company.

   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:

         Michael R. Fields
         c/o Maples and Calder
         P.O. Box 309
         Ugland House, South Church Street
         George Town, Grand Cayman
         Cayman Islands


GOLDEN JADE: Will Hold Last Shareholders Meeting on April 19
------------------------------------------------------------
Golden Jade CDO Ltd. will hold its final shareholders
meeting on April 19, 2007, at 10:30 a.m., at:

         HSBC Financial Services (Cayman) Ltd.
         Strathvale House, North Church Street
         P.O. Box 1109
         Grand Cayman KY1-1102
         Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) authorize the liquidators to retain the
      records of the Company for a period of five years
      from the dissolution of the Company, after which
      they may be destroyed.

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:

         Janet Crawshaw
         Cereita Lawrence
         P.O. Box 1109
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 345-914-7510
         Fax: 345-949-7634


HAPPY RICE: Proofs of Claim Filing Deadline Is April 19
-------------------------------------------------------
Happy Rice Field's creditors are given until April 19, 2007, to
prove their claims to Wendy Ebanks and Joshua Grant, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Happy Rice's shareholders agreed on March 6, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MAVERICK LONG: Proofs of Claim Filing Ends on April 19
------------------------------------------------------
Maverick Long (Plans), Ltd.'s creditors are given until
April 19, 2007, to prove their claims to Richard Gordon and Jan
Neveril, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Maverick Long's shareholders agreed on March 5, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MAVERICK ENHANCED: Proofs of Claim Filing Deadline Is April 19
--------------------------------------------------------------
Maverick Long Enhanced (Plans), Ltd.'s creditors are given until
April 19, 2007, to prove their claims to Richard Gordon and Jan
Neveril, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Maverick Long's shareholders agreed on March 5, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MBF NO.1: Proofs of Claim Must be Filed by April 19
---------------------------------------------------
MBF No.1's creditors are given until April 19, 2007, to prove
their claims to Guy Major and Joshua Grant, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

MBF No.1's shareholders agreed on March 8, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


OP FUNDING: Will Hold Last Shareholders Meeting on April 19
-----------------------------------------------------------
OP Funding Corp. will hold its final shareholders meeting on
April 19, 2007, at 10:00 a.m., at:

         BNP Paribas Bank & Trust Cayman Limited
         3rd Floor, Royal Bank House
         Shedden Road, George Town
         Grand Cayman, Cayman Islands
        
These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) authorize the liquidators to retain the
      records of the Company for a period of five years
      from the dissolution of the Company, after which
      they may be destroyed.

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:

         Ellen J. Christian
         Piccadilly Cayman Limited
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210


PARK VIEW: Last Shareholders Meeting Is on April 19
---------------------------------------------------
Park View 9 Holdings Ltd. will hold its final shareholders
meeting on April 19, 2007, at the office of the company.

These agendas will be taken during the meeting:

   1) enable the members to review an account of the
      winding up  of the company.

   2) hear 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:

         Jean-Louis Cambieri
         Joannah Bodden, Maples and Calder
         P.O. Box 309
         George Town, Grand Cayman
         Cayman Islands


PARMALAT SPA: New Jersey Court Denies Citigroup Motion to Appeal   
----------------------------------------------------------------
The Superior Court of New Jersey, Appellate Division, has
rejected Citigroup's Motion for Leave to Appeal the denial of
the motion to dismiss Parmalat S.p.A.'s complaint against the
bank on the basis of forum non-conveniens.

Parmalat's suit against Citigroup continues in New Jersey, the
forum originally selected by Parmalat.   

                       About Parmalat

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


PARMALAT SPA: Earns EUR192.5 Mil. for Year Ended Dec. 31, 2006
--------------------------------------------------------------
Parmalat S.p.A. released its consolidated financial results for
the full year 2006.

The company reported EUR192.5 million in net profit against
EUR3.84 billion in revenues for the full year 2006, compared
with EUR300,000 in net loss against EUR3.68 billion in revenues.

Parmalat said in a statement that the positive figure reflects a
favorable shift in the sales mix, the implementation of measures
to increase manufacturing and distribution efficiency and a
positive change in foreign exchange rates.  The company's
financial performance in 2006 was also boosted by proceeds from
legal settlements, The Associated Press reports.

The company also halved its net debt from EUR369.3 million as of
Dec. 31, 2005, to EUR170 million as of Dec. 31, 2006.  The
figure, however, excludes, proceeds from a EUR112-million
settlement with Banca Nazionale del Lavoro S.p.A., which was
booked in January 2007.

                      Outlook for 2007

In 2007, absent non-recurring transactions and changes in the
scope of consolidation, Parmalat expects to report higher
revenues and EBITDA than in 2006, consistent with its
performance in the first two months of the current year.  These
expectations are based on to the assumption of a positive
contribution by functional products and the success of marketing
and industrial projects that are currently being implemented.

The positive operational results of the countries where the
Group operates could partially suffer, in the Group
consolidation, of the appreciation in value of the euro versus
the currencies of the countries.

Thanks to the collection early in 2007 of the receivables
generated by the settlements with BNL, BPM and Deloitte,
virtually all of the net indebtedness has been eliminated.
Moreover, the Group's operations in the various countries are
expected to generate sufficient cash flows to fund their capital
investment programs and their debt service obligations.

                      About Parmalat

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


PRINCIPAL PROTECTED: Proofs of Claim Filing Ends on April 19
------------------------------------------------------------
Principal Protected MMCAPS I, Ltd.'s creditors are given until
April 19, 2007, to prove their claims to Richard Gordon and
Chris Watler, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Principal Protected's shareholders agreed on March 5, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


REPACK HOLDINGS: Proofs of Claim Filing Deadline Is on April 19
---------------------------------------------------------------
Repack Holdings Inc.'s creditors are given until April 19, 2007,
to prove their claims to Wendy Ebanks and Joshua Grant, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Repack Holdings shareholders agreed on Feb. 28, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


SANTA ROSA: Proofs of Claim Filing Is Until April 19
----------------------------------------------------
Santa Rosa CDO Ltd.'s creditors are given until April 19, 2007,
to prove their claims to Andrew Dean and Joshua Grant, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Santa Rosa's shareholders agreed on Feb. 23, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


SOCS LTD: Will Hold Last Shareholders Meeting on April 19
---------------------------------------------------------
SOCS Ltd. will hold its final shareholders meeting on
April 19, 2007, at 10:00 a.m., at:

         Walker House, Mary Street
         George Town, Grand Cayman KY1-9001
         Cayman Islands         

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) authorize the liquidators to retain the
      records of the company for a period of five years
      from the dissolution of the company, after which
      time 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:

         Christopher E. Jansen
         Stanfield Capital Partners LLC
         430 Park Avenue, 11th Floor
         New York, New York 10022
         USA


STANFIELD OPPORTUNISTIC: Last Shareholders Meeting Is April 19
--------------------------------------------------------------
Stanfield Opportunistic Convertible Strategies Ltd. will hold
its final shareholders meeting on April 19, 2007, at 10:00 a.m.,
at:

         Walker House, Mary Street
         George Town, Grand Cayman KY1-9001
         Cayman Islands         

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) authorize the liquidators to retain the
      records of the company for a period of five years
      from the dissolution of the company, after which
      time 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:

         Christopher E. Jansen
         Stanfield Capital Partners LLC
         430 Park Avenue, 11th Floor
         New York, New York 10022
         USA


Y.R.E. ASSET: Proofs of Claim Filing Is Until April 19
------------------------------------------------------
Y.R.E. Asset Funding Co. Ltd.'s creditors are given until
April 19, 2007, to prove their claims to Carlos Farjallah and
Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Y.R.E. Asset's shareholders agreed on Feb. 13, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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




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


SMURFIT KAPPA GROUP: Fitch Ups Rating to BB- on IPO Completion
--------------------------------------------------------------
Following the completion of Smurfit Kappa Acquisitions' initial
public offering of new shares in Smurfit Kappa Plc, and the use
of proceeds to prepay debt, Fitch has taken a series of rating
actions for the group, as:

Smurfit Kappa Acquisitions' Issuer Default rating is upgraded to
'BB-' from 'B+'; the Rating Watch Positive status is removed and
a stable outlook is in place.  Its senior secured facilities are
affirmed at 'BB+' and the rating for the guaranteed debenture
notes is upgraded to 'BB+' from 'BB'.

Smurfit Kappa Funding's remaining EUR131 million and USD280
million senior notes due 2012 are upgraded to 'BB-' from 'B' and
are placed on Rating Watch Positive pending the outcome of the
further tender offer launched by the company on March 22.  Its
EUR217.5 million and USD200 million senior subordinated notes
due 2015 are upgraded to 'B+' from 'B-'.

The rating for the Smurfit Kappa Holdings PIK notes is upgraded
to 'B' and withdrawn.

Smurfit Kappa Group's IPO raised EUR1,495 million in gross
primary proceeds, EUR200 million more than anticipated, and the
company has immediately applied proceeds in redemption of its
PIK Notes (of which approx EUR39 million remain outstanding) and
a part of its 2012 senior notes.  Fitch estimates that SKG's net
total leverage has been reduced as a result of the IPO to 4.3x
on a pro forma basis from 5.3x reported at FYE06.  The company
has issued a redemption notice for the remaining PIK Notes that
will be redeemed in April.

"The success of the IPO and the prepayment of approximately
EUR1bn of non-shareholder debt already, with potentially over
EUR250m further prepayments anticipated in the next few weeks,
has significantly reduced SKG's leverage and increased financial
flexibility," said Michelle De Angelis, Senior Director in
Fitch's Leveraged Finance team in London.  "The resulting credit
profile of the company is commensurate with a 'BB minus' rating,
but further positive rating momentum could result from
additional deleveraging and sustained EBITDA margin improvements
during the next 12 to 18 months."

The rating of the senior secured bank facilities remains
unchanged, but the combination of the overall enhancement of
SKG's credit profile together with the reduced outstanding
amount of the senior notes resulted in a two-notch upgrade of
both the senior notes due 2012 and the senior subordinated notes
due 2015.  A further tender offer has been launched in respect
of the senior notes, which will see the additional funds raised
used in further debt redemption, bringing the balance of 2012
notes outstanding to potentially as little as EUR33m and USD72
million.  At that point, the leverage differential between
senior secured debt and the senior notes could be as little as
0.1x and in Fitch's view the rating differential between the
senior secured debt and the senior notes could be similarly
reduced to a single notch.  The agency has therefore applied a
Positive Rating Watch to the senior notes rating, and if the
tender offer is successful, the rating of these notes could be
upgraded to 'BB'.

SKG Instrument ratings summary:

  Smurfit Kappa Acquisitions' senior secured facilities
              -- 'BB+'

  Smurfit Capital Funding's guaranteed debentures due 2025
              -- 'BB+'

  Smurfit Kappa Funding's senior notes due 2012
              -- 'BB-'; Rating Watch Positive

  Smurfit Kappa Funding's senior subordinated notes due 2015
              -- 'B+'

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,
Dominican Republic, Ecuador, Mexico and Venezuela.


SMURFIT KAPPA: Moody's Assigns Ba3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service today assigned a Ba3 Corporate Family
Rating to Smurfit Kappa plc, the ultimate parent company of
Smurfit Kappa Holdings plc and the entity publishing
consolidated group accounts, and simultaneously withdrew the CFR
for Smurfit Kappa Holdings plc. In line with Moody's Loss-Given-
Default methodology, a "Probability of Default Rating" of Ba3
was also assigned.  The outlook is stable.

Furthermore, following the successful partial flotation of its
shares, SK applied the net proceeds of approximately EUR 1.4
billion for these transactions:

   1) Following a public tender offer for the US$750 million
      2012 Senior Notes (rating unchanged at B2) as well as for
      the EUR350 million 2012 Senior Notes (rating unchanged at
      B2), SK has so far redeemed US$470 million and EUR219
      million respectively.

     (Moody's has noted that the company has launched a tender
      offer for another portion of these 2012 issues that will
      bring the amount outstanding of the 2012 Senior Notes to
      about 10% for each tranche.)

   2) In addition, on March 21, 2007, SK has redeemed its EUR90
      million Shareholder PIK loan (unrated).

   3) On March 21, 2007, SK has issued a call for the remaining
      10% of outstanding EUR 325 million 11.5% Senior PIK Notes
      due 2015 (rating upgraded from Caa1 to B2, see below).

As a result of this emerging new capital structure and in the
context of the implementation of Moody's Loss Given Default
methodology for European corporates from March 19, 2007, several
debt instruments of SK were consequently upgraded, and these
rating changes were made to the rated debt instruments:

   Smurfit Kappa plc:

     i) A Ba3 Corporate Family Rating was assigned

   Smurfit Kappa Holdings plc:

     i) The Ba3 Corporate Family Rating was withdrawn

    ii) EUR 325m 11.5% Senior PIK Notes 2015: The rating was
        upgraded from Caa1 to B2, with an LGD rate of 96% and an
        LGD assessment of LGD 6; the rating will be withdrawn
        upon successful redemption of all securities.

   Smurfit Kappa Funding plc:

     i) EUR131 million (face amount) 10.125% Senior Notes 2012:
        The B2 issue rating was affirmed, with an LGD rate of
        93% and an LGD assessment of LGD 6;

    ii) US$280 million (face amount) 9.625% Senior Notes 2012:
        The B2 issue rating was affirmed, with an LGD rate of
        93% and an LGD assessment of LGD 6;

   iii) EUR 217.5 million Senior Subordinated Notes 2015: The B3
        issue rating was upgraded to B2, with an LGD rate of 95%
        and an LGD assessment of LGD 6;

    iv) US$200 million 7.75% Senior Subordinated Notes 2015: The
        B3 issue rating was upgraded to B2, with an LGD rate of
        95% and an LGD assessment of LGD 6;

   Smurfit Kappa Treasury Funding Limited

     i) US$292 million Yankee Bond 2025, the Ba3 issue rating
        was upgraded to Ba2, with an LGD rate of 39% and an LGD
        assessment of LGD 3.

As a result of the implementation of the LGD methodology,
Moody's has upgraded to B2 the ratings of EUR217.5 million
Senior Subordinated Notes due 2015 and the US$200 million 7.75%
Senior Subordinated Notes due 2015.  At the same time, the
US$292 million Yankee Bond which matures in 2025 was upgraded to
Ba2, reflecting the significant presence of junior debt in the
capital structure, resulting in a one-notch differential between
the rating of the senior secured facility and the corporate
family rating.

Moody's will also withdraw the rating for the EUR325 million
11.5% Senior PIK Notes due 2015 after SK issued a call for the
remaining 10% of outstanding notes; the rating will be withdrawn
once these notes have been fully settled.

Smurfit Kappa plc, headquartered in Dublin/Ireland, is Europe's
largest integrated manufacturer of containerboard, corrugated
containers and other paper-based packaging products.  SK also
holds leading positions in Latin America, which accounted for
13% of group sales, which totaled approximately EUR7.0 billion
at FYE 2006.

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,
Dominican Republic, Ecuador, Mexico and Venezuela.




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


BBVA COLOMBIA: Earns COP49.0 Billion in First Two Months
--------------------------------------------------------
BBVA Colombia's profit increased 16.5% to COP49.0 billion in the
first two months of 2007, compared to the same period in 2006,
Business News Americas reports.

BBVA Colombia said in a press release that its lending increased
30.1% to COP9.61 trillion at the end of February 2007, compared
to the same period in 2006.

According to BNamericas, BBVA Colombia's assets rose 1.70% to
COP13.8 trillion at the end of February 2007, compared to the
same period in 2006.  Its equity increased 11.4% to COP1.33
trillion.

BBVA Colombia's shareholders will hold a meeting on March 30 to
authorize a COP123-billion dividend, BNamericas states.

Headquartered in Bogota, Colombia, BBVA Colombia --
http://www.bbva.com.co/-- is engaged in the holding and
accomplishment of all operations, acts and contracts of banking
establishments.  It is 95.16% owned by Banco Bilbao Vizcaya
Argentaria.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 22, 2006, Fitch upgraded the foreign currency Issuer
Default Rating of BBVA Colombia.  These rating actions followed
the Country Ceiling upgrades for various countries, including
Colombia to 'BB+' from 'BB'.  Fitch took these rating actions:

   -- foreign currency long-term issuer default rating upgraded
      to 'BB+' from 'BB' and revised Outlook to Stable from
      Positive;

   -- foreign currency short-term rating affirmed at 'B';

   -- Local currency long-term IDR affirmed at 'BBB-' with
      Stable Outlook;

   -- Local currency short-term rating affirmed at 'F3';

   -- Individual 'C/D' remains on Rating Watch Negative;

   -- Support affirmed at '3'.




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


AFFILIATED COMPUTER: Buyout Offer Cues Fitch's Negative Watch
-------------------------------------------------------------
Fitch Ratings has placed Affiliated Computer Services, Inc. on
Rating Watch Negative after the proposed offer from Darwin
Deason, founder and current chairman of ACS, and Cerberus
Capital Management L.P. to acquire the company in a leveraged
buyout transaction valued at US$8.2 billion, including existing
debt.

Ratings affected:

   -- Issuer Default Rating 'BB';
   -- Senior secured revolving credit facility at 'BB';
   -- Senior secured term loan at 'BB'; and
   -- Senior notes at 'BB-'.

Approximately US$3.3 billion of debt, including the US$1 billion
revolving facility, is affected by Fitch's action.

Resolution of the Negative Rating Watch is contingent on these
factors:

   -- The decision reached by ACS' Board of Directors to accept
      or reject the offer following a review of the transaction;

   -- The degree of leverage utilized in financing the
      acquisition should the Board approve the transaction;

   -- The acquirer's ability to arrange what Fitch believes will
      be approximately US$6 billion of debt financing, assuming
      a 30% equity contribution.

Fitch believes ACS' credit metrics proforma for the transaction
support an IDR in the 'B' category.  Based on the proposed offer
price and a 30% equity contribution, Fitch estimates pro forma
leverage may increase to 6.3x from 2.8x as of Dec. 31, 2006 due
to a projected US$3.3 billion increase in outstanding debt to
US$6 billion in order to finance the transaction.

Fitch believes proforma interest coverage may decline to 1.7x
from 7.1x for the latest 12 months ended Dec. 31, 2006.

Fitch believes the majority of outstanding debt will be
refinanced in an LBO transaction.  Total debt as of Dec. 31,
2006 was approximately US$2.6 billion, consisting primarily of
US$1.8 billion of secured term loans due 2013, US$275 million of
borrowings under the revolving credit facility, US$250 million
of senior notes due June 2010 and US$250 million of senior notes
due June 2015.  

Under the terms of the credit facility agreement, consummation
of the proposed transaction would be an event of default,
requiring immediate repayment of all outstanding borrowings
under the facility due to a change of control provision and
likely violation of financial covenants in the agreement,
including maximum consolidated total leverage ratio of 4x and
interest coverage covenant of 4.5x.

The indenture governing ACS' US$500 million of senior notes
offers no protection in the event of an LBO.  ACS previously
granted equal and ratable liens in favor of the holders of the
senior notes in all assets other than accounts receivable when
it obtained the current secured credit facility.  The 'BB-'
rating for the senior notes incorporates the fact that the
secured credit facilities have the sole rights to ACS' accounts
receivable, which represented approximately 21% of total assets
and 43% of tangible assets as of Dec. 31, 2006.

Acceleration of principal on the senior notes as a result of
ACS' failure to timely file its 10-K for the year ended
June 30, 2006, remains uncertain due to the company's pending
lawsuit against its Trustee, in which ACS seeks a declaratory
judgment affirming its position that no default has occurred
under the indenture. However, Fitch believes there is a
possibility the senior notes will be refinanced in the proposed
transaction to avoid the uncertainty associated with a sizeable
contingent payment relative to current liquidity and minimal pro
forma free cash flow in a highly leveraged capital structure.

A FORTUNE 500 company, Affiliated Computer Services Inc.,
(NYSE: ACS) -- http://www.acs-inc.com/ -- provides business    
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.

Dallas-based Affiliated Computer Services Inc. has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.


AFFILIATED COMPUTER: Buyout Offer Cues S&P's Negative Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit and senior secured ratings on Dallas, Texas-based
Affiliated Computer Services Inc. on CreditWatch with negative
implications.

"The CreditWatch placement follows the announcement that an
investment group led by ACS' founder has offered to buy the
company for about US$8.2 billion (including the assumption of
debt)," said Standard & Poor's credit analyst Philip Schrank.

If the LBO is successful, operating lease-adjusted leverage
likely will increase from the 5x threshold incorporated into the
current rating.

Standard & Poor's will monitor any negotiations and respond to
any change in the company's business or financial profile.

A FORTUNE 500 company, Affiliated Computer Services Inc.,
(NYSE: ACS) -- http://www.acs-inc.com/ -- provides business    
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.

Dallas-based Affiliated Computer Services Inc. has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.




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


* ECUADOR: May Renegotiate Debts with World Bank & CAF
------------------------------------------------------
Ecuadorian Economy Minister Ricardo Patino told Reuters Friday
that the his country may seek a renegotiation of all its World
Bank debt and contemplates revamping loans with the Andean
Development Corporation or CAF.

The news came after the country announced plans to renegotiate
its loans with the Inter-American Development bank, Reuters
relates.  

"After speaking with the Inter-American Development Bank, I hope
we can speak to the World Bank," the economy minister was quoted
by Reuters as saying.  "We want to modify amortization tables so
the debt service will not be so high."

The nation's debt to the World Bank totals US$748 million, while
its CAF loans reached US$1.5 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Fitch Ratings downgraded the long-term foreign currency Issuer
Default Rating of Ecuador to 'CCC' from 'B-', indicating that
default is a real possibility in the near term.

In addition, these ratings were downgraded:

   -- Uncollateralized foreign currency bonds to
      'CCC/RR4' from 'B-/RR4';

   -- Collateralized foreign currency Par and Discount
      Brady bonds to 'CCC+/RR3' from 'B/RR3'; and

   -- Short-term foreign currency IDR to 'C' from 'B'.

Fitch also affirmed the Country ceiling rating at 'B-'.




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


TARGUS GROUP: Names Theresa Hope-Reese as Senior Vice President
---------------------------------------------------------------
Targus(R) Group International Inc. announced that Theresa
Hope-Reese has joined the company as the Senior Vice President
of Human Resources.  Ms. Hope-Reese will be responsible for all
human resource practices and policies for the global
organization.

Prior to joining Targus, Ms. Hope-Reese was the Vice President
of Human Resources for AVANIR Pharmaceuticals; an Orange County
based Biotech Company.  Ms. Hope-Reese spent over 6 years with
Water Pik Technologies, Inc. as Corporate Vice President of
Human Resources where she was responsible for all global human
resource functions.  Prior to joining Water Pik, she worked for
Varco International, Inc., a global oilfield services company
where she was Corporate Vice President of Human Resources.  She
earned her Bachelor of Science degree in management from
California State University, San Diego, her Masters of Business
Administration from the University of North Texas, and her
Executive Certificate in Management at the Peter F. Drucker and
Masatoshi Institute of Management in Claremont.

"Theresa brings to this position a strong functional expertise,
a demonstrated ability to develop high performance teams and an
unwavering commitment to ethical business practices and
behavior," said Michael Hoopis, President and Chief Executive
Officer of Targus.

Headquartered in Anaheim, California, Targus Group International
Inc. -- http://www.targus.com/-- supplies notebook carrying  
cases and accessories.  The company has offices on every
continent and distributes in over 145 countries including
Argentina, Barbados, Costa Rica and El Salvador.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer product sector last week, the
rating agency affirmed its B2 Corporate Family Rating for Targus
Group International Inc., and raised its rating on the company's
US$40 million Guaranteed First Lien Senior Secured Revolver Due
2011 to Ba3 from B2.  Moody's assigned an LGD2 rating to those
bonds suggesting lenders will experience a 27% loss in the event
of a default.




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


ALCATEL-LUCENT: Chief Executive Confirms Job Cuts in R&D Units
--------------------------------------------------------------
Alcatel-Lucent's Chief Executive Officer Patricia Russo
stressed, during a meeting of the company's European group
committee, that the staff reductions undertaken by the company
are the direct result of redundancies linked to the merger
announced on Dec. 1, 2006, and of Nortel's UMTS activities
acquisition.  

Ms. Russo emphasized that the staff reductions are also linked
to the adaptation of the business model related to its
customers' rapidly evolving needs and to the adjustment of some
activities to the market perspectives.

Those reasons, and especially the redefinition of the product
portfolio, explain why a part of the plan concerns job
reductions in R&D.  While the company's presence in emerging
countries is essential to adapt products to the specificities of
those growing markets, the company insisted on the fact that
those countries would experience the impact of synergies as
well.

Ms. Russo also reaffirmed the company's strong commitment to R&D
in Western Europe and North America in particular.

The missions of the company's major European R&D competence
centers were also confirmed:

   -- access in Belgium and Spain;

   -- optics in Italy, Germany and France;

   -- submarine networks in France;

   -- IP in Belgium;

   -- 2G mobile in France and Germany;

   -- 3G mobile in France, following Nortel's UMTS activities
      acquisition, and in Germany;

   -- WiMAX in France and Germany;

   -- convergence in France, Belgium, Germany and Spain;

   -- enterprise in France; and

   -- research & innovation in France, Germany and Belgium.

Alcatel-Lucent's active involvement in the working group on the
future of telecom in Europe put in place by the French
government is also dedicated to this commitment.

Twelve members of the management team, along with 27 delegates
from nine European countries, attended the meeting.

                    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.


BRITISH AIRWAYS: Calls on UK to Sanction US Under Aviation Pact
---------------------------------------------------------------
British Airways plc has called on the U.K. government to stand
by its right of automatic termination of traffic rights granted
in the new air treaty endorsed March 22 between the European
Union and the U.S. if America drags its feet on negotiating
further liberalization.

Access to Heathrow for U.S. airlines is at the heart of the new
aviation pact signed by European Union Transport Ministers
Thursday in Brussels.

British Airways chief executive Willie Walsh said, "The EU is
naive to believe the US will deliver on the next stage of
liberalization without sanctions so we are pleased the U.K.
government has recognized this and demanded an automatic
termination clause.  However, the five-month delay before
implementation is unnecessary.

"With the EU having given away their most valuable negotiating
asset -- Heathrow -- the U.K. government must stand by its
pledge to withdraw traffic rights if the US does not deliver
further liberalization by 2010.  Nothing short of an Open
Aviation Area by 2010 will be acceptable and we want talks on
the second stage to achieve this to start immediately.

"This means delivering a true Open Aviation Area under which
airlines from both sides would have free access to each others'
market without restrictions and where it will be possible for a
US airline to be 100% owned by investors from the EU and vice
versa.  

"A genuine liberalization such as this would deliver huge
benefits for customers.

"It is disappointing that the EU has missed the opportunity to
achieve these long-term gains for customers.  Instead, this deal
will deliver short-term gains for the subsidized American
aviation industry.

"So far the US has made no meaningful concessions.  American
carriers can now fly into Heathrow, Europe and beyond while
their own backyard remains a no go area for EU carriers and
foreign ownership of their airlines remains unchanged.

"We will hold the Government to its word to fight for Britain's
interests if America doesn't play ball.  Though this is a poor
agreement for Britain and Europe, we are ready to exploit the
new opportunities this agreement gives us for our customers and
our business.  Our priority will be to move the Gatwick services
to Heathrow that have most connecting traffic, such as the
Houston route which serves the oil markets and give our
customers the best possible connections."

As previously reported, the airline is opposing the "open skies"
deal as it may lose its protected flight status at Heathrow
airport and face intense competition, according to published
reports.

                       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.




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


DYOLL GROUP: National Commercial Clarifies Involvement in Firm
--------------------------------------------------------------
The National Commercial Bank of Jamaica Chairperson Michael Lee-
Chin told Radio Jamaica that the bank was a passive shareholder
of Dyoll Group, but wasn't involved in the latter's operations.

According to Radio Jamaica, National Commercial had purchased
44% of Dyoll Group prior to its financial problems, which
started two years ago when its general insurance unit collapsed
due to a high number of claims arising from Hurricane Ivan.

Mr. Lee-Chin commented to Radio Jamaica, "The problems were
also, by the way, not in Jamaica, the problems were in Cayman.  
Also... the first thing you bet is the quality of management.  
We were not a part, notwithstanding us owning 44%, we're passive
shareholders, and we're not a part in choosing management.  We
inherited management as a passive shareholder."

The National Commercial told Radio Jamaica that it has learnt a
lesson from its failed investment in Dyoll Group.

                      About Dyoll Group

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in March 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
leveled on the company as a result of the hurricane Ivan.
Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.


GOODYEAR TIRE: Selling Assets to Carlyle Group for US$1.4-Bil.
--------------------------------------------------------------
The Goodyear Tire & Rubber Company has agreed to sell
substantially all of its Engineered Products business to EPD,
Inc., an entity sponsored by Carlyle Partners IV, L.P., for
US$1.475 billion, subject to certain post-closing adjustments.

The transaction is subject to customary closing conditions,
including the receipt of regulatory approvals as well as EPD's
completion of a labor agreement with the United Steelworkers
union.

As part of the transaction, Goodyear has agreed to a trademark
licensing agreement with EPD to use the Goodyear brand and
certain other trademarks in connection with the Engineered
Products business.

Goodyear expects to record a gain on the sale, the amount of
which has not yet been finalized.

"This transaction reinforces our focus on our core consumer and
commercial tire businesses and on improving our balance sheet,"
said Robert J. Keegan, Goodyear chairman and chief executive
officer.  "We anticipate using the proceeds for purposes
including reducing debt, addressing legacy obligations and
supporting growth in our tire businesses."  Specific plans
regarding debt reduction and investments will be announced at a
later date.

"Engineered Products is a successful business with outstanding
associates who have made important contributions to Goodyear.  
We thank them for these contributions," he added.

"I'm confident the resources and business philosophy of Carlyle
will support Engineered Products' growth and continued success
going forward."

Timothy R. Toppen, president, Goodyear Engineered Products, said
the transaction would not interfere with its daily operations or
on meeting customer needs.

"The cornerstone of our operating philosophy stays intact - we
want to help our customers grow their businesses for the long-
term," he said.

Goodyear Engineered Products operates 32 facilities in 12
countries and has approximately 6,500 associates.  It
manufactures and markets engineered rubber products for
industrial, military, consumer and transportation original
equipment end-users.  The product portfolio of the business
includes hose, conveyor belts, power transmission products,
rubber track, molded products and air springs.  In 2006,
Engineered Products had sales of approximately US$1.5 billion.

The Carlyle Group is one of the world's largest private equity
firms with US$54.5 billion under management, investments in more
than 185 companies and 750 employees in 16 countries.  In the
aggregate, Carlyle portfolio companies have more than $68
billion in revenue and employ more than 200,000 people around
the world.

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'.


NATIONAL COMMERCIAL: Clarifies Involvement in Dyoll Group
---------------------------------------------------------
The National Commercial Bank of Jamaica Chairperson Michael Lee-
Chin told Radio Jamaica that the bank was a passive shareholder
of Dyoll Group, but wasn't involved in the latter's operations.

According to Radio Jamaica, National Commercial had purchased
44% of Dyoll Group prior to its financial problems, which
started two years ago when its general insurance unit collapsed
due to a high number of claims arising from Hurricane Ivan.

Mr. Lee-Chin commented to Radio Jamaica, "The problems were
also, by the way, not in Jamaica, the problems were in Cayman.  
Also... the first thing you bet is the quality of management.  
We were not a part, notwithstanding us owning 44%, we're passive
shareholders, and we're not a part in choosing management.  We
inherited management as a passive shareholder."

The National Commercial told Radio Jamaica that it has learnt a
lesson from its failed investment in Dyoll Group.

                      About Dyoll Group

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in March 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
leveled on the company as a result of the hurricane Ivan.
Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.
        
                        *     *     *

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2006, Fitch initiated rating coverage on Jamaica's
National Commercial Bank Jamaica, Ltd., by assigning 'B+'
ratings on the bank's long-term foreign currency.  Other ratings
assigned by Fitch include:

   -- Long-term local currency 'B+';
   -- Short-term foreign currency 'B';
   -- Short-term local currency 'B';
   -- Individual 'D';
   -- Support '4'.

Fitch said the ratings had a stable rating outlook.




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


ADVANCED MARKETING: C. Smith Succeeds G. Rautenstrauch as CEO
-------------------------------------------------------------
Advanced Marketing Services Inc. has appointed Curtis R. Smith,
the company's executive vice president and chief financial
officer, to succeed former CEO Gary M. Rautenstrauch following
the latter's March 21 resignation, the San Diego Business
Journal reports.

Advanced Marketing has been in proceedings under Chapter 11 of
the Bankruptcy Code since Dec. 29, 2006.  The U.S. Bankruptcy
Court in Wilmington, Delaware, approved the transaction on
March 9.

Mr. Smith will supervise the final winding-down of the Company's
business operations following the completion of the sale of
majority of its assets to B&T.  Mr. Rautenstrauch will remain as
a member of the company's Board of Directors.

Mr. Rautenstrauch worked for 22 years at Baker & Taylor,
including a stint as chief executive officer of B&T, the Journal
relates.

According to the report, the former CEO is entitled to get a
bonus of up to 70 percent of his salary.  U.S. securities
filings disclosed that his base salary was US$450,000, which
pegs his bonus at US$315,000.

                   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.


BLOCKBUSTER INC: CEO John Antioco to Leave Post by Year-End
-----------------------------------------------------------
Blockbuster Inc. disclosed Tuesday in a filing with the U.S.
Securities and Exchange Commission that the Company and John
Antioco, Blockbuster Chairman and CEO, have entered into an
amended and restated employment agreement that sets forth terms
under which Mr. Antioco will leave the company by the end of
2007.

"I am pleased that we were able to reach this agreement," said
John Antioco, Blockbuster Chairman and CEO.  "This revised
employment agreement allows for management continuity and ample
opportunity for an orderly succession by the end of the year. In
the meantime, the board of directors, our management team and I
remain focused on continuing to improve the business, most
notably through BLOCKBUSTER Total Access(TM)."

"John and the company have reached terms that are clearly in the
best interests of the stockholders," said Carl C. Icahn, a
member of the Blockbuster Board of Directors.  "I and the rest
of the board remain committed to working with our dedicated
management team to deliver on the company's financial goals for
the year and to continue positioning Blockbuster for improved
success now and into the future."

Under the amended and restated employment agreement, Mr. Antioco
will receive a 2006 bonus of US$3.0525 million, which reflects a
compromise between the US$2.28 million bonus previously
conditionally offered by the board and US$7.65 million, which is
the amount Mr. Antioco was entitled to receive under his
previous employment agreement and Blockbuster's 2006 Senior
Bonus Plan if negative discretion was not invoked.

Additionally, at the conclusion of his employment, Antioco will
receive a lump sum payment of US$4.9875 million as compared to a
lump sum payment of US$13.5 million that he would have been
entitled to receive if he had been terminated without cause or
had resigned for good reason on Dec. 31, 2007, under his
previous employment agreement.

Details of the amended and restated employment agreement are
available for free at http://researcharchives.com/t/s?1bc7

In addition, at a meeting of the Blockbuster board of directors
on March 19, 2007, the board voted to recommend that
Blockbuster's stockholders approve at its annual meeting an
amendment to Blockbuster's certificate of incorporation to
eliminate the classification of the board of directors and to
provide for the annual election of all directors.  The board
believes that the de-classification of the board is consistent
with best corporate governance practices.

                        2006 Results

As reported in the Troubled Company Reporter on Mar. 9, 2007,
Blockbuster Inc. reported net income of US$54.7 million for the
year ended Dec. 31, 2006, compared with a net loss of US$588.1
million for 2005.

Revenues for 2006 decreased 3.5% to US$5.52 billion from
US$5.72 billion for 2005 mostly due to the closure of stores
resulting from accelerated actions to optimize the company's
asset portfolio and a 2.1% decrease in worldwide same-store
sales.

At Dec. 31, 2006, the company's balance sheet showed
US$3.137 billion in total assets, US$2.394 billion in total
liabilities, and US$742.4 million in total stockholders' equity.

                      About Blockbuster

Blockbuster Inc. (NYSE: BBI) -- http://www.blockbuster.com/--  
is a leading global provider of in-home movie and game
entertainment, with over 8,000 stores throughout the Americas,
Europe, Asia and Australia.  The company maintains operations in
Brazil, Mexico, Denmark, Italy, Taiwan, Australia, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2006,
Standard & Poor's Ratings Services revised its outlook on video
rental retailer Blockbuster Inc. to stable from negative.  The
ratings on the Dallas-based company, including the 'B-'
corporate credit rating, were affirmed.


CONSOLIDATED CONTAINER: Extends Expiration Date for Tender Offer
----------------------------------------------------------------
Consolidated Container Company LLC, in connection with its
previously announced tender offers to purchase for cash any and
all of the US$207,000,000 aggregate principal amount at maturity
of outstanding 10-3/4% Senior Secured Discount Notes due 2009
(CUSIP Nos. 20902YAF9 and 20902YAD4) of CCC and Consolidated
Container Capital, Inc. and any and all of the US$185,000,000
principal amount of outstanding 10-1/8% Senior Subordinated
Notes due 2009 (CUSIP No. 20902YAC6) of CCC and Capital, which
commenced Feb. 23, 2007, has extended the time by which holders
may tender Notes in response to the Offers.  The Offers, which
were scheduled to expire at 11:59 p.m., New York City time, on
Thursday, have been extended to 11:59 p.m., New York City time,
on Tuesday, March 27, 2007, unless further extended.

CCC has been advised by the depositary of the Offers that as of
11:59 p.m., New York City time, on March 22, 2007, tenders had
been received with respect to approximately 98.8% of the
outstanding principal amount at maturity of the Senior Discount
Notes and 95.4% of the outstanding principal amount of the
Senior Subordinated Notes.

The obligations of CCC to accept for payment and purchase the
Notes in the Offers remains conditioned on, among other things,
the closing of new senior secured credit facilities by CCC.

Lehman Brothers Inc. is serving as the dealer manager for the
Offers.  Questions about the Offers should be directed to Lehman
Brothers Inc., toll- free at (800) 438-3242 or (212) 528-7581
(collect), attention: Liability Management.  The information
agent for the Offers is D.F. King & Co. Inc. Requests for
additional sets of the materials for the Offers may be directed
to D.F. King & Co. Inc. by calling toll-free at (800) 758-5378.

Headquartered in Atlanta, Georgia, Consolidated Container
Company LLC -- http://www.cccllc.com/-- develops, manufactures   
and markets rigid plastic containers for many of the largest
branded consumer products and beverage companies in the world.
The company has a network of 55 strategically located
manufacturing facilities and a research, development and
engineering center located in Atlanta, Georgia.  In addition,
the company has three international manufacturing facilities in
Canada and Mexico.  The company sells containers to the dairy,
water, juice & other beverage, household chemicals & personal
care, agricultural & industrial, food and automotive sectors.
The company's container product line ranges in size from two-
ounce to six-gallon containers and consists of single and multi-
layer containers made from a variety of plastic resins,
including high-density polyethylene, polycarbonate,
polypropylene, and polyethylene terephthalate.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2007, Moody's Investors Service upgraded the Corporate
Family Rating of Consolidated Container Company LLC to B2.  
Concurrently, Moody's assigned a B1 rating to the US$390 million
PP&E term loan facility and a Caa1 rating to the US$250 million
second lien term loan facility of Consolidated Container.  
Moody's affirmed the ratings with stable outlook.


KANSAS CITY SOUTHERN: Unit to Complete Lazaro Terminal Next Year
----------------------------------------------------------------
Jaime Valdez -- institutional relations deputy director of
Kansas City Southern de Mexico S. de R.L. de C.V., Kansas City
Southern's Mexican subsidiary -- told Business News Americas
that the firm will complete its 110-hectare multimodal terminal
project at Lazaro Cardenas port in Michoacan in December 2008.

The terminal will cost US$80 million.  Works on the project will
start in January 2008, BNamericas relates, citing Mr. Valdez.  
Studies on the project that are conducted with the Michaocan
government are very advanced.  Upon completion, the terminal
will have a capacity of one million TEUs (twenty-foot equivalent
units) yearly.

Mr. Valdez told BNamericas that the Mexican unit also bought an
additional 190-hectare of land where the terminal will be
constructed, for a second phase of expansions, although the
details of the expansions haven't yet been defined.

The multimodal terminal would let cargo from Asia to arrive to
the US and Mexico through the Kansas City Southern railway
networks, BNamericas states.

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.


NORTEL NETWORKS: Moody's Rates Proposed US$1-Bln Sr. Notes at B3
----------------------------------------------------------------
Moody's Investors Service affirmed Nortel Networks' existing
ratings, including its B3 corporate family rating, and assigned
a B3 rating to the proposed US$1 billion convertible senior
unsecured notes offering.  Proceeds of the offering will be used
to refinance a portion of the US$1.8 billion in 4.25%
convertible notes due in 2008 when they become payable at par.  
The outlook remains stable.

Moody's notes the company's progress in several fronts in its
recently released year end 2006 results including revenue
increases in each of its business segments and reduction in
material weaknesses from 5 to 1.  EBITDA for the year decreased
however, despite the revenue increases.  Nortel's management
team has made progress in it turnaround plan but it still has
considerable challenges to return operating margins to double
digit levels.

The recent divestiture of the UMTS business and recently
disclosed US$400 million cost cutting program should positively
affect EBITDA going forward if the company is able to maintain
its growth momentum.  The proposed notes offering will address a
significant 2008 maturity issue and allow the company to
substantially maintain its strong cash position.

Assigned:

   * Nortel Networks Corporation

      -- Proposed US$1.0 billion Convertible Senior Unsecured
         notes at B3, LGD4, 67%

Affirmed:

   * Nortel Networks Corporation

      -- US$1.8 billion 4.25% Convertible Senior Unsecured notes  
         at B3, LGD4, 67%

   * Nortel Networks Limited

      -- Corporate Family Rating at B3, LGD4, 67%

      -- US$2.0 billion Senior Unsecured notes at B3, LGD4, 67%

      -- US$200 million 6.875% senior unsecured notes at B3,
         LGD4, 67%

      -- Preferred Stock Caa3

   * Nortel Networks Capital Corporation

      -- 7.875% Senior Unsecured notes at B3, LGD4, 67%

Nortel Networks Corporation is a global telecommunications
networking solutions provider headquartered in Toronto, Ontario,
Canada.


NORTEL NETWORKS: S&P Puts B- Rating on Proposed US$1-Bln Debt
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' debt rating
to Canada-based Nortel Networks Corp.'s proposed US$1 billion
senior unsecured convertible notes, which will consist of two
tranches of US$500 million, maturing in 2012 and 2014,
respectively.

Proceeds from the convertible notes will be used to partially
refinance NNC's US$1.8 billion senior unsecured convertible
notes due Sept. 1, 2008, and therefore the overall debt level is
not expected to change.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on 100%-owned Canada-based
subsidiary, Nortel Networks Ltd.  At the same time, the ratings
on the US$200 million notes of NNL and the US$150 million notes
of Nortel Networks Capital Corp. were lowered to 'CCC' from
'B-'.  NNC, NNL, and the U.S.-based subsidiary, Nortel Networks
Inc., are collectively referred to as Nortel.

The outlook on NNL is stable.

"The proposed US$1 billion senior unsecured convertible notes of
the parent will be guaranteed by both NNL and NNI," said
Standard & Poor's credit analyst Madhav Hari.

"We note that the inclusion of the NNI guarantee in the proposed
offering will effectively subordinate about US$1.15 billion of
existing debt," Mr. Hari added.

This debt includes the US$200 million unsecured notes of NNL due
September 2023, the US$150 million unsecured notes of NNCC due
June 2026, and the remaining US$800 million convertible notes of
NNC due September 2008.

Given that, on a pro forma basis, priority debt and liabilities
will represent more than 30% of total adjusted assets, the
ratings on the US$200 million notes of NNL and the US$150
million notes of NNCC were lowered as noted above, reflecting
the relatively weaker recovery prospects of this structurally
junior debt in the event of a reorganization.  

Nevertheless, the US$800 million remaining senior unsecured
convertible notes of NNC will continue to be rated 'B-' despite
the structural subordination; this is because Standard & Poor's
believe investors can expect a higher likelihood of full
recovery given the notes near-term maturity, particularly in the
context of Nortel's meaningful cash balances of US$3.5 billion
at Dec. 31, 2006, which are expected to be sustained.

The ratings on NNL, which are based on the consolidation with
parent NNC, reflect a highly competitive telecom equipment
industry, notably in the context of continuing carrier
consolidation; ongoing major changes in the industry's
technology direction, resulting in potential rapid adverse
changes in demand patterns; a weak but stable spending
environment for global telecom equipment and services; the
company's high level of debt and weak credit protection
measures; and profitability that continues to lag that of its
peers.  

These factors are partially mitigated by the company's broad
portfolio of wireline and wireless products and services;
reasonable-scale, geographically diversified operations; strong
customer relations; early indications of a trend toward improved
profitability; and a healthy liquidity position.

The stable outlook reflects our expectations of only modest
improvement in Nortel's operating performance, including modest
growth in revenues, EBITDA, and cash flow in the next two years.
The stable outlook also assumes that Nortel will be able to
maintain a healthy liquidity position supported by a minimum of
US$1.5 billion in cash balances.  The outlook could be revised
to positive should Nortel deliver better-than-expected operating
performance and improved free operating cash flows.  Should
Nortel's profitability weaken, and if its free operating cash
flow remains negative in the medium term, the outlook could be
revised to negative.


SCHEFENACKER PLC: Enters Second Phase of Restructuring
------------------------------------------------------
Schefenacker plc enters into the second phase of its
restructuring with the presentation of a proposal for a company
voluntary arrangement.  

The company's bondholders will be asked to vote for a debt-to-
equity-swap at a creditors' meeting on March 30.  This will
determine the company's survival as an important automotive
supply player.

With the support of the company's main customers, senior
creditors and the shareholder management could present a
proposal to restructure the company's unsustainable debt levels
and to recapitalize the business.  On the operational side,
since its appointment on Dec. 11, 2006, the current management
has completed the separation of the lighting business and is in
advanced stages of negotiations for a sale of this division.  
The management has also ensured a controlled wind-down of the
loss-making US lighting operations.

"Following the appointment of an extended executive management
team in early February and the announcement of our restructuring
proposal we are beginning to see momentum in our order intake,"
Stephen J. Taylor, acting Chief Executive of Schefenacker, said.
"It is now crucial that we get the support of the bondholders
for this proposal.  It is the best and only solution available
for the company to survive in its entirety and for the
bondholders to participate in its development."

                      Terms of the Plan

Under the terms of the proposal, the company will receive EUR35
million fresh money from senior creditors and EUR20 million from
Dr. Alfred R. Schefenacker.  Additionally, senior creditors will
have a substantial reduction of cash interest payment on their
debt and Dr. Schefenacker will give up over EUR100 million in
shareholder loans and his control of the company.

The new equity structure of the company will look as follows:
69.6% senior lenders, 25.4% Dr. Schefenacker, 5% bondholders.

In an analysis presented with the proposal, Schefenacker
presents a financial outlook for 2007 based on the mirror
division only of around EUR77 million EBITDA and EUR805 million
sales if the proposed financial restructuring is successful.

If bondholders reject the proposal Schefenacker will undergo an
enforcement of security by its senior lenders in a controlled
manner, absent which there would be a break-up of the group and
substantial job losses.  The company anticipates that if the
bondholders reject the company voluntary arrangement proposal
they will receive nothing at all in respect of their bonds.

                       About Schefenacker

Headquartered in Hampshire, United Kingdom, Schefenacker Plc
(fka Schefenacker AG) -- http://www.schefenacker.com/--  
develops, produces and supplies rear vision systems, lighting
systems and sound systems to the world's automotive
manufacturers.  The company employs 7,900 people and operates 27
sites in Australia, China, France, Hungary, India, Japan, Korea,
Mexico, Romania, Slovenia, Spain, the United Kingdom, and the
U.S.A.

                          *     *     *

As reported in the TCR-Europe on Feb. 15, Moody's Investors
Service downgraded the Corporate Family Rating of Schefenacker
AG to Ca from Caa2, the rating on the company's senior
subordinated notes to C from Ca and the rating for the
senior secured facility from Caa1 to Caa2.  Moody's said the
outlook has been changed to stable.  

In December 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on German automotive parts
supplier Schefenacker AG to 'SD' (selective default) from 'CCC'.

At the same time, the rating was removed from CreditWatch, where
it had been placed with negative implications on Sept. 12, 2006,
following the company's announcement that it had appointed
financial-restructuring experts.

S&P said the 'C' long-term debt rating on the Schefenacker's
EUR200-million subordinated notes maturing in 2014 remains on
CreditWatch with negative implications.


SCHEFENACKER PLC: Assumes Schefenacker AG's Assets & Debts
----------------------------------------------------------
Schefenacker PLC disclosed its succession to all of the assets,
liabilities and obligations of Schefenacker AG.

Pursuant to consents received from a majority of the holders of
its EUR200-million 9-1/2% Senior Subordinated Notes due 2014,
Schefenacker AG and certain of its subsidiaries guaranteeing the
Notes executed a Third Supplemental Indenture dated
Dec. 15, 2006, to the indenture dated Feb. 11, 2004, in order to
facilitate a consensual restructuring.

In accordance with the Indenture, Schefenacker PLC confirms that
on March 9, 2007, it succeeded to all of Schefenacker AG's
obligations in a Fourth Supplemental Indenture dated
Feb. 9, 2007.  In addition, each of the subsidiary guarantors of
the Notes has confirmed their respective guarantees in the
Fourth Supplemental Indenture.

                      About Schefenacker

Headquartered in Hampshire, United Kingdom, Schefenacker Plc
(fka Schefenacker AG) -- http://www.schefenacker.com/--  
develops, produces and supplies rear vision systems, lighting
systems and sound systems to the world's automotive
manufacturers.  The company employs 7,900 people and operates 27
sites in Australia, China, France, Hungary, India, Japan, Korea,
Mexico, Romania, Slovenia, Spain, the United Kingdom, and the
U.S.A.

                        *     *     *

As reported in the TCR-Europe on Feb. 15, Moody's Investors
Service downgraded the Corporate Family Rating of Schefenacker
AG to Ca from Caa2, the rating on the company's senior
subordinated notes to C from Ca and the rating for the
senior secured facility from Caa1 to Caa2.  Moody's said the
outlook has been changed to stable.  

In December 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on German automotive parts
supplier Schefenacker AG to 'SD' (selective default) from 'CCC'.

At the same time, the rating was removed from CreditWatch, where
it had been placed with negative implications on Sept. 12, 2006,
following the company's announcement that it had appointed
financial-restructuring experts.

S&P said the 'C' long-term debt rating on the Schefenacker's
EUR200-million subordinated notes maturing in 2014 remains on
CreditWatch with negative implications.




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


COMVERSE TECH: Reports Preliminary Selected Financial Results
-------------------------------------------------------------
Comverse Technology Inc. reported preliminary unaudited selected
financial information for the fourth quarter and the full fiscal
year ended Jan. 31, 2007, as well as preliminary unaudited
selected financial information for the seven preceding fiscal
quarters and for the full fiscal year ended Jan. 31, 2006.  This
preliminary unaudited selected financial information is subject
to change, and is based on information currently available to
the company.  In addition, the company's independent registered
public accounting firm has not reviewed or audited the financial
information presented herein and, therefore, such financial
information may be subject to additional adjustments, which
could be material.

Since April 2006, the company repeatedly has cautioned investors
not to rely upon its historical financial statements and that a
Special Committee of the company's Board of Directors has been
conducting investigations of the company's stock option
practices and related accounting matters (Phase I) and other
financial and accounting matters (Phase II).  As more fully
described, the Special Committee substantially has concluded its
investigation of matters related to Phase I and has made a
preliminary determination that the company has recorded, in
respect of the period from Jan. 1, 1991 through Oct. 31, 2005
(the Restatement Period), a cumulative stock-based compensation
expense and related withholding and income tax effects in the
aggregate of approximately US$314 million.

The Special Committee is continuing its Phase II investigation,
announced in mid-November 2006, of other financial and
accounting matters, including errors in the recognition of
revenue related to certain contracts, errors in the recording of
certain deferred tax accounts and the misclassification of
certain expenses in earlier periods.  In addition, based on
information provided to the company, areas of financial
reporting under investigation include the possible misuse of
accounting reserves and the understatement of backlog in fiscal
2002 and prior periods.  Accordingly, additional information
discovered in the investigation and the subsequent reviews or
audits by the company's independent registered public accounting
firm may result in adjustments to the financial information
presented herein, and such adjustments could be material.  The
company believes that the aggregate historical sales and total
cash flows as previously reported are not likely to materially
change.

            Presentation of Non-GAAP Financial Measure

Comverse Technology provides adjusted (non-GAAP) income from
operations as additional information for its operating results.  
This measure is not in accordance with, or an alternative for,
GAAP financial measures and may be different from, or not
comparable to similarly titled or other non-GAAP financial
measures used by other companies.  The company believes that
this presentation of adjusted (non-GAAP) income from operations
provides useful information to investors regarding certain
additional financial and business trends relating to its
financial condition and results of operations as viewed by
management in monitoring the company's businesses.  In addition,
management uses this non-GAAP financial measure for reviewing
the financial results of the company and for budget-planning
purposes.

Mark C. Terrell, Chairman of Comverse Technology, said, "Year-
over-year sales increased and approximately half of that
increase was due to the contributions of our recent
acquisitions.  We recognize that our operating margins have
declined to disappointing levels, and addressing this issue is a
top priority.  The company is committed to maximizing
shareholder value and, to this end, is conducting a strategic
and operating review of all business units and a comprehensive
strategic review of its portfolio, corporate, and capital
structure.  The company is in the process of a search for a
Chief Executive Officer, whose primary mission will be to ensure
operational excellence while executing a value-creation
strategy."

                      Financial Review

The portion of the preliminary unaudited selected financial
information on a GAAP basis presented below relating to the
first three quarters of fiscal 2005 reflects the impact of the
restatement relating to Phase I of the Special Committee's
investigation, and therefore differs from amounts previously
reported for such periods.

                           Sales

The company recorded consolidated sales of US$1,588.6 million
for fiscal 2006, a US$394.9 million, or 33%, increase over sales
of US$1,193.7 million for fiscal 2005.  Sales at the company's
Comverse, Inc. subsidiary were US$1,110.9 million for fiscal
2006, a US$321.9 million, or 41%, increase over sales of
US$789.0 million for the prior-year period.  Sales growth of
US$190.8 million was attributable to contributions from
Comverse, Inc.'s acquisitions of Kenan (acquired in December
2005) and Netcentrex (acquired in May 2006) since their
respective acquisition dates.

The company reported consolidated sales of US$415.1 million for
its 2006 fourth quarter, a US$79.0 million, or 24%, increase
over sales of US$336.1 million for the prior-year period.  Sales
at the company's Comverse, Inc. subsidiary were US$291.9 million
for its 2006 fourth quarter, a US$65.5 million, or 29%, increase
over sales of US$226.4 million for the prior-year period.  
Fourth quarter growth of US$46.4 million was attributable to
contributions from Comverse, Inc.'s acquisitions of Kenan and
Netcentrex.

Consolidated sales for the fiscal 2006 fourth quarter increased
US$4.9 million or 1% over sales of US$410.2 million for the
third quarter.  Sales at the company's Comverse, Inc. subsidiary
increased US$2.8 million, or 1%, over sales of US$289.1 million
for the previous quarter.

                           Backlog

Backlog represents signed purchase orders or customer
commitments deemed to be firm that have not yet been recognized
as revenues as of the balance sheet date but are expected to be
recognized in the next 12 months.

Consolidated 12-month orders backlog of US$791.8 million at
Jan. 31, 2007, was 1% below the US$798.2 million backlog at the
prior year-end, and 12% greater than at Oct. 31, 2006, the prior
quarter-end, when it totaled US$706.3 million.

                  Operating Income/Margins

Loss from operations on a GAAP basis was US$39.9 million for
fiscal 2006, compared to income from operations of US$89.4
million for fiscal 2005.  This US$129.3 million decline
primarily reflects:

   * US$52.6 million in Special Committee investigation and
     related expenses;

   * an increase in stock-based compensation of US$37.5 million
     primarily related to the implementation of Statement of
     Financial Accounting Standards No. 123(R) in fiscal 2006;

   * the increase in amortization of intangible assets of
     US$28.3 million primarily attributable to recent
     acquisitions; and

   * a royalty settlement for US$23.4 million incurred by Verint
     Systems Inc., our majority-owned subsidiary.

Operating margin on a GAAP basis for fiscal 2006 was negative
2.5%, compared with 7.5% for fiscal 2005.

Loss from operations on a GAAP basis was US$18.2 million for the
fourth quarter of fiscal 2006, compared to income from
operations of US$20.6 million for the prior-year period.  This
US$38.8 million decline primarily reflects:

   * US$15.4 million in Special Committee investigation and
     related expenses;

   * an increase in stock-based compensation of US$8.6 million
     primarily related to the implementation of Statement of
     Financial Accounting Standards No. 123(R) in fiscal 2006;
     and

   * the increase in amortization of intangible assets of US$5.6
     million primarily attributable to recent acquisitions.

Operating margin on a GAAP basis for the fourth quarter fiscal
2006 was negative 4.4%, compared with 6.1% for the prior-year
period.

Fourth quarter 2006 loss from operations on a GAAP basis widened
by US$12.1 million compared to the US$6.1 million loss from
operations for the third quarter.  Operating margin on a GAAP
basis was negative 1.5% for the third quarter.

Adjusted (non-GAAP) income from operations was US$136.3 million
for fiscal 2006, a 21% increase over adjusted (non-GAAP) income
from operations of US$112.4 million for fiscal 2005.  Adjusted
(non-GAAP) operating margins declined to 8.6% for fiscal 2006
from 9.4% for the prior-year.

Adjusted (non-GAAP) income from operations was US$26.6 million
for the fourth quarter of fiscal 2006, a 22% decrease from
US$34.3 million for the prior-year period.  Adjusted (non-GAAP)
operating margins declined to 6.4% for the fiscal 2006 fourth
quarter from 10.2% the prior year.

Fourth quarter 2006 adjusted (non-GAAP) income from operations
declined by US$5.0 million from US$31.6 million for the third
quarter.  Operating margin on an adjusted (non-GAAP) basis was
7.7% for the third quarter.

            Cash, Cash Equivalents, Bank Time Deposits
                    and Short-Term Investments

The company ended fiscal year 2006 with cash and cash
equivalents, bank time deposits and short-term investments of
US$1,883.0 million, compared to US$2,105.6 million at the prior
year-end, for a decrease of approximately US$222.6 million year-
over-year.  The primary factor in this decrease was
acquisitions, net of cash acquired, of approximately US$214.2
million, with other cash flow activities largely offsetting.

                            Debt

The company ended the quarter with convertible debt of US$419.6
million.  As announced on March 2, 2007, the company has made a
cash tender offer for all of its existing Zero Yield Puttable
Securities and New Zero Yield Puttable Securities.  This tender
offer was initiated to satisfy the company's obligations under
the Indentures governing the ZYPS as a result of the delisting
of Comverse Technology's Common Stock from The NASDAQ Global
Market.  The company is offering to purchase all of its
outstanding ZYPS at a purchase price of US$1,000 in cash for
each US$1,000 principal amount of ZYPS tendered.  The Offer is
scheduled to expire at 5:00 p.m., New York City time, on
March 30, 2007, unless extended by the company.

                        Special Items

Operating expenses presented on a GAAP basis reflect the
incurrence of the following special items:

Based on Phase I of the Special Committee's investigation of the
company's stock option practices, which is substantially
concluded, the company determined that the actual dates of
measurement for certain past stock option grants for accounting
purposes differed from the recorded grant dates for such awards
during the Restatement Period, and also has identified other
accounting errors related to stock-based compensation.  As a
result, the company has recorded incremental cumulative stock-
based compensation expense and related withholding and income
tax effects in the aggregate of approximately US$314 million for
the Restatement Period, including an accrual of approximately
US$49 million for the estimated liability for withholding taxes
and related penalties and interest. Stock-based compensation
expense and related withholding and income tax effects for the
nine months ended Oct. 31, 2005, was approximately US$2.6
million which was included in the aforementioned US$314 million
for the Restatement Period.

Because of limitations on the company's ability to issue equity-
based compensation prior to regaining compliance with its
reporting obligations under the federal securities laws, the
Boards of Directors of the company and certain of its
subsidiaries authorized additional cash compensation in lieu of
equity-based compensation as a key employee retention tool in
the aggregate amount of approximately US$61.9 million, of which
approximately US$17 million has been previously authorized and
disclosed by the company's Verint Systems subsidiary.  In the
fourth quarter of fiscal year 2006, US$6.9 million of this
retention compensation was charged as an expense, and we expect
the balance to be recorded in the fiscal year ending
Jan. 31, 2008.  At Jan. 31, 2007, Comverse Technology (including
its subsidiaries) had approximately 7,450 employees.

Special Committee investigation and related expenses totaled
approximately US$52.6 million for fiscal 2006, and US$15.4
million for the three months ended Jan. 31, 2007.  Approximately
US$23.4 million was incurred by Verint Systems during the second
quarter of fiscal 2006 in respect of a payment to The Office of
the Chief Scientist of the Ministry of Industry and Trade of the
State of Israel in settlement of royalty payments otherwise due
to the OCS related to the sale of certain products developed
using, in part, funding extended under OCS programs, as
disclosed by Verint on July 28, 2006.

The Phase II investigation is ongoing and is expected to be
completed by late next month or early May 2007.  The company
intends to issue final results and file its Quarterly Reports on
Form 10-Q for the quarterly periods ended April 30, 2006,
July 31, 2006 and Oct. 31, 2006, and issue final results and
file its Annual Reports on Form 10-K for the fiscal years ended
Jan. 31, 2006, and 2007, together with any restated historical
financial statements, as soon as practicable.

Comverse Technology, Inc. -- http://www.comverse.com/--  
(NASDAQ: CMVT) through its Comverse, Inc. subsidiary, provides
software and systems enabling network-based multimedia enhanced
communication and billing services.  The company's Total
Communication portfolio includes value-added messaging,
personalized data and content-based services, and real-time
converged billing solutions.  Over 450 communication and content
service providers in more than 120 countries use Comverse
products to generate revenues, strengthen customer loyalty and
improve operational efficiency.

Other Comverse Technology subsidiaries include: Verint Systems
(NASDAQ: VRNT), which provides analytic software-based solutions
for communications interception, networked video security and
business intelligence; and Ulticom (NASDAQ: ULCM), which
provides of service enabling signaling software for wireline,
wireless and Internet communications.

In Latin America, Comverse has operations in Argentina, Brazil,
Mexico and Peru.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 2, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York, New York-
based Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.




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


ANGIOTECH PHARMA: Picks Santo Corsaro as Sales & Marketing VP
-------------------------------------------------------------
Angiotech Pharmaceuticals Inc. has appointed Santi Corsaro as
Vice President, Sales and Marketing OUS.

With his considerable experience in the health care industry,
including direct experience in wound closure, medical device and
drug-eluting stent markets, Dr. Corsaro brings to Angiotech his
extensive sales and marketing expertise gained from his senior
roles at multinational corporations in Europe.

"We are pleased to announce this important hire for Angiotech,
which sets the groundwork for growth of our key products in
Europe, including the VaxSys Synergy(R) and Quill(R) SRS product
lines.  We believe that our ability to attract this calibre of
talent is further evidence of the validity of our long-term
business and commercialization strategy," said Dr. William
Hunter, President and CEO of Angiotech.

As Vice President, Sales and Marketing OUS, Dr. Corsaro will
oversee Angiotech's European commercial operations.  It is
anticipated that he will lend his experience to initiate a
profitable growth strategy on a country-by-country basis, build
local sales organizations and marketing teams, and establish
direct sales subsidiaries in key European countries.

Prior to joining Angiotech, Dr. Corsaro spent over 20 years
working for the Johnson & Johnson (J&J) Group in Europe.  Most
recently, Dr. Corsaro was President and Managing Director of J&J
Medical Holding SpA Italy, where he was responsible for merging
four different J&J organizations under a single legal entity.
Prior to this, Dr. Corsaro was the European President of Cordis,
a subsidiary of J&J, where he managed 300 employees and was
responsible for reorganizing the European Cordis structure and
increasing drug-eluting stent adoption rates.  Dr. Corsaro was
also Worldwide President for J&J's A.S.P. (Advanced
Sterilization Products) Company.  At J&J's Ethicon Division, Dr.
Corsaro held a series of increasingly senior positions
culminating with his role as European President, Ethicon Endo
Surgery based in Hamburg, Germany, where he managed 570
employees with direct reporting countries of the UK, Germany,
France, Italy and provided marketing support to all other
European countries.

Angiotech Pharmaceuticals, Inc., founded in 1992, based in
Vancouver, Canada, is a specialty pharmaceutical company that
focuses on drug-device combinations and drug-loaded surgical
biomaterial implants.  The company reported over US$315 million
in total revenue for the twelve months ended Dec. 31, 2006.

Following the acquisition of American Medical Instruments
Holdings, Inc. in the first quarter of 2006, Angiotech expanded
beyond its strong R&D capabilities to encompass the
manufacturing and marketing of a wide range of single use,
specialty medical devices.  Angiotech has several specialized
direct sales and distribution organizations in Puerto Rico, the
United States, the United Kingdom, Denmark and Switzerland, as
well as significant manufacturing capabilities.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 15, 2007, Moody's downgraded these ratings:

   -- Corporate Family Rating, B2 from B1
   -- Probability of Default Rating, B1 from Ba3
   -- US$325 Senior Unsecured Notes, B1, LGD3, 46% from Ba3
   -- US$250 Senior Subordinated Notes, B3, LGD6, 91% from B2

Moody's affirmed these ratings:

   -- Speculative Grade Liquidity assessment, SGL-3
   -- Family LGD assessment LGD4, 65%

Moody's said the ratings outlook is stable.


COVENTRY HEALTH: To Release First Quarter Results on April 27
-------------------------------------------------------------
Coventry Health Care Inc. will release first quarter financial
results on Friday, April 27, 2007.  Dale Wolf, Coventry's Chief
Executive Officer, will be hosting a conference call at 8:30
a.m. ET on that day.  To listen to the call, dial toll-free at
(800) 289-0569 or, for international callers, (913) 981-5542.  
Callers will be asked to identify themselves and their
affiliations. The conference call will also be broadcast over
the Internet from Coventry's Investor Relations Web site.  
Coventry asks participants on both the call and web cast to
review and be familiar with its Securities and Exchange
Commission filings.  A replay of the call will be available for
one week at (888) 203-1112 or, for international callers, (719)
457-0820.  The access code is 9184631.

Headquartered in Bethesda, Maryland, Coventry Health Care, Inc.
(NYSE: CVH) -- http://www.cvty.com/-- is a national managed  
health care company operating health plans, insurance companies,
network rental/managed care and workers' compensation services
companies.  Coventry provides a full range of risk and fee-based
managed care products and services, including HMO, PPO, POS,
Medicare Advantage, Medicare Prescription Drug Plans, Medicaid,
Workers' Compensation services and Network Rental to a broad
cross section of individuals, employer and government-funded
groups, government agencies, and other insurance carriers and
administrators in all 50 states as well as the District of
Columbia and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, Fitch Ratings has upgraded the Issuer Default
Rating of Coventry  Health Care Inc. to 'BBB' from 'BB+'.  
Existing senior notes are also upgraded to 'BBB-' from 'BB'.  
Fitch also assigns a 'BBB-' rating to Coventry's recent issuance
of US$400 million of 5.95% senior unsecured notes.  The Rating
Outlook is Stable.

A.M. Best Co. has assigned a debt rating of "bb+" to Coventry
Health Care, Inc.'s US$400 million 5.95% senior unsecured notes,
which will mature in 2017.  The rating outlook is positive.  
Coventry Health's and its subsidiaries' financial strength,
issuer credit and remaining debt ratings are unchanged.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2007, Moody's Investors Service has assigned a Ba1
senior unsecured debt rating to Coventry Health Care, Inc.'s
(NYSE: CVH) issuance of $400 million of new long term debt.  The
outlook on the rating is positive.


MEDIRECT LATINO: Appoints New Members to Board of Directors
-----------------------------------------------------------
MEDirect Latino Inc. has disclosed that Mr. Ruben Jose King-Shaw
Jr., Mr. Daniel "Dan" Gordon, Mr. Robert Webb and Mr. Robert
Lautz are joining the company's current Board of Directors: Ms.
Debra L. Towsley, Mr. Charles W. Hansen III and Mr. Raymond J.
Talarico.

Ruben Jose King-Shaw Jr. currently serves as Chairman and CEO of
Mansa Equity Partners, Inc., a health care private equity
investment and advisory firm with offices in Carlisle, MA and
Tallahassee, FL.  Mr. King-Shaw has advised governments and
companies throughout the United States, Caribbean, South Africa
and Latin America on matters of business development and
strategy, mergers and acquisitions, and health care policy.

Mr. King-Shaw served in the George W. Bush Administration from
2001 to 2003 where he led many of President Bush and HHS
Secretary Tommy G. Thompson's government-sponsored health care
initiatives as Deputy Administrator and Chief Operating Officer
of the Centers for Medicare and Medicaid Services.  Ruben also
served as Senior Advisor to the Secretary of the Treasury, where
he led the Administration's Health Coverage Tax Credit policies
to assist the uninsured.  Ruben was also a member of the
President's New Freedom Commission on Mental Health and a major
spokesperson and policy advisor for the Administration on the
topics of health care disparities, Medicare and Medicaid reform,
prescription drug policy, rural and immigrant labor healthcare
and commercial insurance market reform.

Mr. King-Shaw remains active in public service.  New York
Governor George Pataki appointed Mr. King-Shaw to the New York
State Commission on Health Care Facilities in the 21st Century
in May of 2005.  The Commission is charged by the Legislature to
submit a plan to redesign the State's hospital and nursing home
system.  Massachusetts Governor Mitt Romney appointed Mr. King
Shaw to the University Of Massachusetts Board Of Trustees in
September of 2005, where he chairs the UMass Board's Committee
on Academic and Student Affairs.  Mr. King-Shaw is a member of
the Cornell University Council and the Advisory Council at
Cornell University's School of Industrial and Labor Relations.  
Abbott Laboratories named Mr. King-Shaw to their Health Policy
Board in 2005.  In addition, Mr. King-Shaw is a director of both
the Scripps Florida Funding Corporation and the Florida
Education Foundation.

Prior to joining the George W. Bush Administration, Mr. King-
Shaw was the Secretary of the Florida Agency for Health Care
Administration.  The Agency is responsible for Florida's
Medicaid, Health Quality Assurance, facility regulation,
intergovernmental transfers and managed care regulation
activities.  He was appointed to head the Agency by Governor Jeb
Bush on Dec. 30, 1998.

Robert Webb is the CEO of Health Solutions Group, an operating
unit of UnitedHealth Group which coordinates network-based
health and well-being services on behalf of mid-sized and small
employers, as well as individual and families.  Previously, Mr.
Webb worked in private equity as a partner with One Equity
Partners, and, prior to that, Equity Group Investments.  He
holds an MBA from The Kellogg School at Northwestern University,
and Bachelors in Mechanical Engineering from the University of
Minnesota.

Daniel "Dan" Gordon was appointed to the Board of Commissioners
of the North Broward Hospital District by Governor Jeb Bush in
2005.  The NBHD has provided service for more than 50 years as a
community health system offering a full spectrum of healthcare
services.  One of the 10 largest public health systems in the
United States, the NBHD encompasses more than 30 healthcare
facilities, including Broward General Medical Center, North
Broward Medical Center, Imperial Point Medical Center, Coral
Springs Medical Center, Chris Evert Children's Hospital and
Weston Regional HealthPark.  Commissioner Gordon was born in
Miami and raised in Broward County, Florida. He graduated from
Pompano Beach High School and earned an associate degree from
Broward Junior College (now Broward Community College).  He
received his Bachelor of Business Administration from Florida
Atlantic University.

Commissioner Gordon is a Certified Property Casualty Underwriter
with Bateman, Gordon and Sands insurance agency in Pompano
Beach, Florida.  He is past president of the Greater Pompano
Beach Chamber of Commerce, the Pompano Economic Group and the
Pompano Beach Rotary.  He is president of the First Presbyterian
Church Foundation in Pompano Beach.

Robert Lautz is a co-founder and Managing Director of St. Cloud
Capital, a Los Angeles based private investment firm. Mr. Lautz
was formerly the Chairman of REO.com, the nation's leading
Internet-based sales mechanism for bank foreclosed properties.  
Prior to that, Mr. Lautz served as the CEO of ListingLink, the
original Internet-based residential property multiple listing
services.  Mr. Lautz formed and served as Chairman and CEO of
Indenet, Inc., a NASDAQ listed private satellite-based network
that delivered digital advertisements and programming to the
3000+ national broadcast and cable television networks.  Mr.
Lautz also owned and operated Peerless Capital, a venture
capital business which invested in various management led
leveraged buyouts and private equity transactions.  Mr. Lautz
has extensive experience serving on the board of directors of
both private and public companies.  Mr. Lautz earned a Master's
degree from the American Graduate School of International
Management (Thunderbird), and a B.S. in Business Administration
from Miami University in Oxford, Ohio.

In announcing the new Directors to MEDirect Latino's Board,
Chairman and Executive Vice President, Mr. Raymond Talarico
stated, "We are indeed fortunate to have individuals of such
high caliber join our Board. We look forward to the wide range
of knowledge and diverse experience each member has to offer the
Company and our shareholders.  MEDirect is a young company which
at times has been challenged to effectively manage our explosive
growth.  Each new board member, through their involvement as
founders, operators, executive officers and consultants to a
wide variety of businesses and government agencies has dealt
extensively with issues related to healthcare, valuation,
strategy, growth and corporate governance and thereby will
significantly strengthen MEDirect's strategic platform.  We are
honored that individuals of such high quality and experience,
who believe in the Company's vision, are joining with our
existing management board members to steward our plan and
broaden our expectations for MEDirect Latino well into the
future."

Pursuant to the filing requirements of Section 14(c) of the
Exchange Act of 1934, as Amended, the company has completed a
filing of an Information Statement setting forth the Election of
four additional directors to the Company's Board. The Directors
were elected pursuant to consent of the majority of the
Shareholders and all of the Directors dated March 22, 2007.

Headquartered in Pompano Beach, Florida, Medirect Latino, Inc.
(Pink Sheets: MLTO) -- http://www.medirectlatino.org./-- is an  
early stage company.  It is a federally licensed, direct-to-
consumer, participating provider of Medicare Part B Benefits
primarily focused on supplying diabetic testing supplies to the
Hispanic Medicare-eligible community domestically and in Puerto
Rico.  The company also distributes 'quality of life' enhancing
products like walking assistance devices, to customers who have
circulatory and mobility related afflictions resulting from
diabetes. The company also maintains offices in San Juan, Puerto
Rico.

The company was formerly known as Interaxx Digital Tools, Inc.,
one of four stand alone companies resulting from a second joint
plan of reorganization filed under Chapter 11 of the bankruptcy
code.  The reorganization was treated as a reverse merger and
subsequently, Interaxx Digital changed its name to Medirect
Latino, Inc. as the new operating entity.

                        Going Concern Doubt

As reported in the Troubled Company Reporter-Latin America on
Nov. 28, 2006, Berkovits, Lago & Company, LLP, expressed
substantial doubt about Medirect Latino Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the fiscal year ended
June 30, 2006.  The auditing firm pointed to the company's
inability to obtain outside long term financing and recurring
losses from operations.




=================================
T R I N I D A D   &   T O B A G O
=================================


MIRANT CORP: Court Approves Mirant NY-Gen's Disclosure Statement
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
approved an Amended Disclosure Statement explaining Mirant NY-
Gen LLC's Amended Chapter 11 Plan of Reorganization on
March 22, 2007.

Mirant NY-Gen filed the Amended Disclosure Statement and Plan on
March 21, 2007.

Judge Lynn held that the Amended Disclosure Statement contains
"adequate information" within the meaning of Section 1125 of the
Bankruptcy Code.

No objections to the Disclosure Statement were filed.

                    Additional Plan Provisions

The Amended Disclosure Statement and Plan disclose (i) risk
factors associated with the Plan, (ii) properties subject to
easements, and (iii) the estimation of an Unsecured Creditor
Amount.  The Amended Plan also incorporates details of the
auction of Mirant New York Inc.'s membership interest in Mirant
NY-Gen, and a provision for executory contracts and unexpired
leases.

The Amended Plan provides that there is a risk that actual
payments to certain Creditors under the Plan may be materially
less than 100%.

As previously reported, the Plan provides for payment in full on
all Class 4 -- General Unsecured Claims and Claims for
Administrative Expenses -- as well as for other Claims, except
affiliates unsecured claims and the DIP Secured Claim.

Mirant NY-Gen proposes to establish a Plan Carve-Out, which
consists of two funds -- the Unsecured Creditor Amount and the
Other Amount -- to pay all Claims, except Fee Claims and the DIP
Secured Claim.

At the Confirmation Hearing, the Court will determine whether
the Amended Plan is feasible to pay Claims as proposed by the
Plan, and in this regard, will determine the adequacy of the
Plan Carve-Out to satisfy Claims as proposed by the Plan.

The Amended Plan further proposes that the Plan Carve-Out will
not be increased after the Plan is confirmed.

Because the amount of certain Claims may be unknown as of the
date of the Confirmation Hearing, the Plan Carve-Out approved or
set by the Court may not contain sufficient funds to pay all
claims that ultimately become Allowed Claims.

In this event, the Amended Plan provides that Creditors will
receive a pro-rata share of their Allowed Claim, which would be
materially less than 100% of their Allowed Claims.

             Estimation of Unsecured Creditor Amount

The Amended Plan provides that the determination of the
sufficiency of the Unsecured Creditor Amount and the Other
Amount as currently proposed, or as set by the Court, and of the
amount needed to fund each category of the Other Amount by the
Court will be conclusive.  Neither Mirant NY-Gen, Mirant New
York, Mirant Americas, nor Alliance Energy will be liable for
Allowed Claims exceeding the amounts set for the Unsecured
Creditor Amount or any Other Amount category.

To the extent necessary to determine feasibility of the Plan and
the adequacy of a Plan carve-out to pay relevant claims, and to
determine other confirmation issues, the Amended Plan will
constitute Mirant NY-Gen's request to estimate Claims for all
relevant purposes pursuant to Section 502(c) of the Bankruptcy
Code.

Moreover, the Amended Plan provides that:

    * any monetary defaults -- the cure amount -- under each
      executory contract and unexpired lease to be assumed under
      the Plan will be an administrative expense and will be
      treated and satisfied pursuant to Section 365(b) of the
      Bankruptcy Code;

    * Mirant NY-Gen owns several properties subject to various
      easements, licenses, and preservation Zones:

      (1) Swinging Bridge Hydroelectric Power Station:

          * Cliff Lake in New York;
          * Toronto in New York; and
          * Swinging Bridge in New York,

      (2) Mongaup Hydroelectric Power Station,

      (3) Rio Hydroelectric Power Station,

      (4) Hillburn Gas Turbine Power Station,

      (5) Shoemaker Gas Turbine Power Station; and

    * pursuant to a sales procedure order, Mirant New York
      conducted the Membership Interest Auction on March 5,
      2007, wherein Alliance Energy Renewables, LLC, was
      entitled to credit bid for US$250,000 towards the purchase
      price.  Consequently, Alliance Energy's bid for
      US$5,100,000 was determined to be the prevailing bid, and
      Judge Gropper approved the Membership Interest Sale on
      March 13, 2007.

A full-text copy of Mirant NY-Gen's Amended Disclosure Statement
is available for free at http://researcharchives.com/t/s?1c18

A full-text copy of Mirant NY-Gen's Amended Plan is available
for free at http://ResearchArchives.com/t/s?1c17

                     About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that    
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.  Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.  
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen,
LLC, Mirant Bowline, LLC, Mirant Lovett, LLC, Mirant New York,
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.  (Mirant
Bankruptcy News, Issue No. 117; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


MIRANT CORP: NY-Gen's Plan Confirmation Hearing Set for April 25
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
will convene a hearing to consider confirmation of Mirant NY-Gen
LLC's Amended Plan on April 25, 2007, at 1:30 p.m., Prevailing
Central Time.  Objections to the Plan are due April 18, at 4:00
p.m.

The Court also sets April 18, 2007, as the voting deadline.  
Ballots to accept or reject the Plan must be received by Forshey
& Prostok LLP, Mirant NY-Gen's tabulation agent, on the Voting
Deadline, no later than 4:00 p.m., Prevailing Central Time.
Ballots not received by the Voting Deadline will not be
counted, except upon further Court order.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that    
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.  Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.  
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen,
LLC, Mirant Bowline, LLC, Mirant Lovett, LLC, Mirant New York,
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.  (Mirant
Bankruptcy News, Issue No. 119; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)




=================
V E N E Z U E L A
=================


* VENEZUELA: Plans Joint Refineries with China
----------------------------------------------
Venezuela and China plan to build three refineries in China to
process heavy crude drilled from the Latin American nation's
Orinoco oil belt, Bloomberg News reports.  

State-oil firm Petroleos de Venezuela S.A. and China National
Petroleum Corp. are also planning to build oil tankers that
would carry the heavy crude for refining in China, the same
report says.

In October 2006, Petroleos de Venezuela and China National
started exploratory drilling in the Junin 4 block in the Orinoco
belt.

The Venezuelan government has been looking for an alternative
market for its oil exports to cut dependence on the United
States, which currently is its biggest customer.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB-'.  Fitch said the outlook on the
ratings remains stable.


* VENEZUELA: To Complete Orinoco Nationalization in Six Months
--------------------------------------------------------------
The Venezuelan government is finishing within six months the
takeover of the heavy oil projects in the Orinoco Basin, Dow
Jones Newswire reports, citing oil minister Rafael Ramirez as
saying.

Citing Mr. Ramirez, Dow Jones relates that the completion of the
takeover process is expected to be finished within six months.  
The official state takeover is scheduled for May 1 and the talks
about settling the details might be extended for four months
after that.

The minister also adds that there were pending talks with
foreign oil companies on compensation for reduced ownership of
the projects.  "It is still unclear how the Venezuelan
government will compensate Orinoco operators," says Mr. Ramirez.

Compensation, Mr. Ramirez notes, could include participation in
downstream projects, upstream operating areas, or settlement of
debts and claims.

According to the report, state-owned Petroleos de Venezuela S.A.
are required to be in charge of the four heavy oil projects in
the Orinoco following an issued presidential decree earlier this
month.  Venezuela's stake in the projects would raise to at
least 60% as required by the decree.

The action has provided big oil companies with major
implications.

Mr. Ramirez disclosed that during last year's discussions
related to the government's decision about the nationalization
terms of the Orinoco projects, industries had refused to
participate the said event.  He mentioned that it paved the way
to production expansion of Venezuela's heavy crude oil reserves,
however, he expected most foreign oil companies to stay in the
Orinoco Vasin, Dow Jones says.

According to Mr. Ramirez, there are 4 billion barrels of
certified reserves in the four Orinoco projects.  He is
confident that the companies could recover more.

Dow Jones states that the Orinoco Belt has 274 billion barrels
in reserves, making it the largest oil deposit in the world as
claimed by the Venezuelan government.

                        *     *     *

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.


* Banco del Sur Creates Apprehension in Banking Industry
--------------------------------------------------------
Officially, the Inter-American Development Bank and the Andean
Development Corporation, two of the biggest lending institutions
in Latin America, have welcomed news of the creation of the so-
called Banco del Sur.  But privately, there are concerns, the
Financial Times reports.

The development of Banco del Sur was initiated by Venezuelan
President Hugo Chavez, which later got the support of Argentina,
Bolivia, Brazil, Ecuador and Paraguay.

Banco del Sur will provide financing for regional projects in
areas like infrastructure and human development.

An insider quoted by the FT said the creation of the regional
bank could reinforce divisions that resulted from Venezuela's
anti-American campaigns.

"With the money of Venezuela and political will of Argentina and
Brazil, this is a bank that could have lots of money and a
different political approach.  No one will say this publicly but
we don't like it," the unnamed source told the FT.

Venezuela's Finance Minister Rodrigo Cabeza disclosed last week
that the new bank would probably distribute loans as early as
next year.

"It is going to happen," Mr Cabeza was quoted by the FT as
saying.  "It will allow us to dispense with the conditions that
the multilaterals [such as the IDB and the World Bank] attach to
loans.  It will deepen financial and economic integration."

Critical to the issue is whether Brazil would participate in the
new financial institution.

The bank insider told the FT that if Brazil would join, the IDB
would face its biggest threat since the debt defaults in the
1980s.

Brazil's planning minister, Paulo Bernardo, stated that an
alternative to Banco del Sur is "the strengthening of the CAF."  
Brazil has recently become a shareholder of the CAF -- a move
that would add about US$1 billion to the institution's paid-in
capital.


* BOND PRICING: For the Week March 19 to March 23, 2007
---------------------------------------------------------

Issuer                 Coupon     Maturity   Currency   Price    
------                 ------     --------   --------   -----

ARG Boden              2.000       9/30/08      ARS     55.8555
Argent-Par              0.630     12/31/38      ARS     57.3500
Vontobel Cayman    18.600      4/30/07      USD     74.9000    
Vontobel Cayman    10.400     12/28/07     CHF      74.5000   
Vontobel Cayman    10.700     12/28/07     CHF      66.1500
Vontobel Cayman    11.200     12/28/07     CHF      71.1000
Vontobel Cayman    11.850     12/28/07     CHF      68.1500
Vontobel Cayman    22.850     12/28/07     CHF      46.2000


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Total
                                Shareholders  Total
                                Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3      (8.88)      56.71
Kuala                    ARTE3     (33.57)      11.86
Bombril                  BOBR3    (781.53)     473.67
Chiarelli SA             CCHI3     (58.72)      36.44
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (738.69)     456.86
DTCOM-DIR To CO          DTCY3      (6.05)      10.04
Aco Altona               EALT3     (64.92)      92.96
Estrela SA               ESTR3     (63.08)     112.36
F Guimaraes              FGUI3    (224.56)      24.63
Bombril Holding          FPXE3  (1,064.31)      41.97
CIMOB Partic SA          GAFP3     (44.38)     121.74
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (233.64)      33.23
DOC Imbituba             IMBI3     (19.84)     192.80
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3     (22.20)     478.81
Minupar                  MNPR3     (83.99)      62.75
Wetzel SA                MWET3     (21.35)     116.85
Nova America SA          NOVA3    (266.34)      42.47
Paranapanema SA          PMAM3     (53.36)   3,268.96
Paranapanema-PREF        PMAM4     (53.36)   3,268.96
Telebras-CM RCPT         RCTB30    (59.79)     228.35
Schlosser                SCL03     (55.17)      51.93
Teka                     TEKA3    (236.45)     540.81
Telebras SA              TELB3     (59.79)     228.35
Telebras-CM RCPT         TELE31    (59.79)     228.35
Telebras SA              TELE41    (59.79)     228.35
Tectoy                   TOYB3     (51.84)      18.72
TEC Toy SA-Pref          TOYB5     (51.84)      18.72
TEC Toy SA-PF B          TOYB6     (51.84)      18.72
Tectoy SA                TOYBON    (51.84)      18.72
Texteis Renaux           TXRX3     (65.19)      75.90
Varig SA                 VAGV3  (8,194.58)   2,169.10  
FER C Atlant             VSPT3    (171.69)   1,940.75
WIEST                    WISA3     (92.66)     107.73



                        ***********


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
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Information contained herein is obtained from sources believed
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