TCRLA_Public/070409.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

          Monday, April 9, 2007, Vol. 8, Issue 69

                          Headlines

A R G E N T I N A

AMERICAN AIRLINES: To Operate Chicago-Buenos Aires Flights
ARROW ELECTRONICS: Asian Unit to Acquire Adilam Pty. Ltd.
ARROW ELECTRONICS: Completes US$485-Million Agilysys Acquisition
CHONO LATINA: Proofs of Claim Verification Ends on Nov. 15
CEPA SA: Creditors to Vote on Settlement Plan Tomorrow

EL PASO: Paying US$0.04 Per Share Dividend on July 2
LAVALLE 714: Claims Verification Is Until May 29
MARITIMA SAN JOSE: Individual Reports Due in Court on June 14
FARMACIAS MARHEC: Claims Verification Deadline Is May 17
FIMAN SA: Proofs of Claim Verification Ends on May 16

HUNTSMAN INTERNATIONAL: S&P Puts BB Rating on Proposed Bank Debt
LEWA: Trustee to Present Individual Reports in Court on June 19
METALURGICA INGRO: Proofs of Claim Verification Ends on March 23
PANIFICACION ESMERALDA: Proofs of Claim Filing Ends on June 18
POLICLINICO RAFAELA: Informative Assembly Set for June 1

PUNTAL SERVICIOS: Proofs of Claim Verification Is Until May 8
DANIEL BRUSCA: Proofs of Claim Verification Is Until May 4
LA INDUSTRIAL: Proofs of Claim Verification Ends on April 30
AMERICAN GRAF: Proofs of Claim Verification Is Until April 30
SOLGAS SA: Trustee to Present Individual Reports in Court Tom

TECNOLOGIA EN MEDIO: Seeks Court Approval for Reorganization
TELEFONICA DE ARGENTINA: Invests ARS2MM in Tolosa Center Upgrade
TYSON FOODS: Greg Lee Quits as Chief Admin. Officer & President
WEBERLAW SA: Trustee to Present Individual Reports on May 7
WORLD PETROL: Proofs of Claim Verification Deadline Is June 12

B R A Z I L

BANCO BRADESCO: Intensifies ATM Agreement with Banco do Brasil
BANCO DA AMAZONIA: Fitch Affirms All Ratings
BANCO DO BRASIL: Intensifies ATM Agreement with Banco Bradesco
BRASKEM SA: Shareholders Approve Politeno Merger
BRASKEM SA: Inks Deal with Refap to Supply Petrochemical Goods

BRASKEM SA: May Acquire Petroquimica Triunfo
BENQ CORP: Selling 1.3% Stake in AU Optronics for NT$4.5 Billion
CAIXA ECONOMICA: Savings Deposits Exceed Withdrawals by BRL2 Bln
CHEMTURA CORP: Simplifies Fin'l Reporting Structure to Six Units
COGNIS GMBH: Moody's Assigns Loss-Given-Default Rating

COMPANHIA DE BEBIDAS: Unit Has Until April 19 to Buy Shares
DELPHI CORP: Can Continue Implementing Annual Incentive Plan
DELPHI CORP: Goldman Sachs Buys 1.6 Mln Shares of Common Stock
DURA AUTO: To Close Plants & Sell Units as Part of Restructuring
GOL LINHAS: Gets Approval to Complete VRG Transfer to GTI

METROLOGIC: S&P Changes Outlook to Neg. on Increased Leverage
METSO CORPORATION: To Deliver Grinding Equipment to Osisko
SOLECTRON CORP: Expands Louisville Operation ith New Facility
TOWER AUTOMOTIVE: Defendants Object to Avoidance Action Protocol

* BRAZIL: Moody's Says GDP Changes Won't Affect Credit Ratings

C A Y M A N   I S L A N D S

CARIBBEAN INVESTMENT: Proofs of Claim Filing Ends on May 2
HMTF CV: Proofs of Claim Filing Deadline Moved to May 2
KRE INVESTMENT: Proofs of Claim Filing Deadline Is May 2
ORACLE EPSILON: Proofs of Claim Filing Ends on May 2
PC ONE: Proofs of Claim Filing Deadline Is May 2

STRATEGEMA GLOBAL: Proofs of Claim Filing Ends on May 2
STRATEGEMA GLOBAL PERSPECTIVES: Claims Filing Is Until May 2
TT PARTNERS: Proofs of Claim Must be Filed by May 2
UNITED GLOBAL: Proofs of Claim Filing Deadline Is May 2

C H I L E

ARMSTRONG WORLD: Court Approves Armstrong Holdings Settlement
LIBERTY GLOBAL: S&P Revises Outlook to Positive from Stable
PHELPS DODGE: S&P Raises Freeport's Corp. Credit Rating to BB+

C O L O M B I A

DOLE FOOD: Opens New US$54 Million Salad-Packaging Facility

C O S T A   R I C A

ALCATEL-LUCENT: Moody's Assigns Loss-Given-Default Rating

D O M I N I C A N   R E P U B L I C

ASHMORE ENERGY: Completes Senior Debt Refinancing

E C U A D O R

PETROECUADOR: Inks Hydrocarbons MOUs with Petroleo Brasileiro
PETROLEO BRASILEIRO: Inks Hydrocarbons MOUs with Petroecuador

E L   S A L V A D O R

SPECTRUM BRANDS: Gets 98.52% of Existing Notes in Tender Offer

G U A T E M A L A

BRITISH AIRWAYS: May Bid for Rival bmi If Chairman Sells Stake
BRITISH AIRWAYS: Moody's Assigns Loss-Given-Default Rating

M E X I C O

ADVANCED MARKETING: PGI Files Schedule of Assets & Liabilities
CINEMARK: Moody's Affirms B1 Corp. Family Rating, Pos. Outlook
CONSOLIDATED CONTAINER: Completes Refinancing of All Debts
DOMINO'S INC: Debt Refinancing Cues S&P to Withdraw BB- Rating
FORD MOTOR: Completes Sale Transaction with Cooper-Standard

FORD MOTOR: March 2007 Overall Sales Down by 9 Percent
GENERAL MOTORS: March Sales Down 7.7%; Daily Rental Down 35%
GREENBRIER COS: Declares US$.08 A Share Quarterly Cash Dividend
PORTRAIT CORP: Exclusive Filing Period Extended to April 10
RADIOSHACK CORP: Accused of Exposing Customer Data, WSJ Says

TANK SPORTS: Gets SEC Approval on US$10-Mil. Loan from Dutchess
UNITED AIRLINES: Hires Barrie D'Rozario as New Creative Agency
VISTEON CORP: Inks Acquisition Deal with Special Situations
WCM AG: Kloeckner-Werke Will Not Pay Dividends for FY 2006

N I C A R A G U A

XEROX CORPORATION: Names Ursula Burns as Pres. & Board Member

P E R U

DOE RUN: Strikers at La Oroya Smelter Can be Fired

P U E R T O   R I C O

ADVANCED MEDICAL: Completes US$808-Million Intralase Acquisition
CHATTEM INC: Prices US$85 Million Convertible Senior Notes
COVENTRY HEALTH: Closes Concentra Managed Care Services Takeover
FEDERATED DEP'T: Adds New Capital to Direct-to-Consumer Segment
FIRST BANCORP: Board Declares Dividend Payment on Pref. Shares

HORIZON LINES: US$25 Mil. Prepayment Cuts Debt to US$482.6 Mil.
JETBLUE AIRWAYS: Will Hold Quarterly Conference Call on April 24

V E N E Z U E L A

ELECTRICIDAD DE CARACAS: Regulator Approves PDVSA Purchase Deal
PETROLOEOS DE VENEZUELA: Acquires CMS' 88% equity in SENECA
PETROLEOS DE VENEZUELA: Regulator Okays Purchase of Two Firms


                         - - - - -


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


AMERICAN AIRLINES: To Operate Chicago-Buenos Aires Flights
----------------------------------------------------------
American Airlines told Dallas Business Journal that it has filed
an application before the U.S. Department of Transportation to
operate a daily nonstop flight from Chicago O'Hare airport to
Buenos Aires, Argentina.

Once the flights receive the Department of Transportation's
approval, the service will be launched on Oct. 28, Business
Journal relates, citing American Airlines.

American Airlines told Business Journal that it will use its
219-seat Boeing 767-300 planes for the route.  The plane has
room for 189 travelers in coach and 30 business class seats.

American Airlines runs flights to Buenos Aires from Dallas/Fort
Worth International Airport, Miami International Airport and
John F. Kennedy International Airport in New York, Business
Journal states.

American Airlines, Inc. (NYSE:AMR) -- http://www.AA.com/--
American Eagle, and the AmericanConnection regional airlines
serve more than 250 cities in over 40 countries with more than
3,800 daily flights.  The combined network fleet numbers more
than 1,000 aircraft.  American Airlines, Inc. and American Eagle
are subsidiaries of AMR Corporation.  It has Latin operations in
Mexico, Dominican Republic, Puerto Rico, Argentina, Bolivia,
Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Venezuela,
Uruguay, Belize, Costa Rica, El Salvador, Guatemala, Honduras,
Nicaragua and Panama.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Standard & Poor's Ratings Services assigned its
'CCC+' rating to American Airlines Inc.'s (B/Stable/--) US$357
million Alliance Airport Authority special facility revenue
refunding bonds, series 2007, due Dec. 1, 2029.  The bonds are
guaranteed by American's parent, AMR Corp. (B/Stable/B-2), and
are secured by payments made by American to the airport
authority.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Moody's Investors Service affirmed its 'B3' Corporate Family
rating for AMR Corp. and its subsidiary, American Airlines Inc.


ARROW ELECTRONICS: Asian Unit to Acquire Adilam Pty. Ltd.
---------------------------------------------------------
Arrow Asia Pac, a unit of Arrow Electronics Inc., signed an
agreement to acquire the component distribution business of
Adilam Pty. Ltd. with effect from June 1, 2007.

Privately owned, Adilam is a leading electronic component
distributor in Australia and New Zealand.  This acquisition will
create significant opportunities for Arrow, strengthening its
leadership position and increasing its competitive advantages in
the ANZ market.

"I am delighted to add Adilam to Arrow Asia Pac," Peter Kong,
president of Arrow Asia Pacific.  "There are significant
synergies between the two companies.  This is one of our
strategies to further strengthen our leadership position in the
ANZ market.  This acquisition will enable us to further
accelerate our growth in ANZ market."

"This acquisition will be mutually beneficial to Arrow and
Adilam," Gert Labuschagne, vice president of Arrow - South Asia.
"Arrow gains an expanded customer base and additional strategic
product lines, which are critical for Arrow to further expand
market share in ANZ.  Adilam's customers and suppliers will gain
instant access to Arrow's specialized expertise, technical
resources, supply chain solutions and extensive logistics
capabilities."

Under the combined entity, there will be no change to the local
structure of Arrow and reporting relationships of Arrow's
existing employees.  Adilam employees will be transferred to
Arrow Australia and assigned new positions.  With this increase
in resources, Arrow will be better positioned to expand its
product portfolio and offer improved services, products and
support to customers and suppliers of the combined company.

                  About Arrow Electronics

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

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

                        *     *     *

As reported on March 30, Moody's affirmed Arrow Electronics'
senior preferred stock at Ba2 and senior subordinated stock at
Ba1.

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


ARROW ELECTRONICS: Completes US$485-Million Agilysys Acquisition
----------------------------------------------------------------
Arrow Electronics, Inc. has completed its previously announced
acquisition of substantially all of the assets and operations of
the Agilysys KeyLink Systems Group, a leading enterprise
computing solutions distributor, for US$485 million in cash,
subject to final adjustments based upon a closing audit.  Arrow
Electronics has also entered into a long-term procurement
agreement with the Agilysys Enterprise Solutions Group,
Agilysys' value-added reseller business.

"We are now the leading value-added distributor in the fast
growing segments of storage and security and virtualization
software, as well as the leading value-added distributor of
enterprise products for both International Business Machines
Corp. and Hewlett Packard Co.  In the last fifteen months, we
have transformed our industry leading, value-added enterprise
computing business into a much stronger organization with a
broader line card, a more robust customer and supplier base, and
an expanded geographic reach," stated William E. Mitchell,
chairman, president and chief executive officer of Arrow
Electronics, Inc.

"The Agilysys KeyLink acquisition provides us with significant
cross selling opportunities to further accelerate our growth in
the global enterprise computing solutions market.  With this
transaction, we have added more than 800 value-added resellers
to our portfolio and gained over 300 highly experienced sales
and marketing professionals to ensure we continue to drive
superior levels of service," added Mr. Mitchell.

"With increased scale and greater levels of operating
efficiency, we will further strengthen our industry leading
financial performance.  This acquisition is expected to be
US$.15 to US$.17 accretive in 2007, including an estimated
US$.04 of intangible amortization, while generating US$30
million in operating cash flow annually," added Paul J. Reilly,
senior vice president and chief financial officer of Arrow
Electronics, Inc.  Pro forma sales for the 2007 calendar year,
including revenues associated with the above mentioned
procurement agreement, are expected to be in excess of US$1.2
billion.  The transaction was funded with cash-on-hand plus
borrowings under Arrow Electronics' existing committed liquidity
facilities.

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

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

                        *     *     *

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


CHONO LATINA: Proofs of Claim Verification Ends on Nov. 15
----------------------------------------------------------
Hugo A. Ayala, the court-appointed trustee for Chono Latina
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 15, 2007.

Mr. Ayala will present the validated claims in court as
individual reports on Feb. 4, 2008.  The National Commercial
Court of First Instance in Mendoza 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 Chono Latina 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 Chono Latina's
accounting and banking records will be submitted in court on
March 18, 2008.

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

The debtor can be reached at:

          Chono Latina S.A.
          Yapeyu 1296, Esquina 25 de Mayo
          Tunuyan, Mendoza
          Argentina

The trustee can be reached at:

          Hugo A. Ayala
          Luis Agote 835
          Ciudad de Mendoza, Mendoza
          Argentina


CEPA SA: Creditors to Vote on Settlement Plan Tomorrow
------------------------------------------------------
Cepa S.A., a company under reorganization, will present a
settlement plan to its creditors on April 10, 2007.

Lucas Bernardo Oddo, the court-appointed trustee for Cepa's
reorganization proceeding, submitted individual reports in court
on Aug. 23, 2006.  The individual reports were based on
creditors' claims that Mr. Oddo verified until June 27, 2006.
The National Commercial Court of First Instance in La Plata,
Buenos Aires determined the verified claims' admissibility,
taking into account the trustee's opinion and the objections and
challenges raised by Cepa and its creditors.

Mr. Oddo also presented a general report containing an audit of
Cepa's accounting and banking records in court on Oct. 4, 2006.

The debtor can be reached at:

          Cepa S.A.
          Calle 27 Numero 627, La Plata
          Buenos Aires, Argentina

The trustee can be reached at:

          Lucas Bernardo Oddo
          Plaza Paso 92, La Plata
          Buenos Aires, Argentina


EL PASO: Paying US$0.04 Per Share Dividend on July 2
----------------------------------------------------
El Paso Corporation's board of directors declared a quarterly
dividend of US$0.04 per share on the company's outstanding
common stock.  The dividend will be payable July 2, 2007, to
shareholders of record as of the close of business on
June 1, 2007.  Outstanding shares of common stock entitled to
receive dividends as of March 31, 2007, were 699,841,303.

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

                        *     *     *

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


LAVALLE 714: Claims Verification Is Until May 29
------------------------------------------------
Carlos Alberto Menendez, the court-appointed trustee for
Lavalle 714 S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until May 29, 2007.

Mr. Menendez will present the validated claims in court as
individual reports on July 11, 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 Lavalle 714 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 Lavalle 714's
accounting and banking records will be submitted in court on
Aug. 22, 2007.

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

The trustee can be reached at:

         Carlos Alberto Menendez
         Ventura Bosch 7098
         Buenos Aires, Argentina


MARITIMA SAN JOSE: Individual Reports Due in Court on June 14
-------------------------------------------------------------
Estudio Enrique H. Kiperman y Asociados, the court-appointed
trustee for Maritima San Jose S.A.'s reorganization proceeding,
will present in court the validated claims of the company's
creditors as individual reports on June 14, 2007.

As reported in the Troubled Company Reporter-Latin America on
March 22, 2007, Estudio Kiperman verifies proofs of claim from
Maritima San Jose's creditors until May 2, 2007.  The National
Commercial Court of First Instance No. 26 in Buenos Aires
determines if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Maritima San Jose and its creditors.

Estudio Enrique will also submit on Aug. 13, 2007, a general
report that contains an audit of Maritima San Jose's accounting
and banking records.

The informative assembly will be held on Dec. 3, 2007.
Creditors will vote to ratify the completed settlement plan
during the assembly.

Clerk No. 51 assists the court on the case.

The debtor can be reached at:

          Maritima San Jose SA
          Espinosa 1491
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Enrique H. Kiperman y Asociados
          Cerrito 836
          Buenos Aires, Argentina


FARMACIAS MARHEC: Claims Verification Deadline Is May 17
--------------------------------------------------------
Juan Carlos Herr, the court-appointed trustee for Farmacias
Marhec S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until May 17, 2007.

Mr. Herr will present the validated claims in court as
individual reports on July 2, 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 Farmacias Marhec 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 Farmacias Marhec's
accounting and banking records will be submitted in court on
Aug. 29, 2007.

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

The trustee can be reached at:

          Juan Carlos Herr
          Avenida Cordoba 1351
          Buenos Aires, Argentina


FIMAN SA: Proofs of Claim Verification Ends on May 16
-----------------------------------------------------
Ricardo Adolfo Bertoglio, the court-appointed trustee for Fiman
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until May 16, 2007.

Mr. Bertoglio will present the validated claims in court as
individual reports on June 29, 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 Fiman 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 Fiman's accounting
and banking records will be submitted in court on Aug. 28, 2007.

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

The trustee can be reached at:

          Ricardo Adolfo Bertoglio
          Lavalle 1537
          Buenos Aires, Argentina


HUNTSMAN INTERNATIONAL: S&P Puts BB Rating on Proposed Bank Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned bank loan and
recovery ratings to Huntsman International LLC's proposed
US$2.29 billion senior secured bank credit facilities, based on
preliminary terms and conditions.  The amended and restated
credit facilities are rated 'BB' (one notch higher than the
corporate credit rating) with a recovery rating of '1',
indicating the expectation of full recovery of principal in the
event of a payment default.  Huntsman will use proceeds from the
proposed term loan B to refinance borrowings under the existing
term loan.  In addition, Standard & Poor's raised the ratings on
the existing US$294 million of outstanding senior secured notes
due 2010 to 'BB' from 'BB-' and revised the recovery rating to
'1' from '2', indicating the expectation of full recovery of
principal in the event of a payment default.

Standard & Poor's also raised the ratings on Huntsman's existing
US$198 million 11.50% senior unsecured notes to 'B+' from 'B' to
recognize the reduction of secured debt in the capital
structure, and affirmed the 'BB-' corporate credit ratings on
Huntsman Corp. and its subsidiary Huntsman International LLC.
The outlook is positive.

"The positive outlook reflects our belief that the improved
business portfolio, with its increased weighting toward the
company's higher growth and more competitive business positions,
will make Huntsman more resilient during industry or economic
downturns, less capital and energy intensive, and will provide
more consistent free cash generation to support growth and
additional debt reduction," said Standard & Poor's credit
analyst Kyle Loughlin.

Ratings have the potential to move modestly higher if Huntsman
remains committed to a financial policy that allows for the
improvement of its balance sheet while pursuing its growth
objectives.

Huntsman globally manufactures and markets differentiated and
commodity chemicals.  Its operating companies manufacture
products for a variety of global industries including chemicals,
plastics, automotive, aviation, textiles, footwear, paints and
coatings, construction, technology, agriculture, health care,
detergent, personal care, furniture, appliances and packaging.

Originally known for pioneering innovations in packaging, and
later, for rapid and integrated growth in petrochemicals,
Huntsman has 15,000 employees and 78 operations in 24 countries
including Argentina, Brazil, Chile, Colombia, Panama, Mexico and
Guatemala.  The company had 2005 revenues of US$13 billion.


LEWA: Trustee to Present Individual Reports in Court on June 19
---------------------------------------------------------------
Maria Gabriela Aquim, the court-appointed trustee for Lewa
S.A.'s bankruptcy proceeding, will present creditors' validated
claims as individual reports in court on June 19, 2007.

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Ms. Aquim verifies creditors' proofs of claim
until May 7, 2007.

The National Commercial Court of First Instance No. 5 in Buenos
Aires, with the assistance of Clerk No. 10 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 Lewa and its creditors.

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

Ms. Aquim will also submit to court a general report containing
an audit of Ser-May's accounting and banking records on
Aug. 15, 2007.

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

The debtor can be reached at:

          Lewa SA
          Maipu 903
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria Gabriela Aquim
          Uruguay 662
          Buenos Aires, Argentina


METALURGICA INGRO: Proofs of Claim Verification Ends on March 23
----------------------------------------------------------------
Jose Gonzalez San Jose, the court-appointed trustee for
Metalurgica Ingro S.R.L.'s reorganization proceeding, verifies
creditors' proofs of claim until March 23, 2007.

The National Commercial Court of First Instance in Rawson
approved a petition for reorganization filed by Metalurgica
Ingro, according to a report from Argentine daily Infobae.

Mr. San Jose will present the validated claims in court as
individual reports on May 10, 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 Metalurgica Ingro 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 Metalurgica Ingro's
accounting and banking records will be submitted in court on
June 25, 2007.

The informative assembly will be held on Nov. 8, 2007.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Metalurgica Ingro S.R.L.
         Libertad 337
         Rawson, Chubut
         Argentina

The trustee can be reached at:

          Jose Gonzalez San Jose
          Belgrano 491
          Rawson, Chubut
          Argentina


PANIFICACION ESMERALDA: Proofs of Claim Filing Ends on June 18
--------------------------------------------------------------
Mariela Fernanda Agesta, the court-appointed trustee for
Panificacion Esmeralda S.A.C.E.I.'s bankruptcy proceeding,
verifies creditors' proofs of claim until June 18, 2007.

Ms. Agesta will present the validated claims in court as
individual reports on Aug. 8, 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 Panificacion Esmeralda 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 Panificacion
Esmeralda's accounting and banking records will be submitted in
court on Sept. 20, 2007.

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

The trustee can be reached at:

          Mariela Fernanda Agesta
          Esmeralda 625
          Buenos Aires


POLICLINICO RAFAELA: Informative Assembly Set for June 1
--------------------------------------------------------
Policlinico Rafaela S.A. will present to its creditors a
settlement plan during an informative assembly on June 1, 2007.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2006, Policlinico Rafaela entered reorganization
proceedings after the National Commercial Court of First
Instance in Rafaela converted the company's bankruptcy case into
a "concurso preventivo," allowing the company to draft a
proposal designed to settle its debts with creditors.  The
reorganization also prevented an outright liquidation.  Court-
appointed trustee Gabriel Aguirre Mauri verified creditors'
proofs of claim until Feb. 17, 2006, and presented in court the
validated claims as individual reports on April 3, 2006.  A
general was also submitted to court on May 19, 2006.

The debtor can be reached at:

         Policlinico Rafaela S.A.
         San Martin 326
         Rafaela (Santa Fe)
         Argentina

The trustee can be reached at:

         Gabriel Aguirre Mauri
         Alvear 58
         Rafaela (Santa Fe)
         Argentina


PUNTAL SERVICIOS: Proofs of Claim Verification Is Until May 8
-------------------------------------------------------------
Maria C. Lucena, the court-appointed trustee for Puntal
Servicios Empresarios S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until May 8, 2007.

Ms. Lucena will present the validated claims in court as
individual reports on June 22, 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 Puntal Servicios 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 Puntal Servicios'
accounting and banking records will be submitted in court on
Aug. 29, 2007.

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

The trustee can be reached at:

          Maria C. Lucena
          Parana 774
          Buenos Aires, Argentina


DANIEL BRUSCA: Proofs of Claim Verification Is Until May 4
----------------------------------------------------------
Jorge Juan Gerchkovich, the court-appointed trustee for Daniel
Brusca S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until May 4, 2007.

Mr. Gerchkovich will present the validated claims in court as
individual reports on June 15, 2007.  The National Commercial
Court of First Instance in San Martin, 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 Daniel Brusca 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 Daniel Brusca's
accounting and banking records will be submitted in court on
Aug. 7, 2007.

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

The debtor can be reached at:

         Daniel Brusca S.A.
         Alfredo Bufano 1560
         Buenos Aires, Argentina

The trustee can be reached at:

         Jorge Juan Gerchkovich
         Avenida Corrientes 1847
         Buenos Aires, Argentina


LA INDUSTRIAL: Proofs of Claim Verification Ends on April 30
------------------------------------------------------------
Silvia Beatriz Giambone, the court-appointed trustee for La
Industrial Latina S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until April 30, 2007.

Ms. Giambone will present the validated claims in court as
individual reports on June 13, 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 La Industrial 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 La Industrial's
accounting and banking records will be submitted in court on
Aug. 21, 2007.

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

The trustee can be reached at:

          Silvia Beatriz Giambone
          Roque Saenz Pena 651
          Buenos Aires, Argentina


AMERICAN GRAF: Proofs of Claim Verification Is Until April 30
-------------------------------------------------------------
Gabriel Tomas Vulej, the court-appointed trustee for American
Graf S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until April 30, 2007.

Mr. Vulej will present the validated claims in court as
individual reports on June 11, 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 American Graf 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 American Graf's
accounting and banking records will be submitted in court on
Aug. 6, 2007.

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

The trustee can be reached at:

         Gabriel Tomas Vulej
         Tucuman 1484
         Buenos Aires, Argentina


SOLGAS SA: Trustee to Present Individual Reports in Court Tom
-------------------------------------------------------------
Maria del Carmen Massa, the court-appointed trustee for Solgas
SA's reorganization proceeding, will present creditors'
validated claims as individual reports in the National
Commercial Court of First Instance in Salta on April 10, 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 Solgas and its creditors.

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

Ms. Massa verified creditors' proofs of claim until
Feb. 23, 2007.

Ms. Massa will also submit to court a general report containing
an audit of Solgas' accounting and banking records on
May 23, 2007.

The informative assembly will be held on Nov. 1, 2007.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

          Maria del Carmen Massa
          Avenida Belgrano 663
          Salta, Argentina


TECNOLOGIA EN MEDIO: Seeks Court Approval for Reorganization
------------------------------------------------------------
Tecnologia en Medio Ambiente S.A. has filed a petition for
reorganization before the National Commercial Court of First
Instance No. 13 in Buenos Aires, after failing to pay its
liabilities.

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

Clerk No. 25 assists the court in the proceeding.

The debtor can be reached at:

          Tecnologia en Medio Ambiente S.A.
          Virrey Ceballos 998
          Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Invests ARS2MM in Tolosa Center Upgrade
----------------------------------------------------------------
Telefonica de Argentina said in a statement that it has invested
ARS2 million for the upgrade of its Tolosa switching center in
La Plata.

Business News Americas relates that investments were primarily
allocated for the modernization and expansion of the facility,
in a move to offer more services to Telefonica de Argentina's
customers in surrounding areas, especially Asymmetric Digital
Subscriber Line services.

Telefonica de Argentina will invest ARS1.6 billion this year,
mainly for continued expansion of the firm's mobile and
broadband infrastructure, BNamericas states.

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.


TYSON FOODS: Greg Lee Quits as Chief Admin. Officer & President
---------------------------------------------------------------
Tyson Foods Inc. reported that Greg Lee, its Chief
Administrative Officer and International President, has decided
to retire early from full time employment.  Mr. Lee is a
longtime Tyson executive and was scheduled to retire next
February when his current employment contract expires.
Effective April 3, Lee will be assisting the company in
transitioning his duties for the next several weeks.

"Greg spent 27 years helping build and grow Tyson Foods, so his
leaving the company will not be easy," said Dick Bond, Tyson's
President & CEO.  "He will be missed by all, but we take comfort
in knowing he will still be available on a consulting basis in
the future."

"My career at Tyson has been rewarding in so many ways," said
Mr. Lee.  "It has been exciting to see the company grow from the
small regional chicken company it was when I started, to the
largest protein provider on the planet.  With our international
business in the capable hands of Rick Greubel and our Discovery
Center up and running, I know the best is yet to come."

"The Tyson family greatly appreciates Greg's dedicated service
to the company over the last three decades," said Tyson Chairman
John Tyson.  "He has been a stalwart team member wherever he was
needed and we will miss having him here on a day to day basis."

In accordance with his agreement with the company, Mr. Lee will,
in the next several weeks be assisting with the transition;
including helping determine how his past duties and
responsibilities will be assigned going forward.  An
announcement on those decisions is expected in the next 30 days.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.  It has operations in
Argentina.

                        *     *     *

On Sept. 25, 2006, Moody's Investors Service took a number of
rating actions in relation to Tyson, including the assignment of
a Ba1 rating to the company's:

   -- US$1 billion senior unsecured bank credit facility; and

   -- US$345 million senior unsecured bank term loan for its
      Lakeside Farms Industries Ltd. subsidiary, under a full
      Tyson Foods, Inc. guarantee.


WEBERLAW SA: Trustee to Present Individual Reports on May 7
-----------------------------------------------------------
Leonor Haydee Veiga, the court-appointed trustee for Weberlaw
S.A.'s bankruptcy proceeding, will present creditors' validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on May 7, 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 Weberlaw and its
creditors.

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

Ms. Veiga verifies creditors' proofs of claim "por via
incidental."

Ms. Veiga will also submit to court a general report containing
an audit of Weberlaw's accounting and banking records on
June 19, 2007.

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

The trustee can be reached at:

          Leonor Haydee Veiga
          Humahuaca 4165/67
          Buenos Aires, Argentina


WORLD PETROL: Proofs of Claim Verification Deadline Is June 12
--------------------------------------------------------------
Stella Maris Diaz, the court-appointed trustee for World Petrol
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until June 12, 2007.

Ms. Diaz will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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 World Petrol 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 World Petrol's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

          World Petrol SA
          Avenida de Mayo 1370
          Buenos Aires, Argentina

The trustee can be reached at:

          Stella Maris Diaz
          Araoz 323
          Buenos Aires, Argentina




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


BANCO BRADESCO: Intensifies ATM Agreement with Banco do Brasil
--------------------------------------------------------------
Banco Bradesco said in a statement that it has increased its
ATM-sharing agreement with Banco do Brasil to 200 machines in
Brasilia and Sao Paulo.

Banco do Brasil and Banco Bradesco told Business News Americas
that the accord will gradually extend across Brazil to include
about 8,200 ATMs.

According to BNamericas, Banco do Brasil and Banco Bradesco
clients can use the ATMs to make withdrawals from and deposits
to savings and checking accounts.  The banks will later let
account holders to do other transactions.

BNamericas notes that Banco do Brasil and Banco Bradesco started
the program's test phase in December 2006.

The ATMs are situated in airports, bus terminals, shopping
centers and supermarkets, BNamericas states.

                    About Banco do Brasil

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

                    About Banco Bradesco

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

                        *     *     *

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 DA AMAZONIA: Fitch Affirms All Ratings
--------------------------------------------
Fitch Ratings has upgraded Banco da Amazonia S.A.'s, aka Basa,
Support rating to '3' from '4', and affirmed its other ratings:

   -- Foreign Currency Issuer Default Rating at 'BB';
   -- Short-term Foreign Currency at 'B';
   -- Local Currency IDR at 'BB';
   -- Short-term Local Currency at 'B';
   -- Individual Rating at 'D';
   -- National Long-term Rating at 'AA-(bra)'; and
   -- National Short-term Rating at 'F1+(bra)'.

The Outlooks for the Issuer Default and National Long-term
ratings remain Positive, reflecting the Outlooks on Brazil's
sovereign ratings.

The upgrade in the Support rating of Basa reflects the gradual
improvement in Brazil's credit profile, evidencing a greater
ability to provide support should it be required.

Basa's Foreign and Local Currency IDRs reflect the support of
its main shareholder, the Federal Government, and Fitch's
expectations that this support will be maintained.  This support
reflects its control by the National Treasury and the importance
of the bank for Brazil's north region.

The Individual Rating considers Basa's dependency on revenues
derived from the Constitutional Financing Fund of the North or
FNO.  It also reflects a slight deterioration in the bank's
asset quality and, consequently, profitability as well as the
difficulties in addressing the deficit in its defined-benefit
pension fund or Capaf.  Fitch notes Basa's ambivalent strategy
for growth, which may only yield results in the long term.

Despite revenue growth, Basa's recent earnings have suffered
from high provisioning.  Fitch expects that the bank's earnings
to benefit from a continued improvement in revenue growth, lower
provisioning volumes, adequate cost controls and a lower
effective tax rate due to deferred tax credits generated by
provisions.

Support ratings offer Fitch's judgement of a potential
supporter's (either a sovereign state's or an institutional
owner's) propensity to support a bank and of its ability to
support it.  Its ability to support is set by the potential
supporter's own Fitch Long-term debt rating, both in foreign
currency and, where appropriate, in local currency.

A Support Rating of 3 denotes a bank for which there is a
moderate probability of support because of uncertainties about
the ability or propensity of the potential provider of support
to do so.  This probability of support indicates a minimum Long-
term rating floor of 'BB-'.

Banco da Amazonia aka Basa acts as a retail bank and regional
development bank for the states of Para, Amazonas, Rondonia,
Roraima, Acre, Amapa, Tocantins, Mato Grosso and part of
Maranhao.  The national treasury of Brazil controls about 96.9%
of the company's capital.


BANCO DO BRASIL: Intensifies ATM Agreement with Banco Bradesco
--------------------------------------------------------------
Banco do Brasil said in a statement that it has increased its
ATM-sharing agreement with Banco Bradesco to 200 machines in
Brasilia and Sao Paulo.

Banco do Brasil and Banco Bradesco told Business News Americas
that the accord will gradually extend across Brazil to include
about 8,200 ATMs.

According to BNamericas, Banco do Brasil and Banco Bradesco
clients can use the ATMs to make withdrawals from and deposits
to savings and checking accounts.  The banks will later let
account holders to make other transactions.

BNamericas notes that Banco do Brasil and Banco Bradesco started
the program's test phase in December 2006.

The ATMs are situated in airports, bus terminals, shopping
centers and supermarkets, BNamericas states.

                   About Banco Bradesco

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

                  About Banco do Brasil

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

                        *     *     *

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

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


BRASKEM SA: Shareholders Approve Politeno Merger
------------------------------------------------
Braskem S.A. disclosed that the merger of Politeno with and into
itself was approved by the shareholders of both companies in
Extraordinary Shareholders' Meetings.  With the merger, Braskem
advances one step forward in its growth with value creation
process.

"The merger of Politeno was designed to align the interests of
all shareholders and will allow shareholders of Politeno that
decide to become shareholders of Braskem full access to the
benefits offered by Braskem to all of its shareholders, such as
100% tag-along rights in the event of a change of control,"
commented Carlos Fadigas, Braskem's VP - Finance and IR.

Prior to the merger, Braskem owned 100% of Politeno's voting
share capital and approximately 96.2% of its total share
capital.  As of April 3, 2007, Politeno's preferred shareholders
can exchange their Politeno shares for Braskem's class A
preferred shares, at an exchange ratio of 1,656 of Politeno
shares for each Braskem's class A preferred share.  This
exchange ratio is based on an appraisal report with respect to
both companies prepared by PricewaterhouseCoopers Auditores
Independentes, and represents a 8.57% premium for shareholders
of Politeno over the fair market value of these shares based on
the respective shareholders' equity of these companies.

As of April 3, 2007, Politeno's minority shareholders have until
May 2, 2007, to exercise their appraisal rights, if they do not
exchange their shares for Braskem's shares.  The shareholder
with shares at CBLC (Brazilian Closing and Trustee Company), and
who wants to exercise this right should contact its chosen
securities trader informing of its intention to exercise the
appraisal right through a specific form to be provided by CBLC.
If the shares are registered at Banco Itau (Itau Bank), the
shareholder should contact any branch to fill out a specific
form to be provided by Banco Itau.  Politeno shareholders who
exercise their appraisal rights will receive a cash payment of
BRL$7.543 per lot of 1,000 shares on May 15, 2007.

Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Fitch Ratings has affirmed its BB+ ratings on
Braskem S.A. and Braskem International following the
announcement by Braskem, Petrobras and the Ultra Group that they
have reached an agreement to acquire the Ipiranga Group's
petrochemical, refining and fuel distribution assets.

Fitch also affirmed these ratings:

  Braskem S.A.

    -- Foreign currency issuer default rating at 'BB+';
    -- Local currency issuer default rating at 'BB+';;
    -- Senior unsecured notes 2008, 2014 at 'BB+';
    -- Senior unsecured Perpetual Bonds at 'BB+';
    -- Senior unsecured notes 2017 at 'BB+';
    -- National rating at 'AA (bra)';
    -- Debentures 12th Issuance at 'AA (bra)'; and
    -- Debentures 13th Issuance at 'AA (bra)'.

  Braskem International

    -- Senior unsecured notes 2015 at 'BB+'.


BRASKEM SA: Inks Deal with Refap to Supply Petrochemical Goods
--------------------------------------------------------------
Braskem S.A. has entered a contract with Refinaria Alberto
Pasqualini -- Refap S/A -- located in Canoas/RS, for initial
supply of 70 thousand tons of propylene per year, which may
exceed 100 thousand tons per year with the forecasted production
increases in the refinery.  The initiative, which marks the
entry of Refap as a supplier of raw materials to the
petrochemical sector, will provide important competitivity and
strategic flexibility gains to Braskem, which just expanded its
share in the country's southern region, with the acquisition of
petrochemical businesses from Ipiranga in a partnership with
Petrobras, including the controlling stake of Copesul.

"This agreement establishes an important partnership in the long
term relationship between Braskem and Refap, and will be key in
the completion of future projects aimed at expanding the
company's polypropylene units", says Braskem's Poliolefines Vice
President Luiz de Mendonca.  In addition, it reinforces the
strategic partnership with Petrobras, already accomplished
through PetroquĦmica PaulĦnia's project, and now with
PetroquĦmica Ipiranga.

As a consequence of the acquisition of Ipiranga PetroquĦmica's
businesses jointly with Petrobras, Braskem plans to invest
approximately BRL700 million in projects aimed at expanding its
industrial units in the Triunfo Complex until 2009, besides
investments already announced in other assets.

The contract with Refap foresees the initial supply of 5.8
thousand tons of propylene per month.  This volume will
complement the supply of the company's current units in the
Triunfo Complex, and guarantee the supply of raw materials for
future expansions.  Propylene will be delivered to Braskem
through a pipeline, which ensures security and continuity in the
raw material's supply.

The establishment of this contract is part of Braskem strategy
of consolidating its leading position in the market of
polypropylene, a resin that presents the highest demand growth
rates both in the Brazilian and international markets.

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Fitch Ratings has affirmed its BB+ ratings on
Braskem S.A. and Braskem International following the
announcement by Braskem, Petrobras and the Ultra Group that they
have reached an agreement to acquire the Ipiranga Group's
petrochemical, refining and fuel distribution assets.

Fitch also affirmed these ratings:

  Braskem S.A.

    -- Foreign currency issuer default rating at 'BB+';
    -- Local currency issuer default rating at 'BB+';;
    -- Senior unsecured notes 2008, 2014 at 'BB+';
    -- Senior unsecured Perpetual Bonds at 'BB+';
    -- Senior unsecured notes 2017 at 'BB+';
    -- National rating at 'AA (bra)';
    -- Debentures 12th Issuance at 'AA (bra)'; and
    -- Debentures 13th Issuance at 'AA (bra)'.

  Braskem International

    -- Senior unsecured notes 2015 at 'BB+'.


BRASKEM SA: May Acquire Petroquimica Triunfo
--------------------------------------------
Braskem SA President Jose Carlos Grubisich said during a meeting
with investors that the company may consider purchasing
Petroquimica Triunfo, a plastic resin manufacturer based in
southern Brazil, Business News Americas reports.

"Triunfo is in Rio Grande do Sul state, next to the facilities
of Braskem, Ipiranga and Copesul, which most probably, during
the development of this operation [the Ipiranga acquisition by
Braskem, federal energy company Petrobras (NYSE: PBR) and
petchem group Ultrapar] could be a new step for consolidation,"
bnamerica relates, citing Mr. Grubisich at the meeting.

According to BNamericas, Petroleo Brasileiro's Petroquisa holds
85.04% of Petroquimica Triunfo, while Petroplastic owns the
remaining 14.62%.  Petroquisa was allegedly planning to sell its
stake to Braskem, making it the controller.

Mr. Grubisich told BNamericas that Petroquimica Triunfo can
produce 160,000 tons per year of low-density polyethylene
(LDPE).  If its production would be added to Braskem's current
5.85-million ton per year capacity, the latter would become the
biggest single producer of resins in Brazil.

A Petroquimica Triunfo executive denied to BNamericas any talks
on a possible acquisition.  However, a source said that some
workers at the firm are worried that an imminent acquisition
would result in a restructuring of the company and the possible
loss of jobs.

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 22, 2007, Standard & Poor's Ratings Services affirmed the
rating on Braskem S.A. (Braskem; BB/Stable/--) following the
announcement that the company, together with two other
companies, has jointly acquired the control of Grupo Ipiranga
(unrated) in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Fitch Ratings affirmed its BB+ ratings on
Braskem S.A. and Braskem International following the
announcement by Braskem, Petrobras and the Ultra Group that they
have reached an agreement to acquire the Ipiranga Group's
petrochemical, refining and fuel distribution assets.  The
multi-part transaction, which would be concluded by the end of
2007, should result in Braskem owning 33% of the oil refinery
Refinaria de Petroleo Ipiranga or RIPI and 60% of the
petrochemical assets of Ipiranga Quimica or IQ, which in turn
will own 100% of Ipiranga Petroquimica or IPQ.  Braskem would
also own 64% of Copesul through its existing stake in that
company plus that held by IPQ.

The affirmed ratings were:

  Braskem S.A.

    -- Foreign currency issuer default rating at 'BB+';
    -- Local currency issuer default rating at 'BB+';;
    -- Senior unsecured notes 2008, 2014 at 'BB+';
    -- Senior unsecured Perpetual Bonds at 'BB+';
    -- Senior unsecured notes 2017 at 'BB+';
    -- National rating at 'AA (bra)';
    -- Debentures 12th Issuance at 'AA (bra)'; and
    -- Debentures 13th Issuance at 'AA (bra)'.

  Braskem International

    -- Senior unsecured notes 2015 at 'BB+'.


BENQ CORP: Selling 1.3% Stake in AU Optronics for NT$4.5 Billion
----------------------------------------------------------------
BenQ Corp. disclosed in a filing with the Taiwan Stock Exchange
that it plans to sell 100 million shares it owned, representing
about 1.3% in AU Optronics Corp.'s equity, The China Post
reports.

According to BenQ, it expects to gain NT$4.5 billion from the
sale to be conducted in a block trade.  Proceeds, The Taipei
Times notes, will be used to increase the company's cash flow.

The report relates that after the sale, BenQ will cut its
shareholding in AU Optronics to 8.2% from 9.7%.

AFX News Limited says that BenQ currently owns 638.03 million
shares in AU Optronics.

The company did not present a timetable as to when to proceed
with the offer.

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

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, 2006, after BenQ Corp.'s board decided
to discontinue capital injection into the mobile unit in order
to stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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

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

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

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


CAIXA ECONOMICA: Savings Deposits Exceed Withdrawals by BRL2 Bln
----------------------------------------------------------------
Caixa Economica Federal reported that its savings deposits
surpassed withdrawals by BRL2.17 billion in the first quarter
2007, compared to a negative balance of BRL538 million in the
first quarter 2006, Business News Americas reports.

Savings deposits exceeded withdrawals by BRL1.04 billion in
March 2007, BNamericas relates, citing Caixa Economica.

Caixa Economica represents over 32.6% of the Brazilian market
with more than BRL63 billion in savings account deposits,
BNamericas states.

Apart from its commercial banking activities, Caixa Economica
Federal is responsible for executing policies in the areas of
housing and basic sanitation, the administration of social funds
and programs and federal lotteries.  Caixa Economica Federal is
Brazil's second largest financial institution and is the fourth
largest bank in Latin America.  According to a 2002 ranking of
Latin American banks undertaken by Caracas-based SOFTline, it
had US$36.3 billion (11.7%) in assets, deposits valued at
US$21.7 billion and loans worth US$7 billion as of 2002.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Moody's Investors Service upgraded these ratings
of Caixa Economica Federal:

   -- long-term foreign currency deposits to Ba3 from Ba1; and

   -- long- and short-term global local currency deposit ratings
      to A1/Prime-1 from A3/Prime-2.

Moody's said the ratings outlook was stable.


CHEMTURA CORP: Simplifies Fin'l Reporting Structure to Six Units
----------------------------------------------------------------
Chemtura Corp. has implemented an industry-based business model
in order to improve performance and accelerate growth.  By
focusing on end-use markets, Chemtura believes it will be better
able to serve current customer needs, anticipate their future
requirements and target rapidly growing industry segments.

Chemtura will simplify its financial reporting structure from
the current six units to four, as shown on the attached
organization chart, each led by a group president:

   * Polymer Additives, which will include the former Plastic
     Additives and Flame Retardants business units and
     will be led by Anne Noonan;

   * Performance Specialties, which will include the former
     Petroleum Additives, Urethanes, Optical Monomers and
     Fluorine Specialties and will be led by Bob Wedinger;

   * Consumer Products, led in the interim
     by Kim Nicholson; and

   * Crop Protection, led in the interim by Greg McDaniel.

By redirecting Chemtura commercial emphasis to the end-use
priorities of its customers, the company will better leverage
the considerable technical and applications expertise that
already defines its leadership positions in flame retardants,
urethanes, lubricant additives, crop protection, recreational
water purification and numerous additives used in the processing
of polymers.  Chemtura's commitment to industry specialization
will improve existing customer-supplier partnership, and enhance
its preparedness to meet rapidly changing industry demands in
the future.

The new organizational and reporting structure streamlines
leadership and decision making, while giving each business
better accessibility to the tools they need to succeed and more
direct accountability for results.  Each business will have
responsibility for its own production facilities, operational
and financial forecasting, sourcing decisions, process
excellence initiatives, and technical development efforts.

"We are excited about the impact we expect these changes to have
on our growth prospects and long-term competitive position,"
said Robert Wood, chairman and chief executive officer.  "As we
evolve from a functional to an industry-focused commercial
organization, we will present a more coordinated face to
customers and have better insight into their current and future
needs.  The marketplace has been very clear in defining what
constitutes a preferred, valued-added supplier and our business
leaders will be accountable for partnering with customers to
meet those demanding standards."

"As a result of changes to the business structure, Tom Geise,
John Lacadie, Janet Mann, Marcus Meadows-Smith, and Al Stratton
will be leaving Chemtura.  We thank them for their many
contributions to our organization."

Organizational streamlining is expected to result in a reduction
of the company's global workforce by approximately 10 percent
(620 positions), resulting in an annualized cost reduction of
approximately US$50 million beginning in 2008.  The company
expects to record charges related to the restructuring in the
range of US$25-US$35 million.  Most affected personnel are
expected to be notified by the end of the second quarter.

Headquartered in Middlebury, Conn., Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and
marketer of specialty chemicals, crop protection, and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  The company has facilities in Singapore,
Australia, China, Hong Kong, India, Japan, South Korea, Taiwan,
Thailand, Brazil, Belgium, France, Germany, Mexico, and The
United Kingdom.

                        *     *     *

In November 2006, Moody's Investors Service assigned a Ba1
rating to Chemtura Corp.'s US$400 million of senior notes due
2016 and affirmed the Ba1 ratings for its other debt and the
corporate family rating.


COGNIS GMBH: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Cognis GmbH.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Cognis GmbH

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   -------
   9.5% Senior Secured
   Regular Bond/Debenture
   Due 2014                  B3       B3      LGD5      86%


* Issuer: Cognis Deutschland GmbH & Co. KG

                            Old POD  New POD  LGD     Loss Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  -------
   Senior Secured
   Bank Credit Facility       B1       Ba2     LGD2     24%

   Senior Secured
   Regular Bond/Debenture
   Due 2013                   B2       B2      LGD4     64%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Monheim am Rhein, Germany, Cognis GmbH --
http://www.de.cognis.com/-- supplies innovative specialty
chemicals and nutritional ingredients, with a particular focus
on the areas of wellness and sustainability.  The company
employs about 8,000 people, and it operates production sites and
service centers in 30 countries including including Malaysia,
Australia, Brazil, and France.


COMPANHIA DE BEBIDAS: Unit Has Until April 19 to Buy Shares
-----------------------------------------------------------
Companhia de Bebidas das Americas or AmBev announced that the
voluntary offer made by Beverage Associates Holding Ltd., a
Bahamian corporation and Ambev's wholly owned subsidiary, to
purchase up to 6,872,480 Class A shares and up to 8,661,207
Class B shares (including Class B shares held as American
Depositary Shares) of its subsidiary Quilmes Industrial
(Quinsa), Societe Anonyme, which represent the outstanding Class
A shares and Class B shares (and Class B shares held as ADSs)
that are not owned by AmBev or its subsidiaries, at a purchase
price of US$3.35 per Class A share and US$33.53 per Class B
share (US$67.07 per ADS), net to the seller in cash (less any
amounts withheld under applicable tax laws), without interest,
is extended to 5:00 p.m., New York City Time (which is 11:00
p.m. Luxembourg Time), on April 19, 2007.

AmBev and BAH have prepared a supplement to the Offer Document
which will be mailed to shareholders and will be available for
free at http://www.sec.gov/and http://www.ambev-ir.com/
The offer period is extended to allow shareholders the
opportunity to review the Supplement prior to making their
decision.

As of April 2, 2007, approximately 2,952,558 Class A shares and
1,613,433 Class B shares (including Class B shares held as
ADSs), representing 0.71% of the voting rights of Quinsa, had
been tendered in and not withdrawn from the offer.

All terms and conditions of the offer are described in the Offer
Document and the Supplement.  The Offer Document and the
Supplement were approved by the Luxembourg Commission de
Surveillance du Secteur Financier and filed with the U.S.
Securities and Exchange Commission on Jan. 25, 2007, and
April 3, 2007, respectively.  As stated in the Offer Document,
Quinsa's Board of Directors has unanimously determined that the
offer is fair to shareholders other than AmBev and its
affiliates and recommends that shareholders tender their shares
in the offer.  Shareholders of Quinsa can obtain the Offer
Document and other documents that were filed with the SEC for
free at http://www.sec.gov/and http://www.ambev-ir.com/

Requests for the Offer Documentation and the Supplement may be
directed to Innisfree M&A Incorporated at +1 877 750 9501 (toll
free in the U.S. and Canada) or at +00 800 7710 9970 (freephone
in the EU), or in writing:

          Innisfree M&A Incorporated
          501 Madison Avenue 20th floor
          New York, NY, 10022

Questions regarding the offer may be directed to Credit Suisse
Securities (USA) LLC at +1 800 318 8219 (toll free in the U.S.).

No communication or information relating to the offer for the
Class A shares and Class B shares of Quinsa (including Class B
shares held as ADSs) not already held by AmBev's subsidiaries
may be distributed to the public in any jurisdiction in which a
registration or approval requirement applies other than the
United States of America or Luxembourg.  No action has been (or
will be) taken in any jurisdiction where such action would be
required outside of the United States of America and Luxembourg
in order to permit a public offer.  The offer and the acceptance
of the offer may be subject to legal restrictions in certain
jurisdictions.  Neither AmBev nor BAH assume responsibility for
any violation of such restrictions by any person.

                         About Quilmes

Quilmes Industrial is the largest brewer in Argentina, Bolivia,
Paraguay and Uruguay, having a share of the Chilean market as
well.  It also is the Pepsi bottler in Argentina and Uruguay.

                         About AmBev

Based in Sao Paulo, Brazil, AmBev -- http://www.ambev.com.br/
-- is the largest brewer in Latin America and the fifth largest
brewer in the world.

AmBev's beer brands include Skol, Brahma and Antarctica.  AmBev
also produces and distributes soft drink brands such as Guarana
Antarctica, and has franchise agreements for Pepsi soft drinks,
Gatorade and Lipton Ice Tea.

AmBev has been present in Canada since 2004 through Labatt.
Founded in London, Ontario in 1847 and the proud brewer of more
than 60 quality beer brands, Labatt is Canada's largest brewery.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2006,
Moody's Investors Service upgraded to Ba1 from Ba2 the foreign
currency issuer rating of Companhia de Bebidas das Americas aka
AmBev to reflect the upgrade of Brazil's foreign currency
country ceiling to Ba1 from Ba2.  AmBev's global local currency
issuer rating of Baa3 and the foreign currency rating of Baa3
for its debt issues remain on review for possible upgrade.


DELPHI CORP: Can Continue Implementing Annual Incentive Plan
------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York has permitted Delphi
Corporation and its debtor-affiliates to continue implementing
the Annual Incentive Plan for the first half of 2007 despite the
labor unions' objections, Reuters' Nick Zieminski reports.

"It's not the case that every dollar that goes into an
executive's pocket is a dollar out of a [worker's] pocket.  [It
is] necessary, for the executive team to be compensated at least
somewhat comfortably," Reuters quotes Judge Drain.

Through the AIP, the Debtors may award up to US$37,400,000 in
bonuses to their executives during the Allowed Period.

                        Unions Object

Six labor unions contend that the Debtors' request to continue
the Annual Incentive Plan for the first half of 2007 is selfish,
disruptive and does not constitute good business judgment:

   (1) International Union, United Automobile, Aerospace and
       Agricultural Implement Workers of America

   (2) United Steel, Paper and Forestry, Rubber, Manufacturing,
       Energy, Allied Industrial and Service Workers,
       International Union

   (3) International Union of Electronic, Electrical, Salaried,
       Machine and Furniture Workers-Communications Workers of
       America

   (4) International Brotherhood of Electrical Workers

   (5) International Association of Machinists and Aerospace
       Workers, Tool and Die Makers

   (6) International Union of Operating Engineers

The Debtors have not established any difficulty in retaining or
attracting key employees, the Unions argue.  The Debtors also
have not provided any evidence that the deferral of salaried
incentives until the conclusion of the bankruptcy cases will
injure their reorganization, the Unions add.

The Unions remind the Court that the Debtors entered into
Chapter 11 for the primary purpose of securing their union-
represented workers' cooperation and agreement to drastically
cut wages and benefits.

The negotiations to achieve the labor changes the Debtors are
seeking is now at its most critical phase, the Unions point out.
The continuation of the AIP, the Unions assert, will have an
adverse impact on their ability to reach consensual agreements
with the Debtors.

The Unions also contend that the continuation of the AIP would
further the Debtors' double-standard treatment of employees.  It
would be counterproductive and inappropriate to permit top
executives to reward themselves with millions of dollars in
additional incentive payments while the rank and file members
remain in limbo about their future, the Unions emphasize.

The Unions note that the Debtors assert their request at a time
when they are closing down several of their facilities on
different fronts.  IBEW relates that the Debtors have confirmed
their intention with regard to their facilities in Milwaukee,
Wisconsin, and Columbus, Ohio.

                       Debtors Respond

Most of the allegations raised by the Unions are replays of
arguments that were considered and rejected by the Court in
connection with the Debtors' previous AIP programs, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, points out.

As the Court has explained in its prior rulings, Mr. Butler
recounts, the Union's old arguments do not detract from the
Debtors' reasonable business judgment that continuing the AIP is
a necessary step toward achieving competitive compensation
opportunities for the covered employees, and that the AIP offers
appropriate incentives to achieve the corporate- and division-
level performance targets derived from the Debtors' Preliminary
Business Plan.

The Court has long recognized that the AIP and the Debtors'
efforts to reduce labor costs are logically consistent in that
both are essential to the Debtors' broader objective of
instituting competitive compensation practices across their
entire workforce, Mr. Butler states.

The Union's assertion that continuing the AIP will impede a
consensual resolution of labor issues is flawed, Mr. Butler
contends.  The prospects for an agreement depend on the terms
and conditions of the labor proposals presented to the Unions,
and not on ancillary matters like the AIP, Mr. Butler avers.

None of the Unions, Mr. Butler notes, have disputed the fact
that without the incentive-compensation opportunities available
under the AIP, the Debtors' executive-compensation structure
ranks in the bottom 25% when compared to the compensation
opportunities offered by Delphi Corp.'s peers.

Although all elements of compensation induce employees to remain
employees to some degree, the AIP does not constitute the kind
of pay-to-stay program that one typically associates with a
retention program, Mr. Butler clarifies.  The AIP does not offer
covered employees any compensation opportunities whatsoever for
merely remaining in the Debtors' employ.

Instead, Mr. Butler elaborates, the AIP provides opportunities
for incentive compensation, but only when the Debtors achieve or
exceed their corporate- or division-level performance targets.

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

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 62 & 63; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DELPHI CORP: Goldman Sachs Buys 1.6 Mln Shares of Common Stock
--------------------------------------------------------------
The Goldman Sachs Group Inc., and Goldman, Sachs & Co. disclose
in a regulatory filing with the U.S. Securities and Exchange
Commission that they purchased 1,600,000 shares of Delphi Corp.
common stock on March 21:

                    Shares        Price        Shares Held
     Date          Acquired     per Share   After Acquisition
     ----          --------     ---------   -----------------
     03/21/07         5,000     US$2.90         18,377,057
     03/21/07        20,000        2.89         18,397,057
     03/21/07       334,600        2.88         18,731,657
     03/21/07        75,000        2.87         18,806,657
     03/21/07       275,000        2.86         19,081,657
     03/21/07       115,400        2.85         19,197,057
     03/21/07        25,000        2.83         19,222,057
     03/21/07       150,000        2.77         19,372,057

Goldman Sach's purchase of Delphi common stock is in connection
with an Additional Investor Agreement it entered into with
affiliates of Appaloosa Management L.P., Harbinger Capital
Partners Master Fund I Ltd., and Cerberus Capital Management
L.P.; UBS Securities LLC; and other third-party investors.

Goldman Sach is headquartered in New York.

                   About Delphi Corporation

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

The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.

The Debtors' exclusive plan-filing period expires on
July 31, 2007. (Delphi Corporation Bankruptcy News, Issue
No. 63; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTO: To Close Plants & Sell Units as Part of Restructuring
----------------------------------------------------------------
As a continuation of the company's strategic restructuring
initiative called 50-cubed, DURA Automotive Systems, Inc., is
proposing to close these four manufacturing facilities:

   -- Brownstown, Indiana;
   -- Bracebridge, Ontario;
   -- Hannibal South, Missouri; and
   -- Selinsgrove, Pennsylvania.

The 50-cubed program was launched in February of 2006 and
established heightened performance goals in quality, worldwide
efficiency and profitability.  The program is projected to
result in the idling of approximately 10 DURA manufacturing
facilities worldwide by the end of 2007.  The company also
anticipates the announcement of further consolidation strategies
in the third quarter of 2007.

In 2006, DURA disclosed planned closures of sites in

   -- Llanelli, United Kingdom;
   -- Brantford, Ontario;
   -- Stratford, Ontario; and
   -- a U.S. site in LaGrange, Indiana, as part of its
      restructuring program.

These additional plants are slated for closure by year-end 2007:

   -- Brownstown, Ind., a 68,400 square-foot plant that
      manufactures spare tire carriers/winches and toolkits, and
      currently employs 114 people.  Manufacturing of products
      will be moved to Matamoros, Mexico.  It is anticipated
      that production will cease at the Brownstown facility by
      year-end 2007.

   -- Bracebridge, Ontario, a 120,000 square-foot plant that
      manufactures manual and power seat adjusters, and
      currently employs 176 people.  Manufacturing will be moved
      to Gordonsville, Tennessee; and Stockton, Illinois.  It is
      anticipated that production will cease at the Bracebridge
      facility in October 2007.

   -- Hannibal South, Mo., a 70,000 square-foot facility that
      manufactures park brake cables, and currently employs 65
      people.  All primary operations will be transferred to
      Milan, Tennessee, to be integrated with final assembly
      work.  It is anticipated that the Hannibal South facility
      will close by the end of September 2007.

   -- Selinsgrove, Pa., a 56,000 square-foot facility that
      manufactures truck cap windows, and currently employs
      61 people.  The assembly lines will be moved to Elkhart,
      Indiana.  It is anticipated that the Selinsgrove facility
      will close by the end of May 2007.

Separately, but as part of the ongoing Chapter 11 restructuring
currently underway, the company intends to sell its jack
business, and its hinge and latch business.  The proposed
divestitures will include the sale of facilities in Butler,
Indiana; and Mancelona, Michigan:

   -- Butler, Ind., a 140,000 square-foot facility, manufactures
      jacks and jack tool kits, and currently employs 181
      people.  DURA is currently marketing the sale of its jacks
      business.

   -- Mancelona, Mich., a 173,000 square-foot facility,
      primarily manufactures automotive latch assemblies and
      employs 237 people.

Further information regarding these divestitures will be made as
sale agreements are reached.

"We recognize the impact that these announcements will have on
our employees and these communities," DURA Automotive Chairman
and Chief Executive Officer Larry Denton said.

"The decisions to consolidate facilities and transition assembly
lines are extremely difficult but necessary.  Our restructuring
programs are designed to improve our long-term competitiveness
and assist the organization to emerge from Chapter 11 protection
in an expedited timeframe," Mr. Denton added.

                 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
May 23, 2007.


GOL LINHAS: Gets Approval to Complete VRG Transfer to GTI
---------------------------------------------------------
GOL Linhas Aereas Inteligentes recently received approval from
the National Civil Aviation Agency or ANAC to complete the
transfer of VRG to GTI S.A., a wholly owned subsidiary of GOL
Linhas Aereas Inteligentes.  With this authorization, GOL Linhas
will begin executing the plan developed for VRG, which will
operate with its own brand (VARIG) and differentiated services,
while incorporating the low-cost business model from GOL
Transportes Aereos S.A.

"ANAC's authorization allows us to move forward with the
acquisition of VRG and the implementation of our efficient low-
cost, low-fare model," says GOL Linhas's Chief Executive
Officer, Constantino de Oliveira Junior.  "VARIG will
incorporate modern concepts of efficient administration and
reduce operating costs to become a competitive company, which we
believe will benefit the customer."

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                        *     *     *

On March 7, 2007, Fitch Ratings assigned its BB+ rating to GOL
Intelligent Airlines' senior unsecured debt.


METROLOGIC: S&P Changes Outlook to Neg. on Increased Leverage
-------------------------------------------------------------
Standard & Poor's Rating Services revised its outlook on
Metrologic Instruments Inc. to negative from stable, and
affirmed the 'B+' corporate credit rating.  The revision in the
outlook reflects increased leverage, to the mid-5x area from the
mid-4x area, resulting from US$45 million in additional debt to
buy out shares held by the company's founder, as well as a
redemption of preferred equity held by remaining shareholders.

Standard & Poor's also assigned a 'B+' rating and a recovery
rating of '2' to the company's proposed first-lien facility,
which amounts to US$205 million (a term B loan of US$170 million
and an undrawn revolving credit facility of US$35 million).  The
recovery rating on the first lien indicates expectations for
substantial recovery (80% to 100%) of principal in the event of
a payment default.  The refinanced US$75 million, second-lien
term loan is rated 'B-', with a recovery rating of '4',
reflecting our expectation of marginal (25%-50%) recovery of
principal by creditors in the event of a payment default or
bankruptcy.

"Our ratings on Metrologic Instruments reflect the company's
narrow business profile geared toward a competitive niche
market, its second-tier status, the uncertainty because of
ongoing litigation, and high leverage," said Standard & Poor's
credit analyst Stephanie Crane Mergenthaler.  These factors
partly are offset by barriers to entry found in its patent
portfolio and solid profitability.

Headquartered in Blackwood, New Jersey, Metrologic Instruments,
Inc. is a global supplier for data capture and collection
hardware, and image processing software.  The company had LTM
September 2006 revenues of approximately US$210 million.  The
company has operations in Brazil and Mexico.


METSO CORPORATION: To Deliver Grinding Equipment to Osisko
----------------------------------------------------------
Metso Minerals will supply grinding equipment to Osisko
Exploration Ltd. in Canada for its Malartic Gold project,
located in northern Quebec.  The delivery will be completed
within the first quarter of 2009.  The value of the order is
approximately EUR22 million. The order is included in Metso's
first quarter order backlog.

The order comprises a gearless SAG mill of 11.6 meters in
diameter by 7 meters in length and two ball mills of 7.3 meters
in diameter by 11.3 meters in length each.  The mills are
capable of processing from approximately 28,000 tonnes to 40,000
tonnes of gold ore per day.  Additionally, the order includes
engineering, erection and commissioning services.

The Canadian Malartic gold project has developed into one of the
most important new gold projects in North America.  The
project's potential gold resource has been estimated as
approximately 6.5 million ounces. Osisko Exploration is listed
on the Toronto Venture Exchange and the Deutsche Borse.

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

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

                        *     *     *

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


SOLECTRON CORP: Expands Louisville Operation ith New Facility
--------------------------------------------------------------
Solectron Corp. has inaugurated its facility in Louisville,
Kentucky.

Solectron Louisville is part of Solectron Global Services, which
is the industry's largest provider of aftermarket services that
includes warranty repair and return, services parts logistics,
retail technical services and asset recovery and remarketing.
As part of Solectron Global Services' network of worldwide
aftermarket services sites, the Louisville operation is
Solectron's largest services center.  The 500,000 square-foot
facility provides Solectron customers with cost-effective
aftermarket services, including service parts fulfillment and
repair service for cell phones, digital video recorders,
printers and other high-tech devices.

Prior to moving to the new facility, Solectron operated two
separate facilities in Louisville, which had a combined total
capacity of 310,000 square feet.  The new larger facility will
allow the company to streamline operations under one roof while
allowing it to expand its capabilities and offerings in a
strategic geographical area with access to efficient logistics
services.

"Solectron Global Services is an exciting, fast-growing business
that serves some of the best known brands in computing, mobile
devices, data storage, networking and telecommunications and
many other industries," said Craig London, executive vice
president, Solectron Global Services.  "Solectron is the largest
provider of aftermarket services in the world, and the
Louisville operation is a shining example of how Solectron is
helping technology brands improve service to their customers at
higher quality and lower costs.  The expansion in Louisville is
a testament to both the hard work of our employees and growing
demand from our customers."

"Solectron's Louisville operation is providing employees with
tremendous career opportunities," said Rachid Mehdaova, General
Manager of Solectron Louisville.  "Customer demand is fueling
Solectron's growth in Louisville, and we expect to significantly
grow our employee base."

New jobs created as part of this expansion include skilled
technical and materials management positions.

The new Solectron facility is open and located at 4400 Commerce
Crossing Drive.  Work in the new facility has transitioned
seamlessly from the previous building without any interruption
in production operations.

Headquartered in Milpitas, California, Solectron Corp.
(NYSE: SLR) -- http://www.solectron.com/-- provides a full
range of worldwide manufacturing and integrated supply chain
services to the world's premier high-tech electronics companies.
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.
The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.
It had sales from continuing operations of US$10.6 billion in
fiscal 2006.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 14, 2006,
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Milpitas, California-based
Solectron Corp. to 'BB-' from 'B+', and its subordinated debt
rating to 'B' from 'B-'.  S&P said the outlook is stable.


TOWER AUTOMOTIVE: Defendants Object to Avoidance Action Protocol
----------------------------------------------------------------
Several defendants to Tower Automotive Inc. and its debtor-
affiliates' avoidance actions contend that the proposed
streamlined procedures are inconsistent with the Federal Rules
of Civil Procedure.

The objecting Defendants are:

   1. The Paslin Company, Central Metal Products Inc., The
      Crown Group, Industrial Packaging Systems, L&W
      Engineering, Co. Holland, and Sharp Model Co. Inc.;

   2. American Conveyor Group Inc.;

   3. Steel Technologies Inc., Mi-Tech Steel Inc., and
      Arc Weld Inc.;

   4. B&B Industrial Services, Inc., Capital Cleaning
      Contractors Inc., Hi-Tech Tool Industries Inc., Murray
      Machine & Tool Co. Inc., and Shaltz Fluid Power Inc.;

   5. TWB Company LLC;

   6. Fabest Co., Ltd., and Fabest U.S.A. Inc.; and

   7. Pinecrest Engineering Inc.

As reported in the Troubled Company Reporter on March 16, the
Debtors asked the U.S. Bankruptcy Court for the Southern
District of New York to enter a ruling establishing streamlined
procedures for claims and actions that are commenced by the
Debtors pursuant to Sections 502, 547, 548 and 550 of the
Bankruptcy Code.

The Debtors' request is not permitted by law, and is not in the
best interest of the Defendants, who are, or will become
creditors of the estates, asserts Daniel J. Weiner, Esq., at
Schafer and Weiner, PLLC, on behalf of Paslin Company, et al.
The proposed order would not "streamline" but would instead
complicate and aggravate the Debtors' Avoidance Actions,
primarily to the detriment of the Defendants, Mr. Weiner says.

"[The] Debtors' actions are no excuse to limit the Defendants'
rights to actively and aggressively defend the Avoidance
Actions.  The Debtors are, after all, the plaintiffs in these
Avoidance Actions and stand to make a very generous net profit
on this litigation, while every defendant will lose at least
their attorneys' fees with no possibility to ever recoup those
losses," Mr. Weiner contends.

"The Debtors' admitted goals for this Motion are to discourage
[the] Defendants from filing pretrial motions, to lessen the
Debtors' (but certainly not the Defendants') litigation costs,
and, with surprising honesty, to reduce the likelihood that
defendants will retain counsel," Mr. Weiner points out.

The Defendants want the Court to deny the Debtors' request to
require all disclosures under Rule 7026 of the Federal Rules of
Bankruptcy Procedure to be made within 30 days after the date an
answer is filed, unless extended by agreement of the parties.

The Defendants note that Rule 26 of the Federal Rules of Civil
Procedure governs, inter alia, initial disclosures, disclosures
of expert testimony, and pretrial disclosures.

Initial disclosures pursuant to Civil Rule 26(a)(1) are
generally required at or within 14 days after a Rule 26(f)
conference is held unless a different time is set by stipulation
or court order.

Pursuant to Civil Rule 26(a)(2)(C), expert disclosures are to be
made at the times and in the sequence directed by the Court.  In
the absence of that direction, expert disclosures will be made
at least 90 days before the trial or the date the case is to be
ready for trial.

Pursuant to Civil Rule 26(a)(3)(C), pretrial disclosures must be
made at least 30 days before trial.

Given that the first pretrial conference has not occurred, the
Avoidance Actions are not near the trial stage, and discovery
has not even begun, the Defendants contend that making expert
disclosures and pretrial disclosures within 30 days after they
file their answer would be unduly burdensome and inequitable.

The Defendants suggest that any order granting the Debtors'
request should clarify that the Defendants need only make the
initial disclosures and that all other disclosures will be
governed by deadlines set forth in that ruling or in a separate
order.

Any order should also permit the filing of motions without a
requirement of conducting a pre-motion conference other than
with respect to motions relating to discovery, the Fabest and
B&B Industrial Defendants suggest.

                    About Tower Automotive

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

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  The Debtors' exclusive period to file a chapter 11 plan
of reorganization expired on March 30, 2007.  The Debtors hope
to file a chapter 11 plan by April 20, 2007.  (Tower Automotive
Bankruptcy News, Issue No. 57; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


* BRAZIL: Moody's Says GDP Changes Won't Affect Credit Ratings
--------------------------------------------------------------
Moody's Investors Service related that Brazil's recent upward
revisions to its gross domestic product or GDP statistics will
not affect its sovereign credit ratings and outlook.

"Our fundamental credit perspectives are not changed by
statistical adjustments of this type," said Moody's Vice
President Mauro Leos.  "Brazil's sovereign credit ratings will
continue to reflect the country's economic and fiscal prospects,
the government's policy priorities, and the relative standing of
Brazil's external and government debt indicators compared to
similarly or higher-rated countries."

Despite the revised GDP numbers, there is no evidence of a
fundamental change in the relative credit standing of Brazil as
measured by government debt ratios.  "While government debt
indicators are lower than previously estimated, they are still
roughly in line with those observed in the Ba peer group," said
Mr. Leos.

Brazil's bureau of statistics released in late March revisions
to the national accounts data dating back to 1995.  The new
series incorporate a revised methodology for calculating GDP
that better reflect changes that have taken place in Brazil's
economic structure.

According to the new national accounts data, real GDP growth is
faster than previously reported, with the average annual rate
registering 2.4% during the 1996-2006 period compared with the
previous estimate of 2.2%.  The difference in growth rates is
more significant during 2002-2006, as average annual GDP growth
is 0.7% higher under the new methodology.

Furthermore, the revised GDP numbers indicate that Brazil's
economic performance was stronger than previously reported.
However, the new data also show that during 1996-2006 the
investment ratio was lower than previously stated (i.e.,
Investment-to-GDP of 17% vs. 21% beforehand) suggesting that
Brazil may face potentially slower long-term growth prospects.

From a credit standpoint, the most important implication for
Brazil's credit of recent GDP revisions is the impact on the
government's debt indicators.  The revised ratio of net public
debt to GDP declined to 44.9% in 2006 from the previous 50%
estimate; the ratio of gross general government debt to GDP,
used by Moody's for peer group comparisons, declined to 65.5%
from 73%, respectively.

While the revised statistics point to a reduction in the
government's debt burden as measured by both the net and gross
debt ratios, it is important to highlight that those indicators
are still in line with Brazil's current rating category, and, as
a result, the changes reported do not warrant a reconsideration
of Moody's views on the credit.

Mr. Leos said, "Additionally, the GDP revision has no impact on
the ratio of government debt to revenues, which, in Moody's
opinion, is a particularly relevant measure of the government's
relative debt burden."

"In the end, the issues that will drive Brazil's ratings are not
statistical in nature, but fundamentally fiscal, as Moody's has
repeatedly noted when discussing Brazil's sovereign credit
ratings," Mr. Leos concluded.

Accordingly, in terms of Brazil's medium-term credit
perspective, addressing more aggressively the need to curb the
upward trend in primary spending and containing real growth in
pension-related expenditures are critical factors that must be
present for an improved credit outlook.




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


CARIBBEAN INVESTMENT: Proofs of Claim Filing Ends on May 2
----------------------------------------------------------
Caribbean Islands Investment Co. Ltd.'s creditors are given
until May 2, 2007, to prove their claims to Mr. Adrian G. Corr,
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.

Caribbean Islands shareholders agreed on March 1, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Adrian G. Corr
          Campbell Corporate Services Limited
          P.O. Box 268
          George Town, Scotia Centre
          Grand Cayman, Cayman Islands
          Tel: 345 949 2648
          Fax: 345 949 8613


HMTF CV: Proofs of Claim Filing Deadline Moved to May 2
-------------------------------------------------------
The dealine for the filing of proofs of claim from HMTF CV
Co-Investment Management Ltd.'s creditors has been moved to
May 2, 2007.

As reported in the Troubled Company Reporter-Latin America on
March 13, 2007, HMTF CV started liquidating assets on
Feb. 12, 2007.  Creditors of the company were required to submit
particulars of their debts or claims on or before May 2, 2007,
to HM Capital Partners LLC, the company's liquidator.

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.

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

The liquidator can be reached at:

       HM Capital Partners LLC
       P.O. Box 2510
       Grand Cayman KY1-1104
       Cayman Islands
       Telephone: (345) 949 3344
       Fax: (345) 949 2888


KRE INVESTMENT: Proofs of Claim Filing Deadline Is May 2
--------------------------------------------------------
KRE Investment Cayman's creditors are given until May 2, 2007,
to prove their claims to Chris Ruark and Liam Jones, 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.

KRE Investment's shareholders agreed on March 22, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       Chris Ruark
       Liam Jones
       Maples Finance Jersey Limited
       2nd Floor, Le Masurier House
       La Rue Le Masurier, St. Helier
       Jersey JE2 4YE


ORACLE EPSILON: Proofs of Claim Filing Ends on May 2
----------------------------------------------------
Oracle Epsilon Funding's creditors are given until May 2, 2007,
to prove their claims to Piccadilly Cayman Limited, 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.

Oracle Epsilon's shareholders agreed on March 13, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


PC ONE: Proofs of Claim Filing Deadline Is May 2
------------------------------------------------
PC One Cayman Inc.'s creditors are given until May 2, 2007, to
prove their claims to Chris Ruark and Liam Jones, 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.

PC One's shareholders agreed on March 22, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       Chris Ruark
       Liam Jones
       Maples Finance Jersey Limited
       2nd Floor, Le Masurier House
       La Rue Le Masurier, St. Helier
       Jersey JE2 4YE


STRATEGEMA GLOBAL: Proofs of Claim Filing Ends on May 2
-------------------------------------------------------
Strategema Global Perspectives Fund Ltd.'s creditors are given
until May 2, 2007, to prove their claims to DMS Corporate
Services Limited, 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.

Strategema Global's shareholders agreed on Oct. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       DMS Corporate Services Limited
       Attention: Angela Nightingale
       Ansbacher House
       P.O. Box 1344
       Grand Cayman KY1-1108
       Cayman Islands
       Telephone: (345) 946 7665
       Fax: (345) 946 7666


STRATEGEMA GLOBAL PERSPECTIVES: Claims Filing Is Until May 2
------------------------------------------------------------
Strategema Global Perspectives Master Fund Ltd.'s creditors are
given until May 2, 2007, to prove their claims to DMS Corporate
Services Limited, 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.

Strategema Global's shareholders agreed on Oct. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          DMS Corporate Services Limited
          Attention: Angela Nightingale
          Ansbacher House
          P.O. Box 1344
          Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Fax: (345) 946 7666


TT PARTNERS: Proofs of Claim Must be Filed by May 2
---------------------------------------------------
TT Partners Ltd.'s creditors are given until May 2, 2007, to
prove their claims to Mr. Luc Estenne, 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.

TT Partners shareholders agreed on March 15, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Luc Estenne
       100 rue du Rhone, CH-1204
       Geneva, Switzerland


UNITED GLOBAL: Proofs of Claim Filing Deadline Is May 2
-------------------------------------------------------
United Global CDO2 III Ltd.'s creditors are given until
May 2, 2007, to prove their claims to Chris Ruark and Liam
Jones, 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.

United Global's shareholders agreed on March 22, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       Chris Ruark
       Liam Jones
       Maples Finance Jersey Limited
       2nd Floor, Le Masurier House
       La Rue Le Masurier, St. Helier
       Jersey JE2 4YE




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


ARMSTRONG WORLD: Court Approves Armstrong Holdings Settlement
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved Armstrong Holdings Inc.'s settlement with its former
subsidiary, Armstrong World Industries Inc.

Under the settlement, first disclosed on Feb. 27, Armstrong
Holdings will receive approximately US$22 million in cash, plus
98,697 shares of reorganized AWI common stock worth
approximately US$5 million based on the closing price on
March 30.  The company believes the proceeds will not be subject
to federal or state income taxes.

AWI will be entitled, for the periods during which it was
affiliated with Armstrong Holdings, to file on behalf of both
companies all federal and state income tax returns that are
required to be filed on a consolidated or combined basis, and to
make all related tax elections and receive all related tax
refunds.

Armstrong Holdings would realize a substantial tax loss from the
cancellation of the company's former stock ownership in AWI
pursuant to AWI's Chapter 11 Plan.  Because the settlement gives
AWI the authority to make all related tax elections for the
companies' consolidated or combined federal and state income tax
returns for 2006, including the choice among different carry
back and carry forward elections, Armstrong Holdings does not
know at this time what tax loss carry forward it might have
available for post-2006 tax years.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
AWI's Chapter 11 Plan of Reorganization contemplated that
Armstrong Holdings would dissolve following AWI's emergence from
Chapter 11 reorganization on Oct. 2, 2006.  Since that date, the
company has conducted no business, and has no operations and no
employees.

The Armstrong Holdings Board of Directors plans to evaluate what
future action is in the best interests of the corporation,
including the issue of dissolution and an evaluation of its
assets, obligations and prospective tax position after giving
effect to the settlement.  If dissolution is authorized, it
would be submitted to shareholders for approval and, if
approved, a distribution to shareholders of the company's net
assets would be effected as soon as practicable thereafter.  The
dissolution process would involve a number of steps, such as
noticing any potential claimants, resolving any viable claims
and obtaining tax clearance from the Commonwealth of
Pennsylvania.

The AWI Plan of Reorganization provides that AWI will pay the
reasonable costs of Armstrong Holdings' dissolution, assuming
the Armstrong Holdings' Board and shareholders determine to
pursue that course.

Armstrong Holdings filed with the U.S. Securities and Exchange
Commission a partial Form 10-K report for 2006.  That report
does not include 2006 year-end financial statements, which are
being revised to reflect the impact of the settlement approved.
The company also filed SEC Form 12b-25 with the Commission with
respect to the additional time required to complete the 10-K
report with those financial statements.

                       About Armstrong

Based in Lancaster, Pa., Armstrong World Industries Inc. (NYSE:
AWI) -- http://www.armstrong.com/-- designs and manufactures
floors, ceilings and cabinets.  AWI operates 42 plants in
12 countries and employs approximately 14,200 people worldwide.

Armstrong World has operations in Australia, Brazil, Chile, Hong
Kong, Malaysia, Singapore, Taiwan, Philippines, Poland,
Portugal, Hungary, United Kingdom, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent 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.

                        *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Standard & Poor's Ratings Service revised its outlook to
developing from stable for Armstrong World Industries Inc.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit and senior secured ratings for the Lancaster, Pa.-based
company.


LIBERTY GLOBAL: S&P Revises Outlook to Positive from Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
international cable TV and broadband provider Liberty Global
Inc. to positive from stable, following the publication of full-
year results and the proposed increase and lengthened maturity
of the group's main bank facilities at subsidiary UPC Broadband
Holding B.V.

The outlooks on related entities in the LGI group, including UPC
Broadband Holding and VTR GlobalCom S.A., were also revised to
positive from stable.  The ratings on LGI and its related
entities, including the 'B' long-term corporate credit rating on
LGI, were affirmed.

Standard & Poor's assigned its 'B' senior secured bank loan
rating to the new L, M, and N tranches issued by UPC Broadband
Holding and UPC Financing Partnership.  A recovery rating of '3'
was also assigned, reflecting
expectations of meaningful recovery of principal in the event of
a payment default.  Ratings are subject to final documentation.

"The outlook revision reflects LGI's solid performance,
improving portfolio of assets, and consistent, if still highly
leveraged, financial policy," said Standard & Poor's credit
analyst Simon Redmond.

In 2006, LGI performed well operationally, with EBITDA growth of
16% outstripping revenue growth of 11% on a like-for-like basis.
Although EBITDA margins improved to 39%, the group's investment
to stimulate demand and deliver digital TV, broadband, and
telephony across its asset portfolio continues to result in
relatively weak free cash flow measures.  Leverage was 5.7x on a
fully adjusted basis at Dec. 31, 2006, or 4.7x as reported, and
is expected to remain high.

"The positive outlook reflects the potential for an upgrade in
the near term if LGI sustains its strong operating performance;
adheres to its 4x-5x target debt-to-EBITDA range; and manages
acquisitions within these parameters," Mr. Redmond added.  "We
would also expect the group to maintain at least positive free
cash flows, excluding the less-leveraged 37% owned Japanese
assets, for the ratings to be raised."

LGI is building a track record of consistent, if aggressive,
financial and acquisition strategy implementation. Standard &
Poor's expects growing operational cash flows to result in
further debt increases for acquisitions of cable or content
assets, or for shareholder distributions.

Downside risk would most likely arise from an impaired liquidity
position or grossly excessive leverage, although this would not
be consistent with management's indications and strategy.


PHELPS DODGE: S&P Raises Freeport's Corp. Credit Rating to BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Phelps Dodge Corp.'s new owner, Freeport-McMoRan
Copper & Gold Inc., to 'BB+' from 'BB' following the
announcement that Freeport-McMoRan had successfully completed
US$5.76 billion of common and mandatorily convertible preferred
stock.  Proceeds will be applied toward debt reduction,
specifically term loans A and B.  The outlook is stable.

Pro forma for the equity offering, Freeport-McMoRan will have
US$12 billion of book debt.

In addition, Standard & Poor's has taken issue-specific rating
actions.

For Phelps Dodge:

     -- raised the corporate credit rating to 'BB+' from 'BB',

     -- raised the senior unsecured rating to 'BB+'
        from 'BB-', and

     -- raised the rating on Cyprus Amax Minerals Co.'s
        existing 7.375% senior secured notes due 2007 to 'BBB-'
        from 'BB+'.

For Freeport-McMoRan:

     -- raised the rating on Freeport-McMoRan's existing
        US$613 million of aggregate senior secured notes
        to 'BBB-' from 'BB+',

     -- raised the rating on Freeport-McMoRan's preferred stock
        to 'B+' from 'B',

     -- raised the rating on Freeport-McMoRan's US$6 billion
        of senior unsecured notes to 'BB' from 'B+', and

     -- raised the bank loan rating to 'BBB-' from 'BB+'.

In addition, Standard & Poor's affirmed its '1' recovery rating
on Freeport-McMoRan's and Cyprus Amax's secured notes and on
Freeport-McMoRan's bank loans.

"Although the former 'BB' corporate credit rating on Freeport-
McMoRan gave consideration to a near-term equity offering, the
amount raised to be applied toward debt reduction far exceeded
Standard & Poor's original expectations," said Standard & Poor's
credit analyst Thomas Watters.

The ratings on Freeport-McMoRan reflect its leading position in
copper mining, its significant and diverse reserve base, its
very low-cost Indonesian operations, strong liquidity, and
current favorable metals prices.  The ratings also reflect very
aggressive debt leverage, exposure to cyclical and volatile
commodity prices, rising costs, challenges faced at its mature,
U.S.-based operations, and exposure to the political and
sovereign risks of Indonesia.

Pro forma for the acquisition, Freeport-McMoRan will be the
world's second-largest copper producer, with 3.6 billion pounds
of equity production in 2006, ranking behind Corporacion
Nacional del Cobre de Chile (A/Stable/--, Codelco).  Freeport's
Indonesian-based Grasberg operations are one of the world's
lowest-cost copper mines because of the favorable geologic
conditions of its reserves, high ore grades, cheap labor and
power costs, and meaningful gold by-product.  Freeport-McMoRan
should also benefit from Phelps' good production pipeline
potential -- specifically, the low-cost Tenke Fungurame project
in the Congo, which is, however, exposed to that country's
political risks.

          About Freeport-McMoran Copper & Gold Inc.

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

                About Phelps Dodge Corp.

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

As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, Freeport-McMoRan Copper & Gold Inc. has
completed its acquisition of Phelps Dodge Corp. (NYSE: PD),
creating the world's largest publicly traded copper company.




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


DOLE FOOD: Opens New US$54 Million Salad-Packaging Facility
-----------------------------------------------------------
Dole Food Co. Inc. opens a new US$54 million, 285,000-square-
foot Dole Fresh Vegetables' salad-packaging plant.  This is
Dole's first facility in North Carolina.

"This plant is important to Dole because it will help supply the
Southeast with a nutritious, high-quality product," said David
H. Murdock, Chairman and CEO of Dole Food Company, Inc.  "It
will carry on Dole's commitment to safety and excellence."

The new plant currently employees more than 350 people, mostly
from the surrounding area.  Over the next 10 years, it may hire
up to 900 people.  The facility will package salad greens that
are delivered from around the country for distribution in
grocery stores throughout the Southeast.  The facility will ship
750,000 packages of salad greens per day.

"Today is a great day for economic development for Bessemer
City, Gaston County and the State of North Carolina," said Lt.
Gov. Bev Perdue, who spoke at the event.  "We are glad Dole is
working with our state to build North Carolina's 21st century
economy by opening the doors to high tech production
facilities."

In the heart of what was once a textile community, Gaston County
witnessed a loss of more than 4,000 textile-related jobs from
2000 to 2005.

"The jobs here at Dole matter deeply to this community," said
Bessemer City Mayor Allan Farris.  "And I know the people here
will do the job to the highest degree of excellence."

Richard Dahl, President of Dole added, "Bessemer City, Gaston
County and the State of North Carolina are all part of the Dole
Family and we're part of yours."

Dole's commitment to North Carolina also includes the Dole
Nutrition Institute to be located at the North Carolina Research
Campus in Kannapolis.  The campus is a public-private
collaboration that will focus on life sciences research to
improve the world's health and well being.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods. The company has four
primary operating segments. The fresh fruit segment produces and
markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the U.S.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook is stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.




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


ALCATEL-LUCENT: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Alcatel-Lucent.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

   * Issuer: Alcatel-Lucent
                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Senior Unsecured Bank
   Credit Facility          Ba2      Ba2      LGD3     46%

   4.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2011       Ba2      Ba2      LGD3     46%

   US$1.5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   EUR5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   6.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2014                 Ba2      Ba2        LGD3   46%

   US$500-million Senior
   Unsecured Regular Bond/
   Debenture Due 2010       Ba2      Ba2        LGD3   46%

   EUR1-billion 4.375% Senior
   Unsecured Regular Bond/
   Debenture Due 2009       Ba2      Ba2        LGD3   46%

   EUR120-million 4.375%
   Senior Unsecured Regular
   Bond/Debenture Due 2009  Ba2      Ba2        LGD3   46%


   * Issuer: Lucent Technologies Capital Trust I
                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1750M 7.75%
   Preferred
   Stock Due 2017           B2       B1       LGD6     94%


   * Issuer: Lucent Technologies Inc.

                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1.75-billion Multiple
   Seniority Shelf,
   subordinated,           (P)B2     (P)B1    LGD6     94%

   US$1.75-billion Multiple
   Seniority Shelf
   regular/junior
   preferred stock         (P)B3     (P)B1    LGD6     97%

   US$1.75-billion Multiple
   Seniority Shelf, senior
   unsecured               (P)Ba3    (P)Ba2   LGD3     46%

   8% Subordinate
   Conv./Exch. Bond/
   Debenture Due 2031      B2        B1       LGD6     94%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2023      Ba3       Ba2      LGD3     46%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2025      Ba3       Ba2      LGD3     46%

   US$300-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2028      Ba3       Ba2      LGD3     46%

   US$500-million 5.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2008      Ba3       Ba2      LGD3     46%

   US$1.36-billion 6.45%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2029      Ba3       Ba2      LGD3     46%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

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

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




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


ASHMORE ENERGY: Completes Senior Debt Refinancing
-------------------------------------------------
Ashmore Energy International Ltd. completed the refinancing of
its senior debt.  The new facilities consist of a US$1 billion
7-year term loan and a 5-year US$500 million revolving credit
facility.  The new facilities refinance AEI's US$1 billion
senior and bridge loans, improve duration and provide the
company with cost effective liquidity for growth projects and
general corporate purposes.

The new facilities were fully underwritten by Credit Suisse and
JP Morgan.

"I am pleased with the success of this transaction and the
flexibility this brings to the AEI capital structure," John
Fulton, Chief Financial Officer of AEI commented on the success
of the transaction.  "Accessing the debt capital markets for
these two new facilities is a significant milestone as we have
demonstrated our ability to strengthen and diversify our debt
composition."

               About Ashmore Energy International

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook is
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.




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


PETROECUADOR: Inks Hydrocarbons MOUs with Petroleo Brasileiro
-------------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador has signed Memoranda
of Understanding with Brazilian counterpart Petroleo Brasileiro
SA to jointly develop Ecuador's oil fields and biofuels, Prensa
Latina reports.

According to Prensa Latina, the MOUs were signed at the
Ecuadorean Embassy in Brasilia by:

          -- Nestor Cervero, Petroleo Brasileiro's director of
             foreign operations;

          -- Jose Sergio Gabrielli, Petroleo Brasileiro's
             president; and

          -- Carlos Pareja Yannuzzelli, Petroecuador's head.

Petroecuador will offer field, environmental, social and
economic information on Bloc ITT -- the fields of Ishpingo-
Tiputini-Tambococha found in 190 hectares in the easternmost
part of the Ecuadorean Amazonic Region -- and areas of
influence, Prensa Latina notes, citing one of the MOUs.

Prensa Latina underscores that Petroleo Brasileiro, along with
the Chilean National Petroleum Enterprise and Chinese state
enterprise Sinopec unit SIPC, will present a joint proposal for
the confirmation of reserves, development and production of the
ITT bloc.

The report says that Petroleo Brasileiro also signed with
Petroecuador an MOU to act jointly in a study of technical,
economical and legal viability to develop joint projects in
biofuels production and distribution in Ecuador.  The project
includes possible joint investments of the two firms, besides
the training of Ecuadorean personnel directly related to the
activity of biofuels through an exchange of professionals and
technical training.

The two agreements between Petroleo Brasileiro and Petroecuador
confirm the interest of the companies in cooperating and
developing joint ventures, A Brazilian press release states.

                  About Petroleo Brasileiro

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

                     About Petroecuador

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


PETROLEO BRASILEIRO: Inks Hydrocarbons MOUs with Petroecuador
-------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA has
signed Memoranda of Understanding with Ecuadorian counterpart
Petroecuador to jointly develop Ecuador's oil fields and
biofuels, Prensa Latina reports.

According to Prensa Latina, the MOUs were signed at the
Ecuadorean Embassy in Brasilia by:

          -- Nestor Cervero, Petroleo Brasileiro's director of
             foreign operations;

          -- Jose Sergio Gabrielli, Petroleo Brasileiro's
             president; and

          -- Carlos Pareja Yannuzzelli, Petroecuador's head.

Petroecuador will offer field, environmental, social and
economic information on Bloc ITT -- the fields of Ishpingo-
Tiputini-Tambococha found in 190 hectares in the easternmost
part of the Ecuadorean Amazonic Region -- and areas of
influence, Prensa Latina notes, citing one of the MOUs.

Prensa Latina underscores that Petroleo Brasileiro, along with
the Chilean National Petroleum Enterprise and Chinese state
enterprise Sinopec unit SIPC, will present a joint proposal for
the confirmation of reserves, development and production of the
ITT bloc.

The report says that Petroleo Brasileiro also signed with
Petroecuador an MOU to act jointly in a study of technical,
economical and legal viability to develop joint projects in
biofuels production and distribution in Ecuador.  The project
includes possible joint investments of the two firms, besides
the training of Ecuadorean personnel directly related to the
activity of biofuels through an exchange of professionals and
technical training.

The two agreements between Petroleo Brasileiro and Petroecuador
confirm the interest of the companies in cooperating and
developing joint ventures, A Brazilian press release states.

                     About Petroecuador

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

                  About Petroleo Brasileiro

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

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

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

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

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




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


SPECTRUM BRANDS: Gets 98.52% of Existing Notes in Tender Offer
--------------------------------------------------------------
Spectrum Brands, Inc. disclosed:

   (i) the expiration, as of 5:00 p.m., New York City time, on
       March 29, 2007, of the solicitation of consents to
       proposed amendments to the indenture governing the
       company's outstanding 8-1/2% Senior Subordinated Notes
       due 2013 and a waiver of certain alleged or existing
       defaults or events of default and certain rights under
       other debt agreements or instruments of the company; and

  (ii) the acceptance of the Existing Notes that were validly
       tendered prior to the expiration of the Consent
       Solicitation and not withdrawn prior to the effectiveness
       of the proposed amendments and waiver pursuant to the
       exchange offer for all of the company's Existing Notes.

As of 5:00 p.m., New York City time, on March 29, 2007,
approximately US$344,831,000 million in principal amount of the
Existing Notes, representing approximately 98.52% of the
aggregate outstanding principal amount of Existing Notes, had
been validly tendered and not withdrawn in the Exchange Offer.
Tendering holders of the Existing Notes whose notes have been
accepted by the company will promptly receive US$950 in
principal amount of Variable Rate Toggle Senior Subordinated
Notes due 2013, plus accrued and unpaid interest up to, but not
including, April 1, 2007 per US$1000 principal amount of
Existing Notes so tendered.  In addition, such tendering holders
will also receive a consent payment of US$50 in principal amount
of New Notes per US$1000 principal amount of Existing Notes
tendered.

The remainder of Existing Notes may be tendered up until 12:00
Midnight, New York City time, on April 13, 2007, the expiration
of the Exchange Offer.  Holders validly tendering Existing Notes
after the expiration of the Consent Solicitation but prior to
the expiration of the Exchange Offer will receive US$950 in
principal amount of New Notes for each US$1000 principal amount
of Existing Notes tendered promptly upon acceptance of such
tendered Existing Notes following the expiration of the Exchange
Offer.

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 U$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%).




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


BRITISH AIRWAYS: May Bid for Rival bmi If Chairman Sells Stake
--------------------------------------------------------------
British Airways plc may consider a GBP1-billion bid for smaller
rival bmi if Sir Michael Bishop, chairman and a 50 percent
shareholder of BA, decides to sell his stake, David Robertston
writes for The Times.

According to the report, potential bidders are confident that
Mr. Bishop will sell his stake this year, although he is
currently hesitant due to fears they may break up the airline.

The Telegraph says the acquisition will reinforce the dominant
position of BA at Heathrow, where it currently holds 40 percent
of the slots.

However, BA may face a possible veto from Lufthansa, a 30
percent shareholder of bmi although a bid from the German
carrier is unlikely, as it is reported to be eyeing Alitalia of
Italy and Iberia of Spain, Alistair Osborne writes for The
Telegraph.

BA declined to comment on the speculation.

                       About the Company

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

                        *     *     *

As reported on March 27, Standard & Poor's Ratings Services said
that its 'BB+' long-term corporate credit rating on British
Airways PLC remains on CreditWatch, with positive implications,
following a vote on March 22 by EU ministers approving a
proposed "open skies" aviation treaty with the U.S.


BRITISH AIRWAYS: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba1 Corporate Family Rating for
British Airways Plc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

   * Issuer: British Airways, Plc

                                                      Projected
                           Old POD  New POD  LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------

   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016,               Ba2      Ba2      LGD5     84%


   * Issuer: British Airways Finance (Jersey) L.P.

                                                      Projected
                           Old POD  New POD  LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------

   EUR300-million
   Preferred Stock         B1       Ba3      LGD6     97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

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.




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


ADVANCED MARKETING: PGI Files Schedule of Assets & Liabilities
--------------------------------------------------------------

A.      Real Property                                      US$0

B.      Personal Property                                     0

        Total Scheduled Assets                             US$0

C.      Property Claimed as Exempt               Not applicable

D.      Creditors Holding Secured Claims
           Wells Fargo Foothill Inc.             US$41,514,348

E.      Creditors Holding Unsecured
        Priority Claims                                       0

F.      Creditors Holding Unsecured Claims                    0

        Total Scheduled Liabilities               US$41,514,348

                    About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


CINEMARK: Moody's Affirms B1 Corp. Family Rating, Pos. Outlook
--------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family
rating and positive outlook for Cinemark Inc.  Moody's changed
the outlook for Cinemark to positive on Feb. 2, 2007.

Moody's also downgraded Cinemark USA's, a subsidiary of
Cinemark, bank rating to Ba3 from Ba2 following the successful
completion of the tender offer by Cinemark USA for its 9% Senior
Subordinated Notes.  The elimination of the junior capital
previously provided by the approximately US$330 million of
outstanding Senior Subordinated Notes (less than US$1 million
remains outstanding) leads to a one notch downgrade of the bank
debt, in accordance with Moody's Loss Given Default or LGD
Methodology.  This action concludes the review commenced
March 7, 2007.  Moody's also withdrew the B2 rating on the
senior subordinated notes.

   Cinemark, Inc.

     -- B1 Corporate Family Rating Affirmed
     -- Positive Outlook

   Cinemark USA, Inc.

     -- Senior Secured Bank Credit Facility, Downgraded
        to Ba3 from Ba2, LGD3, 34%

     -- Senior Subordinated Notes, B2 rating withdrawn

     -- Outlook, Changed To Positive From Rating Under Review

Cinemark Inc. -- http://www.cinemark.com/-- operates 202
theatres and 2,469 screens in 34 states in the United States and
operates 112 theatres and 932 screens internationally in 13
countries, mainly Mexico, South and Central America.  Cinemark
was founded in 1987 by its Chief Executive Officer and Chairman
of the Board, Lee Roy Mitchell.  In 2004 a controlling interest
in Cinemark was sold to Madison Dearborn Capital Partners.
Cinemark was among the first theatre exhibitors to offer
advanced real-time Internet ticketing at its own website.


CONSOLIDATED CONTAINER: Completes Refinancing of All Debts
----------------------------------------------------------
Consolidated Container Co. LLC has completed a refinancing of
all of its debts.  It executed new credit facilities effective
March 28, 2007, and repurchased the majority of the public bonds
the company issued in 1999 and 2004.

Richard P. Sehring, Chief Financial Officer of Consolidated
Container, said: "We are very pleased with the outcome of the
refinancing and the opportunities our new capital structure will
afford Consolidated Container over the next few years.  The new
bank agreements give us the flexibility to continue to execute
our strategies and create value for Consolidated Container."

"This is a fantastic outcome for the company, our employees and
our customers because it enables Consolidated Container to
continue the strong momentum we have been enjoying over the past
two years," said Jeffrey M. Greene, Chief Executive Officer of
Consolidated Container.  "Our ability to close the refinancing
on such favorable terms results in large part from the company's
robust financial performance in recent years and the support we
have received from Vestar Capital, which has continuously backed
our management team."

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

                        *     *     *

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


DOMINO'S INC: Debt Refinancing Cues S&P to Withdraw BB- Rating
--------------------------------------------------------------
Standard & Poor's Rating Services withdrew the 'BB-' corporate
credit rating on Domino's Inc., as all of its rated debt has
been refinanced with an unrated bridge loan.  The bridge loan
will be refinanced with securitized debt.

A bridge loan is similar to a hard money loan.  The lending
criteria are generally based more on real estate property value
than on the credit profile of the applicant.  The documentation
is usually lower, while the appraisal standards are emphasized.

The term "bridge loan" indicates it will bridge the borrower to
the next transaction.  It is a shorter-term loan that will be
used for interim financing until these occurs:

   -- the property is sold

   -- the property is refinanced with a traditional lender

   -- the borrowers credit and or financial picture improves

   -- the property is improved or completed

   -- a business has resumed or improved, or changed in
      a specific way allowing for permanent commercial mortgage
      financing to occur.

Ann Arbor, Mich.-based Domino's Inc is a pizza delivery company.
The company has more than 500 stores in Mexico.


FORD MOTOR: Completes Sale Transaction with Cooper-Standard
-----------------------------------------------------------
Ford Motor Company has completed the sales transaction with
Cooper-Standard Automotive for the Automotive Components
Holdings' El Jarudo Plant and its fuel rail manufacturing
operations in Juarez, Mexico.

"This sale represents more progress as our North American Way
Forward plan moves into high gear," said Mark Fields, president
of The Americas and Ford executive vice president.  "This is
another positive sign of progress toward our commitment to sell
selected operations by the end of 2008."

Under the sales agreement, Automotive Components Holdings, LLC,
a Ford-managed temporary company, transferred ownership of its
equity interest in Manufactura El Jarudo, S. de R. L. de C.V.
along with related U.S. assets to Cooper-Standard on April 1.
El Jarudo, a maquiladora plant, employs about 450 hourly and
salaried employees.

"This sale validates our ACH strategy and provides a solid
foundation for success at this plant in the future," said Al
Ver, ACH CEO and COO and Ford vice president.  "This first sale
sets the stage for more sales of our other plants and
businesses."

Since its formation in October of 2005, Automotive Components
Holdings has focused on improving its engineering, capital and
management skills to improve its businesses.  The efforts have
resulted in significant quality and delivery improvements,
positioning these businesses among Ford's best suppliers.  ACH
remains focused on improving and marketing its remaining
powertrain, chassis, interior, exterior and glass operations for
sale.

ACH is a US$4 billion automotive supplier, with 12 remaining
plants in the U.S. and Mexico supported by 11,000 employees
leased from Visteon or Ford and 900 employees at its Mexican
affiliates.

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

                        *     *     *

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

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

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


FORD MOTOR: March 2007 Overall Sales Down by 9 Percent
------------------------------------------------------
Ford Motor Co. said in a press statement Tuesday that its new
mid-size cars (Ford Fusion, Mercury Milan and Lincoln MKZ) and
its new crossovers (Ford Edge and Lincoln MKX) set monthly sales
records in March.

Overall, the company's March sales totaled 264,975, down 9%
compared with a year ago, which was the company's highest sales
month in 2006.

"We remain committed to offering more of the products that our
customers really want, and the popularity of our new cars and
crossovers is proof we're delivering," said Mark Fields, Ford's
President of The Americas.

"Ford is moving quickly to operate profitably at lower volumes
and a changed mix, and we are encouraged our retail market share
appears to be stabilizing over the past several months," Mr.
Fields adds.  "Our newest products also are achieving the sales
targets we have set for ourselves, another sign that we're
making good progress."

Combined sales for Ford's new mid-size sedans were 24,094, up
40% compared with March 2006.  Fusion sales were 15,790 (any-
month record), up 48% compared with a year ago, and eclipsed the
previous record of 15,468 set August 2006.  Milan sales were
4,678 (any-month record), up 45%, and bettered the previous
record of 4,156 set August 2006.  Lincoln MKZ sales were 3,626,
up 13%, a March record and second highest any-month.

The Ford Edge and Lincoln MKX crossovers were introduced in
December 2006 and already are achieving sales levels comparable
to long-established products in the crossover utility category.
Edge sales were 10,915, up 37% compared with February and
Lincoln MKX sales were 3,054, up 32% compared with February.  In
March, Ford, Mercury and Lincoln crossover sales totaled 37,915,
up 42% compared with a year ago.  In the first quarter of 2007,
crossover sales totaled 89,081, up 29% compared with first
quarter 2006.

An all-new full-size crossover will debut at the New York Auto
show on Wednesday.

Ford's F-Series pickup truck posted March sales of 71,481 - the
highest monthly sales since August 2006.  Compared with March
2006, which was F-Series' highest sales month of 2006, sales
were down 15%.  The company expects F-Series' comparisons to
improve as availability of the all-new 2008 model Super Duty
increases.

                     About Ford Motor Co.

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

                        *     *     *

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

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

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


GENERAL MOTORS: March Sales Down 7.7%; Daily Rental Down 35%
------------------------------------------------------------
General Motors Corporation disclosed in a press statement
Tuesday its March 2007 sales.

                     First Quarter Highlights

   * Retail Sales Up 0.5% - Mid-Cars Up 14.5%; Full-Size Pickups
     up 12.2%

   * Saturn and GMC Post Substantial Gains Led By Aura Mid-Size
     Sedan and Crossovers Outlook and Acadia

   * Chevrolet Impala and Aveo Post Quarterly Record Sales

   * Daily Rental Sales Down 32%; Non-Rental Fleet Sales Up 3%

                       March Highlights

   * Sales Down 7.7% vs. Year Ago

   * GMC Acadia and Saturn Outlook Fuel 235% Retail Increase in
     Mid-Utility Crossover Sales

   * Record March Escalade Sales Drive 17.6% Retail Increase in
     Large Luxury Utilities

   * Chevrolet Impala, Pontiac G6 and Saturn Aura Contribute To
     Retail Sales Increase For Mid-Car Segment

   * Daily Rental Sales Down 35%

GM dealers in the United States delivered 349,867 vehicles in
March, a reduction of 7.7% on a sales day-adjusted basis (down
4.2% non-adjusted), compared with 365,375 total sales a year
ago.  Fleet sales were down 11.8% due to continuing reductions
in daily rental sales.  GM's March retail sales were down 6.2%
compared with year-ago levels on a sales day-adjusted basis
(down 2.8% non-adjusted).

For the first quarter of 2007, GM delivered 909,094 vehicles, a
decline of 5.6%, driven by reductions of almost 60,000 daily
rental vehicle sales.  For the first quarter of 2007, GM retail
sales were up 0.5%.  The reductions in fleet sales have resulted
in a significant improvement in the retail/fleet
mix.

"As we continue to build upon our strategy of focusing on value,
lowering daily rental sales and increasing residual values, we
were able to grow retail sales for the quarter, posting year-
over-year increases in 19 vehicle lines.  That's very good news.
In March, we saw continued strength and stability in our retail
business led by gains in mid-cars, crossovers, economy cars and
luxury SUVs," said Mark LaNeve, vice president, GM North
American Sales, Service and Marketing.

"The Chevrolet Silverado, GMC Sierra, Acadia and Saturn Outlook
are exceeding our expectations and confirm that when you offer
the best product, value, segment-leading fuel economy and the
best warranty coverage in the industry, customers respond."

GM March sales reflected the continuing strength of the new
product portfolio with competitive incentive spending, balanced
with ongoing reductions in daily rental fleet sales.

Chevrolet Aveo, Impala, Equinox, HHR, Suburban and Avalanche;
Pontiac G6; Saturn Sky; GMC Yukon XL; Cadillac SRX, Escalade ESV
and Escalade EXT all had March retail sales increases compared
to a year ago. Pontiac G5; Saturn Aura and Outlook and the GMC
Acadia are newly-offered products and continue to contribute
retail sales momentum. The GMC Acadia and Saturn Outlook drove a
235% retail increase in the mid-crossover segment.

For the first quarter, Chevrolet Aveo, Impala, Colorado,
Silverado, Suburban and Avalanche; Buick Rendezvous; Pontiac G6
and Vibe; Saturn Sky; GMC Canyon, Sierra and Yukon XL; Cadillac
SRX, Escalade, Escalade ESV and Escalade EXT; Saab 9-5 and 9-7X
all had retail sales increases compared with the first quarter
of 2006.  Pontiac G5, Saturn Aura and Outlook and GMC Acadia
built retail strength in the quarter.

"GM offers the best coverage with a 5 year/100,000 mile
powertrain limited warranty with roadside assistance and
courtesy transportation.  For customers, that translates to
tangible value versus competitive cars, SUVs and trucks," LaNeve
added.  "Our customers are telling us that we have great
products, industry-leading fuel economy and the best value out
there.  And with new products such as the Buick Enclave,
Cadillac CTS and Chevrolet Malibu still to come this year, we
expect to build on this momentum."

                   Certified Used Vehicles

March 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles and HUMMER Certified Pre-Owned Vehicles, established a
new monthly sales record for the certified category with sales
of 53,734 units, up 9.7% from last March.  Total year-to-date
certified GM sales are 139,851 units, up 8% from the same period
last year.

Leading the way was GM Certified Used Vehicles, the industry's
top-selling manufacturer-certified used brand, which set a new
industry monthly sales record for the certified pre-owned
category with sales of 47,394 units.  GM Certified sales were up
11% from the previous March. Year-to-date sales for GM Certified
Used Vehicles are 122,784 units, up nearly 9%.

Cadillac Certified Pre-Owned Vehicles posted sales of 3,847
units, comparable to last March.  Saturn Certified Pre-Owned
Vehicles sold 1,615 units in March, down 7%.  Saab Certified
Pre-Owned Vehicles sold 761 units, comparable to last March, and
HUMMER Certified Pre-Owned Vehicles sold 117 units, up 41%.

"March was a record month for GM certified sales," LeNeve said.
"GM Certified Used Vehicles, which sold 47,394 units, set a new
industry monthly sales record for a certified brand.  This puts
an exclamation mark on an outstanding first quarter by GM
Certified Used Vehicles.  With the 5 year/100,000 mile warranty
on qualifying Certified Used Vehicles, we're optimistic this
momentum will continue throughout the year."

                      GM North America

Reports March and First-Quarter 2007 Production, 2007 Second-
Quarter Production Forecast is Revised at 1.160 Million Vehicles

In March, GM North America produced 401,000 vehicles (134,000
cars and 267,000 trucks).  This is down 59,000 units or 13 %
compared to March 2006 when the region produced 460,000 vehicles
(182,000 cars and 278,000 trucks).  (Production totals include
joint venture production of 15,000 vehicles in March 2007 and
16,000 vehicles in March 2006.)

GM North America built 1.063 million vehicles (399,000 cars and
664,000 trucks) in the first-quarter of 2007. This is down
192,000 vehicles or 15 % compared to first-quarter of 2006 when
the region produced 1.255 million vehicles (496,000 cars and
759,000 trucks).  Additionally, the region's 2007 second-quarter
production forecast is revised at 1.160 million vehicles
(410,000 cars and 750,000 trucks), down 15,000 units or 1.3 %
from last month's guidance.

GM also announced revised 2007 first-quarter and second-quarter
production forecasts for its international regions.

                         GM Europe

GM Europe's 2007 first-quarter production forecast is revised at
511,000 units, up 3,000 units from last month's guidance.  In
the first-quarter of 2006 the region built 494,000 vehicles.
The region's 2007 second-quarter production forecast is revised
at 473,000 vehicles, up 6,000 units from last month's guidance.
In the second-quarter of 2006 the region built 495,000
vehicles.

                      GM Asia Pacific

The region's 2007 first-quarter production forecast is revised
at 539,000 vehicles, up 1,000 units from last month's guidance.
In the first-quarter of 2006 the region built 472,000 vehicles.
GM Asia Pacific's 2007 second-quarter production forecast is
revised at 568,000 vehicles, up 8,000 units from last month's
guidance.  In the second-quarter of 2006 the region built
482,000 vehicles.

            GM Latin America, Africa and the Middle East

The region's 2007 first-quarter production forecast is revised
at 222,000 units, down 3,000 units from last month's guidance.
In the first-quarter of 2006 the region built 194,000 vehicles.
The region's 2007 second-quarter production forecast is
unchanged at 233,000 vehicles.  In the second-quarter of 2006
the region built 206,000 vehicles.

                 About General Motors Corp.

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

                        *     *     *

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

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

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


GREENBRIER COS: Declares US$.08 A Share Quarterly Cash Dividend
---------------------------------------------------------------
The Greenbrier Cos. reported a quarterly cash dividend of US$.08
per share, payable on May 9, 2007, to stockholders of record as
of April 18, 2007.

Greenbrier reported financial results for its fiscal first
quarter ended Nov. 30, 2006.

                         Highlights

   * Revenues increased 32% to US$247 million, with growth
     occurring in all three of the company's business segments.

   * Net earnings for the quarter, were US$1.9 million.

   * EBITDA for the quarter was US$19.6 million, or 8.0% of
     revenues.

   * New railcar manufacturing backlog was relatively unchanged
     at 14,300 units, valued at US$980 million as of
     Nov. 30, 2006.

   * New marine barge backlog was a record US$75 million at
     Nov. 30, 2006.

   * During the quarter, the company expanded its new railcar
     product lines in North America to a total of five different
     car types.

   * During the quarter, the company completed three major
     strategic initiatives:

      i) acquisition of the assets of Rail Car America,
     ii) acquisition of the stock of Meridian Rail Services, and
    iii) formation of a joint venture, Greenbrier GIMSA, to
         build new railcars in Mexico.

Revenues for the 2007 fiscal first quarter were US$246.6
million, compared with US$186.4 million in the prior year's
first quarter.  EBITDA was US$19.6 million, or 8.0% of revenues
for the quarter, compared with US$23.4 million, or 12.5 % of
revenues in the prior year's first quarter.  Net earnings were
US$1.9 million, or US$.12 per diluted share for the quarter,
compared with net earnings of US$8.0 million, or US$.51 per
diluted share for the same period in 2006.

New railcar manufacturing backlog was 14,300 units valued at
US$980 million at Nov. 30, 2006, compared with 14,700 units
valued at US$1.0 billion on Aug. 31, 2006.  Approximately 7,700
units in backlog are for delivery beyond calendar 2007 and are
subject to Greenbrier's fulfillment of certain competitive
conditions. Marine backlog reached a record US$75 million,
compared with US$55 million on August 31, 2006.

William A. Furman, president and chief executive officer, said,
"While we were pleased to conclude three strategic initiatives
during the quarter, we were obviously disappointed in our first
quarter financial results.  A number of operating and non-
operating items combined to contribute to this performance.  On
the operating side, it became apparent late in the quarter that
we were not making sufficient progress in achieving
manufacturing efficiencies and addressing production
difficulties.  These factors coupled with timing issues combined
to produce weak results.  Management is keenly focused on
improving financial performance and integrating our recent
acquisitions as we move forward in 2007."

Results for the quarter were adversely impacted by a number of
factors, which were only modestly offset by a low tax rate for
the quarter.  The aggregate affect of these items was to
negatively impact earnings by about US$.40 per diluted share.
These factors included:

   * About one-half of this US$.40 impact is estimated to be due
     to lower than anticipated margins from new railcar and
     marine manufacturing.

   * Several unexpected timing issues emerged including:

     (i) lower than anticipated gains on equipment sales, as
         certain sales originally contemplated to occur during
         the quarter are now expected to occur later in the
         fiscal year, and

     (ii) a delay in timing of revenue on a marine barge order.

     These two items, which equate to about US$.10 per share,
     are expected to reverse themselves in future periods.  As
     well, certain double-stack railcars were produced during
     the quarter that are anticipated to be sold later in the
     year.

   * Other non-cash items, which adversely affected results were
     a write-off of unamortized loan costs of US$.04 per
     diluted share and foreign exchange losses of US$.03 per
     diluted share.

Mark Rittenbaum, senior vice president and treasurer, added, "In
addition to the aforementioned items, there were a lesser number
of business days in our actual first quarter results from the
Meridian Rail Services and Rail Car America acquisitions than
previously anticipated prior to the closing of those deals.
While these lesser days impact both first quarter and full year
results, they do not change our positive outlook for these
businesses for the balance of this fiscal year.  Finally, our
tax rate for the quarter was 24.7%, as a result of the
geographic mix of earnings and a tax credit in Mexico. For the
year as a whole, we anticipate the tax rate to be closer to 35%-
40 %."

The company now reports its results from three business
segments.  The Manufacturing segment now includes new railcar
and marine barge manufacturing.  First quarter revenues for this
segment were US$168.7 million, up 19% from US$141.8 million in
the first quarter of 2006.  New railcar deliveries for the
quarter were approximately 2,000 units compared with 2,400 units
in the prior comparable period. Deliveries decreased principally
as a result of line changeovers, lower production rates, and
suspension of production at the company's Canadian new railcar
facility during the quarter.  Revenues per unit increased due to
a change in product mix.  The current mix was more heavily
weighted to conventional railcars, which have a higher unit
sales value than intermodal cars.

Manufacturing gross margin for the quarter was 4.2% of revenues,
compared with 13.3% of revenues in the first quarter of 2006.
The decrease in margin was principally due to a less favorable
product mix, lower production rates, production difficulties and
inefficiencies in the introduction of certain railcar types, and
absorption of overhead costs associated with suspension of
production at the Canadian facility.

The refurbishment & parts segment includes results for 30 shop
locations across North America, which repair and refurbish
railcars, provide wheel, axle and bearing services, and
recondition and provide replacement railcar parts.  Revenues for
this segment were US$51.2 million, more than double the US$22.8
million of revenue for the prior comparable period.  Over US$18
million of this revenue growth was the result of the recent
acquisitions of Rail Car America and Meridian Rail Services
during the quarter.  The balance of the revenue growth of about
US$10 million was organic.  Margins for this segment were 12.2%,
as compared with 12.1% in the prior period.

The leasing & services segment continues to include results from
the company's owned lease fleet of approximately 10,000 railcars
and from fleet management services provided for approximately
135,000 railcars.  Revenues for this segment grew to US$26.7
million, an increase of 23% from US$21.8 million in the same
quarter last year.  Leasing & services gross margin grew to
59.5% of revenues, compared with 52.0% of revenues in the same
quarter last year.  Leasing & Services revenue and margin growth
was achieved principally from additions to the company's lease
fleet, and increases in gains on equipment sales and in interest
income.

                      Business Outlook

Mr. Furman continued, "In fiscal 2006, we took several strategic
steps to improve our competitive position and build a stronger
company that can perform more consistently through various
economic cycles. As we enter a less certain economic environment
with growing signs of a possible economic slowdown, we continue
to believe that secular forces will favor the railroad industry
and that our recent strategic decisions were on target.  Our
diversified business units should serve us well in this
environment over the long-term.  For example, roughly US$550
million of annual revenue is anticipated to be derived from our
expanded marine barge manufacturing, railcar refurbishment &
parts, and leasing & services operations.  Our European new
railcar operations currently provide about another US$100
million in annual revenues."

Mr. Furman concluded, "However, events in the first quarter
coupled with operating in a less certain economic environment,
have made us more cautious about our financial performance and
forecasting this performance for the remainder of this year.
This is particularly the case in new railcar manufacturing,
where we have open production space. In the near term, our
customers are moderating their demand for certain new railcar
types, including intermodal and mill gondola cars from what we
previously anticipated.  Therefore, we have lowered our new
railcar delivery and margin expectations for the year.  Due to
all of these factors, we have withdrawn our earlier guidance and
are lowering our full year guidance to US$2.15 to US$2.40 per
diluted share."

Headquartered in Lake Oswego, Ore., The Greenbrier Cos. (NYSE:
GBX) -- http://www.gbrx.com/-- supplies transportation
equipment and services to the railroad industry.  The company
builds new railroad freight cars in its manufacturing facilities
in the US, Canada, and Mexico and marine barges at its U.S.
facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 30 locations (post Meridian
acquisition) across North America.  Greenbrier builds new
railroad freight cars and refurbishes freight cars for the
European market through both its operations in Poland and
various subcontractor facilities throughout Europe.  Greenbrier
owns approximately 9,000 railcars, and performs management
services for approximately 136,000 railcars.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Moody's Investors Service downgraded the ratings
of The Greenbrier Cos., Inc. -- corporate family to B1, senior
unsecured to B2 (LGD5, 72%) and the speculative grade liquidity
rating to SGL-3.  The outlook is now stable.  These rating
actions conclude the review for downgrade prompted by
Greenbrier's acquisition of Meridian Rail Holdings Corp in late
2006.

Downgrades:

   Issuer: Greenbrier Companies, Inc. (The)

     -- Probability of Default Rating, Downgraded to B1
        from Ba3

     -- Speculative Grade Liquidity Rating, Downgraded to SGL-3
        from SGL-2

     -- Corporate Family Rating, Downgraded to B1 from Ba3

     -- Senior Unsecured Convertible/Exchangeable Bond/
        Debenture, Downgraded to B2 72 - LGD5
        from B1 64 - LGD4

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to
        a range of B2 72 - LGD5 from B1 64 - LGD4

Outlook Actions:

   Issuer: Greenbrier Companies, Inc. (The)

     Outlook, Changed To Stable From Rating Under Review


PORTRAIT CORP: Exclusive Filing Period Extended to April 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, 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 hearing to consider final approval.

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

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

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

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

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, 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.

            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.


RADIOSHACK CORP: Accused of Exposing Customer Data, WSJ Says
------------------------------------------------------------
RadioShack Corp. exposed "thousands" of its customers to
identity theft when a store near Corpus Christi failed to
properly protect sensitive data, Bob Sechler of The Wall Street
Journal reports, citing Texas Attorney General Greg Abbott.

WSJ says that Mr. Abbott has accused the company of violating
Texas laws requiring businesses to protect customers' sensitive
data and to develop procedures for doing so.

The Journal relates that according to Mr. Abbott, investigators
discovered that employees at the RadioShack outlet in Portland,
near Corpus, "dumped bulk customer records in garbage containers
behind the store," which records included Social Security
numbers and credit and debit card information, along with other
personal data.

Headquartered in Fort Worth, Texas, RadioShack Corp. --
http://www.RadioShackCorporation.com/-- is a consumer
electronics specialty retailers and a growing provider of retail
support services.  The company operates a network of sales
channels, including: more than 6,000 company and dealer stores;
more than 100 RadioShack locations in Mexico and Canada; and
nearly 800 wireless kiosks.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Standard & Poor's Ratings Services lowered the corporate credit
and senior unsecured ratings on Fort Worth, Texas-based
RadioShack Corp. to 'BB' from 'BBB-'.  At the same time, the
rating agency lowered the short-term rating to 'B-1' from 'A-3'.
S&P said the outlook is negative.  Total debt was US$610 million
as of Sept. 30, 2006.


TANK SPORTS: Gets SEC Approval on US$10-Mil. Loan from Dutchess
---------------------------------------------------------------
Tank Sports has been approved for a ten million dollar line of
credit through Dutchess Private Equity Fund, LLC by the
Securities and Exchange Commission.  Tank Sports stated that
this fund would be a "Special Reserve Fund" used as a security
fund guaranteeing the implementation of company's business
goals.

"We have completed all of the legal procedures for applying the
line of credit with Dutchess Private Equity Fund, so now we can
exchange our stock for cash at anytime.  We have set up a policy
determining when and how to use this 'Special Reserve Fund,'"
said Jiangyong Ji, CEO of Tank Sports, Inc.  "It will be used
only if there is an urgent situation in regards to cash flow
that requires it.  In fact, the major purpose of this line of
credit is to have an insured security fund.  Since our
expansion, research and development efforts require a sufficient
amount of capital, we need this type of reserve fund to
safeguard the process of achieving our company objectives and
goals while still handling our day-to-day business."

Headquartered in El Monte, California, Tank Sports Inc.
(OTCBB: TNSP) -- http://www.tank-sports.com/-- develops,
engineers, and markets high-performance on-road motorcycles &
scooters, off-road all-terrain vehicles (ATVs), dirt bikes and
Go Karts through OEMs in China.  The company's motorcycles and
ATVs products are manufactured in China and Mexico.

                   Going Concern Doubt

Kabani & Company, Inc., in Los Angeles, California, raised
substantial doubt about Tank Sports, Inc.'s ability to continue
as a going concern after auditing the company's financial
statements for the year ended Feb. 28, 2006.  The auditor
pointed to the company's net loss and accumulated deficit.


UNITED AIRLINES: Hires Barrie D'Rozario as New Creative Agency
--------------------------------------------------------------
United Airlines has selected Minneapolis-based Barrie D'Rozario
Murphy as its new creative agency.  United Airlines also
announced it will be a national advertiser on NBC during the
network's U.S. broadcast of the 2008 Olympic Games in Beijing.

Barrie D'Rozario founders and former Fallon creative directors,
Bob Barrie and Stuart D'Rozario, were instrumental in the
creation of United Airlines' award-winning animated "It's Time
to Fly" campaign.  United Airlines' move to Barrie D'Rozario
reaffirms its commitment to the campaign and its key creators.
With Barrie, D'Rozario and third co-founder David Murphy, former
president of Saatchi & Saatchi, Los Angeles, Barrie D'Rozario
brings to United Airlines' three highly recognized industry
veterans.  Highlights from their combined experience include
award-winning campaigns for brands such as Time magazine, Toyota
and Volkswagen.

"By establishing this relationship with Barrie D'Rozario, we are
deepening our commitment to the 'It's Time to Fly' campaign,
which demonstrates to our customers worldwide that United
Airlines understands the needs of frequent business travelers
better than any other airline," said Dennis Cary, United
Airlines's Senior Vice President of Marketing.  "We look forward
to collaborating with Barrie D'Rozario on our future
advertising, including ads that will air during the Beijing
Olympic Games."

"We are delighted to have the opportunity to continue stewarding
United Airlines's 'It's Time to Fly' campaign," said Stuart
D'Rozario, co-president and executive creative director, Barrie
D'Rozario.  "It's exciting to represent such a great brand and
continue creating ads that depict in an unforgettable way United
Airlines's unique understanding of the frequent business
traveler."

United Airlines's "It's Time to Fly" campaign received several
honors including a 2005 Gold Award in Transportation from the
New York American Marketing Association's EFFIE Awards, which
honor campaigns that have proven their effectiveness in multiple
markets worldwide.  In addition, United Airlines's "Interview"
television spot was awarded a 2004 Primetime Emmy Award
nomination in the Outstanding Commercial category and the
television spot "A Life" was awarded a 2005 Association of
Independent Commercial Producers award for animation.  United
Airlines's "Dragon" television spot received the same
accreditation in 2006 and both are displayed as part of the
Museum of Modern Art's permanent collection.

United Airlines's previous creative agency, Fallon Worldwide,
will transition the account during the next 90 days.

United Airlines operates more than 3,600 flights a day on
United, United Express and Ted to more than 210 U.S. domestic
and international destinations from its hubs in Los Angeles, San
Francisco, Denver, Chicago and Washington, D.C.  With key global
air rights in the Asia-Pacific region, Europe and Latin America
(Mexico), United Airlines is one of the largest international
carriers based in the United States.  United Airlines also is a
founding member of Star Alliance, which provides connections for
its customers to 841 destinations in 157 countries worldwide.
United Airlines' more than 55,000 employees reside in every U.S.
state and in many countries around the world.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Moody's Investors Service assigned B1, LGD-3 42% ratings to the
United Air Lines Inc. US$2.1 billion Senior Secured Revolving
Credit and Term Loan.

Moody's also assigned the B2 corporate family and probability of
default rating and a stable outlook at UAL Corporation.  At the
same time, Moody's withdrew its corporate family and probability
of default ratings assigned at the United level and affirmed its
SGL-2 speculative grade liquidity rating.  Moody's will withdraw
the ratings on United's existing US$3 billion of revolving
credit and term loans once the new Bank Facilities close.


VISTEON CORP: Inks Acquisition Deal with Special Situations
-----------------------------------------------------------
Visteon Corp. and Special Situations Venture Partners II
L.P., advised by private equity firm Orlando Management GmbH,
have reached a final agreement under which SSVP II will acquire
certain Visteon chassis businesses in Europe and Brazil.

The final transaction has received anti-trust clearance in
Germany and is expected to be completed in Europe in the second
quarter of 2007 and in Brazil during the third quarter.

The agreement covers Visteon's chassis operations in Dueren and
Wuelfrath, Germany, and Praszka, Poland, and certain driveline
assets in Sao Paulo, Brazil.  The facilities manufacture
driveline and steering systems for a number of global vehicle
manufacturers. Terms of the agreement were not disclosed.

"This agreement is an important part of Visteon's plan to
restructure our business, improve our base operations and
position the company for growth," Don Stebbins, Visteon
president and chief operating officer, said.  "These actions
demonstrate the progress Visteon is making in addressing
underperforming and non-strategic facilities.  When finalized,
this transaction will enhance our ability to focus on growing
our core product areas where we have strong market positions and
enable these facilities to create value under a new ownership
structure where the products have a better strategic fit."

Under the agreement, Visteon will transfer the manufacturing
facilities and associated assets, including machinery,
equipment, tooling, inventory as well as purchase and supply
contracts and certain intellectual property rights to SSVP II.
The approximately 2,400 employees currently employed in the
facilities will also transfer to the new owner.

The new name of the chassis operation will be TeDrive, and it is
SSVP II's intention to structure the acquired entities under the
Dutch TeDrive Holding B.V. with the affiliates TeDrive Germany
GmbH in Dueren, TeDrive Steering GmbH in Wuelfrath, TeDrive
Poland Sp. Z.o.o. in Praszka, and TeDrive Brazil Ltda. in Arbor.

                 About Orlando Management GmbH:

Orlando Management GmbH is a Munich, Germany-based private
equity firm and advises the private equity fund Special
Situations Venture Partners II L.P. with total funds of EUR255
million.

            About Situations Venture Partners II L.P.

The fund focuses on manufacturing, engineering and capital goods
industries mainly in Germany, Switzerland and Austria.

The fund invests in medium sized companies, which operate in a
stable market, have a strong market position with competitive
products and dedicated employees.  Acquisition candidates are
mainly in a financially difficult situation despite their
healthy core business and competitive products.

                      About Visteon Corp.

Headquartered in Van Buren Township, Mich., Visteon Corp. (NYSE:
VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan, U.S.; Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries, including
Mexico, and employs around 50,000 people.

Visteon's balance sheet at Dec. 31, 2006, showed total assets of
US$6.93 billion, total liabilities of US$7.12 billion, and a
shareholders' deficit of US$188 million.  The company's total
shareholders' deficit as of Dec. 31, 2005, stood at US$48
million.

                        *     *     *

As reported on March 29, Moody's Investors Service affirmed
Visteon Corporation's Corporate Family Rating of B3, term loan
rating of Ba3 and Speculative Grade Liquidity rating of SGL-3,
but changed the ratings outlook to negative from stable.

At the same time, the rating agency affirmed the company's
Corporate Family Rating of B3 and left the Speculative Grade
Liquidity rating unchanged at SGL-3.

Ratings affirmed:

   * Visteon Corporation

      -- Corporate Family Rating, B3

      -- Probability of default, B3

      -- Secured bank term loan (increased to US$1.5-billion
         from US$1-billion), Ba3

      -- Unsecured notes, Caa2

      -- Shelf filings for unsecured, subordinated, and
         preferred, Caa2, Caa2, and Caa2 respectively

      -- Speculative Grade Liquidity rating, SGL-3

   * Visteon Capital Trust I

      -- Shelf filing trust preferred, Caa2

Ratings changed:

   * Visteon Corporation

      -- Outlook, to negative from stable

LGD Assessments revised:

   * Visteon Corporation

      -- Secured bank term loan, LGD-2, 17% from LGD-2, 24%

      -- Unsecured notes, LGD-6, 92% from LGD-6, 91%

      -- Shelf filing unsecured, LGD-6, 92% from LGD-6, 91%

      -- Shelf filings, subordinated and preferred, LGD-6, 97%
         from LGD-6, 96%

   * Visteon Capital Trust I

      -- Shelf filing trust preferred, LGD-6, 97% from LGD-6,
         96%

In December 2006, Standard & Poor's Ratings Services affirmed
its bank loan and recovery ratings on auto supplier Visteon
Corp.'s senior secured bank facility, following the announcement
that the company will increase its term loan to US$1 billion
from US$800 million.

The secured loan rating is 'B' and the recovery rating is '2',
indicating the expectation for substantial recovery of principal
in the event of a payment default.


WCM AG: Kloeckner-Werke Will Not Pay Dividends for FY 2006
----------------------------------------------------------
The Supervisory Board of Kloeckner-Werke AG disclosed that the
EUR363.9-million non-recurring effects of the insolvency of
WCM AG resulted in a balance sheet loss, which was offset by
withdrawals from the capital and earnings reserves.

As a result, in spite of the positive increase in operating
earnings, there are no retained earnings for a dividend payment
for the financial year 2006.

Kloeckner-Werke reported EBIT of -EUR342.5 million for financial
year 2006 after non-recurring effects.  Sales totaled EUR872.5
million.

At Dec. 31, 2006, Kloeckner-Werke's balance sheet showed
EUR771.8 million in total assets, EUR488.4 million in total
liabilities and EUR283.5 million in stockholders' equity.

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

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

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

The administrator can be reached at:

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

                     About Klockner-Werke

Klockner-Werke AG is a group holding whose subsidiaries operate
successfully on the world market.  The focus of business
operations is at KHS AG, Dortmund, and thus on the development
and production of filling and packaging systems.  In addition to
German and international production facilities, KHS is
represented on all continents with more than 60 service and
sales outlets. Production takes place in Germany, the USA,
Brazil, Mexico, India and China. For many years, the company has
established itself as a world leader in providing filling and
packaging systems for the beverages industry, and well as the
food and non-food sector.

Other companies in the Klockner Group produce machines and
systems for processing plastic, manufacturing shoes, the
confectionary industry and various robot technologies.

                        About WCM AG

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

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




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


XEROX CORPORATION: Names Ursula Burns as Pres. & Board Member
-------------------------------------------------------------
Xerox Corporation has appointed Ursula M. Burns as president and
has elected her to the company's board of directors.

Ms. Burns was previously president of the company's Business
Group Operations, responsible for global research, engineering,
marketing and manufacturing of Xerox technology, supplies and
related services.

As president, Burns retains leadership of these functions as
well as the company's information management organization.  She
also assumes responsibility for corporate strategy, human
resources, marketing operations, and global accounts for Xerox.

Ms. Burns reports to Xerox Chairman and CEO Anne M. Mulcahy.
The company's worldwide sales organizations, Xerox Global
Services, and finance and legal teams will continue to report to
Ms. Mulcahy.

"Xerox today offers the broadest portfolio of document
management systems and software in our industry and in our
history. That progress happened on Ursula's watch as she drove a
technology strategy that launched more than 100 products in the
last three years," Ms. Mulcahy said.  "At the same time, Ursula
led activities that strengthened Xerox's business model so we're
more efficient, competitive and profitable.

"This organizational change is a logical next step for our
company and for Ursula.  She brings deep knowledge and
experience to the president role, where she'll work closely with
me and our leadership team to accelerate our growth in color,
services and new business markets."

Ms. Burns, 48, joined Xerox in 1980 as a mechanical engineering
summer intern.  She subsequently held positions in product
development and planning.  From 1992 through 2000, Burns led
several business teams including the office color and fax
business and office network copying business.

In 2000, she was named senior vice president, Corporate
Strategic Services, heading up manufacturing and supply chain
operations.  She was named president of Xerox Business Group
Operations in 2002.  Burns was appointed an officer of the
company in 1997 and named a corporate senior vice president in
2000.

"I came to Xerox as a student intern 27 years ago because of its
respected reputation for research and engineering," Ms. Burns
said.

"I stayed because of the people and to be part of a values-based
culture with a passion for innovation and a deep commitment to
customers.  To join Anne in leading Xerox's global team is a
true honor.  I have tremendous pride in this company and am
confident we have the best people and the best products and
services to aggressively drive our growth strategy, winning in
the marketplace and building value for our stakeholders."

Ms. Burns holds a Bachelor of Science degree from Polytechnic
Institute of New York and a Master of Science degree in
mechanical engineering from Columbia University.  She serves on
professional and community boards including American Express
and, Boston Scientific Corp.

               Merger Deal Cues S&P's Positive Watch

Xerox and Global Imaging Systems Inc. entered into a definitive
agreement Monday for Xerox to acquire Global Imaging for US$29
per share in cash.  The total purchase price is expected to be
about US$1.5 billion.

The move prompted Standard & Poor's Ratings Services to place
its ratings on Xerox Corp., including the 'BB+' corporate credit
rating, on CreditWatch with positive implications.

"The acquisition will enhance Xerox's access to the small-to-
medium (SMB) business market, including the potential to
expand its product installations in Global's customer base, and
is supportive of Xerox's strategic growth objectives," said
Standard & Poor's credit analyst Molly Toll Reed.

According to Reed, the CreditWatch placement reflects S&P's
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, which is expected to
occur in the second quarter of fiscal 2007, the corporate credit
rating would be raised to 'BBB-' with a stable outlook, the
rating agency said.

                   Fourth Quarter Results

Xerox Corp.'s total revenue grew 3% to US$4.4 billion in the
fourth quarter of 2006, and the company's post-sale and
financing revenue, which represents about 70% of Xerox's total
revenue, increased 5%, largely driven by 7% post-sale growth
from digital systems.  Both total revenue and post-sale revenue
included a currency benefit of 3 percentage points.

Xerox generated operating cash flow of US$720 million in the
fourth quarter 2006 and ended the year with US$1.5 billion in
cash and short-term investments.  Also during the fourth
quarter, Xerox closed on the US$54 million cash acquisition of
XMPie, the leading provider of software for personalized,
multimedia marketing campaigns.

                     About Xerox Corp.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, 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-'.

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, 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 announcement that
it has reached an agreement in principle to acquire Global
Imaging Systems Inc. for approximately US$1.5 billion in cash.




=======
P E R U
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DOE RUN: Strikers at La Oroya Smelter Can be Fired
--------------------------------------------------
A representative with the Peruvian labor ministry told Business
News Americas that protesting workers at Doe Run's La Oroya
smelter in Peru can be fired and replaced, starting April 5.

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Victor Andres Balaunde, Doe Run's manger of
institutional relations, said that a protest at the La Oroya
zinc-lead-copper smelter decreased output.  The demonstrations
were due to disagreements regarding Doe Run's dividend payments
to employees.  Mr. Balaunde explained that 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.

BNamericas relates that labor authorities declared the strike
illegal, as it didn't follow through with Peru's legal framework
governing protests.

The representative told BNamericas that workers have a three-day
grace period to reach an accord.

However, Doe Run didn't reach any agreement with the workers'
union, BNamericas notes, citing Doe Run Peru Institutional
Relations Manager Victor.

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



ADVANCED MEDICAL: Completes US$808-Million Intralase Acquisition
----------------------------------------------------------------
Advanced Medical Optics, Inc. has completed the acquisition of
IntraLase Corp.

The acquisition was approved by IntraLase stockholders on
March 30, 2007, and closed on April 2, 2007, consistent with the
company's original timetable to complete the acquisition early
in the second quarter.  Advanced Medical announced on
Jan. 8, 2007, a definitive agreement for Advanced Medical to
acquire IntraLase for approximately US$808 million in cash.
Under the terms of the agreement, Advanced Medical paid US$25 in
cash per share of IntraLase stock and the individually
determined cash value per share of outstanding stock options.

"We have taken a major step toward defining a new standard of
care in laser vision correction," said Advanced Medical
Chairman, President and CEO Jim Mazzo.  "Along with the recently
announced acquisition of WaveFront Sciences, Advanced Medical
now owns the most advanced corneal refractive technologies on
the market with the ability to offer a full systems approach
that is without peer in the industry.  The addition of
IntraLase's state-of-the-art femtosecond laser technology to
Advanced Medical's unmatched portfolio of corneal and cataract
products allows us to forge a new path for vision care with a
full suite of technologies to address a lifetime of refractive
needs."

Advanced Medical expects to leverage the large installed bases
of the company and IntraLase, and combine their international
expansion strategies to further establish its position as the
industry leader in laser diagnostics, flap-creation and ablation
technologies.

The acquisition also gives Advanced Medical entry into the
corneal transplant market with the IntraLase(R) enabled
keratoplasty or IEK technology.

"The IntraLase(R) femtosecond laser is revolutionizing corneal
transplantation because it allows us, for the first time, to
precisely create complex, interlocking incision contours that
can seal better and potentially heal faster," said Dr. Frank
Price of the Price Vision Group in Indianapolis, Indiana.  "The
IntraLase(R) laser also creates matching reference marks on the
donor and recipient cornea to help the surgeon minimize post-
operative astigmatism.  In short, IntraLase(R) enabled IEK
combines the clarity of a full-thickness graft with the
advantages of a stepped incision and the stronger healing
effects that have long been noted with IntraLase(R)-created
side-cut incisions for LASIK."

                   About IntraLase Corp.

Headquartered in Irvine, California, IntraLase Corp. --
http://www.intralase.com -- designs, develops, and manufactures
an ultra-fast laser that is revolutionizing refractive and
corneal surgery by creating safe and more precise corneal
incisions.  IntraLase is presently in the process of
commercializing applications of its technology in the treatment
of corneal diseases that require corneal transplant surgery.
The company's proprietary laser and disposable patient
interfaces are presently marketed throughout the United States
and 33 other countries.

               About Advanced Medical Optics, Inc.

Based in Santa Ana, California, Advanced Medical Optics, Inc.
(NYSE: EYE) -- http://www.amo-inc.com/-- develops, manufactures
and markets ophthalmic surgical and contact lens care products.
AMO employs approximately 3,600 worldwide.  The company has
operations in 24 countries and markets products in 60 countries
including Puerto Rico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 22, 2007, Standard & Poor's Ratings Services assigned its
'B' rating on Advanced Medical Optics Inc.'s US$200 million
senior subordinated notes due 2017.

Standard & Poor's also assigned its 'BB' bank loan rating (one
notch above the corporate credit rating on Advanced Medical) to
the company's proposed US$700 million senior secured credit
facility, consisting of a US$400 million term loan B due 2014
and a US$300 million revolving credit facility due 2013.  The
facility is rated 'BB', with a recovery rating of '1',
indicating the expectation for full (100%) recovery of principal
in the event of a payment default.

As reported in the Troubled Company Reporter-Latin America on
March 22, 2007, Moody's Investors Service affirmed Advanced
Medical Optics, Inc.'s B1 Corporate Family Rating and all of its
existing debt ratings.  These ratings were confirmed:

   -- Ba1 rating on the US$300 million Senior Secured Revolver
      due 2009 (LGD 1/7%);

   -- B2 rating on the US$246 million Convertible Senior
      Subordinated Notes due 2024 (changed to LGD 5/71%
      from LGD 4/66%);

   -- B1 Probability of Default rating; and

   -- B1 Corporate Family Rating.

Moody's also assigned these new ratings:

   -- Ba1 rating to a US$300 million six-year senior secured
      revolver,

   -- Ba1 rating to a US$400 million seven-year senior secured
      term loan B, and

   -- B2 rating to US$200 million senior subordinated notes
      due 2017.

Moody's said the rating outlook is stable.


CHATTEM INC: Prices US$85 Million Convertible Senior Notes
----------------------------------------------------------
Chattem Inc. reported the pricing of its offering of US$85
million aggregate principal amount of Convertible Senior Notes
due 2014 in an offering pursuant to Rule 144A under the
Securities Act of 1933, as amended, through the initial
purchaser of the notes.  Chattem also granted the initial
purchaser of the notes a 13-day option to purchase up to an
additional US$15 million aggregate principal amount of notes
solely to cover over-allotments, if any.  The issuance of the
notes is expected to close on Wednesday, April 11, 2007.

The notes will pay interest semiannually at a rate of 1.625% per
annum.  The notes will be convertible at an initial conversion
rate of 13.6617 shares per US$1,000 principal amount of notes,
which is equal to an initial conversion price of approximately
US$73.20 per share.  This represents a 24% conversion premium
based on the last reported sale price of US$59.03 per share on
the NASDAQ Global Select Market on April 4, 2007.  In certain
circumstances, the notes will be convertible into cash up to the
principal amount, with any excess conversion value being
convertible into cash, shares of Chattem common stock or a
combination of cash and common stock, at Chattem's option.

Chattem estimates that the net proceeds from the offering of
notes will be approximately US$83 million after deducting the
initial purchaser's discount and estimated offering expenses
(approximately US$97 million if the initial purchaser exercises
in full its over-allotment option).  Chattem intends to use
approximately US$25 million of the offering proceeds to fund a
convertible note hedge transaction to be entered into with an
affiliate of the initial purchaser, which transaction is
intended to offset Chattem's exposure to potential dilution upon
conversion of the notes.  Chattem will also enter into a
separate warrant transaction with an affiliate of the initial
purchaser that, together with the convertible note hedge
transaction, will have the effect of increasing the effective
conversion price to Chattem to approximately US$94.45, which
represents a 60% conversion premium.  Chattem plans on using
proceeds from the warrant transaction (estimated at
approximately US$15 million) and the net proceeds from the note
offering to repay amounts outstanding under its credit facility.

Based in Chattanooga, Tennessee, Chattem Inc. (NASDAQ: CHTT)
-- http://www.chattem.com/-- manufactures and markets a variety
of branded consumer products, including over-the-counter
healthcare products and toiletries and skin care products.  The
company's products include Icy Hot(R), Gold Bond(R), Selsun
Blue(R), Garlique(R), Pamprin(R) and BullFrog(R).

Chattem has operations in the United Kingdom, Australia, and
Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 5, 2006
Moody's Investors Service confirmed the Ba3 corporate family
rating of Chattem Inc. and lowered the senior subordinated
rating to B2 from B1.  Moody's said the outlook is stable.


COVENTRY HEALTH: Closes Concentra Managed Care Services Takeover
----------------------------------------------------------------
Coventry Health Care, Inc. has completed its previously
announced acquisition of Concentra's workers' compensation
managed care services businesses including workers' compensation
PPO, provider bill review, pharmacy benefit management, field
case management, telephonic case management, and independent
medical exam businesses.

In the transaction, Concentra divested its Workers' Compensation
Network Services business, comprising its provider bill review
and repricing services and FOCUS preferred provider
organization, Field Case Management, Telephonic Case Management,
Independent Medical Exams, and Pharmacy Benefit Management
(First Script Network Services) businesses.  These businesses
generated a total of approximately US$324 million of revenue in
2006.  Concentra retained its health centers as well as its cost
containment, claims review, claims repricing services and
network management services provided to group health and auto
insurers.  Revenue from these retained businesses totaled
approximately US$975 million in 2006.

                About Concentra Operating Corp.

Concentra Operating Corp., a wholly owned subsidiary of
Concentra Inc., is dedicated to improving the quality of life by
making healthcare accessible and affordable. Serving the
occupational, auto and group healthcare markets, Concentra
provides employers, insurers and payors with a series of
integrated services that include employment-related injury and
occupational healthcare, urgent care services, in-network and
out-of-network medical claims review and repricing, access to
preferred provider organizations, case management and other cost
containment services.  Concentra provides its services to
approximately 220,000 employer locations and more than 1,500
insurance companies, group health plans, third-party
administrators and other healthcare payors.  The company has 312
health centers located in 40 states. It also operates the Beech
Street PPO network.

                 About Coventry Health Care Inc.

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

                        *     *     *

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

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

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


FEDERATED DEP'T: Adds New Capital to Direct-to-Consumer Segment
---------------------------------------------------------------
Federated Department Stores, Inc., has added a capital
investment of approximately US$100 million in 2007-2008 to
support continued growth in its direct-to-consumer businesses,
including macys.com, bloomingdales.com, Bloomingdale's By Mail,
macysweddingchannel.com and bloomingdalesweddingchannel.com.
The amount is incorporated in Federated Department's total
capital spending plans, which include US$1.2 billion in 2007 and
US$1.1 billion in 2008.

"Our online sales continue to grow at a rapid pace as the
national expansion of Macy's and Bloomingdale's attracts new
customers to our stores, Web sites and catalog," said Terry J.
Lundgren, Federated Department's chairman, president and chief
executive officer.  "In particular, we are seeing exceptional
growth in online sales in new Macy's markets such as Illinois,
Michigan, Minnesota, Missouri, Oklahoma, Texas and Utah."

"Currently, we anticipate our direct-to-consumer businesses will
grow to more than US$1 billion in sales by 2008 from about
US$620 million in 2006," he said.  "Supporting this pace of
growth requires additional investment so we can scale up the
volume of business while enhancing customer service, delivery
efficiency and online site functionality."

New investments will include the building of a 600,000-square-
foot distribution center in Goodyear, Arizona, which will serve
primarily as the West Coast shipping point for macys.com.
Construction on this facility will begin in spring 2007 and is
scheduled for completion in spring 2008.  The facility will
employ more than 500 full-time associates when completed and
fully operational.  The Goodyear distribution center is designed
to accommodate a future expansion of 400,000 square feet.

Also included in the 2007-2008 capital plan are an expansion of
the direct-to-consumer warehouse management system, improvements
to the order management system and enhancements to the macys.com
web site to support projected increases in customer traffic.

This new capital expenditure is in addition to approximately
US$130 million being invested in 2006-2007 in direct-to-consumer
infrastructure improvements, primarily a new 600,000-square-foot
distribution center to open later this month near Portland,
Tennessee.  This facility will serve primarily as the shipping
point for macys.com to midwestern, southern and central states.

Federated Department Stores, Inc. is one of the country's
largest department stores operators, with more than 850
department stores in 45 states, the District of Columbia, Guam
and Puerto Rico, operating under the banners Macy's and
Bloomingdale's.  The August 2005 acquisition of May nearly
doubled Federated's scale -- sales in fiscal 2006, the first
full year of combination, were US$27 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2007, Moody's Investors Service downgraded Federated
Department Stores, Inc.'s long term senior unsecured debt rating
to Baa2 from Baa1, and affirmed the company's Prime 2 rating for
commercial paper, following the company's announcement that the
Board had authorized a US$4 billion additional share buyback
program.

Ratings downgraded:

   -- Senior unsecured debt rating to Baa2 from Baa1
   -- Preferred shelf rating to (P) Ba1 from (P) Baa3

Rating affirmed:

   -- Prime 2 rating for commercial paper


FIRST BANCORP: Board Declares Dividend Payment on Pref. Shares
--------------------------------------------------------------
First BanCorp's Board of Directors has declared the next payment
of dividends on First BanCorp's Series A through E Preferred
shares.

The estimated dividend amounts per share, record dates and
payment dates for the Series A through E Preferred Shares are:

    Series   US$Per/share       Record Date      Payment Date
    ------   ------------       -----------      ------------
      A       0.1484375       April 26, 2007    April 30, 2007
      B       0.17395833      April 15, 2007    April 30, 2007
      C       0.1541666       April 15, 2007    April 30, 2007
      D       0.15104166      April 15, 2007    April 30, 2007
      E       0.14583333      April 15, 2007    April 30, 2007

Approval was obtained as a part of First BanCorp's previously
announced agreement with the Board of Governors of the Federal
Reserve System.

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is
the parent corporation of FirstBank Puerto Rico, a state
chartered commercial bank with operations in Puerto Rico, the
Virgin Islands and Florida; of FirstBank Insurance Agency; and
of Ponce General Corporation.  First BanCorp, FirstBank Puerto
Rico and FirstBank Florida, formerly UniBank, the thrift
subsidiary of Ponce General, all operate within U.S. banking
laws and regulations.

                        *     *     *

As reported in the Troubled Company Reporter on March 22, 2006,
Fitch Ratings affirmed the ratings and Outlook for First Bancorp
and FirstBank Puerto Rico: long-term Issuer Default Rating
'BB'/short-term 'B'.  Fitch said the rating outlook remains
negative.

As reported on June 30, 2006, Moody's Investors Service
confirmed the ratings of FirstBank Puerto Rico at Ba1 for
deposits.  The bank's D+ rating for financial strength was also
confirmed.  Moody's placed the ratings' outlook at negative.


HORIZON LINES: US$25 Mil. Prepayment Cuts Debt to US$482.6 Mil.
---------------------------------------------------------------
Horizon Lines Inc. made a US$25 million prepayment on its
outstanding long-term debt, following a US$25 million prepayment
on Dec. 14, 2006, which brings the total of principal payments
made since Sept. 29, 2006 to US$55.6 million.

The US$25 million prepayment was applied to the current
US$218.9 million remaining balance on the original US$250
million term loan component of Horizon Lines' senior credit
facility.  Along with the regularly scheduled principal payment
of US$600,000 due March 30, 2007, the US$25 million prepayment
will reduce the outstanding term loan to US$193.3 million, and
reduce total debt outstanding of US$508.2 million to US$482.6
million.

"This US$25 million prepayment delivers on our ongoing
commitment to reduce leverage," said Mark Urbania, senior vice
president and chief financial officer.  "This prepayment will
save us approximately US$1.9 million in gross annual interest
expense and approximately US$.6 million in net annual interest
expense."

                     About Horizon Lines

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizonlines.com/-- is a Jones Act
container shipping and integrated logistics company and is the
parent company of Horizon Lines Holding Corp. and Horizon Lines
LLC.  The company accounts for approximately 37% of total U.S.
marine container shipments from the continental U.S. to the
three non-contiguous Jones Act markets -- Alaska, Hawaii, and
Puerto Rico, and Guam.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 13, 2006,
Moody's Investors Service affirmed Horizon Lines LLC's senior
secured rating at Ba2, and LGD2 to 18% from 20%.

The company also carries Standard & Poor's 'B' long-term foreign
and local issuer credit ratings.


JETBLUE AIRWAYS: Will Hold Quarterly Conference Call on April 24
----------------------------------------------------------------
JetBlue Airways Corporation will hold its quarterly conference
call to discuss first quarter 2007 earnings on April 24, 2007 at
10:00 a.m. EDT.

All are invited to listen to a live web cast of the call, which
will be accessible on JetBlue's investor relations website at
the following web address:  http://investor.jetblue.com

For those unable to listen to the live webcast, it will also be
archived on JetBlue's investor relations website under 'Audio
Archives' following the conference call.

Based in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq:JBLU) -- http://www.jetblue.com/-- provides passenger
air transportation services primarily in the United States.  As
of Feb. 14, 2006, the Company operated approximately 369 daily
flights serving 34 destinations in 15 states, Puerto Rico, the
Dominican Republic, and the Bahamas.  The Company also provides
in-flight entertainment systems for commercial aircraft,
including live in-seat satellite television, digital satellite
radio, wireless aircraft data link service, and cabin
surveillance systems and Internet services, through its wholly
owned subsidiary, LiveTV, LLC.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 23, 2006,
Moody's Investors Service assigned ratings of Caa1 (LGD5, 88%)
to the approximately US$40 million of Special Facility Revenue
Bonds, Series 2006 (JetBlue Airways Corporation Project or the
JFK Facility Bonds) to be issued by the New York City Industrial
Development Agency.  Moody's affirmed the B2 corporate family
rating for JetBlue Airways Corp.  Moody's said the outlook
remains negative.

Standard & Poor's Ratings Services assigned its 'B' rating to
US$40 million of New York City Industrial Development Agency
special facility revenue bonds, series 2006 maturing on
May 15, 2021, and May 15, 2030; the amount for each maturity
have yet to be determined.  The bonds, which will be used to
finance a hangar and other facilities, will be serviced by
payments made by JetBlue Airways Corp. (B/Stable/B-3) under a
lease between the airline and the agency.




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


ELECTRICIDAD DE CARACAS: Regulator Approves PDVSA Purchase Deal
--------------------------------------------;-------------------
Venezuelan securities regulator Comision Nacional de Valores
told Business News Americas that it has allowed the nation's
state oil firm Petroleos de Venezuela SA aka PDVSA to purchase
power company Electricidad de Caracas and Cantv.

BNamericas relates that the regulator decided to let PDVSA buy
2.7 million common shares, or 82.14% of Electricidad de Caracas,
from US company AES Corporation.

On Feb. 28, AES entered into a definitive accord to sell
Electricidad de Caracas to PDVSA for US$739 million.  A
preliminary agreement was signed on January, BNamericas notes.

PDVSA also purchased Seneca, which serves Nueva Esparta, from US
electricity company CMS Energy, BNamericas states.

                 About Petroleos de Venezuela

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

                 About Electricidad de Caracas

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.


PETROLOEOS DE VENEZUELA: Acquires CMS' 88% equity in SENECA
-----------------------------------------------------------
State-owned Petroloeos de Venezuela, S.A. inked an agreement
with CMS Energy for the sale and purchase of the latter's
interest in Sistema Electrico de Nueva Esparta, C.A. (SENECA),
including its 88 percent equity ownership, certain associated
generating equipment, and other assets for US$105.5 million.

SENECA is an electric utility that serves the state of Nueva
Esparta in Venezuela.  SENECA provides electric service to about
120,000 customers on Margarita and Coche islands off the
northern coast of Venezuela.  It owns and operates generating
units with a capacity of 220 megawatts.  CMS Energy purchased a
controlling interest in SENECA in 1998.  It was CMS Energy's
sole business in Venezuela.

Closing is expected to occur by the end of April 2007.  Proceeds
from the sale will be used to reduce parent debt and invest in
CMS Energy's Michigan utility, Consumers Energy.

                     About CMS Energy

CMS Energy (NYSE: CMS) is a Michigan-based company that has
business operations on electric and natural gas utility, natural
gas pipeline systems, and independent power generation.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2007, Moody's Investors Service affirmed the ratings of
CMS Energy (Ba1 Corporate Family Rating) and Consumers Energy
(Baa2 senior secured) and revised the rating outlook of both to
positive from stable.  Moody's also affirmed CMS Energy's SGL-2
rating.

                About Petroleos de Venezuela SA

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: Regulator Okays Purchase of Two Firms
-------------------------------------------------------------
Venezuelan securities regulator Comision Nacional de Valores
told Business News Americas that it has allowed the nation's
state oil firm Petroleos de Venezuela SA to purchase power
company Electricidad de Caracas and Cantv.

BNamericas relates that the regulator decided to let Petroleos
de Venezuela buy 2.7 million common shares, or 82.14% of
Electricidad de Caracas, from US company AES Corporation.

On Feb. 28, AES entered into a definitive accord to sell
Electricidad de Caracas to Petroleos de Venezuela for US$739
million.  A preliminary agreement was signed on January,
BNamericas notes.

Petroleos de Venezuela also purchased Seneca, which serves Nueva
Esparta, from US electricity company CMS Energy, 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.


                         ***********


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 2076.  All rights reserved.  ISSN 1529-2746.

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