TCRLA_Public/070418.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 18, 2007, Vol. 8, Issue 76

                          Headlines

A R G E N T I N A

ABE CONSTRUCCIONES: Proofs of Claim Verification Ends on May 14
AVENIDA LA PLATA: Proofs of Claim Verification Is Until June 4
BALLY TECHNOLOGIES: Extends Deal with NY Lottery Through 2010
BY ROSTEN: Trustee Verifies Proofs of Claim Until April 25
COMPANIA DEFENSORA: Proofs of Claim Verification Ends on June 5

DIPRO SA: Proofs of Claim Verification Is Until May 29
HONOS METODOS: Proofs of Claim Verification Deadline Is April 27
IDT SA: Proofs of Claim Verification Is Until May 16
LERBA SA: Trustee Will Verify Proofs of Claim Until May 22
LOS CUATRO: Proofs of Claim Verification Ends on May 23

MEXICO 1501: Trustee Verifies Proofs of Claim Until May 17
MIAVASA SA: Proofs of Claim Verification Ends on June 19
MILLER ILUMINACION: Proofs of Claim Verification Ends on May 31
NOTEBOOK SA: Proofs of Claim Verification Deadline Is May 29
SEGURIDAD NAHUEL: Trustee Filing Individual Reports in Court Tom

SOCIEDAD ANONIMA: Enters Bankruptcy on Court Order
THRIVE SRL: Proofs of Claim Verification Deadline Is June 4
TOM & JERRY: Trustee To File General Report in Court Tomorrow
YELBRICH SA: Proofs of Claim Verification Deadline Is May 29

B E R M U D A

ENDURANCE SPECIALTY: Stifel Nicolaus Holds "Buy" Rating on Firm
INTELSAT LTD: Put Up In the Auction Block
FOSTER WHEELER: Milan Unit Adds New Gasifier to ERG Refinery

B R A Z I L

ACTUANT CORP: Earns US$18.9 Million in Quarter Ended February 28
AVNET INC: Sales Unit Acquires Asian IT Distributor Azure Tech
BANCO NACIONAL: Board Grants BRL28.6-Mil. Financing for COPACOL
BANCO NACIONAL: Extends BRL1.4 Mil. in Funding for Ethanol Study
BRASKEM: Signs Pact with Pequiven to Form Petrochemical Complex

BROWN SHOE: Elects Diane Sullivan to Board of Directors
HAYES LEMMERZ: Amends Equity Purchase Pact with Deutsche Bank
NORTEL NETWORKS: Unit Board Declares Preferred Share Dividends
NORTEL NETWORKS: To Provide Hosted IP PBX Offering
PETROLEO BRASILEIRO: Oilrigs P-52 & P-54 Will be Ready in July

REMY INT'L: Moody's Cuts Ratings on Interest Payment Default
TAM SA: Will Offer Cyberspace Flights
USINAS SIDERURGICAS: Unit to Build Espirito Santo Bridge

* BRAZIL: At Odds with Venezuela Over Ethanol Deal with U.S.
* BRAZIL: To Join Bank of the South as Partner, Mantega Says

C A Y M A N   I S L A N D S

AKATSUKI CAPITAL: Proofs of Claim Filing Is Until April 29
ARLINGTON HILL: Proofs of Claim Filing Ends on May 8
ARLINGTON HILL DEBT: Proofs of Claim Filing Deadline Is May 8
ARRAN PARTNERS: Proofs of Claim Filing Deadline Is May 8
ARRAN PARTNERS INT'L: Proofs of Claim Filing Is Until May 8

CAYMAN ABSC: Proofs of Claim Filing Is Until May 4
FERTINITRO FINANCE: Moody's Confirms B3 Rating After Review
GEOVIC FINANCE: Proofs of Claim Filing Deadline Is May 7
GREEN QSP: Proofs of Claim Filing Is Until May 5
GREEN QSP: Will Hold Final Shareholders Meeting on May 7

KINGSFORD CAPITAL: Proofs of Claim Filing Is Until May 4
MULHOLLAND TWENTY: Proofs of Claim Filing Ends on May 8
MUNICH LEASING: Proofs of Claim Filing Is Until May 4
NAGATSUKI HOLDING: Proofs of Claim Filing Ends on May 4
PI LONG: Proofs of Claim Filing Deadline Is May 4

SCP OMNI: Proofs of Claim Must be Filed by April 19
STINSON CAPITAL: Proofs of Claim Must be Filed by April 25
VOGAN INVESTMENTS: Proofs of Claim Filing Ends on May 8

C H I L E

ANIXTER INTERNATIONAL: To Register US300MM Sr. Convertible Notes

C O L O M B I A

CHUBB DE COLOMBIA: Moody's Puts Ba1 Global Foreign Curr. Rating
NOVELL INC: Patrick Jones to Join Board of Directors

C O S T A   R I C A

BAC SAN JOSE: Parent to Acquire Grupo Atlas' Costa Rican Unit

D O M I N I C A N   R E P U B L I C

FALCONBRIDGE LTD: To Increase Fuel Supply to Dominican Republic

E C U A D O R

PETROECUADOR: Oil Leaks from Unit's Auca 22 Well

* ECUADOR: Warns World Bank Representative of Expulsion

E L   S A L V A D O R

SPECTRUM BRANDS: Closes Exchange Offer for 8-1/2% Notes Due 2013

J A M A I C A

AIR JAMAICA: UK Panel Deciding on Tax Payment for Workers' Share
GOODYEAR TIRE: CEO Says Co. is Well Positioned for the Future
GOODYEAR TIRE: W. Alan McCollough Elected to Board of Directors

M E X I C O

AMERICAN AIRLINES: Inks Card Processing Service Pact with NOVA
BLOCKBUSTER INC: Board Declares US$18.75 Per Share Cash Dividend
CELLSTAR CORP: Concludes Sale of Mexican Operations
CLEAR CHANNEL: Two Investors Moving on with Privatization Plan
COTT CORP: S&P Watches B+ Long-term Rating on Consolidation Plan

COTT CORP: To Release First Qtr. Financial Results on April 26
DELTA AIR: Gets 95% Creditor Support for Reorganization Plan
FOAMEX INT'L: Names John Johnson as Chief Executive Officer
GENERAL MOTORS: Q1 Sales Up in LatAm, Africa & Middle East
GUESS? INC: Janney Montgomery Reiterates "Buy" Rating on Shares

INNOPHOS HOLDINGS: Moody's Rates New Us$66-Million Notes at B3
JL FRENCH: Offers to Sell Shares of Convertible Preferred Stock
SHOSHONE SILVER: Hires Conrad Houser as Chief Executive Officer

P E R U

DOE RUN: Reduces La Oroya Smelter Chimney Emissions by 50%

P U E R T O   R I C O

DELTA AIR: S&P Keeps D Rating Absent Court Confirmation of Plan

S U R I N A M E

DIGICEL GROUP: Receives GSM Mobile License in Suriname

V E N E Z U E L A

ECOPETROL: May Conduct Exploration & Production in Orinoco
PETROLEOS DE VENEZUELA: Bond Price Up as Int'l Demand Rises
PETROLEOS DE VENEZUELA: May Have Problems in Orinoco Takeover
PETROLEOS DE VENEZUELA: May Work with Ecopetrol in Orinoco

* VENEZUELA: Inks Five Energy Agreements with China
* VENEZUELA: Pay Off IMF & World Bank Debts Totaling US$3 Bil.


                          - - - - -


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


ABE CONSTRUCCIONES: Proofs of Claim Verification Ends on May 14
---------------------------------------------------------------
Roberto J. Massacane, the court-appointed trustee for A.B.E.
Construcciones S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until May 14, 2007.

Mr. Massacane will present the validated claims in court as
individual reports on June 27, 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 A.B.E. Construcciones 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 A.B.E.
Construcciones's accounting and banking records will be
submitted in court on Aug. 24, 2007.

Mr. Massacane is also in charge of administering A.B.E.
Construcciones's assets under court supervision and will take
part in their disposal to the extent established by law.

The trustee can be reached at:

         Roberto J. Massacane
         Avda Pte. Roque Saenz PeAņa 846
         Buenos Aires, Argentina


AVENIDA LA PLATA: Proofs of Claim Verification Is Until June 4
--------------------------------------------------------------
Federico Gabriel Estrada, the court-appointed trustee for
Avenida La Plata 1592 SRL's bankruptcy proceeding, will verify
creditors' proofs of claim until June 4, 2007.

Under the Argentine bankruptcy law, Mr. Estrada is required to
present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 6 in Buenos
Aires, with the assistance of Clerk No. 11, 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 Avenida La Plata and its creditors.

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

Mr. Estrada will also submit a general report that contains an
audit of Avenida La Plata's accounting and banking records.  The
report submission dates have not been disclosed.

The debtor can be reached at:

          Avenida La Plata 1592 SRL
          Avenida La Plata 1592
          Buenos Aires, Argentina

The trustee can be reached at:

          Federico Gabriel Estrada
          Uruguay 618
          Buenos Aires, Argentina


BALLY TECHNOLOGIES: Extends Deal with NY Lottery Through 2010
-------------------------------------------------------------
Bally Technologies Inc. has signed a contract extension with the
New York Lottery, keeping the company's revenue-share machines
-- currently more than 6,300 statewide -- in operation through
at least Dec. 31, 2010.

Bally is currently the highest-performing vendor on a per-
machine win basis statewide, covering eight gaming facilities.
Game performance has been boosted statewide by the recent
introduction of more than 150 Hot Shot Progressive(TM) units,
along with Quick Hits(TM), Fireball Frenzy(TM) and American
Original(TM).

Bally is also benefiting by the recent opening of the Gotham
Palace section of Empire City at Yonkers Raceway in suburban New
York City.  This new phase added 1,400 total machines and
brought the total at Empire City to 5,478, of which 2,823 are
from Bally.  All of the Bally machines at Empire City are
presented in a wide-screen video format, both upright and
CineVision(TM) on the award-winning ALPHA Elite(TM) series of
cabinets.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implication on its ratings for Bally Technologies
Inc. to developing from negative.  The corporate credit rating
on the company is 'B-'.  The ratings were initially placed on
CreditWatch on Sept. 9, 2005, and several rating actions have
occurred since the original CreditWatch listing.


BY ROSTEN: Trustee Verifies Proofs of Claim Until April 25
----------------------------------------------------------
Ernesto Aldo Monti, the court-appointed trustee for By Rosten
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until April 25, 2007.

Mr. Monti will present the validated claims in court as
individual reports on May 29, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by By Rosten 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 By Rosten's
accounting and banking records will be submitted in court on
July 12, 2007.

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

The trustee can be reached at:

         Ernesto Aldo Monti
         Larrea 785
         Buenos Aires, Argentina


COMPANIA DEFENSORA: Proofs of Claim Verification Ends on June 5
---------------------------------------------------------------
Monica Rajo, the court-appointed trustee for Compania Defensora
de Choferes SAMS y C's bankruptcy proceeding, will verify
creditors' proofs of claim until June 5, 2007.

Under the Argentine bankruptcy law, Ms. Rajo is required to
present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 21 in Buenos
Aires, with the assistance of Clerk No. 41, 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 Compania Defensora and its creditors.

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

Ms. Rajo will also submit a general report that contains an
audit of Compania Defensora's accounting and banking records.
The report submission dates have not been disclosed.

The debtor can be reached at:

          Compania Defensora de Choferes SAMS y C
          Avenida Corrientes 3023
          Buenos Aires, Argentina

The trustee can be reached at:

          Monica Rajo
          Viamonte 2359
          Buenos Aires, Argentina


DIPRO SA: Proofs of Claim Verification Is Until May 29
------------------------------------------------------
Ruben Scaletta, the court-appointed trustee for Dipro SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
May 29, 2007.

Mr. Scaletta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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 Dipro 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 Dipro's accounting
and banking records will be submitted in court.

La Nacion did not state the reports submission date.

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

The debtor can be reached at:

          Dipro SA
          Arenales 1805
          Buenos Aires, Argentina

The trustee can be reached at:

          Ruben Scaletta
          Piedras 1077
          Buenos Aires, Argentina


HONOS METODOS: Proofs of Claim Verification Deadline Is April 27
----------------------------------------------------------------
Armando Luis Albano, the court-appointed trustee for Honos
Metodos S.A.'s reorganization proceeding, verifies creditors'
proofs of claim until April 27, 2007.

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

Mr. Albano will present the validated claims in court as
individual reports on May 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 Honos Metodos 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 Honos Metodos'
accounting and banking records will be submitted in court on
June 26, 2007.

The debtor can be reached at:

          Honos Metodos S.A.
          Remedios de Escalada de San Martin 1611
          Florida, Partido de Vicente Lopez
          Buenos Aires, Argentina

The trustee can be reached at:

          Armando Luis Albano
          Centenario 725, San Isidro
          Buenos Aires, Argentina


IDT SA: Proofs of Claim Verification Is Until May 16
----------------------------------------------------
Monica Graciela Aquim, the court-appointed trustee for IDT
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until May 16, 2007.

Ms. Aquim will present the validated claims in court as
individual reports on July 2, 2007.  The National Commercial
Court of First Instance in Moron, 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 IDT 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 IDT's accounting and
banking records will be submitted in court on Aug. 13, 2007.

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

The debtor can be reached at:

          IDT S.A.
          Malvinas 481 Libertad
          Partido de Merlo
          Buenos Aires, Argentina

The trustee can be reached at:

          Monica Graciela Aquim
          Sarmiento 848 Moron
          Buenos Aires, Argentina


LERBA SA: Trustee Will Verify Proofs of Claim Until May 22
----------------------------------------------------------
Juan Carlos Alcuaz, the court-appointed trustee for Lerba SA's
bankruptcy proceeding, will verify creditors' proofs of claim
until May 22, 2007.

Under the Argentine bankruptcy law, Mr. Alcuaz is required to
present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 8 in Buenos
Aires, with the assistance of Clerk No. 16, will determine if
the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Lerba and its creditors.

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

Mr. Alcuaz will also submit a general report that contains an
audit of Lerba's accounting and banking records.  The report
submission dates have not been disclosed.

The debtor can be reached at:

          Lerba SA
          Avenida Luis M. Camos 1174
          Buenos Aires, Argentina

The trustee can be reached at:

          Juan Carlos Alcuaz
          Avenida Cordoba 1522
          Buenos Aires, Argentina


LOS CUATRO: Proofs of Claim Verification Ends on May 23
-------------------------------------------------------
Ana Maria Lopez, the court-appointed trustee for Los Cuatro
Robles SA's bankruptcy proceeding, verifies creditors' proofs of
claim until May 3, 2007.

Ms. Lopez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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 Los Cuatro Robles 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 Los Cuatro Robles'
accounting and banking records will be submitted in court.

La Nacion did not state the reports submission date.

Ms. Lopez is also in charge of administering Los Cuatro Robles'
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

          Los Cuatro Robles SA
          Santiago del Estero 286
          Buenos Aires, Argentina

The trustee can be reached at:

          Ana Maria Lopez
          San Martin 662
          Buenos Aires, Argentina


MEXICO 1501: Trustee Verifies Proofs of Claim Until May 17
----------------------------------------------------------
Carlos A. Battaglia, the court-appointed trustee for Mexico 1501
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim until May 17, 2007.

The National Commercial Court of First Instance No. 18 in Buenos
Aires, with the assistance of Clerk No. 35, approved a petition
for reorganization filed by Mexico 1501, according to a report
from Argentine daily Infobae.

Mr. Battaglia will present the validated claims in court as
individual reports on July 2, 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 Mexico 1501 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 Mexico 1501's
accounting and banking records will be submitted in court on
Aug. 29, 2007.

The informative assembly will be held on March 4, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

          Carlos A. Battaglia
          Viamonte 1592
          Buenos Aires, Argentina


MIAVASA SA: Proofs of Claim Verification Ends on June 19
--------------------------------------------------------
Maria Susana Taboada, the court-appointed trustee for Miavasa
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until June 19, 2007.

Ms. Taboada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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 Miavasa 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 Miavasa's accounting
and banking records will be submitted in court.

La Nacion did not state the reports submission date.

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

The debtor can be reached at:

          Miavasa SA
          Talcahuano 316
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria Susana Taboada
          Ezeiza 2461
          Buenos Aires, Argentina


MILLER ILUMINACION: Proofs of Claim Verification Ends on May 31
---------------------------------------------------------------
Anibal Carrillo, the court-appointed trustee for Miller
Iluminacion SACI's bankruptcy proceeding, verifies creditors'
proofs of claim until May 31, 2007.

Mr. Carrillo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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 Miller Iluminacion 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 Miller Iluminacion's
accounting and banking records will be submitted in court.

La Nacion did not state the reports submission date.

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

The debtor can be reached at:

          Miller Iluminacion SACI
          Tucuman 934
          Buenos Aires, Argentina

The trustee can be reached at:

          Anibal Carrillo
          Juncal 615
          Buenos Aires, Argentina


NOTEBOOK SA: Proofs of Claim Verification Deadline Is May 29
------------------------------------------------------------
Hector Grun, the court-appointed trustee for Notebook SA's
bankruptcy proceeding, will verify creditors' proofs of claim
until May 29, 2007.

Under the Argentine bankruptcy law, Mr. Grun is required to
present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 20 in Buenos
Aires, with the assistance of Clerk No. 40, 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 Notebook and its creditors.

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

Mr. Grun will also submit a general report that contains an
audit of Notebook's accounting and banking records.  The report
submission dates have not been disclosed.

The debtor can be reached at:

          Notebook SA
          Freire 2266
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Grun
          San Martin 551
          Buenos Aires, Argentina


SEGURIDAD NAHUEL: Trustee Filing Individual Reports in Court Tom
----------------------------------------------------------------
Jose Maria Colace, the court-appointed trustee for Seguridad
Nahuel 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 19, 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 Seguridad Nahuel and its creditors.

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

Mr. Colace verified creditors' proofs of claim until
March 5, 2007.

Mr. Colace will also submit to court a general report containing
an audit of Seguridad Nahuel's accounting and banking records on
May 10, 2007.

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

The trustee can be reached at:

         Jose Maria Colace
         Bernardo de Irigoyen 330
         Buenos Aires, Argentina


SOCIEDAD ANONIMA: Enters Bankruptcy on Court Order
--------------------------------------------------
Sociedad Anonima Unimas S.A. enters bankruptcy protection after
the National Commercial Court of First Instance in Rosario,
Santa Fe, ordered the company's liquidation.  The order
transfers control of the company's assets to a court-appointed
trustee who will supervise the liquidation proceedings.

Infobae reports that the court selected Hector Tomas Carrera as
trustee.  Mr. Carrera will be verifying creditors' proofs of
claims until the end of the verification phase.

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 Sociedad Anonima and its
creditors.

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

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the company's accounting
and business records.

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

The debtor can be reached at:

          Sociedad Anonima Unimas S.A.
          Cordoba 955, Rosario
          Santa Fe, Argentina

The trustee can be reached at:

          Hector Tomas Carrera
          Pje. Diego Deheza 934, Rosario
          Santa Fe, Argentina


THRIVE SRL: Proofs of Claim Verification Deadline Is June 4
-----------------------------------------------------------
Ricardo Adrogue, the court-appointed trustee for Thrive SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
June 4, 2007.

Mr. Adrogue will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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 Thrive 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 Thrive's accounting
and banking records will be submitted in court.

La Nacion did not state the reports submission date.

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

The debtor can be reached at:

          Thrive SRL
          Zequeira 5650
          Buenos Aires, Argentina

The trustee can be reached at:

          Ricardo Adrogue
          Bouchard 468
          Buenos Aires, Argentina


TOM & JERRY: Trustee To File General Report in Court Tomorrow
-------------------------------------------------------------
Hector Garcia, the court-appointed trustee for Tom & Jerry SA's
bankruptcy proceeding, will submit to court a general report
containing an audit of the company's accounting and banking
records on April 19, 2007.

Mr. Garcia verified creditors' proofs of claim until
Dec. 19, 2006.  He then presented the validated claims in court
as individual reports on Feb. 5, 2007.  The National Commercial
Court of First Instance No. 8 in Buenos Aires, with the
assistance of Clerk No. 15, determined the verified claims'
admissibility, taking into account the trustee's opinion and the
objections and challenges raised by Tom & Jerry and its
creditors.

The debtor can be reached at:

          Tom & Jerry SA
          Avenida Leandro N. Alem 465
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Garcia
          Uruguay 572
          Buenos Aires, Argentina


YELBRICH SA: Proofs of Claim Verification Deadline Is May 29
------------------------------------------------------------
Graciela Marta Lema de Muino, the court-appointed trustee for
Yelbrich SA's bankruptcy proceeding, will verify creditors'
proofs of claim until May 29, 2007.

Under the Argentine bankruptcy law, Mr. Lema is required to
present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 20 in Buenos
Aires, with the assistance of Clerk No. 40, 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 Yelbrich and its creditors.

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

Mr. Lema will also submit a general report that contains an
audit of Yelbrich's accounting and banking records.  The report
submission dates have not been disclosed.

Yelbrich was forced into bankruptcy at the behest of Cooperativa
del Milenio Ltda.

The debtor can be reached at:

          Yelbrich SA
          Santiago del Estero 250
          Buenos Aires, Argentina

The trustee can be reached at:

          Graciela Marta Lema de Muino
          Basualdo 1064
          Buenos Aires, Argentina




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


ENDURANCE SPECIALTY: Stifel Nicolaus Holds "Buy" Rating on Firm
---------------------------------------------------------------
Analysts at brokerage and investment banking company Stifel
Nicolaus & Company have reaffirmed their "buy" recommendation on
Endurance Specialty Holdings Ltd.'s shares, Newratings.com
reports.

Newratings.com relates that the analysts revised their estimates
for Endurance Specialty, setting the share target price at
US$42.

The analysts said in a research note that Endurance Specialty
has the ability to post its growth in-line with that of its
peers going forward.

The analysts told Newratings.com that the downward revision in
the operating earnings per share estimate indicates the
expectation of unfavorable weather conditions.

The operating earnings per share estimate for Endurance
Specialty in the first quarter 2007 was increased to US$1.17
from US$1.11.  The operating earnings per share forecast for the
third quarter was reduced to US$1.19 from US$1.26,
Newratings.com states.

Based in Pembroke, Bermuda, Endurance Specialty Holdings Ltd.
(NYSE: ENH) -- http://www.endurance.bm/-- is a provider of
property and casualty insurance and reinsurance.  Through its
operating subsidiaries, Endurance currently writes property per
risk treaty reinsurance, property catastrophe reinsurance,
casualty treaty reinsurance, property individual risks, casualty
individual risks, and other specialty lines.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
AM Best affirmed these debt ratings:

Endurance Specialty Holdings, Ltd.

   -- "bbb-" on US$250 million 7.0% senior unsecured notes,
      due 2034;

   -- "bbb-"on US$200 million 6.15% senior notes, due 2015; and

   -- "bb" on US$200 million Series A non-cumulative preferred
      shares

These indicative debt ratings have been affirmed for securities
available under the shelf registration:

   Endurance Specialty Holdings, Ltd.

   -- "bbb-" on senior unsecured;
   -- "bb+" on subordinated; and
   -- "bb" on preferred stock

   Endurance Holdings Capital Trust I Ltd.-(guaranteed by
   Endurance Specialty Holdings)

   -- "bb" on preferred securities

   Endurance Holdings Capital Trust II Ltd.-(guaranteed by
   Endurance Specialty Holdings)

   -- "bb" on preferred securities


INTELSAT LTD: Put Up In the Auction Block
-----------------------------------------
Intelsat Ltd., the world's largest operator of communication
satellites, is up for grabs to the highest bidder, The Wall
Street Journal and The New York Times reported.

According to sources quoted by the Times, the sale was prompted
by an offer from Blackstone Group, a private equity fund, to buy
the company for US$6 billion.

Intelsat has hired Credit Suisse to manage the sale, and to seek
higher and better offers in a process that's expected to last
two months.

Intelsat was bought three ago by Madison Dearborn Partners, Apax
Partners, Permira and Apollo Management for US$3.1 billion.

                     About Intelsat Ltd.

Headquartered in Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- offers telephony, corporate network,
video and Internet solutions around the globe via capacity on 25
geosynchronous satellites in prime orbital locations.
Customers in about 200 countries rely on Intelsat's global
satellite, teleport and fiber network for high-quality
connections, global reach and reliability.

At Dec. 31, 2006, Intelsat Ltd.'s balance sheet reflected total
assets of US$12.4 billion and total liabilities of US$12.9
billion, resulting to a stockholders' deficit of US$541.3
million.  Accumulated deficit as of Dec. 31, 2006, stood at
US$571.2 million.


FOSTER WHEELER: Milan Unit Adds New Gasifier to ERG Refinery
------------------------------------------------------------
Foster Wheeler Ltd.'s Milan-based subsidiary Foster Wheeler
Italiana S.p.A., part of its Global Engineering and Construction
Group, has been awarded a contract by ERG Raffinerie
Mediterranee or ERGMED for engineering, procurement assistance
and construction management services for the expansion of the
integrated gasification combined cycle or IGCC complex at
ERGMED's Priolo refinery in Sicily.

The terms of the contract award, which were included in Foster
Wheeler's fourth-quarter 2006 bookings, were not disclosed.

Foster Wheeler, in a joint venture, designed and built the
original IGCC plant, which transforms refinery residues into
synthesis gas, which is burned to produce more than 550
megawatts of electricity.  Completed in 2000, this was the first
IGCC plant in the world to use asphalt as a feedstock, and has
since demonstrated excellent reliability and performance.

As part of the expansion of the IGCC complex, a third gasifier
will be added.  The new gasifier will use gasification
technology licensed by General Electric, which company acquired
the Texaco technology used in the two existing gasifiers.

Associated facilities will be added to the existing gasifiers
and new pressure swing absorption and membrane packages will be
installed in order to produce 20,000 nominal cubic meters per
hour of hydrogen.  With the addition of the third train, the
total gasification capacity will be 146.5 tonnes per hour.  The
project is expected to reach mechanical completion by the second
quarter of 2009.

"We are extremely pleased to be awarded this project," said
Marco Moresco, chief executive officer of Foster Wheeler's
Italian operating unit.  "This award allows us to continue to
build on our excellent and long-standing relationship with ERG
and to consolidate our position as a leading player in
gasification technology and IGCC plant design."

"We have awarded this important project, a key investment for
the ERG Group, to Foster Wheeler because its expertise in
gasification technology and its management capabilities are
renowned worldwide," said Prof. Giuseppe Gatti, president, ERG
Power & Gas.

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

                        *     *     *

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

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




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


ACTUANT CORP: Earns US$18.9 Million in Quarter Ended February 28
----------------------------------------------------------------
Actuant Corporation reported net earnings of US$18.9 million for
the second quarter ended Feb. 28, 2007.  This compares with net
earnings of US$19.3 million for the same period ended
Feb. 28, 2006.  Fiscal 2007 second quarter results include a
US$3.8 million restructuring charge covering a portion of the
company's restructuring of its European Electrical business.

Second quarter sales increased 24% to US$341 million from
US$276 million in the prior year, reflecting strong core growth,
the weaker US dollar, and approximately US$35 million of sales
from acquired businesses.  Excluding foreign currency exchange
rate changes and business acquisitions, second quarter fiscal
2007 sales increased approximately 7%.  This increase reflected
core growth in all four segments, including 12% in the
Industrial Segment.

Robert C. Arzbaecher, president and chief executive officer of
Actuant, commented, "We are pleased with our second quarter
results, including the 24% sales growth and 13% growth in EPS
excluding restructuring, which were led by the strong
performance of the Industrial Segment.  Consistent with our
business model, acquisitions made a significant contribution to
the sales growth, however, each of our four segments contributed
to the 7% core growth."

Arzbaecher added, "We continued to see significant operating
profit margin improvement in our Industrial Segment.  While
consolidated operating profit margins were down slightly on a
year-over-year basis due to lower profitability in the
Electrical and Actuation Systems segments, Industrial Segment
margins improved by 160 basis points.  Progress was made in
improving Automotive and Recreational Vehicle margins during the
quarter, which positions Actuant well for strong second half
earnings growth.  We expect operating margin improvement in both
Electrical and Actuation Systems Segments in the third and
fourth quarter, and expect margin expansion for Actuant in total
for the fiscal year."

Net debt, which is total debt of US$595 million less
approximately US$25 million of cash, was US$570 million, an
increase of US$115 million from the beginning of the quarter.
Excluding the approximate US$110 million of cash used for
acquisitions and the US$9 million decline in accounts receivable
securitization, Actuant generated approximately US$5 million of
cash flow in the second quarter, which is a seasonally weak
cash-flow period.

The company had availability under its revolving credit facility
in excess of US$200 million as of Feb. 28, 2007.

At Feb. 28, 2007, the company's balance sheet showed
US$1,389.2 million in total assets, US$971.1 million in total
liabilities, and US$418.1 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Feb. 28, 2007, are available
for free at http://researcharchives.com/t/s?1d36

                     About Actuant Corp.

Actuant Corp. (NYSE:ATU) -- http://www.actuant.com/--
is a diversified industrial company with operations in more than
30 countries, including Brazil in Latin America.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  Since its creation through a spin-off in
2000, Actuant has grown its sales from US$482 million to over
US$1 billion and its market capitalization from US$113 million
to over US$1.4 billion.  The company employs a workforce of more
than 6,300 worldwide.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2006,
Moody's Investors Service affirmed its Ba2 corporate family
rating for Actuant Corp.


AVNET INC: Sales Unit Acquires Asian IT Distributor Azure Tech
--------------------------------------------------------------
Avnet Technology Solutions acquires Azure Technologies through
Avnet Asia Pte Ltd from Vanda Group.  This acquisition
accelerates Avnet Technology Solutions' growth in the Asia
Pacific region by extending value-added IT distribution to
Southeast Asia.  Avnet Asia Pte Ltd is part of Avnet Technology
Solutions, Asia Pacific.

Azure Technologies, which operates through various entities in
Singapore and Malaysia, including Azure Technologies Pte Ltd.
and Azure Technologies (Malaysia) Sdn Bhd., has been focused on
the distribution of IBM systems and solutions since 1996, with
annual revenues of over US$90 million and more than 100
employees.

According to the president of Avnet Technology Solutions, Asia
Pacific, K.P. Tang, this acquisition is a strategic development
that will expand Avnet's presence in the region, while also
strengthening the company's relationship and business with IBM
and other major IT vendors.  Azure Technologies is currently the
largest IBM partner in ASEAN and the strength of that
relationship will provide opportunities for geographic expansion
into key markets such as Thailand and Vietnam.

"Azure Technologies is a great fit for Avnet Technology
Solutions, and this acquisition provides a variety of
significant capabilities and competitive advantages, both
immediately and in the longer-term," said K.P. Tang.

"For example, we will be able to build upon an experienced,
highly skilled team dedicated to delivering comprehensive IT
consulting services and technical support to its resellers and
customers.  The acquisition enhances Avnet's scale and scope in
the region, while expanding Avnet Technology Solutions'
enterprise distribution model into new markets.

"As a leading IT solution provider in ASEAN, we will be able to
build on Azure's capabilities and expertise to provide customers
with the leading-edge IT infrastructure and world class services
and solutions, ranging from server and storage consolidation,
virtualization, and system implementation to data migration and
system management.  That covers many of the critical
applications enterprises need in order to adapt to today's
rapidly changing business environment," added K.P. Tang.

Avnet Technology Solutions intends to continue expanding in the
region, both organically and through acquisitions that meet its
business criteria.

Andrew So, Managing Director of Vanda Group, commented, "The
business of Azure Technologies is in the distribution of third-
party systems and solutions, which is not expected to form an
integral part of the Group's business strategy in the
foreseeable future.  This divestiture represents a good
opportunity for the Group to dedicate and commit more of its
resources in pursuing its business strategy of transforming into
a high growth, high value application solutions business in
Greater China.

"Notwithstanding the transfer of ownership, Vanda group will
maintain its strong business relationship with Azure
Technologies.  This transaction also provides a solid platform
for Vanda Group and Avnet, Inc. to explore further business
opportunities in the future."

                      About Vanda Group

Founded in 1982, Vanda Group is a premier IT solutions provider
in Asia that specializes in systems infrastructure and
application solutions services. It provides extensive
geographical coverage with operations spanning from Mainland
China, Hong Kong, Macau to Southeast Asian Countries including
Singapore and Malaysia.

               About Avnet Technology Solutions

Avnet Technology Solutions is an operating group of Avnet, Inc.
representing US$5.1 billion in annual revenue for calendar year
2006, with locations in more than 30 countries.  As a global
technology sales and marketing organization, Avnet Technology
has sales divisions focused on specific customer segments and a
select line card strategy enabling an exceptional level of
attention to the needs of its customers and suppliers.

                      About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT) --
http://www.avnet.com/-- distributes electronic components and
computer products, primarily for industrial customers.  It has
operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, Sweden, Brazil,
Mexico and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on March 5, 2007,
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc., and revised the outlook
to positive from stable.


BANCO NACIONAL: Board Grants BRL28.6-Mil. Financing for COPACOL
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's board of
directors approved financing for Cooperativa Agroindustrial
Consolata, or COPACOL, located in the municipality of
Cafelandia, in the amount of BRL28.6 million, through indirect
operation, through Banco do Brasil and BRDE.  The purpose is to
expand the cold storage slaughter capacity of poultry from 270
thousand to 330 thousand birds per day.  With that expansion,
710 new direct job opportunities will be generated.

COPACOL is a large size cooperative, which counts on 23 units
distributed through the municipalities of Nova Aurora, Formosa
do Oeste, Jesuitas and Iracema do Oeste, all within the State of
Parana.  Currently, it generates 4,686 direct job posts.  The
cooperative was founded on Oct. 23, 1963, in the district of
Cafelandia, which back then belonged to the municipality of
Cascavel, in the West side of Parana, by father Luis Luise
conjointly 32 agricultures who migrated from the State of Santa
Catarina and Rio Grande do Sul.

It also holds sales units in the city of Brasilia-Federal
District-DF, Campo Grande-State of Mato Grosso do Sul-MS and
Curitiba-State of Parana-PR. It has 4,319 members, given that
70% of that total comprises small agriculturers with maximum of
50 hectares of land.

Another of its activities is the integrated production of cattle
raising products, milk and swine, delivered to the Cooperativa
Central Sudoeste Ltda, where occurs the industrialization and
commercialization under the brand Frimesa, already consolidated
in the market.

COPACOL also manufactures rations, develops agronomy research
and provides technical assistance to farming and cattle raising
activities developed by the cooperative members and
commercialization of agricultural products in the domestic and
international markets.

Brazil is the largest chicken meat exporter and occupies slot
number three as regards production in the world with 9,700
tons/year.  Approximately 30% of the national chicken production
is destined to the external market, having 142 countries as
consumer markets.

COPACOL is apt to commercialize its products to demanding
markets, such as the European Unit, Japan, Hong Kong, China,
South Africa, Canada and Korea.

                         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: Extends BRL1.4 Mil. in Funding for Ethanol Study
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has extended BRL1.4 million in financing to
help fund studies on boosting ethanol's efficiency.

Business News Americas relates that Banco Nacional will fund
Parque de Desenvolvimento Tecnologico -- Universidade Federal do
Ceare's scientific research center.

Parque de Desenvolvimento is developing new technologies to
increase efficiency in the processing of ethanol, 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.


BRASKEM: Signs Pact with Pequiven to Form Petrochemical Complex
---------------------------------------------------------------
Braskem and Pequiven, the main petrochemical company in
Venezuela, have signed an agreement aiming at the formation of
two Joint Ventures to develop and implement in that country what
is expected to be the most modern and competitive integrated
petrochemical project in the Americas, named Jose Petrochemical
Complex.  One of the projects includes the construction of an
ethane cracker from natural gas with annual capacity of 1.3
million tons of ethylene, 1.1 million tons of polyethylene and
other petrochemical products.

The second project involves the construction of a polypropylene
plant with annual production capacity of 450 thousand tons,
previously announced to be constructed in El Tablazo, but now to
be developed in the same site as the Jose Complex, with
estimated investments of approximately US$370 million.
Therefore, the Jose Complex will be more integrated increasing
its competitiveness by capturing synergies in the implementation
and operation, among other factors.

The association with Pequiven is one new step for Braskem in its
strategic intent of becoming one of the 10 largest petrochemical
companies worldwide, in terms of market capitalization.  The
achievement of this strategic intent became more feasible with
the recent acquisition by Braskem, in association with
Petrobras, of Ipiranga Group's petrochemical business, which
allows for the future consolidation of the Triunfo Complex,
located in the state of Rio Grande do Sul.

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

                        *     *     *

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

Fitch also affirmed these ratings:

  Braskem S.A.

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

  Braskem International

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


BROWN SHOE: Elects Diane Sullivan to Board of Directors
-------------------------------------------------------
Brown Shoe Company Inc.'s President and Chief Operating Officer
Diane M. Sullivan was recently nominated to the footwear
company's Board of Directors.  Ms. Sullivan's nomination will be
put to a vote by Brown Shoe shareholders at the upcoming Annual
Meeting of Shareholders on May 24, 2007.

"For the past four years, Diane has played a pivotal role in
building our brands and positioning our company for the future,"
said Brown Shoe Chairman and CEO Ron Fromm.  "Her breadth of
experience and depth of footwear expertise will be a welcome
addition to our board of directors."

Ms. Sullivan joined Brown Shoe in 2003 as President, and was
also named Chief Operating Officer in 2005.  She oversees all of
the company's operating divisions and worldwide marketing,
including Brown Retail (including Famous Footwear, Specialty
Retail and Shoes.com), Brown Shoe St. Louis Wholesale, and Brown
Shoe New York Wholesale.  Ms. Sullivan joined the company from
Phillips-Van Heusen where she was Vice Chairman of the Footwear
Group.  Prior to joining Phillips-Van Heusen in 2001, she was
President and Chief Operating Officer for Stride Rite
Corporation, where she worked from 1995 until 2001.  Before
Stride Rite, Ms. Sullivan was Vice President, Product and
Marketing for The Rockport Company, and prior to that she held
marketing and operations positions at a number of consumer
products companies.

Ms. Sullivan serves as a member of the Board of Directors for
Barnes-Jewish Hospital in St. Louis and a Director of The
Two/Ten International Footwear Foundation.  She received her
M.B.A. from Babson College in Wellesley, Mass., and her B.S. in
Business Administration from Boston College in Chestnut Hill,
Mass.

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc.
-- http://www.brownshoe.com/-- is a US$2.3 billion footwear
company with global operations.  The company operates the 900+
store Famous Footwear chain, which sells brand name shoes for
the family.  It also operates 300+ specialty retail stores in
the U.S. and Canada under the Naturalizer, FX LaSalle and Via
Spiga names, and Shoes.com, the company's e-commerce subsidiary.
Brown Shoe, through its Wholesale divisions, owns and markets
leading footwear brands including Via Spiga, Naturalizer,
LifeStride, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, Bass and Carlos by Carlos Santana for adults,
and Barbie and Disney character footwear for children.

Nearly 62% of its revenue is generated by Brown Shoe's retail
stores.  Its portfolio of branded footwear includes:
Naturalizer, LifeStride, Connie, Buster Brown, Brown Shoe, E.
Aigner, Via Spiga, Franco Sarto, Dr. Scholl's, and Carlos
Santana.  Fiscal Year 2006 revenues were approximately US$2.5
billion.

The company currently maintains offices in Brazil, Italy, China,
Hong Kong and Taiwan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Moody's Investors Service changed the outlook of
Brown Shoe Company, Inc. to positive from stable and affirmed
all other ratings, including its Ba3 corporate family rating.
The change in outlook to positive acknowledges the company's
solid operating performance for the fiscal year ended
Feb. 3, 2007, as well as the permanent reduction in borrowings
under its revolving credit facility, which have resulted in
stronger credit metrics, particularly the leverage and coverage
ratios.

These ratings are affirmed:

          -- Ba3 corporate family rating;

          -- Ba3 probability-of-default rating;

          -- B1 (LGD5-72%) rating on the US$150 million
             guaranteed senior unsecured notes due 2012; and

          -- Speculative Grade Liquidity Rating at SGL-2.


HAYES LEMMERZ: Amends Equity Purchase Pact with Deutsche Bank
-------------------------------------------------------------
Hayes Lemmerz International Inc. has entered into an Amended and
Restated Equity Purchase and Commitment Agreement with Deutsche
Bank Securities, Inc., related to Deutsche Bank's commitment to
backstop the company's previously announced US$180 million
equity rights offering.  Pursuant to the Restated Equity
Agreement, Deutsche Bank agreed to reduce the number of shares
subject to its direct investment option from a maximum of
5,538,462 shares of the company's common stock to a maximum of
4,038,462 shares.  Deutsche Bank also agreed that shares
purchased pursuant to the direct investment option would be in
addition to, and would not reduce, the number of shares of the
company's common stock offered in the Rights Offering.
Stockholders of record on April 10, 2007, will receive rights to
purchase 1.3970 shares of common stock at a subscription price
of US$3.25 for each share of common stock held on the Record
Date.  The company and Deutsche Bank also agreed to increase the
termination fee payable to Deutsche Bank under certain
circumstances to 3.0% of the maximum dollar value of the Rights
Offering and direct investment and made certain amendments to
the Registration Rights Agreement and other agreements entered
in connection with the Rights Offering.

Deutsche Bank's backstop commitment is subject to several
conditions and limitations including, among others, the
amendment of the company's Amended and Restated Credit
Agreement, or the refinancing of the debt subject thereto, to
permit the repurchase of the company's 10 1/2% Senior Notes and
the placement of a portion of its debt outside the United
States.  The company intends to amend its Amended and Restated
Credit Agreement or refinance the debt subject thereto in
conjunction with the closing of the Rights Offering.

The Rights Offering and the related agreements are subject to
the approval of the company's stockholders.  A special meeting
to approve the Rights Offering and certain other matters is
scheduled on May 4, 2007, at the company's headquarters in
Northville, Michigan.  Its Board of Directors has unanimously
approved the Rights Offering.  The Board and the company's
management believe the Rights Offering is in the best interests
of the company and its stockholders and urge stockholders to
approve the Rights Offering.  The company and its officers and
directors may be deemed to be participants in the solicitation
of proxies from the company's stockholders in connection with
the approval of the Rights Offering and certain related
proposals.  Information about those officers and directors of
the Company and their ownership of the company's common stock is
set forth in the proxy statement for the its 2006 Annual Meeting
of stockholders, which was filed with the Securities and
Exchange Commission on May 26, 2006.

Hayes Lemmerz International, headquartered in Northville,
Michigan, is a global supplier of steel and aluminum automotive
and commercial vehicle highway wheels, as well as aluminum
components for brakes, powertrain, suspension, and other
lightweight structural products.  Worldwide revenues approximate
US$2.2 billion.  The company has 33 facilities worldwide
including India, Brazil and Germany, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2007, Moody's Investors Service lowered HLI Operating
company, Inc.'s ratings:

   * Corporate Family to Caa1 from B3;
   * first lien senior secured to B1 from Ba3;
   * second lien term loan to Caa1 from B3.


NORTEL NETWORKS: Unit Board Declares Preferred Share Dividends
--------------------------------------------------------------
Nortel Networks Limited's board of directors has declared a
dividend on each of the outstanding Cumulative Redeemable Class
A Preferred Shares Series 5 and the outstanding Non-cumulative
Redeemable Class A Preferred Shares Series 7.  The dividend
amount for each series is calculated in accordance with the
terms and conditions applicable to each respective series, as
set out in the Company's articles.  The annual dividend rate for
each series floats in relation to changes in the average of the
prime rate of Royal Bank of Canada and The Toronto-Dominion Bank
during the preceding month and is adjusted upwards or downwards
on a monthly basis by an adjustment factor which is based on the
weighted average daily trading price of each of the series for
the preceding month, respectively.  The maximum monthly
adjustment for changes in the weighted average daily trading
price of each of the series will be plus or minus 4.0% of Prime.
The annual floating dividend rate applicable for a month will in
no event be less than 50% of Prime or greater than Prime.  The
dividend on each series is payable on June 12, 2007, to
shareholders of record of such series at the close of business
on May 31, 2007.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel does business in more than 150 countries including the
United Kingdom, Denmark, Russia, Norway, Australia, Brazil,
China, Singapore, among others.

                        *     *     *

As reported on March 23, Moody's Investors Service affirmed
Nortel Networks' existing ratings, including its B3 corporate
family rating, and assigned a B3 rating to the proposed US$1
billion convertible senior unsecured notes offering.  Proceeds
of the offering will be used to refinance a portion of the
US$1.8 billion in 4.25% convertible notes due in 2008 when they
become payable at par.  Moody's said the outlook remains stable.

Assigned:

   * Nortel Networks Corporation

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

Affirmed:

   * Nortel Networks Corporation

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

   * Nortel Networks Limited

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

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

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

      -- Preferred Stock Caa3

   * Nortel Networks Capital Corporation

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

Standard & Poor's Ratings Services also assigned its 'B-' debt
rating to Canada-based Nortel Networks Corp.'s proposed US$1
billion senior unsecured convertible notes, which will consist
of two tranches of US$500 million, maturing in 2012 and 2014,
respectively.

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

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

S&P said the outlook on NNL is stable.

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  DBRS says all trends are stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.


NORTEL NETWORKS: To Provide Hosted IP PBX Offering
--------------------------------------------------
Nortel Networks has been selected by TELMEX, the leading
telecommunications company in Mexico, to provide hosted IP
telephony and multimedia services for delivery of a new Hosted
IP PBX offering to medium and large enterprises nationwide.

Under an agreement announced today, Nortel is supplying a
complete, end-to-end IP services solution from the Nortel Global
Services portfolio using network equipment owned and managed by
Nortel.

"This defines a new services delivery model for secure
communications, reliable infrastructure and advanced
applications in Mexico's corporate market," said Pablo Vazquez,
chief executive officer for Nortel in Mexico and Latin America.
"This model is technology agnostic, leveraging a broad spectrum
of advanced, vertical applications while helping to protect
customer technology investments."

TELMEX Hosted IP PBX allows enterprises to benefit from unified
communications, audio and video conferencing, collaboration
tools, mobility applications and other productivity-enhancing
services without the expense of installing, operating and
maintaining a network.

The Nortel solution for TELMEX is based on Nortel's
Communication Server 2000, an IMS-ready, carrier-grade
superclass softswitch that supports a wide range of voice and
multimedia business features based on the open, industry-
standard SIP multimedia protocol.

Nortel's Global Services portfolio offers a full range of
network application, implementation, management and support
services for end-to-end, multi-vendor, multi-technology
networks.

Nortel provides network-managed services for more than 100
enterprises, carriers, service providers and cable operators
worldwide through specialists at network management centers in
Europe, Asia and North America.  These centers maintain 24/7
management vigilance, monitoring customer networks for potential
problems before they happen and taking the necessary corrective
actions to maintain operational integrity.  They also monitor
and update network defenses to maintain security against
viruses, hackers and other threats.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel does business in more than 150 countries including the
United Kingdom, Denmark, Russia, Norway, Australia, Brazil,
China, Singapore, among others.

                        *     *     *

As reported on March 23, Moody's Investors Service affirmed
Nortel Networks' existing ratings, including its B3 corporate
family rating, and assigned a B3 rating to the proposed US$1
billion convertible senior unsecured notes offering.  Proceeds
of the offering will be used to refinance a portion of the
US$1.8 billion in 4.25% convertible notes due in 2008 when they
become payable at par.  Moody's said the outlook remains stable.

Assigned:

   * Nortel Networks Corporation

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

Affirmed:

   * Nortel Networks Corporation

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

   * Nortel Networks Limited

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

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

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

      -- Preferred Stock Caa3

   * Nortel Networks Capital Corporation

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

Standard & Poor's Ratings Services also assigned its 'B-' debt
rating to Canada-based Nortel Networks Corp.'s proposed US$1
billion senior unsecured convertible notes, which will consist
of two tranches of US$500 million, maturing in 2012 and 2014,
respectively.

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

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

S&P said the outlook on NNL is stable.

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  DBRS says all trends are stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.


PETROLEO BRASILEIRO: Oilrigs P-52 & P-54 Will be Ready in July
--------------------------------------------------------------
A spokesperson of Brazilian state-run oil firm Petroleo
Brasileiro SA has confirmed to Business News Americas press
reports saying that the company's oilrigs P-52 and P-54 will be
ready in July.

The spokesperson told BNamericas that Petroleo Brasileiro
expects the P-52 semi-submersible platform to begin producing
oil in August.  Meanwhile, the P-54 floating production, storage
and offloading vessel will start output in September.

BNamericas relates that each platform will have installed an
180,000-barrel per day capacity and will run in the Campos
basin's Roncador field.

The spokesperson told BNamericas that Petroleo Brasileiro will
resume a tender for construction of the P-55 semi-submersible
platform in two weeks.

According to BNamericas, Petroleo Brasileiro called off in
January the first round of bidding to construct the unit, which
will run in Campos' Jubarte field in 2011, as offers were too
high.

Bidding for the P-57 project -- designed for operation in
Roncador in 2010 -- will be launched in July, BNamericas states,
citing the spokesperson.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/
-- 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.


REMY INT'L: Moody's Cuts Ratings on Interest Payment Default
------------------------------------------------------------
Moody's Investors Service has lowered the ratings of Remy
International, Inc.: Corporate Family Rating to Ca from Caa3,
Probability of Default Rating to Ca from Caa2, guaranteed senior
unsecured notes to Ca from Caa3, and senior subordinated notes
to C from Ca.  The ratings remain under review for possible
further downgrade.  The downgrade reflects Remy International's
announcement that it has not made approximately US$7 million of
interest payments on its 9.325% senior subordinated notes and
has entered into forbearance agreements with almost 90% of its
unsecured noteholders.  There is a thirty-day interest payment
grace period in the interest payment for the senior subordinated
notes.  The forbearance agreements are expected to facilitate
recently announced ongoing discussions with representatives of a
majority of the holders of its outstanding notes regarding a
recapitalization plan to delever the company's balance sheet.
According to the company, it continues to have access to its
revolving credit facility, providing liquidity for the company
to continue with the negotiations with its noteholders.  Remy
International has made current interest payments on its second
priority floating rate notes, and the rating for this instrument
is unchanged at Caa3, but is included in the review for
downgrade.  While the second-priority senior secured noteholders
have not provided waivers, the fact that their interest was paid
may induce them to forebear from accelerating in order to
support further negotiations.

The review for downgrade reflects the uncertainty associated
with the successful completion of a refinancing initiative
combined with the ongoing challenges in the automotive parts
supply sector.  Remy International recently announced that it
maintained US$25MM of unrestricted cash and cash equivalents and
US$48MM of availability under the revolving credit facility.
Additionally, there is US$50 million of cash from recent asset
sales in escrow for the benefit of the senior secured lenders.
As part of the amendment for Remy International to sell its
diesel remanufacturing business, the asset based revolving
credit agreement commitment has been reduced by US$40 million.
Remy International also has notified the SEC that it is no
longer required to file reports.

Ratings lowered:

   -- Corporate Family Rating, to Ca from Caa3;

   -- Probability of Default Rating to Ca from Caa2;

   -- US$145 million of 8.625% guaranteed senior unsecured notes
      to Ca (LGD4, 69%) from Caa3 (LGD5, 71%);

   -- US$150 million of 9.375% guaranteed senior subordinated
      notes, to C (LGD6, 91%) from Ca (LGD6 92%);

   -- US$165 million of 11% guaranteed senior subordinated
      notes, to C (LGD6, 91%) from Ca (LGD6 92%);

Ratings not affected:

   -- Caa3 rating for the US$125 million of guaranteed second-
      priority senior secured floating rate notes with the LGD
      Assessment changed to (LGD3, 49%) from Caa3 (LGD4, 53%);

The last rating action was on Dec. 13, 2006, when the ratings
were lowered.

The US$80 million senior secured term loan and the senior
secured asset based revolving credit facility are not rated
by Moody's.

Headquartered in Anderson, Indiana, Remy International, Inc.,
manufactures, remanufactures, and distributes Delco Remy
brand heavy-duty systems and Remy brand starters and
alternators, diesel engines, locomotive products and hybrid
power technology.  The company also provides worldwide
components core-exchange service for automobiles, light trucks,
medium and heavy-duty trucks and other heavy-duty, off-road and
industrial applications.  Remy was formed in 1994 as a partial
divestiture by General Motors Corp. of the former Delco Remy
Division, which traces its roots to Remy Electric, founded in
1896.  Its Latin American operations are in Brazil and Mexico.


TAM SA: Will Offer Cyberspace Flights
-------------------------------------
TAM SA told Reuters that it will become the first airline to
promote itself in the Second Life online virtual world by
offering cyberspace flights that signify its real-world
international service.

Reuters relates that US-based Linden Lab created Second Life --
which has millions of subscribers and its own economy and
currency, the Linden dollar that can be exchanged for US
dollars.

TAM told Reuters that it will offer avatars -- users' 3-D
representations that can fly on their own -- to take virtual TAM
flights to Second Life islands that represent the airline's
actual international destinations:

          -- Milan,
          -- Paris,
          -- New York, and
          -- England.

A TAM spokesperson commented to Reuters, "Of course, avatars can
fly there on their own, or we can take them there, free of
charge, for which they get frequent flier points and gifts like
a virtual aircraft or clothes."

Reuters emphasizes that a TAM lounge will be set up on Second
Life's Berrini Island.

The spokesperson explained to Reuters, "It's more of an
institutional marketing tool, for people to learn about the
airline's destinations, and for us to be present in this new
online fever."

About 200,000 Brazilians use Second Life, Reuters states, citing
TAM.

TAM SA -- http://www.tam.com.br/-- operates regular flights to
47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                        *     *     *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM SA.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the rating outlook is stable.


USINAS SIDERURGICAS: Unit to Build Espirito Santo Bridge
--------------------------------------------------------
Usiminas Mecanica, Usinas Siderurgicas de Minas Gerais'
construction unit, said in a statement that it has won a BRL51-
million construction contract for a bridge in Espirito Santo.

Business News Americas relates that construction works for the
project will start this month.

Usiminas Siderurgicas said in a statement that the project is
expected to be completed in one year.  About 2,050 tons of its
metallic structures will be used in the project.

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

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


* BRAZIL: At Odds with Venezuela Over Ethanol Deal with U.S.
------------------------------------------------------------
Brazil has recently signed biofuel agreement with the United
States to promote the production of ethanol as substitute for
crude.

The agreement is, of course, met with protests from the United
States' staunch critic, Venezuelan President Hugo Chavez.
Another US foe, Cuban President Fidel Castro called the deal
genocidal, the Financial Times says.

During the South American Energy Summit held Monday and Tuesday,
Pres. Chavez tried to undermine the deal and offered his own
development plan for the region using Venezuela's reserves of
oil and gas, the Associated Press says.

The Venezuelan leader claimed that the Brazil-US ethanol
agreement would monopolize arable lands and starve many people,
AP says.  Before the deal was reached last month, Venezuela was
not opposed to ethanol as substitute for gasoline, AP says.

"Mysteriously, for reasons I can't explain, they did a complete
about-face," former Florida Governor Jeb Bush, the brother of
the U.S. president, told AP on Venezuela and Cuba's opposition
to ethanol.

Meanwhile, Marco Aurelio Garcia, Brazilian President Luiz Inacio
Lula da Silva's adviser, has responded in defense of the ethanol
agreement.  He noted that his country's energy plans would
create jobs and won't cause food prices to skyrocket, the AP
relates.

"Nobody stops eating due to shortage of food. People stop eating
due to lack of income. That's the fundamental issue," Mr. Garcia
stresses, according to AP.

                  Venezuela's Counter-Plan

El Universal reports that the Chavez' administration's plan to
oppose the US-Brazil ethanol deal includes the development of
gas for vehicles and the possibility of using gasoline additives
like methyl tertiary butyl ether.

                        *     *     *

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

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


* BRAZIL: To Join Bank of the South as Partner, Mantega Says
------------------------------------------------------------
Brazilian Finance Minister Guido Mantega has accepted last week
an invitation to for his nation to join Venezuela and Argentina
as a partner in the so-called Bank of the South, a financial
institution that would provide nations an alternative to the
World Bank and the International Monetary Fund.

Venezuelan President Hugo Chavez advocated for the bank's
creation, claiming that the IMF and the World Bank are heavily
influenced by U.S. interests, Reuters says.

The Brazilian finance minister discussed the issue with
representatives of Venezuela, Argentina, Bolivia and Ecuador,
during a meeting parallel to a gathering of the IMF and the
World Bank in Washington, Prensa Latina says, citing TV
Bandeirantes.

"Brazil already decided that it is going to be a member, we just
need a political statement in that direction," Mr. Mantega told
reporters.

The finance minister also said in a statement that the Bank's
role should be clearly defined.  Some would want it to become a
development bank, while others would it to help solve financial
problems.

The Brazilian government believes that the Bank of the South
should focus on development projects to boost the region, and
avoid becoming a lender like the IMF, Reuters relates.

"It has to be a development bank which respects market rules,
that ask for guarantees and that has clear rules to allocate
resources," Mr. Mantega was quoted by Reuters as saying.  "The
resources will be overseen by the countries like any other
public funds."

                        *     *     *

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

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




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


AKATSUKI CAPITAL: Proofs of Claim Filing Is Until April 29
--------------------------------------------------------
Akatsuki Capital Holdings, Ltd.'s creditors are given until
April 29, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Akatsuki Capital's shareholder decided on March 30, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


ARLINGTON HILL: Proofs of Claim Filing Ends on May 8
----------------------------------------------------
Arlington Hill Debt Strategies (Master), Ltd.'s creditors are
given until May 8, 2007, to prove their claims to Conrad P.
Voldstad, 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.

Arlington Hill's shareholder decided on Dec. 27, 2006, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Colin MacKay
       c/o Ogier
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Telephone: (345) 949 9876
       Fax: (345) 949 1986


ARLINGTON HILL DEBT: Proofs of Claim Filing Deadline Is May 8
-------------------------------------------------------------
Arlington Hill Debt Strategies (Offshore), Ltd.'s creditors are
given until May 8, 2007, to prove their claims to Conrad P.
Voldstad, 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.

Arlington Hill's shareholder decided on Dec. 27, 2006, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Colin MacKay
       c/o Ogier
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Telephone: (345) 949 9876
       Fax: (345) 949 1986


ARRAN PARTNERS: Proofs of Claim Filing Deadline Is May 8
--------------------------------------------------------
Arran Partners International, Ltd.'s creditors are given until
May 8, 2007, to prove their claims to Wyper Capital Management,
L.P., 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.

Arran Partners' shareholder decided on April 3, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Ramanan Navakadadcham
       c/o Ogier
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Telephone: (345) 949 9876
       Fax: (345) 949 1986


ARRAN PARTNERS INT'L: Proofs of Claim Filing Is Until May 8
-----------------------------------------------------------
Arran Partners International Master Fund, Ltd.'s creditors are
given until May 8, 2007, to prove their claims to Wyper Capital
Management, L.P., 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.

Arran Partners' shareholder decided on April 3, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Ramanan Navakadadcham
       c/o Ogier
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Telephone: (345) 949 9876
       Fax: (345) 949 1986


CAYMAN ABSC: Proofs of Claim Filing Is Until May 4
--------------------------------------------------
Cayman ABSC NIMS 2003-HE6 creditors are given until May 4, 2007,
to prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Cayman ABSC's shareholder decided on April 4, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


FERTINITRO FINANCE: Moody's Confirms B3 Rating After Review
-----------------------------------------------------------
Moody's Investors Service confirmed the B3 senior secured rating
of FertiNitro Finance Inc.'s US$250 million 8.29% senior secured
notes due 2020.  The confirmation concludes the review for
downgrade that was initiated on Nov. 15, 2006.  The rating
outlook is stable.  The review was prompted by concerns over the
potential for future operational disruptions at the complex
which were highlighted in late 2006 by the project's independent
engineers and the potential impact on the project's liquidity
should extended downtime be required.

In confirming the rating Moody's recognizes FertiNitro's
continued stable operating performance since the review was
initiated and the project operator's future plans to address any
operational issues at the facility.  Plans to replace certain
equipment at the ammonia operations, as highlighted by the
independent engineer, are going ahead; although required lead-
times will delay any immediate action.  Moody's believes the
project operators should be able to manage any corrective action
while maintaining adequate liquidity to support its ongoing
operations and debt service requirements.  Supporting this
improved profile is the current attractive market for nitrogen
products, which have resulted in demand and pricing that compare
favorably to what was forecast in the original offering circular
in 1998.  In addition, Moody's note that ammonia and urea
production year-to-date is greater than 100% of budget and the
plant is currently operating at approximately 97% of its
nameplate capacity for urea production.  Stability in the
current price environment for ammonia and urea combined with the
absence of any material operating difficulties should support
the stable outlook going forward.

FertiNitro Finance, Inc. is a Cayman Islands special purpose
financing vehicle for the US$1 billion ammonia and urea project
located in Venezuela.  The project is designed to produce
ammonia and urea, primarily from domestically sourced methane
gas feedstocks.


GEOVIC FINANCE: Proofs of Claim Filing Deadline Is May 7
--------------------------------------------------------
Geovic Finance Corp.'s creditors are given until May 7, 2007, to
prove their claims to David A.K. Walker and Lawrence Edwards,
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.

Geovic Finance's shareholder agreed on March 30, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       Lawrence Edwards
       Richard Mottershead
       P.O. Box 258
       Grand Cayman KY1-1104
       Cayman Islands
       Telephone: (345) 914 8656
       Fax: (345) 945 4237


GREEN QSP: Proofs of Claim Filing Is Until May 5
------------------------------------------------
GREEN QSP Holdings creditors are given until May 5, 2007, to
prove their claims to Soros Fund Management LLC, 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.

Green QSP's shareholder decided to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

       Soros Fund Management LLC
       888 Seventh Ave.
       New York, NY 10106
       USA


GREEN QSP: Will Hold Final Shareholders Meeting on May 7
--------------------------------------------------------
Green QSP Holdings will hold its final shareholders
meeting on May 7, 2007, at 11:00 a.m., at:

          888 Seventh Ave.
          New York, NY 10106
          USA

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

   3) 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:

         Soros Fund Management LLC
         888 Seventh Ave.
         New York, NY 10106
         USA


KINGSFORD CAPITAL: Proofs of Claim Filing Is Until May 4
--------------------------------------------------------
Kingsford Capital Masterpiece, Ltd.'s creditors are given until
May 4, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Kingsford Capital's shareholder decided on March 29, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MULHOLLAND TWENTY: Proofs of Claim Filing Ends on May 8
-------------------------------------------------------
Mulholland Twenty Five Fund, Ltd.'s creditors are given until
May 8, 2007, to prove their claims to Mulholland Capital
Advisors, LLC, 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.

Mulholland Twenty's shareholder decided on April 3, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Martina de Lima
       c/o Ogier
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Telephone: (345) 949 9876
       Fax: (345) 949 1986


MUNICH LEASING: Proofs of Claim Filing Is Until May 4
-----------------------------------------------------
Munich Leasing, Ltd.'s creditors are given until May 4, 2007, to
prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Munich Leasing's shareholder decided on April 4, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


NAGATSUKI HOLDING: Proofs of Claim Filing Ends on May 4
-------------------------------------------------------
Nagatsuki Holding, Ltd.'s creditors are given until May 4, 2007,
to prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Nagatsuki Holding's shareholder decided on April 4, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


PI LONG: Proofs of Claim Filing Deadline Is May 4
-------------------------------------------------
PI Long Short Equity Hedged Fund, Ltd.'s creditors are given
until May 4, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

PI Long's shareholders agreed on April 4, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


SCP OMNI: Proofs of Claim Must be Filed by April 19
---------------------------------------------------
SCP Omni Fund Ltd.'s creditors are given until April 19, 2007,
to prove their claims to DMS Corporate Services, Ltd., 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.

SCP Omni's shareholders agreed on Feb. 27, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       DMS Corporate Services Ltd
       Attention: Angela Nightingale
       DMS Corporate Services Ltd.
       Ansbacher House
       P.O. Box 1344
       Grand Cayman KY1-1208
       Telephone: (345) 946 7665
       Fax: (345) 946 7666


STINSON CAPITAL: Proofs of Claim Must be Filed by April 25
----------------------------------------------------------
Stinson Capital Fund (Cayman), Ltd.'s creditors are given until
April 25, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Stinson Capital's shareholder decided on March 16, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


VOGAN INVESTMENTS: Proofs of Claim Filing Ends on May 8
-------------------------------------------------------
Vogan Investments creditors are given until May 8, 2007, to
prove their claims to David A.K. Walker and Lawrence Edwards,
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.

Vogan Investments' shareholder decided on March 26, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Lawrence Edwards
       Attention: Miguel Brown
       P.O. Box 258
       Grand Cayman KY1-1104
       Cayman Islands
       Telephone: (345) 914 8665
       Fax: (345) 945 4237




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


ANIXTER INTERNATIONAL: To Register US300MM Sr. Convertible Notes
----------------------------------------------------------------
Anixter International Inc. has intended to register under the
Securities Act of 1933 up to US$300 million principal amount of
1% Senior Convertible Notes due 2013 and shares of Anixter
common stock issuable upon conversion of the Notes for resale by
certain selling security holders.  The Notes were originally
issued on Feb. 16, 2007, in a private placement.  Anixter
currently expects to file the registration statement on or prior
to May 17, 2007.  Anixter will not receive any proceeds from the
sale of the Notes or the common stock by such selling security
holders.

This notice does not constitute an offer to sell or the
solicitation of an offer to buy any securities.  The Notes and
the shares of Anixter common stock issuable upon conversion have
not been registered under the Securities Act or the securities
laws of any other jurisdiction and may not be offered or sold in
the United States absent registration or an applicable exemption
from registration requirements.

Headquartered in Glenview, Illinois, Anixter International
(NYSE: AXE) distributes communication products and electrical
and electronic wire and cable, and distributes fasteners and
other small parts to original equipment manufacturers.  Anixter
has physical presence in 45 countries and has over 5,000,000
square feet of warehouse space.  For its Latin American
operations, it has offices in Mexico, the Dominican Republic,
Costa Rica, Puerto Rico, Venezuela, Colombia, Peru, Brazil,
Argentina and Chile.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2007, Moody's Investors Service downgraded Anixter
International Inc.'s corporate family rating to Ba2 from Ba1.
In a related rating action, Moody's lowered the ratings of its
wholly owned operating subsidiary, Anixter Inc.'s US$200 million
guaranteed senior unsecured notes to Ba1 from Baa3 and Anixter
International's 3.25% LYON's notes to B1 from Ba2.  Moody's said
the rating outlook was changed to stable from negative.




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


CHUBB DE COLOMBIA: Moody's Puts Ba1 Global Foreign Curr. Rating
---------------------------------------------------------------
Moody's Latin America has assigned Ba1 global foreign currency,
A3 global local currency and Aaa.co Colombia National Scale
insurance financial strength ratings to Chubb de Colombia
Compania de Seguros.  The ratings carry a stable outlook.  The
assignment of Chubb de Colombia's ratings completes Moody's
evaluation of The Chubb Corp.'s operations throughout the Latin
America region, including its subsidiaries in Brazil, Mexico,
Argentina, Chile, and now Colombia.

According to Moody's, Chubb de Colombia's ratings are based
primarily on the company's sustained record of profitability,
its good product diversification, its excellent capital position
and explicit support that it receives in the form of reinsurance
protection from its affiliate Federal Insurance Co. (rated Aa2
for insurance financial strength by Moody's).  Other positive
credit considerations include the company's overall strong
balance sheet fundamentals and the financial flexibility that it
derives from its parent company affiliation, as well as
additional implied parental support through the shared Chubb
branding.  These positive factors are tempered somewhat by the
company's relatively modest market presence in the concentrated
Colombian insurance marketplace (with a gross written premium
market share of approximately 2.7%), by asset-quality risk
associated with its significant investments in Colombian bonds
and bank deposits/CDs, and by some underwriting risk
concentrations.

According to Alejandro Pavlov, senior analyst at Moody's for
Chubb de Colombia, "Chubb de Colombia's operations, despite the
company's relatively small scale in the Colombian market, are
highly focused and have been consistently profitable, and they
are an integral component of Chubb's Latin American regional
operations."

Expanding on its rating rationale, Moody's noted that a high
degree of explicit affiliated support is provided in the form of
a quota-share and excess of loss reinsurance agreement between
Chubb de Colombia and Federal Insurance -- the principal
insurance operating subsidiary of The Chubb Corp.  Federal
Insurance is currently rated Aa2 for insurance financial
strength and Chubb's senior debt is rated A2.  The outlooks for
both ratings are stable.  Notwithstanding the company's
relatively modest market presence, Chubb de Colombia's
underwriting portfolio shows a strong level of product and risk
diversification.  With respect to investment quality, Moody's
noted that it currently rates Colombia's sovereign debt at Baa3
for local currency obligations and at Ba2 for foreign currency
obligations.  Finally, Moody's noted that the difference in
Chubb de Colombia's local currency and foreign currency ratings
reflects the constraint imposed by Moody's foreign currency
country ceiling for obligations other than bank deposits in
Colombia, which is currently at the Ba1 level.

Alan Murray, Vice President and Senior Credit Officer at Moody's
and lead analyst for Chubb, noted: "Chubb de Colombia's
financial and operational management, as well as its governance
and commitment to financial transparency and integrity, are also
hallmarks of the group's ultimate parent company, The Chubb
Corporation.  The company's underwriting and claims settlement
culture is also reflective of Chubb's core discipline in its
worldwide operations."

Commenting on factors that could result in an upgrade for Chubb
de Colombia's ratings, Moody's mentioned these:

   -- rise in Colombia's foreign currency country ceiling
      (affecting the company's foreign currency rating), and

   -- combination of improvement in asset quality, further
      broadening of product and a strengthened market presence
      (e.g. in excess of a 5% gross premium market share).

Conversely, negative rating actions could result in the event of
a lowering of either or both the local currency and foreign
currency ceilings, a substantial reduction in the company's
quota share reinsurance with Federal Insurance, a prolonged
decline in profitability, and/or by a sharp increase in gross
underwriting leverage. (e.g. above 5 times).

Moody's now rates all of Chubb's subsidiaries throughout the
Latin America region:

   * Chubb do Brasil Companhia de Seguros -- insurance financial
    strength at Baa2 (local currency) and Aaa.br national scale;

   * Chubb de Mexico Compania de Seguros -- insurance financial
     strength at Baa1 (local currency) and Aa1.mx national
     scale;

   * Chubb Argentina de Seguros -- insurance financial strength
     at Ba1 (local currency) and Aaa.ar national scale;

   * Chubb de Chile Compania de Seguros Generales -- insurance
     financial strength at Baa1 (local and foreign currency);

   * Chubb de Colombia Compania de Seguros -- insurance
     financial strength at A3 (local currency), Ba1 (foreign
     currency) and Aaa.co national scale.

Chubb de Colombia reported net income of COL$8.5 billion on
gross premiums written of COL$211 billion for the full year
ended Dec. 31, 2006.  As of that date, the company reported
shareholders' equity of COL$78.3 billion.

Headquartered in Bogota, Colombia Chubb de Colombia, an indirect
wholly-owned subsidiary of The Chubb Corp., provides commercial
and property insurance, as well as specialty insurance and group
life policies primarily to medium-size and large companies in
Colombia.  Product distribution is managed through international
brokers (48%), local brokers (36%) and to a lesser degree
through direct sales.  Like other Chubb subsidiaries, the local
management strategy focuses on producing profitable underwriting
results, which have been consistently achieved over time.

The Chubb Corp. (NYSE: CB), based in Warren, New Jersey, USA, is
one of the largest property casualty insurers in the United
States and is engaged through its subsidiaries in both
commercial and personal lines property casualty insurance.  For
the full year 2006, The Chubb Corp. reported consolidated net
premiums written of US$12.0 billion and net income of US$2.5
billion.  Shareholders' equity as of Dec. 31, 2006 was US$13.9
billion.


NOVELL INC: Patrick Jones to Join Board of Directors
----------------------------------------------------
Novell Inc. has appointed Patrick Jones to join its board of
directors, effective April 11, 2007.  Mr. Jones, who has held a
range of senior financial management and board positions at
leading technology firms, including vice president and corporate
controller at Intel, brings strong financial and technology
experience to the board and will provide important direction to
Novell as the company continues to expand its solutions for
enterprise-wide Linux and enterprise management services.

"Having served in both the boardrooms and on the executive teams
of leading companies in the technology sector, Pat Jones
understands the challenges and opportunities Novell faces
today," said Thomas Plaskett, chairman of the company's board.
"His financial and management insights will be welcomed
additions to the board, and will serve Novell well as it
continues to focus on its growth businesses around Linux and
enterprise management."

Mr. Jones, 62, brings a wealth of experience in steering
strategy for both public and private companies, and he has deep
global expertise, having worked in Europe, Asia and Latin
America. He is chairman of the board for Lattice Semiconductor
and an active board member for Genesys SA, Smarttrust AB, and
Epocrates.  He was chairman of the audit committee for mobile
messaging leader Mobile 365, recently acquired by Sybase.
Previously, Mr. Jones served as senior vice president and chief
financial officer for Gemplus International SA, a US$1 billion
revenue company, which he assisted in taking public in December
2000.  Prior to Gemplus, he was vice president and corporate
controller at Intel Corp.  While at Intel, he was responsible
for all worldwide accounting financial systems, internal and
external reporting, and international finance organizations as
the company grew from US$8 billion to more than US$25 billion in
revenue.  Mr. Jones also served as chief financial officer at
LSI Logic, and he began his career at IBM.  He holds a BA from
the University of Illinois, with a concentration in economics,
and an MBA from St. Louis University, with a concentration in
finance.

"From my perspective, adding Pat's background and knowledge to
the board will be a great benefit for Novell," said Ron
Hovsepian, president and CEO of Novell.  "As a company, we're
aggressively transitioning our business into dynamic new
markets, and the board's guidance is important to the management
team as we make this move.  Pat really understands the economics
of the technology sector from battling in the trenches, and I
look forward to working with him."

Headquartered in Waltham, Mass., Novell, Inc. (Nasdaq: NOVL) --
http://www.novell.com/-- delivers Software for the Open
Enterprise.  With more than 50,000 customers in 43 countries,
Novell helps customers manage, simplify, secure and integrate
their technology environments by leveraging best-of-breed, open
standards-based software.

Novell has sales offices in Argentina, Brazil and Colombia.

                        *     *     *

Novell, Inc.'s Subordinated Debt carries Moody's Investors
Service's 'B1' rating.




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


BAC SAN JOSE: Parent to Acquire Grupo Atlas' Costa Rican Unit
-------------------------------------------------------------
Corporacion Tenedora BAC San Jose -- Banco BAC San Jose's parent
company -- said in a filing with the local stock exchange that
Chilean firm Grupo Altas Cumbres will sell its Costa Rican units
Corporacion Financiera Miravalles and Recaudadora Costa Rica to
the company.

Business News Americas relates that the acquisition will be
conducted through Corporacion Tenedora's joint venture with
General Electric's GE Money, BAC Credomatic GECF.

According to Corporacion Tenedora's filing, the transaction
needs to be approved by Costa Rican and Panamanian regulators.

Non-bank finance firm Corporacion Financiera specializes in
consumer lending.  Costa Rican banking regulator's data
indicated that the company had CRC23.1 billion in assets and
CRC2.89 billion equity as of March 31, 2007.  Corporacion
Financiera lost about CRC411 million in 2006, while it earned
CRC308 million in 2005, BNamericas states.

BAC San Jose, created in 1968, is a wholly owned unit of
financial group Corporacion Tenedora BAC San Jose aka Grupo
Financiero BAC San Jose.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2006, Standard & Poor's Ratings Services affirmed its
'BB/B' foreign currency and 'BB+/B' local currency counterparty
credit ratings on Banco BAC San Jose SA.  S&P says the outlook
is stable.




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


FALCONBRIDGE LTD: To Increase Fuel Supply to Dominican Republic
---------------------------------------------------------------
Falconbridge will expand its petroleum refinery facilities to
supply more fuel to the Dominican Republic, Dominican Today
reports.

Reports say that the plant's expansion, expected to cost over
US$50 million, will help decrease the current fuel deficit in
the Dominican Republic.  The project will begin in the coming
months.  Tenders are being accepted for the study, headed by
several international consultants.

Dominican Today relates that the plant expansion project seeks
to process up to 20,000 barrels per day of crude coming from the
Caribbean basin, yielding:

          -- 7,850 barrels of diesel,
          -- over 4,000 of fuel oil, and
          -- 375,000 gallons of propane gas.

Headquartered in Toronto, Ontario, Falconbridge Ltd.
(TSX:FAL.LV)(NYSE:FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
ore bodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The Company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                        *     *     *

Falconbridge's CAD150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.




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


PETROECUADOR: Oil Leaks from Unit's Auca 22 Well
------------------------------------------------
Ecuadorian state-owned oil firm Petroecuador said in a statement
that oil has leaked from its Petroproduccion unit's Auca 22
well.

Business News Americas relates that the leak, which began on
April 13, was due to the removal of a clamp from the well.

According to BNamericas, Petroproduccion already reported the
incident to the prosecutor's office in Orellana.

Workers at Petroproduccion replaced the clamp immediately,
stopping the spill and preventing the contamination of river
Tiputini, Petroecuador said in a statement.

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


* ECUADOR: Warns World Bank Representative of Expulsion
-------------------------------------------------------
Ecuadorian President Rafael Correa has threatened to kick out a
World Bank official in the country for allegedly blackmailing
him back in 2005, Agence France-Presse reports.

The Ecuadorian leader claimed that he was economy minister then
and the World Bank representative tried to bribe him with US$100
million in loans, AFP says.

The bank's current local representative is Eduardo Somensato.
The Ecuadorian president however, did not say who he was
referring to.

President Correa said in reports that back in 2005, World Bank
cancelled a US$100 million loan in response to the country's oil
sector reforms.  The president then was Alfredo Palacio.

According to The Financial Times, the World Bank representative
would be asked to explain why the loan was cancelled in 2005.

"If he doesn't give explications that we consider satisfactory,
we will expel the World Bank representative because we won't
accept any blackmail from anyone," President Correa was quoted
by the FT as saying.

The loan cancellation resulted to Rafael Correa's dismissal as
the country's finance minister, FT recalls.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


SPECTRUM BRANDS: Closes Exchange Offer for 8-1/2% Notes Due 2013
----------------------------------------------------------------
Spectrum Brands, Inc. reported the expiration of the previously
announced exchange offer for all of the company's outstanding 8-
1/2% Senior Subordinated Notes due 2013 and the acceptance of
the notes that were validly tendered prior to the expiration of
the exchange offer.

As of 12:00 Midnight, New York City time, on April 13, 2007, a
total of US$347,127,000 in principal amount of the notes,
representing 99.18% of the aggregate outstanding principal
amount of notes were tendered in the exchange offer.
Approximately US$2,296,000 in additional principal amount of the
notes, representing approximately 0.66% of the aggregate
outstanding principal amount of notes, were validly tendered in
the exchange offer following the expiration of the consent
solicitation on March 29, 2007.  Holders tendering after
March 29, 2007, whose existing notes have been accepted by the
company, will promptly receive US$950 in principal amount of
Variable Rate Toggle Senior Subordinated Notes due 2013.

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

                        *     *     *

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

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

Spectrum Brands Inc.

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

Spectrum Brands Inc.

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

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

Ratings Downgraded:

  Spectrum Brands, Inc.

     -- Corporate family rating at to Caa1 from B3;

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

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

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

Ratings Assigned:

  Spectrum Brands, Inc.

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

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

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

Ratings to be Withdrawn:

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

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

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




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


AIR JAMAICA: UK Panel Deciding on Tax Payment for Workers' Share
----------------------------------------------------------------
The Jamaica Gleaner reports that the United Kingdom Privy
Council will decide whether former employees of Air Jamaica
should pay income tax for their 50% share in the US$400 million
surplus in a 1994 pension fund.

According to The Gleaner, the former Air Jamaica workers sued
the Jamaican government after the latter sold Air Jamaica in
1994 to the Air Jamaica Acquisition Group.  The employees
claimed they were entitled to the surplus in the pension fund.

The Gleaner underscores that the council ruled in 1999 that the
surplus belonged to Air Jamaica and its former employees.

In December 2003, Revenue Court Judge Roy Anderson ruled that
the former workers' share in the fund wouldn't be taxed, The
Gleaner notes.  However, the Commissioner of Taxpayer Audit and
Assessment filed an appeal, which then was favored by the Court
of Appeal.

The Gleaner relates that the Court of Appeal granted on April 16
final leave to the trustees of the fund to challenge its
previous ruling.  The trustees are:

          -- The First Caribbean Securities, composed of CIBC
             Trust and Merchant Bank; and

          -- former Air Jamaica employees Joy Charlton and Ian
             Blair.

The former Air Jamaica workers have since been paid their rights
in the pension fund, The Gleaner states.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in
1994.  The Jamaican government does not plan to own Air Jamaica
permanently.

                        *     *     *

On July 21, 2006, Standard & Poor's Rating Services assigned B
long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, is based on the government's
unconditional guarantee of both principal and interest payments.


GOODYEAR TIRE: CEO Says Co. is Well Positioned for the Future
-------------------------------------------------------------
In his address at The Goodyear Tire & Rubber Company's 2007
Annual Shareholder Meeting on April 10, 2007, Chairman and Chief
Executive Officer Robert J. Keegan said the tiremaker is well
positioned for the future thanks to strong business platforms
created last year.

"When you combine our core business focus with strong top line
growth, a better cost structure and a stronger balance sheet,
you have an organization that is capable of moving forward at a
much quicker pace than anything you have seen from Goodyear to
date," Mr. Keegan said.

"The market is presenting Goodyear with significant
opportunities in 2007 and beyond.  We plan to aggressively
capitalize on those
opportunities."

The year 2006 will be remembered as a pivotal year in Goodyear's
strategic, operational and cultural transformation, Mr. Keegan
said.  "I am proud of our accomplishments in 2006.  The way we
embraced a myriad of challenges and quickly converted those to
opportunities was a credit to the entire Goodyear team.  In a
word, we have been innovative."

Mr. Keegan said he hopes investors and others also see Goodyear
associates "as innovators not only of products and technology,
but innovators throughout all aspects of our business."

Despite the challenges presented in 2006, he said the company
delivered on several significant accomplishments, including:

   -- continued strong product leadership,
   -- a renewed focus on innovative marketing,
   -- improved revenue per tire,
   -- reduced cost structure,
   -- exited businesses with low profitability,
   -- record results in Goodyear's emerging market businesses
      and
   -- a new, lower-cost union contract in North America.

Mr. Keegan cited the company's important financial milestones in
2006, including record sales of US$20.3 billion and market
capitalization nearly US$5 billion higher than the company's low
point in February 2003.

"This market cap increase is strong evidence that our intense
focus on our Seven Strategic Drivers has created tremendous
value for our shareholders," he said.

The successes of 2006, combined with actions taken in the first
quarter of 2007, puts Goodyear on pace to achieve the next stage
financial metrics Mr. Keegan first discussed with investors in
September 2005.

"With the strong business platforms we have created to drive our
performance and the pace at which we are now executing, I am
confident we have the ability to achieve these goals," Mr.
Keegan said.

"While there are still plenty of challenges ahead, we now have a
proven track record and much stronger business platforms than
when our journey began four years ago."

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala, Jamaica and Peru in Latin America.  Goodyear employs
more than 80,000 people worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Fitch Ratings has affirmed ratings for The
Goodyear Tire & Rubber Co. and revised the rating outlook to
positive from stable:

   -- Issuer Default Rating 'B';
   -- US$1.5 billion first-lien credit facility 'BB/RR1';
   -- US$1.2 billion second-lien term loan 'BB/RR1';
   -- US$300 million third-lien term loan 'B/RR4';
   -- US$650 million third-lien senior secured notes 'B/RR4';
   -- Senior unsecured debt 'CCC+/RR6'.


GOODYEAR TIRE: W. Alan McCollough Elected to Board of Directors
---------------------------------------------------------------
W. Alan McCollough, former chairman and chief executive officer
of Circuit City Stores Inc., has been elected to the Board of
Directors of The Goodyear Tire & Rubber Company.

"Alan McCollough is a respected business leader who led a
turnaround at Circuit City," Goodyear Chairman and Chief
Executive Officer Robert J. Keegan said.  "His retail experience
and marketing knowledge will be of significant value to our
board of directors."

Mr. McCollough was elected chairman, president and chief
executive officer of Circuit City in 2002 and served in that
capacity until 2005.  He remained chairman and chief executive
officer until his retirement in 2006.

He led the consumer electronic retailer as president and chief
executive officer from 2000 to 2002 and served as president and
chief operating officer from 1997 to 2000.

Mr. McCollough joined Circuit City in 1987 as general manager of
corporate operations.  He was named assistant vice president in
1989, president of central operations in 1991 and senior vice
president of merchandising in 1994.  Before joining Circuit
City, McCollough worked 12 years at Milliken & Company, where he
held various positions including director of marketing.

Mr. McCollough, 57, holds a Bachelor of Science degree from
Missouri Valley College and a Master of Business Administration
degree from Southern Illinois University.  He is a director of
La-Z-Boy Inc. and VF Corporation.

The election of Mr. McCollough brings the size of Goodyear's
board to 12 members.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala, Jamaica and Peru in Latin America.  Goodyear employs
more than 80,000 people worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Fitch Ratings has affirmed ratings for The
Goodyear Tire & Rubber Co. and revised the rating outlook to
positive from stable:

   -- Issuer Default Rating 'B';
   -- US$1.5 billion first-lien credit facility 'BB/RR1';
   -- US$1.2 billion second-lien term loan 'BB/RR1';
   -- US$300 million third-lien term loan 'B/RR4';
   -- US$650 million third-lien senior secured notes 'B/RR4';
   -- Senior unsecured debt 'CCC+/RR6'.




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


AMERICAN AIRLINES: Inks Card Processing Service Pact with NOVA
--------------------------------------------------------------
American Airlines has entered into a multi-year credit card
processing services agreement with NOVA Information Systems for
the latter's domestic bankcard business.  In addition to
performing all clearing and settlement functions, NOVA will
provide a full range of services, including customer support and
charge back processing.

"We were impressed with the expertise and professionalism of the
NOVA organization as well as their vision for a global
processing solution," said Marc Sullivan, managing director,
Revenue Accounting and Control, American Airlines.  "We are
confident that NOVA will provide excellent service, and we look
forward to building a lasting relationship."

NOVA and euroConex, its European affiliate, currently provide
processing services to 87 airlines worldwide, with more than 40
airlines operating in the United States.  NOVA has made
significant investments in technology and resources to enable it
to accommodate the needs of international merchants.

"We are proud that American Airlines, the world's largest
airline, selected NOVA as its processing partner," said Stuart
C. Harvey, Jr., president, NOVA.  "Our experience in serving
more than 80 airlines worldwide translates to an understanding
of the unique processing requirements for the industry."

                         About NOVA

NOVA Information Systems -- http://www.novainfo.com/-- a leader
in the payment processing industry is a wholly owned subsidiary
of U.S. Bancorp (NYSE:USB). Combined, NOVA and its affiliates
First Horizon Merchant Services, euroConex and Elan provide
global merchant processing services to financial institutions
and clients in the United States, Canada, and Europe. NOVA
offers integrated payment processing services to more than
1,000,000 merchants worldwide.

                   About American Airlines

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 12, 2007, Standard & Poor's Ratings Services affirmed its
ratings on American Airlines Inc. (B/Positive/--) and parent AMR
Corp. (B/Positive/B-2).  S&P said the rating outlook was revised
to positive from stable.


BLOCKBUSTER INC: Board Declares US$18.75 Per Share Cash Dividend
----------------------------------------------------------------
Blockbuster Inc.'s Board of Directors has declared a quarterly
cash dividend of US$18.75 per share on its shares of 7-1/2%
Series A Cumulative Convertible Perpetual Preferred Stock, in
accordance with the terms of the Series A Preferred Stock.  The
dividend will be payable on May 15, 2007, to the holders of
record of the Series A Preferred Stock at the close of business
on May 1, 2007.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 29, 2007, Standard & Poor's Ratings Services raised the
ratings, including the Corporate Credit Rating, on Blockbuster
Inc. to 'B' from 'B-'.  This action reflects the improved
operating performance and improved credit protection metrics for
the company.  At the same time, Standard & Poor's raised the
recovery rating on the bank facility to '3' from '5', indicating
the expectation for meaningful (50%-80%) recovery of principal
in the event of payment default.  Standard & Poor's affirmed the
stable outlook.


CELLSTAR CORP: Concludes Sale of Mexican Operations
---------------------------------------------------
CellStar Corp. said in a statement that it has completed the
sale of its Mexican operations for US$20 million.

Business News Americas relates that CellStar disclosed plans of
selling most of its Latin American assets in December 2006.

According to BNamericas, CellStar dissolved its Celex unit,
selling the assets to these Mexican firms:

          -- Soluciones Inalmbricas, a handset distribution
             company; and

          -- Prestadora de Servicios en Administracin y Recursos
             Humanos, a human resources solutions firm.

BNamericas underscores that Celex had previously worked with
Soluciones Inalmbricas in providing services for America Movil's
mobile operator Telcel.

The report says that CellStar completed the sale of most of its
other Latin American assets to US wireless communications
services provider Brightpoint this month.  The purchase price
was initially set at US$88 million.  It was then reduced to
US$62.4 million, based upon a preliminary estimate of net asset
adjustments.

BNamericas emphasizes that the Latin American operations that
CellStar sold include those in:

          -- Guatemala,
          -- Costa Rica,
          -- Nicaragua,
          -- Panama,
          -- Uruguay,
          -- Honduras,
          -- El Salvador,
          -- Colombia,
          -- Venezuela,
          -- Ecuador,
          -- Peru,
          -- Argentina, and
          -- the Caribbean.

CellStar's Mexican and Chilean assets weren't sold to
Brightpoint, BNamericas states.

CellStar didn't tell BNamericas its plans for its Chilean
assets.

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

                        *     *     *

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


CLEAR CHANNEL: Two Investors Moving on with Privatization Plan
--------------------------------------------------------------
Private-equity groups Thomas H. Lee Partners and Bain Capital
Partners have been courting more shareholders in line with an
upcoming shareholder meeting regarding a plan to privatize Clear
Channel Communications Inc., Sarah McBride and Dennis K. Berman
of The Wall Street Journal report.

According to WSJ, two big investment funds, which declined to be
identified, said representatives of parties involved in the deal
had reached out to them to suggest adjustments to the deal that
might satisfy them.

In addition, the source says bankers at Goldman Sachs were
huddling with Clear Channel's board Sunday, discussing options
that could be taken at the last moment.

One possibility, the Journal says, is a specialized, private
security that would give the shareholders an ongoing, albeit
illiquid, stake in the newly private company.

Last month, Clear Channel disclosed in a regulatory filing
with the Securities and Exchange Commission that Highfields
Capital Management LP beneficially owns a 5% stake in the
company, equivalent to 24,854,400 shares at US$0.10 par value
per share.

Ms. McBride of WSJ noted in a related report that previously,
Highfields Capital held about 3% of Clear Channel's outstanding
shares.

Boston, Mass.-based Highfields Capital is an investment
management firm focused on identifying long-term value
investments on behalf of public and private charitable
foundations, school endowments and other institutional and
private investors.  Highfields Capital currently manages
approximately US$10 billion in investment funds.

The increase indicates that the investment company wants more
influence in a coming vote on a possible privatization of Clear
Channel, which Highfields opposes, Ms. McBride said in that
related report, citing people familiar with the matter.

Ms. McBride added that Clear Channel, along with investors Bain
& Co. and Thomas H. Lee, are offering US$37.60 a share, but many
investors, including Highfields, believe the company is worth
more.

Clear Channel shareholders of record as of March 23, 2007, are
due to vote on the issue at the special meeting, which will be
held on Thursday, April 19, 2007.

Highfields is Clear Channel's second-biggest holder, Ms. McBride
said.

                About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc. -
- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader
in the out-of-home advertising industry with radio and
television stations and outdoor displays.  Aside from the U.S.,
the company operates in 11 countries -- Norway, Denmark, the
United Kingdom, Singapore, China, the Czech Republic,
Switzerland, the Netherlands, Australia, Mexico and New Zealand.

                        *     *     *

Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.

In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on
Nov. 16, 2006.


COTT CORP: S&P Watches B+ Long-term Rating on Consolidation Plan
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit and 'B-' subordinated debt ratings on Cott
Corp. on CreditWatch with developing implications.  Developing
implications mean that the ratings could be raised, lowered, or
affirmed, depending on the outcome of Standard & Poor's review.

"The CreditWatch listing follows beverage provider Cott's
decision to explore its possible participation in industry
consolidation," said Standard & Poor's credit analyst Lori
Harris.

Although a potential suitor for Cott has not been named, the
company's announcement followed the recent statement by Cadbury
Schweppes PLC (BBB/Watch Dev/A-2) regarding the separation of
its confectionary and Americas Beverages businesses to maximize
shareholder value.  Even though the combination of the two
companies' beverage businesses has been speculated on by outside
parties, there has been no statement on either company's part
that it is in exclusive discussions regarding a possible
transaction.

Cott's board of directors is in support of these exploratory
discussions and has authorized management to consult with
outside legal and financial advisors in this regard.

Should a transaction or strategic plan be announced with Cadbury
Schweppes or any other interested party, Standard & Poor's will
evaluate its impact on Cott's credit quality.

Headquartered in Toronto, Ontario, Canada, Cott Corp.
(NYSE:COT; TSX:BCB) -- http://www.cott.com/-- is a non-
alcoholic beverage company and a retailer brand beverage
supplier.  The company commercializes its business in over 60
countries worldwide, with its principal markets being the United
States, Canada, the United Kingdom and Mexico.  Cott markets or
supplies over 200 retailer and licensed brands, and Company-
owned brands including Cott, Royal Crown, Vintage, Vess and So
Clear.  Its products include carbonated soft drinks, sparkling
and flavored mineral waters, energy drinks, juices, juice
drinks and smoothies, ready-to-drink teas, and other non-
carbonated beverages.


COTT CORP: To Release First Qtr. Financial Results on April 26
--------------------------------------------------------------
Cott Corporation will release its first quarter financial
results before the markets open on Thursday, April 26, 2007.

Brent Willis, Cott's Chief Executive Officer and Juan Figuereo,
Cott's Chief Financial Officer, will host a conference call with
analysts that is scheduled to begin at 1 p.m. ET to discuss the
results.

In addition, the Company's Annual and Special Meeting of
Shareowners will be held on Thursday, April 26, 2007 at 8:30
a.m. ET in Toronto.

Headquartered in Toronto, Ontario, Canada, Cott Corp.
(NYSE:COT; TSX:BCB) -- http://www.cott.com/-- is a non-
alcoholic beverage company and a retailer brand beverage
supplier.  The Company commercializes its business in over 60
countries worldwide, with its principal markets being the United
States, Canada, the United Kingdom and Mexico.  Cott markets or
supplies over 200 retailer and licensed brands, and Company-
owned brands including Cott, Royal Crown, Vintage, Vess and So
Clear.  Its products include carbonated soft drinks, sparkling
and flavored mineral waters, energy drinks, juices, juice
drinks and smoothies, ready-to-drink teas, and other non-
carbonated beverages.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 6, 2007, Standard & Poor's Ratings Services lowered its
ratings on Toronto-based private label soft drink manufacturer
Cott Corp., by one notch, including its long-term corporate
credit rating, to 'B+' from 'BB-'.  S&P said the outlook is
negative.


DELTA AIR: Gets 95% Creditor Support for Reorganization Plan
------------------------------------------------------------
Delta Air Lines disclosed that unofficial results of the vote on
the company's Plan of Reorganization show overwhelming support
of creditors for the company's plan.  More than 95% of ballots
cast and claims value voting were in favor of the plan.

Creditors also voted in similar numbers in favor of the Plan of
Reorganization for Delta's wholly owned regional airline
subsidiary Comair.  The final voting results for both plans will
be filed later this week with the U.S. Bankruptcy Court for the
Southern District of New York.

"The company appreciates its creditors' strong vote of
confidence in its plan, which the company's believes both
maximizes recovery and builds a foundation for Delta's long-term
success," Edward H. Bastian, Delta's executive vice president
and chief financial officer, said.  "The company is looking
forward to a strong future as the company emerge from bankruptcy
later this month, continuing the momentum it has built through
its restructuring and returning Delta to its rightful place as
an industry leader."

The next milestone in Delta's bankruptcy proceeding will be on
April 25, when the court will be asked to confirm Delta's Plan
of Reorganization, allowing the airline to exit Chapter 11.  On
Feb. 7, Delta received court approval of its Disclosure
Statement and the authorization to solicit votes from creditors
on its plan of reorganization. Voting on the plan ended April 9.

Delta's Plan of Reorganization provides for certain creditors to
receive distributions of newly issued common stock upon the
company's emergence from bankruptcy.  Holders of Delta's
existing common stock will not receive any distributions under
Delta's proposed Plan of Reorganization.  The old equity, which
was delisted from the NYSE on Oct. 13, 2005, is currently
trading over the counter under the symbol DALRQ.  The old equity
will be cancelled upon the effectiveness of the proposed Plan of
Reorganization, which the company believes will be shortly after
the Bankruptcy Court's confirmation hearing scheduled on
April 25, 2007.

Accordingly, the company urges that caution be exercised with
respect to existing and future investments in the old equity and
any of Delta's existing liabilities and other securities.


FOAMEX INT'L: Names John Johnson as Chief Executive Officer
-----------------------------------------------------------
Foamex International Inc. has named John G. Johnson, Jr. Chief
Executive Officer of the company and a member of the Board of
Directors, effective immediately.  Mr. Johnson previously served
as Chief Executive Officer of Foamex International from 1999 to
2001.  The company has also named Eugene I. Davis as Non-
Executive Chairman of the Board of Directors, effective
immediately.  Ray Mabus has resigned from his position as CEO
and Chairman of the Board of Directors in order to return to his
home in Mississippi.

"On behalf of the Board, I would like to welcome Jack back to
Foamex," said Mr. Davis.  "Jack is a proven leader who brings to
Foamex an ideal combination of skills and experience, having led
the company at a time when it enjoyed then historic levels of
profitability and growth.  We are confident that Foamex will
greatly benefit from his intimate knowledge of the company and
industry experience as we continue to focus on driving
shareholder value through growth and de-leveraging."

Mr. Johnson said, "Foamex is an established leader in the
polyurethane foam manufacturing industry, and I am very pleased
to be returning to the company.  I look forward to leading
Foamex through its next phase of growth and implementing its
strategic vision of being a market-focused provider of
polyurethane foam-based solutions and specialty comfort
products.  I am extremely excited by this opportunity and look
forward to working with the entire Foamex team to realize the
enormous potential that exists at Foamex."

Mr. Davis concluded, "We would like to thank Ray for his
significant contributions to Foamex over the past seven years,
most recently, stepping in as Chief Executive to lead Foamex
through the successful completion of its financial
restructuring.  The proof of his efforts is evident in the
results with Foamex emerging from bankruptcy having paid
creditors in full and preserving value for equity holders.  We
recognize that commuting from Mississippi imposed substantial
sacrifices on Ray and his family and understand his desire to
return home now that Foamex has emerged so successfully from
chapter 11. On behalf of the entire Board of Directors, we wish
him well."

Most recently, Mr. Johnson has been running his own management
consulting business specializing in turnaround initiatives.  Mr.
Johnson currently serves as the Non-Executive Chairman of GenTek
Inc.  He has been the lead director of Thermadyne Holdings for
the last three years, but will be relinquishing this post to
devote his time and efforts to Foamex International.  Mr.
Johnson served as President and CEO of Foamex International in
from 1999 to 2001.  Prior to joining Foamex International,
Johnson was President and Chief Executive Officer of Safety-
Kleen Corp., an environmental services company, from 1995 to
1997.  Mr. Johnson also served as President, Chief Operating
Officer and director of Safety-Kleen Corp. from 1993 to 1995.
From 1982 to 1992, Mr. Johnson held several executive positions
with the ARCO Chemical company, including Senior Vice President
and Director of ARCO Chemical company and President of ARCO
Chemical Americas beginning in 1987.  Mr. Johnson began his
career with the Atlantic Richfield Company in 1958.

Eugene I. Davis, 52, has been a director of the company since
February 2007.  Mr. Davis has been Chairman and Chief Executive
Officer of PIRINATE Consulting Group, LLC, a privately-held
consulting firm specializing in turn-around management, merger
and acquisition consulting, hostile and friendly takeovers,
proxy contests and strategic planning advisory services for
domestic and international public and private business entities,
since 1997.  Prior to forming PIRINATE in 1997, Mr. Davis served
as President, Vice-Chairman and Director of Emerson Radio Corp,
and Chief Executive Officer and Vice-Chairman of Sport Supply
Group, Inc.  Mr. Davis began his career as an attorney and
international negotiator with Exxon Corp. and Standard Oil
company (Indiana) and as a partner in two Texas-based law firms
where he specialized in corporate/securities law, international
transactions and restructuring advisory.  Mr. Davis is a
director of Knology, Inc., PRG-Schultz International, Inc.,
Silicon Graphics, Inc. and American Commercial Lines Inc.  Mr.
Davis is also Chairman of the Board of Directors of Atlas Air
Worldwide Holdings, Inc.

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.  S&P said 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.


GENERAL MOTORS: Q1 Sales Up in LatAm, Africa & Middle East
----------------------------------------------------------
General Motors Latin America, Africa & Middle East region set a
new Q1 sales record in 2007, selling over 269,000 vehicles, up
approximately 39,000 units over the same period last year.
Plus, GM's quarterly market share in the region increased 0.2%
to 16.3%.

Ten markets in the GM LAAM region posted Q1 sales volume gains
year-over-year, with all-time quarterly records set by Argentina
and Colombia.  In addition, Brazil, Chile, Venezuela, South
Africa, Egypt and the Middle East set Q1 sales records.

Maureen Kempston Darkes, President of GM LAAM said, "LAAM's Q1
results illustrate that we are serious about growth -- LAAM
sales now account for almost 12 percent of GM's global sales."

Kempston Darkes added, "We are continuing to focus on aggressive
product launches, which are the drivers of our growth. In Q1
2007, we launched the Chevrolet Captiva across the region, GMC
Acadia in the Middle East and the Cadillac BLS and SRX in South
Africa."

LAAM also set a new monthly sales record of 102,258 vehicles in
March 2007, up approximately 18,500 over last March.

GM LAAM is one of GM's four regional business units.  It employs
approximately 33,000 people throughout the region.  GM LAAM
markets vehicles under the Buick, Cadillac, Chevrolet, GMC,
Hummer, Isuzu, Opel, Saab and Suzuki brands.

                          U.S. Sales

GM disclosed in an April 3, 2007 press statement that its first
quarter retail sales was up 0.5% while its sales for March 2007
was down 7.7%.

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

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

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

                 About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  In 2006, nearly 9.1 million GM cars and trucks were
sold globally under these brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

                        *     *     *

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

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

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


GUESS? INC: Janney Montgomery Reiterates "Buy" Rating on Shares
---------------------------------------------------------------
Security brokerage firm Janney Montgomery Scott analysts have
reaffirmed to Newratings.com their "buy" recommendation on
Guess? Inc.'s shares.

According to Newratings.com, Janney Montgomery has set Guess?'s
target price to US$49 per share.

The analysts said in a research note that Guess? Keeps on
expanding its portfolio across the world.

The analysts told Newratings.com that Guess? is expected to
continue to generate margin expansion and "top-line" growth
going forward, as Asia and Europe increasingly contribute to the
sales mix.

Guess?'s operation in Europe is "tracking ahead" of the plan,
Newratings.com states, citing Janney Montgomery.

Guess?, Inc., -- http://www.guess.com-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 8, 2006, Standard & Poor's Ratings Services raised its
ratings on Los Angeles-based specialty apparel retailer Guess?
Inc. to 'BB' from 'BB-'.  S&P said the outlook is positive.


INNOPHOS HOLDINGS: Moody's Rates New Us$66-Million Notes at B3
--------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to Innophos Holdings, Inc., and a B3 rating to the company's new
US$66 million senior unsecured notes due 2012.  The new notes
are being issued by Innophos Holdings, Inc. to refinance US$61
million of debt of its subsidiary, Innophos Investments
Holdings, Inc.  The corporate family rating assignment is being
made to transfer the corporate family rating to Innophos
Holdings, Inc. from Innophos Investments Holdings, Inc.  An SGL-
2 speculative grade liquidity rating and a stable rating outlook
were also assigned to Innophos.

These summarizes the ratings activity:

   Innophos Holdings, Inc.

Ratings assigned:

   -- Corporate family rating, B1

   -- Probability of default rating, B1

   -- Speculative grade liquidity rating, SGL-2

   -- US$66 million senior unsecured notes due 2012, B3,
      LGD6, 93%

   Innophos, Inc.

Ratings affirmed:

   -- US$50 million guaranteed senior secured revolver due 2009,
      Ba1, LGD2, 18%

   -- US$220 million guaranteed senior secured term loan B due
      2010, Ba1, LGD2, 18%

   -- US$190 million 8.875% guaranteed senior subordinated
      notes due 2014, B2, LGD5, 71%

Innophos Holdings' B1 corporate family rating reflects Moody's
concerns about the company's high (albeit reduced) leverage and
modest size; which are partially offset by high and stable
EBITDA margins and strong cash flow for its rating category.
The rating also incorporates the potential for Mexican tax
liabilities.  However, Moody's is somewhat comforted by the fact
that the Mexican Tax Audit and Assessment Unit of the National
Waters Commission or CNA has not requested payment or security
in connection with the revoked Salt Water Claims resolutions in
August 2005, and the recent favorable New York court ruling
affirming a partial summary judgment granted in 2005 to Innophos
Holdings against Rhodia S.A. and affiliates regarding Innophos
Holdings' assertion it was entitled to be fully indemnified for
claims asserted by the CNA and that Rhodia is responsible for
required security.

The stable outlook reflects Moody's expectation that the company
will continue to modestly grow its sales and apply free cash
flow towards debt reduction.  Currently, there is little upside
to the ratings given the firm's modest size, significant
leverage and ongoing litigation related to Mexican tax claims.
The ratings could come under pressure if the company was unable
to continue to generate meaningful operating cash flow (in
excess of US$35-US$40 million p.a.) or if developments in the
Mexican tax claims case (and related litigation against Rhodia)
resulted in Innophos Holdings being responsible for meaningful
cash payments.

The speculative grade liquidity rating of SGL-2 reflects the
likelihood that Innophos Holdings will maintain adequate cash
balances, albeit below recent historical levels prior to the
repayment of debt and that the company will continue to generate
positive free cash flow, have access to its unused (except for
letters of credit) revolving credit facility and have good
flexibility under its financial covenants.

Innophos Holdings, Inc. is the parent holding company of
Innophos Investments Holdings, Inc., which is also a holding
company that owns 100% of Innophos, Inc.  Innophos, Inc.
(including its subsidiaries) is the largest North American
manufacturer of specialty phosphate salts, acids and related
products serving a diverse range of customers across multiple
applications, geographies and channels.  Innophos offers a broad
suite of products used in a wide variety of food and beverage,
consumer products, pharmaceutical and industrial applications.
Headquartered in Cranbury, New Jersey, Innophos has plant
operations in the US, Canada and Mexico.  Its revenues for the
12 months ended Dec. 31, 2006 were roughly US$542 million.
Innophos publicly listed its shares in November 2006.


JL FRENCH: Offers to Sell Shares of Convertible Preferred Stock
---------------------------------------------------------------
J.L. French Automotive Castings Inc. has offered to sell shares
of preferred stock convertible into its common stock to holders
of its common stock as of the record date of April 20, 2007.

The offering relates to a warrant agreement between the company
and its warrant agent dated June 30, 2006.

The warrant agreement was part of the company and its debtor-
affiliates' Chapter 11 Plan of Reorganization that took effect
on June 30, 2006.

The company emerged from Chapter 11 protection last year with
new financing including a US$50 million revolver to fund working
capital needs.

Under the Debtors' confirmed Plan, stock certificates and
warrants in the newly reorganized company will be distributed in
accordance with the terms of the Plan.

For questions concerning the offering, contact the company's
legal counsel, Micheal G. Wooldridge, Esq., at (616) 336-6903.

In a June 2006 press statement, J.L. French's chairman, chief
executive officer and president, Jack F. Falcon, said, "When we
emerge, J.L. French will have shed US$465 million in first and
second lien senior secured debt and US$28.9 million in 11.5%
senior subordinated unsecured notes.  We will have acquired
US$130 million in new equity investment and US$255 million in
new financing."

The company also said in that press statement that upon
emergence, the participants in the US$130 million rights
offering will hold 92% of the common stock in the newly
reorganized company.  The holders of second lien debt will
receive the remaining 8% of new common stock in satisfaction of
approximately US170 million of claims.

The Plan called for three tranches of warrants to be made
available to certain creditor classes with an exercise period
five years from the Plan's effective date.

According to the company, the US$130 million of new money
investment, along with a new US$205 million term loan that is
part of the exit facility, will pay off first lien debt of
approximately US$295 million, as well as fund certain costs
associated with exiting bankruptcy.  The newly reorganized
company will then have US$231 million in long-term debt
comprised of the term loan and some US$26 million in other
secured debt.

The new US$205 million term facility is structured as US$140
million and US$65 million in first and second lien term loans,
respectively.  The US$255 million exit facility also contains a
US$50 million revolver available to fund working capital needs.

Exit financing was provided by Goldman Sachs Credit Partners
L.P. and Morgan Stanley Senior Funding, Inc.

                        About J.L. French

Headquartered in Sheboygan, Wisconsin, J.L. French Automotive
Castings Inc. -- http://www.jlfrench.com/-- supplies die cast
aluminum components and assemblies with nine manufacturing
locations around the world including plants in the United
States, United Kingdom, Spain, and Mexico.  The company has 14
engineering/customer service offices to support its customers
near their regional engineering and manufacturing locations.

The company and its debtor-affiliates filed for chapter 11
protection on Feb. 10, 2006 (Bankr. D. Del. Case No. 06-10119 to
06-06-10127).  James E. O'Neill, Esq., Laura Davis Jones, Esq.,
and Sandra G.M. Selzer, Esq., at Pachulski Stang Ziehl Young &
Jones, and Marc Kiesolstein, P.C., at Kirkland & Ellis LLP,
represented the Debtors in their restructuring efforts.  Ricardo
Palacio, Esq., and William Pierce Bowden, Esq., at Ashby &
Geddes, PA, represented the Official Committee of Unsecured
Creditors.  When the Debtor filed for bankruptcy, it estimated
assets and debts of more than US$100 million.


SHOSHONE SILVER: Hires Conrad Houser as Chief Executive Officer
---------------------------------------------------------------
Shoshone Silver Mining appointed Conrad B. Houser to the
position of Chief Executive Officer.  Lex Smith will continue as
President and as a member of the Board of Directors.

"Conrad brings wide ranging knowledge of mining and corporate
development to Shoshone," said Carol Stephan, Chairman of
Shoshone's Board of Directors.  "He has a track record of
providing the vision to create new corporate goals and the
invigorating leadership necessary to meet those goals.  He is
ideally suited to build on Shoshone's strong foundation and lead
the company into an exciting future."

Says Mr. Houser, "My primary objectives are to enliven Shoshone
Silver, establish a dynamic business plan, and execute optimal
use of existing and future assets to maximize shareholder
return."

Mr. Houser gained a Professional Engineering license in Colorado
after earning engineering degrees from both the United States
Air Force Academy in Colorado Springs and Rice University in
Houston.  He later studied law at Brigham Young University
graduating with honors in 1975.  Further, he is a registered
patent attorney with the USPTO.  Mr. Houser is a member of the
Utah State Bar and the Rocky Mountain Mineral Law Foundation.

Mr. Houser has more than 25 years experience in international
mining activities including project management, strategic
planning, finance, administration, mine design, environmental
permitting and compliance and marketing.  He has also been
expert witness in many U.S. and international litigation
matters.  Formerly Vice President of Mobil Oil's mining division
he played a key role in the profitable sale of that division.

Mr. Houser most recently served for ten years as Vice President
of Legal and Management Affairs in the Salt Lake City office of
Norwest Corporation, a mining, energy, and environmental
consulting firm, where he provided expertise on issues including
A&D due diligence, feasibility, mining remediation and profit
claims in both US and international settings.  Prior to joining
Norwest, Houser was Vice President and Chief Operating Officer
at Wold Trona.

Headquartered in Silver Valley, Idaho, Shoshone Silver Mining
Co. Inc. (OTC: SHSH.PK) -- http://www.shoshonesilvermining.com/
-- has a core portfolio of silver projects in North Idaho's
Lakeview District supplemented by a silver project in Mexico's
historic Zacatecas Silver district and a variety of platinum
group metal, gold and uranium projects located in the western
United States.

Shoshone Silver Mining operated its three Lakeview District
Mines and Lakeview Mill successfully producing silver, gold and
base metals for much of the two decades following the company's
founding in 1969.  As silver prices declined into the early
1990's, Shoshone closed much of its production and shifted its
policy towards acquiring new properties and diversifying its
interest.

The company's activities have been limited to exploring and
acquiring rights to explore properties which the company
believes are prospective for platinum group metals.  None of the
company's properties are in production.

                        *     *     *

As reported in Troubled Company Reporter-Latin America on
Dec. 22, 2006, Williams & Webster, PS, in Spokane, Washington,
raised substantial doubt about Shoshone Silver Mining Company
Inc.'s ability to continue as a going concern after auditing the
company's financial statements for the years ended Dec. 31, 2005
and 2006.  The auditing firm pointed to the company's
significant operating losses.




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P E R U
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DOE RUN: Reduces La Oroya Smelter Chimney Emissions by 50%
----------------------------------------------------------
Doe Run told Business News Americas that it has reduced chimney
emissions at its La Oroya smelter in Peru by 50% this year,
compared to 1997.

Doe Run said in a statement that La Oroya has gone from 147
million gallons per cubic meter in airborne particle emissions
in 1997 -- when it acquired the operation from the Peruvian
government -- to 72 million gallons per cubic meter as of
February 2007.

Doe Run told BNamericas that the smelter's lead was at 23
million gallons per cubic meter and its arsenic emissions were
at 12 million gallons per cubic meter in February, from 38
million gallons of lead and 28 million gallons of arsenic in
1997.

According to BNamericas, Doe Run signed a statutory
environmental cleanup accord called Pama upon acquiring the
smelter from the Peruvian government.  The smelter has been the
subject of intense environmental and social scrutiny.

BNamericas relates that an independent study conducted by St
Louis University indicated that over 97% of children in the
neighboring town of La Oroya had blood lead levels over the US
standard of 10 micrograms of lead per deciliter of blood.

Doe Run told BNamericas that it will complete the Pama program
by the end of 2009.

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

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

              Doe Run Peru Going Concern Doubt

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

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

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

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




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


DELTA AIR: S&P Keeps D Rating Absent Court Confirmation of Plan
---------------------------------------------------------------
Delta Air Lines Inc.'s (rated D) creditors had voted in favor of
the company's proposed plan of reorganization, leaving an April
25, 2007, court hearing to confirm the plan as the last major
remaining step before exiting Chapter 11 (expected
April 30, 2007).  The news does not affect Standard & Poor's
Ratings Services' D corporate credit rating on Delta Air, which
is defined by the company's bankruptcy status.  Standard &
Poor's announced on March 30, 2007, that it expect to assign a
'B' corporate credit rating, with a stable outlook, to Delta Air
when it emerges from bankruptcy.  In addition, the CreditWatch
status of ratings on enhanced equipment trust certificates or
EETCs, excepting 'AAA' rated, bond-insured certificates, was
revised to positive from developing on March 30, 2007.  That
CreditWatch status is unaffected by the creditor vote in favor
of Delta Air's plan of reorganization.  The ratings on EETCs
will be reviewed and may be raised upon Delta Air's emergence
from Chapter 11.

"The anticipated 'B' corporate credit rating reflects Delta
Air's participation in the price-competitive, cyclical, and
capital-intensive airline industry; on below-average, albeit
improving, revenue generation; and on significant intermediate-
term debt and capital spending commitments," said Standard &
Poor's credit analyst Philip Baggaley.  "These weaknesses are
mitigated to some extent by Delta Air's improved operating
costs, which are lower than those of most other large U.S. hub-
and-spoke airlines ['legacy carriers'], and on substantial
reductions in financial obligations achieved in bankruptcy."

Delta is the third-largest U.S. airline, and, like other legacy
carriers, suffered heavy losses following 2001, due to the
effects of terrorism, high fuel prices, and low-cost competition
in the U.S. domestic market.  Delta Air entered Chapter 11
bankruptcy protection in September 2005, following the spike in
jet fuel prices caused by the Gulf hurricanes.  In December
2006, US Airways Group Inc. (B-/Positive/--) proposed a merger
with Delta, but withdrew its bid Jan. 31, 2007, after failing to
win sufficient support from the Delta creditors' committee.

Headquartered in Atlanta, Ga., Delta Air Lines (OTC:DALRQ)
-- http://www.delta.com/-- is the world's second-largest
airline in terms of passengers carried and the leading U.S.
carrier across the Atlantic, offering daily flights to 502
destinations in 88 countries on Delta, Song, Delta Shuttle, the
Delta Connection carriers and its worldwide partners.  The
airline also serves Puerto Rico and the U.S. Virgin Islands.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
Company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.  (Delta Air Lines Bankruptcy
News, Issue No. 66; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         Plan Update

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




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


DIGICEL GROUP: Receives GSM Mobile License in Suriname
------------------------------------------------------
Digicel Group Limited has been awarded a license to operate a
GSM network in Suriname, extending its seamless international
mobile network and competitive offerings to 23 markets.

The new license comes as a result of the liberalization process
of the telecommunication market in Suriname, which started four
years ago by the Government of Suriname with the drafting of the
New Telecommunication Provisions Act.  This Act comes into
effect on April 16, 2007.  With a population of close to 500,000
Suriname's mobile penetration is estimated at just over 40%.

His Excellency Drs. M.S.H. Hassankhan, Suriname's Minister of
Transport, Communications and Tourism, welcomed Digicel to
Suriname stating, "We are entering an exciting new era in
telecommunications in Suriname bringing more advanced services
at more competitive prices and allowing more people than ever
before to access mobile technology.

"Digicel comes to Suriname with an impressive track record
across the Caribbean.  We are excited about their entry into
Suriname and certainly looking forward to reaping the benefits
of its customer-centric focus and innovative mobile
telecommunications," he added.

Known for its speed to market and strong market presence,
Digicel will enhance mobile communications and spur competition
in Suriname by investing in a state-of-the-art infrastructure
and offering innovative and accessible mobile services that
offers real value to customers.  Already a direct employer of
more than 3,000 people in the Caribbean and Latin American
region, Suriname will also benefit from significant direct and
indirect job creation that will follow from Digicel's presence
in the marketplace.

"Digicel will commence a rapid rollout of its service and give
the people of Suriname the opportunity of choosing a service
provider that will offer superior customer care, better value
for money and wider coverage.  Digicel is delighted to be
entering Suriname and the tremendous opportunity this allows us
to deliver a superior alternative," according to Digicel Group
CEO Colm Delves.

Digicel already has a presence in South America through its
operations in Guyana and French Guiana.  Its Caribbean and Latin
American GSM network extends across the British West Indies, the
Dutch Caribbean, the French West Indies, Bermuda and El
Salvador.  Philip van Dalsen, who brings more than seven years
experience in mobile and fixed telecommunications management,
will lead Digicel Suriname.

"Now it is time for the people of Suriname to join the Digicel
family and share the benefits enjoyed by more than four million
customers.  As we build our Surinamese company, we will deliver
the services that the people of Suriname want such as wide
coverage, a full choice of handsets and extensive international
roaming," said Philip van Dalsen, Digicel Suriname CEO.

"Digicel intends to make an important contribution to the growth
and development of the burgeoning Information Communication
Technology development in Suriname as well as become involved in
a range of sponsorships, and social and community initiatives,"
he added.

Digicel's investment in the Caribbean and the Central American
region exceeds US$1.5 billion and in 2006 the company recorded a
milestone of subscriber growth in excess of 100 percent.

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

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.




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


ECOPETROL: May Conduct Exploration & Production in Orinoco
----------------------------------------------------------
Colombian state-run oil firm Ecopetrol could perform exploration
and production in Venezuela's Orinoco extra-heavy crude belt,
the firm's Venezuelan counterpart Petroleos de Venezuela SA said
in a statement.

Business News Americas relates that Venezuelan President Hugo
Chavez will discuss with Colombian President Alvaro Uribe
Ecopetrol's possible involvement in Orinoco during the first
South American energy summit in Margarita, Venezuela.

According to BNamericas, Venezuela has allied with 12 oil firms
-- most of them state-run -- to conduct technical reserve
assessment in Orinoco.

BNamericas underscores that Orinoco is believed to contain about
one billion barrels of extra-heavy crude.

The two leaders will also discuss continuing oil and gas
pipeline construction between Colombia and Venezuela, as well as
liquid Venezuela's fuel exports to Colombia, BNamericas states.

                 About Petroleos de Venezuela

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

                       About Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol SA to Positive from Stable.  This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia.  Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.


PETROLEOS DE VENEZUELA: Bond Price Up as Int'l Demand Rises
-----------------------------------------------------------
The price of Petroleos de Venezuela S.A.'s 5-1/4% bond due April
2017 rose 0.4% to 83.7 on Monday, as demand from international
investors increase, Guillermo Para-Bernal at Bloomberg News
reports.

According to Deutsche Bank AG, the bond's yield lowered 7 basis
points.

One of the factors positively affecting the bond's performance
is how local investors held on to their securities.  Market
traders expected local investors to sell their securities in
favor of dollar-denominated issues, the same report says.

"The impression we have is that there is not so many people
selling the Petroleos securities for dollars, at least as many
as we initially expected," Tulio Bracho, a trader at Financorp
Valores Casa de Bolsa CA in Caracas was quoted by Bloomberg as
saying.  "The sell-off that some predicted has not so far taken
place."

As previously reported, the government has decreed that the
yields on Petroleos de Venezuela's bonds would be tax-exempt
until 2012.  The government's decision has boosted demand for
the securities, Bloomberg relates, citing Cesar Aristimuno,
banking research firm Aristimuno Herrera & Asociados' president.

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

                        *     *     *

As reported on Nov. 22, 2006, Fitch affirmed the local and
foreign currency Issuer Default Ratings of Petroleos de
Venezuela S.A. at 'BB-'.  Fitch has also affirmed the 'AAA(ven)'
national scale rating of the company.  Fitch said the rating
outlook is stable.


PETROLEOS DE VENEZUELA: May Have Problems in Orinoco Takeover
-------------------------------------------------------------
Venezuelan state oil company Petroleos de Venezuela SA could
face problems similar to the ones it faced at its Boscan oil
field when it takes over the four Orinoco projects from foreign
private firms, Reuters reports.

According to Reuters, Chevron previously ran Boscan under a
subcontracting agreement.  In 2006 the firm converted it to a
joint venture with 60% ownership of Petroleos de Venezuela, as
ordered by the Venezuelan government.

Sources told Reuters that Petroleos de Venezuela stopped
production at its Boscan field for over a month this year after
an accident caused by unsafe working conditions killed one
employee and injured three.

Petroleos de Venezuela immediately suspended drilling operations
after the accident, decreasing output to around 80,000 barrels
per day from 115,000 barrels per day for about 40 days, Reuters
notes, citing an oil union chief.

The report says that the suspension of operations at Boscan
decreased Venezuela's oil output.

Official production figures indicated that Venezuela's
production is around 3.3 million barrels per day, Reuters
underscores.

However, international observers told Reuters that the nation's
output has dropped to around 2.4 million barrels per day due, in
part, to workforce inexperience.

Petroleos de Venezuela Director Eulogio del Pino told a local
paper that the firm had reduced Boscan's production by 40,000
barrels per day in February to comply with a 58,000-barrel per
day OPEC production reduction.

Another Venezuelan paper relates that Petroleos de Venezuela
General Manager for Western Division Jose Luis Parada hadn't
been informed of the Boscan production cut.

Energy minister and Petroleos de Venezuela President Rafael
Ramirez told the press that before the Boscan accident that
Venezuela was reducing output at Boscan.

Experts commented to Reuters that the accident heightens
concerns that Petroleos de Venezuela is struggling as it takes
over operations of Boscan that used to be subcontracted out to
private firms.

Reuters relates that critics have also questioned Petroleos de
Venezuela's technical capacity to operate the Orinoco fields
since it fired over 20,000 workers in 2003 for participating in
a two-month strike to force Venezuelan President Hugo Chavez to
resign.  Venezuela is currently preparing to take over the four
Orinoco oil projects.

As reported in the Troubled Company Reporter-Latin America on
April 17, 2007, President Chavez said that the nation's armed
forces would accompany government officials representing the
Venezuelan state-run oil firm Petroleos de Venezuela in
confiscating oil projects in the Orinoco River basin in May.
President Chavez ordered that Petroleos de Venezuela take a
minimum 60% interest in four heavy-oil projects in the Orinoco
River.  He also urged the six private firms operating in the
region to be minority partners.

The Orinoco projects were operated by:

          -- BP PLC,
          -- Exxon Mobil Corp.,
          -- Chevron Corp.,
          -- ConocoPhillips,
          -- Total SA, and
          -- Statoil ASA.

The takeover could lead to operational problems at the projects,
as Petroleos de Venezuela lacks the expertise of major oil
firms, analysts told Reuters.

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

                        *     *     *

As reported on Nov. 22, 2006, Fitch affirmed the local and
foreign currency Issuer Default Ratings of Petroleos de
Venezuela S.A. at 'BB-'.  Fitch has also affirmed the 'AAA(ven)'
national scale rating of the company.  Fitch said the rating
outlook is stable.


PETROLEOS DE VENEZUELA: May Work with Ecopetrol in Orinoco
----------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that its Colombian counterpart Ecopetrol could
perform exploration and production in Venezuela's Orinoco extra-
heavy crude belt.

Business News Americas relates that Venezuelan President Hugo
Chavez will discuss with Colombian President Alvaro Uribe
Ecopetrol's possible involvement in Orinoco during the first
South American energy summit in Margarita, Venezuela.

According to BNamericas, Venezuela has allied with 12 oil firms
-- most of them state-run -- to conduct technical reserve
assessment in Orinoco.

BNamericas underscores that Orinoco is believed to contain about
one billion barrels of extra-heavy crude.

The two leaders will also discuss continuing oil and gas
pipeline construction between Colombia and Venezuela, as well as
liquid Venezuela's fuel exports to Colombia, BNamericas states.

                       About Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

                 About Petroleos de Venezuela

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

                        *     *     *

As reported on Nov. 22, 2006, Fitch affirmed the local and
foreign currency Issuer Default Ratings of Petroleos de
Venezuela S.A. at 'BB-'.  Fitch has also affirmed the 'AAA(ven)'
national scale rating of the company.  Fitch said the rating
outlook is stable.


* VENEZUELA: Inks Five Energy Agreements with China
---------------------------------------------------
Venezuelan President Hugo Chavez has inked five energy
agreements with China's high official Li Changchun during the
latter's visit in the South American nation, El Universal
reports.

The two leaders also established a strategic fund to be used in
bilateral projects, the same report says.  China, according to
the Venezuelan leader, would contribute US$4 billion to the
fund, while Venezuela would provide US$2 billion.

Part of the accord signed is an agreement for the creation of
ventures to jointly develop heavy-crude projects in Campo Junin,
Orinoco strip, eastern Venezuela; hydrocarbon exploitation in
China; installation of three refineries; construction and
management of oil supertankers; and supply of fuel oil to China.

According to EFE news agency, this is the first time China
undertakes a similar move with another country.

"Venezuela is free now and wants to become a sure and expanding
supplier source of oil for China.  Last year we jumped from zero
barrels to 300,000 bpd and we are set to end this year at
500,000 bpd, under the agreements we have executed," President
Chavez was quoted by El Universal as saying.

                        *    *    *

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: Pay Off IMF & World Bank Debts Totaling US$3 Bil.
--------------------------------------------------------------
Venezuelan Finance Minister Rodrigo Cabezas said in reports that
his country already paid off last week its debts to the
International Monetary Fund and the World Bank.

The South American nation repaid US$3 billion in loans, saving
about US$8 million in interest payments through 2012, Bloomberg
News says.

According to Bloomberg, the nation will continue to borrow funds
from the Washington- based Inter American Development Bank and
the Caracas-based Andean Development Corp., to finance future
infrastructure projects.

The finance minister told reporters in a conference that the
move should provide his country greater economic sovereignty,
which it didn't have because of its foreign loans.

"With this we just want to say 'bye' to these two institutions
that imposed their police recipes to us for years," Mr. Cabezas
was quoted by Bloomberg as saying.  "It's a historic moment for
Venezuela because our policy-making is finally gaining freedom
back."

                        Banco del Sur

The Venezuelan government has been lobbying for a more
independent Latin America and has offered its oil as incentive
to countries willing to lessen or sever ties with the United
States.  Recently, President Hugo Chavez has set the wheels in
motion for the creation of Banco del Sur, a financial
institution that would compete with the IMF and the World Bank.

The finance minister also talked about Banco del Sur during the
press conference.  He pointed out that the proposed bank will
preserve the region's wealth by using financial resources for
its own development, Prensa Latina relates.

"We are showing the world that it is possible to balance
economic growth with social programs without having to turn to
IMF," Prensa Latina quotes the finance minister as saying.

                        *     *     *

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


                         ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
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