TCRLA_Public/070411.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, April 11, 2007, Vol. 8, Issue 71

                          Headlines

A R G E N T I N A

ALUNCAN SA: Trustee Verifies Proofs of Claim Until May 31
ARROW ELECTRONICS: ECS Unit Brings In New Management Team
BANCO RIO: Will Increase Car Loan Portfolio to ARS460 Million
BITS TOOLS: Trustee To File Individual Reports in Court Tomorrow
CADEAL BIOMEDICOS: Proofs of Claim Verification Ends on May 29

CAEIRO HERMANOS: Trustee Verifies Proofs of Claim Until May 28
DARK HILL: Trustee To File General Report in Court Tomorrow
ECO DESIGN: Proofs of Claim Verification Ends on May 22
EQUIS SA: Creditors to Vote on Settlement Plan Tomorrow
GRUPO OESTE: Trustee Verifies Proofs of Claim Until May 15

MATRAX SRL: Trustee To File Individual Reports in Court Tomorrow
MULTISOFTWARE SRL: Proofs of Claim Verification Ends on May 16

B E L I Z E

CARLSON WAGONLIT: Moody's Assigns Loss-Given-Default Rating

B E R M U D A

REFCO INC: Administrators Want Until May 25 to Object to Claims
REFCO INC: Administrators Want to Settle Inter-company Claims
WHITEROCK LIMITED: Proofs of Claim Filing Deadline Is April 30

B O L I V I A

ADVANCED MICRO: Expects US$1.225-Bil. Earnings in First Quarter
PETROBRAS ENERGIA: Hires Decio Costa as Chairman of Board

B R A Z I L

BANCO DO BRASIL: To Stop Contributions to Employee Pension Fund
BANCO NACIONAL: Board Okays BRL22.5MM Financing to AMC Textil
BANCO NACIONAL: Inks BRL1.071MM Pact with Cooperativa de Credito
BANCO NACIONAL: Okays BRL11.1-Million Loan for Parana Sanitation
BRASIL TELECOM: Government Authorizes Firm's Merger with Oi

BRASIL TELECOM: May Lessen President's Decision-Making Power
CHEMTURA CORP: Hires Stephen Forsyth as Chief Financial Officer
COMMSCOPE INC: Names Mike Kelley as Sr. VP for Global Operations
COMPANHIA DE SANEAMENTO: Earns BRL873 Million in 2006
COMPANHIA DE SANEAMENTO: Will Invest BRL960MM on 2007 Projects

GERDAU SA: Launches Public Offering for 16.7% Stake in Siderperu
HEXCEL CORP: Names Wayne Pensky as CFO & Senior Vice President
METSO OYJ: CEO Sees Profit Growth for 2007
PETROLEO BRASILEIRO: Continues Negotiating for Japanese Refinery
PETROLEO BRASILEIRO: Will Step Up P-56 Construction Works

REALOGY CORP: Stockholders Approve Apollo Buyout
REALOGY CORP: Moody's Pares Rating on US$1.2-Bil. Notes to Ba3
REALOGY CORP: S&P Lowers Corporate Credit Rating to B+ from BB+
TELE NORTE: Gov't Authorizes Oi's Merger with Brasil Telecom

C A Y M A N   I S L A N D S

CARIBBEAN ISLANDS: Sets Final Shareholders Meeting for May 3
DENALI MAG: Will Hold Final Shareholders Meeting on May 4
DEPFA PERFORMANCE: Sets Final Shareholders Meeting for May 4
ENDEAVOUR GLOBAL: Will Hold Last Shareholders Meeting on May 3
ETON PARK: Will Hold Final Shareholders Meeting on May 4

GLOBAL OPPORTUNITIES: Sets Final Shareholders Meeting for May 4
HMTF CV: Will Hold Final Shareholders Meeting on May 3
KOWLOON LTD: Sets Final Shareholders Meeting for May 4
PACIFIC FALCON: Proofs of Claim Must be Filed by May 4
SEAGATE TECHNOLOGY: Gives Update on Third Quarter Fin'l Results

SEAHAWK YACHT: Sets Final Shareholders Meeting for May 3
SF PROPERTIES: Proofs of Claim Filing Deadline Is May 3
STEEPLE CAPITAL: Sets Last Shareholders Meeting for May 4
TORUS (IG): Will Hold Final Shareholders Meeting on May 3

C H I L E

CONSTELLATION BRANDS: Peter Soderberg to Join Board of Directors
ROYAL & SUN: MBIA Inc. Settles Lawsuit with Royal Indemnity Co.

C O L O M B I A

BBVA COLOMBIA: To Issue COP800B Bonds for Working Capital Needs
BRIGHTPOINT INC: Units Buy CellStar's Entire U.S. Operations
TOWER RECORDS: Sony, et al. Assert Lien on US$31MM Sale Proceeds

* COLOMBIA: Will Auction Central de Inversiones' Loan Portfolio

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Radhames Segura to Represent Gov't in Suit

G U A T E M A L A

BRITISH AIRWAYS: AUC Report Shows Worst Baggage Handlers in 2006
BRITISH AIRWAYS: Traffic Figures Up by 2.3% in March 2007

M E X I C O

AXTEL SAB: Launches Operations in Cuernavaca
FOAMEX INT'L: Will Spend US$3 Million To Upgrade Tupelo Plants
INT'L RECTIFIER: Material Weaknesses Found in Financial Reports
INT'L RECTIFIER: S&P Watches Ratings on Likely Material Weakness
JOAN FABRICS: Files for Bankruptcy in Delaware

JOAN FABRICS: Case Summary & 30 Largest Unsecured Creditors
OCEANIA CRUISE: Moody's Puts B2 Corp. Rating on Insignia Vessel
PORTRAIT CORP: Creditors Balk at Planned Managers Bonus Payments

P A N A M A

CABLE & WIRELESS: Inks Allnet Sale Agreement with Computancenter

P E R U

HERTZ CORP: DBRS Rates Senior Subordinated Debt at B (high)

* PERU: To Sell Sol-Denominated Bonds to Pay Paris Club Debt

P U E R T O   R I C O

FEDERATED DEP'T: Sells 507-Store to Men's Wearhouse for US100MM
SEARS HOLDINGS: Earns US$1.5 Billion in Year Ended February 3

U R U G U A Y

* URUGUAY: Sells US$500 Million of Peso Bonds in Int'l Markets

V E N E Z U E L A

DAIMLERCHRYSLER AG: Kerkorian Offers US$4.5 Billion for Chrysler
HERBALIFE LTD: Disbands Special Panel After Whitney Talks End
SHAW GROUP: Cost Review To Delay Second Quarter Fin'l Reporting

* VENEZUELA: Gets US$13.7MM in Back Taxes from Royal Dutch Shell
* VENEZUELA: Launches Public Tender for Cantv Majority Stake

* S&P Probes Relation Between Sovereign Ratings & Country Risk
* Upcoming Meetings, Conferences and Seminars


                            - - - - -

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


ALUNCAN SA: Trustee Verifies Proofs of Claim Until May 31
---------------------------------------------------------
Ulderico Luis Laudren, the court-appointed trustee for Aluncan
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim until May 31, 2007.

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

Mr. Laudren will present the validated claims in court as
individual reports.  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 Aluncan 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 Aluncan's accounting
and banking records will be submitted in court.

An informative assembly will be held to allow creditors to vote
on Aluncan's completed settlement plan.

Infobae did not state the reports submission dates as well as
the date for the assembly.

The trustee can be reached at:

          Ulderico Luis Laudren
          Libertad 293
          Buenos Aires, Argentina


ARROW ELECTRONICS: ECS Unit Brings In New Management Team
---------------------------------------------------------
Arrow Enterprise Computing Solutions, a unit of Arrow
Electronics Inc., appointed a new management team that includes
senior leaders from both Arrow ECS and the legacy KeyLink
Systems Group (KSG).

With this announcement, Arrow ECS has established global
business units to oversee its IBM and software business.

"Through this and our other recent acquisitions, Arrow ECS is
the No. 1 value-added distributor of enterprise products for HP
and IBM, the No. 1 distributor of enterprise storage, and the
No. 1 distributor of security and virtualization software,"
Kevin Gilroy, president of Arrow ECS, said.  "One of Arrow ECS'
main attractions to KSG was the people who made that business so
successful.  Our new management team reflects a true integration
of the best of both companies."

"The creation of global business units for our IBM and software
business is not only a reflection of the significant
opportunities that exist for Arrow ECS in these areas but also
ensures that Arrow ECS is prepared to meet our partners' future
needs as end-user demand for global service and solutions
increases," Mr. Gilroy added.

Due to the large scope of the global IBM business unit, Arrow
ECS will retain the segmentation of the legacy Arrow ECS and KSG
IBM groups.  KSG will be fully integrated into all other
business units across Arrow ECS.

These executives have been appointed to lead Arrow ECS new
global business units, effective immediately:

   -- Eric Williams, vice president of the Arrow ECS' IBM group
      for Arrow ECS' global IBM business unit;

   -- Mark Taylor, vice president of the Arrow KeyLink IBM group
      for Arrow ECS' global IBM business unit;

   -- Lance Sedlak, director of retail services for Arrow ECS'
      global IBM business unit;

   -- Matt Reaves, vice president of North American enterprise
      software for Arrow ECS' global software business unit; and

   -- John Szabo, vice president, Arrow KeyLink group, for Arrow
      ECS' customer programs.

Robert Boulet will continue to serve as vice president of Arrow
ECS' storage group, which has been renamed the Arrow ECS North
American storage business unit; Richard Severa will continue to
serve as vice president of Arrow ECS' MOCA group, which has been
renamed the Arrow ECS North American Sun business unit; and
Andrew Bratton will continue to serve as vice president of Arrow
ECS' government group.

Mr. Williams previously served as vice president of the Arrow
ECS' legacy IBM group and was responsible for planning the
strategic direction and overseeing daily operations for Arrow
ECS' IBM business.  Prior, he served as vice president of sales
and product for Arrow's former Gates/Arrow division and as vice
president of sales for Arrow/Schweber.  He also is the former
vice president of sales for Bell Industries.  Mr. Williams will
co-lead supplier, marketing and joint business strategies for
Arrow ECS' IBM business with Mr. Taylor.

As vice president and general manager of the legacy KSG IBM
business group, Mr. Taylor was responsible for field sales,
profit and loss, and the overall growth and strategy for KSG's
IBM business.  Mr. Taylor joined Agilysys KSG in 1994 and held
several positions during his tenure.

Mr. Sedlak previously established and served as general manager
for Arrow ECS' legacy software group.  Mr. Sedlak joined Arrow
ECS in 2001 after managing the SGI business group for GE Access.
He previously held positions ranging from vice president of
sales to product management roles for Integration Alliance
Corporation.  In his new role, Mr. Sedlak will oversee business
initiatives with the legacy KSG point-of-sale and retail
services business.

Mr. Reaves is the former vice president for the legacy KSG
software business unit, where he was responsible for all
software sales, marketing and operations for all non-application
specific products.  Mr. Reaves joined Agilysys in 1990 and held
several other positions with the company.  Prior, he held
positions at PTXI and Medical Information Systems, a value-added
reseller (VAR).  Mr. Reaves also previously owned his own VAR
business.

Mr. Szabo previously served as vice president of sales
operations for KSG.  He was with Agilysys for 14 years and has
extensive asset management experience.  He held various
management positions within the company including resource
center director and branch operations manager.  In his current
role, Mr. Szabo will manage inside sales for legacy KSG
partners.

                   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 said the
rating outlook is positive.


BANCO RIO: Will Increase Car Loan Portfolio to ARS460 Million
-------------------------------------------------------------
Banco Rio de la Plata Product Manager Gustavo Massaro told
Business News Americas that the bank aims to boost its car loan
portfolio by 40% to ARS460 million in 2007.

Mr. Massaro commented to BNamericas that sales of new and used
car are increasing in Argentina.  However, there may be slower
deliveries of cars from Brazil, causing a slowdown in the
market.

BNamericas underscores that Brazilian cars account for 60% of
total car sales in Argentina.  Banco Rio is Argentina's largest
car finance player, with about 40% of the market and a 12.5%
overall market share.

Banco Rio hopes to increase the overall market share to 15% in
two years, BNamericas says, citing Mr. Massaro.

In a study Banco Rio conducted, the average car loan amount the
bank granted in 2006 was ARS17,809, with an average loan
maturity of 48 months, BNamericas states.

Headquartered in Buenos Aires, Argentina, Banco Rio de la Plata
is an Argentinean private bank providing a range of financial
services, including retail, corporate, and merchant banking,
insurance, credit cards and fund management, to individuals,
companies of all sizes, financial institutions and the public
sector (both provincial and national).  The company has a
network of approximately 280 branches and employs over 5,000
serving over 1 million customers.  It is part of the Latin
American franchise of Banco Santander Central Hispano, which
holds over 80% of the bank's share capital.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 22, 2007, Moody's Investors Service assigned a B2 foreign
currency debt rating to Banco Rio de la Plata S.A.'s US$250
million Global Short- and Medium-term Note Program.  Moody's
placed a (P)Ba2 long-term local currency debt rating to Banco
Rio's proposed ARS450 million notes that are due in 2010 and are
to be issued under the program.  Moody's also assigned a Aa3(ar)
national scale debt rating to the program and a (P)Aaa(ar)
national scale local currency debt rating to the notes.

These ratings were assigned to Banco Rio:

  US$250 million Global Short- and Medium-Term Note Program:

     -- Long-term foreign-currency debt rating: B2,
        Positive outlook

     -- National scale foreign currency debt rating: Aa3(ar)

  ARS450 million Senior Unsecured Notes:

     -- Provisional Long-term local currency debt rating:
        (P)Ba2, stable outlook

     -- Provisional National scale local currency debt rating:
        (P)Aaa(ar)


BITS TOOLS: Trustee To File Individual Reports in Court Tomorrow
----------------------------------------------------------------
Francisco Jose M. Costa, the court-appointed trustee for Bits
Tools SA's bankruptcy proceeding, will present creditors'
validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
April 12, 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 Bits Tools and its creditors.

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

Mr. Costa verified creditors' proofs of claim until
March 1, 2007.

Mr. Costa will also submit to court a general report containing
an audit of Bits Tools' accounting and banking records on
May 24, 2007.

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

The trustee can be reached at:

          Francisco Jose M. Costa
          Sarmiento 1562
          Buenos Aires, Argentina


CADEAL BIOMEDICOS: Proofs of Claim Verification Ends on May 29
--------------------------------------------------------------
Ernesto Resnizky, the court-appointed trustee for Cadeal
Biomedicos S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until May 29, 2007.

Mr. Resnizky will present the validated claims in court as
individual reports on July 12, 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 Cadeal Biomedicos 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 Cadeal Biomedicos'
accounting and banking records will be submitted in court on
Oct. 5, 2007.

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

The trustee can be reached at:

          Ernesto Resnizky
          Caracas 4330
          Buenos Aires, Argentina


CAEIRO HERMANOS: Trustee Verifies Proofs of Claim Until May 28
--------------------------------------------------------------
Hector Francisco Presta, the court-appointed trustee for Caeiro
Hermanos S.A.C.I.F.I.A.'s reorganization proceeding, verifies
creditors' proofs of claim until May 28, 2007.

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

Mr. Presta will present the validated claims in court as
individual reports.  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 Caeiro Hermanos 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 Caeiro Hermano's
accounting and banking records will be submitted in court.

The informative assembly will follow.  Creditors will vote to
ratify the completed settlement plan during the assembly.

Infobae didn't disclose the reports submission deadlines as well
as the date of the assembly.

The debtor can be reached at:

         Caeiro Hermanos S.A.C.I.F.I.A.
         Paraguay 2564
         Buenos Aires, Argentina

The trustee can be reached at:

          Hector Francisco Presta
          Parana 467
          Buenos Aires, Argentina


DARK HILL: Trustee To File General Report in Court Tomorrow
-----------------------------------------------------------
Rosa del Carmen Irigoyen, the court-appointed trustee for Dark
Hill SA's bankruptcy proceeding, will submit to court a general
report containing an audit of the company's accounting and
banking records on April 12, 2007.

Ms. Irigoyen verified creditors' proofs of claim until
Dec. 15, 2006.  She then presented the validated claims in court
as individual reports on March 1, 2007.  The National Commercial
Court of First Instance in Buenos Aires determined the verified
claims' admissibility, taking into account the trustee's opinion
and the objections and challenges raised by Dark Hill and its
creditors.

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

The trustee can be reached at:

           Rosa del Carmen Irigoyen
           Avenida Cordoba 1351
           Buenos Aires, Argentina


ECO DESIGN: Proofs of Claim Verification Ends on May 22
-------------------------------------------------------
Ricardo Sukiassan, the court-appointed trustee for Eco Design
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until May 22, 2007.

Mr. Sukiassan will present the validated claims in court as
individual reports.  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 Eco Design
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 Eco Design's
accounting and banking records will be submitted in court.

Infobae did not state the reports submission dates.

Mr. Sukiassan is also in charge of administering Eco Design'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 Sukiassan
          San Martin 1009
          Buenos Aires, Argentina


EQUIS SA: Creditors to Vote on Settlement Plan Tomorrow
-------------------------------------------------------
Equis S.A., a company under reorganization, will present a
settlement plan to its creditors on April 12, 2007.

Claudina Beatriz Badino, the court-appointed trustee for Equis'
reorganization proceeding, submitted individual reports in court
on Aug. 11, 2006.  The individual reports were based on
creditors' claims that Ms. Badino verified until June 28, 2006.
The National Commercial Court of First Instance in Mendoza
determined the verified claims' admissibility, taking into
account the trustee's opinion and the objections and challenges
raised by Equis and its creditors.

Ms. Badino also presented a general report containing an audit
of Equis' accounting and banking records in court on
Oct. 9, 2006.

The debtor can be reached at:

         Equis S.A.
         9 de Julio 1769
         Ciudad de Mendoza
         Mendoza, Argentina

The trustee can be reached at:

         Claudina Beatriz Badino
         Perito Moreno 1077
         Godoy Cruz
         Mendoza, Argentina


GRUPO OESTE: Trustee Verifies Proofs of Claim Until May 15
----------------------------------------------------------
Nestor Rodolfo del Potro, the court-appointed trustee for
Grupo Oeste S.R.L.'s reorganization proceeding, verifies
creditors' proofs of claim until May 15, 2007.

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, the National Commercial Court of First Instance
in Buenos Aires appointed Mr. del Potro for Grupo Oeste's
bankruptcy proceeding.  The proofs of claim presentation was on
Feb. 21, 2007.

Mr. del Potro will present the validated claims in court as
individual reports on June 28, 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 Grupo Oeste 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 Grupo Oeste's
accounting and banking records will be submitted in court on
Aug. 27, 2007.

Infobae did not state the date for the informative assembly.

The trustee can be reached at:

          Nestor Rodolfo del Potro
          Avenida Corrientes 1291
          Buenos Aires, Argentina


MATRAX SRL: Trustee To File Individual Reports in Court Tomorrow
----------------------------------------------------------------
Anibal Hugo Rivero, the court-appointed trustee for Matrax SRL's
bankruptcy proceeding, will present creditors' validated claims
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on April 12, 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 Matrax and its creditors.

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

Mr. Rivero verified creditors' proofs of claim until
Feb. 28, 2007.

Mr. Rivero will also submit to court a general report containing
an audit of Matrax's accounting and banking records on
May 24, 2007.

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

The trustee can be reached at:

          Ruben Leonardro Kwasniewski
          Rauch 925
          Buenos Aires, Argentina


MULTISOFTWARE SRL: Proofs of Claim Verification Ends on May 16
--------------------------------------------------------------
Maria del Carmen Alvarez, the court-appointed trustee for
Multisoftware SRL's bankruptcy proceeding, verifies creditors'
proofs of claim until May 16, 2007.

Ms. Alvarez will present the validated claims in court as
individual reports on June 28, 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 Multisoftware 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 Multisoftware's
accounting and banking records will be submitted in court on
Aug. 30, 2007.

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

The trustee can be reached at:

          Maria del Carmen Alvarez
          San Jose 135
          Buenos Aires, Arigentina



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CARLSON WAGONLIT: 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
Carlson Wagonlit B.V.

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: CWT Europe Holdings SAS

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility
   Due 2014                 Ba3      Ba2      LGD3    36%

* Issuer: CWT Global B.V.

   Senior Secured Bank
   Credit Facility
   Due 2014                 Ba3      Ba2      LGD3    36%

* Issuer: Carlson Wagonlit B.V.

   Senior Secured Bank
   Credit Facility
   Due 2013                 Ba3      Ba2      LGD3    36%

   Senior Secured Regular
   Bond/Debenture
   Due 2015                 B2       B2       LGD5    89%

* Issuer: Carlson Wagonlit New Holdco Limited

   Senior Secured Bank
   Credit Facility
   Due 2014                 Ba3      Ba2      LGD3    36%

* Issuer: Horizon Merger Corp

   Senior Secured Bank
   Credit Facility
   Due 2014                 Ba3      Ba2      LGD3    36%

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, Carlson Wagonlit specializes in
managing business travel for corporate clients worldwide.  It is
the world's second-largest travel management company and is
present in nearly 150 countries including Singapore, Canada, the
United States, and in Latin America.

In Latin America, the company operates in Argentina, Barbados,
Brazil, Belize, Chile, Colombia, Costa Rica, Dominican Republic,
Ecuador, El Salvador, Guatemala, Haiti, Honduras, Jamaica,
Mexico, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Trinidad
and Tobago, Uruguay and Venezuela.




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B E R M U D A
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REFCO INC: Administrators Want Until May 25 to Object to Claims
---------------------------------------------------------------
RJM LLC, as Plan Administrator of the Reorganized Debtors'
Chapter 11 cases, and Marc S. Kirschner, Chapter 11 Trustee and
Plan Administrator of Refco Capital Markets, Ltd.'s estate, tell
the U.S. Bankruptcy Court for the Southern District of New York
that since filing for bankruptcy, about 14,000 claims,
aggregating US$150,000,000,000 in asserted amounts, have been
filed against the estates of Refco Inc., and its debtor-
affiliates.

Over the course of the Chapter 11 cases, about 5,000 claims
asserting US$143,000,000,000 have been resolved by Court order
or by consent of the parties.

The Plan Administrators also filed objections to 1,300
additional claims asserting approximately US$5,500,000,000.

The Plan Administrators continue to reconcile the remaining
claims filed against the Chapter 11 estates, and anticipate
filing additional claims objections by March 2007.

Pursuant to the Reorganized Debtors' Plan of Reorganization, the
last day for filing an objection to claims against the Debtors
and RCM will be:

   (a) the later of 90 days after the Plan Effective Date, or
       60 days after the filing of a proof of claim for, or
       request for payment of, that Claim; or

   (b) other date as the Court may order.

The Plan Administrators ask the Court to extend the Claims
Objection Deadline through and including May 25, 2007.

Mark S. Deveno, Esq., at Bingham McCutchen LLP, in New York,
asserts that extension of the Claims Objection Deadline is
appropriate to complete the claims reconciliation process and to
help ensure that all non-meritorious claims are appropriately
challenged.

The Plan Administrators believe that it is important to ensure
that no unwarranted claims are allowed simply by virtue of the
passage of time.

Mr. Deveno assures Judge Drain that extending the Claims
Objection Deadline will not cause delay and will not prejudice
any claimants, as each claimant will retain any substantive
defenses it may have to any claim objections filed.

While the Plan Administrators do not anticipate any need to seek
additional extensions, they reserve the right to seek further
extension of the Claims Objection Deadline.

                       About Refco Inc.

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

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

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.

Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.  (Refco Bankruptcy News, Issue No. 60; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Administrators Want to Settle Inter-company Claims
-------------------------------------------------------------
RJM LLC, as Plan Administrator of the Reorganized Debtors'
Chapter 11 cases, and Marc S. Kirschner, as Chapter 11 Trustee
and Plan Administrator of Refco Capital Markets, Ltd.'s estate,
ask the U.S. Bankruptcy Court for the Southern District of New
York to approve their settlement and compromise of various
Inter-company claims with Albert Togut, as (i) Chapter 7 Trustee
for the Refco LLC estate, and (ii) interim Chapter 7 trustee for
the estate of Refco Trading Services, LLC a wholly owned
subsidiary of Refco LLC.

The Refco Administrator represents:

   -- each of the then Chapter 11 Debtors, excluding Refco F/X
      Associates, LLC;

   -- FXA; and

   -- certain non-debtor affiliates, including Refco Singapore
      Pte. Ltd. and Refco Investment Services Pte. Ltd.

                            RCM Claim

In July 2006, the RCM Trustee filed Claim No. 290 against Refco,
LLC, asserting a liquidated intercompany claim for US$11,450,384
based on "money borrowed or converted."

The RCM Trustee also asserted "unknown, contingent and
unliquidated claims" against Refco LLC for up to
US$2,278,164,695, based on his belief that RCM improperly
transferred more than US$2,200,000,000 to Refco Global Capital
Management LLC Refco Global or Refco Capital LLC to directly
benefit Refco Global, Refco Capital and one or more other
debtors, including Refco LLC.

                       Refco Master Claim

In July 2006, the then Chapter 11 Debtors and their affiliates
filed Claim No. 414 against Refco LLC, asserting liquidated
inter-company claims in the net aggregate amount of
US$138,266.382.

The Refco Master Claim is separate and distinct from the RCM
Claim filed against the Refco LLC estate for more than
US$2,000,000,000 by the RCM Trustee.

Subsequent to filing the claim, the Refco Master Claimants
alleged damages exceeding US$750,000,000 based on various
grounds of liability that seeks payments for, among other
things:

   (i) improper acquisition accounting;

  (ii) allocations of senior management and administrative
       services and tradename use charges;

(iii) retention of sale proceeds from the transaction with Man
       Financial, Inc., relating to trademarks and tradename
       values of Refco Group Ltd.;

  (iv) improper recording of income at Refco LLC referred to as
       "corporate yield enhancement";

   (v) an assumption by one or more of the Refco Master
       Claimants of losses at Refco LLC arising out of an
       arbitration award; and

  (vi) interest on all claims as of the Refco LLC Petition Date.

               Refco Investment & Singapore Claims

Refco Singapore and Refco Investment filed Claim Nos. 458 and
459 against Refco LLC for US$96,126 and US$114,235, purporting
to arise out of intercompany receivables between the two
claimants, on one hand, and Refco LLC, on the other.

                           RTS Claims

Mr. Togut, on behalf of the RTS estate, filed Claim Nos. 11726
through 11751, and 11753 against each of the then Chapter 11
Debtors and RCM, and Claim No. 413 against Refco LLC, seeking
undetermined amounts for various causes of action arising from
RTS' relationship with each of the Chapter 11 Debtors, RCM and
Refco LLC.

The RTS Claims further asserted unliquidated claims for damages
arising from transactions engaged in by the Chapter 11 Debtors,
RCM and Refco LLC that involved fraudulent accounting, misuse of
assets, fraudulent concealment of losses, and any other
misconduct or omissions, including those that led to the
commencement of cases under Chapter 11 and Chapter 7.

According to Refco LLC's books and records, RTS held accounts
receivable claims aggregating US$4,961,638 against the Refco
Master Claimants and Refco LLC, versus account payables due
those same entities in aggregate amount of US$12,013,485.

                        Refco LLC Claims

Mr. Togut, on behalf of the Refco LLC estate, filed Claim Nos.
11312 through 11318; 11435; 11752; and 11754 through 11771) in
the cases of each of the Chapter 11 Debtors and RCM.  The Refco
LLC Claims assert unliquidated claims arising out of the Chapter
7 Debtor's relationship with the Chapter 11 Debtors and RCM.

Mr. Togut also asserted various liquidated claims against
certain of the Chapter 11 Debtors.  Based on its schedules of
assets and liabilities, Refco LLC held accounts receivable
aggregating US$198,107,010 against the Refco Master Claimants,
RCM and RTS, versus account payables due such entities totaling
US$153,735,761.

             Terms of Intercompany Claims Settlement

Under the Plan, on and after the Effective Date, the Plan
Administrators may exercise all of the Reorganized Debtors'
rights, powers and duties, including the settlement and
compromise of the disputed intercompany claims.

Accordingly, the Intercompany Claims Settlement Agreement
provides that:

   (1) The Contributing Debtors will be allowed a senior
       subordinated unsecured claim against the Refco LLC estate
       for US$565,000,000, in settlement of the claims asserted
       in the Refco Master Claim.  The Specified Allowed
       Contributing Debtors' Claim will be entitled to
       distribution from the Refco LLC estate.  The claim will
       be senior to, and paid before distributions are made on
       account of, the Allowed Other Claim or any claims under
       Sections 726(a)(3) through 726(a)(6) of the Bankruptcy
       Code.

   (2) The balance of the Refco Master Claim and the RCM Claim
       will be allowed as a junior subordinated unsecured claim
       against the Refco LLC estate for US$575,000,000, and will
       be entitled to distribution from the Refco LLC estate
       under Section 726(a)(2).

   (3) The Refco Singapore Claim and the Refco Investment Claim
       will be disallowed and expunged in their entireties.
       Refco Singapore, Refco Investment, and all other Refco
       Affiliates included in the Refco Master Claim will not be
       entitled to any distribution from Refco LLC's estate on
       account of the Refco Singapore Claim, the Refco
       Investment Claim, or the Refco Master Claim.

   (4) The RTS Claims will be disallowed and expunged in their
       entireties in consideration for certain releases.

   (5) The parties will exchange mutual releases.

   (6) The Settlement allows the Specified Allowed Contributing
       Debtors' Claim and the Allowed Other Claim.  The timing
       and amount of the distributions will be in Mr. Togut's
       discretion consistent with the applicable provisions of
       the Bankruptcy Code.

The parties agree that the Settlement does not waive, expunge or
otherwise disallow any claims or rights to payment of
administrative expenses arising on or after the Refco LLC
Petition Date, or any claims or rights of customers or creditors
of RCM against Refco LLC that were assigned by them to the Refco
Master Claimants and RCM, and subordinated on the terms of
various Claim Subordination and Waivers contemplated by the Plan
Support Agreement, dated September 14, 2006.

                       About Refco Inc.

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

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

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.

Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006. (Refco Bankruptcy News, Issue No. 60; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


WHITEROCK LIMITED: Proofs of Claim Filing Deadline Is April 30
--------------------------------------------------------------
Whiterock Limited's creditors are given until April 30, 2007, to
prove their claims to Donna A. Trott, 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.

Whiterock Limited's shareholders agreed on March 21, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Donna A. Trott
         27 Reid Street
         Hamilton HM 11, Bermuda




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


ADVANCED MICRO: Expects US$1.225-Bil. Earnings in First Quarter
---------------------------------------------------------------
Advanced Micro Devices will report revenue of approximately
US$1.225 billion in the quarter ending March 31, 2007.  Revenues
declined sharply quarter-over-quarter for the Computing
Solutions segment, primarily due to lower overall average
selling prices and significantly lower unit sales, especially in
the resale channel.

Advanced Micro plans to restructure its business model to
increase operational efficiencies and lower its operating cost
structure.  Advanced Micro will reduce 2007 capital expenditures
by approximately US$500 million, which the company believes will
not materially impact capacity plans for the year.  Advanced
Micro will also significantly reduce discretionary expenses and
limit hiring to critical positions.  The company will provide
more details during its conference call to report first quarter
2007 financial results on April 19.

Advanced Micro will report first quarter 2007 financial results
after market close on April 19, 2007.  Advanced Micro will hold
a conference call for the financial community at 2:00 p.m.
Pacific Time to discuss first quarter results.

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- designs and produces
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries.  The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations include those in Bolivia, Chile, Colombia and
Ecuador, among others.

                        *     *     *

The company's 7-3/4% Senior Notes due Nov. 1, 2012, carries
Standard & Poor's B+ rating, Moody's Ba3 rating and Fitch's BB-
rating.


PETROBRAS ENERGIA: Hires Decio Costa as Chairman of Board
---------------------------------------------------------
Petrobras Energia Participaciones S.A. disclosed that its board
of directors has appointed Decio Fabricio Oddone da Costa and
Daniel Lima de Oliveira as Chairman and Vice Chairman,
respectively.

In addition, the Board at the said meeting resolved to appoint
the members of the Audit Committee, mostly composed of
independent Directors according to the Argentine Securities
Commission Regulations, and appointed Cedric Bridger, Ignacio R.
Arrieta and Santiago Montezanti as regular members and Horacio
T. Liendo, as alternate member of such Audit Committee, with the
abstention, in each case, of the directors involved.

Petrobras Energia Participaciones SA (Buenos Aires: PBE,
NYSE:PZE) through its subsidiary, explores, produces, and
refines oil and gas, as well as generates, transmits, and
distributes electricity.  It also offers petrochemicals, as well
as markets and transports hydrocarbons.  The company conducts
oil and gas exploration and production operations in Argentina,
Venezuela, Peru, Ecuador, and Bolivia

                        *     *     *

As reported on Jan. 4, 2007, Fitch Argentina Calificadora de
Riesgo affirmed these ratings assigned to Petrobras Energia:

   -- international currency: B+
   -- local currency: BB-
   -- unsecured senior debt: B+




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


BANCO DO BRASIL: To Stop Contributions to Employee Pension Fund
---------------------------------------------------------------
Banco do Brasil said in a statement that it has decided to stop
contributions to Previ, its employee pension fund.

Banco do Brasil told Business News Americas that it made the
decision to lessen personnel expenses to BRL325 million per
year.  The bank will raise contributions to employee health
plan, Cassi, which will counterbalance any savings.

BNamericas relates that Banco do Brasil will study the need for
more contributions to Previ every 12 months.

Previ had a surplus of BRL15.9 billion in 2006, ending the year
with BRL106 billion in assets, BNamericas states.

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)'.


BANCO NACIONAL: Board Okays BRL22.5MM Financing to AMC Textil
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
board approved a financing of BRL22.5 million to A.M.C. Textil
Ltda, for the construction of a textile production plant in the
Municipality of Itajai (State of Santa Catarina).  Consequently,
the company will increase its offer of differentiated textile
products, and will generate about 300 direct and 600 indirect
jobs, in addition to obtaining economies of scale and
productivity from its investments in modernization.

Total investments of BRL35 million, of which BNDES will
participate with 64%, will allow an increase of 34% in the
company's production capacity.  The new plant will initially
support the transference of all plant's structure in Brusque,
the main A.M.C.'s business unit, which concentrates management,
creation, fabric cutting, modeling and sales activities.

The place was selected due to its strategic location in logistic
terms, since it is next to BR 101 highway, Navegantes Airport
and Port of Itajai, therefore allowing the discharge of its
products with more agility and speed. A.M.C. owns four
manufacturing plants: one for roll knitting, in Jaragua do Sul,
two for textile manufacturing, in Brusque and Joinville, and one
for footwear in Sao Joao Batista, all of them municipalities in
the State of Santa Catarina.

The company is held by the Menegotti family, which owns Colcci,
Sommer and Carmelitas trademarks, having a strong operation in
the market and being present to all events of the Brazilian
fashion, such as Fashion Rio and Sao Paulo Fashion Week.  A.M.C.
also owns a license to use Coca-Cola brand in undershirts, pants
and warm clothing.

Colcci's business unit plays an important role in the market, by
differentiating itself from the informal producer and other
fashion and leisure textile manufacturers, based on its
aggressive investment in marketing and product development.  An
example of the attention directed to marketing is the hiring of
the Brazilian model Gisele Bndchen to represent the company in
fashion events.

                         About BNDES

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

                        *     *     *

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


BANCO NACIONAL: Inks BRL1.071MM Pact with Cooperativa de Credito
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social and
Cooperativa de Credito de Sao Roque de Minas Ltda. entered into
an agreement on, April 3, 2007, under which the cooperative will
receive BRL1.071 million for the construction of its seat, with
modernization of its infrastructure and creation of a cultural
space for events on technical qualification and social
interaction.  The operation agreement was signed by BNDES Social
Area director, Elvio Gaspar, at BNDES head office.

Since 1991 the cooperative operates as an agent for promoting
development in the High Sao Francisco region, at northeast of
Minas Gerais, benefiting the Municipalities of Sao Roque de
Minas, Vargem Bonita, Delfinopolis, Sao Joao Batista do Glaria
and Pratinha, by means of low interest rate financings.

The BNDES operation was qualified under the ambit of Program for
Collective Productive Investments -- Proinco -- and total
investment in the project will be BRL1.433 million, of which R$
362 thousand will come from the cooperative's own funds.

Its performance has been crucial for improving the agricultural
activities in High Sao Francisco, not only due to the granting
of productive credit, but also due to the provision of technical
assistance to farmers and cattle breeders, so contributing to
the development of these activities on entrepreneurship bases.

Under direct supervision of an agronomic engineer hired by the
cooperative itself, technical counseling is provided to coffee
and corn planters, which benefited from the implementation of a
grain silo, in partnership with Cooperativa dos Produtores
Rurais da Serra da Canastra.

In addition to providing credit to its members, Cooperativa de
Credito de Sao Roque de Minas functions as a bank, operating
several financial products and services, such as deposits, cash
investments, tax payment, transfers, collections, payment
orders, and savings, among others.

The cooperative has currently about 6.2 thousand members. Its
target is to reach 10.5 thousand members until 2017,
representing an increase of 66% over the current number.
In 2006, nearly 3.8 thousand credit operations were carried out,
amounting to BRL20.94 million, of which BRL12.94 million was
funded as deposits and BRL7.69 million as transfers from Banco
Cooperativo do Brasil S/A.

Another important performance of this entity relates to the
educational sector, as creator and provider of Cooperativa
Educacional de Sao Roque de Minas, which offers basic education
to 120 students in elementary and secondary school.  It also
supports the transportation of 70 college students attending
classes in the Municipalities of Formiga, Arcos and Piumhi,
besides opening qualification and professionalization programs
for its members.

The Program for Collective Productive Investments -- Proinco --
was created by BNDES to support investment projects benefiting
workers, producers and/or domestic enterprises with collective
operations and capable of influencing decisively in the economic
and social development of the region, sectors and communities
involved, particularly at less developed areas.

In Minas Gerais, the first institution receiving Proinco
financing was Cooperativa Cachacaboa, in Jequitinhonha Valley,
which last year received from BNDES funds of about BRL1.89
million to build a structure for storing, homogenizing,
analyzing chemically and bottling the cachaca production.

                         About BNDES

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

                        *     *     *

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


BANCO NACIONAL: Okays BRL11.1-Million Loan for Parana Sanitation
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has authorized a BRL11.1-million loan for
provision of basic sanitation services in Parana.

Business News Americas relates that the loan will be made to
Parana's state-run water firm Sanepar, which will make another
BRL2.8-million loan.

According to BNamericas, the project was included in the
Brazilian government's growth acceleration plan.  It is aimed at
sinking wells into the Guarani aquifer to provide water for the
cities:

          -- Candoi,
          -- Jardim Alegre,
          -- Vaipora, and
          -- Laranjeiras do Sul.

The report says that the investment will be used for:

          -- water pumping stations,
          -- reservoirs, and
          -- electrical installations.

Sanepar seeks to supply treated water for 100% of the urban
population and wastewater collection for 80% by 2010.  The
company currently provides treated water to 98.7% of the urban
population within its area of activity and wastewater collection
services for 47.7%, BNamericas states.

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

                        *     *     *

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


BRASIL TELECOM: Government Authorizes Firm's Merger with Oi
-----------------------------------------------------------
The Brazilian government has approved a merger between fixed
line telecoms operator Brasil Telecom Participacoes and Oi fka
Tele Norte Leste Participacoes, local magazine Veja reports.

According to Veja, the government will pass a legislation
allowing the deal.

However, an Oi spokesperson denied to Business News Americas
that it was negotiating a merger with Brasil Telecom.  The
spokesperson did say that in the face of strong competition from
global operators, Oi sees a merger with one of the other
national operators to form a "national platform" as one of its
options.

"We think that a national champion such as a merger between
Telemar and Brasil Telecom is good for the country, but this
would need a presidential decree," Oi Chief Financial Officer
Jose Luis Magalhaes Salazar told BNamericas.

                      About Tele Norte

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

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

                     About Brasil Telecom

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

Brasil Telecom Participacoes' local currency long-term debt
carries Fitch's BB+ rating.

Moody's Investors Service placed a Ba1 local currency long-term
issuer rating on Brasil Telecom.


BRASIL TELECOM: May Lessen President's Decision-Making Power
------------------------------------------------------------
Brasil Telecom Participacoes shareholders will vote on a plan to
reduce the company president Ricardo Knoepfelmacher's decision-
making power, news daily Valor Economico reports.

Brasil Telecom's board of management has been acting informally
as a collective decision-making group for one year, Business
News Americas relates.  Technically, the president and a
nominated executive have the power to ratify vital decisions for
the company.  Shareholders will vote to abolish this power.

Braso Telecom Corporate Governance Director Fabio Moser
commented to BNamericas, "This concentration of power represents
a risk for shareholders.  Our aim with the project is to reduce
this risk, but without slowing the decisions of the company."

Valor Economico underscores that once the reduction of the
president's power is approved, new board members will then be
nominated.  Brasil Telecom expects the minimum number of board
members to be increased to between five and nine, from four.

The new management structure is part of a continuing corporate
governance review within Brasil Telecom.  The company hired US
management consultants McKinsey to research the issue, Valor
Economico states, citing Mr. Moser.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

Brasil Telecom Participacoes' local currency long-term debt
carries Fitch's BB+ rating.

Moody's Investors Service placed a Ba1 local currency long-term
issuer rating on Brasil Telecom.


CHEMTURA CORP: Hires Stephen Forsyth as Chief Financial Officer
---------------------------------------------------------------
Chemtura Corp. has appointed Stephen C. Forsyth as Executive
Vice President and Chief Financial Officer, effective
April 30, 2007.

Declaring the appointment, Chairman and CEO Robert L. Wood said,
"Stephen is a proven financial and operating executive with more
than 25 years of experience and a demonstrated track record of
operational finance, cash generation and bottom-line
improvement."

Mr. Forsyth, 51, will succeed Karen R. Osar as Executive Vice
President and Chief Financial Officer, whose retirement from the
company was effective March 30, 2007.

"We appreciate Karen's significant contributions over the last
three years and wish her a long and happy retirement," Mr. Wood
said.

Kevin V. Mahoney, Chemtura's Senior Vice President and Corporate
Controller, is serving as interim CFO pending Mr. Forsyth's
arrival from Hexcel Corp., a leading advanced structural
materials company where he most recently served as Executive
Vice President and Chief Financial Officer.

Mr. Forsyth was instrumental in designing and implementing
business consolidation programs and growth strategies that
resulted in a significant increase in revenues for Hexcel.  In
particular, he secured financing for and managed the financial
integration of several key acquisitions to diversify the
company's markets, optimized Hexcel's capital and cost
structures, and launched a global restructuring plan.

Mr. Forsyth also has 16 years of operating management experience
with Hexcel, including serving as vice president of
international operations, responsible for one third of Hexcel's
sales, assets and employees, and serving as manager of various
resins and chemicals businesses and international divisions.

A native of England, Mr. Forsyth completed his undergraduate
degree at the London School of Economics and Political Science,
joined Lloyds Bank, and then completed his MBA at the London
Business School.

Headquartered in Middlebury, Connecticut, 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.


COMMSCOPE INC: Names Mike Kelley as Sr. VP for Global Operations
----------------------------------------------------------------
CommScope Inc. has appointed Mike Kelley as Senior Vice
President, Global Enterprise Operations.

Mr. Kelley, 46, will be responsible for building upon and
integrating CommScope's global Enterprise manufacturing
operations, including facilities based in North America, Europe
and Australia.  Mr. Kelley has been a CommScope leader for eight
years as plant manager and Vice President of Operations at the
Claremont, North Carolina manufacturing facility.

"With more than 20 years of broad operations experience and his
key leadership role in our recent, successful manufacturing
initiatives, Mike is the right person to guide our global
Enterprise operations," said Randy Crenshaw, Executive Vice
President and General Manager, Enterprise.  "In the past few
years, Mike has shown that he is a capable, focused leader who
can meet the challenges of a dynamic operations environment."

Prior to joining CommScope in 1999, Mr. Kelley was Plant Manager
for General Cable Corporation in Plano, Texas.  Before that, Mr.
Kelley held various manufacturing and operations positions at
Belden CDT Inc., including Plant Manager at its Tompkinsville,
Kentucky facility and Director of Operations at its Venlo,
Netherlands facility.

Mr. Kelley received his Masters of Business Administration from
the University of Tennessee at Chattanooga in 1984 and his
Bachelors degree in 1983.  He and his wife, Patti, have two
children and live in Conover, North Carolina.

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope, to serve the growing Latin American market, has begun
manufacturing coaxial cable for broadband wireless and wireless
networks in its plant in Jaguariuna, Brazil.  It has over
283,000 sq. ft. of manufacturing space.

                        *     *     *

As reported in the Troubled Company reporter on Aug. 23, 2006,
Standard & Poor's Rating Services removed its rating on Hickory,
North Carolina-based CommScope, Inc., from CreditWatch with
negative implications from CreditWatch, where they were placed
with negative implications on Aug. 7, 2006, and affirmed the
existing 'BB' corporate credit rating.  S&P said the outlook is
stable.


COMPANHIA DE SANEAMENTO: Earns BRL873 Million in 2006
-----------------------------------------------------
Companhia de Saneamento Basico do Estado de Sao Paulo said in a
filing with Brazilian securities regulator Comissao de Valores
Mobiliarios that its net profit increased  0.81% to BRL873
million in 2006, compared to 2005.

Business News Americas relates that Companhia de Saneamento's
gross revenue rose 11.7% to BRL5.98 billion in 2006, from 2005.
Its net sales increased 11.6% to BRL5.53 billion, while its
operating profit grew 7.4% to BRL1.33 billion.  The firm's
Ebitda increased 11.1% to BRL2.5 billion.

Companhia de Saneamento invested BRL905 million in 2006 for the
expansion of water supply as well as waste treatment, BNamericas
notes.  The firm connected about 156,000 homes to water and
136,000 to the sewage network.

Environmentally responsible activities are the most important
area for investment during 2007, BNamericas states, citing
Companhia de Saneamento.

Companhia de Saneamento Basico do Estado de Sao Paulo is one of
the largest water and sewage service providers in the world
based on the population served in 2005. It operates water and
sewage systems in Sao Paulo, Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2006, Standard & Poor's Ratings Services has raised its
Brazilian national-scale corporate credit rating on Companhia de
Saneamento Basico do Estado de Sao Paulo to 'brA+' from 'brA'.
At the same time, it affirmed the company's global-scale ratings
at 'BB-'.  S&P said the outlook is stable.

As reported on Oct. 25, 2006, Fitch Ratings assigned local and
foreign currency issuer default ratings of 'BB' and National
Long-term Rating of 'A+(bra)' to Companhia de Saneamento Basico
do Estado de Sao Paulo aka Sabesp.  In addition, Fitch assigned
a 'BB' to the company's US$250 million note issuance due 2016.


COMPANHIA DE SANEAMENTO: Will Invest BRL960MM on 2007 Projects
--------------------------------------------------------------
A Companhia de Saneamento Basico do Estado de Sao Paulo
spokesperson told Business News Americas that the firm will
invest BRL960 million this year.

The spokesperson explained to BNamericas, "The resources are to
be spent on a wide range of projects including the laying of
sewage collection and water distribution systems, as well as
specific projects such as the water loss control program.  There
are an infinite number of projects that have been especially
earmarked in the budget."

BNamericas states that Companhia de Saneamento said in its 2006
financial results that investments were BRL905 million in 2006.
About BRL412 million of which was spent on water, while some
BRL493 million was used in sewage.  Sao Paulo received BRL574
million, while regional systems got BRL331 million.

Some BRL885 million was allocated for the Tiete river cleanup,
considered as one of Companhia de Saneamento's most important
ongoing projects, BNamericas notes.

Companhia de Saneamento told BNamericas that it is working with
a BRL400-million loan from the national development bank BNDES
and the Inter-American Development Bank.

Companhia de Saneamento Basico do Estado de Sao Paulo is one of
the largest water and sewage service providers in the world
based on the population served in 2005. It operates water and
sewage systems in Sao Paulo, Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2006, Standard & Poor's Ratings Services has raised its
Brazilian national-scale corporate credit rating on Companhia de
Saneamento Basico do Estado de Sao Paulo to 'brA+' from 'brA'.
At the same time, it affirmed the company's global-scale ratings
at 'BB-'.  S&P said the outlook is stable.

As reported on Oct. 25, 2006, Fitch Ratings assigned local and
foreign currency issuer default ratings of 'BB' and National
Long-term Rating of 'A+(bra)' to Companhia de Saneamento Basico
do Estado de Sao Paulo aka Sabesp.  In addition, Fitch assigned
a 'BB' to the company's US$250 million note issuance due 2016.


GERDAU SA: Launches Public Offering for 16.7% Stake in Siderperu
----------------------------------------------------------------
Gerdau SA has launched a public offer for a 16.7% stake in
Siderperu, the latter said in a filing with Peruvian securities
regulator, Conasev.

The offer covers 98 million shares at PEN1.38 per share and will
close on April 25.  Based on this price, the offer will be about
US$42 million, which is lower than that of Siderperu shares
trading on the Lima stock exchange.  It is, however, higher than
the PEN0.69 per share that Gerdau paid in November 2006 to boost
its participation to the current 83.3% in the Peruvian firm,
according to Siderperu's statement.

                       About Siderperu

Headquartered in Chimbote, Peru, Siderperu SA has steel
production capacity of 400,000 tons per year.  The company
reported a net loss of 5.99 million soles (US$1.82 million) in
2005, compared to a net profit of 28.8 million soles in 2004.

                        About Gerdau

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

                        *     *     *

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


HEXCEL CORP: Names Wayne Pensky as CFO & Senior Vice President
--------------------------------------------------------------
Hexcel Corporation has appointed Wayne Pensky as Senior Vice
President and Chief Financial Officer.  The current Chief
Financial Officer, Stephen Forsyth has advised that he is
leaving the company on April 27, 2007, to join Chemtura
Corporation (NYSE:CEM) as its Executive Vice President and Chief
Financial Officer.

Mr. Pensky joined Hexcel in July 1993 as Corporate Controller,
having previously been a partner in a public accounting firm.
In 1998 he was named Vice President, Finance and Controller of
Hexcel's Composites global business unit.  In that role, he has
been responsible for accounting, planning, analysis and control
activities of the business in the U.S. and internationally.
Since last summer, he has led the process to integrate and
consolidate Hexcel's operational finance & accounting
organization.  He will relocate from Hexcel's offices in Dublin,
California to the corporate headquarters in Stamford,
Connecticut.

Dave Berges, Chairman & CEO commented, "Stephen has made many
significant contributions to Hexcel since joining the company in
1980 in operating, business development and financial positions.
He played a pivotal role in Hexcel's growth and development over
the last fifteen years.  While Stephen will be missed, we are
pleased that Chemtura has recognized his abilities and wish him
every success in his new position."

Mr. Berges continued, "I am delighted to name Wayne to the
position of Chief Financial Officer and that our succession
planning has enabled an orderly transition.  Wayne combines
strong financial and accounting skills and an in depth
understanding of our business with clear-sighted business
judgment and leadership abilities.  I look forward to his many
contributions to the success of Hexcel in this exciting period
of growth."

Headquartered in Stamford, Connecticut, Hexcel Corporation --
http://www.hexcel.com/-- (NYSE/PCX: HXL) develops, manufactures
and markets lightweight, high-performance reinforcement
products, composite materials and composite structures for use
in commercial aerospace, space and defense, electronics, and
industrial applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Moody's Investors Service has raised Hexcel
Corp.'s Corporate Family Rating to Ba3 from B1.  The ratings on
Hexcel's senior secured credit facility have been upgraded to
Ba1 from Ba2, while the subordinated notes ratings were upgraded
to B1 from B3.  The ratings outlook is Stable.

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Standard & Poor's Ratings Services raised its
ratings, including the corporate credit to 'BB' from 'BB-', on
aerospace supplier Hexcel Corp.  S&P said the outlook is stable.


METSO OYJ: CEO Sees Profit Growth for 2007
------------------------------------------
Metso Oyj President and Chief Executive Officer Jorma Elorante
stated in his review that the company's profit growth would
continue in 2007.  The good order intake in the first quarter
supports the positive development for the full year.

"As we noted in February, in connection with the publication of
our financial statements, Metso's net sales in 2007 are
estimated to grow by more than 20 percent on 2006, and the
operating profit is estimated to clearly improve.  We also
repeat our estimate regarding the 2007 operating profit margin.
It is estimated that the operating profit margin will be
slightly below Metso's 10 percent target.  Metso's order backlog
has further strengthened from the year-end, which supports our
favorable full-year estimate," Mr. Elorante said.

However, Mr. Eloranta reminds that in businesses like Metso's
the net sales and operating profit can vary significantly
between quarters.

"We estimate that this year the first quarter will be the
weakest, and the net sales and operating profit for the last
three quarters of the year will clearly improve from the first
quarter.  This is mainly due to the timing and mix of deliveries
and normal seasonal variation," Mr. Eloranta added.

Metso targets to exploit the favorable market situation by, for
example, strengthening its global presence close to the
customers.  It will also improve its supply chain management
globally.  De-bottlenecking investments target improved delivery
capability and customer service.

According to Eloranta, continuous improvement of productivity
and operational quality are key matters for profitability
development.  Additionally, Metso is developing its business
processes and supporting information systems.

"Growth will also require business renewal.  We see great
potential in, for example, environmental and service business
development," Mr. Eloranta concluded.

Metso will also consider corporate acquisitions that complement
its current product and service offering or strengthen its
geographical presence.

                         About Metso

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

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

                        *    *    *

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


PETROLEO BRASILEIRO: Continues Negotiating for Japanese Refinery
----------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro Fuel
Distribution Director Paulo Roberto Costa told Business News
Americas that the firm is still negotiating with ExxonMobil
Corp. and Sumitomo Corp. to acquire an oil refinery in Okinawa,
Japan.

As reported in the Troubled Company Reporter-Latin America on
Dec. 22, 2006, Almir Barbassa, Petroleo Brasileiro SA's chief
financial officer, confirmed that the company was negotiating to
purchase a stake in Nansei Sekiyu KK, which has a capacity of
100,000 barrels per day and is 87.5% owned by ExxonMobil through
its Japanese unit TonenGeneral Sekiyu KK.  Sumitomo holds the
remaining stake.  Mr. Barbassa said that Petroleo Brasileiro
could reach a deal for Nansei Sekiyu in one or two months.
According to him, Petroleo Brasileiro would seek to upgrade
Nansei Sekiyu to refine heavy Brazilian crude and boost its
production capacity.

According to BNamericas, Petroleo Brasileiro has been in talks
with ExxonMobil and Sumitomo for the refinery since early this
year.

Mr. Costa commented to reporters in Brazil, "The negotiation
process continues.  We need to reach a deal healthy for all
sides involved.  We have not reached common ground yet."

Petroleo Brasileiro is also negotiating with the main players in
Brazil's petrochemicals sector to set up a petrochemicals
complex in the southeast region, BNamericas notes, citing Mr.
Costa.

Mr. Costa told BNamericas, "We're still in preliminary talks but
in six months or a year we may have something definite."

Petroleo Brasileiro denied to BNamericas that one of its
officers was directly involved in the alleged insider trading in
Ipiranga before the latter was acquired by Petroleo Brasileiro,
Braskem and Ultrapar.

BNamericas emphasizes that the concerned employee was
temporarily working at Petroleo Brasileiro unit BR
Distribuidora.

"The officer is now working for Petrobras [Petroleo Brasileiro]
again but is suspended from his duties.  He was not part of the
group that was studying Ipiranga's acquisition," BR
Distribuidora Gas Stations Manager Reinaldo Belotti told
BNamericas.

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

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

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

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

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


PETROLEO BRASILEIRO: Will Step Up P-56 Construction Works
---------------------------------------------------------
Brazil's state-run oil firm Petroleo Brasileiro SA will speed up
the launching of construction works for P-56, a semi-submersible
platform that will produce 100,000 barrels per day of oil and
six million cubic meters per day of natural gas, Business News
Americas reports.

BNamericas relates that the works could take three years to
complete.  Petroleo Brasileiro did not disclose the launching
date of the P-56 construction works.

Petroleo Brasileiro said in a statement that the move will
offset delays in construction of the P-55 and P-57 platforms.

BNamericas underscores that Petroleo Brasileiro called off
tenders for P-55 and P-57, saying that shipbuilders were asking
too much for construction.

Petroleo Brasileiro said that it is defining new strategies to
hire out construction of platforms P-55 and P-57 to optimize
projects and obtain better commercial conditions.

Petroleo Brasileiro is discussing with FSTP -- composed of
Singapore's shipmaker Keppel, Brazil's engineering firm Pem
Setal and France's engineering company Technip -- for the
construction of P-56, BNamericas states.

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

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

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

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

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


REALOGY CORP: Stockholders Approve Apollo Buyout
------------------------------------------------
Realogy Corporation disclosed that its stockholders approved the
merger agreement providing for the acquisition of Realogy by an
affiliate of Apollo Management, L.P. at a special meeting of
stockholders held March 30.

Stockholder approval satisfies a required condition to the
closing of the transaction.

As previously disclosed, subject to the satisfaction of other
customary conditions to closing, Realogy anticipates that the
transaction will be completed on or about April 10, 2007, after
which time shares of Realogy common stock will no longer be
listed on the New York Stock Exchange.

Upon the completion of the merger each outstanding share of
Realogy common stock will be converted into the right to receive
US$30.00 in cash, without interest and less any applicable
withholding taxes.

The parties disclosed the takeover agreement in December 2006,
in a transaction valued at approximately US$9.0 billion,
including the assumption or repayment of approximately US$1.6
billion of net indebtedness and legacy contingent and other
liabilities of approximately US$750 million.

                     Terms of the Agreement

Under the terms of the agreement, Realogy stockholders would
receive US$30.00 per share in cash at closing, representing a
premium of 18 percent over Dec. 15, 2006's market closing price
of US$25.50 and a premium of 26 percent over Realogy's average
closing share price since its spin-off from Cendant Corporation
on Aug. 1, 2006.  In addition, the total transaction value
represents a multiple of approximately 11 times the mid-point of
the Company's previously released 2006 EBITDA guidance before
restructuring and spin-off-related costs, and approximately 12
times the consensus Wall Street estimate of 2007 Company EBITDA.

On the unanimous recommendation of a special committee of the
Board of Directors comprised entirely of independent and
disinterested directors, the Board of Directors of Realogy
approved the agreement and recommended that Realogy's
stockholders adopt the agreement.

Pursuant to existing contractual arrangements, it is expected
that Henry R. Silverman will continue to serve as Chairman and
CEO until the expiration of his current employment agreement on
December 31, 2007, at which time it is expected that he will be
succeeded as CEO by Richard A. Smith, the company's current vice
chairman and president.  Mr. Silverman and the Company have
agreed that he will not be an equity participant with Apollo in
the acquisition, and will receive the same per share
consideration for his shares and in-the-money options as other
stockholders and optionholders under the merger agreement.  As
with all other optionholders, all of Mr. Silverman's out-of-the-
money options will be cancelled.  No discussions have been held
with other members of senior management regarding management
participation in the transaction, but it is anticipated that the
senior management team will remain with the Company following
the transaction's closing.

There is no financing condition to the obligations of Apollo to
consummate the transaction, and Apollo has already secured
commitments from JPMorgan, Credit Suisse and Bear Stearns to
provide the debt financing for this cash transaction.  In
addition, Apollo has committed to provide US$2.0 billion of
equity to complete the transaction.

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


REALOGY CORP: Moody's Pares Rating on US$1.2-Bil. Notes to Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded the US$1.2 billion of
existing unsecured senior fixed and floating rate notes of
Realogy Corporation to Ba3 from Baa2.

The company recently announced the approval by its shareholders
of the leveraged buyout by Apollo Management, L.P.  The US$1.2
billion of existing unsecured notes are expected to become
secured upon the closing of the buyout transaction in accordance
with the terms of the indenture.  This concludes a review for
possible downgrade initiated on Dec. 19, 2006.

The leveraged buyout is expected to be financed with:

   -- US$1.95 billion term loan facility,

   -- US$2.25 billion of senior unsecured notes,

   -- US$900 million of senior subordinated notes,

   -- approximately US$200 million of borrowings under a
      US$750 million revolving credit facility,

   -- approximately US$300 million of cash on hand and
      contributed equity of US$2 billion.

In connection with the closing of the transaction, Realogy will
also enter into a US$1.22-billion delayed draw term loan
facility, which may be used to purchase existing fixed and
floating rate senior notes put to the company in connection with
the change of control offer or, if not put, to fund the
redemption of the US$250 million of existing floating rate notes
once their par call period commences on Oct. 22, 2007.

The indenture governing the existing senior notes provides that
upon a change of control, Realogy will be required to offer to
purchase the notes at 100% of their principal amount, plus
accrued and unpaid interest, if the ratings on the notes are
lowered to non-investment grade by each rating agency during a
period beginning with a notice of an upcoming change in control
and extending 60 days past the actual change in control.  Upon
closing of the buyout, the existing senior notes of Realogy will
become secured in accordance with the terms of the indenture and
will rank pari passu with the new secured bank facilities of the
company.  The Ba3 rating reflects the expected priority position
of the notes in the post-acquisition capital structure (along
with the secured credit facility) and the significant amount of
junior ranking debt and non-debt obligations.

Moody's also converted the provisional B3 corporate family, Ba3
senior secured credit facility, Caa1 senior note and Caa2
subordinated debt ratings of Realogy into definitive ratings.
Moody's notes that the size of Realogy's proposed synthetic
letter of credit facility has been reduced to US$525 million
from US$850 million.

The B3 Corporate Family Rating reflects weak pro forma financial
strength and profitability metrics, Moody's expectation of
continued softness in the residential real estate market in the
intermediate term and minimal business line diversification.
The ratings are supported by leading market positions, strong
brands and long-term growth fundamentals for the real estate
industry.

Moody's took these rating actions with respect to Realogy (Old):

   -- downgraded US$250 million floating rate senior
      unsecured notes due 2009 to Ba3 (LGD 2-23%) from
      Baa2;

   -- downgraded US$450 million senior unsecured notes
      due 2011 to Ba3 (LGD 2-23%) from Baa2;

   -- downgraded US$500 million senior unsecured notes
      due 2016 to Ba3 (LGD 2-23%) from Baa2;

   -- withdrew the Baa2 senior unsecured issuer rating;

   -- prospectively withdrew the Baa2 rating on the
      US$1.05-billion senior unsecured revolving credit
      facility due 2011; and

   -- prospectively withdrew the Baa2 rating on the
      US$600-million senior unsecured term loan facility
      due 2011.

The stable ratings outlook anticipates continued weakness in the
residential real estate market in 2007, with an approximately 7%
to 8% decline in home sale volume and flat to modestly declining
pricing trends.  Although Moody's expects a modest recovery in
2008, credit metrics are expected to remain weak for the rating
category over the intermediate term.

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


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

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

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

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

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

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

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


TELE NORTE: Gov't Authorizes Oi's Merger with Brasil Telecom
------------------------------------------------------------
The Brazilian government has ratified a merger between fixed
line telecoms operator Oi fka Tele Norte Leste Participacoes and
Brasil Telecom Participacoes, local magazine Veja reports.

According to Veja, the government will pass a legislation
allowing the deal.

However, an Oi spokesperson denied to Business News Americas
that it was negotiating a merger with Brasil Telecom.  The
spokesperson did say that in the face of strong competition from
global operators, Oi sees a merger with one of the other
national operators to form a "national platform" as one of its
options.

"We think that a national champion such as a merger between
Telemar and Brasil Telecom is good for the country, but this
would need a presidential decree," Oi Chief Financial Officer
Jose Luis Magalhaes Salazar told BNamericas.

                     About Brasil Telecom

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                      About Tele Norte

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

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

                        *     *     *

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




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


CARIBBEAN ISLANDS: Sets Final Shareholders Meeting for May 3
------------------------------------------------------------
Caribbean Islands Investment Co. Ltd. will hold its final
shareholders meeting on May 3, 2007, at 4:00 p.m., at:

         Miller Simons O'Sullivan
         Beatrice Butterfield Building, Butterfield Square
         P.O. Box 260
         Providenciales, Turks and Caicos Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Adrian G. Corr
         Attention: Campbell Corporate Services Limited
         c/o P.O. Box 268 George Town
         4th Floor, Scotia Centre
         Grand Cayman, Cayman Islands
         Tel: 345 949 2648
         Fax: 345 949 8613


DENALI MAG: Will Hold Final Shareholders Meeting on May 4
---------------------------------------------------------
Denali Mag Fund Ltd. will hold its final shareholders
meeting on May 4, 2007, at 9:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Ltd., Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9002
          Cayman Islands


DEPFA PERFORMANCE: Sets Final Shareholders Meeting for May 4
------------------------------------------------------------
Depfa Performance Converging Markets Ltd. will hold its final
shareholders meeting on May 4, 2007, at 9:30 a.m., at the office
of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Ltd., Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9002
          Cayman Islands


ENDEAVOUR GLOBAL: Will Hold Last Shareholders Meeting on May 3
--------------------------------------------------------------
Endeavour Global Opportunities Fund, Ltd., will hold its final
shareholders meeting on May 3, 2007, at 10:00 a.m., at:

         Strathvale House
         90 North Church Street
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Geoffrey Varga
         Attention: Bernadette Bailey-Lewis
         Kinetic Partners Cayman LLP
         P.O. Box 10387
         Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9900
         Fax: (345) 623 0007


ETON PARK: Will Hold Final Shareholders Meeting on May 4
--------------------------------------------------------
Eton Park Overseas Fund II, Ltd. will hold its final
shareholders meeting on May 4, 2007, at 11:30 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Ltd., Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9002
          Cayman Islands


GLOBAL OPPORTUNITIES: Sets Final Shareholders Meeting for May 4
---------------------------------------------------------------
Global Opportunities Trading Ltd. will hold its final
shareholders meeting on May 4, 2007, at 2:30 p.m., at:

         Deloitte Touche Tohmatsu
         35th Floor, 88 Queensway
         Hong Kong

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

         Darach Haughey
         Derek Lai
         Attention: Mr. Glen Ho
         Deloitte Touche Tohmatsu
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong
         Telephone: (852) 2852 1643
         Fax: (852) 2850 8362


HMTF CV: Will Hold Final Shareholders Meeting on May 3
------------------------------------------------------
HMTF CV Co-Investment Management Ltd. will hold its final
shareholders meeting on May 3, 2007, at 9:00 a.m., at the office
of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted and a report of the
      liquidator giving an explanation; and

   2) considering and, if thought fit, passing a resolution
      pursuant to section 158(1)(b) of the April 2, 2007, 363
      Issue No. 7/2007 Companies Law authorizing the liquidator
      to retain the books, accounts, papers and documents of the
      company for a period of five years from the dissolution of
      the company after which they may be destroyed.

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

The liquidator can be reached at:

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


KOWLOON LTD: Sets Final Shareholders Meeting for May 4
------------------------------------------------------
Kowloon, Ltd., will hold its final shareholders meeting on
May 4, 2007, at 10:00 a.m., at:

         Kroll (Cayman) Limited
         4th Floor, Bermuda House
         Dr. Roy's Drive, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

   2) requesting the members' approval of the liquidation fees
      incurred to date, approval of the liquidator's estimated
      costs to completion.

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

The liquidator can be reached at:

         Gordon I. Macrae
         Attention: Korie Drummond
         Kroll (Cayman) Limited
         4th Floor, Bermuda House
         Dr. Roy's Drive, Grand Cayman
         Cayman Islands
         Telephone: (345) 946-0081
         Fax: (345) 946-0082


PACIFIC FALCON: Proofs of Claim Must be Filed by May 4
------------------------------------------------------
Pacific Falcon's creditors are given until May 4, 2007, to prove
their claims to Richard L. Finlay, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Pacific Falcon's shareholders agreed on March 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Richard L. Finlay
       Attention: Krysten Lumsden
       P.O. Box 2681
       George Town, Grand Cayman
       Telephone: (345) 945 3901
       Fax: (345) 945 3902


SEAGATE TECHNOLOGY: Gives Update on Third Quarter Fin'l Results
---------------------------------------------------------------
Seagate Technology provided an update on its expected results
for the fiscal third quarter ended March 30, 2007.  Revenue for
the fiscal third quarter is now expected to be approximately
US$2.8 billion, compared to prior guidance of US$2.9 to 3.0
billion, and GAAP and non-GAAP gross margins did not achieve the
company's expectations.

Primary factors impacting revenue and profitability, which
became evident toward the end of March, were a lower than
expected industry demand for 3.5-inch ATA disc drives and a more
aggressive than planned pricing environment for high capacity
3.5-inch ATA disc drives.

The company believes that its market share, both in total and
within each market currently served, is virtually unchanged from
the previous quarter.  Further, Seagate's inventories on-hand in
the distribution channel are under five weeks.  Overall, the
company's results continue to be healthy and are reflective of
its leadership position in an industry where consumers and
applications are using, creating and sharing digital content at
an accelerating pace.

              Fiscal Third Quarter Financial Results

Seagate Technology will report its fiscal third quarter 2007
financial results on April 17, 2007, after the close of the
market.  A subsequent conference call for the investment
community will take place at 2:30 p.m. Pacific Time.

Headquartered in Scotts Valley, California, and registered in
Cayman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, and Consumer Electronics
applications.

                        *     *     *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- US$400 million senior notes 8%, due 2009: to Ba1


SEAHAWK YACHT: Sets Final Shareholders Meeting for May 3
--------------------------------------------------------
Seahawk Yacht Sales, Ltd., will hold its final shareholders
meeting on May 3, 2007, at 10:00 a.m., at:

         6805 Morrison Blvd.
         Suite 370
         Charlotte, NC 28211
         USA

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted; and

   2) presentation of the acts and dealings that the liquidator
      conducted and ratifying and confirming them.

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

The liquidator can be reached at:

         James E. Mattei
         6805 Morrison Blvd.
         Suite 370
         Charlotte, NC 28211
         USA
         Tel: 1 704 971 6060
         Fax: 1 704 971 6071


SF PROPERTIES: Proofs of Claim Filing Deadline Is May 3
-------------------------------------------------------
S.F. Properties Holdings Inc.'s creditors are given until
May 3, 2007, to prove their claims to Guy Major and Emile Small,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

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


STEEPLE CAPITAL: Sets Last Shareholders Meeting for May 4
---------------------------------------------------------
The Steeple Capital Offshore Fund III Ltd. will hold its final
shareholders meeting on May 4, 2007, at 9:00 a.m., at the office
of the company.

These agendas will be taken during the meeting:

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

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


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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Ltd., Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9002
          Cayman Islands


TORUS (IG): Will Hold Final Shareholders Meeting on May 3
---------------------------------------------------------
Torus (IG) II-C, Ltd., will hold its final shareholders meeting
on May 3, 2007, at:

         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

   1) presentation of an account on the winding up of the
      company, and

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

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

The liquidator can be reached at:

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




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


CONSTELLATION BRANDS: Peter Soderberg to Join Board of Directors
----------------------------------------------------------------
Constellation Brands Inc.'s board of directors authorized an
increase in board positions from seven to eight, and approved
Peter H. Soderberg, 60, to fill the new board seat effective
April 4, 2007.  Mr. Soderberg is currently president and chief
executive officer of Batesville, Indiana-based Hillenbrand
Industries Inc., a public holding company for two major
operating businesses serving the healthcare and funeral services
industries.

"With tremendous manufacturing, marketing and operational
experience in the consumer products, business-to-business and
service industry sectors, Peter will be a valued addition to the
Constellation Brands board and we look forward to the
contributions he will make and the guidance he will provide,"
said Richard Sands, Constellation Brands chairman and chief
executive officer.  "It has been our desire to increase the
number of directors as the company grows, and we believe the
time is right to add another voice to our strategic business
analysis and decision making capabilities."

Prior to joining Hillenbrand in 2006, Mr. Soderberg was with
privately held Welch Allyn Inc. from 1993 to 2006, rising to
president and chief executive officer of the New York-based
medical equipment manufacturer in 2000.  Mr. Soderberg spent 23
years at Johnson & Johnson in various management positions,
mostly in consumer products, and he also founded a venture
capital business, Princeton Entrepreneurial Resources.  He
earned a bachelor's degree in engineering from Yale University.
Mr. Soderberg is currently on the boards of the Advanced Medical
Technology Association, the Syracuse Symphony Orchestra,
Greatbatch, Inc., as well as Hillenbrand.

Based in Fairport, New York, Constellation Brands, Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  Well-known
brands in Constellation's portfolio include: Almaden, Arbor
Mist, Vendange, Woodbridge by Robert Mondavi, Hardys, Nobilo,
Kim Crawford, Alice White, Ruffino, Kumala, Robert Mondavi
Private Selection, Rex Goliath, Toasted Head, Blackstone,
Ravenswood, Estancia, Franciscan Oakville Estate, Inniskillin,
Jackson-Triggs, Simi, Robert Mondavi Winery, Stowells,
Blackthorn, Black Velvet, Mr. Boston, Fleischmann's, Paul Masson
Grande Amber Brandy, Chi-Chi's, 99 Schnapps, Ridgemont Reserve
1792, Effen Vodka, Corona Extra, Corona Light, Pacifico, Modelo
Especial, Negra Modelo, St. Pauli Girl, Tsingtao.  One of
Constellation Brands wine and grape processing facilities is
located in Casablanca, Chile.  The company also has operations
in Australia, Japan, and New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on March 5, Moody's
lowered the company's corporate family rating and probability of
default rating to Ba3 from Ba2 after the company reported a new
US$500 million share repurchase program.  Moody's revised its
outlook to stable from negative.

Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands, including its corporate credit and bank
loan ratings to 'BB-' from 'BB', with a stable outlook.

Fitch Ratings has downgraded Constellation Brands' issuer
default rating, bank credit facility, and senior unsecured notes
to 'BB-' from 'BB'.


ROYAL & SUN: MBIA Inc. Settles Lawsuit with Royal Indemnity Co.
---------------------------------------------------------------
MBIA Inc., the world's largest bond insurer, has settled a
lawsuit with Royal Indemnity Co., a unit of Royal & Sun Alliance
Insurance Group plc, Reuters reports.

The settlement with the unit will be used to repay outstanding
bonds worth about $362 million insured by MBIA.  Royal had
insured the vocational loans used to collateralize the bonds,
Reuters discloses.

According to the report, MBIA expects to post about $20 million
in losses in the first quarter as an upshot of the litigation's
settlement.

                         About MBIA Inc.

New York-based MBIA Inc. -- http://www.mbia.com/-- through its
subsidiaries, is a financial guarantor and provider of
specialized financial services.

                   About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group PLC -- http://www.royalsunalliance.com/-- is a FTSE 100
company, listed on the London Stock Exchange and in New York.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in 30 countries, providing
general insurance products to over 20 million customers
worldwide.  In Latin America, it operates in Brazil, Chile,
Colombia, Mexico, Uruguay, and Venezuela.  In Asia, the company
operates in Hong Kong, Singapore, and Saudi Arabia.

                        *     *     *

As of Feb. 22, Royal & Sun Alliance Insurance Group PLC carries
Moody's Ba1 preferred stock rating.




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


BBVA COLOMBIA: To Issue COP800B Bonds for Working Capital Needs
---------------------------------------------------------------
BBVA Colombia said in a press release that it will issue bonds
for up to COP800 billion in 2007 to finance working capital
needs.

Business News Americas relates that BBVA Colombia's shareholders
ratified the bank's board to securitize loan portfolios for up
to COP600 billion.

BBVA Colombia told BNamericas that the board will decide on the
type of bonds to issue, the deadlines and the amounts.

Shareholders authorized the distribution of a COP123-billion
dividend as well as allotting 0.7% of 2006's profits to finance
BBVA Colombia's corporate social responsibility program,
BNamericas states.

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

                        *     *     *

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

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

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

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

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

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

   -- Support affirmed at '3'.


BRIGHTPOINT INC: Units Buy CellStar's Entire U.S. Operations
------------------------------------------------------------
Brightpoint Inc. disclosed that its wholly-owned subsidiaries,
Brightpoint North America L.P. and Brightpoint Latin America,
Inc., have completed the acquisition of substantially all of
CellStar Corp.'s assets and liabilities related to its U.S.
operations and its Miami-based Latin America business.

CellStar's operations in Mexico and Chile and other businesses
or obligations of CellStar Corporation were not included in the
acquisition.

"We are excited to complete the acquisition of CellStar's U.S.
operations and its Miami-based Latin America business," J. Mark
Howell, President, Brightpoint, Inc. and Brightpoint Americas,
stated.  "This transaction provides a foundation to implement
our expansion into Latin America, broadens our product offering,
and will improve overall operating efficiencies to help drive
long-term value for our stakeholders.  Additionally, we welcome
the former CellStar employees to the Brightpoint team and look
forward to working with them to provide the most complete,
efficient, and innovative solutions for suppliers, network
operators and retailers throughout North America and Latin
America."

In accordance with the definitive agreement, the estimated
purchase price of US$88 million was reduced to US$62.4 million
based upon a preliminary estimate of net asset adjustments.  The
purchase price is subject to further adjustments as the net
asset adjustments and other matters set forth in the definitive
agreement are finalized.  Brightpoint expects to record goodwill
and other intangible assets of approximately US$63.5 million in
relation to this transaction.

The purchase price was primarily funded through borrowings on
Brightpoint, Inc.'s senior secured revolving credit facility led
by Banc of America Securities LLC, as lead arranger for a group
of 9 major U.S. and international lending institutions.
Availability under the Credit Facility was increased today by
US$75 million from US$165 million to US$240 million.  The other
terms of the Credit Facility remained unmodified and amounts
borrowed under this Credit Facility are due in February 2012.

                       About CellStar

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

                      About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


TOWER RECORDS: Sony, et al. Assert Lien on US$31MM Sale Proceeds
----------------------------------------------------------------
Five music companies sued MTS Inc. dba Tower Records contending
that they have a lien on some or all of the US$31.8 million
remaining from the sale of Tower's assets in October, Bill
Rochelle of Bloomberg News reports.

According to Bloomberg, the companies suing Tower are: Sony BMG,
Twentieth Century Fox Home Entertainment LLC, Universal Music
Group Distribution Corp., Warner Home Video, and
Warner/Elektra/Atlantic Corp.

The complaint, which was lodged after Tower and its debtor-
affiliates filed with the U.S. Bankruptcy Court for the District
of Delaware a disclosure statement describing their Chapter 11
Plan, dispute Tower's claim in the Disclosure Statement that the
music companies waived their lien on money from the sale, the
report says.

                        Liquidation Plan

Tower and its debtor-affiliates' Chapter 11 Plan of Liquidation,
according to Mr. Rochelle, said that unsecured claims of trade
suppliers will total US$73.5 million, in addition to other
unsecured claims expected to range from US$95 million to US$115
million.

The Debtors estimated that assets available for distribution
to trade suppliers and other unsecured creditors will range from
US$3 million to US$26 million, Mr. Rochelle said.

The Court is set to consider the adequacy of the disclosure
statement on May 3.

                         Asset Sale

The Debtors auctioned their intellectual property assets last
month.

The IP Assets -- which include the Debtors' website business,
including Tower.com, trademarks, and international licenses --
were part of the Debtors' Court-approved auction in October
2006, but were never sold due to the inability of the Debtors to
close sale transactions.

On Sept. 6, 2006, the Debtors obtained Court approval for the
sale of substantially all of their assets.  The Debtors' assets
were auctioned in October 2006 in accordance with a consortium
of bids made by multiple parties.

Included in the consortium of bids was the successful bid of
Norton LLC for, among other things, the Debtors' website
business.

According to the Debtors, the sale of the website business did
not push through because of some business, technical and
operational issues that became apparent in the course of the
negotiations.

The Debtors' inventory and fixed assets were sold to Great
American Group for US$104 million.

                       CIT Obligation

At the commencement of their chapter 11 cases, the Debtors'
capital structure included approximately US$80 million in first
priority secured debt owed to CIT Group/Business Credit Inc. as
well as more than US$70 million of second priority secured debt
asserted by secured trade vendors.  In addition, the Debtors
estimate that they face at least another US$50 million in
unsecured claims.

Proceeds from the October Auction Sale were used to pay in full
the first priority secured debt the Debtors owe CIT.

                     About Tower Records

Headquartered in West Sacramento, California, MTS Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company and its affiliates previously
filed for chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del.
Lead Case No. 04-10394).  The Court confirmed the Debtors' plan
on March 15, 2004.

The company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.

Moody's Investors Service gave the company's issuer rating and
long-term corporate family rating a Ca, and its senior
subordinated rating a C.


* COLOMBIA: Will Auction Central de Inversiones' Loan Portfolio
---------------------------------------------------------------
Dow Jones Newswires reports that Colombia's government will
auction state financial firm Central de Inversiones SA's COP2.7
trillion non-performing loan portfolio in the first week of
June.

Central de Inversiones President Lia Heenan told Dow Jones that
the portfolio is made up of non-performing loans transferred
from former state banks and lenders that went bankrupt or were
sold after the 1999 financial sector crisis.

According to Dow Jones, the Central de Inversiones' portfolio is
made up of:

          -- COP2.3 trillion non-performing bank loans, and
          -- COP400 billion bad mortgages.

Ms. Heenan commented to Dow Jones, "We've been preparing this
project to generate a market for these kind of loans.  We think
it is a mistake for the government to manage this portfolio."

The minimum price for the portfolio will be disclosed during the
auction, Dow Jones notes, citing Ms. Heenan.  Local and foreign
banks will be able to bid.  Potential bidders include:

          -- Citigroup Inc.,
          -- JPMorgan Chase & Co,
          -- Bancolombia SA,
          -- Banco Davivienda SA,
          -- Banco Colpatria Red Multibanca SA, and
          -- Corporacion Financiera Colombiana SA.

                        *     *     *

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




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


* DOMINICAN REPUBLIC: Radhames Segura to Represent Gov't in Suit
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic's President
Leonel Fernandez has appointed Dominican State Owned Electricity
Companies Corporation Vice President Radhames Segura to
represent the Dominican government in the lawsuit filed by
foreign firms Trust Capital of the West, AES Corporation and
Societe Generales.

According to Dominican Today, Mr. Segura was awarded special
powers to defend the government in the lawsuit.

As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, the international companies sued:

          -- Dominican President Leonel Fernandez;

          -- Cesar Pina Toribio, the president's legal advisor;

          -- Electricity Superintendent Francisco Mendez;

          -- Foreign Trade Director Vilma Arbaje;

          -- National Energy Commission President Aristides
             Fernandez Zucco;

          -- Dominican ambassador in Washington Flavio Dario
             Espinal; and

          -- Dominican ambassador in Paris Guillermo Pina
             Contreras.

The complainants sought between US$535 million and US$680
million in damages due to a loss of cash flow or from a
reduction of capital.

Mr. Segura could hire any lawyers suitable to take on the
government's defense case and to conduct all types of judicial
and extrajudicial action, President Fernandez told Dominican
Today.

The electrical sector reportedly hired US lawyer Roger W.
Thomas, Dominican Today states.

Mr. Thomas can be reached at:

          Cleary Gottlieb Steen & Hamilton LLP
          One Liberty Plaza
          New York, NY 10006
          USA
          Phone: +1 212 225 2180
          Fax: 1 212 225 3999
          E-mail: rthomas@cgsh.com




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


BRITISH AIRWAYS: AUC Report Shows Worst Baggage Handlers in 2006
----------------------------------------------------------------
British Airways plc had the worst baggage handling performance
in 2006 among the 24 carriers who are members of the Association
of European Airlines, an Air Transport Users Council report
reveals.

According to the report, BA mishandled 23 bags per 1000
passengers last year.

BA Director of Operations Geoff Want told AUC that "the volumes
of hold baggage going through Heathrow, the change in security
procedures and some baggage system failures within Terminal 4
has not helped our performance, but we accept that overall the
levels of service we offered to our customers has not been up to
an acceptable standard.   We fully apologize to customers who
have been affected by delayed baggage in the past year."

"We have undertaken a significant amount of work to improve our
performance in the current working environment and we therefore
look forward to an improved operational performance this summer,
and in the future when Terminal 5 opens," Mr. Want continued.

                      About British Airways

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.

                        *     *     *

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, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

* 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%

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: Traffic Figures Up by 2.3% in March 2007
---------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
March 2007.

In March 2007, passenger capacity, measured in Available Seat
Kilometres, was 2.3% above March 2006.  Traffic, measured in
Revenue-Passenger-Kilometers, was higher by 3.3%.  This resulted
in a passenger load factor up 0.7 points versus last year, to
76.3%.  The increase in traffic comprised a 3.6% increase in
premium traffic and a 3.2% increase in non-premium traffic.
Cargo, measured in Cargo-Ton-Kilometers, decreased by 16.3%.

                       Market Conditions

Underlying market conditions are broadly unchanged.

                    Strategic Developments

In the light of Iberia's announcement that it had received a bid
approach, British Airways appointed UBS to advise on how to use
British Airways' 10% holding in Iberia in the best interests of
British Airways shareholders.  The advice will examine all
options, including a disposal of British Airways' holding.

British Airways called on the U.K. Government to stand by its
right of automatic termination of traffic rights granted in the
new aviation pact between the EU and US if America stalls on
negotiating further liberalization.

The airline expanded its operations at London City Airport by
more than 70% with the launch of its new subsidiary, BA
CityFlyer, which operates 250 flights a week to six UK and
European destinations.  New direct routes include Glasgow and
Zurich.

British Airways completed the sale of the regional operation of
its subsidiary airline BA Connect to Flybe.

British Airways entered into exclusive talks to transfer its
ground handling operation at Aberdeen, Edinburgh, Glasgow and
Manchester airports to Aviance UK, an independent ground
handling company.

The summer schedule includes four new routes from London Gatwick
this summer including Port of Spain in Trinidad and Tobago,
Dresden in Germany, Sarajevo in Bosnia and Herzegovina and
Newquay.

The company announced three-year contracts with global
distribution systems Galileo, Sabre Travel Network and
Worldspan.

At its annual Investor Day British Airways released market
guidance for the financial year 2007/8.  Revenue is forecast to
increase by 5% to 6% based on capacity measured in available
seat kilometers (ASKs) up 1.3%, traffic measured in revenue
passenger kilometers (RPKs) up 2.4% and yield measured in pence
per RPK up 3.4%.  Fuel is forecast to be up by some GBP100
million for 2007/8.  Total costs, excluding fuel are forecast to
be up GBP50 million.  This will leave the company on track to
achieve a 10% operating margin in the year to March 2008.

                     About British Airways

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.

                        *     *     *

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, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

* 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%

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.




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


AXTEL SAB: Launches Operations in Cuernavaca
--------------------------------------------
Axtel, S.A.B. de C.V. (BMV: AXTELCPO; OTC: AXTLY) has launched
operations in Cuernavaca, Morelos.

Roberto Reynoso Corbala, Southern Region Director of AXTEL, made
the inaugural speech, followed by the initial AXTEL call made by
Rafael Tamayo, Secretary of Economic Development for the state
of Morelos.

The direct investment by AXTEL in Cuernavaca, Jiutepec and
Temixco will be approximately US$25 million dollars over the
next five years.

AXTEL's initial network deployment in Cuernavaca covers 90% of
the population already, with telephone, Internet, and advance
data services for users in the residential and business sectors.

"By commencing operations in Cuernavaca, we demonstrate AXTEL's
capabilities to deliver greater-quality telecommunications
services while further penetrating new markets.  We promise to
work hard to provide modern technology and top-notch customer
service to clients in Cuernavaca to quickly gain the confidence
of the community," stated Mr. Reynoso Corbala.

AXTEL reported 792,000 lines in service at the close of 2006,
and will invest US$210 million dollars nationwide in 2007.

Headquartered in Monterrey, Mexico, AXTEL is a Mexican
telecommunications company that provides local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Standard & Poor's Ratings Services assigned its
'BB-' rating to Axtel SAB de CV's US$250 million Senior
Unsecured Notes due January 2017.  It also affirmed its 'BB-'
long-term corporate credit rating on Axtel.  S&P said the
outlook is negative.

As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2007, Moody's Investors Service has confirmed Axtel,
S.A.B. de C.V.'s Ba3 corporate family rating and changed the
rating outlook to stable.


FOAMEX INT'L: Will Spend US$3 Million To Upgrade Tupelo Plants
--------------------------------------------------------------
Foamex International Inc. will invest US$3 million in capital
improvements at its Tupelo, Mississippi operations, and will
also consolidate its fabrication and pourline facilities, which
are located approximately 1 mile apart.  The capital
improvements will include installation of state-of-the-art
automated fabrication equipment and will secure the expanded
facility's key role in Foamex International's future growth
plans.  The consolidation is part of the company's strategy to
increase capabilities and efficiencies as it continues to
distinguish itself as a technological leader and market-focused
provider of polyurethane foam-based solutions and specialty
comfort products.

Raymond E. Mabus, chairman and chief executive officer of Foamex
International, said, "We are pleased to announce that we will be
investing more than US$3 million to upgrade our Tupelo
operations to make them safer and more versatile,
environmentally-friendly and cost-efficient.  This capital
infusion represents the largest manufacturing investment Foamex
International has made in the State of Mississippi since 1994,
and should be seen as a clear sign of our commitment to the
Furniture and Bedding markets.  Our Tupelo operations will
continue to play a key role in Foamex International's plans to
grow through innovation and efficiency."

"Our investments in Tupelo have already begun to bear fruit, as
evidenced by the recent launch of Reflex(R) Natural(TM), the
newest addition to Foamex International's Reflex product line,
which provides the furniture industry a superior alternative to
traditional polyurethane, fibers and synthetic fiberfills.
Reflex Natural is a high-performance, environmentally-friendly
flexible polyurethane foam, and our talented employees in Tupelo
played a key role in the conception, design, and production of
this exciting and unique product."

Foamex International expects the upgrades will allow Tupelo to
continue serving as an incubator for new technologies in the
comfort cushioning area.  In addition to Reflex Natural, the
Tupelo facilities have played a key role in recently launched
bedding products such as Aerus(TM), Energia(TM) and Venus(TM).

Transition plans are in place to provide uninterrupted service
to existing customers.  The company expects this transition will
occur during the second half of 2007.

Headquartered in Linwood, Pennsylvania, Foamex International
Inc. manufactures and distributes flexible polyurethane and
advanced polymer foam products.  As of Jan. 1, 2006, the
company's operations were conducted through its wholly owned
subsidiary, Foamex L.P., and through Foamex Canada Inc., Foamex
Latin America, Inc. and Foamex Asia, Inc., which are wholly
owned subsidiaries of Foamex L.P.  The company has five business
segments: Foam Products, Carpet Cushion Products, Automotive
Products, Technical Products and Other Products.  On
Sept. 19, 2005, the company and certain of its domestic
subsidiaries, including Foamex L.P., the company's primary
operating subsidiary, filed voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the District of Delaware.  The Latin
American subsidiary is in Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on Linwood, Penn.-based Foamex L.P. to
'B' from 'D', following the company's emergence from bankruptcy
on Feb. 12, 2007.  S&P affirmed all other ratings.  The outlook
is stable.

As reported in the Troubled Company Reporter on Dec. 8, 2006,
Moody's Investors Service has assigned a B2 corporate family and
probability of default ratings on Foamex L.P.  Concurrently,
Moody's has assigned a B1 rating to the company's US$425 million
first lien senior secured Term Loan B and a Caa1 rating to its
US$190 million second lien senior secured term loan (expected to
be downsized to US$175 million).  Moody's said the ratings
outlook is stable.


INT'L RECTIFIER: Material Weaknesses Found in Financial Reports
---------------------------------------------------------------
International Rectifier Corporation's Audit Committee of its
Board of Directors has determined, based on an interim report of
an investigation conducted at its request, by independent
investigators hired by outside legal counsel, that the company's
financial statements for the quarters ended Dec. 31, 2006,
Sept. 30, 2006, March 31, 2006, Dec. 31, 2005 and
Sept. 30, 2005, and for the year ended June 30, 2006, included
in the company's Quarterly Reports on Form 10-Q and the Annual
Report on Form 10-K for such periods, should no longer be relied
upon.

It has not yet been determined whether and to what extent
financial statements for earlier periods may have been affected
by the matters discovered in the investigation.  Based on the
interim results of this investigation, the Audit Committee has
determined that material weaknesses in the internal control over
financial reporting exist at a foreign subsidiary, and
consequently the Audit Committee has determined that
management's report on internal control over financial reporting
as of June 30, 2006, included in the company's Annual Report on
Form 10-K for the year then ended, should no longer be relied
upon.

The ongoing investigation has discovered some accounting
irregularities at a foreign subsidiary.  These accounting
irregularities include, among other things, premature revenue
recognition of product sales.  The investigation is continuing
and additional information will be sought to enable the Audit
Committee to determine the extent by which accounts receivable,
revenues and possibly other entries in the financial statements
may have been misstated in any given accounting period,
including possibly periods preceding the year ended
June 30, 2006.

The Audit Committee is working with management to determine the
extent to which accounting errors exist and require any
restatement of the financial statements for prior periods.  As
of the date hereof, the company is unable to provide a
reasonable estimate of the impact of the accounting errors on
its financial statements and is unable to predict the
likelihood, amount or the timing of any possible restatement.

At this time, the company anticipates that it will be unable to
file within the required time period, its Quarterly Report on
Form 10-Q for the period ending March 31, 2007, until the
investigation is completed, identified errors quantified, and
previously issued financial statements revised as may be
necessary.

The company's analyst day planned for May 11, 2007 has been
postponed.

                   About International Rectifier

Headquartered in El Segundo, Calif., International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- provides
enabling technologies for products that work smarter, run
cooler, and raise the world's productivity-per-watt.  It has
manufacturing facilities in the U.S., Mexico, United Kingdom,
Germany and Italy; and has subsidiaries in Japan and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 14, 2007, Fitch Ratings has upgraded International
Rectifier Corp.'s (NYSE: IRF) ratings as:

     -- Issuer Default Rating to 'BB' from 'BB-';
     -- Senior Secured Bank Credit Facility Rating 'BB+' from
        'BB';
     -- Subordinated Debt Rating to 'BB-' from 'B+'.

Fitch said the rating outlook is positive.


INT'L RECTIFIER: S&P Watches Ratings on Likely Material Weakness
----------------------------------------------------------------
Standard & Poor's Rating Services has placed its 'BB' corporate
credit and other ratings for International Rectifier Corp. on
CreditWatch with negative implications.

"The action follows International Rectifier's report that the
audit committee of its board of directors has determined that
the company's financial statements for the fiscal year ended
June 30 2006, and quarters from September 2005 through December
2006, and possibly for earlier periods, should no longer be
relied upon because of material weaknesses in the internal
control over financial reporting at a foreign subsidiary," said
Standard & Poor's credit analyst Bruce Hyman.

International Rectifier is unable to provide a reasonable
estimate of the impact of the accounting errors on its financial
statements and is unable to predict the likelihood, amount, or
the timing of any possible restatement.  The company does not
expect to timely file its March 2007 10-Q.  International
Rectifier's substantial liquidity (cash and financial assets
totaled US$1.4 billion at Dec. 31, 2006, compared with US$550
million rated debt) should cushion the downside risk to the
rating.  Standard & Poor's will monitor events to assess what
impact, if any, these developments may have on the ratings for
International Rectifier.

Headquartered in El Segundo, Calif., International Rectifier
-- http://www.irf.com/-- provides enabling technologies for
products that work smarter, run cooler, and raise the world's
productivity-per-watt.  It has manufacturing facilities in the
U.S., Mexico, United Kingdom, Germany and Italy; and has
subsidiaries in Japan and Singapore.


JOAN FABRICS: Files for Bankruptcy in Delaware
----------------------------------------------
Joan Fabrics Corporation and its wholly owned subsidiary Madison
Avenue Design, filed voluntary petitions for reorganization
under Chapter 11 of the Bankruptcy Code with the U.S. Bankruptcy
COurt for the District of Delaware.  The company intends to
utilize the

Chapter 11 process to reorganize its business and financial
operations.

During this process Joan Fabrics and Madison Avenue Designs will
be fully operational serving their more than 700 clients in the
residential, hospitality and contract sectors in the Canadian,
Mexican and US markets.  Carl Marks Advisory Group, a business
advisory and interim management firm, has taken over day-to-day
operations.

Former president and CEO Elkin McCallum stepped down last week,
but remains on the Board.
"Joan Fabrics has many positive advantages as a business,"
Richard Heller, chief operating officer, said.  "They ran into
some recent challenges due to the downturn in the US textile
industry caused by, among other factors, increased foreign
competition.  However, their quality products, strong customer
base and excellent design team provide a solid foundation for
the business to be restructured and emerge successfully from
Chapter 11."

Joan Fabrics' 700 employees are unaffected by this filing.
Customers should expect business as usual in terms of products,
delivery and service.

The companies entered into debtor in possession financing
agreements with their lenders, led by Bank of America as its
administrative agent and its factor CIT.  Joan Fabrics and
Madison Avenue designs have received debtor-in-possession
financing of more than $10 million dollars.

"This will allow the company to meet its cash needs and give the
company opportunities to explore strategic options to determine
the company's future, Heller noted.  "The company is already in
contact with a number of firms who have expressed interest in
acquiring some or all of our operating units.  The company
believes that such a sale will provide the most advantageous
result for its employees, customers and creditors."

                        About Joan Fabrics

Joan Fabrics, founded in 1932, manufactures top quality woven
jacquard and velour fabrics.  The companies have manufacturing
facilities in North Carolina and an affiliate entity in Mexico.
Annually, Joan Fabrics introduces over 1500 new open line
designs and provides exclusive designs for the distributor trade
and "jobbers" who supply product to the interior design trade
and other related businesses.  In order to maintain its
competitive edge, Joan Fabrics collaborates with a major retail
furniture chain, offering an in-store collection of mid-to-high
end fabrics.


JOAN FABRICS: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Joan Fabrics Corporation
             100 Vesper Executive Park
             Tyngsboro, MA 01879-2710
             Tel: (978) 649-5626
             Fax: (978) 649-9142

Bankruptcy Case No.: 07-10479

Debtor-affiliate filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Madison Avenue Designs, L.L.C.             07-10480

Type of Business: The Debtors manufacture automotive and
furniture
                  upholstery fabrics.

Chapter 11 Petition Date: April 10, 2007

Court: District of Delaware (Delaware)

Debtors' Counsel: Curtis A. Hehn, Esq.
                  Laura Davis Jones, Esq.
                  Michael Seidl, Esq.
                  Pachulski, Stang, Ziehl, Young, Jones &
                  Weintraub, L.L.P.
                  919 North Market Street, 16th Floor
                  Wilmington, DE 19801
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400

                    --- and ---

                  Richard E. Mikels, Esq.
                  Mintz, Levin, Cohn, Ferris, Glovsky and
                  Popeo, P.C.
                  One Financial Center
                  Boston, MA 02111
                  Tel: (617) 542-6000
                  Fax: (617) 542-2241

Estimated Assets: US$1 Million to US$100 Million

Estimated Debts:  US$1 Million to US$100 Million

Debtors' 30 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
U.N.F.I.                         trade               $4,831,051
7201 West Friendly Avenue
Greensboro, NC 27410

Pension Benefit Guaranty         unfunded benefit    $3,300,000
Corp.                            plan
Office of the
General Counsel
1200 K. Street, N.W.
Washington, D.C. 20005

American Fibers and Yarns Co.    trade               $1,277,880
55 Vilcom Circle, Suite 300
Chapel Hill, NC 27514

Valdese Manufacturing Company    trade                 $813,665
312 Columbo Street
Valdese, NC 28690

Staubil Corp.                    trade                 $540,493
201 Parkway West
Duncan, SC 29334

R.L. Stowe Mills, Inc.           trade                 $537,153
100 North Main Street
Belmont, NC 28012

The C.I.T. Group/E.F.            trade                 $510,950
1540 West Fountainhead
Parkway
Tempe, AZ 85282

Carollna Mills, Inc.             trade                 $487,489
618 North Carolina Avenue
Maiden, NC 28650

Hess Corporation                 trade                 $429,077
1 Hess Plaza
Woodbridge, NJ 07095

Grover Industries, Inc.          trade                 $354,213
219 Laurel Avenue
Grover, NC 28073

Gaston County Tax Collector      tax                   $315,508
128 West Main Avenue
Gastonia, NC 28052

Para-Chem                        trade                 $271,124
862 SE Main Street
Simpsonville, SC 29681

Kennetex, Inc.                   trade                 $239,598

Carotex                          trade                 $211,876

G.P. Fabrication                 trade                 $211,517

Catawba County Tax               tax                   $199,902

Duke Energy                      trade                 $178,299

Crypton                          trade                 $174,579

Giorgini Silvano                 trade                 $170,826

BB&T Factors Corp.               trade                 $168,400

Noveon, Inc.                     trade                 $162,178

G.M.A.C.                         trade                 $160,421

Fred C. Church, Inc,             trade                 $154,017

Parkdale                         trade                 $148,362

Rutherford County Tax            tax                   $137,232

Wallace Sales Co.                trade                 $135,624

P.S.N.C. Energy                  utility               $133,603

United Parcel Service            trade                 $133,022

Lonfil America Chenille Yarns    trade                 $117,798

Applied Textiles, Inc.           trade                 $112,961


OCEANIA CRUISE: Moody's Puts B2 Corp. Rating on Insignia Vessel
---------------------------------------------------------------
Moody's Investors Service assigned a corporate family rating of
B2 to Oceania Cruise Holdings Inc.'s wholly owned indirect
subsidiary, Insignia Vessel Acquisition, LLC.  Moody's also
assigned the associated loss given default rating of LGD4, 50%,
and the probability of default rating of B2.  The rating outlook
is stable.

In addition, Moody's assigned ratings to several bank
facilities, subject to final documentation, that will be used to
refinance Oceania Cruise's existing bank facilities as a result
of a change of control triggered by the company's strategic
partnership with Apollo Management L.P.

Apollo Managemen will purchase an approximate 60% ownership
interest in Oceania Cruise for US$325 million via a perpetual
Payment In Kind or PIK preferred security.  Approximately US$275
million of the proceeds of the PIK preferred security will be
distributed to existing shareholders while the remainder is
expected to be used to secure new ship orders.

The joint and several borrowers under the bank facility will be
Insignia Vessel Acquisition LLC, Regatta Acquisition LLC and
Nautica Acquisition LLC, that each own one cruise vessel.  All
three borrowers are owned by an intermediate holding company,
Oceania Cruises Inc. that is in turn owned by Oceania Cruise
Holdings.  The facility is guaranteed by Oceania Cruises Inc.
and is secured by three passenger cruise vessels.

The assigned CFR is lower than the methodology implied rating
because of the company's high pro-forma leverage, reliance on a
small fleet of ships, limited operating history and Moody's
expectation that the company will seek to grow its fleet, which
could cause leverage to spike when new ships are delivered
several years in the future.  These considerations are not
sufficiently offset by the company's overall mapping with
respect to profitability.

Oceania Cruise's small scale of operations make its earnings
vulnerable to a potentially material decline if a ship were to
be out of service for any reason.  Moody's has concerns
regarding the ultimate size of the market niche Oceania Cruise
targets and the likelihood the fleet will grow substantially, as
well as the existence of better capitalized and significantly
larger competitors that weights the rating down.  Nevertheless,
Oceania Cruise has established a good initial track record of
ramping up operations to profitability, and establishing
relationships with key travel agencies to support distribution
of its cruise product.  The company appears to have discovered a
relatively untapped and profitable market niche largely ignored
by its larger peers and one that is supported by favorable
demographic trends and strong forward bookings.  Any new ships
that may be added to the fleet is expected to be financed with
new secured debt borrowed by to be formed restricted
subsidiaries of Oceania Cruises Inc.  The rating outlook is
stable in light of solid forward booking-trends at rising price
levels.

Bank ratings assigned:

   -- US$40 million 5- year, senior secured first lien
      revolving credit facility guaranteed by Oceania Cruises
      at B1, LGD3, 39%

   -- US$300 million 6-year, senior secured first lien
      term-loan guaranteed by Oceania Cruises at B1, LGD3, 39%

   -- US$75 million 7-year, senior secured second lien
      term-loan guaranteed by Oceania Cruises at Caa1,
      LGD6, 90%

Rating to be withdrawn:

  Oceania Cruise Holdings, Inc.

   -- Corporate family rating at B2

   -- Probability of default rating at B2

   -- Loss Given Default Assessment, LGD4, 50%

  Insignia Vessel Acquisition, LLC

   -- 25 million 5- year, senior secured first lien revolving
      credit at B1, LGD3, 41%

   -- US$300 million 6-year, senior secured first lien term-loan
      at B1, LGD3, 41%

   -- US$75 million 7-year , second lien term loan at Caa1,
      LGD6, 92%

Moody's last rating action occurred on March 1, 2007 when
Oceania Cruise's rating outlook was changed to negative.

Headquartered in Miami, Florida, Oceania Cruise Holdings, Inc.
owns three passenger identical cruise ships that each have 698
berths (2,094 in total) operating under the brand name of
Oceania Cruises.  The company was formed in 2002 and began
operating in 2003 when it entered into a charter (lease)
arrangement to operate the first of three ships.  The company
targets the upper premium segment of the cruise industry with
destination-oriented cruises that maximize on-shore activities.
Oceania Cruise's principal areas of operation include Africa,
Arabia, Black Sea, Caribbean, Central America, China, Greek
Isles, Iceland, India, Mediterranean, Mexico, Russia,
Scandinavia, South America, and Southeast Asia.


PORTRAIT CORP: Creditors Balk at Planned Managers Bonus Payments
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Portrait Corp.
of America Inc.'s Chapter 11 case opposed the Debtor's proposal
to pay bonuses to its top executives and managers arguing that
the program "could completely wipe out recoveries to unsecured
creditors", Bill Rochelle of Bloomberg News reports.

According to the report, the Committee calculated the bonuses
would total US$5.7 million if the business were sold for
US$100 million in cash.  The Committee said it has found a
potential purchaser who is expected to pay off secured debt.

Portrait agreed to move, to April 12, the hearing on its motion
for approval of the bonus program.

           Treatment of Claims Under Reorganization Plan

Last month, the U.S. Bankruptcy Court for the Southern District
of New York in White Plains approved the disclosure statement
explaining Portrait and its debtor-affiliates' joint plan of
reorganization.

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

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

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

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

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

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

   (b) have a reinstated claim;

   (c) receive the collateral securing their claim; or

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

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

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

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

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

Goldman Note Claims refer to:

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

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

                       Wal-Mart Deal

In February 2007, the Court approved an agreement between
Portrait and Wal-Mart allowing Portrait to close operations on
its 500 lowest performing studios.

Commenting on the major milestone, David Alexander, Portrait's
chairman and chief executive officer, said, "The closure of
these unprofitable studios and the subsequent workforce
reductions are a very difficult but necessary part of restoring
the company to financial success.  While approximately 1,200
positions will be eliminated across the company, many of these
associates will be offered opportunities in other studios or
departments.  After the studio closures, PCA will continue to
operate over 2,000 studios in North America and Europe."

            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.




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


CABLE & WIRELESS: Inks Allnet Sale Agreement with Computancenter
----------------------------------------------------------------
Cable & Wireless plc has agreed to sell Cable & Wireless Allnet
Ltd. to Computacenter U.K. Ltd.

Allnet is the in-premises cabling services division of Cable &
Wireless with gross assets amounting to GBP17 million and net
assets of GBP6 million.  The financial impact of the disposal
will not be material to Cable & Wireless.

Separately, the two companies have entered into a master
services agreement which sees Computacenter as a preferred
supplier of LAN services to Cable & Wireless in the U.K.,
combining Allnet's offering with the broader services capability
offered by Computacenter.

These moves are part of the ongoing transformation of Cable &
Wireless' U.K. business and its mission to deliver excellent
levels of service to its large corporate and public sector
customers.

With all 168 people currently working for Allnet transferring to
Computacenter, the two companies will be able to leverage their
combined skills and resources and offer additional functionality
to customers.

"We're delighted to have reached this preferred supplier
agreement with Computacenter and look forward to a continuing
and growing relationship," Jim Marsh, CEO of Cable & Wireless
U.K., said.

                    About Cable & Wireless

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

                        *     *     *

Cable & Wireless Plc carry these ratings:

    * Moody's Investors Service

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

    * Standard & Poor's

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




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


HERTZ CORP: DBRS Rates Senior Subordinated Debt at B (high)
-----------------------------------------------------------
Dominion Bond Rating Service assigned to Hertz Corporation an
issuer rating of BB, a long-term debt rating of BB (low) and a
senior subordinated debt rating of B (high).

The notch differentials between the issuer, long-term debt and
senior subordinated debt ratings reflect the unsecured position
of the long-term debt, the junior position of the senior
subordinated debt and the dominance of the secured debt.  The
trends are Stable.

The ratings reflect the Company's strong business franchise and
leading market position in the daily rental business, sizable
cash flow generation ability and strong historical fleet
management. The ratings are restrained by the high leverage,
owed to a large amount of goodwill in the Company's capital
base.  The company's exposure to U.S. original equipment
manufacturers continues to negatively pressure the ratings;
however, this exposure has decreased over the past few years.
Further, the company's single concentration in U.S. OEMs, while
still high, compares favorably to its peers.

Hertz's strong franchise has enabled it to be a historical
leader in the premium vehicle rental segment.  The company
operates the largest worldwide general-use car rental brand and
the second largest North American equipment rental business,
both based on revenues.  Further, the Hertz brand continues to
lead the on-airport rental market.  The company's fleet
management model has historically been solid in a highly
seasonal market.  The Company has sizable cash flow generation
ability and has demonstrated its ability to navigate well
through seasonal markets and various business cycles, including
the extraordinary events of 9/11, which slowed travel
significantly.

Hertz's capital structure is characterized by large amounts of
acquisition-related debt and goodwill.  As such, the company has
a highly levered balance sheet.  The company's capital structure
is an underlying restraint on its ratings.  Additionally, the
increased interest expense resulting from the large level of
debt has put downward pressure on profitability in an already
fiercely competitive market.  Nonetheless, profitability was
respectable in 2006, ending with a strong fourth quarter
characterized by strong revenue gains in the equipment rental
business and expense control initiatives taken by the company.
Finally, Hertz, as the whole industry, is faced with increasing
residual risks as the Company purchases a higher percentage of
risk vehicles, owed to reduced incentives and increased program
vehicle pricing from U.S. OEMs.  Consequently, inherent exposure
to used car markets remains a challenge for the company, one
which it has managed well in the past.

Headquartered in Park Ridge, New Jersey, Hertz Corp. --
http://www.hertz.com/-- is a car rental company that operates
from approximately 7,600 locations in 145 countries worldwide.

Hertz also operates an equipment rental business, Hertz
Equipment Rental Corporation, offering a diverse line of
equipment, including tools and supplies, as well as new and used
equipment for sale, to customers ranging from major industrial
companies to local contractors and consumers through more than
360 branches in the United States, Canada, France, and Spain.

Hertz has operations in the Philippines, Hungary, and Peru,
among others.


* PERU: To Sell Sol-Denominated Bonds to Pay Paris Club Debt
------------------------------------------------------------
The Peruvian government plans to sell sol-denominated bonds to
repay its US$1.8 billion debt to the Paris Club -- a group of
creditor countries that include France, Canada, Germany and
Italy, Karla Palomo and Alex Emery at Bloomberg News report.

Peruvian deputy Economy Minister Juan Miguel Cayo told Bloomberg
in an interview that the bond offering will be made in the
second and third quarters of this year.

In 2005, the Latin American nation paid a US$1.5 billion debt to
the Paris Club ahead of schedule.

This year's issuance will be in sol to protect the country
against declines in the currency.

                        *     *     *

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




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


FEDERATED DEP'T: Sells 507-Store to Men's Wearhouse for US100MM
---------------------------------------------------------------
Federated Department Stores Inc. has completed the sale of its
507-store After Hours Formalwear business to Houston-based Men's
Wearhouse.  The sale price of approximately US$100 million was
adjusted for certain items, primarily customer cash deposits
retained by Federated Department on rentals to be completed
after closing.  Pre-tax cash proceeds from the transaction were
approximately US$67.3 million.

The After Hours sale completes the divestiture of Federated
Department's Bridal Group division, which was acquired in 2005
as part of The May Department Stores Co.  As previously
announced, David's Bridal and Priscilla of Boston were sold in
January 2007.  The sale price of the total Bridal Group was
approximately US$820 million in cash (after-tax proceeds of
approximately US$720 million).

Federated Department Stores, Inc. (NYSE:FD)(NYSE Arca:FD)
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


SEARS HOLDINGS: Earns US$1.5 Billion in Year Ended February 3
-----------------------------------------------------------
Sears Holdings Corp. earned US$1.5 billion on US$53 billion
total revenues for the year ended Feb. 3, 2007, versus US$858
million net income on US$49.1 billion total revenues for the
comparable year ended Jan. 28, 2006.

The company generated US$53 billion in merchandise sales and
services and zero credit and financial products revenues in
2006, versus US$48.9 billion in merchandise sales and services
and US$231 million in credit and financial products revenues in
the prior year.  The increase in fiscal 2006 revenues, as
compared to reported revenues for fiscal 2005, was primarily due
to the inclusion of Sears for the entire year in fiscal 2006
and, to a lesser degree, the inclusion of an additional week of
sales in fiscal 2006.

As of Feb. 3, 2007, the company listed US$30.1 billion in total
assets and US$17.4 billion in total liabilities, resulting to
US$12.7 billion in total shareholders' equity.

The company had cash and cash equivalents of US$4 billion at
Feb. 3, 2007 as compared to US$4.4 billion at Jan. 28, 2006.
The decline in cash and cash equivalents from Jan. 28, 2006, was
primarily attributable to share repurchases of US$816 million,
debt repayments, net of new borrowings of US$434 million,
capital expenditures of US$513 million, and cash used in the
acquisition of additional interests in Sears Canada of US$282
million, partially offset by cash flows from operating
activities of US$1.4 billion, which included pension
contributions of US$355 million, and an increase in merchandise
inventories.

The company generated about US$1.4 billion in operating cash
flows during fiscal 2006, as compared with US$2.3 billion in
fiscal 2005.  Net cash flows used by investing activities
totaled US$663 billion in fiscal 2006, as compared with US$635
million provided in fiscal 2005.  Investing cash flows in both
years were heavily impacted by a number of significant
transactions.  Net cash used in financing activities was US$1.3
billion in fiscal 2006, reflecting share repurchases of US$816
million and debt repayments of US$434 million, net of new
borrowings.  Of the total share repurchases, US$806 million of
the total was made pursuant to the company's common share
repurchase program.  Net cash used in financing activities was
US$2 billion in fiscal 2005.

                Uses and Sources of Liquidity

The company's primary need for liquidity is to fund seasonal
working capital requirements of its retail businesses, capital
expenditures and for general corporate purposes.  The company
believes that these needs will be adequately funded by the
company's operating cash flows, credit terms from vendors,
current balances in cash and cash equivalents and, to the extent
necessary, borrowings under the company's US$4 billion, five-
year credit agreement.  At Feb. 3, 2007, US$3.8 billion was
available under this facility.

As of Feb. 3, 2007, the company had US$196 million of letters of
credit outstanding under the Credit Agreement with US$3.8
billion of availability remaining under the Credit Agreement.
There were no direct borrowings under the facility during fiscal
2006.

The company has a letter of credit agreement with a commitment
amount of up to US$1 billion.  The LC Agreement, which is
renewable annually upon agreement of the parties, is scheduled
for renewal in August 2007.  As of Feb. 3, 2007, there were
US$686 million of letters of credit outstanding under the LC
Agreement.  The company had US$690 million posted as collateral
under the LC Agreement and US$32 million of cash was posted as
collateral for self-insurance programs as of Feb. 3, 2007.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1cd8

                    About Sears Holdings

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

                        *     *     *

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

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




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


* URUGUAY: Sells US$500 Million of Peso Bonds in Int'l Markets
--------------------------------------------------------------
The Uruguayan government has sold US$500 million of inflation-
linked bonds in international markets, Daniel Helft at Bloomberg
News reports.

The bonds will yield 4.25 percentage points over inflation,
Bloomberg says, citing Economy Minister Danilo Astori.  The new
debt instruments will be payable in U.S. dollars based on the
average interbank exchange rate published by Uruguay's Central
Bank.

Deutsche Bank Securities and Merrill Lynch & Co. managed the
sale.

According to the economy minister, demand reached US$1.4
billion.  American investors purchased 70% of the bonds, while
European investors bought 15%, and the rest was purchased by
Latin American investors.

                        *     *     *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018, at 'B+'.




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


DAIMLERCHRYSLER AG: Kerkorian Offers US$4.5 Billion for Chrysler
----------------------------------------------------------------
DaimlerChrysler AG has received a new offer of up to US$4.5
billion in cash from Tracinda Corp., an investment firm owned by
billionaire Kirk Kerkorian, published reports say.

Meanwhile, Magna International Inc. and private-equity group
Cerberus Capital Management LP have each submitted tenders for
Chrysler, with Blackstone Group LP and Centerbridge Capital
Partners LLC presenting a joint bid for the ailing unit,
Bloomberg News relates.

Tracinda plans to offer United Auto Workers union a "substantial
portion" of Chrysler equity in exchange for lower healthcare
cost for hourly workers, the Wall Street Journal reveals.

According to reports, Mr. Kerkorian's tender also depends on
whether Chrysler enters into a "satisfactory" labor contract
with the UAW and if Daimler agrees to share part of the troubled
unit's unfunded pension liabilities and retiree heath-care costs
amounting to US$15 billion.

In a letter to DaimlerChrysler CEO Dieter Zetsche, Jerome B.
York, Mr. Kerkorian's longtime lieutenant and former Chrysler
CFO, wrote: "Investors that feel the need to show 'mark to
market' results in their funds in relatively short time frames
(just a few years) will not be willing to invest as necessary
over an unusually lengthy period of time to achieve the
necessary end results.  Long term, patient investing has been
Tracinda's approach."

Mr. Kerkorian previously said he wants "a true partnership" with
the company's workers, including the investment of "necessary
new funds" to help boost Chrysler's product spending, reports
claim.

This is Mr. Kerkorian's second attempt to acquire Chrysler,
following a failed US$25 million hostile bid in 1995 that later
led to Chrysler's 1998 merger with Daimler-Benz AG of Germany,
The Scotsman states.

                      About DaimlerChrysler

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

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

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

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

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


HERBALIFE LTD: Disbands Special Panel After Whitney Talks End
-------------------------------------------------------------
Herbalife Ltd. reported that discussions between the Special
Committee of the Board of Directors and Whitney V, L.P.,
described in Amendment No. 7 to the Schedule 13D of Whitney
filed on April 5, 2007, have terminated.  In light of these
developments, the Board of Directors has terminated the term of
the Special Committee and the Special Committee has been
disbanded.

"The Board of Directors remains committed to growing this
company," said Peter M. Castleman, chairman of Herbalife Board
of Directors.  "We are confident in the company's future because
of the work of over a million and a half Herbalife independent
distributors in 64 countries, which are what make the company
successful."

"During the discussions between the Special Committee and
Whitney, we have consistently stressed to our distributors and
employees that it's business as usual for all of us," said
Michael O. Johnson, Herbalife CEO.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 05, 2007, Standard & Poor's Ratings Services said that its
'BB+' corporate credit rating on Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.


SHAW GROUP: Cost Review To Delay Second Quarter Fin'l Reporting
---------------------------------------------------------------
The Shaw Group Inc. will delay reporting its second quarter
results pending the completion of an independent review of the
estimated costs of an ongoing U.S. gulf coast EPC petrochemical
project, which has an approximate contract value of US$39
million.  The review is being performed to determine the amount
of any error in estimated costs and the reporting periods, which
may be affected.

Present information indicates that the project costs estimates
could include additional charges of US$7 million to US$12
million; US$4 million to US$7 million, after taxes, and would
result in a loss on the project of approximately the same
amount.

The company believes that the estimated costs increase, if
verified, may have been required to have been reported in the
first quarter of fiscal 2007.  Therefore, until the review is
completed, financial statements for the first quarter of fiscal
2007 should not be relied upon.

Further, because the project began in April 2006, it is possible
that the review may reveal that reporting periods in the second
half of fiscal 2006 were affected, and in such event, the
company will evaluate any impact to prior financial statements
at that time.

Shaw also has determined that the accounting work for the
expected restatement and the review of the company's second
quarter financial statements would be more efficiently performed
by Shaw's new auditors, KPMG LLP.  The company's previous
auditors, Ernst & Young LLP (E&Y), and the company had
previously indicated that E&Y would complete their engagement as
the company's auditors following the completion of the review of
Shaw's second quarter results.  Effective immediately, KMPG has
begun its work as Shaw's auditors and KPMG will be responsible
for the review of financial results for second quarter, a first
quarter restatement, if required, and Shaw's fiscal 2007
financial statements.  There were no reportable disagreements
with Ernst & Young on any accounting principles or practices,
financial statement disclosure or auditing scope or procedures.

Shaw expects the delay in filing of its second quarter Form 10-Q
to be 45 to 90 days from its normal filing requirement date of
April 9, 2007.  In the event reporting periods in the second
half of fiscal 2006 require restatement, the delay may be
longer.

                 Covenant Waiver Requirement

The company also stated that a waiver of certain covenants of
its Bank Credit Agreement will be required in connection with
the delay in the filing of its second quarter financial
statements.  The company expects to receive the necessary
waiver.

                    The Shaw Group Inc.

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

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

                        *     *     *

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

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


* VENEZUELA: Gets US$13.7MM in Back Taxes from Royal Dutch Shell
----------------------------------------------------------------
Venezuelan taxing authority Seniat told Reuters that the
Venezuelan unit of Royal Dutch Shell has paid the government
US$13.7 million in back taxes charged on operations in 2005.

As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2006, Seniat asked Royal Dutch's local subsidiary to
pay back taxes related to transfer prices in 2005.  Royal Dutch
has a joint venture with state oil firm Petroleos de Venezuela
for production on the Urdaneta Oeste field in the Zulia state.
Shell has a joint venture with state oil firm Petroleos de
Venezuela for production on the Urdaneta Oeste field in Zulia.

Seniat told Reuters that Royal Dutch made the payment after an
audit determined that the firm hadn't paid enough income tax for
2005.  Seniat said it disapproved of Royal Dutch Venezuelan
unit's write-down of interest payments on a loan it took from
its corporate headquarters, insisting the interest rate on the
loan had been set above market rates.

                        *     *     *

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


* VENEZUELA: Launches Public Tender for Cantv Majority Stake
------------------------------------------------------------
Published reports say that the Venezuelan government has
launched a public tender to obtain a majority stake in Cantv.

Business News Americas relates that the public tender will close
on May 8.

BNamericas underscores that the government is offering VEB4,560
per local share and US$14.85 for American Depositary Shares on
the New York Stock Exchange.

According to reports, Venezuelan ministers expect the government
to start running Cantv in June.

The government owns a 6.5% stake in Cantv, BNamericas states.

                        *     *     *

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


* S&P Probes Relation Between Sovereign Ratings & Country Risk
--------------------------------------------------------------
Standard & Poor's Ratings Services examined the unique
relationship between sovereign credit ratings and country risk
-- the risk of doing business in a particular country.  The
report, entitled "Investigating Country Risk And Its
Relationship To Sovereign Ratings In Latin America," surveys 24
countries in Latin America, none of which has a long-term
foreign currency rating higher than 'A' and all of which are
categorized as having emerging market economies.  Of the group,
20 are in Latin and Central America or the Caribbean, while the
remaining four-China, India, Russia, and South Africa-represent
key benchmarks of comparison for the region.

"This is not a formal scoring exercise, but rather a compilation
of relative rankings using a number of indicators other than
macroeconomic ones," said Standard & Poor's sovereign analyst
Helena Hessel.  "The credit rating itself is fundamentally an
indicator of financial strength -- a government's ability and
willingness to service its debt obligations on a timely basis --
and will therefore be influenced strongly by a range of
sociopolitical, economic, and financial factors."

The study divides the group of 24 sovereigns into two subgroups
based upon their foreign currency ratings.  One group includes
eight investment-grade countries with ratings ranging from 'A'
to 'BBB-', the other includes the remaining 16 speculative-grade
rated regional sovereigns.

"The results from the first group shows that all regional
investment-grade-rated countries rank high in an overall
weighted composite country risk index," explained Ms. Hessel.
"Barbados leads the group, followed by Chile.  Mexico is in
fourth position, and Trinidad and Tobago in eighth.  Barbados
and Chile also rank high in all five individual country risk
indicators, except income inequality."

Among the 16 speculative-grade rated sovereigns, the most
interesting cases are Costa Rica, Uruguay, Jamaica, and Grenada.
In terms of their foreign currency ratings, these sovereigns
rank 14th, 18th, 20th, and 21st, respectively.  In terms of an
overall weighted composite country risk index, their relative
ranking climbs significantly.  Uruguay is ranked third, Jamaica
fifth, Costa Rica seventh, and Grenada 10th.  In all four
countries, the business environment is dramatically better than
the sovereign ratings indicate, with the latter being mainly
constrained by high government indebtedness (especially in
Jamaica and Grenada) and recent default history (Uruguay and
Grenada).

"In recent years, changing country risk factors in emerging
markets have affected a number of companies.  Legal and
regulatory systems in emerging market countries are often
underdeveloped and can be unpredictable, while laws and
regulations are often poorly defined or are untested, may be
enforced arbitrarily, and may be imposed to the detriment of
investors.  Furthermore, some emerging market countries may not
respect the decisions of international arbitration courts," Ms.
Hessel stated.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Pal's Cabin, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, District of Columbia
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   BEARD AUDIO CONFERENCES
      Second Lien Financings and Intercreditor Agreements
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         IWIRC 4th Spring Luncheon and Founders Awards
            Washington, District of Columbia
               Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon University Club
         Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, District of Columbia
            Contact: http://www.abiworld.org/

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

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

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

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

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

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Breakfast with Association for Corporate Growth
         Woodbridge Hilton, Iselin, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

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

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

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

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

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

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Tyson's Corner Marriott, Vienna, Virginia
            Contact: 215-657-5551 or http://www.turnaround.org/

April 19-20, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Eighth Annual Conference on Healthcare Transactions
         Successful Strategies for Mergers, Acquisitions,
            Divestitures, and Restructurings
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Operational Turnaround Management
         Renaissance Hotel, Syracuse, New York
            Contact: http://www.turnaround.org/

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

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

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Nuts & Bolts of Buying and Selling
         Distressed Companies
            University Club, Chicago, Illinois
               Contact: http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   BEARD AUDIO CONFERENCES
      Hospitals in Crisis: The Insolvency Crisis Plaguing
         Hospitals Across the U.S.
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

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

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, Connecticut
            Contact: 203-265-2048 or http://www.turnaround.org/

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

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

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

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

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

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

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

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

May 2-4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Washington University, Arizona
            Contact: http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
            New York, New York
               Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
            New York, New York
               Contact: http://www.abiworld.org/

May 14-16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual TMA Regional Conference - Texas
         Hyatt Regency Resort & Spa
            Lost Pines, Texas
               Contact: http://www.turnaround.org/

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

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

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

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

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, Ohio
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, Washington
            Contact: http://www.turnaround.org/

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

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

May 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Annual Golf Outing
         TBD, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

May 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds
         Standard Club, Chicago, Illinois
            Contact: http://www.turnaround.org/

May 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Calaloo Caf,, Morristown, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt
            Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, Arizona
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series
         E&Y Tower, Calgary, Alberta
            Contact: http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, South Carolina
               Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
        JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, New Jersey
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

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

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Clarion Hotel, Princeton, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Florida
                  Contact: http://www.turnaround.org/

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

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

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

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

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

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

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

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

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

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

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

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

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

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

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
de los Santos, Christian Toledo, and Junald Ango, Editors.

Copyright 2076.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


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