TCRLA_Public/070405.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

          Wednesday, April 4, 2007, Vol. 8, Issue 67

                          Headlines

A R G E N T I N A

AES CORP: Form 10-K Filing Delay Prompts NYSE Delisting Notice
ALL PRO: Trustee to Present Individual Reports on July 4
CALZADOS MATHIUS: Individual Reports Due In Court on June 1
ESTACION ADUANERA: Proofs of Claim Verification Ends on May 28
HEBOS SA: Trustee to Present General Report in Court Tomorrow

IMAX CORP: 10-K Filing Delay Cues S&P to Put Ratings on Watch
IMPULSO DE SAN LUIS: Reorganization Proceeding Concluded
INECA SA: Proofs of Claim Verification Deadline Is May 21
MMF SA: Proofs of Claim Verification Ends on June 11
PLASTICOS DE SUDAMERICA: Claims Verification Ends on June 1

ROGGIE SA: Proofs of Claim Verification Deadline Is June 26
SURDATA SRL: Trustee to Present Individual Reports in Court Tom
TELECOM ARGENTINA: Selling Publicom to Yell for US$60.8 Million
TELEFONICA DE ARGENTINA: Eyes 500,000 Triple Play Users by 2010

B E R M U D A

CABLE & WIRELESS: Investing US$22 Million in Fiber Optic Cable
INTELSAT LTD: Posts US$369-Million Net Loss in 2006

B O L I V I A

INT'L PAPER: Sells Wood Products to Georgia-Pacific for US$237MM

B R A Z I L

BANCO BRADESCO: Andean Dev't Authorizes US$200MM Loan to Bank
BANCO CRUZEIRO: Central Bank Okays BRL330-Million Capital Raise
BANCO NACIONAL: Andean Dev't Ratifies US$150-Mil. Loan to Bank
BANCO NACIONAL: Okays BRL161-Mil. Loan to Virgolino de Oliveira
BANCO PANAMERICANO: Selling US$75 Million of Three-Year Bonds

CENTRAIS ELETRICAS: Earns BRL1.16 Billion in 2006
COMPANHIA SIDERURGICA: Completes Itaguai Slab Project Study
COMPANHIA SIDERURGICA: Earns BRL83.4 Mil. in Fourth Quarter 2006
DIRECTV GROUP: Unit Hires Ellen Filipiak as SVP-Customer Service
DURA AUTOMOTIVE: RSM Richter Delivers 3rd Report to Ontario Ct.

DURA AUTOMOTIVE: Inks Stipulation with PBGC on Claims Filing
GERDAU AMERISTEEL: Inks New Pact with Union at Canada Mill
NOSSA CAIXA: Revising 2007 Lending Growth Forecasts
PETROLEO BRASILEIRO: Mulling Santos & Campos Light Oil Reserves
REALOGY CORP: S&P Lowers Corporate Credit Rating to B+ from BB+

USINAS SIDERURGICAS: Rinaldo Campos Sores to Head Steel Group

* BRAZIL: President da Silva Promises to Remedy Aviation Crisis

C A Y M A N   I S L A N D S

BB NETWORK: Proofs of Claim Filing Deadline Is April 17
DEPFA PERFORMANCE: Proofs of Claim Must be Filed by April 19
ETON PARK: Proofs of Claim Filing Ends on April 20
HFT RE: Proofs of Claim Filing Deadline Is April 19
KAZIMIR RUSSIA: Proofs of Claim Must be Filed by April 20

SAM INVESTMENTS: Proofs of Claim Filing Ends on April 20
STRATEGIC MANAGEMENT: Last Shareholders Meeting Is on April 16

C O L O M B I A

BANCOLOMBIA SA: Obtains US$590 Million in Foreign Financing

C O S T A   R I C A

ARMSTRONG WORLD: Equity Firms May Bid for AWI, Says TheDeal
ARMSTRONG WORLD: Holders of Wiped-Out Shares Object

D O M I N I C A N   R E P U B L I C

BANCO BHD: Earns DOP1.4 Billion in Full Year 2006
BANCO INTERCONTINENTAL: Central Bank Fails to Collect Debts

E C U A D O R

GEOKINETICS INC: Posts US$4.4MM Net Loss in Year Ended Dec. 31

E L   S A L V A D O R

SBARRO INC: Reports US$9.9 Million Net Income in Full Year 2006
SPECTRUM BRANDS: Hires Amy Yoder as Exec. VP for Home & Garden

G R E N A D A

* GRENADA: S&P Cuts Ratings to CCC+ Over High Fiscal Pressures

G U A T E M A L A

BRITISH AIRWAYS: Signs New Three-Year Contract with Worldspan

H O N D U R A S

LEAR CORPORATION: Transfers Assets to Int'l Automotive

J A M A I C A

DYOLL GROUP: May Liquidate Remaining Assets

M E X I C O

CELLSTAR CORP: Robert Kaiser Resigns as Chief Executive Officer
COMVERSE TECH: Extends Tender Offer Expiration Date to April 6
DELTA AIR: To Issue Stock to Noncontract Employees on Emergence
DENNY'S CORP: Dec. 27 Balance Sheet Upside-Down by US$224 Mil.
PORTRAIT CORP: Bankruptcy Court Approves Disclosure Statement

PORTRAIT CORP: Exclusive Plan-Filing Period Extended to Apr. 10

N I C A R A G U A

XEROX CORP: Fitch Affirms BB Rating on Trust Pref. Securities
XEROX CORP: S&P Places BB+ Corp. Credit Rating on Watch Positive

* NICARAGUA: Bandes Opens Local Branch

P A N A M A

DIGICEL GROUP: Mulling Entry into Panamanian Mobile Market

P A R A G U A Y

MILLICOM INTERNATIONAL: Telecel Investing Up to US$80MM in 2008

P E R U

DOE RUN: Strike Brings Down Production at La Oroya Smelter

P U E R T O   R I C O

ALLIED WASTE: Completes US$3.1-Bil. Credit Facility Refinancing
ALLIED WASTE: Moody's Puts B2 Rating on Proposed US$50MM Bonds
DORAL FINANCIAL: 10-K Filing Delay Cues NYSE's Delisting Notice
MUSICLAND HOLDING: Panel Amends Complaint Against Century Fox
PIER 1: Reduces Workforce by 175 Positions

R&G FINANCIAL: Won't File 2004 Amended Report in First Quarter
SEARS HOLDINGS: Donald Carty Won't Stand for Board Re-Election
TRAILER BRIDGE: Posts US$110.2 Mil. in Revenues for Fiscal 2006
UNIVISION COMM: Broadcasting Media Completes Acquisition

U R U G U A Y

WORLDSPAN LP: Inks Distribution Agreement with GOL Transportes

V E N E Z U E L A

ELECTRICIDAD DE CARACAS: Ministry Okays Collective Labor Deal
PETROLEOS DE VENEZUELA: Gets Favorable Ruling in Orimulsion Case
PETROLEOS DE VENEZUELA: US$5-Billion Bond Issue Oversubscribed

* VENEZUELA: Bandes Opens Branch in Nicaragua


                         - - - - -


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


AES CORP: Form 10-K Filing Delay Prompts NYSE Delisting Notice
--------------------------------------------------------------
The AES Corporation, on March 19, received a written notice from
the NYSE Regulation, Inc., stating that the company is not in
compliance with the NYSE's continuing listing criteria under
Section 802.01E of the NYSE Listed Company Manual because it had
not timely filed its annual report on Form 10-K for the year
ended Dec. 31, 2006.  Under Section 802.01E, the NYSE will
monitor the status of the company's late filing and related
public disclosures for up to a six-month period.   If the
company does not file its annual report within six months from
the filing due date, the NYSE may, in its sole discretion,
either delist the company's securities, which would include the
company's common stock (NYSE symbol: AES) as well as the AES
Trust III's Trust Convertible Preferred Securities (NYSE symbol:
AES-PC), or allow the company's securities to trade for up to an
additional six months depending on the specific circumstances,
as outlined in the rule.  The company currently expects to file
its annual report before the expiration of this monitoring
period.

The company's subsidiary, the AES Trust VII, received a written
OTCBB delinquency notification from the NASD stating that the
Trust VII is not in compliance with NASD Rule 6530 because the
company did not timely file its report on Form 10-K for the year
ended Dec. 31, 2006, and, therefore, the Trust VII's Trust
Convertible Preferred Securities (OTCCB symbol: AESRO) are
subject to delisting from the OTC Bulletin Board after the
expiration of a grace period, which ends at the close of
business on April 18, 2007.   Although the NASD Notice is dated
March 19, 2007, the company did not receive it until
March 29, 2007.  If the annual report is not filed prior to the
expiration of the grace period, the NASD Notice indicates that a
hearing may be requested to appeal the determination of
delinquency on or before April 17, 2007.  If the Company is
unable to file its annual report prior to the expiration of the
grace period, it intends to request a hearing on behalf of the
Trust VII with the expectation that the delisting of the Trust
Convertible Preferred Securities from the OTC Bulletin Board
would be stayed pending such hearing.

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

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

                        *     *     *

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


ALL PRO: Trustee to Present Individual Reports on July 4
--------------------------------------------------------
Humberto Perez Van Morlegan, the court-appointed trustee for All
Pro Salud S.A.'s reorganization proceeding, will present
creditors' validated claims as individual reports in the
National Commercial Court of First Instance No. 8 in Buenos
Aires on July 4, 2007.

The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by All Pro and its creditors.

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

Mr. Morlegan will verify creditors' proofs of claim until
May 18, 2007.

Mr. Morlegan will also submit to court a general report
containing an audit of All Pro's accounting and banking records
on Sept. 4, 2007.

All Pro's creditors will vote on a settlement plan that the
company will lay on the table on Dec. 21, 2007.

Clerk No. 16 assists the court on the proceeding.

The debtor can be reached at:

          All Pro Salud S.A.
          Llavallol 4585
          Buenos Aires, Argentina

The trustee can be reached at:

          Humberto Perez Van Morlegan
          Blanco Encalada 3012
          Buenos Aires, Argentina


CALZADOS MATHIUS: Individual Reports Due In Court on June 1
-----------------------------------------------------------
Jose Luis Abuchdid, the court-appointed trustee for Calzados
Mathius S.R.L.'s bankruptcy proceeding, will present creditors'
validated claims as individual reports in the National
Commercial Court of First Instance No. 9 in Buenos Aires on
June 1, 2007.

The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Calzados Mathius and its creditors.

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

Mr. Abuchdid will verify creditors' proofs of claim until
May 3, 2007.

Mr. Abuchdid will also submit to court a general report
containing an audit of Calzados Mathius' accounting and banking
records on July 17, 2007.

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

Clerk No. 18 assists the court on the proceeding.

The debtor can be reached at:

          Calzados Mathius S.R.L.
          Avenida Camacua 651
          Buenos Aires, Argentina

The trustee can be reached at:

          Jose Luis Abuchdid
          Avenida de los Incas 3624
          Buenos Aires, Argentina


ESTACION ADUANERA: Proofs of Claim Verification Ends on May 28
--------------------------------------------------------------
Mirta Addario, the court-appointed trustee for Estacion Aduanera
Saforcada SA's bankruptcy proceeding, verifies creditors' proofs
of claim until May 28, 2007.

Ms. Addario will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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 Estacion Aduanera 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 Estacion Aduanera's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

          Estacion Aduanera Saforcada SA
          Avenida Julio A. Roca 570
          Buenos Aires, Argentina

The trustee can be reached at:

          Mirta Addario
          Lavalle 1454
          Buenos Aires, Argentina


HEBOS SA: Trustee to Present General Report in Court Tomorrow
-------------------------------------------------------------
Estudio Rego-Saavedra, the court-appointed trustee for Hebos
S.A.'s insolvency case, will submit to court a general report
containing an audit of the company's accounting and banking
records on April 5, 2007.

Estudio Rego-Saavedra verified creditors' proofs of claim until
Dec. 7, 2006.  The trustee then presented the validated claims
in court as individual reports on Feb. 22, 2007.  The National
Commercial Court of First Instance No. 15 in Buenos Aires
determined the verified claims' admissibility, taking into
account the trustee's opinion and the objections and challenges
raised by Hebos and its creditors.

Hebos' creditors will vote on a settlement plan that the company
will lay on the table on Sept. 18, 2007.

Clerk No. 29 assists the court in the case.

The debtor can be reached at:

          Hebos S.A.
          Callao 420
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Rego-Saavedra
          Uruguay 660
          Buenos Aires, Argentina


IMAX CORP: 10-K Filing Delay Cues S&P to Put Ratings on Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on IMAX
Corp., including the 'B-' corporate credit rating, on
CreditWatch with negative implications after the company
announced it will not be filing its SEC Form 10-K within the 15-
day extension period.

IMAX previously announced that it is evaluating accounting
errors that will have a six-year net negative impact of roughly
US$2.5 million.  On March 29, 2007, IMAX announced that it will
be expanding its review to address comments from the SEC and the
Ontario Securities Commission regarding certain revenue
recognition practices of some of its theater installations.

IMAX's delayed 10-K weakens visibility and constitutes a default
on its covenants under its bond indenture, which stipulates that
the company supply timely financial statements.  The company has
secured a waiver from its bank lenders in connection with the
delayed filing, to deliver its 10-K by June 30, 2007.

"We may lower the rating if further delays in the filing of
financial statements impair liquidity or if the company is
unable to obtain consents from bondholders," said Standard &
Poor's credit analyst Tulip Lim.  "We expect to resolve the
CreditWatch status of the ratings following the filing of IMAX's
10-K."

IMAX Corp. -- http://www.imax.com/-- founded in 1967 and
headquartered jointly in New York City and Toronto, Canada, is
an entertainment technology company, with particular emphasis on
film and digital imaging technologies including 3D, post-
production, and digital projection.  IMAX also designs and
manufactures cameras, projectors and consistently commits
significant funding to ongoing research and development.
The IMAX Theatre Network currently consists of more than 270
IMAX affiliated theatres in 38 countries including Argentina,
Ecuador, Guatemala, Mexico and Colombia.


IMPULSO DE SAN LUIS: Reorganization Proceeding Concluded
--------------------------------------------------------
The reorganization proceeding of Impulso de San Luis S.A. has
ended.  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.


INECA SA: Proofs of Claim Verification Deadline Is May 21
---------------------------------------------------------
Daniel S. Perazzo, the court-appointed trustee for Ineca S.A.'s
reorganization proceeding, verifies creditors' proofs of claim
until May 21, 2007.

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

Mr. Perazzo will present the validated claims in court as
individual reports on July 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 Ineca 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 Ineca's accounting
and banking records will be submitted in court on Sept. 1, 2007.

The informative assembly will be held on Dec. 20, 2007.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Ineca S.A.
         11 de Septiembre 870
         Pilar, Buenos Aires
         Argentina

The trustee can be reached at:

          Daniel S. Perazzo
          Ituzaingo 373
          Cas. 137, San Isidro
          Buenos Aires, Argentina


MMF SA: Proofs of Claim Verification Ends on June 11
----------------------------------------------------
Jose Perez Ruiz, the court-appointed trustee for MMF SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
June 11, 2007.

Mr. Perez Ruiz will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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 MMF 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 MMF's accounting and
banking records will be submitted in court.

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

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

The debtor can be reached at:

          MMF SA
          French 2354
          Buenos Aires, Argentina

The trustee can be reached at:

          Jose Perez Ruiz
          Cerrito 1070
          Buenos Aires, Argentina


PLASTICOS DE SUDAMERICA: Claims Verification Ends on June 1
-----------------------------------------------------------
Carlos Grela, the court-appointed trustee for Plasticos de
Sudamerica SA's bankruptcy proceeding, verifies creditors'
proofs of claim until June 1, 2007.

Mr. Grela will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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 Plasticos de Sudamerica
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 Plasticos de
Sudamerica's accounting and banking records will be submitted in
court.

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

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

The debtor can be reached at:

          Plasticos de Sudamerica SA
          Maipu 216
          Buenos Aires, Argentina

The trustee can be reached at:

          Carlos Grela
          Tucuman 1585
          Buenos Aires, Argentina


ROGGIE SA: Proofs of Claim Verification Deadline Is June 26
-----------------------------------------------------------
Jorge Alberto Arias, the court-appointed trustee for Roggie
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until June 26, 2007.

Mr. Arias will present the validated claims in court as
individual reports on Aug. 23, 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 Roggie 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 Roggie's accounting
and banking records will be submitted in court on Oct. 4, 2007.

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

The debtor can be reached at:

          Roggie S.A.
          Parana 426
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Alberto Arias
          Avenida Corrientes 1312
          Buenos Aires, Argentina


SURDATA SRL: Trustee to Present Individual Reports in Court Tom
---------------------------------------------------------------
Miguel Angel Diez, the court-appointed trustee for Surdata
S.R.L.'s bankruptcy proceeding, will present creditors'
validated claims as individual reports in the National
Commercial Court of First Instance in Bahia Blanca, Buenos
Aires, on April 5, 2007.

The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Surdata and its creditors.

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

Mr. Diez verified creditors' proofs of claim until
Feb. 21, 2007.

Mr. Diez will also submit to court a general report containing
an audit of Surdata's accounting and banking records on
May 18, 2007.

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

The debtor can be reached at:

         Surdata S.R.L.
         Avenida Alem 2338
         Bahia Blanca
         Buenos Aires, Argentina


TELECOM ARGENTINA: Selling Publicom to Yell for US$60.8 Million
---------------------------------------------------------------
Argentine news daily La Nacion reports that Telecom Argentina
will sell its telephony directory business Publicom to Spain's
Yell Publicidad for US$60.8 million.

Business News Americas relates that Telecom Argentina will close
the deal for the service, which expanded to include more
community specific publications, by April 12.

According to BNamericas, Publicom's telephone directory prints
three million copies printed yearly.  It will add to Yell
Publicidad's directory business, which in Argentina also
includes Paginas Doradas.

Mexican fixed line telecom firm Telmex also targeted the
directory business in Argentina.  It will offer the Paginas
Telmex service in November, BNamericas states.

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.


TELEFONICA DE ARGENTINA: Eyes 500,000 Triple Play Users by 2010
---------------------------------------------------------------
Telefonica de Argentina Chief Executive Officer Juan Waehner
told local reporters that the company expects to have 500,000
triple play customers by 2010.

Telefonica de Argentina would also record about two million
broadband users by 2010, with the number of broadband
connections in Argentina totaling five million, Business News
Americas relates, citing Mr. Waehner.

According to BNamericas, major operators have been pressuring
the Argentine government to let them offer bundled services over
a single network.

Officials told BNamericas that they are analyzing changes to the
regulations.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating).  The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.




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


CABLE & WIRELESS: Investing US$22 Million in Fiber Optic Cable
--------------------------------------------------------------
The Bermudan unit of Cable & Wireless disclosed a US$22-million
investment in a next generation fiber optic cable and associated
infrastructure over the next two years.  This will significantly
enhance the telecoms services it provides to Bermuda's
international business community.

Cable & Wireless Bermuda Chief Executive Eddie Saints confirmed
the investment during the Bermuda International Business
Association annual forum in London, which was attended by:

          -- Honorable Paula Cox, Deputy Premier and Minister of
             Finance; and

          -- Honorable Neletha Butterfield, Minister of the
             Environment, Telecommunications and E-Commerce.

Cable & Wireless has provided international fixed line services
to Bermuda for 117 years and also provides fiber-based data and
broadband services to businesses through its Bermuda associate
Quantum Communications Limited.

The 800-mile-long cable is due to be operational by the end of
October 2007 and will link Bermuda with the USA.  It has 700
times more capacity than the PTAT-1 cable it replaces and will
provide Cable & Wireless Bermuda and Quantum Communications
Limited customers access to the Cable & Wireless global network.

Mr. Saints stated, "The new undersea cable will satisfy the
growing demand for diverse, reliable high-speed data and
broadband services, which cannot be provided by the restricted
capacity of the current cable.  This investment will also enable
us to provide direct international access to all three diverse
fiber optic cable systems serving Bermuda from our Teleport
facility in Devonshire parish on Main Island, benefiting
Bermuda's international business and residential community."

Cable & Wireless said that it is unlikely to proceed with its
plans to acquire an interest in KeyTech Ltd, the holding company
for the alternative telecommunications company in Bermuda,
because of the considerable uncertainty surrounding the proposed
new telecoms regulatory framework.

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

                        *     *     *

Cable & Wireless Plc carries these ratings:

    * Moody's Investors Service

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

    * Standard & Poor's

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


INTELSAT LTD: Posts US$369-Million Net Loss in 2006
---------------------------------------------------
Intelsat Ltd. said in a statement that its net loss increased to
US$369 million in 2006, compared to the US$325 million net loss
in 2005.

Business News Americas relates that Intelsat's net loss shows
the impact of a US$49-million asset impairment charge to write
down the net book value of one of the firm's satellites that
malfunctioned in September 2006.  The loss also indicates the
impact of restructuring costs of US$26.5 million related to the
acquisition of US satellite network operator PanAmSat.

According to BNamericas, Intelsat's revenues increased 42% to
US$1.66 billion in 2006, compared to US$1.17 billion in 2005,
mainly due to the impact of the acquisition.

Intelsat's revenues rose 82% to US$543 million in the fourth
quarter 2006, compared to the fourth quarter 2005, BNamericas
notes.  The firm had a net loss of US$63.4 million in the fourth
quarter 2006, compared to a loss of US$65.7 million in the same
period in 2005.

Headquartered in Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- offers telephony, corporate network,
video and Internet solutions around the globe via capacity on 25
geosynchronous satellites in prime orbital locations.  Customers
in approximately 200 countries rely on Intelsat's global
satellite, teleport and fiber network for high-quality
connections, global reach and reliability.  It is owned by
Apollo Management, Apax Partners, Madison Dearborn, and Permira.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2007, Fitch Ratings affirmed Intelsat, Ltd.'s Issuer
Default Rating at 'B'.  Fitch said the rating outlook was
stable.

Fitch assigned these new ratings on Intelsat, Ltd. (Bermuda):

   -- US$600 million senior unsecured floating-rate notes due
      2015 'CCC+/RR6'; and

   -- Proposed US$1 billion guaranteed senior unsecured term
      loan due 2014 'BB-/RR2'.

Fitch affirmed these ratings:

Intelsat (Bermuda), Ltd.:

   -- Issuer Default Rating 'B';
   -- Senior unsecured guaranteed notes 'BB-/RR2'; and
   -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd:

   -- Issuer Default Rating 'B'; and
   -- Senior unsecured discount notes 'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd.:

   -- Issuer Default Rating 'B';
   -- Senior secured credit facilities 'BB/RR1'; and
   -- Senior unsecured notes 'BB-/RR2'.

Intelsat Corp:

   -- Issuer Default Rating 'B';
   -- Senior secured credit facilities 'BB/RR1';
   -- Senior secured notes 'BB/RR1'; and
   -- Senior unsecured notes 'B/RR4'.

In addition, Fitch withdrew these ratings due to its
refinancing:

Intelsat (Bermuda), Ltd:

   -- US$600 million senior unsecured credit facility CCC+/RR6'.

Intelsat Holding Corporation (PanAmSat Holding Corporation):

   -- Issuer Default Rating 'B.




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


INT'L PAPER: Sells Wood Products to Georgia-Pacific for US$237MM
----------------------------------------------------------------
International Paper Co. has completed the sale of five wood
products mills to Georgia-Pacific Wood Products South LLC for
approximately US$237 million, including working capital.  The
sale was announced in December 2006.

The facilities included in the sale are three plywood and lumber
complexes in Camden, Texas, Springhill, Louisiana, and Gurdon,
Arkansas; a plywood mill in Corrigan, Texas; and an engineered
wood products mill in Thorsby, Alabama.  The mills employ
approximately 2,400 people.

Based in Stamford, Connecticut, International Paper Co.
(NYSE:IP) -- http://www.internationalpaper.com/-- is in the
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the US, Europe, South America and Asia.  Its
South American operations include, among others, facilities in
Argentina, Brazil, Bolivia, and Venezuela.  These businesses are
complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper Co.
on Dec. 5, 2005.




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


BANCO BRADESCO: Andean Dev't Authorizes US$200MM Loan to Bank
-------------------------------------------------------------
The Andean Development Corporation told Business News Americas
that it has authorized a line of credit of US$200 million for
Banco Bradesco.

The Andean Development said that it will also lend Banco
Nacional de Desenvolvimento Economico e Social US$150 million,
BNamericas notes.

The loans will help fund short and medium-term operations for
bank customers, BNamericas relates, citing the Andean
Development.

The report says that Banco Nacional disclosed in January plans
to inject US$200 million capital into the Andean Development.

The Andean Development also granted a US$100-million loan to
Banco Bradesco in December 2006 to fund foreign trade
operations, BNamericas states.

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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Fitch Ratings affirmed these issuer default
ratings on Bradesco, with a Stable Outlook:

   -- Long-term foreign currency at 'BB+';
   -- Long-term local currency at 'BBB-';
   -- Individual rating at 'B/C';
   -- Local currency short-term at 'F3';
   -- Short-term at 'B';
   -- Support rating of '4';
   -- National short-term rating 'F1+(bra)'; and
   -- National long-term rating 'AA+(bra)'.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Standard & Poor's Ratings Services maintained the
'BB+' ratings on both of Banco Bradesco SA's foreign and local
currency counterparty credit rating, however it changed the
ratings outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-


BANCO CRUZEIRO: Central Bank Okays BRL330-Million Capital Raise
---------------------------------------------------------------
The Brazilian central bank has approved Banco Cruzeiro do Sul's
planned BRL330 million share capital increase, Business News
Americas reports.

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2007, the central bank authorized Banco Cruzeiro do Sul
to increase its capital to BRL183 million from BRL145 million.

Banco Cruzeiro filed a request in February with securities
regulator Comissao de Valores Mobiliarios to launch an initial
public offering on the Sao Paulo stock exchange Bovespa,
BNamericas relates.  UBS Pactual will coordinate the offer.

Banco Cruzeiro's net profits increased 73.8% to BRL47.8 million
in 2006, compared to 2005.  It had BRL2.12 billion in total
assets last year, BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul's core
business is lending to civil servants, with payments
automatically deducted from payrolls.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Moody's Investors Service upgraded Banco Cruzeiro
do Sul SA's long-term foreign currency deposits to Ba3 from Ba1.
Moody's said the rating outlook is stable.


BANCO NACIONAL: Andean Dev't Ratifies US$150-Mil. Loan to Bank
--------------------------------------------------------------
The Andean Development Corporation told Business News Americas
that it has authorized a US$150-million line of credit to Banco
Nacional de Desenvolvimento Economico e Social.

The Andean Development said that it also unveiled lines of
credit of US$200 million to Banco Bradesco, BNamericas notes.

The loans will help fund short and medium-term operations for
bank customers, BNamericas notes, citing the Andean Development.

Banco Nacional disclosed in January plans to inject a US$200-
million capital into the Andean Development, BNamericas states.

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

                        *     *     *

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


BANCO NACIONAL: Okays BRL161-Mil. Loan to Virgolino de Oliveira
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that the bank has ratified a BRL161-million loan to
local sugarcane and ethanol producer Virgolino de Oliveira for
expansions.

Business News Americas relates that Virgolino de Oliveira's
expansions include its Jose Bonifacio sugar mill and the planted
area of its Terra Novas sugarcane plantation.

Banco Nacional told BNamericas that total investment in the
project could total BRL179 million.

According to BNamericas, Virgolino de Oliveira will invest
BRL109 million to boost sugarcane-processing capacity to three
million tons per year from 1.6 million tons per year.

Virgolino de Oliveira will also invest BRL52 million to expand
the sugarcane planted area to 11,930 hectares, from 5,180
hectares, Banco Nacional said in a statement.

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

                        *     *     *

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


BANCO PANAMERICANO: Selling US$75 Million of Three-Year Bonds
-------------------------------------------------------------
Banco PanAmericano SA told Business News Americas that it is
offering US$75 million in three-year bonds on international
markets as part of its US$300 million medium-term notes program,
which was launched in February 2006.

Banco PanAmericano Chief Financial Officer Wilson de Aro told
BNamericas that the bank was considering an initial public
offering to increase funding.

According to BNamericas, the coordinators of the issue include:

          -- Uniao de Bancos,
          -- Banco Espirito Santo, and
          -- Votorantim.

Banco PanAmericano raised US$60 million in two previous issues,
yielding 8.5% yearly, BNamericas states.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 16, 2007, Standard & Poor's Ratings Services revised its
outlook on the 'B/B' counterparty credit rating on Banco
PanAmericano to positive from stable.  At the same time the
ratings were affirmed.


CENTRAIS ELETRICAS: Earns BRL1.16 Billion in 2006
-------------------------------------------------
Centrais Eletricas Brasileiras SA said in a statement that its
net profit increased 19% to BRL1.16 billion in 2006, from 2005.

Business News Americas relates that Centrais Eletricas' net
revenue rose 11% to BRL18.2 billion in 2006, compared to 2005.

Centrais Eletricas' operating expenses declined to BRL17.6
billion in 2006, compared to BRL19.4 billion in 2005.  This
excludes the Paraguayan-Brazilian Itaipu hydroelectric plant,
BNamericas notes.

BNamericas underscores that Centrais Eletricas' net profit
dropped 74% to BRL336 million in 2006, from 2005, with the
Brazilian real's appreciation against the US dollar negatively
affecting results.

Centrais Eletricas' investments increased to BRL3.20 billion in
2006, from BRL3.18 billion in 2005, BNamericas says.  The
investment was lesser than the BRL4.92 billion allocated at the
beginning of 2006.

According to BNamericas, Centrais Eletricas' units invested
BRL1.16 billion for the expansion of the group's power
generation.  Transmission investments totaled BRL1.52 billion.

Meanwhile, Centrais Eletricas' Chief Financial Officer Jose
Drumond Saraiva has resigned.  Luiz Augusto Pereira de Andrade
Figueira will be the interim CFO until the management board
chooses a permanent replacement, BNamericas states.

Headquartered in Brasilia, Brazil, Centrais Eletricas
Brasileiras SA aka Eletrobras -- http://www.eletrobras.gov.br/
-- operates in the electric power sector.  The objective of
Eletrobras is to perform activities involving studies, projects,
construction and operation of electric power plants,
transmission and distribution lines as well as underlying trade
operations.  Eletrobras has also an objective to assist the
Ministry of Mines and Energy in designing Brazil's electric
energy policy.  It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked the generation,
transmission and distribution of electric power, as well as
studies involving the exploitation of hydrographical basins for
various purposes.

                        *     *     *

As previously reported on Nov. 28, 2006, Standard & Poor's
Ratings Services changed the rating outlooks on Centrais
Eletricas Brasileiras S.A. aka Eletrobras to positive from
stable:

   -- Foreign currency corporate credit rating:

      * to BB/Positive/-- from  BB/Stable/--

   -- Local currency corporate credit rating

      * to BB+/Positive/-- from BB+/Stable/--
     * Long-Term Foreign Issuer Credit, BB; and
     * Long-Term Local Issuer Credit, BB+.


COMPANHIA SIDERURGICA: Completes Itaguai Slab Project Study
-----------------------------------------------------------
Companhia Siderurgica Nacional Director Juarez Saliba told the
press that a feasibility study for a 4.5-million ton per year
slab project in Itaguai, Rio de Janeiro, has been completed.

"The study was completed about a month ago," Mr. Saliba said
during a conference call to discuss 2006 results.

Business News Americas relates that Companhia Siderurgica has
partnered with China's Baosteel for the feasibility and basic
engineering study for the project, in which the Chinese firm
could have a 25% stake.

Mr. Saliba told BNamericas, "We will hold a meeting in early
April with the top management of both CSN [Companhia
Siderurgica] and Baosteel in Shanghai to present the study, so
Baosteel can advance with approvals, since the company is state-
owned."

Negotiations for the installation of another 4.5-million ton per
year project are ongoing, with the participation of the
governments of Rio de Janeiro and Minas Gerais states,
BNamericas notes, citing Mr. Saliba.

"In our strategic planning, this second mill is essential to
reach the size we aim for.  We are near completing these talks,"
Mr. Saliba told BNamericas.

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *     *     *

As reported on Feb. 2, 2007, Standard & Poor's Ratings Services
affirmed its 'BB' local- and foreign-currency corporate credit
ratings on Brazil-steel maker Companhia Siderurgica Nacional or
CSN and removed them from CreditWatch, where they were placed on
Nov. 17, 2006, with negative implications.  S&P said the outlook
is stable.


COMPANHIA SIDERURGICA: Earns BRL83.4 Mil. in Fourth Quarter 2006
----------------------------------------------------------------
Companhia Siderurgica Nacional's net profit declined 76% to
BRL83.4 million in the fourth quarter 2006, from BRL352.3
million in 2005, Reuters reports.

Reuters underscores that Companhia Siderurgica's earnings before
interest, taxes, depreciation and amortization decreased to
BRL984 million in the fourth quarter 2006, from BRL1.05 billion
in fourth quarter 2005.  The firm's consolidated net earning for
2006 declined to BRL1.17 billion, from BRL2.01 billion in 2005.

Companhia Siderurgica told Reuters that a malfunction in its
AF-3 blast furnace, which accounts for 70% of its steel
production, in January 2006 kept the firm from posting BRL1.5
billion net annual profits.

According to Reuters, Companhia Siderurgica's steel production
decreased to below 3.5 million tons in 2006, from 5.2 million
tons in 2005.  The firm had to purchase steel on the market to
cover its contractual obligations.  It predicted that the 2007
raw steel production will return to 5.3 million tons.

Companhia Siderurgica said in a report that its investments
totaled BRL1.5 billion in 2006, including in the expansion of
the Casa de Pedra mine and the Sepetiba port, among other areas.

Companhia Siderurgica Chief Financial Officer Otavio Lazcano
told the press that disbursements in could total BRL2.4 billion
this year, including Casa de Pedra, a 4.5-million ton per year
slabs project in Rio de Janeiro, and a 500,000-ton per year long
steel project, among other projects.

Business News Americas relates that Casa de Pedra will produce
about 16 million tons in 2007, and some 20 million tons in 2008.

BNamericas underscores that Companhia Siderurgica will conduct
investments using its own cash generation and resources from
national development bank BNDES or capital markets.

Mr. Lazcano told BNamericas, "We have a credit line, approved by
BNDES, of about 1bn reais up to this moment."

The value could further expand as projects advance or new ones
are presented, BNamericas says, citing Mr. Lazcano.

Companhia Siderurgica is optimistic about the outlook in Brazil
and expects strong demand for flat steel products from the sugar
and ethanol, agribusiness and automobile sectors.  The firm aims
for 5.3 million tons of crude steel production and sales of 5.6
million tons in 2007, BNamericas states.

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *     *     *

As reported on Feb. 2, 2007, Standard & Poor's Ratings Services
affirmed its 'BB' local- and foreign-currency corporate credit
ratings on Brazil-steel maker Companhia Siderurgica Nacional or
CSN and removed them from CreditWatch, where they were placed on
Nov. 17, 2006, with negative implications.  S&P said the outlook
is stable.


DIRECTV GROUP: Unit Hires Ellen Filipiak as SVP-Customer Service
----------------------------------------------------------------
DIRECTV Inc. has named Ellen Filipiak, a 25-year veteran in the
cable and telecommunications industry, as Senior Vice President,
Customer Service.

Ms. Filipiak, who joins the company on April 3, 2007, reports to
John Suranyi, president of DIRECTV Sales and Service, and will
oversee all customer service operations including all in-house
and outsourced call centers.  Her other areas of responsibility
include customer satisfaction, agent training and development,
call routing, forecasting and staffing, and oversight of the
national command center.

"Ellen comes to DIRECTV not only with a wealth of customer
service experience in the multichannel video and
telecommunication industry, but also with the leadership and
managerial skills that are critical to overseeing a large and
complex customer service organization like DIRECTV's," said Mr.
Suranyi.  "Exceptional customer service is one of the linchpins
of our competitiveness and profitability as a company, and while
we continue to rank at or near the top in customer satisfaction
among pay TV providers, I believe we can achieve an even higher
level of service.  With Ellen's leadership and commitment, I
believe we'll reach that goal."

"I've long admired DIRECTV as a dynamic company that understands
the importance of a great end-to-end customer experience," said
Ms. Filipiak. "John and his team have built a first-rate
organization that has been the envy of the industry having seen
it from the other side of the fence, and I'm looking forward to
working with our DIRECTV call centers, vendors and DIRECTV's
customer service team to take that customer experience to a
level that will truly set us apart in the industry."

Ms. Filipiak, who will be based at DIRECTV's customer care
operations center in Denver, joins the company with 25 years of
experience in the cable and telecommunications industry and was
most recently Senior Vice President of Customer Care and IT for
Adelphia Communications.

She joined Adelphia at its Denver facility in 2003 and had
responsibility for maximizing the performance of the company's
customer care and IT operations during its bankruptcy, and
planning Adelphia's transition to its new owners.

While at Adelphia, she was also responsible for developing a
customer care and call center strategy for the cable service's
5.2 million customers and 3,700 agents nationwide, achieving a
30 percent improvement in customer service quality levels.

Ms. Filipiak has also held executive level positions at AT&T
Broadband in Florida, where she had overall responsibility for a
1 million customer region; MediaOne, where she oversaw the cable
company's Atlanta region operations; and Continental
Cablevision, as a vice president and district manager with
responsibility for operations in south Florida.

Ms. Filipiak holds a business administration degree from Wayne
State University in Detroit, Michigan.

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

                        *     *     *

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


DURA AUTOMOTIVE: RSM Richter Delivers 3rd Report to Ontario Ct.
---------------------------------------------------------------
RSM Richter, Inc., Dura Automotive Systems Inc. and its
debtor-affiliates' information officer, delivered its third
report with the Ontario Superior Court of Justice (Commercial
List) in Canada to:

   (a) provide an update on the Debtors' claims process,
       including the establishment of May 1, 2007, as the Claims
       Bar Date in their Chapter 11 cases pending before the
       U.S. District Court for the District of Delaware;

   (b) summarize the Debtors' proposed process to advise
       Canadian Creditors in connection with the Claims Bar
       Date;

   (c) recommend that the Ontario Court recognize the Claims
       Process in Canada;

   (d) provide updates with respect to developments concerning a
       pension plan for employees of the Debtors' operations in
       Stratford, Canada; and

   (e) summarize and seek approval of its activities since
       Mar. 1, 2001.

A full-text copy of RSM Richter's Third Report is available for
free at http://ResearchArchives.com/t/s?1c9e

As previously reported, the Delaware Court established
May 1, 2007, as the general claims bar date for filing proofs of
claim in the Debtors' Chapter 11 cases.  The Claims Bar Date
Order specifies that the General Bar Date apply to all claims
against the Debtors that arose prior to the Petition Date.

On March 2, 2007, the Debtors served a notice of the Bar Date
and a proof of claim form to all known creditors, including the
Canadian Creditors.

The Debtors do not intend to initiate a separate claims process
for the Canadian Creditors.  In order to assist the Canadian
Creditors to understand the Claims Process, the Debtors propose
that:

     * separate notices, which include the Bar Date Notice
       Package, will be sent by regular mail to the Canadian
       Creditors by April 6, 2007.  The notice will advise
       Canadian Creditors that, like the creditors based in the
       United States, they are also bound by the Claims Process;

     * the Bar Date Notice will be published in the national
       editions of both Globe and Mail, and the National Post
       newspapers by April 9, 2007;

     * the Bar Date Notice will also be placed on RSM's Web site
       at http://www.rsmrichter.com/

Accordingly, the Debtors ask the Ontario Court to recognize the
Bankruptcy Court-approved Claims Process in Canada.

The Debtors have previously conveyed their intent to discontinue
all operations at the Stratford Facility by December 2007.  The
unionized employees at Stratford Facility participate in a DAS
Canada Pension Plan, a defined benefit plan.

RSM reports that the Debtors have sent a notice of proposed
wind-up to all employees under the Pension Plan and to the
Superintendent of Financial Services of Ontario.  The Wind-Up
Notice states that:

    -- pursuant to the Pension Benefit Act (Ontario), the
       Pension Plan will be wound up in full, effective
       Nov. 2, 2007, to coincide with termination of the
       employment of the remaining active Members and the
       closure of the Stratford Facility;

    -- a wind-up report, setting out the rights and benefit
       entitlements of the Members and the proposed method for
       distributing the Plan assets, will be prepared by the
       Plan's actuary, Aon Consulting, Inc., in accordance with
       the Act.  The Wind-Up Report will be filed with the
       Financial Services Commission of Ontario and Canada
       Revenue Agency; and

    -- no distributions can be made from the Pension Plan until
       the Superintendent approves the Wind-Up Report.  The
       Debtors will request approval of the Report to allow for
       current payments to those Members with immediate
       entitlement to benefits under the Plan.

Aon has advised RSM Richter that the Debtors intend to comply
with FSCO's recommendation that:

   (a) Future Retirees' benefit will be paid based on 85%
       of the entitlement; and

   (b) all Current Retirees will continue to receive 100% of
       their pension entitlement.

The Debtors has advised the International Association of
Machinists and Aerospace Workers, the labor union representing
the Stratford Facility employees, of their intention to comply
with FSCO's recommendation.

Moreover, since March 1, 2007, RSM Richter:

     * reviewed and commented on certain of the Debtors' draft
       application materials;

     * reviewed materials filed in the U.S. Chapter 11
       proceedings;

     * posted a copy of various Court materials on its Web site;

     * spoke routinely with each Canadian facility in order to
       determine if any critical issues are affecting
       operations;

     * corresponded with the Canadian Debtors' counsel, Davies
       Ward Phillips and Vineberg LLP, and U.S. Debtors'
       counsel, Kirkland & Ellis LLP, regarding the Debtors'
       Claims Process;

     * corresponded with Davies Ward regarding the Pension Plan
       and the general restructuring matters;

     * responded to queries from creditors or suppliers
       concerning the Debtors' proceedings; and

     * assisted the Brantford Facility in respect of a supplier
       issue.

                 About DURA Automotive Systems Inc.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on
March 21, 2007.  (Dura Automotive Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Inks Stipulation with PBGC on Claims Filing
------------------------------------------------------------
The Pension Benefit Guaranty Corporation is a United States
government corporation that administers the defined pension plan
termination insurance program under Title IV of the Employee
Retirement Income Security Act of 1974.

The PBGC asserts that each of Dura Automotive Systems Inc. and
its debtor-affiliates is either a sponsor or a controlled group
member of a sponsor of these ERISA-covered pension plans:

   (a) The Dura Cash Balance Retirement for Salaried Employees;

   (b) Dura Automotive Systems Inc. Mancelona and East Jordan;

   (c) Atwood Mobile Products Inc. Supplementary Retirement
       Plan; and

   (d) Dura Retirement Plan for La Grange Bargaining Employees.

The PBGC intends to assert several separate claims with respect
to each of the Pension Plans against each of the Debtors,
jointly and severally, for alleged liability.  Thus, the PBGC
will be required to file at least 504 separate proofs of claim,
which will constitute a significant and unnecessary
administrative burden on the Debtors, their claims agent, the
PBGC and the Court.

In a stipulation approved by the U.S. Bankruptcy Court for the
District of Delaware, the Debtors and the PBGC agree that each
claim filed by the PBGC in Dura Automotive Systems, Inc.'s
Chapter 11 case, Case No. 06-11202 (KJC), will be also deemed
filed in each of the other Debtors' Chapter 11 cases.

The stipulation is intended solely for the purpose of
administrative convenience and will not affect the substantive
rights of any parties-in-interest.

             About DURA Automotive Systems Inc.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on
March 21, 2007.  (Dura Automotive Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


GERDAU AMERISTEEL: Inks New Pact with Union at Canada Mill
----------------------------------------------------------
Gerdau Ameristeel Corporation has reached an agreement with the
United Steelworkers at Gerdau Ameristeel's Whitby, Canada mill.
The new contract is effective Feb. 28, 2007, and expires on
Feb. 27, 2010.

"The Company is pleased that another contract has been completed
with the United Steelworkers.  While there are three remaining
negotiations at Calvert City Kentucky; Joliet, Illinois and Sand
Springs, Oklahoma, the company continues to work to find common
ground to settle remaining agreements at these facilities," said
Jim Rogers, Gerdau Ameristeel's Vice President of Human
Resources.

Headquartered in Tampa, Florida, Gerdau Ameristeel (NYSE: GNA;
TSX: GNA) is a subsidiary of Brazil's Gerdau SA in the United
States.  The company produces rebar, merchant bar, structural
shapes, wire rod, and flat-rolled sheet at 17 North American
mini mills, and conducts downstream steel fabricating operations
at 50 facilities.

                        *     *     *

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


NOSSA CAIXA: Revising 2007 Lending Growth Forecasts
---------------------------------------------------
Banco Nossa Caixa Chief Executive Officer Milton Luiz de Melo
Santos told Business News Americas that the bank is revising
initial lending growth predictions for this year, after securing
rights to handle the Sao Paulo state payroll for the next five
years.

BNamericas relates that Nossa Caixa previously predicted a 30%
boost in total lending in 2007, compared to 2006, with a 35%
growth in payroll-linked loans.   As of the end of February
2007, Banco Nossa held a retail loan portfolio of BRL4.9
billion, with BRL2.7 billion from payroll-linked loans to state
workers.

"We're going to establish bolder goals considering the room we
have to grow," Mr. de Melo Santos commented to BNamericas.

Mr. de Melo Santos told BNamericas that about 55.2% of Banco
Nossa's retail loans are with public sector workers, while they
make up around 20% of the bank's customer base.  Some 15% of the
1.1 million state employees who receive their salaries through
Nossa Caixa have contracted payroll loans so far.  Payroll loans
are profitable, with the default rate almost zero.

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Mr. de Melo Santos said that the bank has agreed
to pay BRL2.08 billion in cash to handle the payroll of about
1.1 million state workers.  According to local banking analyst
Carlos Macedo of Unibanco Corretora, Nossa Caixa would pay the
equivalent of half its market cap and 80% of its net worth for
the accounts.  He said that the purchase price was somewhat
higher than expected.

Meanwhile, Deutsche Bank analyst Mario Pierry decreased his
earnings estimates for Nossa Caixa to BRL168 million from BRL492
million for 2007, BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Nossa Caixa SA --
http://www.nossacaixa.com.br/-- operates as a multiple bank
offering banking and financial services through commercial and
loan portfolios, including real estate and foreign exchange, as
well as administering credit cards.  Through its subsidiary, it
operates with private pensions.  Nossa Caixa uses demand, saving
and time deposits, which include judicial deposits, to fund its
operations.  The main focus of Nossa Caixa is to attend
individuals, especially public employees and small and medium-
sized companies in Sao Paulo, as well as state and municipal
government agencies.  As the official bank for the government of
the State of Sao Paulo, it administers the state's resources and
state lotteries and takes care of the payroll of the indirect
state administration and part of the direct administration.  As
of Dec. 31, 2005, the Bank's network consisted of 2,579
attendance points in its distribution network.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Moody's Investors Service upgraded Banco Nossa
Caixa S.A.'s long-term foreign currency deposits to Ba3 from
Ba1.  Moody's said the ratings outlook was stable.


PETROLEO BRASILEIRO: Mulling Santos & Campos Light Oil Reserves
---------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro said in a
statement that it is analyzing the amount of light oil reserves
at its recent discoveries in the Santos and Campos basins.

Petroleo Brasileiro told Business News Americas, "Until tests
conclude, it is impossible to determine the oil volume in each
of these areas, which constitute independent structures."

According to BNamericas, Petroleo Brasileiro discovered light
oil reserves in the Santos basin on Oct. 4, 2006.  It found
light oil reserves in the Campos basin on March 2, 2007.

Petroleo Brasileiro will disclose the drilling results to
Brazil's hydrocarbons regulator as soon as they are concluded,
BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

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

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

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

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


REALOGY CORP: S&P Lowers Corporate Credit Rating to B+ from BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Realogy Corp. to 'B+' from 'BB+' and removed it from
CreditWatch.  The Dec. 18, 2006, CreditWatch placement followed
the company's announcement that it had entered into a definitive
agreement to be acquired by Apollo Management L.P. in a
transaction valued at about US$9 billion.  The outlook is
negative.

Pro forma consolidated debt outstanding, including liabilities
under management programs and adjusted for operating leases,
approximates about US$8 billion.

"This rating action followed the recent approval by Realogy
shareholders of its pending LBO by Apollo Management," said
Standard & Poor's credit analyst Michael Scerbo.

Following the affirmative vote, the company expects to complete
the transaction next week.

Despite Realogy's leadership position in the residential real
estate industry, its 2007 pro forma debt to EBITDA ratio is
expected to be very high for the ratings at around 10x (adjusted
for operating leases and liabilities under management programs).

"While our ratings incorporate a mid-to-high single-digit
decline in overall sides and a relatively minor decline in
prices in 2007, operating weakness in excess of these levels
could result in a ratings downgrade as the company's overall
liquidity position would become more constrained," Mr. Scerbo
said.  "Specifically, if sides were to decline in excess of 10%
and prices in excess of 5%, there would be a higher likelihood
of a downgrade.  Conversely, an outlook revision to stable,
which we view as less likely in the intermediate term, would
require the company to demonstrate consistent, sustainable
improvement in its credit protection measures."

Headquartered in Parsippany, N.J., Realogy Corp. (NYSE:H)
-- http://www.realogy.com/-- is real estate franchisor and a
member of the S&P 500.  The company has a diversified business
model that also includes real estate brokerage, relocation, and
title services.  Realogy's world-renowned brands and business
units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), ERA(R), Sotheby's International Realty(R), NRT
Incorporated, Cartus, and Title Resource Group.  Realogy has
more than 15,000 employees worldwide.  The company has
operations in Australia, Brazil and France.


USINAS SIDERURGICAS: Rinaldo Campos Sores to Head Steel Group
-------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA Chief Executive Officer
Rinaldo Campos Soares will be the head of Instituto Brasileiro
de Siderurgia, Brazil's steel institute, effective May, news
daily Folha de S Paulo reports.

Folha de S Paulo relates that Mr. Soares will serve a two-year
term, replacing Luiz Andre Rico Vicente.

Business News Americas states that Brasileiro de Siderurgica
members include:

         -- Acesita,
         -- Gerdau, and
         -- Companhia Siderurgica Nacional.

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

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


* BRAZIL: President da Silva Promises to Remedy Aviation Crisis
---------------------------------------------------------------
Brazilian President Inacio Lula da Silva has promised to solve
the country's aviation crisis within the week.

The crisis has started when the nation's oldest and biggest
carrier, Varig, went bankrupt and couldn't fulfill its
obligations to the commuters.  The problem came to a head when
2,400 military air controllers went on strike Friday demanding
better pay and working conditions.  The strike resulted to
thousands of passengers getting stranded because all airports
were shut down.

Shortcomings in the air traffic control and airport
infrastructure became evident recently when 154 people were
killed due to mid-air collision, The Financial Times says.

The striking air controllers would have been imprisoned as a
result of the action, the FT says, citing the air force command.
But the nation's president intervened and ordered for talks to
be made.  He understood that imprisoning the striking
controllers would lead to the aviation industry's complete
breakdown.

President da Silva, despite his negotiating stance, still
criticized the servicemen, calling their action irresponsible.

"I think it's serious and irresponsible -- people with essential
and delicate jobs -- because they are dealing with thousands of
passengers flying across the country," President Lula was quoted
by Reuters as saying.  "We are not dealing with machines but
humans."

The Brazilian leader was expected to sign Tuesday an air traffic
control decree that would move the command from the Air Force to
a new civilian agency, Reuters relates.

                        *     *     *

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

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




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


BB NETWORK: Proofs of Claim Filing Deadline Is April 17
-------------------------------------------------------
BB Network Rental Holdings' creditors are given until
April 17, 2007, to prove their claims to David Walker and Jackie
Powell-Marsden, 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.

BB Network's shareholders agreed on March 20, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       David Walker
       Jackie Powell-Marsden
       Attention: Jody Powery-Gilbert
       Caledonian Bank & Trust Limited
       Caledonian House, 69 Dr. Roy's Drive
       P.O. Box 1043
       Grand Cayman KY1-1102
       Cayman Islands
       Telephone: (345) 914-4890
       Fax: (345) 814-4870


DEPFA PERFORMANCE: Proofs of Claim Must be Filed by April 19
------------------------------------------------------------
Depfa Performance Converging Markets Ltd.'s creditors are given
until April 19, 2007, to prove their claims to John Cullinane
and Derrie Boggess, 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.

Depfa Performance's shareholder decided on March 12, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


ETON PARK: Proofs of Claim Filing Ends on April 20
--------------------------------------------------
Eton Park Overseas Fund II, Ltd.'s creditors are given until
April 20, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

Eton Park's shareholders agreed on Feb. 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:

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


HFT RE: Proofs of Claim Filing Deadline Is April 19
---------------------------------------------------
HFT Re CDO 2006-2 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.

HFT Re's shareholders agreed on March 20, 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


KAZIMIR RUSSIA: Proofs of Claim Must be Filed by April 20
---------------------------------------------------------
Kazimir Russia Directional Fund, Ltd.'s creditors are given
until April 20, 2007, to prove their claims to William Spencer,
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.

Kazimir Russia's shareholders agreed on Oct. 24, 2005, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       William Spencer
       c/o Delphi Management Limited
       Covenant House, 85 Reid Street
       Hamilton, HM12
       Bermuda
       Telephone: 001 441 296 6644
       Fax: 001 441 296 4283


SAM INVESTMENTS: Proofs of Claim Filing Ends on April 20
--------------------------------------------------------
Sam Investments, LDC's creditors are given until April 20, 2007,
to prove their claims to John Cullinane and Derrie Boggess, 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.

Sam Investments' shareholder decided on March 9, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


STRATEGIC MANAGEMENT: Last Shareholders Meeting Is on April 16
--------------------------------------------------------------
Strategic Management Ltd. will hold its final shareholders
meeting on April 16, 2007, at 3:00 p.m., at:

          DMS Corporate Services Ltd
          2nd Floor, Ansbacher House
          #20 Genesis Close
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

   1) purpose of presenting to the members an account of the
      winding up of the company, and

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

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

The liquidator can be reached at:

         DMS Corporate Services Limited
         Attention: Angela Nightingale
         Ansbacher House
         P.O. Box 31910 SMB, Grand Cayman
         Cayman Islands
         Telephone: (345) 946 7665
         Fax: (345) 946 7666




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


BANCOLOMBIA SA: Obtains US$590 Million in Foreign Financing
-----------------------------------------------------------
Bancolombia S.A. has obtained loans from foreign financial
institutions amounting to US$590 million, which will be used for
the purchase of foreign currency loans of Bancolombia (Panama)
S.A. at market conditions and pursuant to the corresponding
authorizations and applicable law.  Bancolombia (Panama) S.A.
will use the proceeds of these transactions for the acquisition
of Banagricola S.A.

The approval of these loans demonstrates the confidence that
international banks have in Bancolombia S.A.

                      About Bancolombia

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2007, Moody's Investors Service placed the D+ bank
financial strength rating of Bancolombia SA on review for
possible downgrade.  Bancolombia's foreign currency deposit
ratings were affirmed at Ba3/Not-Prime.

As reported in the Troubled Company Reporter on Feb. 6, 2007,
Fitch Ratings affirmed Bancolombia's long-term and short-term
foreign currency Issuer Default Ratings:

   * Foreign currency long-term IDR at 'BB+';
   * Foreign currency short-term rating at 'B';
   * Support rating at '3'.

Moody's said the rating outlook is stable.

The ratings remain on rating watch negative:

   * Individual rating of 'C';
   * Local currency long-term IDR of 'BBB-';
   * Local currency short-term rating of 'F3'.




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


ARMSTRONG WORLD: Equity Firms May Bid for AWI, Says TheDeal
-----------------------------------------------------------
Private equity firm Kohlberg Kravis Roberts & Co. is at the
forefront for the acquisition of Armstrong World Industries,
Inc., according to Insurance Newsnet, citing reports by
TheDeal.com.  KKR owns a 50% stake Tarkett SA, a Nanterre,
France-based distributor of flooring products.

Other private equity firms, including the Blackstone Group,
Carlyle Group and Apollo Management Corp., are expected to bid
for AWI.

AWI is a producer of flooring products and ceiling systems for
use primarily in the construction of residential, commercial and
institutional buildings.  AWI owns and operates 43 manufacturing
plans in 12 countries, including 26 plants located throughout
the United States, where it sells kitchen and bathroom cabinets.
Through a joint venture with Worthington Industries, Inc., AWI
also has an interest in seven additional plants in five
countries that produce suspension system products for its
ceiling systems.

AWI has previously announced that it is looking at a number of
"strategic alternatives" for its worldwide operations.  "That
often -- but not always -- means the sale of a company," said
Meg Graham, vice president of Corporate Communications, through
e-mail to The Macon Telegraph.  Other alternatives include a
joint venture or a merger.

AWI retained Lazard Freres & Co. LLC as its financial advisor
and Weil, Gotshal & Manges LLP as its legal advisor to assist in
the process and the evaluation of potential alternatives.  The
process is expected to take six to nine months.

There is a possibility that AWI may opt to sell its floor and
ceiling products division separately, wherein the odds of
strategic buyers prevailing is higher.  However, if AWI is to be
sold as a whole, a private equity firm is the most likely buyer,
Insurance Newsnet reported.

It would be easier for AWI to sell itself as a whole and let the
buyer sell off the parts, a Stifel Nicolaus & Co. Inc. analyst,
John Baugh, says.  "Ultimately it will be broken up."

The sale will have to go through the Asbestos Personal Injury
Trust, which owns 66% of AWI's outstanding common shares.
Stifel says the PI Trust is likely to favor selling the company
as a whole.

Stifel expects AWI to be valued at around US$3,280,000,000.

AWI reported operating income of US$67,400,000 on US$973,600,000
of net sales for the third quarter ended Sept. 30, 2006.  AWI
recorded net earnings of US$39,200,000 and basic net earnings
per share of common stock of US$.097 for the quarter.  AWI held
US$4,720,800,000 in assets, including US$520,600,000 in cash as
of Sept. 30, 2006.

                       About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings, ceiling systems and
cabinets, around the world.  With 43 manufacturing plants
worldwide, the company has operation in Colombia, Costa Rica,
Greece, Iceland and Asia among others.

The company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. D. Del. Case No. 00-04469).
StephenKarotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represented the Debtors in their restructuring efforts.
The company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

(Armstrong Bankruptcy News, Issue No. 109; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 13, 2007, Standard & Poor's Ratings Service revised its
outlook to developing from stable and affirmed the 'BB'
corporate credit and senior secured ratings for Armstrong World
Industries Inc.


ARMSTRONG WORLD: Holders of Wiped-Out Shares Object
---------------------------------------------------
John R. Knoll, holder of 2,000 Armstrong Holdings, Inc. shares,
relates that he was expecting some conversion of his shares to
the reorganized Armstrong World Industries, Inc. stock some time
after October 2006.  Thus far, Mr. Knoll says he has not
received any compensation.

AWI's Fourth Amended Plan of Reorganization was confirmed in
August 2006, and AWI emerged from Chapter 11 in October 2006.

Mr. Knoll tells the U.S. Bankruptcy Court for the District of
Delaware that he is due some compensation, whether it be cash or
new AWI stock.  One share of the new common stock for every 25
shares of AHI stock or US$1.50 for each share of AHI stock is a
fair settlement, he notes.

Lucinda Prince had objected to the earlier decision, which wiped
out the value of her AWI stock.  She says that she felt
confident AWI was strong enough to emerge from Chapter 11, but
did not expect it to be done on the backs of faithful investors.
It would be a good faith decision to reinstate the AWI stock
value, she adds.

CDR Alloys Heyen, USN, Ret., also asks the Court to further
examine the settlement, as it did not comply with government
requirement.

Arthur J. Lander objects to the Debtors' request, but did not
specify any reason.

                       About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings, ceiling systems and
cabinets, around the world.  With 43 manufacturing plants
worldwide, the company has operation in Colombia, Costa Rica,
Greece, Iceland and Asia among others.

The company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. D. Del. Case No. 00-04469).
StephenKarotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represented the Debtors in their restructuring efforts.
The company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

(Armstrong Bankruptcy News, Issue No. 109; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 13, 2007, Standard & Poor's Ratings Service revised its
outlook to developing from stable and affirmed the 'BB'
corporate credit and senior secured ratings for Armstrong World
Industries Inc.




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


BANCO BHD: Earns DOP1.4 Billion in Full Year 2006
-------------------------------------------------
Banco BHD President Luis Molina Achecar told Dominican Today
that the bank earned DOP1.4 billion in 2006, indicating a 31.4%
yield on its patrimony.

Banco BHD's performance was excellent.  The performance was
accompanied by a 24% growth, reaching total assets of RD$47.87
billion at the year's close.  In keeping with last year's
results, the BHD Group's net dividends were 34%, Dominican Today
relates, citing Mr. Achecar.

According to Dominican Today, Banco BHD's deposits increased
DOP8.93 billion to DOP40.7 billion in 2006, compared to the
previous period, keeping indices of prudence and of compliance
well above those required by the authorities.   The bank's
"normative capital" was of DOP4.03 billion, for an index of
solvency of 12.4%, surpassing 2.4 of the required.

The BHD shareholders ratified during their annual assembly the
incorporation of the BHD Group with BHD Financial Center,
Dominican Today states.

Banco BHD is a privately owned commercial bank in the Dominican
Republic and part of the BHD Group.  Having operated for over 30
years, it is a financial institution focused on serving
individuals and corporations of the Dominican Republic.  Banco
BHD deals in multiple currencies and has an international
department that handles large money transfers.  In 1998 it
acquired the insurance provider Compania de Seguros Palic and
has an alliance with Spanish Banco Sabadell.  The company has 60
branches located in the Dominican Republic, New York and the
Cayman Islands.

                        *     *     *

As reported on Oct. 27, 2006, Fitch Ratings affirmed these
Dominican Republic-based Banco BHD ratings:

    -- Long term foreign and local currency Issuer Default
       Ratings at 'B';
    -- Short-term at 'B';
    -- Support at '5';
    -- Individual at 'D'.


BANCO INTERCONTINENTAL: Central Bank Fails to Collect Debts
-----------------------------------------------------------
Luis Alvarez Renta, a Dominican financier involved in the Banco
Intercontinental fraud case, said before the National District
1st Collegiate Court that the Dominican Republic's central bank
never tried to collect the debts of Bankinvest and Interduty
Free with Banco Intercontinental regarding the sale of its duty
free stores, Dominican Today reports.

Mr. Renta told Dominican Today, "Those stores reached a value
surpassing US$70 million.  There isn't one single notice of
payment of the sums which today the accusing part exposes as if
they were owed to Baninter [Banco Intercontinental] and
furthermore ended up in the hands of the Group Hazoury and
Aerodom without any objection by the Central Bank."

Aerodom purchased the stores for US$27.5 million.  It then sold
them for US$42 million, with the authorization of the central
bank, Dominican Today relates, citing Mr. Renta.

Mr. Renta commented to Dominican Today, "Of what debts or crimes
can the central bank speak of if all those credits were totally
documented including their corresponding promissory notes."

The group of stores was worth over US$71 million, Dominican
Today notes, citing Mr. Renta.  All the transactions were legal.

Mr. Renta told Dominican Today, "I don't know how they can
catalogue that investment as unproductive, given the value that
those stores took."

The prosecutors wanted to hid over US$128 million that were put
into Banco Intercontinental and its related firms, seeking to
confuse when presenting payments, Dominican Today states, citing
Mr. Renta.

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




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


GEOKINETICS INC: Posts US$4.4MM Net Loss in Year Ended Dec. 31
--------------------------------------------------------------
Geokinetics Inc.'s 2006 revenue of US$225.2 million exceeded
2005 revenue of US$62.2 million by 262%.  This growth reflects
Geokinetics' continuing strategy to increase seismic crew count
through acquisitions and investing in state-of-the-art recording
equipment.  The 2006 revenue growth includes less than four
months of operations from Grant Geophysical, Inc., which was
acquired on Sept. 8, 2006, and a full year of operations from
Trace Energy Services, Inc. nka Geokinetics Exploration, Inc.,
which was acquired on Dec. 1, 2005.

The company is providing EBITDA to facilitate comparisons with
prior performance and peers.  EBITDA increased to US$21.9
million for 2006 compared to US$1.5 million for 2005.  This
reflects the expensing of approximately US$1.4 million in costs
incurred in connection with the Grant acquisition.  The 2006
results include a net loss to common shareholders of US$(4.4)
million, or US$(0.81) per common share on a weighted average of
5.4 million shares.  For the year ended Dec. 31, 2005,
Geokinetics reported a net loss to common shareholders of
US$(2.1) million, or US$(0.95) per common share on a weighted
average of 2.2 million shares.  The company incurred
approximately US$3.9 million in financing costs as a result of
the early termination of two bridge loans used to finance the
Grant acquisition, which were later refinanced.  Share and per
share amounts are fully reflective of the company's recent one
for ten reverse stock-split.

Commenting on the year's results, David A. Johnson, Geokinetics'
President and Chief Executive Officer, said, "2006 was a year of
transformational growth for Geokinetics both through
acquisitions and through investment in new capacity.  Our
results reflect the partial year impact of the acquisition of
Grant Geophysical in September of 2006.  This acquisition
provided us with an extensive international footprint giving us
the ability to meet the needs of our customers worldwide, a
diversification of our customer base, and access to an expanding
international sector of the market.  We are successfully
integrating Grant and are very pleased with the financial
contribution and technical expertise we received as well as the
opportunities the acquisition created.  We continue to
experience strong demand for our services worldwide, which is
reflected in our backlog of approximately US$296 million as of
March 1, 2007.  During the last half of 2006, on a pro-forma
basis, we invested approximately US$40 million in new equipment
capacity, and expect to invest an additional US$28 million in
the first half of 2007.  As a result of our continued
investment, we have increased our recording channel count by 31%
to over 82,000 channels from one year ago.  This increased
capacity has been deployed among 22 crews we are currently
operating and plans are underway to add a 23rd crew in the
second quarter.  We remain excited about the prospects for our
business, both domestically and internationally.

Our earnings for the year were adversely affected by one-time
costs related to the acquisition of Grant and the short-term
financing costs incurred to fund the acquisition.  In December
2006, we refinanced the acquisition debt with a bond offering.
An equity offering is planned during 2007 which should allow us
to reduce debt and position us for continued growth."

Mr. Johnson continued: "We are very encouraged with the outlook
for our industry, the continuing strength and quality of our
backlog, the larger opportunities now available to Geokinetics
as a result of our strategic acquisitions, and our continued
investment in state-of-the-art equipment.  We continue to
execute our plan to create shareholder value by lowering our
financing costs and pursuing a listing on a more recognized
stock exchange."

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, South America, Africa, Asia, Australia and the Middle
East.  Geokinetics operates in some of the most challenging
locations in the world from the Arctic to mountainous jungles to
the transition zone environments.  The company has operations in
Brazil, Colombia Ecuador, Peru and Venezuela.

                        *     *     *

Moody's Investors Service assigned on Dec. 6, 2006, a B3
corporate family rating and probability of default rating to
Geokinetics Inc., and a SGL-3 speculative liquidity rating.
Moody's also assigned a B3, LGD 4 (53%) rating to Geokinetics'
proposed offering of US$100 million second priority senior
secured floating rate notes due 2012. The outlook is stable.
Proceeds from the notes will be used to retire an existing
US$100 million senior loan.

Standard & Poor's Ratings Services also assigned its 'B-'
corporate credit rating to Geokinetics Inc. At the same time,
Standard & Poor's assigned its 'CCC+' rating and '3' recovery
rating to Geokinetics' US$100 million in second lien floating
rate notes.




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


SBARRO INC: Reports US$9.9 Million Net Income in Full Year 2006
---------------------------------------------------------------
Sbarro Inc. disclosed results of operations for the year ended
Dec. 31, 2006.  Revenues were US$354.4 million for the year
ended Dec. 31, 2006 as compared to US$348.7 million for the year
ended Jan. 1, 2006.  Same-store sales growth was 4.4% for the
year ended Dec. 31, 2006.  Net Income was US$9.9 million, for
the year ended Dec. 31, 2006, as compared to US$1.4 million for
the year ended Jan. 1, 2006.

EBITDA was US$55.1 million for the year ended Dec. 31, 2006, as
compared to US$49.1 million for the year ended Jan. 1, 2006.
Included as an expense in EBITDA was US$2.8 million and US$0.7
million for 2006 and 2005, respectively related to a long-term
incentive plan for our Chief Executive Officer.

EBITDA as calculated in accordance with the terms of the bank
credit agreement was US$60.3 million for Dec. 31, 2006, as
compared to US$52.1 million for the year ended Jan. 1, 2006.

Peter Beaudrault, Chairman of the Board of Sbarro commented, "We
are pleased with the continuing improvements in both revenues
and EBITDA that our team has achieved in 2006.  We look forward
to continuing to improve these trends as the team continues to
capitalize on the improvements made system wide over the last
three years."

On Jan. 31, 2007, MidOcean SBR Acquisition Corp., an indirect
subsidiary of MidOcean SBR Holdings, LLC, an affiliate of
MidOcean Partners III, L.P., and certain of its affiliates
merged with and into the company in exchange for consideration
of US$450 million in cash, subject to certain adjustments.  Upon
consummation of the Merger, all of the outstanding common stock
of the Company became owned by Sbarro Holdings LLC, a subsidiary
of Holdings.

In addition, the former shareholders received a distribution of
the cash on hand in excess of (i) US$11 million, plus (ii) all
amounts required to be paid in connection with the special event
bonuses.

Upon consummation of the Merger, the Company transferred
interests in certain non-core assets to a newly formed company
owned by certain of our former shareholders.  There was no
additional consideration given for the transfer of these assets
as they were treated as a dividend.  The assets and related
costs that we transferred were:

   -- the interests in 401 Broadhollow Realty Corp. and 401
      Broadhollow Fitness Center Corp., which own the corporate
      headquarters of the Company, the fitness center and the
      assets of the Sbarro Cafe located at the corporate
      headquarters;

   -- a parcel of undeveloped real property located in East
      Northport, New York;

   -- the interests in Boulder Creek Ventures LLC and Boulder
      Creek Holdings, LLC, which own a 40% interest in a joint
      venture that operates 15 steakhouses under "Boulder Creek"
      and other names; and

   -- the interest in Two Mex-SS, LLC, which owns a 50% interest
      in a joint venture that operates two tex-mex restaurants
      under the "Baja Grill" name.

Sbarro Inc. headquartered in Melville, New York, is a leading
quick service restaurant chain that serves Italian specialty
foods.  As of Oct. 8, 2006, the company owned and operated 479
and franchised 476 restaurants worldwide under brand names such
as "Sbarro," "Umberto's," and "Carmela's Pizzeria."  The company
also operated 25 other restaurant concepts and joint ventures
under various brand names.  Total revenues for fiscal 2005 were
approximately US$348 million.  The company announced on
June 19, 2006, its international expansion by opening more than
25 restaurants in Guatemala, El Salvador, Honduras, The Bahamas
and Romania.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 29, 2007,
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on Sbarro Inc.'s bank facility, after the
report that the company will increase the size of the loan to
US$208 million from US$175 million.

These ratings were affirmed:

      -- Corporate credit rating affirmed B-;
      -- US$25 million revolver due 2013 affirmed at B; and
      -- US$183 million term loan due 2014 affirmed B.


SPECTRUM BRANDS: Hires Amy Yoder as Exec. VP for Home & Garden
--------------------------------------------------------------
Spectrum Brands, Inc. had appointed Amy J. Yoder, a veteran
sales, marketing and operations executive, as Executive Vice
President, Home & Garden.  In this new position, Ms. Yoder will
be responsible for the company's US$675 million Home & Garden
business segment, comprising branded consumer products in the
lawn and plant growth, weed and insect control and insect
repellent markets.  She will report to David R. Lumley,
President Global Batteries & Personal Care and Home & Garden,
and Co-Chief Operating Officer.

Ms. Yoder, 40, who most recently served as Vice President and
General Manager of Chemtura Corp.'s Consumer Products Division,
joined Spectrum Brands on April 2.  Her background includes more
than 15 years experience in the consumer products and
agribusiness industries, having served in a variety of
leadership positions with Chemtura, Nufarm Americas, United Agri
Products, Monsanto and E.I. DuPont de Nemours.

"We are delighted to bring Amy's extensive marketing and
management experience and skills to the company at a critical
point in the execution of our strategic plans for Home &
Garden," commented David Jones, Spectrum Brands Chairman and
CEO.  "I expect that Amy's strong operational knowledge of the
industry, coupled with her outstanding leadership skills, will
immediately add value and accelerate the process of driving top
line growth and strengthening operational efficiency in this
important business segment."

"I am extremely excited to be joining Spectrum Brands, with its
solid portfolio of leading consumer product brands," said Ms.
Yoder.  "The Home & Garden business' category-leading brands and
strong retail relationships are a terrific platform upon which
to strengthen our market position, achieve operational
excellence and create value for shareholders."

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company operates in 13
Latin American nations including El Salvador, Guatemala, Costa
Rica, Colombia and Nicaragua.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 2, 2007, Standard & Poor's Ratings Services assigned its
loan and recovery ratings to Spectrum Brands Inc.'s planned
US$1.6 billion senior secured bank financing, which includes a
US$1.55 billion first-lien term loan B and a US$50 million
first-lien letter of credit facility both maturing in 2013.  The
facilities are rated 'CCC+' (at the same level as the corporate
credit rating of Spectrum Brands) with a recovery rating of '2',
indicating the expectation of substantial (80% to 100%) recovery
of principal in the event of a payment default.

Standard & Poor's also assigned a 'CCC-' rating to Spectrum
Brands' planned USU$350 million variable rate toggle senior
subordinated notes due 2013.

Spectrum Brands Inc.

     -- Corporate Credit Rating          CCC+/Negative/--

Spectrum Brands Inc.

     -- Senior Secured Local Currency    CCC+ (Recov Rtg: 2)
     -- Senior Subordinated Notes        CCC-

Moody's Investors Service lowered Spectrum Brands, Inc.
corporate family rating to Caa1 from B3.  Moody's also assigned
a B2 rating to Spectrum Brands' proposed new senior secured term
loan and a Caa3 rating to its US$350 million variable rate
toggle senior subordinated notes due 2013 or the new notes,
which the company is offering in exchange for the US$350 million
8.5% senior subordinated notes due 2013 or the original notes.
Moody's also lowered the rating of the company's US$700 million
7.375% senior subordinated notes due 2015 and for the original
notes to Caa3 from Caa2.

Ratings Downgraded:

  Spectrum Brands, Inc.

     -- Corporate family rating at to Caa1 from B3;

     -- Probability-of-default rating to Caa1 from B3;

     -- US$700 million 7.375% senior subordinated bonds
        due 2015 to Caa3 (LGD5, 83%) from Caa2 (LGD5, 82%).

     -- US$350 million 8.5% senior subordinated notes due 2013
        to Caa3 (LGD5, 83%) from Caa2 (LGD5, 82%).*

Ratings Assigned:

  Spectrum Brands, Inc.

     -- US$350 million variable rate toggle senior subordinated
        notes due 2013 at Caa3 (LGD5, 83%);

     -- US$1.55 billion senior secured revolving credit facility
        due 2013 at B2 (LGD2, 29%);

     -- US$50 million synthetic letter of credit facility
        due 2013 at B2 (LGD2, 29%).

Ratings to be Withdrawn:

     -- US$300 senior secured revolving credit facility due 2011
        at B1 (LGD2, 27%);

     -- US$740 million senior secured term loan B due 2012
        at B1 (LGD2, 27%);

     -- US$50 million senior secured term loan B due 2012
        at B1 (LGD2, 27%).




=============
G R E N A D A
=============


* GRENADA: S&P Cuts Ratings to CCC+ Over High Fiscal Pressures
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
and local currency sovereign credit ratings on Grenada to 'CCC+'
from 'B-' because of increasing fiscal pressures and a
deteriorating payment culture, demonstrated by intermittent
(currently cured) arrears on domestic commercial bank debt.  The
outlook is stable.

"Grenada's fiscal accounts have been severely impaired as a
result of Hurricane Ivan in 2004," said Standard & Poor's credit
analyst Olga Kalinina.  The ensuing debt restructuring of 2005
alleviated the amortization and cost profile of Grenada's debt.
The interest cost has been cut by more than half, while the
maturity of 45% of the total government debt (87% of total
commercial debt) has been postponed to 2025.  However, the
restructuring did not address the size of the debt, which, at
121% of the gross domestic product (GDP), is the third largest
among speculative-grade-rated countries.

Grenada's fiscal sustainability has hinged on a resolute fiscal
consolidation, the expectation of which underpinned the post-
default ratings.  However, the fiscal performance has been worse
than projected.  The fiscal deficit stood at 7.2% of GDP in 2006
on the central government level (4.6% deficit for the general
government), which is worse than the budgeted 3.1% of GDP and
down from the surplus of 0.5% in 2005.

"This fiscal deterioration has led to the increase in the
general government debt to 121% of GDP in 2006, raising concern
over the future sustainability of Grenada's debt profile," Ms.
Kalinina said.

Rising fiscal pressures have led to recurring delays in
government debt payments.  Specifically, the Grenadian
government ran arrears intermittently on domestic commercial
bank debt.  While these arrears have been cleared as of now, the
government's precarious fiscal situation increases the risk of
future arrears.

The government is trying to address its fiscal deficiencies by
introducing a value added tax in October 2008, cutting tax
exemptions, and working with the Internatioinal Monetary Fund
team under the Poverty Reduction and Growth Facility to set
responsible fiscal targets.  While these measures are important
steps to reverse recent fiscal slippage, risks to the fiscal
scenario remain.  Hence, Standard & Poor's projects the 2007
fiscal deficit at 4.7% of GDP, compared with the budgeted 2.7%
of GDP.  The government debt is expected to decline to 117% of
GDP by year-end 2007.

Meanwhile, the real economy has been growing, and it is hoped
that the tourism sector will once again become the leading
economic engine.  This expectation is supported by the large
foreign investment tourism projects forecasted to start in the
near future in Grenada.

The stable outlook reflects the low expectation of a new
rescheduling of the 2025 bond.  Risks to Grenada's government
commercial debt service pertain mostly to its domestic bank
loans and domestic debt that was not part of the 2004
restructuring.  In this regard, the outlook balances out the
risks of continuing fiscal underperformance with the relatively
favorable amortization profile on Grenada's debt.  An upward
movement of the rating would hinge on the government's success
in sustainably improving its fiscal position and showing a track
record of timely debt payments.  Conversely, downward rating
pressure would stem from the government's inability to keep
deficits under control, which would make resolute debt reduction
difficult and hence augment the risk of new debt renegotiations.




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


BRITISH AIRWAYS: Signs New Three-Year Contract with Worldspan
-------------------------------------------------------------
British Airways Plc and Worldspan, L.P. have entered a new
three-year, global distribution agreement.  The agreement, which
establishes Worldspan as a preferred distribution channel for
the airline, will provide Worldspan customers worldwide with
access to British Airways' full inventory, availability and
fares.

To gain these benefits, Worldspan subscribers in the UK and
Ireland will be offered the option of participating in a
Worldspan opt-in program.  The program will guarantee these
customers benefit from new Worldspan and British Airways
distribution products, functionality and booking enhancements.
Worldspan will implement the opt-in program on April 10 and will
soon announce its terms and conditions directly to its UK and
Ireland travel agency customers.

All of British Airways' published fares, including fares
distributed by other GDSs and travel distributors, as well as
web fares offered through ba.com, will be accessible across
Worldspan's distribution network serving travel agencies,
corporations and Worldspan-connected travel web sites worldwide.

Tiffany Hall, British Airways head of marketing and
distribution, said: "We are very pleased to have reached an
agreement with Worldspan.  This new deal will reduce the
airline's distribution costs and ensure that our lowest fares
can continue to be distributed through Worldspan's travel
agents."

"Worldspan knows our customers require access to airline content
to be competitive, and this agreement provides British Airways
content to them for the next three years," said Kevin Ficco,
vice president - Airline Distribution and Business Development
for Worldspan.  "We are working with British Airways to
accomplish our mutual goals, while ensuring that they and our
valued customers conduct business using the most advanced
technologies."

                   About Worldspan, L.P.

Headquartered in Atlanta, Georgia, Worldspan, L.P. --
http://www.worldspan.com/-- is a leader in travel technology
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares
and Pricing technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE.  The company's Latin
American operations are in Argentina, The Bahamas, Brazil,
Jamaica, Mexico, Peru, Puerto Rico, Uruguay and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 28, 2007, Standard & Poor's Ratings Services affirmed its
ratings, including the 'B' corporate credit rating, on Worldspan
L.P., following the downgrade of its intended merger partner,
Travelport LLC, to 'B' from 'B+'.  The outlook is stable.

                  About British Airways Plc

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

                        *     *     *

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




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


LEAR CORPORATION: Transfers Assets to Int'l Automotive
------------------------------------------------------
Lear Corporation has completed the transfer of substantially all
of the assets of its North American Interior business to
International Automotive Components Group North America Inc.

A wholly owned subsidiary of Lear contributed US$27 million in
cash for a 25% equity interest in the parent of IAC North
America and warrants for an additional 7% of the current
outstanding common equity.  Under the terms of the agreement,
Lear's partners, WL Ross & Co. LLC and Franklin Mutual Advisers,
LLC contributed an aggregate of US$81 million in cash for the
remaining equity, and extended a US$50 million term loan to IAC
North America.

"We are pleased to have completed the North American Interior
business joint venture," said Bob Rossiter, Lear Chairman and
Chief Executive Officer.  "Our focus going forward is to
concentrate on delivering superior quality and service to our
customers and to invest in further strengthening our core
automotive Seating, Electronics and Electrical Distribution
businesses."

Lear transferred to IAC North America substantially all of its
Interior business in the U.S., Canada and Mexico, consisting of
26 manufacturing facilities as well as interests in two joint
ventures in China, related to the production of instrument
panels and cockpit systems, headliners and overhead systems,
door panels and interior trim for various original equipment
manufacturers.  Annual net sales for Lear's North American
Interior business are about US$2.5 billion.  This transaction
does not include any of Lear's Seating, Electronics or
Electrical Distribution businesses.

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

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

                        *     *     *

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

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




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


DYOLL GROUP: May Liquidate Remaining Assets
-------------------------------------------
Dyoll Group Chairperson Damien King told Radio Jamaica that the
main option available for the firm to correct its cash flow
problem is the liquidation of its remaining assets.

Mr. King admitted to Radio Jamaica that Dyoll Group has limited
options to solve to its financial woes.

Dyoll Group shares were suspended from trading in March after it
failed to file audited financial statements in keeping with the
rules of the Jamaica Stock Exchange.  Dyoll Group was unable to
finalize its unaudited financial statements for the quarter
ending Dec. 31, 2006.  It also failed to retain the services of
an auditor to review its 2006 financial results due to cash flow
problems, Radio Jamaica states.

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.




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


CELLSTAR CORP: Robert Kaiser Resigns as Chief Executive Officer
---------------------------------------------------------------
CellStar Corporation related that in conjunction with the
closing of the Brightpoint Inc. transaction on March 30, Mr.
Robert Kaiser resigned from his position as the company's Chief
Executive Officer.  Following Mr. Kaiser's resignation, Mr. Mike
Farrell was named Chief Executive Officer and President.  Mr.
Farrell previously held the position of Executive Vice President
of Finance and Chief Administrative Officer of the Company.

Headquartered at Coppell, Texas, CellStar Corp. (OTC Pink
Sheets: CLST) -- http://www.cellstar.com/-- provides logistics
and distribution services to the wireless communications
industry.  CellStar Corp. has operations in North America and
Latin America, including Mexico, and distributes handsets,
related accessories and other wireless products from
manufacturers to a network of wireless service providers,
agents, MVNOs, insurance/warranty providers and big box
retailers.  CellStar Corp. specializes in logistics solutions,
repair and refurbishment services, and in some of its markets,
provides activation services.

                        *     *     *

CellStar Corp.'s 5% Convertible Subordinated Notes due 2002
carry Moody's Investors Service's Ca2 rating.


COMVERSE TECH: Extends Tender Offer Expiration Date to April 6
--------------------------------------------------------------
Comverse Technology, Inc. will extend until April 6, 2007 the
expiration date of its cash tender offer for all of its
outstanding Zero Yield Puttable Securities Due May 15, 2023 and
New Zero Yield Puttable Securities due May 15, 2023 commenced in
satisfaction of its obligations under the indentures governing
the ZYPS.

The tender offer will now expire at 5:00 p.m. New York City time
on Friday, April 6, 2007, unless extended.  Tenders of ZYPS must
be made prior to the extended expiration time of the offer to
purchase and may be withdrawn at any time prior to that time.
Holders of ZYPS who tendered their ZYPS prior to the date of
this release are not required to submit a new Letter of
Transmittal to tender their ZYPS.  To date, US$9,000 principal
amount of Old ZYPS and US$34,000 principal amount of New ZYPS
have been tendered and deposited in the tender offer.

On March 2, 2007 the company commenced a cash tender offer for
all of its outstanding ZYPS, upon the terms and conditions set
forth in the Offer to Purchase and related Letter of
Transmittal.  The delisting of the company's common stock from
The NASDAQ Global Market was a Designated Event under the
Indentures governing the ZYPS, and in order to satisfy its
obligations under the Indentures, 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 was originally scheduled to expire at 5:00
p.m., New York City time, on March 30, 2007.

In connection with the tender offer, the company filed with the
Securities and Exchange Commission a Tender Offer Statement.

The company retained D.F. King & Co., Inc. as the Information
Agent for the tender offer.  Questions regarding the tender
offer and requests for documents in connection with the tender
offer may be directed to:

   -- D.F. King & Co., Inc.
      Tel:(800) 829-6551 (toll free); or

   -- For banks and brokers
      Tel: (212) 269-5550 (call collect).

                  About Comverse Technology

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.


DELTA AIR: To Issue Stock to Noncontract Employees on Emergence
---------------------------------------------------------------
Delta Air Lines said that it has developed a comprehensive
compensation program to provide its noncontract employees with
substantial value shortly after Delta's planned emergence from
Chapter 11 in early May.

Shortly after exiting bankruptcy, Delta will distribute to its
approximately 39,000 noncontract employees 3.5% of the
outstanding Delta common stock, which is estimated to have an
initial value of approximately US$350 million.  Also upon
emergence, eligible employees will receive cash lump sum
payments with an aggregate value of approximately US$130
million.  Together, these two components are expected to have a
value of approximately US$480 million.

The overall broad-based compensation program, designed to allow
all employees to share in the future success of Delta that their
hard work and sacrifice helped make possible, provides for
approximately 39,000 noncontract employees around the world to
receive:

     * A significant distribution of Delta stock which employees
       may hold or sell without restrictions;

     * A cash lump sum payment;

     * Pay increases beginning this summer;

     * Incentive performance awards and profit sharing tied to
       performance; and

     * A new defined contribution retirement benefit.

While the emergence compensation for Delta's pilots and flight
dispatchers is covered by collective bargaining agreements, both
of these groups have fully participated in the measures that
were essential to Delta's survival, recovery and planned
emergence from Chapter 11 as a strong, healthy competitor.
These groups also will fully share in the successes that their
sacrifices and contributions are making possible.

"A bedrock principle of Delta's transformation is that Delta
people around the world would benefit from the success their
hard work helped make possible," said Gerald Grinstein, Delta's
Chief Executive Officer.  "Thanks to their remarkable efforts,
Delta is poised for success.  We are extremely pleased to honor
our commitment by ensuring that all Delta people will have a
new, competitive and more rewarding compensation package when
the company emerges from Chapter 11 later this spring."

Other key principles of Delta's new compensation program include
a greater emphasis on pay-for-performance, appropriately
balancing at-risk and fixed compensation for all Delta people,
and more closely aligning both the management and frontline
compensation programs with the best interests of Delta's other
stakeholders.

"From the outset of our Chapter 11 proceedings, we have
approached compensation differently than we did in the past and
than most other companies in bankruptcy, including other
airlines," said Edward H. Bastian, Executive Vice President and
Chief Financial Officer.  "Difficult sacrifices have been
required from all Delta people, with everyone, including
management and union and noncontract workgroups, fully sharing
in the sacrifices necessary to put Delta in a position to emerge
from bankruptcy as a strong, healthy competitor and an industry
leader.

"Going forward, our management compensation program will more
closely link pay to performance and align compensation with the
long-term interests of Delta's shareholders, to retain the best
people we have, to attract new talent to the company when we
need it and to establish transparent, well-defined performance
metrics for our leaders so we can continue to provide value to
our shareholders, our customers and our employees," Mr. Bastian
continued.

Delta's new compensation program was developed in close
coordination with Delta's Board of Directors and was approved by
the Official Committee of Unsecured Creditors.  Highlights of
the program are:

A. Noncontract Employees

The compensation program for approximately 39,000 noncontract
employees includes a number of elements designed to reward these
employees for strong performance.  These elements include:

     * Stock Ownership -- Within days of emergence, eligible
       noncontract employees will receive shares of Delta common
       stock that can be held or immediately sold.  This amounts
       to a one-time aggregate award of approximately 3.5% of
       the outstanding shares of Delta's newly issued stock,
       with an estimated value of approximately US$350 million.
       Delta believes the award of a significant amount of stock
       to such a broad-based group of employees in this fashion
       is unprecedented for a company emerging from bankruptcy.

     * Cash Lump Sum Payment -- Around the time of emergence,
       eligible employees (which will not include officers and
       directors) will receive a cash lump sum payment
       representing 8% of their 2006 earnings.  These payments
       are estimated to have an aggregate value of approximately
       US$130 million.

     * Profit Sharing Plan -- Delta's profit-sharing plan will
       pay out at least 15% of Delta's annual pre-tax profit (as
       defined in the profit sharing plan). This is a
       "first-dollar plan," which means the company pays out at
       the first dollar of profit instead of only after a
       specific profit threshold is met.

     * Shared Rewards Program -- Delta will continue to provide
       employees monthly incentive pay for achieving operational
       goals such as on-time performance, completion rate and -
       for the first time - baggage performance.

     * Base Pay Increases -- Delta intends to move toward an
       industry standard pay structure over time, beginning with
       a pay increase of 4% at top of scale in summer 2007.

     * Retirement -- A new defined contribution benefit will
       provide employees the opportunity to receive up to 7% of
       their pay in contributions from Delta to their 401(k)
       account, including an automatic contribution equal to 2%
       of their pay.  This retirement benefit will be in
       addition to benefits that have already been earned under
       the frozen defined benefit pension plan. Delta and its
       employees worked hard to preserve this pension plan.
       Delta made a voluntary US$50 million contribution to this
       plan on March 15, 2007, and expects to contribute, on
       average, approximately US$100 million per year for the
       next several years.

B. Pilots and Flight Dispatchers

Compensation for Delta's pilots and flight dispatchers is
covered by collective bargaining agreements.  Delta Pilots and
Flight Dispatchers will receive under those agreements the
rewards from the company's success that their sacrifices and
contributions are making possible.

Delta pilots will participate in both the profit sharing and the
Shared Rewards compensation programs.  Pilot pay rates also will
continue to increase, with the amount of future pay increases
based on Delta's operating margin performance.  In addition,
Delta pilots will receive substantial value from the proceeds of
the general, unsecured claim they received in Delta's Chapter 11
proceeding and a note, both of which were negotiated as part of
the collective bargaining agreement.  They also have a defined
contribution retirement benefit.

Delta's flight dispatchers also will participate in the profit
sharing and Shared Rewards compensation programs, as well as the
new defined contribution retirement benefit.  Dispatchers also
will receive substantial value from the proceeds of the general,
unsecured claim they received in Delta's Chapter 11 proceeding.
Dispatchers at the top of scale also have begun to receive a
license premium and their pay scale has been adjusted.

C. Management

A substantial portion of the compensation being provided to
management will be at-risk and tied directly to Delta's and
individual performance.  The new program for management includes
equity awards of restricted stock, stock options and performance
shares.  In the aggregate, the equity awards to approximately
1,200 leaders represent approximately 2.4% of Delta's value upon
emergence from Chapter 11, approximately US$240 million.

Delta officers will receive restricted stock, stock options and
performance shares, which will require performance over time in
order to vest.  For officers, 55% of the equity award will be in
the form of restricted stock, which vests in three tranches over
a period of 30 months following emergence from bankruptcy.  45%
of the award will be in stock options and performance shares,
which will be earned over the three years following emergence.

Delta's officers and directors will not receive across-the-board
pay increases until frontline employees have reached industry
standard pay.  They also will not receive cash lump sum payments
upon emergence under the management compensation program.

Unlike other airlines and most other large companies that have
filed for Chapter 11, Delta did not continue annual cash
incentive plans or seek approval for a Key Employee Retention
Plan for management during its Chapter 11 proceedings.  The new
management compensation program is designed to address the
shortfall that exists between Delta's current management
compensation practices and the average compensation for
management in the airline and other industries.

Executives will participate in the same retirement benefit plan
as other noncontract employees.  They also will be eligible to
participate in an annual incentive plan.  For our senior
officers, performance measurement will be based on a combination
of financial and operational goals, and no payments will be made
for any year for which there is not a payout under the broad-
based Profit-Sharing Plan.  Importantly, Delta senior leaders'
incentive plan payouts are largely based on the same fundamental
metrics that will affect what other Delta employees receive
under the broad-based profit sharing and Shared Reward programs.
In addition, as is standard, executives will be eligible for
certain severance benefits if their employment terminates other
than for cause or within a specified period of time after a
change in control of the company.

"I believe the compensation being provided to the outstanding
group of leaders on our management team is fair, appropriately
modest in relation to the competitive market and grounded in the
right principles for an airline whose success going forward is
based largely on the performance of its people," Mr. Grinstein
said.  "Having had the privilege of serving beside Delta people
over the last several years, I know they are fully capable of
leading this remarkable and legendary airline as it begins a
promising new era."

Finally, it is important to note that Mr. Grinstein has decided
he will not participate in the management equity awards, cash
incentive payments and severance programs.  Accordingly, Delta
will not make any awards to Mr. Grinstein under these programs.
Mr. Grinstein has requested that Delta consider using a portion
of the value of the awards he might otherwise have received to
help Delta people who experience hardships in their personal
lives and to establish a scholarship fund for Delta people.  At
Mr. Grinstein's request, Delta, working with its employees, will
establish two new charitable foundations that will fund
scholarships and hardship assistance programs for Delta
employees, retirees and their families.

A full-text copy of Delta's Summary of Emergence Compensation
Programs is available for free at:

              http://ResearchArchives.com/t/s?1c99

Delta also delivered to the Court its post-emergence Certificate
of Incorporation and Bylaws, and its Pro Forma Fresh Start
Consolidated Balance Sheet as supplements to the disclosure
statement to their Joint Plan of Reorganization

A full-text copy of the form of Delta's Amended and Restated
Certificate of Incorporation is available for free at:

               http://ResearchArchives.com/t/s?1c9a

A full-text copy of the form of Delta's post-emergence Bylaws is
available for free at http://ResearchArchives.com/t/s?1c9b

                      About Delta Air

Headquartered in Atlanta, Ga., Delta Air Lines (OTC:DALRQ)
-- http://www.delta.com/-- is the world's second-largest
airline in terms of passengers carried and the leading U.S.
carrier across the Atlantic, offering daily flights to 502
destinations in 88 countries on Delta, Song, Delta Shuttle, the
Delta Connection carriers and its worldwide partners.  The
Company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
Company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.  (Delta Air Lines Bankruptcy
News, Issue No. 66; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        Plan Update

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


DENNY'S CORP: Dec. 27 Balance Sheet Upside-Down by US$224 Mil.
--------------------------------------------------------------
Denny's Corp. reported net income of US$30.3 million on total
operating revenue of US$994 million for the year ended
Dec. 27, 2006, compared with a net loss of US$7.3 million on
total operating revenue of US$978.7 million for the year ended
Dec. 28, 2005.

Company restaurant sales increased US$15.4 million to US$904.4
million as a result of a 2.5% increase in company same-store
sales.  This same-store sales increase offset a twenty-two-unit
reduction in company-owned restaurants since the end of last
year.  During the year, Denny's opened three new company units,
acquired one from a franchisee and closed 26 underperforming
restaurants.

Franchise revenue was basically flat compared with the prior
year as a 3.6% increase in same-store sales was offset by an
eleven-unit decline in franchised restaurants and the loss of
franchise rental income associated with the sale of real estate
previously leased to franchisees.

Operating income for the year increased US$62.1 million to
US$110.5 million due primarily to asset sale gains as well as a
US$13 million increase in company restaurant operating margin.

Denny's sold 86 during the year for gross proceeds of
US$92.5 million.  Denny's utilized the majority of these
proceeds along with cash flow from operations to reduce its
outstanding debt by US$100.5 million for the year.

At the end of the year, the company held for sale 12 closed or
franchisee-operated properties.  Denny's owns an additional 140
real estate assets, primarily company restaurant locations,
which are not intended for sale unless those specific restaurant
operations are sold or closed.

Nelson Marchioli, president and chief executive o0fficer,
stated, "We are pleased to have delivered record earnings in
2006 along with our fourth consecutive year of positive same-
store sales at company restaurants.  We responded to a
challenging sales environment with promotional offerings that
reinforced Denny's strong value proposition.  At the same time
our operators placed renewed emphasis on managing costs and
maintaining store-level margins.  In addition, we surpassed our
goals for cash flow generation and debt reduction, reducing
outstanding debt by over US$100 million during the year.
Denny's balance sheet is stronger than it has been in more than
15 years and we expect that trend to continue.  As we begin
2007, the sales environment remains uncertain but we are
committed to growing the Denny's brand and improving our
profitability," Marchioli concluded.

At Dec. 27, 2006, the company's balance sheet showed
US$443.9 million in total assets and US$667.9 million in total
liabilities, resulting in a US$224 million total stockholders'
deficit.

The company's balance sheet at Dec. 27, 2006, also showed
strained liquidity with US$62.8 million in total current assets
available to pay US$135.8 million in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 27, 2006, are available for
free at http://researcharchives.com/t/s?1c86

                     About Denny's Corp.

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is
America's largest full-service family restaurant chain,
consisting of 521 company-owned units and 1,024 franchised and
licensed units, with operations in the United States, Canada,
Costa Rica, Guam, Mexico, New Zealand and Puerto Rico.

                        *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.


PORTRAIT CORP: Bankruptcy Court Approves Disclosure Statement
-------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York approved the adequacy of
Portrait Corporation of America Inc. and its debtor-affiliates'
Disclosure Statement relating to the First Amended Joint Plan of
Reorganization on March 29, 2007.

                    Treatment of Claims

Under the Plan, holders of Allowed Administrative Expense Claims
will be paid in full and in cash.

On the Plan's effective date, the DIP obligations will be deemed
allowed and paid indefeasibly in full in accordance with the
terms of the DIP Agreement and DIP Order.  Upon full payment of
all DIP Obligations, all liens and security interests granted to
secure those obligations will be terminated, provided, however,
that the particular provisions of the DIP Agreement that are
specified to survive will survive.  Existing letters of credit
issued pursuant to the DIP Agreement will be cancelled and
replaced with new letters of credit to be issued pursuant to the
Exit Facility.

Holders of Allowed Priority Tax Claim will receive cash on the
later of the plan effective date or the date the claim became
allowed, or equal annual cash payments together with interest to
be determined by the Bankruptcy Court.

Holders of Class A Allowed Priority Non-Tax Claims will also be
paid in full in cash.

At the sole option of the Debtors, holders of Class B Allowed
Other Secured Claims will:

   (a) receive payment in full in cash plus post-commencement
       date interest;

   (b) have a reinstated claim;

   (c) receive the collateral securing their claim; or

   (d) receive a treatment that renders the claim unimpaired
       pursuant to Section 1124 of the Bankruptcy Code.

Holders of Class C Allowed Second Lien Notes Claims will
receive, in full satisfaction of their claim, their pro rata
share of 100% of Reorganized Portrait Corp of America common
stock.

Holders of Class D Allowed Senior Notes and Other Unsecured
Claims will receive their pro rata distribution of new warrants.

Holders of Class E Allowed Convenience Class Claims will receive
1% of their allowed claim as payment.

Holders of Class F Allowed Goldman Note Claims, Class G Allowed
Old Preferred Equity Interests, Class H Allowed Old Common
Equity Interests, and Class I Allowed Old Common Subsidiary
Equity Interests will not receive anything under the plan.

Goldman Note Claims refer to:

   -- the 13.75% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.  These notes were guaranteed by Portrait
      Corporation of America Inc., American Studios Inc., PCA
      National LLC, PCA National of Texas LP, PCA Photo
      Corporation of Canada Inc., Photo Corporation of America
      Inc., and PCA Finance Corp; and

   -- the 16.5% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.

            About Portrait Corporation of America Inc.

Portrait Corporation of America Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for
Chapter 11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case
No. 06-22541).  John H. Bae, Esq., at Cadwalader Wickersham &
Taft LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' financial advisor
and investment banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.


PORTRAIT CORP: Exclusive Plan-Filing Period Extended to Apr. 10
---------------------------------------------------------------
The Honorable Adlai S. Hardin Jr. of the U.S. Bankruptcy Court
for the Southern District of New York issued a bridge order on
March 29, 2007, approving an extension of the exclusive period
during which Portrait Corporation of America Inc. and its
debtor-affiliates can file a plan of reorganization through and
including the April 10, 2007, hearing to consider final
approval.

The Court will convene a hearing at 11:00 a.m. on
April 10, 2007, to consider the Debtors' request for extension
of their exclusive periods to:

   a) file a plan of reorganization until June 30, 2007; and

   b) solicit acceptances on that plan until Aug. 30, 2007.

Objections to the request, if any, are due on April 5, 2007.

The Debtors' exclusive period to file a plan expired on
March 29, 2006.  This is the Debtors' second motion to extend
the exclusive periods.

The Debtors tell the Court that they filed their Plan on
Jan. 31, 2007, well within the exclusive filing period.
However, the Debtors filed a second motion seeking a three-month
extension of their exclusive periods to allow the Debtors' to
focus all their efforts on operating and transforming their
business as well as pursuing their dual-tract emergence strategy
through confirmation of the Plan or an alternative sale
opportunity.

The Debtors have stated their intention to pursue a sale if a
sale offer is received that provides a meaningful recovery to
unsecured creditors.

The Court approved the Debtors' Disclosure Statement relating to
their First Amended Joint Plan of Reorganization on
March 29, 2007.

            About Portrait Corporation of America Inc.

Portrait Corporation of America Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for
Chapter 11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case
No. 06-22541).  John H. Bae, Esq., at Cadwalader Wickersham &
Taft LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' financial advisor
and investment banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.




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


XEROX CORP: Fitch Affirms BB Rating on Trust Pref. Securities
-------------------------------------------------------------
Fitch Ratings has affirmed Xerox Corp.'s and its subsidiary's
ratings:

   Xerox Corp.

     -- Trust preferred securities at 'BB';
     -- Issuer Default Rating at 'BBB-';
     -- Unsecured credit facility at 'BBB-'; and
     -- Senior unsecured debt at 'BBB-'.

   Xerox Credit Corp.

     -- Issuer Default Rating at 'BBB-'; and
     -- Senior unsecured debt at 'BBB-'.

The Rating Outlook remains Stable.  Approximately US$6.9 billion
of securities are affected by Fitch's actions, including the
US$1.25 billion credit facility.

Fitch's affirmation follows Xerox's announcement that it has
signed a definitive agreement to acquire Global Imaging Systems
Inc., a provider of office technology solutions to the small and
medium business or SMB market in the United States, for
approximately US$1.7 billion on an enterprise value basis or net
debt, or 11.7x Global's EBITDA of US$141.2 million (12.9%
margin) on revenue of nearly US$1.1 billion for the latest 12
months or LTM ended Dec. 31, 2006.  The equity offer price of
US$29 per share represents a significant 49% premium to Global
Imaging's closing stock price on Friday.  Fitch believes the
acquisition will be financed with a mixture of debt and existing
cash.  The transaction is expected to close in the second
quarter of 2007.

The rating affirmations and Stable Outlook are predicated upon
Xerox's commitment to balance investments in share repurchases
and acquisitions.  Therefore, Fitch believes Xerox will reduce
its share repurchase program in 2007, which totaled US$1.1
billion in 2006, to focus on reducing debt incurred in
conjunction with the acquisition of Global Imaging.  Based on
total year-end 2006 debt of US$7.8 billion (including US$624
million of trust preferred securities) and assuming
approximately US$1 billion of the US$1.7 billion purchase price
is debt financed, Fitch estimates core debt will increase by
less than US$250 million year-over-year to approximately US$700
million at year-end 2007 due to debt repayments funded by free
cash flow in the second half of 2007.  Total debt as of year-end
2007 is estimated to remain relatively flat year-over-year.
Fitch estimates total leverage (total debt/operating EBITDA)
following the acquisition will increase to 3.9x from 3.7x at
year-end 2006, while pro forma total interest coverage will
decrease to 3.7x down from 3.9x for the LTM ended Dec. 31, 2006.
Fitch estimates 83% of the company's total pro forma debt is
attributable to the financing business.  Furthermore, Fitch
believes Xerox will continue to reduce the percentage of secured
debt in the capital structure.  Total secured debt declined to
approximately US$2.1 billion (26.9% of total debt) at year-end
2006 from US$3.5 billion at year-end 2005 (44.2% of total debt).

Fitch believes the Global Imaging acquisition improves Xerox's
competitiveness in the higher growth SMB market, where it has
achieved significantly lower penetration relative to its other
target markets, like large enterprises and the public markets.
In the fiscal year ended March 31, 2006, Global Imaging provided
office technology solutions to 185,000 SMB customers through a
network of more than 180 locally managed locations in 32 states
and the District of Columbia.  The network includes nearly 1,900
service personnel as of March 31, 2006, which will begin to sell
Xerox products to the company's sizable installed customer base.
Similar to Xerox, Global Imaging generates a recurring revenue
stream from service contracts, supplies, and lease financing
programs, resulting in relatively consistent financial
performance.  Approximately 25% of total Global Imaging revenue
in the LTM ended Dec. 31, 2006, was generated from service and
rentals.  Fitch believes integration risk is minimal as Global
Imaging does not currently distribute any Xerox products and the
company will continue to operate as a wholly owned subsidiary of
Xerox.

Fitch is concerned that Global Imaging's loss of independence
and long-term shift toward a product portfolio consisting
primarily of Xerox products could increase customer attrition.
This risk is mitigated by Global Imaging's highly diversified
customer base as no customer accounted for greater than 2% of
total revenues in its fiscal year ended March 31, 2006.
Furthermore, there is minimal risk of disruption to Xerox's
consolidated financial performance due to the minor operating
profit contribution of Global relative to Xerox's overall
financial results.  On pro forma basis, Fitch estimates Global
Imaging will initially contribute approximately US$141 million
of EBITDA based on LTM results, excluding any revenue or cost
synergies, or less than 7% of Xerox's total consolidated pro
forma EBITDA of US$2.3 billion.

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


XEROX CORP: S&P Places BB+ Corp. Credit Rating on Watch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Xerox
Corp., including the 'BB+' corporate credit rating, on
CreditWatch with positive implications.  The CreditWatch
placement reflects the company's recent announcement that it has
reached an agreement in principle to acquire Global Imaging
Systems Inc. for approximately US$1.5 billion in cash.

"The acquisition will enhance Xerox's access to the small-to-
medium or SMB business market, including the potential to expand
its product installations in Global Imaging's customer base, and
is supportive of Xerox's strategic growth objectives," said
Standard & Poor's credit analyst Molly Toll Reed.  "In addition,
the CreditWatch placement reflects our expectation that Xerox
has the ability to fund the acquisition with a combination of
existing cash and short-term debt, with negligible impact on
Xerox's financial profile by the end of fiscal 2007.  Following
completion of the acquisition, expected to occur in the second
quarter of fiscal 2007, the corporate credit rating will be
raised to 'BBB-' with a stable outlook."

Xerox is a global company serving the document management
markets with total revenues of US$15.9 billion in 2006.  The
company's document management activities encompass developing,
manufacturing, marketing, servicing, and financing a broad range
of document equipment, software, solutions, and services,
including: black & white and color copiers and multifunction
devices, professional services, document outsourcing, and
desktop and production printing.  Global Imaging had total
revenues for the last 12 months ended Dec. 31, 2006 of US$1.1
billion.  The company is a provider of office technology
solutions to middle-market businesses in the US, with a history
of consistent and profitable growth.

Xerox's intent to operate Global Imaging as a wholly owned,
standalone subsidiary should limit potential operational
disruption and integration risks.  Standard & Poor's expects
that Global Imaging's customer base will be largely retained
following completion of the acquisition.  While the funding of
the acquisition is expected to result in an increase in Xerox's
leverage for the several quarters post closing, Standard &
Poor's expects cash flow generated from operations to be used
primarily to reduce acquisition-related debt, with a decreased
emphasis on share repurchases.  Over the near-to-intermediate
term, Xerox is expected to maintain consistent EBITDA levels and
a solid investment-grade financial profile, with adjusted total
debt (including our allowance for potential litigation
settlements of up to US$1 billion in cash value) to nonfinancing
EBITDA of 2.5x or less.

Standard & Poor's will monitor progress on the closing of the
transaction.  Upon completion of the Global Imaging acquisition,
the outlook would be stable, reflecting Xerox's stable
nonfinancing operating performance, moderate leverage profile,
good cash flow from operations, and expanded presence in the SMB
market segment.

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


* NICARAGUA: Bandes Opens Local Branch
--------------------------------------
Venezuela's state-owned Economic and Social Development Bank, or
Bandes, has opened a branch office in Managua, Nicaragua,
according to local reports.

Venezuela has appropriated US$17 million for the Nicaraguan
bank's operations to finance agriculture activies in 2007 to
2008, El Universal says.

Nicaragua's Superintendence of Banks has not disclosed the
specific mechanism followed in opening the new branch in the
country, local reports say.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date
                     ------     -----------
   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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


DIGICEL GROUP: Mulling Entry into Panamanian Mobile Market
----------------------------------------------------------
Digicel Group Vice President for Regulatory and Legal Issues
Donald Connor told news daily La Estrella de Panama that the
firm is considering entering Panama's mobile telephony market,
as part of its expansion strategy to Central America.

Digicel Group will present a proposal and request for a license
in the last quarter of this year, Business News Americas
relates, citing Mr. Connor.

Signals Consulting President Jose Otero told BNamericas that the
Panamanian government is getting ready to launching two mobile
licenses.  He is positive that the two prime candidates are
Digicel and America Movil.

The report says that by entering Panama, Digicel will be
competing in the main stronghold of Cable & Wireless, its prime
competitor in the Caribbean.

Mr. Otero commented to BNamericas, "If Digicel enters the market
this will put some pressure on Cable & Wireless.  Digicel will
need to enter the market with a strategy of having many
exclusive points of sales and resellers across the country."

If Digicel enters Panama next year, it could have about 250,000
clients by 2011, BNamericas notes, citing Mr. Otero.

La Estrella underscores that Digicel expects to implement a per-
second billing system in Panama.

The system could mean an up to 45% savings per month for mobile
telephony users, Mr. Connor told La Estrella

Digicel Group Limited -- http://www.digicelgroup.com/-- is a
wireless services provider in the Caribbean region.  The company
is a newly created Bermuda incorporated company formed by Mr.
Denis O'Brien, who previously owned 78% of the shares of Digicel
Limited on a fully diluted basis.  The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in 22 markets primarily in the Caribbean including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, Curacao, Martinique, Guadeloupe, Trinidad and Tobago and
Haiti among others.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- US$1.4 billion senior subordinated notes due 2015
      assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings was stable.




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


MILLICOM INTERNATIONAL: Telecel Investing Up to US$80MM in 2008
---------------------------------------------------------------
Telecel, a Paraguayan mobile operator controlled by Millicom
International Cellular, will invest up to US$80 million next
year in the infrastructure of its GSM service, which runs under
the Tigo brand, news daily Ultima Hora reports.

Telecel told Cellular-News that the investment would be mainly
allocated for the improvement of the firm's quality of service
and the expansion of its network coverage.

Tigo has about 1.3 million clients and expects a monthly
increase rate of up to 10%, Cellular-News states, citing Chief
Executive Officer Gloria Ortega.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A. --
http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *     *     *

Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'B-' senior unsecured debt ratings
on Luxembourg-headquartered emerging-markets wireless
telecommunications operator Millicom International Cellular S.A.
on CreditWatch with positive implications, following the signing
of an agreement for sale by Millicom of its 88.9% stake in
Paktel Ltd. to China Mobile Communications Corp.

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.




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


DOE RUN: Strike Brings Down Production at La Oroya Smelter
----------------------------------------------------------
Victor Andres Balaunde, Doe Run's manger of institutional
relations, told Business News Americas that a protest at Doe
Run's La Oroya zinc-lead-copper smelter in Peru has decreased
output.

BNamericas relates that the demonstrations were due to
disagreements regarding Doe Run's dividend payments to
employees.

Mr. Balaunde commented to BNamericas, "We hope to resolve this
situation briefly."

Peruvian law requires operations like Doe Run to give workers
about 8% of annual profits.  Workers miscalculating the amount
they think they are entitled to, started protesting, Mr.
Balaunde explained to BNamericas.

Mr. Balaunde told BNamericas that the smelter processes:

          -- 59,000 tons per year of copper,
          -- 129,000 tons per year of lead,
          -- 1,000 tons per year of silver, and
          -- over 40,000 tons per year of zinc.

The smelter produces 11 different metals, but mainly copper,
zinc, lead and silver, BNamericas states.

Based in St. Louis, Mo., The Doe Run Company --
http://www.doerun.com/-- is a privately held natural resources
company dedicated to environmentally responsible mineral
production, metals fabrication, recycling and reclamation.  The
company and its subsidiaries deliver products and services
needed to provide power, protection and convenience through
premium products and associated metals including lead, zinc,
copper, gold and silver.  As the operator of one of the world's
only multi-metal facilities and the Americas' largest integrated
lead producer, Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

Doe Run Peru S.R.L., an indirect Peruvian subsidiary, operates a
smelter in La Oroya, Peru, one of the largest polymetallic
processing facilities in the world, producing an extensive
product mix of non-ferrous and precious metals, including
silver, copper, zinc, lead and gold.  Doe Run Peru also has a
copper mining and milling operation in Cobriza, Peru in the
region of Huancavelica, which is approximately 200 miles
southeast of La Oroya in Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.




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


ALLIED WASTE: Completes US$3.1-Bil. Credit Facility Refinancing
---------------------------------------------------------------
Allied Waste Industries, Inc. has completed the refinancing of
the revolving portion of its US$3.170 billion senior secured
credit facility.  The company's US$1.575 billion Revolving
Credit Facility was re-priced starting at LIBOR plus 175 basis
points; a reduction of 75 basis points.  Additionally, the
undrawn fees were reduced to 37.5 basis points from 75 basis
points.  The pricing is tied to a pricing grid based on the
company's leverage ratio.  The company also extended maturities
for the revolving and term loan portions of the credit
facilities by two years to 2012 and 2014, respectively.

"The rate reduction on over US$1.5 billion of the revolver will
generate annual interest savings of more than US$7 million,"
Pete Hathaway, Executive Vice President and Chief Financial
Officer of Allied Waste, said.  "We continue to
opportunistically manage our capital structure and we appreciate
the support that we've received from the financial
institutions."

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


ALLIED WASTE: Moody's Puts B2 Rating on Proposed US$50MM Bonds
--------------------------------------------------------------
Moody's Investors Service assigned B2 (LGD 4, 69%) to the
proposed US$50 million Mission Economic Development Corp. Solid
Waste Disposal Revenue Bonds Series 2007A due 2018, an Allied
Waste North America, Inc. Project.  The borrower will be Allied
Waste North America, Inc. or Allied Waste NA and the bonds will
be unsecured obligations guaranteed by the parent, Allied Waste
Industries, Inc.  Concurrently, Moody's affirmed other ratings
of Allied Waste, Allied Waste NA and its wholly owned
subsidiary, Browning-Ferris Industries, LLC.  The outlook for
the ratings remains positive.

The proposed bonds will be issued by the Mission Economic
Development Corp., a nonprofit industrial development
corporation.  There will be no issuer or other municipal
guarantees on the bonds.  The proceeds will be loaned to Allied
Waste NA pursuant to a loan agreement and used to finance
eligible capital expenditures on fleet and landfill development
in certain cities and counties in Texas.  Tax code requirements
limit the use of bond proceeds to such eligible expenditures.
The underlying assets will not be used to secure the bonds.

Moody's took these rating actions:

   -- assigned a B2 (LGD4, 69%) rating to the proposed
      US$50 million solid waste disposal revenue bonds
      series 2007A of Allied Waste NA due 2018;

   -- affirmed all other ratings of Allied Waste, Allied
      Waste NA, and Browning-Ferris Industries, LLC as
      set out in the recent press release dated March 27, 2007.

The ratings outlook is positive.

As reported in the Troubled Company Reporter-Latin America, on
March 29, 2007, Moody's took these rating actions:

   Allied Waste North America, Inc:

     -- asigned a Ba3 (LGD2, 29%) rating to the US$1.575
        billion guaranteed senior secured revolving credit
        facility due 2012;

     -- assigned a Ba3 (LGD2, 29%) rating to the US$1.105
        billion guaranteed senior secured term loan due 2014;

     -- Assigned a Ba3 (LGD2, 29%) rating to US$490 million
        guaranteed senior secured Tranche A Letter of Credit
        Facility due 2014;

     -- Affirmed the Ba3 (LGD2, 30%) rated US$1.575 billion
        guaranteed senior secured revolving credit facility
        due 2010, subject to withdrawal upon completion of
        the refinancing;

     -- Affirmed the Ba3 (LGD2, 30%) rated US$1.105 billion
        guaranteed senior secured term loan due 2012, subject
        to withdrawal upon completion of the refinancing;

     -- Affirmed the Ba3 (LGD2, 30%) rated US$490 million
        guaranteed senior secured Tranche A Letter of Credit
        Facility due 2012, subject to withdrawal upon completion
        of the refinancing;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$750 million
        issue of 6.875% guaranteed senior secured notes due
        2017;

     -- Affirmed the B2 (LGD4, 57%) rating on the US$750 million
        issue of 8.5% guaranteed senior secured notes due 2008,
        subject to withdrawal upon completion of the refinancing
        currently under way;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$350 million
        issue of 6.5% guaranteed senior secured notes due 2010;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$400 million
        issue of 5.75% guaranteed senior secured notes due 2011;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$275 million
        issue of 6.375% guaranteed senior secured notes due
        2011;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$251 million
        issue of 9.25% guaranteed senior secured notes due 2012;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$450 million
        issue of 7.875% guaranteed senior secured notes due
        2013;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$425 million
        issue of 6.125% guaranteed senior secured notes due
        2014;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$595 million
        issue of 7.125% guaranteed senior secured notes due
        2016;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$600 million
        issue of 7.25% guaranteed senior secured notes due 2015;

     -- Affirmed the B2 (LGD4, 69%) rating on the US$400 million
        issue of 7.375% guaranteed senior unsecured notes due
        2014;

   Allied Waste Industries, Inc:

     -- Affirmed the B1 Corporate Family Rating;

     -- Affirmed the B1 Probability of Default Rating;

     -- Affirmed the B3 (LGD 5, 87%) rating on the US$230
        million issue of 4.25% guaranteed senior subordinated
        convertible bonds due 2034;

     -- Affirmed the B3 (LGD 6, 98%) rating on the US$600
        million issue of 6.25% senior mandatory convertible
        preferred stock - conversion date of March 2008.

     -- The Speculative Grade Liquidity Rating is SGL-1.

     -- The outlook for the ratings remains positive.

   Browning-Ferris Industries, LLC:
       (assumed by Allied Waste North America, Inc.)

     -- Affirmed the B1 (LGD4, 56%) rating on the US$155 million
        issue of 6.375% senior secured notes due 2008;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$96 million
        issue of 9.25% secured debentures due 2021;

     -- Affirmed the B1 (LGD4, 56%) rating on the US$294 million
        issue of 7.4% secured debentures due 2035;

     -- Affirmed the B2 (LGD4, 69%) rating on the US$281 million
        of industrial revenue bonds with various maturities.

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


DORAL FINANCIAL: 10-K Filing Delay Cues NYSE's Delisting Notice
---------------------------------------------------------------
Doral Financial Corp. reported that it was unable to timely file
with the Securities and Exchange Commission its Annual Report on
Form 10-K for the year ended Dec. 31, 2006, as a result of
delays in the preparation of its consolidated financial
statements for the year ended Dec. 31, 2006, and in management's
evaluation of the company's internal control over financial
reporting as of Dec. 31, 2006.

As a result, on March 19, 2007, the NYSE Regulation Inc.
notified the company that it is subject to the procedures
specified in Rule 802.01E (SEC Annual Report Timely Filing
Criteria) of the NYSE's Listed Company Manual.  Rule 802.01E
provides, among other things, that the NYSE Regulation will
monitor the company and the filing status of the 2006 Form 10-K
on an ongoing basis over up to a maximum twelve month trading
period, subject to the right of the NYSE Regulation to take
action at any time, if circumstances warrant.  However, if the
company has not filed its 2006 Form 10-K within six months of
the filing due date of the 2006 Form 10-K, the staff of NYSE
Regulation will formally evaluate the company and may grant up
to an additional six-month trading period to file the 2006 Form
10-K or commence suspension and delisting procedures against the
company.

The company expects to file its 2006 Form 10-K well before the
initial six-month period provided by Rule 802.01E.  The company
currently expects to file this annual report during the second
half of April 2007.

The company also announced that, on April 2, 2007, it paid the
regular monthly cash dividend for the month of March 2007 on the
company's 7% Noncumulative Monthly Income Preferred Stock,
Series A, 8.35% Noncumulative Monthly Income Preferred Stock,
Series B and 7.25% Noncumulative Monthly Income Preferred Stock,
Series C, in the amount of US$0.2917, US$0.173958, US$0.151042
per share, respectively.  The dividend on each of the series was
paid to the record holders as of the close of business on
March 29, 2007, in the case of the Series A Preferred Stock, and
to the record holders as of the close of business on
March 15, 2007, in the case of Series B and Series C Preferred
Stock.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico-
based commercial bank, Doral Securities, a Puerto Rico-based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2007, Moody's Investors Service downgraded to B2 from B1
the senior debt ratings of Doral Financial Corp.  Moody's said
the ratings are on review for possible downgrade.

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2007, Standard & Poor's Ratings Services lowered its
long-term ratings on Doral Financial Corp., including the
counterparty credit rating, to 'B' from 'B+'.

Standard & Poor's said the outlook remains negative.


MUSICLAND HOLDING: Panel Amends Complaint Against Century Fox
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Musicland
Holding Corp. and its debtor-affiliates tells the U.S.
Bankruptcy Court for the Southern District of New York that 90
days before the filing of their bankruptcy, the Debtors made one
or more transfers totaling US$11,565,051 to or for the benefit
of Twentieth Century Fox Home Entertainment, LLC, and Twentieth
Century Fox Home Entertainment, Inc.

A 22-page list of the Transfers is available for free at:

              http://ResearchArchives.com/t/s?1ca1

The Committee notes that during the Preference Period, the
Debtors returned various goods totaling US$2,147,052 to or for
the benefit of 20th Century Fox for which the Debtors issued
various chargebacks, which were applied to outstanding invoices.

A 2-page list of the Returned Goods Applied Transfers is
available for free at http://ResearchArchives.com/t/s?1ca2

During the Preference Period, the Debtors also returned various
goods totaling US$895,929 to or for the benefit of 20th Century
Fox for which the Debtors issued various chargebacks, but which
were not applied to outstanding invoices and no other
consideration was received.

A list of the Returned Goods Unapplied Transfers is available
for free at http://ResearchArchives.com/t/s?1ca3

Accordingly, the Committee seeks the Court's permission to avoid
and recover the Transfers made to 20the Century Fox pursuant to
Sections 547, 548, 550 and 551 of the Bankruptcy Code.

Mark T. Power, Esq., at Hahn & Hessen, LLP, in New York, asserts
that the Transfers constitute preferential and fraudulent
transfers for these reasons:

   (a) The Transfers were made to or for the benefit of 20th
       Century Fox who is a creditor of one or more of the
       Debtors.

   (b) The Transfers were made for or on account of antecedent
       debts owed to 20th Century Fox by one or more of the
       Debtors before those Transfers were made.

   (c) The Transfers were made while the Debtors were insolvent,
       or became insolvent as a result of the Transfers.

   (d) The Transfers enabled 20th Century Fox to receive more
       than it would receive if:

         (i) the Debtors' cases were cases under Chapter 7 of
             the Bankruptcy Code;

        (ii) the Transfers had not been made; and

       (iii) 20th Century Fox received payment on account of the
             debt paid by the Transfers to the extent provided
             by the provisions of the Bankruptcy Code.

   (e) The Debtors received less than a reasonably equivalent
       value in exchange for the Transfers.

            Price Protection and Advertising Programs

The Debtors also possessed various goods that they ordered and
received from 20th Century Fox postpetition, Mr. Power relates.

20th Century Fox offered various postpetition price protection
programs, which enabled vendors, like the Debtors, to sell
certain "slow-moving" goods at lower prices.  In addition, 20th
Century Fox offered various postpetition advertising programs,
which reimbursed vendors for a portion of their incurred
advertising costs related to the sale of goods it provided to
the vendors.

Pursuant to the Price Protection Program, the Debtors issued
chargebacks totaling US$407,401, reflecting the reduction of
prices for Stale Goods that they possessed postpetition.

A list of the Price Protection Chargebacks is available for free
at http://ResearchArchives.com/t/s?1ca4

Pursuant to the Advertising Programs, the Debtors issued
chargebacks aggregating US$249,748.

A list of the Advertising Chargebacks is available for free at:

             http://ResearchArchives.com/t/s?1ca5

The Debtors have demanded that 20th Century Fox remit and turn
over the Price Protection and Advertising Chargebacks, according
to Mr. Power.  20th Century Fox, however, has failed and refused
to do so.

The Committee asserts that by failing to remit the Chargebacks
to the Debtors, 20th Century Fox have breached its obligations
under the Programs and has done so to the detriment of the
Debtors' estates and creditors.

Moreover, Mr. Power contends, 20th Century Fox is not entitled
to offset the postpetition amounts due to the Debtors under the
Programs against any prepetition debt the Debtors may owe it.

Thus, the Committee asks Judge Bernstein to enter a judgment in
its favor in these amounts:

   -- US$13,712,103, plus transfer amounts, interest at the
      legal rate from the date of the Transfers and all costs of
      the Adversary Proceeding;

   -- US$895,929, plus transfer amounts, interest at the legal
      rate from the date of the Returned Goods Unapplied
      Transfers and all costs of the Adversary Proceeding; and

   -- US$657,149 for the Chargebacks under the Price Protection
      and Advertising Programs.

To the extent 20th Century Fox currently possesses filed or
scheduled claims against the Debtors, which have not been
transferred or assigned to an unrelated party who is not a
member of the Secured Trade Creditors Committee, the Committee
asks the Court to disallow those Claims until all the Transfers
are repaid in full.

                 Committee Settles with Paramount

The Committee previously asserted that Paramount Pictures
Corporation, and Paramount Home Entertainment, Inc., received
transfers totaling US$6,163,153 from the Debtors.  The Committee
also asserted that Paramount owed the Debtors US$304,545
pursuant to certain postpetition price protection and
advertising programs.

Paramount argued that all Transfers were made in the ordinary
course of business and that it provided subsequent new value of
more than US$9,000,000 in defense of the Transfers.  Paramount
also said it was entitled to set off or recoup the Postpetition
Credit Balance against the US$193,187,464 secured claim that
Wilmington Trust Co., filed on Paramount's behalf.

In the interest of avoiding further litigation costs and after
engaging in extensive settlement negotiations with Paramount,
the Committee agreed to settle the Paramount Preference
Complaint for US$195,000.

In addition, the parties agreed to fix and allow the Paramount
Claim as a secured claim for US$13,559,549.  The parties also
agreed to mutually release claims and actions against each
other.

         Committee Seeks Dismissal of Certain Complaints

The Committee asks the Court to immediately dismiss the
adversary proceeding against Sony Music Entertainment Inc.,
Bertelsmann Music Group, Inc., Sony BMG Music Distribution, RED
Distribution, LLC, and RED Distribution, Inc.

                         About Musicland

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
Products in the United States, including Puerto Rico.  The
Debtor and 14 of its affiliates filed for chapter 11 protection
on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T. Power, Esq.,
at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they estimated more than US$100 million in
assets and debts.

(Musicland Bankruptcy News, Issue No. 29; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                          Plan Update

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  The hearing to consider confirmation of the
Debtors' plan was initially set for Nov. 28, 2006, and was
continued to March 29, 2007.


PIER 1: Reduces Workforce by 175 Positions
------------------------------------------
Pier 1 Imports Inc. has reduced its workforce by approximately
175 positions.  The reduction will eliminate approximately 75
field administration positions and reduce the home office work
force by approximately 100.  The result of this reduction will
simplify the company's administrative structure in the field
and consolidate support functions in home offices.

"We know we can return our company to profitability and to that
end, we have established clear business priorities," Alex Smith,
Pier 1's President and Chief Executive Officer commented.  "One
of those priorities is to make the organization leaner, simpler
and more efficient in every way.

During the first quarter of fiscal 2008, the company expects to
incur US$5 million in severance and outplacement costs related
to the realignment.  The company, however, estimates that this
move will generate annual savings of approximately US$17
million.

"The realignment of our field and home office administrative
functions will create a more responsive, cost-effective
structure that will improve long-term operating efficiency as
well as provide savings that can be reinvested into key areas
of our business.  We regret that the reduction in workforce
is a necessary step toward achieving our objectives and we are
assisting those individuals who have been affected by today's
events."

                    About Pier 1 Imports

Based in Fort Worth, Texas, Pier 1 Imports Inc. (NYSE:PIR)
-- http://www.pier1.com/-- is a specialty retailer of imported
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico, and Pier 1
kids(R) stores in the United States.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Moody's Investors Service downgraded Pier 1 Imports Inc.'s
corporate family rating to Caa1 from B3 following its continuing
operating struggles and modest performance over the 2006 holiday
season.  Moody's said the rating outlook was revised to
negative.


R&G FINANCIAL: Won't File 2004 Amended Report in First Quarter
--------------------------------------------------------------
R&G Financial Corp. said in a press release that it won't file
its 2004 amended report in the first quarter this year as it
planned to do.

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2006, the New York Stock Exchange granted R&G Financial
Corp.'s request to extend for up to six months to April 3, 2007,
the filing of its 2005 Annual Report on Form 10-K.  The NYSE
indicated that the extension granted to the company was subject
to ongoing reassessment, which will take into consideration the
company's successful achievement of interim milestones,
including the filing of its amended Annual Report on Form 10-K/A
for the year ended Dec. 31, 2004.  The company had requested
such extension by letter dated Sept. 15, 2006.  The company was
in the process of preparing restated consolidated financial
statements for the years ended Dec. 31, 2002, through 2004 and
was working diligently to complete the restatement process and
finish its work on its restated financial statements, the
results of which would be subject to audit, together with the
2004 10-K/A.  Under the rules of the NYSE, the company was
required to file its 2005 Annual Report on Form 10-K by late
September 2006, which was now been extended until April 3, 2007.
Failure of the company to achieve the filing of the 2004 10-K/A
within the time parameters presented to the NYSE or achieve
other interim significant milestones could result in accelerated
trading suspension prior to the end of the six-month extension
period.  If the company would fail to file its 2005 Annual
Report on Form 10-K by April 3, 2007, the NYSE would delist its
common stock by that date.

R&G Financial told Business News Americas that it doesn't know
when its restated consolidated financial statements for the
years ended 2002 through 2004 will be publicly available.

BNamericas underscores that R&G Financial's shares were de-
listed from the NYSE in February, after the firm announced that
it would be unable to file its 2005 results before the April 3
deadline.

R&G Financial currently trades on Pink Sheets under the ticker
symbol RGFC, BNamericas states.

Headquartered in Hato Rey, Puerto Rico, R&G Financial Corp.
(NYSE: RGF) -- http://www.rgonline.com/-- is a diversified
financial holding company with operations in Puerto Rico and the
United States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the Company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the Company operated 37 bank branches
in Puerto Rico, 35 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 49 mortgage offices in Puerto Rico, including 37
facilities located within R-G Premier Bank's banking branches.

                        *     *     *

Fitch Ratings lowered on Oct. 30, 2006, these ratings of R&G
Financial Corp. and its subsidiaries:

  R&G Financial Corp.

      -- Long-term IDR to 'BB' from 'BBB-';
      -- Preferred stock to 'B' from 'BB'; and
      -- Individual to 'D' from 'C'.

   R-G Premier Bank

      -- Long-term IDR to 'BB' from 'BBB-';
      -- Short-term issuer to 'B' from 'F3';
      -- Long-term deposit obligations to 'BB+' from 'BBB';
      -- Short-term deposit obligations to 'B' from 'F3'; and
      -- Individual to 'C/D' from 'C'.

  R-G Crown Bank

      -- Long-term IDR to 'BB' from 'BBB-';
      -- Short-term issuer to 'B' from 'F3';
      -- Long-term deposit obligations to 'BB+ from 'BBB'; and
      -- Individual to 'C/D' from 'C'

  R&G Mortgage

      -- Long-term IDR to 'BB' from 'BBB-'.

Fitch said the rating outlook is negative.


SEARS HOLDINGS: Donald Carty Won't Stand for Board Re-Election
--------------------------------------------------------------
Sears Holdings Corporation reported that Donald J. Carty has
informed the company that he has decided not to stand for re-
election to the board of directors at the company's scheduled
annual meeting in May.  Mr. Carty, who was named Vice Chairman
and Chief Financial Officer of Dell Inc. in January 2007, plans
to devote more time to Dell matters.

Mr. Carty joined the board of Sears Holdings at the time of the
merger of Sears, Roebuck and Co. and Kmart Holding Corporation.
Edward S. Lampert, Chairman of Sears Holdings, said, "I want to
thank Don for his service on the board and for his leadership,
guidance and counsel.  I especially appreciate the commercial
judgment that Don contributed to our company."

Mr. Carty will continue to serve as a director of Sears Holdings
until the company's 2007 annual meeting.

                    About Sears Holdings

Based in Hoffman Estates, Illinois, Sears Holdings Corp.
(NASDAQ: SHLD) -- http://www.searsholdings.com/-- is a
broadline retailer, with approximately US$55 billion in annual
revenues, and with approximately 3,800 full-line and specialty
retail stores in the United States, Canada and Puerto Rico.
Sears Holdings is a home appliance retailer as well as a
retailer of tools, lawn and garden, home electronics, and
automotive repair and maintenance.  Key proprietary brands
include Kenmore, Craftsman and DieHard, and a broad apparel
offering, including well-known labels as Lands' End, Jaclyn
Smith, and Joe Boxer, as well as the Apostrophe and Covington
brands.

                        *     *     *

As reported in the Troubled Company Reporter on June 23, 2006,
Standard & Poor's Ratings Services revised its outlook on Sears
Holdings Corp. to stable from negative.  All ratings, including
the 'BB+' corporate credit rating, and the 'B-1' short-term
rating for Sears Roebuck Acceptance Corp., are affirmed.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch affirms its ratings of Sears Holdings Corp. including its
Issuer Default Rating (IDR) at 'BB'; Senior notes at 'BB'; and
Secured bank facility at 'BBB-'.


TRAILER BRIDGE: Posts US$110.2 Mil. in Revenues for Fiscal 2006
---------------------------------------------------------------
Trailer Bridge Inc. recorded final fourth quarter as well as
audited results for the year ended Dec. 31, 2006.  The sole
difference between these results and the preliminary results
previously reported on March 5, 2007, is the effect of an income
tax credit in the amount of US$4,975,360 that was recorded in
the fourth quarter as a reduction of the company's deferred tax
asset valuation allowance.  At Dec. 31, 2006, after this
adjustment, a valuation allowance of US$6.7 million remains to
further decrease income tax expense going forward.

John D. McCown, Chairman and CEO, said, "In releasing the
allowance, formal budgets are given the most weight and this tax
credit was calculated by applying a 38% tax rate to our 2007
business plan.  As we utilize our deferred tax asset, we are
evaluating the merits related to a tonnage tax election, an
alternative that appears to offer permanent income tax benefits
to Trailer Bridge."

The audited results for 2006 reflected total revenue of US$110.2
million, an increase of 4.1% compared to 2005.  Higher revenues
were driven by an increase in average revenue per southbound
container of 5.9%.  The company's Jacksonville-San Juan deployed
vessel capacity utilization during 2006 was 87.1% to Puerto Rico
and 25.6% from Puerto Rico compared to 88.9% and 22.9%,
respectively, during 2005.  For the first six and a half months
of 2006, one of the two roll-on, roll-off vessels were
sequentially out of service while being dry-docked and
Triplestack Box Carrier vessels acted as substitutes.

The company's total operating income for 2006 was US$4.9 million
as compared with US$18.3 million in 2005.  The key driver of
that US$13.4 million reduction was a US$12.5 million increase in
dry-docking costs.  The company's Form 10-K is expected to be
filed today with the SEC and will contain a more detailed
discussion of the dry-docking costs and what results would have
been if it was accounted for under the defer and amortize method
used by most shipping companies.

Trailer Bridge's 2006 results were markedly different in the
second half compared to the first half due to dry-docking
expense and its related effect on the company's normal vessel
deployment.  Total revenue in the second half was US$60.0
million or 19.5% above first half revenue of US$50.2 million.
Second half operating income of US$10.9 million was US$16.9
million higher than the US$6.0 million operating loss in the
first half due primarily to both US$12.4 million of dry-docking
expense in the first half and the beneficial effects of the
return to the normal vessel deployment.  The company believes
that the second half is a more relevant period and that it's
81.9% operating ratio performance is a more meaningful benchmark
of the capability of its transportation system going forward.

After application of the credit, for all of 2006 Trailer Bridge
reported a net loss of US$18,093 compared to net income of
US$7.8 million for 2005.  Net loss attributable to common shares
for 2006 was US$0.00, versus net income of US$0.64 for 2005.

                        Financial Position

At Dec. 31, 2006, the company had cash balances of US$6.9
million and working capital of US$15.8 million and stockholders
equity of US$0.9 million.  There were no amounts outstanding
under a US$10 million revolving credit facility.

Based in Jacksonville, Florida, Trailer Bridge, Inc.
(NASDAQ: TRBR) -- http://www.trailerbridge.com/-- an integrated
trucking and marine freight carrier, provides truckload freight
transportation primarily between the continental United States
and Puerto Rico. The company offers highway transportation
services in the continental United States, and marine
transportation between Jacksonville, Florida and San Juan,
Puerto Rico.  It provides southbound containers and trailers, as
well as moves new automobiles, used automobiles,
noncontainerized or freight not in trailers, and freight moving
in shipper-owned or leased equipment.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 24, 2006, in connection with Moody's Investors Service's
implementation of its Probability-of-Default and Loss-Given-
Default rating methodology for the Transportation sector, the
rating agency confirmed its B3 Corporate Family Rating for
Trailer Bridge, Inc., and held its B3 rating on the company's
Guaranteed Senior Secured Global Notes Due 2011.  Additionally,
Moody's assigned an LGD3 rating to those bonds, suggesting
bondholders will experience a 46% loss in the event of a
default.


UNIVISION COMM: Broadcasting Media Completes Acquisition
--------------------------------------------------------
Univision Communications Inc. reported the completion of its
acquisition by Broadcasting Media Partners Inc.

Univision Communications common stock ceased trading on the New
York Stock Exchange before the opening of the market
April 29, 2007, and will no longer be listed.

A. Jerrold Perenchio, Univision Communications' Chairman and
Chief Executive Officer, commented, "I would like to express my
deep gratitude to all of Univision Communications' employees for
their many contributions to the company's success and for their
devotion to its mission of providing quality news, information,
and entertainment to Hispanic audiences throughout the U.S.  I
am enormously proud of all that Univision Communications has
accomplished since 1992 and look forward to following the next
phase of its growth, which will undoubtedly be characterized by
continued success under the leadership of its new owners."

Broadcasting Media commented, "We are extremely pleased to have
achieved a successful and timely closing of our acquisition of
Univision, a terrific company with a unique position in the U.S.
media landscape.  We look forward to working with the company's
newly appointed CEO, Joe Uva, and Univision's talented
management team and employees to take full advantage of the
enormous opportunities the company will have in the years ahead.
We share Joe's commitment to maintaining Univision's unique
connection with and commitment to serving the needs of the
burgeoning U.S. Hispanic community."

"Univision has a rich and impressive history, and I am very
excited to join the company in partnership with its new owners,
who have a proven track record of growing successful media
companies," said Mr. Uva.  "Jerry Perenchio and his management
team have done an exceptional job of building Univision into the
premier Spanish-language media company and the fifth largest
network overall.  Univision's programming quality and audience
loyalty are second to none, creating unmatched opportunities for
advertisers to successfully reach the U.S. Hispanic community.
I look forward to working with Univision's senior management
team, employees, Televisa and other programming and industry
partners, as well as the entire Broadcasting Media team to build
on the company's leadership position while continuing to be
Hispanic America's first choice for information and
entertainment."

           About Broadcasting Media Partners Inc.

Broadcasting Media Partners Inc. is an investor group consisting
of Madison Dearborn Partners, Providence Equity Partners, TPG,
Thomas H. Lee Partners, and Saban Capital Group.

            About Univision Communications Inc.

Headquartered in Los Angeles, Calif., Univision Communications
Inc., (NYSE: UVN) -- http://www.univision.net/-- owns and
operates more than 60 television stations in the U.S. and Puerto
Rico offering a variety of news, sports, and entertainment
programming.  The company had about US$1.4 billion in debt at
March 31, 2006.

                        *     *     *

As reported in the Troubled Company Reporter - Latin America on
Feb. 20, 2007, Fitch expects to downgrade the Issuer Default
Rating for Univision Communications Inc to 'B' from 'BB' and
expects to rate the proposed financings as:

   -- US$750 million revolving senior secured credit facility
      due 2014 'B+/RR3';

   -- US$7 billion senior secured term loans due 2014 'B+/RR3';

   -- US$500 million second lien term loan due 2009
      'B-/RR5'; and

   -- US$1.5 billion senior unsecured notes due 2015 'CCC+/RR6'.




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


WORLDSPAN LP: Inks Distribution Agreement with GOL Transportes
--------------------------------------------------------------
Worldspan L.P. and GOL Transportes Aereos have signed a Limited
Connect distribution agreement, which enables GOL to expand its
reach to travel buyers worldwide through Worldspan's multi-
channel travel distribution network.  GOL's comprehensive
schedules, availability, low fares and booking capabilities will
be available to all Worldspan travel agency, corporate and
online points of sale worldwide.

"GOL seeks every opportunity to grow its business and Worldspan
is an important, complementary channel to distribute our flights
through travel agencies," said Wilson Maciel Ramos, vice
president of Planning and Information Technology for GOL.
"Worldspan is a valued distribution partner that supports our
mission to provide travel buyers convenient, accurate and
reliable access to our flights and low fares, and the most
efficient booking capabilities."

"GOL has joined the growing list of low-cost carriers in
recognizing the value of distributing through Worldspan," said
Kevin Ficco, Worldspan vice president - Airline Distribution and
Business Development.  "We welcome GOL as our newest airline
customer and look forward to a long and mutually rewarding
relationship."

                    About Gol Transportes

GOL Transportes Aereos commenced operations in 2001 as Brazil's
first low-cost, low-fare carrier and the fastest-growing airline
in South America.  The airline serves 50 destinations with 47
single-class Boeing 737 aircraft, providing frequent service on
routes between all of Brazil's major cities, and to South
American international destinations in Argentina, Bolivia,
Chile, Paraguay, Peru and Uruguay.  GOL plans to expand its
service with a long-term goal of bringing affordable air travel
to all significant South American destinations.  Already the
largest operator of Boeing 737 Next Generation aircraft in Latin
America, GOL has purchase orders with The Boeing Company for 67
737-800 Next Generation aircraft.

                   About Worldspan, L.P.

Headquartered in Atlanta, Georgia, Worldspan, L.P. --
http://www.worldspan.com/-- is a leader in travel technology
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares
and Pricing technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE.  The company's Latin
American operations are in Argentina, The Bahamas, Brazil,
Jamaica, Mexico, Peru, Puerto Rico, Uruguay and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 28, 2007, Standard & Poor's Ratings Services affirmed its
ratings, including the 'B' corporate credit rating, on Worldspan
L.P., following the downgrade of its intended merger partner,
Travelport LLC, to 'B' from 'B+'.  S&P said the outlook is
stable.




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


ELECTRICIDAD DE CARACAS: Ministry Okays Collective Labor Deal
-------------------------------------------------------------
El Universal reports that the Venezuelan labor ministry has
ratified the collective labor contract for Electricidad de
Caracas workers.

Business News Americas relates that the 2,900 employees covered
by the collective contract will get a VEB600,000 salary
increase.  The contract is effective for two years.

The first tranche of VEB350,000 will be paid out in paychecks
issued on March 31, El Universal states.

Electricidad de Caracas is the largest private-sector electric
utility in Venezuela and generates, transmits, distributes, and
markets electricity primarily to metropolitan Caracas and its
surrounding areas.  The AES Corp. owns 86% of EDC and acquired
its stake in June 2000, through a public-tender offer.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Standard & Poor's Ratings Services revised the
CreditWatch implications for its 'B' foreign currency corporate
credit rating on C.A. La Electricidad de Caracas to developing
from negative.  Standard & Poor's also revised the CreditWatch
implications for its 'B' senior unsecured debt rating on
Electricidad de Caracas Finance B.V.'s notes due 2014 to
developing from negative.


PETROLEOS DE VENEZUELA: Gets Favorable Ruling in Orimulsion Case
----------------------------------------------------------------
Venezuelan state-run oil company Petroleos de Venezuela SA said
in a statement that the International Chamber of Commerce's
commercial dispute resolution court has ruled in favor of the
company, in its orimulsion dispute with Italian state power firm
Enel.

Enel will have to pay costs, Business News Americas, citing
Petroleos de Venezuela.

According to BNamericas, Enel filed a complaint against
Petroleos de Venezuela before the ICC in March 2005, after the
Venezuelan firm refused to renew an orimulsion supply contract
with its Italian counterpart.

The report says that orimulsion is Petroleos de Venezuela's
original boiler fuel.  It is a mixture of water, extra-heavy
crude and other ingredients.  The fuel is used mainly for thermo
generation.

BNamericas underscores that Petroleos de Venezuela had been
providing Enel with orimulsion since 1995.  The latest contract
expired in December 2003, after which Petroleos de Venezuela
said it made two orimulsion shipments.

A Petroleos de Venezuela legal representative told BNamericas
that the firm and Entel had previously discussed creating an
upstream orimulsion joint venture, but a formal accord was never
reached.

Petroleos de Venezuela had said it would no longer manufacture
orimulsion, BNamericas states.

Petroleos de Venezuela SA -- http://www.pdv.com/--
is Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

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


PETROLEOS DE VENEZUELA: US$5-Billion Bond Issue Oversubscribed
--------------------------------------------------------------
Venezuela's state oil firm Petroleos de Venezuela President
Rafael Ramirez, who is also the country's oil and energy
minister, told news daily El Universal that the firm's US$5-
billion bond issue has been oversubscribed "threefold."

Minister Ramirez said that orders for the bond totaled 500,000
from the March 26 to March 29 bookbuilding period, Business News
Americas relates.

BNamericas underscores that Petroleos de Venezuela could have
sold another two issues of similar size with the leftover
orders.

Minister Ramirez told BNamericas that there were no plans to
make another issues in the short or mid-term.

According to BNamericas, bond proceeds will be used in
exploration and production efforts aimed at expanding output to
5.8 million barrels per day over the next five years.

The report says that ABN Amro and Econoinvest are issue leaders.

Petroleos de Venezuela bond buyers will be exempted from revenue
tax on the investment.  A decree has been for the exemption,
BNamericas states, citing Venezuelan Finance Minister Rodrigo
Cabezas.

Petroleos de Venezuela SA -- http://www.pdv.com/--
is Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

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


* VENEZUELA: Bandes Opens Branch in Nicaragua
---------------------------------------------
Venezuela's state-owned Economic and Social Development Bank, or
Bandes, has opened a branch office in Managua, Nicaragua,
according to local reports.

Venezuela has appropriated US$17 million for the Nicaraguan
bank's operations to finance agriculture activies in 2007 to
2008, El Universal says.

Nicaragua's Superintendence of Banks has not disclosed the
specific mechanism followed in opening the new branch in the
country, local reports say.

                        *     *     *

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.


                        ***********


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
delos Santos, Christian Toledo, and Junald Ango, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2746.

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