TCRLA_Public/070423.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, April 23, 2007, Vol. 8, Issue 79

                          Headlines

A R G E N T I N A

AC GROUP: Trustee To File Individual Reports in Court on June 29
AGILENT TECHNOLOGIES: Forms China Headquarters Campus in Beijing
COR SERVICE: Trustee To File General Report in Court Tomorrow
DIRECTV GROUP: Mulls Launching Broadband Services in Argentina
DORMII SA: Trustee To File Individual Reports on July 10

EL PASO: Holders Tender US$301,288,000 of 7-5/8% Notes
EMPRESA DISTRIBUIDORA: Launches Argentine IPO on April 25
INTERNACIONAL ARMS: Seeks Court Approval for Reorganization
LIMPIEZA EXPRESS: Proofs of Claim Verification Ends Tomorrow
PETROLGE SA: Proofs of Claim Verification Deadline Is June 15

SUR TRADE: Trustee To File General Report in Court Tomorrow
PTO SA: Reorganization Proceeding Concluded
ZOPPI SA: Trustee To File Individual Reports in Court on Aug. 24
ARGENTINA: Gov't Inks LNG Gas Accord with Petroleos de Venezuela

B A H A M A S

TEEKAY SHIPPING: Moody's Affirms Debt Ratings on Plan to Buy OMI

B E R M U D A

AIG Silk: Proofs of Claim Filing Deadline Is May 9
AIG Silk: Final General Meeting Is Set for May 30
ASPEN INSURANCE: P. Myners Retires; G. Jones To Succeed as Chair
ASSOCIATED HOSPITALS: Proofs of Claim Filing Is Until May 2
ASSOCIATED HOSPITALS: Will Hold Final General Meeting on May 23

LSF KOREA: Creditors Must File Proofs of Claim by May 2
LSF KOREA: Sets Final General Meeting for May 23
MAN BRIDGE: Proofs of Claim Filing Is Until May 2
MAN BRIDGE: Will Hold Final General Meeting on May 23
ATLANTIC RE: Proofs of Claim Filing Deadline Is May 31

B O L I V I A

PETROLEO BRASILEIRO: To Demand Payment from Bolivia for 2 Plants

* BOLIVIA: Says Petroleo Brasileiro May Sell Two Refineries

B R A Z I L

BANCO DO BRASIL: Will Grant BRL3 Billion in Agribusiness Loans
BROWN SHOE: Earns US$65.7 Million in Year Ended Dec. 31, 2006
COMPANHIA DE BEBIDAS: Discloses Unit's Buyout Offer Results
COMPANHIA SIDERURGICA: Ships 950,000 Tons of Iron Ore
NET SERVICOS: Posts BRL7.2 Mil. of Net Income in 2007 First Qtr.

PETROBRAS BRASILEIRO: Clarifies Iparinga Group Acquisition
NORTEL NETWORKS: Unit Inks Network Deal with Austrian Railways
RBS PARTICIPACOES: S&P Puts B+ Corp. Credit Rating on Pos. Watch
TK ALUMINUM: Completes Sale of Polish Unit to Tenedora Nemak

C A Y M A N   I S L A N D S

AKATSUKI CAPITAL: Will Hold Final Shareholders Meeting on May 18
ALBA CAPITAL: Sets Final Shareholders Meeting for May 17
ARRAN PARTNERS: Will Hold Final Shareholders Meeting on May 17
ARRAN PARTNERS INT'L: Sets Last Shareholders Meeting for May 17
EOS SECTOR: Will Hold Final Shareholders Meeting on May 17

ESS MASTER: Sets Final Shareholders Meeting for May 17
FAIRFIELD TRAFALGAR: Proofs of Claim Filing Deadline Is May 17
HENDERSON CYBER: Sets Final Shareholders Meeting for May 17
MILTON INT'L: Will Hold Final Shareholders Meeting on May 17
SPECIALIST LOW: Sets Final Shareholders Meeting for May 17

STINSON CAPITAL: Will Hold Final Shareholders Meeting on May 18
UNIQUE OPPORTUNITIES: Sets Final Shareholders Meeting for May 17
UNIQUE OPPORTUNITIES (MASTER): Shareholders Meeting Is on May 17
VOGAN INVESTMENTS: Sets Final Shareholders Meeting for May 17

C H I L E

CONSTELLATION BRANDS: Peter Soderberg to Join Board of Directors
CONSTELLATION BRANDS: Earns US$331.9 Mln for Year Ended Feb. 28

C O L O M B I A

BANCOLOMBIA SA: Banagricola Offer Remains Open Until May 8
GRAN TIERRA: Will Drill Second Exploration Well in Putumayo

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Spends DOP400 Million for Radio Stations

E C U A D O R

PETROBRAS ENERGIA: Unit Makes Public Offering of US$300MM Notes
PETROECUADOR: Unit to Form Commission to Evaluate Auca Spill

G U A T E M A L A

BRITISH AIRWAYS: Cabin Crew Union Accepts Airline's Proposal
IMAX CORP: Inks Theatre Systems Installation Pact with Muvico
TECO ENERGY: Moody's Ups Senior Unsecured Debt Rating to Ba1

J A M A I C A

MIRANT CORP: Inks Sale Pact for Caribbean Biz with Marubeni Unit

* JAMAICA: Audley Shaw Suggests Debt Reduction Measures
* JAMAICA: Finance Ministry To Sell 10-Year Bonds

M E X I C O

CLEAR CHANNEL: To Pay US$0.1875 Per Share Dividend
CLEAR CHANNEL: Inks Advertising Pact with Google
DOMINO'S INC: Debt Repayment Cues Moody's to Withdraw Ratings
FORD MOTOR: Expanding Operations in China Market
FORD MOTOR: Reaches MOU for the Sale of Glass Business

GENERAL MOTORS: Cuts Jobs in Belgium; Plans Growth in Asia
HIPOTECARIA CREDITO: Selling MXN900MM Mortgage-Backed Securities
MEGA BRANDS: Moody's Reviews Ratings on Weak 2006 Performance
MERISANT WORLDWIDE: Moody's Affirms Caa3 Corporate Family Rating
PORTRAIT CORP: Excl. Plan-Filing Period Extended Until June 30

PORTRAIT CORP: Can Assume Lease Pact with Lakemont Industrial
SATELITES MEXICANOS: Televisa May Buy Company, Report Says
TELTRONICS INC: Dec. 30 Balance Sheet Upside-Down by US$1.4 Mil.
TV AZTECA: U.S. Regulators Renew KAZA-TV Channel 54 License

* MEXICO: S&P Lifts National Scale Rating to mxBBB- from mxBB+

P A N A M A

* PANAMA: Shipping Lines Balk at Proposed 47% Toll Rate Hike

P E R U

INTEROCEANICA IV: Moody's Puts Ba3 Rating on Two Note Issues

P U E R T O   R I C O

WESCO INTERNATIONAL: Earns US$44.5 Mln in Quarter Ended March 31

T R I N I D A D   &   T O B A G O

DIGICEL LTD: TSTT Accepts Better Interconnection Court Order

V E N E Z U E L A

DAIMLERCHRYSLER: Boosts Michigan Economy with US$1.78-Bln Deal
PETROLEOS DE VENEZUELA: Signs LNG Gas Agreement with Argentina

* VENEZUELA: Jamaica Wants Funding for Rural Electricity Network

* BOOK REVIEW: Ancient Law (Law Classic)


                         - - - - -


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


AC GROUP: Trustee To File Individual Reports in Court on June 29
----------------------------------------------------------------
Mirta Calfun de Bendersky, the court-appointed trustee for AC
Group S.A.'s bankruptcy proceeding, will present creditors'
validated claims as individual reports in the National
Commercial Court of First Instance No. 14 in Buenos Aires on
June 29, 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 AC Group and its creditors.

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

Ms. Calfun de Bendersky verifies creditors' proofs of claim
until May 28, 2007.

Ms. Calfun de Bendersky will also submit to court a general
report containing an audit of AC Group's accounting and banking
records on Aug. 24, 2007.

Ms. Calfun Bendersky will also submit a general report that
contains an audit of AC Group's accounting and banking records.
The report submission dates have not been disclosed.

AC Group was forced into bankruptcy at the behest of Ezequiel
Soubrie.

Clerk No. 47 assists the court in the proceeding.

The debtor can be reached at:

          AC Group SA
          Avenida Rivadavia 2358
          Buenos Aires, Argentina

The trustee can be reached at:

          Mirta Calfun de Bendersky
          Humahuaca 4165
          Buenos Aires, Argentina


AGILENT TECHNOLOGIES: Forms China Headquarters Campus in Beijing
----------------------------------------------------------------
Agilent Technologies has opened a new headquarters in a campus
in China, and has launched the Agilent Open Lab & Solution
Center and the Life Sciences & Chemical Analysis Center of
Excellence.  The new campus is located in Beijing Wang Jing
Science Park and combines Agilent's Beijing-based R&D, sales,
marketing, technical support and after-sale functions in one
location.

"With the rapid development of China's economy, the opening of
this campus is an important investment for us," said Bill
Sullivan, Agilent president and CEO.  "Agilent has a long
history of working in China, now our second-largest and fastest-
growing market in the world.  Today's announcement demonstrates
Agilent's long-term commitment to China and is an integral part
of our global strategy."

"Agilent is committed to contributing more value to the China
market and society, and helping with the development of the
local industries," said Max Yang, vice president and general
manager of Agilent, Greater China.  "It marks an important step
for us toward our long-term objective in China, which is to
become further rooted in China and help drive the development of
the local industries."

Agilent's Open Lab & Solution Center provides electronic
measurement customers with a full range of test and measurement
services, including a professional testing environment and
technical consulting services.  It is Agilent's second Open Lab
for electronic measurement in China.

The Agilent LSCA Center of Excellence, the first for Agilent in
China, provides customers with a demonstration lab environment
featuring all of Agilent's bio-analytical measurement products.
Customers have the opportunity to interact with Agilent senior
management and applications specialists. They are able to
observe and participate in proof-of-performance for Agilent's
chemical and bioanalytical systems using their own samples in a
state-of-the-art, fully equipped facility.

Agilent will leverage the China headquarters to help drive the
development of the local industries -- particularly in the key
areas of energy, environmental protection, agriculture, food
safety, information and basic biological research in life
sciences -- and become a true strategic partner in Chinese
enterprises' development toward globalization.

               About Agilent Technologies, Inc.

Agilent Technologies, Inc. -- http://www.agilent.com/-- is a
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life
sciences and chemical analysis industries.  The company has
operations in India, Argentina and Luxembourg.

                        *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


COR SERVICE: Trustee To File General Report in Court Tomorrow
-------------------------------------------------------------
Hector Jorge Vegetti, the court-appointed trustee for Cor
Service SRL's bankruptcy case, will submit to court a general
report containing an audit of the company's accounting and
banking records on April 24, 2007.

As reported in the Troubled Company Reporter-Latin America on
Dec. 4, 2006, the claims verification deadline was set for
Dec. 26, 2006.

Mr. Vegetti presented the validated claims in court as
individual reports on Feb. 15, 2007.  The National Commercial
Court of First Instance in Buenos Aires determined the verified
claims' admissibility, taking into account the trustee's opinion
and the objections and challenges raised by Cor Service and its
creditors.

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

The debtor can be reached at:

          Cor Service SRL
          Juan Bautista Alberdi 2316
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Jorge Vegetti
          Montevideo 711
          Buenos Aires, Argentina


DIRECTV GROUP: Mulls Launching Broadband Services in Argentina
--------------------------------------------------------------
News service Canal Ar reports that DirecTV Group Inc. is
considering launching broadband services in Argentina.

Carlos Pratola, DirecTV Group's president in its Argentine
operations, told Canal Ar, "We are looking at different options
to provide broadband services, but have ruled out satellite
access because it is not economically viable in Argentina."

Business News Americas relates that Carlos Blanco, Signals
Telecom Consulting's market research director, said that
satellite over broadband wouldn't be a wise business plan
because DirecTV Group would need to charge a lot and the
potential market is small.  DirecTV Group would have to charge
at least US$150 per month for basic satellite broadband access
speeds of 128/64kbps.

"Once we have decided on the technology, this project will
surely represent an extra investment based on a reasonable
business plan that will allows us to be competitive and gain
market share," Mr. Pratola told BNamericas.

According to BNamericas, Mr. Blanco thinks DirecTV Group will
seek partner with a telecoms operator to enter the market.

DirecTV Group's customers in Argentina have shown interest in
the service, BNamericas states, citing Mr. Pratola.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.


DORMII SA: Trustee To File Individual Reports on July 10
--------------------------------------------------------
Laura Garcia, the court-appointed trustee for Dormii S.A.'s
bankruptcy proceeding, will present creditors' validated claims
as individual reports in the National Commercial Court of First
Instance No. 8 in Buenos Aires on July 10, 2007.

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

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

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Ms. verifies creditors' proofs of claim until
May 22, 2007.

Ms. Garcia will also submit to court a general report containing
an audit of Dormii's accounting and banking records on
Sept. 11, 2007.

The trustee can be reached at:

          Laura Garcia
          Simbron 3537
          Buenos Aires, Argentina


EL PASO: Holders Tender US$301,288,000 of 7-5/8% Notes
------------------------------------------------------
El Paso Natural Gas Company, a wholly owned subsidiary of El
Paso Corporation, disclosed the expiration and final results of
its previously announced cash tender offer to purchase any and
all of its outstanding 7 5/8% Notes due 2010 (CUSIP No.
283695BM5).  The tender offer expired at 12:00 midnight, New
York City time, on April 18, 2007.  US$301,288,000 in aggregate
principal amount of notes were validly tendered and accepted for
purchase in the tender offer.  US$298,510,000 in aggregate
principal amount of such notes were purchased by EPNG on the
initial settlement date, which was April 5, 2007.  EPNG expects
final settlement of the tender offer to occur Thursday.

Citigroup Corporate and Investment Banking served as lead dealer
manager for the tender offer and Global Bondholders Services
Corporation served as the depositary and information agent for
the tender offer.

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

                        *     *     *

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


EMPRESA DISTRIBUIDORA: Launches Argentine IPO on April 25
---------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte SA, aka Edenor,
will place shares in the local market on April 25, 2007.

The company's local placement is expected to raise US$70
million, a Nosis report says.

The "floating" of the shares in the Buenos Aires Stock Exchange
(the share percentage which is not part of the majority
shareholdings, and which is freely negotiated in the market)
will rise to 49%, Nosis says.

In a filing with the U.S. Securities and Exchange Commission,
the company disclosed it also plans to sell shares in the New
York Stock Exchange.

Edenor would be offering 15.2 million American depositary shares
for US$16 to US$18 a piece.

Business News Americas says the 15.2 million ADS are made up of
3.74 million being sold by Edenor and 11.4 million by
shareholders.  The total represents 303 million class B common
shares.

Part of the sale proceeds will be used to repay the company's
debt and for general corporate purposes, RTTNews says.

Citigroup Global Markets and JP Morgan Securities will be
underwriting the offering.

EDENOR is Argentina's largest electricity distribution company
in terms of customers served (2.45 million as of December 2006)
and power sales (15,677 gigawatt-hours in 2005 and 12,395
gigawatt-hours in the first nine months of 2006).  EDENOR has a
95-year concession contract (which started in 1992) to
distribute electricity in a densely populated area of about
seven million inhabitants in the northwest of greater Buenos
Aires and the north of the city of Buenos Aires.  EDENOR is 65%
directly and indirectly owned by the Dolphin Group.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2007, Standard & Poor's Ratings Services raised its
corporate credit and senior unsecured debt ratings on
Argentina's largest electric distribution company Empresa
Distribuidora y Comercializadora Norte S.A. aka EDENOR by one
notch to 'B' from 'B-'.  The ratings were removed from
CreditWatch, where they were placed with positive implications
on Jan. 11, 2007.  S&P says the outlook is stable.


INTERNACIONAL ARMS: Seeks Court Approval for Reorganization
-----------------------------------------------------------
Internacional Arms SA has filed a petition for reorganization
before the National Commercial Court of First Instance No. 18 in
Buenos Aires after failing to pay its liabilities since
Sept. 8, 2002.

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

Clerk No. 36 assists the court on this case.

The debtor can be reached at:

          Internacional Arms SA
          Constitucion 1551
          Buenos Aires, Argentina


LIMPIEZA EXPRESS: Proofs of Claim Verification Ends Tomorrow
------------------------------------------------------------
Estudio Acosta, the court-appointed trustee for Limpieza Express
SA's reorganization proceeding, verifies creditors' proofs of
claim until April 24, 2007.

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2007, the National Commercial Court of First Instance
No. 15 in Buenos Aires approved a petition for reorganization
filed by Limpieza Express.

Estudio Acosta will present the validated claims in court as
individual reports.  The court, with the assistance of Clerk
No. 29, 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 Limpieza Express and its
creditors.  Inadmissible claims may be subject for appeal in a
separate proceeding known as an appeal for reversal.

The trustee will also submit a general report containing an
audit of Limpieza Express' accounting and banking records.

The informative assembly will be held on Feb. 12, 2008.
Creditors will vote to ratify the completed settlement plan
during the said assembly.

The debtor can be reached at:

          Limpieza Express SA
          Hipolito Yrigoyen 615
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Acosta
          Tucuman 1545
          Buenos Aires, Argentina


PETROLGE SA: Proofs of Claim Verification Deadline Is June 15
-------------------------------------------------------------
Marcos Urwicz, the court-appointed trustee for Petrolge S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
June 15, 2007.

As reported in the Troubled Company Reporter-Latin America on
May 15, 2006, the claims verification for Petrolge's
reorganization was initially set for July 26, 2007.  Petrolge
had filed a reorganization petition before the National
Commercial Court of First Instance No. 24 in Buenos Aires after
defaulting on its payments on Feb. 1, 2006.

The court converted Petrolge's reorganization to a bankruptcy
case.

Mr. Urwicz will present the validated claims in court as
individual reports on Aug. 7, 2007.  The court will determine if
the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Petrolge 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 Petrolge's accounting
and banking records will be submitted in court on
Sept. 18, 2007.

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

The trustee can be reached at:

          Marcos Urwicz
          Avenida Corrientes 1250
          Buenos Aires, Argentina


SUR TRADE: Trustee To File General Report in Court Tomorrow
-----------------------------------------------------------
Mario D. Atri, the court-appointed trustee for Sur Trade S.A.'s
reorganization proceeding, will submit to court a general report
containing an audit of the company's accounting and banking
records on April 24, 2007.

Mr. Atri verified creditors' proofs of claim until
Dec. 15, 2006.  He then presented the validated claims in court
as individual reports on March 8, 2007.  The National Commercial
Court of First Instance in Mar del Plata, Buenos Aires
determined the verified claims' admissibility, taking into
account the trustee's opinion and the objections and challenges
raised by Sur Trade and its creditors.

Sur Trade's creditors will vote on a settlement plan that the
company will lay on the table on June 16, 2007.

The debtor can be reached at:

         Sur Trade S.A.
         Avenida Edison 1040 Mar del Plata
         Buenos Aires, Argentina

The trustee can be reached at:

         Mirta Ana Calfun de Bendersky
         Humahuaca 4165
         Buenos Aires, Argentina


PTO SA: Reorganization Proceeding Concluded
-------------------------------------------
Buenos Aires-based company PTO S.A.'s reorganization process has
been concluded, according to data published by Infobae on its
Web site.  The conclusion came after the National Commercial
Court of First Instance in Buenos Aires ratified the debt plan
signed between the company and its creditors.

As reported in the Troubled Company Reporter-Latin America on
Oct. 27, 2005, PTO S.A. started reorganization following the
approval of its petition by the court.  The opening of the
reorganization allowed the company to negotiate a settlement
with its creditors in order to avoid a straight liquidation.
Susana Ruth Zapata was appointed as trustee.  She verified
creditors' claims until Nov. 30, 2005.  The validated claims
were then presented in court as individual reports on
Feb. 15, 2006.  Ms. Zapata also submitted a general report in
court on March 29, 2006.  The company's settlement proposal was
presented to its creditors for approval during an informative
assembly on Sep. 29, 2006.


ZOPPI SA: Trustee To File Individual Reports in Court on Aug. 24
----------------------------------------------------------------
Ana Maria Calzada Percivale, the court-appointed trustee for
Zoppi S.A.'s bankruptcy proceeding, will present creditors'
validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
Aug. 24, 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 Zoppi and its creditors.

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

As reported Troubled Company Reporter-Latin America on
April 5, 2007, Ms. Percivale verifies creditors' proofs of claim
until June 26, 2007.

Ms. Percivale will also submit to court a general report
containing an audit of Zoppi's accounting and banking records on
Oct. 5, 2007.

The debtor can be reached at:

          Zoppi S.A.
          Larrazabal 2421
          Buenos Aires, Argentina

The trustee can be reached at:

          Ana Maria Calzada Percivale
          Sarmiento 2437
          Buenos Aires, Argentina


ARGENTINA: Gov't Inks LNG Gas Accord with Petroleos de Venezuela
----------------------------------------------------------------
The Venezuelan government has inked a liquefied natural gas pact
with the Argentine republic.

The plan involves the use of LNG gas on vehicles that state-
owned Petroleos de Venezuela S.A. will be relaunching this year,
El Universal reports.  The goal is to promote massive use of gas
in Venezuelan vehicles.

Argentine firms are providing prototypes of engines, devices and
autobuses to be used for the program, a statement from Petroleos
de Venezuela said.

At the plan's initial phase, a thousand buses based on the
Argentine prototypes would operate using LNG.  Argentine firms
involved have pledged technological transfer to Venezuela and
installation of engine manufacturing and car assembly plants
nationwide, El Universal states.

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

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




=============
B A H A M A S
=============


TEEKAY SHIPPING: Moody's Affirms Debt Ratings on Plan to Buy OMI
----------------------------------------------------------------
Moody's Investors Service affirmed the debt ratings of Teekay
Shipping Corporation (Ba3 senior unsecured, Ba2 corporate
family, SGL-2 speculative grade liquidity rating, negative
outlook) upon the announcement of the planned acquisition of OMI
Corporation (B1 senior unsecured, Ba3 corporate family, stable
outlook) through an acquisition vehicle jointly owned by Teekay
and A/S Dampskibsselskabet TORM.  The acquisition assigns an
enterprise value to OMI of US$2.2 billion, including the
assumption of the net debt of OMI, which stood at US$390 million
at Dec. 31, 2006.

The plan is for Teekay Shipping and Torm to equally split the
cost of the acquisition and divide the assets, with OMI's
suezmax fleet of 13 vessels and eight of OMI's product carriers
going to Teekay Shipping.  Moody's expects Teekay Shipping to
finance its half of the purchase price entirely with debt and
reported debt to increase by US$1.1 billion upon the closing of
the acquisition.

"The affirmation reflects Moody's view that the current ratings
can accommodate, for a moderate period, the higher leverage and
weaker coverage measures that will result upon the closing of
the proposed transaction," said Jonathan Root, Moody's High
Yield Transportation Analyst.  Pro forma cash flow to debt
metrics are at levels under Moody's Rating Methodology for the
Global Shipping Industry that aligns to a rating category well
below Teekay Shipping's current Ba2 and are placing substantial
pressure on the current Ba2 corporate family rating.  If these
metrics do not improve over the near term, a downgrade of Teekay
Shipping's debt ratings could result.  Moody's estimates credit
metrics (Moody's adjusted basis at Dec. 31, 2006, pro forma for
the transaction) of Debt to EBITDA of more than 6.5 times, EBIT
to Interest of about 1.5 times and Retained Cash Flow to Net
Debt of about 12.0%.

OMI's relatively young, high-quality tonnage, a majority of
which is presently on profitable, medium-term time charters,
will add support to the positive methodology sub-factors that
support the current Ba2 Corporate Family Rating, including

   1) Size and Diversification,
   2) Volatility, Contract and Client Structure, and
   3) Operating Efficiency and Flexibility.

Nevertheless, the ratings remain under pressure and will be
downgraded if the trends of increasing debt levels, increasing
financial leverage and weaker protective measures of cash flow
to debt and interest coverage do not reverse in the near term.

The ratings affirmation also reflects Moody's belief that Teekay
Shipping has the ability to reduce financial leverage by
applying internally generated cash flow and proceeds of
potential future equity offerings to debt reduction.  As well,
the potential for more favorable spot tanker rates relative to
Teekay Shipping's earlier forecasts for 2007 and 2008 could also
contribute to modestly higher cash flow from operations, which
Moody's expects would be applied to de-levering.

Moody's expects that proceeds of the initial offering of a
minority interest in Teekay Tankers, the just-announced planned
listing of Teekay's conventional tanker business, will be
applied to debt reduction.  Teekay also retains the ability to
sell additional shares in either or both of its MLP's.
Application of such proceeds to debt reduction would relieve the
current downwards ratings pressure and would provide some
cushion for the expected increase in debt that will result from
ongoing new building programs.

The affirmation of the speculative grade liquidity rating
reflects Teekay Shipping's good liquidity.  Moody's estimates
that Teekay will maintain unrestricted cash of at least US$200
million and availability under senior secured revolving credit
facilities (not rated) will remain above US$1.0 billion after
funding the approximate US$950 million cash component of the OMI
acquisition.

A downgrade could result if Moody's believes that de-levering is
not a near-term priority, if the unfavorable trends in leverage
and coverage continue unabated or if Teekay Shipping was to
apply proceeds of future equity offerings to applications other
than to debt reduction.  The ratings would also be negatively
affected if cash flow were to decline, such that cash flow to
debt metrics were to deteriorate despite debt reduction efforts.

                    About OMI Corporation

OMI Corporation, registered in the Marshall Islands and
headquartered in Stamford, Connecticut is a leading sea borne
transporter of crude oil and refined petroleum products;
operating a fleet of 46 owned or chartered-in vessels.

                  About Teekay Shipping Corp.

Teekay Shipping Corp., a Marshall Islands corporation
headquartered in Nassau, Bahamas, transports more than 10% of
the world's sea borne oil and has expanded into the liquefied
natural gas shipping sector through its publicly listed
subsidiary, Teekay LNG Partners L.P., and into the offshore
production, storage and transportation sector through its
publicly-listed subsidiary, Teekay Offshore Partners L.P.  With
a fleet of over 140 tankers, offices in 17 countries and 5,100
seagoing and shore-based employees, Teekay provides a
comprehensive set of marine services to the world's leading oil
and gas companies, helping them seamlessly link their upstream
energy production to their downstream processing operations.




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


AIG Silk: Proofs of Claim Filing Deadline Is May 9
--------------------------------------------------
AIG Silk Road Capital Management Ltd.'s creditors are given
until May 9, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

AIG Silk's shareholders agreed on April 13, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Clarendon House
         2 Church Street
         Hamilton, HM 11
         Bermuda


AIG Silk: Final General Meeting Is Set for May 30
-------------------------------------------------
AIG Silk Road Capital Management Ltd.'s final general meeting is
scheduled on May 30, 2006, at 9:30 a.m., at:

         Clarendon House, Church Street
         Hamilton, Bermuda

The meeting's agendas are:

     -- the presentation of an account on the wind up process of
        the company by Robin J Mayor, the liquidator.  Mr. Mayor
        will show the manner in which the winding-up has been
        conducted, how the property of the company has been
        disposed of and explain the process;

     -- to determined the manner to which the books, accounts
        and documents of the company and of the liquidator will
        be disposed; and

     -- to decide, through a resolution, the dissolution of the
        company.


ASPEN INSURANCE: P. Myners Retires; G. Jones To Succeed as Chair
----------------------------------------------------------------
The Board of Directors of Aspen Insurance Holdings Limited
reported that its chairperson, Paul Myners, will retire from the
Board and all subsidiaries effective May 2, following the
company's annual general meeting.  Mr. Myners has been
chairperson since the company's founding in 2002.

Succeeding Mr. Myners as chairperson will be Glyn Jones, who has
been a Board member since 2006.  Mr. Jones had served as:

          -- Thames River Capital chief executive officer,

          -- Gartmore Investment Management chief executive
             officer,

          -- Coutts Natwest Group and Coutts Group chief
             executive officer, and

          -- Coopers & Lybrand/Deloitte Haskins & Sells
             Management Consultants' former consulting partner.

Mr. Myners said, "I have chaired the Board of Aspen since the
incorporation of the company.  Over the last five years Aspen
has developed a reputation as a significant player in its chosen
markets.  As the company transitions into its next stage of
development, I am delighted that Glyn Jones is to succeed me as
chairman.  I have worked with Glyn in various companies over the
last seven years and have the highest regard for his executive
skills and record of achievement in financial services."

"Paul has been a tremendous asset to Aspen and put in place firm
foundations.  I look forward to continuing to work with the
Board, Chris and the rest of the management team to support and
shape Aspen's future.  The company is focused on delivering
superior client service and shareholder value, priorities which
I share," Mr. Glyn stated.

Aspen Insurance Chief Executive Officer Chris O'Kane noted,
"Paul has provided Aspen with five years of commitment,
stewardship and dedication, playing a crucial role in the
formation of the company and I am personally appreciative of the
valuable contribution Paul has consistently provided.  I am
delighted that Glyn Jones has been appointed as the next
chairman and I look forward to working closely with him in his
new role as the Company enters the next phase of its
development."

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) (BSX: AHL BH) is the holding company of the
Aspen Group the principal operating entities of which are Aspen
Insurance UK Limited and Aspen Insurance Limited, both rated A2
for insurance financial strength.  At the end of September 2006,
Aspen Group reported net income of US$259 million and
shareholders' equity of US$2.3 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba1 rating to the proposed
US$200 million Perpetual Non-Cumulative Preference Shares to be
issued by Aspen Insurance Holdings Limited, the existing
perpetual "PIERS" of which were rated Ba1 by Moody's.


ASSOCIATED HOSPITALS: Proofs of Claim Filing Is Until May 2
-----------------------------------------------------------
Associated Hospitals Ltd.'s creditors are given until
May 2, 2007, to prove their claims to Robin J Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Associated Hospitals shareholders agreed on April 16, 2006, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

          Robin J. Mayor
          Clarendon House
          2 Church Street
          Hamilton, HM 11
          Bermuda


ASSOCIATED HOSPITALS: Will Hold Final General Meeting on May 23
---------------------------------------------------------------
Associated Hospitals Ltd.'s final general meeting is scheduled
on May 23, 2007, at 9:30 a.m. at:

          Clarendon House, Church Street
          Hamilton, Bermuda

The meeting's agendas are:

     -- the presentation of an account on the wind up process of
        the company by Robin J Mayor, the liquidator.  Mr. Mayor
        will show the manner in which the winding-up has been
        conducted, how the property of the company has been
        disposed of and explain the process;

     -- to determined the manner to which the books, accounts
        and documents of the company and of the liquidator will
        be disposed; and

     -- to decide, through a resolution, the dissolution of the
        company.


LSF KOREA: Creditors Must File Proofs of Claim by May 2
-------------------------------------------------------
LSF Korea Investments Company Ltd.'s creditors are given until
May 2, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

LSF Korea's shareholder decided on April 16, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

          Robin J. Mayor
          Clarendon House
          2 Church Street
          Hamilton, HM 11
          Bermuda


LSF KOREA: Sets Final General Meeting for May 23
------------------------------------------------
LSF Korea Investments Company Ltd.'s final general meeting is
scheduled on May 23, 2007, at 9:30 a.m. at:

         Clarendon House, Church Street
         Hamilton, Bermuda

The meeting's agendas are:

     -- the presentation of an account on the wind up process of
        the company by Robin J Mayor, the liquidator.  Mr. Mayor
        will show the manner in which the winding-up has been
        conducted, how the property of the company has been
        disposed of and explain the process;

     -- to determined the manner to which the books, accounts
        and documents of the company and of the liquidator will
        be disposed; and

     -- to decide, through a resolution, the dissolution of the
        company.


MAN BRIDGE: Proofs of Claim Filing Is Until May 2
-------------------------------------------------
Man Bridge Tower Ltd.'s creditors are given until May 2, 2007,
to prove their claims to Beverly Mathias, 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.

Man Bridge's shareholder decided on April 13, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MAN BRIDGE: Will Hold Final General Meeting on May 23
-----------------------------------------------------
Man Bridge Ltd.'s final general meeting is scheduled on
May 23, 2007, at 9:30 a.m. at:

         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda

The meeting's agendas are:

     -- the presentation of an account on the wind up process of
        the company by Beverly Mathias, the liquidator.  Ms.
        Mathias will show the manner in which the winding-up has
        been conducted, how the property of the company has been
        disposed of and explain the process;

     -- to determined the manner to which the books, accounts
        and documents of the company and of the liquidator will
        be disposed; and

     -- to decide, through a resolution, the dissolution of the
        company.


ATLANTIC RE: Proofs of Claim Filing Deadline Is May 31
------------------------------------------------------
Atlantic RE Ltd.'s creditors are given until May 31, 2007, to
prove their claims to Peter C.B. Mitchell and Nigel Chatterjee,
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.

Atlantic RE's shareholders agreed on April 13, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidators can be reached at:

         Peter C.B. Mitchell
         Nigel Chatterjee
         Dorchester House, 7 Church Street
         Hamilton, Bermuda




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


PETROLEO BRASILEIRO: To Demand Payment from Bolivia for 2 Plants
----------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA told
The Associated Press it will insist that the Bolivian government
pay fair compensation for its two oil refineries.

As reported in the Troubled Company Reporter-Latin America on
March 14, 2007, Bolivia's President Evo Morales nationalized
hydrocarbon reserves in May 2006, sending troops to confiscate
foreign-run wells and plants.

The AP says the Bolivian government plans to take a majority
share in Petroleo Brasileiro's two plants in Cochabamba and in
Santa Cruz, which together account for almost all of Bolivia's
domestic fuel consumption.

Prensa Latina relates that the plants are called Guillermo Elder
and Gualberto Villarroel.

A report in Brazilian paper Folha de Sao Paulo says that
President Morales told his Brazilian counterpart Luiz Inacio
Lula da Silva that Bolivia would take control of the plants on
May 1 without paying full compensation.

According to the AP, Petroleo Brasileiro President Sergio
Gabrielli declined to comment on the report, saying, "I'm not
going to create a crisis through the press about a hypothesis."

The AP underscores that President Morales had fired Bolivian
Hydrocarbons Minster Andres Soliz, who announced in September
2006 the confiscation of the plants without any reimbursement,
after Brazil complained forcefully.

President Morales suggested that Bolivia could seek to pay a
lower price than what was demanded by Petroleo Brasileiro and
that the Bolivian state-run energy company Yacimientos
Petroliferos Fiscales Bolivianos would prefer to reimburse
Petroleo Brasileiro for the plants' original costs rather than
pay full market value, the AP states.

According to Prensa Latina, a report from the La Razon daily
says that Petroleo Brasileiro acquired the plants in 1999 for
US$104 million.

Petroleo Brasileiro told the AP it will insist that the Bolivian
government pay fair compensation for its two oil refineries in
the nation.  According to Petroleo Brasileiro, it has invested
about US$105 million on the facilities.

Mr. Gabrielli commented that "if there is no fair, previous
compensation," the company will use every means to "defend our
point of view" in negotiations over the installations, the AP
relates.

The Bolivian government still has to negotiate the terms of the
transfer of ownership of the shares in the two refineries.
President Morales said that the negotiations between Brazil and
Bolivia will determine whether the share is sold at
international market price or their "inherited Bolivian value,"
the AP states.

A Prensa Latina report says that President Morales suggested
that Petroleo Brasileiro sell the two plants at market price.
President Morales said that after reviewing the history, the
data indicate that Petroleo Brasileiro bought the refineries at
"inheritance-value price."

Meanwhile, President Morales told the AP that Petroleo
Brasileiro is willing to sell its entire share in two Bolivian
refineries, though it is only required to divest a majority
share under Bolivia's petroleum nationalization.  President
Morales disclosed in a news conference in La Paz that Petroleo
Brasileiro expressed its willingness to sell 100% of its stock
in the refineries.

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.


* BOLIVIA: Says Petroleo Brasileiro May Sell Two Refineries
-----------------------------------------------------------
Bolivia's President Evo Morales disclosed in a news conference
in La Paz that Brazilian state-run oil company Petroleo
Brasileiro SA expressed its willingness to sell 100% of its
stock in its two Bolivian refineries, The Associated Press
reports.

The AP notes that the Bolivian government plans to take a
majority share in Petroleo Brasileiro's two plants in Cochabamba
and in Santa Cruz, which together account for almost all of
Bolivia's domestic fuel consumption.

As reported in the Troubled Company Reporter-Latin America on
March 14, 2007, Bolivia's President Evo Morales nationalized
hydrocarbon reserves in May 2006, sending troops to confiscate
foreign-run wells and plants.

The AP says that the Bolivian government plans to take a
majority share in Petroleo Brasileiro's two plants in Cochabamba
and in Santa Cruz, which together account for almost all of
Bolivia's domestic fuel consumption.

Prensa Latina relates that the plants are called Guillermo Elder
and Gualberto Villarroel.

A report in Brazilian paper Folha de Sao Paulo says that
President Morales told his Brazilian counterpart Luiz Inacio
Lula da Silva that Bolivia would take control of the plants on
May 1 without paying full compensation.

According to the AP, Petroleo Brasileiro President Sergio
Gabrielli declined to comment on the report, saying, "I'm not
going to create a crisis through the press about a hypothesis."

The AP underscores that President Morales had fired Bolivian
Hydrocarbons Minster Andres Soliz, who announced in September
2006 the confiscation of the plants without any reimbursement,
after Brazil complained forcefully.

President Morales suggested that Bolivia could seek to pay a
lower price than what was demanded by Petroleo Brasileiro and
that the Bolivian state-run energy company Yacimientos
Petroliferos Fiscales Bolivianos would prefer to reimburse
Petroleo Brasileiro for the plants' original costs rather than
pay full market value, the AP states.

According to Prensa Latina, a report from the La Razon daily
says that Petroleo Brasileiro acquired the plants in 1999 for
US$104 million.

Petroleo Brasileiro told the AP it will insist that the Bolivian
government pay fair compensation for its two oil refineries in
the nation.  According to Petroleo Brasileiro, it has invested
about US$105 million on the facilities.

Mr. Gabrielli commented that "if there is no fair, previous
compensation," the company will use every means to "defend our
point of view" in negotiations over the installations, the AP
relates.

The Bolivian government still has to negotiate the terms of the
transfer of ownership of the shares in the two refineries.
President Morales said that the negotiations between Brazil and
Bolivia will determine whether the share is sold at
international market price or their "inherited Bolivian value,"
the AP states.

A Prensa Latina report says that President Morales suggested
that Petroleo Brasileiro sell the two plants at market price.
President Morales said that after reviewing the history, the
data indicate that Petroleo Brasileiro bought the refineries at
"inheritance-value price."

                   About Petroleo Brasileiro

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.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

   Country Ceiling    B-       Jun. 17, 2004
   Long Term IDR      B-       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     B-       Dec. 14, 2005




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


BANCO DO BRASIL: Will Grant BRL3 Billion in Agribusiness Loans
--------------------------------------------------------------
Banco do Brasil's Agribusiness Executive Manager Ricardo
Pissante told Business News Americas that the bank will grant
about BRL3.00 billion in agribusiness loans in April, bringing
the total for the 2006-07 harvest to BRL30.5 billion by
month-end.

Banco do Brasil expects to approve a total BRL33.0 billion in
agribusiness loans by the end of the current harvest, which is
on June 30.  The expected loans are about 22% greater compared
to the 2005-06 harvest, BNamericas says, citing Mr. Pissante.

BNamericas relates that Banco do Brasil is negotiating with the
Brazilian government to determine funding plans for the 2007-08
harvest, and a decision is expected in May.

According to BNamericas, the current harvest has seen a recovery
in the agricultural sector, with the increase of international
commodity prices and the Brazilian real more stable against the
US dollar.  Low international commodity prices and significant
differences in the exchange rate between planting and harvesting
over the past two years reduced revenues of the Brazilian
agriculture sector.  Drought also affected major agricultural
regions in the south, southeast and center-west in 2005 and
2006.

Banco do Brasil renegotiated BRL6 billion in overdue loans in
2006 and the bank's non-performing loan ratio increased 2%,
compared to a historic level below 1%.

Banco do Brasil successfully overturned past-due loans, which
will return the non-performing loan ratio to previous levels,
BNamericas states, citing Mr. Pissante.

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

                        *     *     *

As reported on Mar. 3, 2006, Standard & Poor's Ratings Services
raised its foreign currency counter party credit ratings on
Banco do Brasil SA to 'BB' from 'BB-'.  The foreign and local
currency ratings of this bank are now equalized at 'BB'.  S&P
said the outlook is stable.


BROWN SHOE: Earns US$65.7 Million in Year Ended Dec. 31, 2006
-------------------------------------------------------------
Brown Shoe Company, Inc. reported earnings of US$65.7 million on
net sales of US$2.5 billion for the year ended Dec. 31, 2006.
Earnings for the year ended Dec. 31, 2005, were US$41 million on
net sales of US$2.3 billion.

In 2006, the company experienced sales growth in all of its
segments compared to 2005.  The increase in net sales primarily
reflects strength in the company's Famous Footwear division,
which contributed US$95 million of the increase.  Its Wholesale
Operations segment reported an increase of US$65.9 million.  The
company's other wholesale brands contributed US$25 million to
the increase in net sales, with most major brands increasing,
with the exception of the Bass business, which the company
exited at the end of 2006 at the expiration of its license
period.  The company's Specialty Retail segment increased sales
by US$17.9 million.

Net earnings increased in 2006 due to the higher sales at each
of the company's operating segments in 2006 and the non-
recurrence of US$9.2 million of after-tax costs to close
Naturalizer stores and the non-recurrence of a US$12 million
income tax provision in 2005 due to the foreign earnings
repatriation.  These factors were partially offset by after-tax
strategic initiative costs of US$3.9 million and after-tax Bass
exit costs of US$2.3 million in 2006.

The company recorded total assets of US$1.1 billion and total
liabilities of US$575.4 million, resulting to total
stockholders' equity of US$523.6 million as of Dec. 31, 2006.
Retained earnings as of Dec. 31, 2006, were US$349.5 million.

                         Borrowings

The company has a secured US$350 million revolving bank Amended
and Restated Credit Agreement, which was effective
July 21, 2004, and which expires on July 21, 2009.  The
Agreement provides for a maximum line of credit of US$350
million, subject to calculated borrowing base restrictions.  At
the end of 2006, the company had US$1 million of borrowings and
US$13.3 million of letters of credit outstanding under the
Agreement.  Total additional borrowing availability was about
US$320 million at the end of 2006.

In 2006, the company's total debt decreased US$49 million to
US$151 million, as the company utilized, in part, its 2006 cash
provided by operating activities.  The company believes that
borrowing capacity under the Agreement will be adequate to meet
its expected operational needs and capital expenditure plans.

                  Earnings Enhancement Plan

During 2006, the company initiated a plan to increase earnings
through cost reductions and efficiency initiatives and
reallocating resources and investment to drive consumer
preference.  Key elements of the plan include:

      (i) restructuring administrative and support areas;

     (ii) redesigning logistics and distribution platforms;

    (iii) reorganizing to eliminate operational redundancies;

     (iv) realigning strategic priorities; and

      (v) refining the supply chain process and enhancing
          inventory utilization.

Annual after-tax savings expected to be achieved upon completion
of the initiatives are estimated to be US$17 million to US$20
million.  The costs to implement this plan were US$6.3 million
and are estimated to be about US$23 million in 2007 and US$8
million in 2008, totaling about US$37 million pretax and US$23
million after-tax.  These estimates are preliminary and
differences may arise between these estimates and actual costs
to the company.  The company incurred charges totaling US$6.3
million in 2006.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1d61

                         About Brown Shoe

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc.
-- http://www.brownshoe.com/-- is a US$2.3 billion footwear
company with global operations including Brazil, Italy, China,
Hong Kong, and Taiwan.  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.

                        *     *     *

As reported in the Troubled Company Reporter on April 3, 2007,
Moody's Investors Service changed the outlook of Brown Shoe
Company, Inc., to positive from stable and affirmed its
Ba3 corporate family rating on the company.  Ratings that were
affirmed also include the company's Probability-of-default
rating at Ba3; US$150 Million guaranteed senior unsecured notes
due 2012 at B1, LGD5, 72%; and Speculative Grade Liquidity
Rating at SGL-2.


COMPANHIA DE BEBIDAS: Discloses Unit's Buyout Offer Results
-----------------------------------------------------------
Companhia de Bebidas das Americas aka AmBev disclosed the final
results of the previously announced voluntary offer made by
Beverage Associates Holding Ltd, a Bahamian corporation and a
wholly owned subsidiary of AmBev, to purchase up to 6,872,480
Class A shares and up to 8,661,207 Class B shares (including
Class B shares held as American Depositary Shares) of its
subsidiary Quilmes Industrial, Societe Anonyme.  The Offer
expired at 5:00 p.m., New York City time, on April 19, 2007.

At the expiration of the Offer, 2,535,448 Class A shares and
1,618,379 Class B shares (including Class B shares held as
ADSs), representing 0.63% of the voting rights of Quinsa, had
been tendered in and not withdrawn from the Offer.  The minimum
tender condition of the Offer, which required that 3,939,387
Class B shares (including Class B shares held as ADSs) be
validly tendered and not validly withdrawn, was not satisfied
and as a result, the Offer expired and will be withdrawn without
BAH purchasing any Class A shares or Class B shares (including
Class B shares held as ADSs).  All Class A shares and Class B
shares (including Class B shares held as ADSs) that were
tendered in the Offer will be returned promptly to the
respective holders thereof without any action required on the
part of the holders.

                          About Quinsa

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

                           About AmBev

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

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

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

                        *     *     *

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


COMPANHIA SIDERURGICA: Ships 950,000 Tons of Iron Ore
-----------------------------------------------------
A Companhia Siderurgica Nacional spokesperson told Business News
Americas that the company has shipped about 950,000 tons of iron
ore through its Sepetiba port terminal in Rio de Janeiro this
year.

According to BNamericas, Companhia Siderurgica acquired the iron
ore that was exported to Asia from third parties.

The spokesperson told BNamericas that Companhia Siderurgica sent
about 150,000 tons of the steel making input in February.
Another 450,000 tons was exported in March, and about 350,000
tons left this month.

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

                        *     *     *

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


NET SERVICOS: Posts BRL7.2 Mil. of Net Income in 2007 First Qtr.
----------------------------------------------------------------
Net Servicos de Comunicacao S.A. has reported its financial
results for the first quarter of 2007.  Income before Income
Taxes and Equity in earnings was BRL48.8 million, 80.8% more
than the BRL27.0 million result posted in 2006 first quarter and
the company's net income reached BRL25.0 million, a 249.5%
increase over the BRL7.2 million in 2006 first quarter.

The company continues its strategy of accelerated growth, with
focus on penetration increase over the existing infrastructure
and return on the investments made to acquire new clients.
Under this scenario, client bases of Pay TV and broadband rose
by 18% and 84% respectively and the voice client base ended the
quarter at 257,400 just 1 year after its launch.

In line with the organic growth, total revenues reached BRL721.4
million, a 31.2% growth compared to the same period in the
previous year With the costs and expenses under control, EBITDA
reached BRL151.6 million, 30.2% more than the BRL116.4 million
in first quarter 2006, with the margin improving to 27.0% from
26.5%

Selling expenses totaled BRL50.5 million but, due to larger
sales volume resulting from higher sales of combined products,
the unitary sale cost declined.  EBITDA before selling expenses
was BRL202.1 million, showing that the growth trend is exerting
a momentary pressure on the company's consolidated margin.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--
is a subscriber TV multi-operator in Brazil, as it operates the
NET brand in major cities, including operations in the 4 largest
cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto
Alegre.

NET also offers Broadband Internet services through its NET
VIRTUA brand name.

                        *     *     *

Moody's America Latina assigned on May 22, 2006, a Baa2.br
Brazilian National Scale Rating and a B1 Global Local Currency
Rating to Net Servicos de Comunicacao S.A.'s BRL650 million
debentures due in 2011 issued in September 2005.  Concurrently,
Moody's Investors Service affirmed Net's B1 global local
currency scale corporate family rating.  Moody's said the
ratings outlook is stable.


PETROBRAS BRASILEIRO: Clarifies Iparinga Group Acquisition
----------------------------------------------------------
Petroleo Brasileiro S.A., Ultrapar Participacoes S.A. and
Braskem S.A., in compliance with the order contained in the writ
of prevention issued by the Administrative Council for Economic
Defense -- CADE (the Brazilian anti-trust authority), in the
context of the agency's review of the acquisition, has informed
interested parties that:

   a) The companies appreciate the concern that motivated CADE
      to issue the Writ of Prevention and have already started
      to prepare analyses and information to be submitted to
      CADE, demonstrating that the transaction would benefit
      competitiveness of the petrochemical sector and would
      consolidate the Brazilian fuel distribution market without
      causing any harm to consumer interests.

   b) The Writ of Prevention did not affect the closing of the
      acquisition of the controlling interest of Ipiranga Group
      -- as described in the Material Event released on March 19
      this year - which was concluded April 19.

The companies will comply with the provisions contained in the
Writ of Prevention, as:

     (i) Petrobras, or any of its subsidiaries or affiliates, is
         forbiden to take part in deliberating, negotiating,
         discussing or any meeting, under any excuse, on matters
         concerning commercial and strategic aspects of Copesul
         -- Companhia Petroquimica do Sul, as well as to
         request, as a shareholder, documents, papers and
         information, which cover, even indirectly, decisions
         taken in these matters;

    (ii) Braskem S.A., or any of its subsidiaries or affiliates,
         is forbidden to take part in deliberating, negotiating,
         discussing or any meeting, under any excuse, on matters
         concerning commercial aspects and business development
         of the acquired Ipiranga Quimica S.A. and Ipiranga
         Petroquimica S.A. -- except in what regards those
         assets covered under item i -- as well as to request,
         as a shareholder, documents, papers and information,
         which cover, even indirectly, decisions taken in these
         matters;

   (iii) Petrochemical assets of the Ipiranga group -- except
         for those assets covered in item (i) and those related
         to these assets -- and the assets of Petrobras referred
         to in item (b), above, must remain a legally
         independent unit, including the continuance of the line
         of products, brand and distribution network;

    (iv) Decisions related to the development of the businesses
         of Copesul -- Companhia PetroquĦmica do Sul must
         preserve the economic value of the petrochemical assets
         covered in item (ii);

     (v) Petrobras, or any of its subsidiaries or affiliates, is
         forbidden to participate in deliberating, negotiating,
         discussing and any meeting, under any pretext, on
         commercially and strategically related matters related
         to the acquired fuel distribution business;

    (vi) With regard to items (i), (ii), (v), the independent
         manager that will be constituted, must preserve the
         competitive relationships previously existing in their
         operation;

   (vii) The petitioners must publish a Material Event
         announcement, under the terms of the applicable
         legislation, with the objective of informing the market
         of the conditions established by CADE in its writ of
         prevention, to preserve the competitive conditions in
         the sectors affected by the operation, as well as
         preserving the reversible nature of the transaction;

  (viii) The writ of prevention here presented may be reviewed
         at any time, at the behest of CADE or at the request of
         the petitioners, if in the judgment of the General
         Assembly of CADE, they do not affect the requirements
         that motivated its issuance, or that the measures
         adopted show themselves to be insufficient to guarantee
         the preservation of the reversible nature of the
         transaction;

    (ix) Infringement of any of these obligations herein
         established, declared by the Plenary Session of CADE,
         will be penalized with a daily fine, which will be
         registered against the company as an executed tax debt,
         of 100.000 (one hundred thousand) UFIRs, per item
         infringed, without any harm to the other applicable
         civil or criminal sanctions applicable, as well as the
         legal implementation of this decision, which
         constitutes an extrajudicial execution instrument for
         all legal purposes."

The closing of the acquisition of the shares of the controlling
shareholders of Ipiranga occurred April 19, under the terms
agreed in the Sale and Purchase Agreement signed on
March 18, 2007.  The amounts of ordinary and preferred shares in
each Ipiranga Group company set forth below were acquired from
the Controlling Shareholders:

                                   RPI        DPPI        CBPI
                                   ---        ----        ----
Ordinary shares linked to the
Shareholders Agreement         5,746,232  5,447,868       n.a.
% of Total Capital                 19.41%     17.02%       n.a.
Ordinary shares not linked to
the Shareholders Agreement       860,599  1,959,258  1,341,319
% of Total Capital                  2.91%     6.12 %      1.27%
Preferred shares                2,276,295  2,239,771        402
% of Total Capital                  7.69%      7.00%      0.00%

Payment for the acquisition of the shares described above
amounted to BRL2.1 billion.

                        About Braskem

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.

                 About Ultrapar Participacoes

Ultrapar Participacoes S.A. (NYSE: UGP) (BOVESPA: UGPA4) is a
company with two main operations: LPG distribution (through its
fully-owned subsidiary Ultragaz Participacoes Ltda.) and
chemical production (through its also fully-owned subsidiary
Oxiteno S.A.). A third smaller but growing business is the
transportation and storage of chemicals and fuels, Ultracargo
Operacoes Logisticas e Participacoes Ltda., which completes
Ultrapar's business portfolio and reinforces the trend for
further business diversity in the long run.

                       About Petrobras

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.


NORTEL NETWORKS: Unit Inks Network Deal with Austrian Railways
--------------------------------------------------------------
Austrian Railways (OBB) has selected Kapsch CarrierCom AG and
Nortel Networks Limited to deploy a national network that will
deliver vital uninterrupted communications for staff working on
trains and ground-based operations.

Kapsch CarrierCom will provide OBB with a new digital European
standard GSM-R system for connecting railway staff on board OBB
trains to the European railway radio system.  The system will
also create a secure ground-based platform to deliver enhanced
voice and data communications within Austria and abroad.
Initially, digital radio communications will be installed on
trains serving OBB's main international routes, which cross
borders to Germany and countries in Eastern Europe.

Creating the new digital railroad radio system for OBB is a
turnkey project with Nortel as the sole GSM-R infrastructure
equipment provider.  Kapsch CarrierCom is the general contractor
responsible for delivering all contractually agreed network
elements and services from network planning through to
commissioning and servicing.  Kapsch CarrierCom is also working
with OBB-Infrastruktur Bau AG, which is providing a major part
of the infrastructure requirement and with other Austrian
companies.

"Kapsch CarrierCom is a leader in implementing digital railroad
communications in Europe," Thomas Schopf, Kapsch CarrierCom
director, said.  "By adding our decades of analogue know-how and
the latest digital knowledge to Nortel's GSM-R expertise we're
able to support OBB's communications services and help them
enhance staff efficiency and deliver passenger satisfaction."

"This win with Kapsch in Austria will expand and simplify
digital railroad communications in Central Europe," Wim te Niet,
Nortel Central Region president, said.  "GSM-R network coverage
for this key railway corridor is vital for creating a uniform
cross-border digital train radio system.  Once OBB's system is
up and running its international freight and passenger trains
will need only one on-board communication system."

"This new contract underscores Nortel's continuing commitment to
GSM and we're delighted to be playing our part in establishing a
new era of wireless communications that is making European rail
travel more efficient, simpler, convenient and safe," Gerry
Collins, leader Wireless EMEA, Nortel, said.  "With Kapsch
CarrierCom Nortel has successfully deployed GSM-R networks in
the Czech Republic and Slovakia.  Now that we've secured the
major GSM-R projects in Central Europe, Nortel intends to make
tracks into neighbouring countries in Eastern and Southern
Europe."

A world leader in GSM-R technology, Nortel has to date been
selected to deploy GSM-R networks in three continents and ten
countries, including national deployments for the three largest
railway operations in Europe-RFF in France, Network Rail in
Great Britain and Deutsche Bahn in Germany.  Most recently
Nortel was selected by the Algerian SNTF for the first GSM-R
contract on the African continent and by TP Ferro for the high-
speed Figueras-Perpignan line connecting Spain and France.

Nortel has been a pioneer in the GSM-R standards process since
1992 and works with Union Internationale des Chemins de Fer
(UIC) and the Europe Telecommunications Standards Institute
(ETSI) on standards improvements.  Nortel supplied equipment for
the initial Mobile Radio for Railways Networks in Europe
(MORANE) trial and was a major contributor to the European
Integrated Railway Radio Enhanced Network (EIRENE) GSM-R
standard.

                   About Kapsch CarrierCom AG

Kapsch CarrierCom AG is a Kapsch Group company that specializes
in voice and data transmission solutions for landline and mobile
network operators.  Kapsch CarrierCom caters for every stage in
the process - from analysis, consulting, design, development,
installation and training to the maintenance and operation of
entire networks.

                         About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative 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 does business in more than 150
countries including the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                        *     *     *

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 said 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.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  S&P said the outlook is stable.


RBS PARTICIPACOES: S&P Puts B+ Corp. Credit Rating on Pos. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on RBS Participacoes S.A. on CreditWatch
with positive implications.

"This action follows the company's significant capital structure
improvement after it repaid its US$59 million bond in April
2007," said Standard & Poor's credit analyst Beatriz Degani.  In
addition, Standard & Poor's expects the company may further
improve its debt profile, in particular lengthening its debt
amortization schedule and reducing refinancing risks.  Standard
& Poor's expects to resolve the CreditWatch listing within the
next couple of weeks after it holds committee discussions.

Brazil-based RBS Participacoes S.A. is part of RBS Comunicacoes
S.A., which operates in television and radio broadcasting,
newspaper publishing, and other media businesses in the southern
region of the country.  The main companies of the RBS Group
(representing about 80% of revenues) are Zero Hora-Editora
Jornalistica S.A., Televisao GauchaS.A., RBS TV de Florianopolis
S.A., and Radio Gaucha S.A.


TK ALUMINUM: Completes Sale of Polish Unit to Tenedora Nemak
------------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a.r.l., S.C.A., has completed the sale of its
subsidiary Teksid Aluminum Poland Sp.z o.o to Tenedora Nemak,
S.A. de C.V., a subsidiary of ALFA, S.A.B. de C.V.  The company
remains obligated to sell its remaining 40% equity interest in
its Chinese joint venture.

The aggregate purchase price allocated to the sale of Teksid
Poland was approximately US$56.1 million in cash consideration
plus the issuance of an additional 0.83% synthetic equity
interest in the Nemak business.

The aggregate cash proceeds received by the company at closing
in connection with the sale of Teksid Poland were approximately
US$29.9 million plus US$3 million as the result of the issuance
of a loan by ALFA, prior to the deduction of a contingency
reserve and other amounts permitted in accordance with the
supplemental indenture, effective as of March 15, 2007,
governing the company's outstanding 11-3/8% Senior Notes due
2011.

The company is required to commence a tender offer with certain
of the cash proceeds from the sale of Teksid Poland not later
than 30 days after consummation of such sale.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

Until Sept. 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between Sept. 30, 2002 and Nov. 22, 2002,
Teksid S.p.A. sold its aluminum foundry business to a consortium
of investment funds led by equity investors that include
affiliates of each of Questor Management Company, LLC, JPMorgan
Partners, Private Equity Partners SGR SpA and AIG Global
Investment Corp.  As a result of the sale, Teksid Aluminum is
now owned by its equity investors through TK Aluminum Ltd., a
Bermuda holding company.

                        *     *     *

On Jan. 16, Moody's Investors Service placed TK Aluminum
Ltd.'s long-term corporate family rating at Caa3.




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


AKATSUKI CAPITAL: Will Hold Final Shareholders Meeting on May 18
----------------------------------------------------------------
Akatsuki Capital Holdings Ltd. will hold its final shareholders
meeting on May 18, 2007, at 10:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


ALBA CAPITAL: Sets Final Shareholders Meeting for May 17
--------------------------------------------------------
Alba Capital Funds Ltd. will hold its final shareholders meeting
on May 17, 2007, at 10:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Q&H Nominees Ltd.
         Attention: Greg Link
         P.O. Box 1348
         George Town, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: 949 4123
         Fax: 949 4647


ARRAN PARTNERS: Will Hold Final Shareholders Meeting on May 17
--------------------------------------------------------------
Arran Partners International will hold its final shareholders
meeting on May 17, 2007, at 10:05 a.m., at:

         Queensgate House, South Church Street
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Ogier
         Attention: Ramanan Navakadadcham
         Queensgate House, South Church Street
         Grand Cayman, Cayman Islands
         Telephone: (345) 949 9876
         Fax: (345) 949 1986


ARRAN PARTNERS INT'L: Sets Last Shareholders Meeting for May 17
---------------------------------------------------------------
Arran Partners International Master Fund, Ltd. will hold its
final shareholders meeting on May 17, 2007, at 10:00 a.m., at:

         Queensgate House, South Church Street
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Ogier
         Attention: Ramanan Navakadadcham
         Queensgate House, South Church Street
         Grand Cayman, Cayman Islands
         Telephone: (345) 949 9876
         Fax: (345) 949 1986


EOS SECTOR: Will Hold Final Shareholders Meeting on May 17
----------------------------------------------------------
EOS Sector Strategies Offshore Ltd. will hold its final
shareholders meeting on May 17, 2007, at 12:00 p.m., at the
company's offices.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Jodi Jones
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8694
         Fax: (345) 945 4237


ESS MASTER: Sets Final Shareholders Meeting for May 17
------------------------------------------------------
ESS Master Fund Ltd. will hold its final shareholders meeting on
May 17, 2007, at 11:00 a.m., at the company's offices.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Jodi Jones
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8694
         Fax: (345) 945 4237


FAIRFIELD TRAFALGAR: Proofs of Claim Filing Deadline Is May 17
--------------------------------------------------------------
Fairfield Trafalgar Fund Ltd.'s creditors are given until
May 17, 2007, to prove their claims to Chris Humphries and Mark
Cummings, 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.

Fairfield Trafalgar's shareholder decided on March 27, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Chris Humphries
          Mark Cummings
          c/o Stuarts Walker Hersant
          Cayman Financial Centre
          36a Dr. Roy's Drive, George Town
          P.O. Box 2510
          Grand Cayman KY1-1104
          Cayman Islands


HENDERSON CYBER: Sets Final Shareholders Meeting for May 17
-----------------------------------------------------------
Henderson Cyber Ltd. will hold its final shareholders meeting on
May 17, 2007, at 10:00 a.m., at:

         72-76/F, Two International Finance Centre
         8 Finance Street, Central
         Hong Kong,

These agendas will be taken during the meeting:

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

   2) 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:

         Fung Kit Yee
         72-76/F, Two International Finance Centre
         8 Finance Street, Central
         Hong Kong


MILTON INT'L: Will Hold Final Shareholders Meeting on May 17
------------------------------------------------------------
Milton International Corp. will hold its final shareholders
meeting on May 17, 2007, at 11:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

   2) authorizing the liquidator to retain the company's records
      for a period of six years from its dissolution,
      after which they may be destroyed.

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

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Jodi Jones
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8694
         Fax: (345) 945 4237


SPECIALIST LOW: Sets Final Shareholders Meeting for May 17
----------------------------------------------------------
Specialist Low Volatility (Euro) Fund Ltd. will hold its final
shareholders meeting on May 17, 2007, at 10:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Q&H Nominees Ltd.
         Attention: Greg Link
         P.O. Box 1348
         George Town, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: 949 4123
         Fax: 949 4647


STINSON CAPITAL: Will Hold Final Shareholders Meeting on May 18
---------------------------------------------------------------
Stinson Capital Fund (Cayman), Ltd. will hold its final
shareholders meeting on May 18, 2007, at 9:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


UNIQUE OPPORTUNITIES: Sets Final Shareholders Meeting for May 17
----------------------------------------------------------------
Unique Opportunities Fund Ltd. will hold its final shareholders
meeting on May 17, 2007, at 10:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Jodi Jones
         P.O. Box 258
         Grand Cayman KY1- 1104
         Cayman Islands
         Telephone: (345) 914 8694
         Fax: (345) 945 4237


UNIQUE OPPORTUNITIES (MASTER): Shareholders Meeting Is on May 17
----------------------------------------------------------------
Unique Opportunities (Master) Fund Ltd. will hold its final
shareholders meeting on May 17, 2007, at 10:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Jodi Jones
         P.O. Box 258
         Grand Cayman KY1- 1104
         Cayman Islands
         Telephone: (345) 914 8694
         Fax: (345) 945 4237


VOGAN INVESTMENTS: Sets Final Shareholders Meeting for May 17
-------------------------------------------------------------
Vogan Investments will hold its final shareholders meeting on
May 17, 2007, at 2:00 p.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Miguel Brown
         P.O. Box 258
         Grand Cayman KY1- 1104
         Cayman Islands
         Telephone: (345) 914 8694
         Fax: (345) 945 4237




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


CONSTELLATION BRANDS: Peter Soderberg to Join Board of Directors
----------------------------------------------------------------
Constellation Brands Inc.'s Board of Directors authorized an
increase in board positions from seven to eight, and approved
Peter H. Soderberg to fill the new board seat effective
April 4, 2007.

Mr. Soderberg is currently president and Chief Executive Officer
of Batesville, Indiana-based Hillenbrand Industries Inc., a
public holding company for two major operating businesses
serving the healthcare and funeral services industries.

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

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

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.   One of
Constellation Brands wine and grape processing facilities is
located in Casablanca, Chile.

                        *     *     *

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

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

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


CONSTELLATION BRANDS: Earns US$331.9 Mln for Year Ended Feb. 28
---------------------------------------------------------------
Constellation Brands Inc. posted US$331.9 million in net profit
on US$6.4 billion in net revenues for the financial year ended
Feb. 28, 2007, compared with US$325.5 million in net profit on
US$5.7 billion in net revenues for the financial year ended
Feb. 28, 2006.

The company posted US$70.2 million in net profit on
US$1.4 billion in net revenues for the fourth quarter ended
Feb. 28, 2007, compared with US$58.2 million in net profit on
US$1.3 billion in net revenues for the fourth quarter ended
Feb. 28, 2006.

"While we had a solid year of organic net sales growth, our
earnings performance was somewhat challenged by competitive
conditions in the U.K. market," Richard Sands, Constellation
Brands chairman and chief executive officer, said.  "However,
the Constellation Brands business remains fundamentally sound
and we were able to achieve several long-term strategic goals
throughout the year, including the acquisition and integration
of Vincor, formation of the Crown Imports beer joint venture,
initiation of the SVEDKA Vodka acquisition and refining the
organizational and operational structure of our wine business."

"To address the weakness experienced in the U.K., we are setting
in motion initiatives to grow our business there in under-
developed routes-to-market and channels while expanding our
presence in other European markets. We are also taking steps to
maximize operating efficiencies and achieve increased
profitability in the U.K. We always take a long-term view and we
are confident in our ability to capture growth opportunities and
create value over the long term."

As of Feb. 28, 2007, Constellation Brands had US$9.4 billion in
total consolidated assets, US$6 billion in total consolidated
liabilities, and US$3.4 billion in total shareholders' equity.

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  The company
also operates in the United Kingdom, Canada, Australia, Japan,
and New Zealand.   One of Constellation Brands wine and grape
processing facilities is located in Casablanca, Chile.

                        *     *     *

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

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

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




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


BANCOLOMBIA SA: Banagricola Offer Remains Open Until May 8
----------------------------------------------------------
Bancolombia (Panama) S.A., a subsidiary of Bancolombia S.A., has
received, as of April 17, 2007, acceptances to the public tender
offer for the acquisition of shares of Banagricola S.A.
amounting to more than 53.089144% of Banagricola's outstanding
shares, which exceeds the minimum required amount for the
transaction.

The tender offer was initiated on April 9, 2007, simultaneously
in the markets of El Salvador and Panama and will remain open
until May 8, 2007.

                      About Bancolombia

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

                        *     *     *

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

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

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

Moody's said the rating outlook is stable.

The ratings remain on rating watch negative:

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


GRAN TIERRA: Will Drill Second Exploration Well in Putumayo
-----------------------------------------------------------
Business News Americas reports that Gran Tierra Energy wil drill
a second exploration well, moving the drilling rig to a new
location in the Guayuyaco block of the Putumayo basin in
Colombia.

Gran Tierra said in a statement that Juanambu-1, the first
exploratory well in the area, has already encountered "reservoir
quality sandstones with hydrocarbon shows in four zones."

BNamericas relates that Gran Tierra owns a 50% working interest
and is the operator of the Guayuyaco block.  Solana Resources
holds the other 50% interest.

According to BNamericas, Colombian state-run oil company
Ecopetrol has the right to buy a 30% interest once commerciality
is declared.

Meanwhile, Gran Tierra is organizing a rig to drill new
exploratory well Costayaco-1 on the Chaza block, where the
company owns a 50% stake, BNamericas states.

Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America.  The company currently holds
interests in producing and prospective properties in Argentina,
Colombian and Peru.

                        *     *     *

Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future.  The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and, as at Sept. 30, 2006, had an accumulated deficit of US$4.1
million.




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


BANCO INTERCONTINENTAL: Spends DOP400 Million for Radio Stations
----------------------------------------------------------------
Banco Intercontinental spent DOP400 million in the purchase of
the National System of Broadcasting's radio stations, Dominican
Today reports, citing Zunilda Paniagua, a member of the Banco
Intercontinental Liquidator Commission who testified before the
National District 1st Collegiate Court of the Dominican Republic
in favor of the prosecution in the bank's DOP55-billion fraud
case.

Dominican Today relates that Ms. Paniagua, under cross-
examination by former Banco Intercontinental head Ramon Baez
Figueroa's defense team, stated that the transmitters were
bought with Banco Intercontinental funds, and former Banco
Intercontinental head Ramon Baez Figueroa was involved.

As reported in the Troubled Company Reporter-Latin America on
April 13, 2007, Ms. Paniagua said that rumors of a probe before
the collapse of Banco Intercontinental were among the main
causes of the withdrawals of deposits from the bank.
Withdrawals of the savings were revealed when Ms. Paniagua
mentioned a letter that former Banco Intercontinental head Ramon
Baez Figueroa sent Jose Miguel Soto Jimenez -- who was the Armed
Forces Minister -- regarding the start of a probe into alleged
irregularities in the bank with the issuing of a credit card to
former army colonel Pedro Julio (Pepe) Goico.

Judges Antonio Sanchez Mejia, Pilar Rufino and Giselle Mendez
heard the case, Dominican Today states.

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




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


PETROBRAS ENERGIA: Unit Makes Public Offering of US$300MM Notes
---------------------------------------------------------------
Petrobras Energia S.A., a subsidiary of Petrobras Energia
Participaciones S.A., has resolved to make a public offering of
Series S Notes in an amount of up to US$300 million due ten
years from the date of issue, in accordance with a resolution
adopted by the Board of Directors on March 6, 2007.

Information about interest coupon, interest maturity and
investor's return will be provided based on the indications of
interest received by the Company during the term established to
such effect.  Proceeds of the notes will be applied to:

    (i) working capital; or

   (ii) investments in tangible assets located in Argentina; or

  (iii) debt refinancing.

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

                        *     *     *

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

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


PETROECUADOR: Unit to Form Commission to Evaluate Auca Spill
------------------------------------------------------------
Petroproduccion, a subsidiary of Ecuadorian state-owned oil
company Petroecuador, will create a commission in cooperation
with the environment ministry and the energy and mines ministry
to re-evaluate the effect of the Auca 15 well spill, Business
News Americas reports.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2007, Petroecuador said that oil had leaked from its
Petroproduccion unit's Auca 22 well.  The leak, which began on
April 13, was due to the removal of a clamp from the well.
Workers at Petroproduccion replaced the clamp immediately,
stopping the spill and preventing the contamination of river
Tiputini.

BNamericas relates that the commission will determine the amount
of spilled and recovered crude.  It will also be in charge of
complete cleaning and refurbishment.

A statement posted on Ecuador's presidential Web site says that
the commission would also conduct necessary remediation works.

Petroproduccion will supply potable water to residents of areas
affected by the spill, BNamericas states.

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.




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


BRITISH AIRWAYS: Cabin Crew Union Accepts Airline's Proposal
------------------------------------------------------------
British Airways has reached an agreement with its cabin crew
union, resolving pay, pensions and other employment issues, The
Associated Press reports, citing the Transport and General
Workers Union.

According to AP, the crew had planned to hold demonstrations
earlier this year over a number of issues -- pay and pensions,
sickness absence policy and staffing levels.  Because of this,
British Airways had canceled flights.  However, the crew decided
to postpone the strikes.

The union told AP that 11,000 cabin crew-members have approved
an accord that allows an 18.75% boost in pay for pension
purposes and accepted changes to help deal with the 2.1 billion
pound deficit in the airline's pension plan.

"This is a good result for our members, BA [British Airways] and
the traveling public.  We welcome the direct involvement cabin
crew representatives will now have with BA Chief Executive
Willie Walsh," Jack Dromey, the union's deputy general
secretary, commented to AP.

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

                        *     *     *

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


IMAX CORP: Inks Theatre Systems Installation Pact with Muvico
-------------------------------------------------------------
IMAX Corporation and Muvico Theaters, Inc., has entered into a
joint venture agreement for the installation of three IMAX(R)
theatre systems at multiplexes in Florida and New Jersey,
including the high profile Xanadu project at the Meadowlands in
East Rutherford, New Jersey, across the river from New York
City.  The announcement marks the second multiple IMAX theatre
joint venture commitment this year, advancing IMAX's joint
venture strategy, which was put in place to supplement the
growth of its theatre network through partnerships with key
commercial exhibitors.

Under the terms of the agreement, the first IMAX theatre is
expected to open at the Baywalk 20 in St. Petersburg, Florida,
in time for the May 4th release of Spider-Man 3.  The second
system will be installed at the Parisian 20 multiplex in West
Palm Beach, Florida and is expected to open in time for the July
13 release of Harry Potter and the Order of the Phoenix.  The
third IMAX theatre is scheduled to be installed in 2008 as part
of a new multiplex in the highly-anticipated Xanadu complex in
East Rutherford, NJ.

"Muvico Theaters operates some of the top performing multiplex
locations in North America and we are delighted with their
decision to get into the IMAX theatre business," said IMAX's Co-
Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J.
Wechsler.  "Our joint venture strategy is gaining traction in
North America, as IMAX DMR(R) releases such as 300 continue to
deliver strong box office performances and leading exhibitors
continue to realize the potential of the IMAX theatre business."

"A big part of our strategy is to offer a premium movie
experience that people can't get at home or in any other type of
theatre and IMAX furthers that objective," said Michael Whalen,
President and CEO of Muvico Theaters.  "With major event movies
like Spider-Man 3 and Harry Potter and the Order of the Phoenix
coming out in IMAX's immersive format in the coming months, we
feel strongly that now is the right time to enter the IMAX
theatre business."

The new IMAX theatres will be capable of playing Hollywood event
films that have been digitally re-mastered into IMAX's format,
as well as original IMAX productions in 2D and IMAX(R) 3D.
IMAX's 2007 film slate already includes three of the year's most
anticipated releases, with 300, which opened to sellout shows at
IMAX theatres worldwide starting on March 9; Spider-Man 3, which
opens May 4; and Harry Potter and the Order of the Phoenix,
which opens July 13.

The Meadowlands Xanadu (also known as the Xanadu Project) will
be a retail and entertainment complex in the Meadowlands Sports
Complex in New Jersey.  It will be the largest retail and
entertainment complex in New Jersey, and will include 4.8
million square feet of entertainment, sports, retail, office,
and hotel space.

                    About Muvico Theaters

Muvico Theaters, Inc. was founded in 1984 and currently operates
228 screens in 12 theatres across the USA. Muvico Theaters'
average number of screens per location is 19.5, the highest in
the industry.  Its strategy is to develop, acquire and operate
state-of-the-art megaplex theaters in entertainment centers in
mid-sized metropolitan markets and suburban growth areas of
larger metropolitan markets in any suitable location.

                          About IMAX

IMAX Corporation - http://www.imax.com-- is an entertainment
technology company specializing in large-format and three-
dimensional (3D) film presentations. The company's principal
business is the design, manufacture, sale and lease of
projection systems based on technology for large-format, 15-
perforation film frame, 70-mm format (15/70-format) theaters,
including commercial theaters, museums and science centers, and
destination entertainment sites.  IMAX has locations in
Guatemala, India, Italy, among others.

As reported in the TCR-Europe on March 22, Standard & Poor's
Ratings Services affirmed its ratings, including the 'B-'
corporate credit rating, on IMAX Corp. and removed them from
CreditWatch, where they were placed on March 10, 2006, with
developing implications.


TECO ENERGY: Moody's Ups Senior Unsecured Debt Rating to Ba1
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of TECO Energy,
Inc., including its senior unsecured debt rating, to Ba1 from
Ba2.  TECO Energy's ratings remain on review for possible
further upgrade.  The Corporate Family Rating and Probability-
of-Default Rating for TECO Energy have been withdrawn.  In
addition, Moody's affirmed the ratings of Tampa Electric Company
(Baa2 senior unsecured, stable outlook).

The upgrade of TECO Energy's ratings reflects reduced business
risk, lower cash flow volatility, and stronger financial metrics
exhibited following the company's exit from merchant generation
activities.  As a result, TECO Energy management has utilized
improved and more predictable cash flow over the last year to
reduce leverage at the parent company level, much of which was
incurred to finance previous diversification activities.  TECO
Energy expects to redeem US$300 million of holding company debt
maturing on May 1, 2007, from cash on hand.

"TECO has announced plans to accelerate the retirement of an
additional US$500 million of parent company debt in 2007 and
2008 with the proceeds from the sale of TECO Transport and
through cash generation, which should continue to improve
financial coverage ratios" said Michael G. Haggarty, Vice
President and Senior Credit Officer.  As a result, consolidated
financial results are expected to be near or at investment grade
levels in 2007 for a utility holding company with an overall
risk category in the medium range, in accordance with Moody's
Rating Methodology for Global Regulated Electric Utilities.

The upgrade also considers Moody's expectation that TECO Energy
will derive an increasing proportion of its cash flow from its
regulated utility operations, particularly following the
expiration of synfuel tax credits at the end of 2007.  This
justifies a narrower notching between the ratings of TECO Energy
and its major regulated subsidiary, Tampa Electric.  In
addition, lower synfuel related cash flow volatility and the
company's hedge of its 2007 synfuel cash benefits should permit
it to generate relatively stable cash flows over the next
several years.  Much of this internal cash flow generation will
be utilized to support growing capital expenditure needs at
Tampa Electric.

The ratings of TECO Energy remain on review for possible upgrade
due to the potential sale of TECO Transport, TECO's shipping and
barge subsidiary, which could occur later this year.  "The sale
of TECO Transport will continue to lower the business risk of
the consolidated TECO Energy enterprise, facilitate the
reduction of debt at the parent company level, and could result
in an upgrade of TECO Energy's senior unsecured rating to
investment grade", said Mr. Haggarty.  The review will focus on
the progress and timing of the transport sale, the amount of net
proceeds, the magnitude of projected additional debt retirements
in 2007 and 2008, and TECO Energy's long-term financing plans to
meet growing capital expenditure needs for environmental
compliance and generation expansion at Tampa Electric.

The affirmation of Tampa Electric's ratings reflects the
stronger coverage metrics exhibited in 2006 after fuel cost
deferrals weakened credit metrics in 2005 and financial measures
that are consistent with a mid-to-high Baa rating in accordance
with Moody's rating methodology for global regulated electric
utilities.  These include a ratio of cash from operations prior
to changes in working capital plus interest to interest of 4.4
times and a ratio of cash from operations prior to changes in
working capital to debt of 23% for the twelve months ending
Dec. 31, 2006, which are expected to remain in this range going
forward.  Tampa Electric's ratings are constrained by much
higher capital spending needs over the next several years,
peaking at over US$1 billion in 2010; higher anticipated debt
issuances at the utility; a reliance on equity contributions
from the parent to maintain its capital structure over this time
period; and higher operating expenses in recent years.

Ratings upgraded and remaining on review for possible upgrade
include:

  -- TECO Energy's senior unsecured debt, to Ba1 from Ba2.

Ratings affirmed include:

  -- Tampa Electric's Baa2 senior unsecured debt and
     Issuer Rating.

Concurrently, Moody's has withdrawn these ratings for TECO
Energy:

  -- Corporate Family Rating;
  -- Probability-of-Default Rating; and
  -- Speculative Grade Liquidity rating.

In addition, all of TECO Energy's and Tampa Electric's Loss-
Given-Default (LGD) assessments have been withdrawn.

TECO Energy, Inc. -- http://www.tecoenergy.com/-- is an
integrated energy-related holding company with regulated utility
businesses, complemented by a family of unregulated businesses.
Its principal subsidiary, Tampa Electric Company, is a regulated
utility with both electric and gas divisions (Tampa Electric and
Peoples Gas System).  Other subsidiaries are engaged in
waterborne transportation, coal and synthetic fuel production
and electric generation and distribution in Guatemala.




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


MIRANT CORP: Inks Sale Pact for Caribbean Biz with Marubeni Unit
----------------------------------------------------------------
Mirant Corporation (NYSE: MIR) has entered into a definitive
purchase and sale agreement with a subsidiary of Marubeni
Corporation for the sale of its Caribbean business for US$1.082
billion, which includes related debt of approximately US$350
million, power purchase obligations of approximately US$153
million and estimated working capital at closing.  The net
proceeds to Mirant from the sale are expected to be
approximately US$565 million after payment of transaction costs
estimated to be approximately US$14 million.  Upon completion of
the transaction, Mirant expects to realize a pre-tax gain of
approximately US$65 million for financial reporting purposes and
a gain for tax reporting purposes of approximately US$150
million.  The transaction is expected to close by mid-2007 after
the satisfaction of various conditions to closing.

Mirant's Caribbean business includes controlling interests
in two integrated utilities: Jamaica Public Service Company
of which Mirant owns 80% and Grand Bahama Power Company
of which Mirant owns 55%.  Mirant also owns 39% of PowerGen, the
owner and operator of three power plants in Trinidad, 25% of
Curacao Utilities Company which provides electricity and other
utility services and a $40 million convertible preferred equity
interest in Aqualectra, an integrated water and electric company
in Curacao.

JPS purchases power under power purchase agreements with two
independent generation companies.  The sole purpose of these
independent companies is to generate power for sale to JPS.
Prior to the third quarter of 2006, Mirant had accounted for the
PPAs as capital leases.  During the third quarter of 2006,
Mirant reevaluated these PPAs based on evolving interpretations
of the Financial Accounting Standards Board Interpretation No.
46, "Consolidation of Variable Interest Entities," as amended.
As a result of this reevaluation, beginning with the third
quarter of 2006, Mirant now consolidates the assets and
liabilities of the two independent generation companies and,
accordingly, does not reflect the PPAs as capital leases.  The
PPAs will remain obligations of JPS after the sale is completed.

"We have valued doing business in Curacao, Grand Bahama,
Jamaica and Trinidad," said Edward R. Muller, Chairman and Chief
Executive Officer of Mirant Corporation.  "We wish the people of
all four countries and Marubeni Corporation great success."

Mirant was advised in the transaction by J.P. Morgan
Securities Inc., as financial advisor.

                  About Mirant Corporation

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.  Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen,
LLC, Mirant Bowline, LLC, Mirant Lovett, LLC, Mirant New York,
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.


* JAMAICA: Audley Shaw Suggests Debt Reduction Measures
-------------------------------------------------------
Audley Shaw, Jamaican opposition party's spokesperson on
finance, disclosed during the 2007/08 Budget Debate in Gordon
House some measures to lessen the government's debt burden,
including placing constitutional limits on annual borrowing, the
Jamaica Information Service reports.

JIS relates that Mr. Shaw said, "While caps must have some
flexibility and are not capable of totally solving the problem,
they will serve as an important benchmark and impose an
additional layer of oversight into the borrowing process."

JIS emphasizes that Mr. Shaw suggested during the Budget Debate:

          -- lending from multi-lateral institutions;

          -- an audit of valuable government assets by an
             independent body, with a view to using some of the
             assets as sources of budgetary support;

          -- using the proceeds of the PetroCaribe accord to pay
             off expensive domestic debt, and a report on
             monthly expenditures under the PetroCaribe Fund;

          -- using foreign currency flows as a debt-fighting, as
             bonds backed by these flows would receive interest
             rates significantly below Jamaica's global and
             Eurobonds, and the proceeds of the bonds could then
             be used to repay more expensive debt and lower
             annual interest costs;

          -- issuance of Diaspora bonds; and

          -- partnership with the private sector on debt
             interest rate reduction.

Lending from multi-lateral institutions should be on Jamaica's
terms, JIS notes, citing Mr. Shaw.  "Assuming (that the) pre-
conditions are consistent with our overall economic policy, we
propose re-examining the possibility of borrowing from a
consortium of multilaterals at rates significantly below what
Jamaica can access in the capital markets," Mr. Shaw said.

The funds could be used to refinance costly instruments and
further lessen borrowing costs, as well as finance special
projects like the Education Transformation Program, JIS says,
citing Mr. Shaw.

JIS underscores that Mr. Shaw also proposed an independent body
conduct a comprehensive audit of valuable government assets,
with a view to using some of the assets as sources of budgetary
support.  "Considerable budgetary support can be generated by
strategically eliminating loss-making entities and divesting
profitable entities via privatization or public equity offering
on the Jamaica Stock Exchange," Mr. Shaw said.

According to JIS, Mr. Shaw said that the proceeds of the
PetroCaribe accord could be used to pay off expensive domestic
debt, and this move alone could reduce debt to Gross Domestic
Product ratio by 8% in three years.  He also suggested that the
financial secretary present to the parliament monthly
expenditure reports on activities under the PetroCaribe Fund.

JIS reports that Mr. Shaw said foreign currency flows could be
used as a debt-fighting tool.  "If separated and securitized,
bonds backed by these flows would receive interest rates
significantly below Jamaica's global and Eurobonds.  The
proceeds of these bonds could then be used to repay more
expensive debt and lower annual interest costs," Mr. Shaw
stated.  According to him, similar structures were successfully
implemented in Russia, Mexico and Venezuela.

The issuance of Diaspora bonds should also be explored as the
Diaspora was "an immense financial resource to the development
of Jamaica," JIS says, citing Mr. Shaw.  Already contributing
through remittances, the Jamaican Diaspora could be tapped into
as a debt-fighting tool.  "Offering the Diaspora the ability to
invest in bonds whose proceeds could be used to pay down more
expensive debt, would provide a market-based solution to the
debt problem, and at the same time, provide a formal means to
strengthen the financial ties between the Diaspora and
communities in Jamaica," Mr. Shaw continued.

JIS states that Mr. Shaw also suggested that the government
create a partnership with the private sector on debt interest
rate reduction.  According to him, the private sector, including
financial institutions, has a vested interest in working with
the government to resolve the debt burden.

As reported in the Troubled Company Reporter-Latin America on
April 19, 2007, Mr. Shaw said that the current debt policy is
fundamentally unsustainable, carping on the government's
handling of the nation's debt burden.  According to him, the
debt is huge and is also "dangerously" unstable with 50%
connected to foreign currency.  Mr. Shaw blamed the government
for putting Jamaica in a position where even a mild devaluation
would lead to billions more to service debt and complained on
the increasing financial losses of government-owned entities:

          -- Sugar Company of Jamaica,
          -- Air Jamaica,
          -- Clarendon Alumina Partners,
          -- the Financial Services Commission, and
          -- the National Road Operating and Constructing
             Company.

                        *     *     *

As reported on March 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B' ratings on Jamaica's long-term and short-term
sovereign credit, with stable outlook.


* JAMAICA: Finance Ministry To Sell 10-Year Bonds
-------------------------------------------------
Jamaica's Finance Ministry will float a 10-year variable rate
bond, the Jamaica Gleaner reports.

According to The Gleaner, the bond's initial interest payment --
fixed at 11.55%, equal to the current yield on prevailing 91-day
treasury bill -- will be in July.

The Gleaner relates that after the first three months of the
issue, interest on the bond -- which remains open to subscribers
until next Monday -- will be payable at the three-month treasury
bill rate plus 1.5%.

The bond is taxable and doesn't qualify as a liquid asset.  It
matures on April 21, 2017, The Gleaner states.

                        *     *     *

As reported on Mar. 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B' ratings on Jamaica's long-term and short-term
sovereign credit, with stable outlook.




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


CLEAR CHANNEL: To Pay US$0.1875 Per Share Dividend
--------------------------------------------------
Clear Channel Communications, Inc.'s Board of Directors has
declared a quarterly cash dividend of $0.1875 per share on its
Common Stock.  The dividend is payable on July 15, 2007, to
shareholders of record at the close of business on
June 30, 2007.

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 in various countries
around the world.  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.


CLEAR CHANNEL: Inks Advertising Pact with Google
------------------------------------------------
Clear Channel Communications Inc.'s affiliate, Clear Channel
Radio, and Google Inc., have agreed to sell a guaranteed portion
of 30-second advertising inventory available up to 675 of Clear
Channel's AM/FM stations.  Specific financial terms are not
being disclosed.

"This is a true win-win," said John Hogan, Chief Executive
Officer of Clear Channel Radio.  "Clear Channel Radio gets
access to an entirely new group of advertisers within a new and
complementary sales channel, and Google adds another option for
its existing customers.  Google has proven its ability to gain
premiums for advertising inventory and that fits perfectly into
our broader strategy of building value for advertisers while
increasing our overall revenue yield.  We're committed to
working with the best-in-class and Google has a real economic
incentive to produce meaningfully higher CPMs."

Under the agreement, Google Audio Ads advertisers will enable
to reach specific audiences, at specific times, in targeted
geographies.  For Clear Channel, the agreement opens up an more
sales channel and provides supplemental revenue by making its
inventory available to other advertisers.

"Clear Channel is the market leader in delivering radio value to
consumers and advertisers and has built an innovative platform
to manage its on-air ad inventory," said Eric Schmidt, Chief
Executive Officer of Google.  "We look forward to working with
Clear Channel Radio by providing a unique set of advertisers and
a system that will increase the effectiveness and measurability
of connecting advertisers with radio listeners."

This agreement complements an existing online advertising
partnership in which Google provides text ads to Clear Channel's
radio-station Web sites through the company's Online Music &
Radio Unit.

                  About Clear Channel Radio

Clear Channel Radio -- http://www.clearchannel.com/-- is a
radio company.  It is a division of Clear Channel Communications
Inc.

              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 in various countries
around the world.  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.


DOMINO'S INC: Debt Repayment Cues Moody's to Withdraw Ratings
-------------------------------------------------------------
Moody's Investors Service withdrew all corporate ratings and
outlook on Domino's, Inc. following repayment of its credit
facility and senior subordinated notes via bridge term loan
borrowings.  The bridge loan is expected to be refinanced with
securitized debt as part of the company's recapitalization plan
announced earlier this year.

Ratings withdrawn:

   -- Ba3 corporate family rating,

   -- Ba3 probability of default rating, LGD4-50%
      loss given default assessment,

   -- Ba2 (LGD3-36%) on the senior secured term loan
      maturing in 2011,

   -- Ba2 (LGD3-36%) on the senior secured revolver
      maturing in 2009,

   -- Ba2 (LGD3-36%) on the senior secured term loan
      maturing in 2010, and

   -- B2 (LGD5-87%) on the senior subordinated notes
      maturing in 2011.

Domino's Inc is a pizza delivery company.  The company has more
than 500 stores in Mexico.


FORD MOTOR: Expanding Operations in China Market
------------------------------------------------
Ford Motor Company made several strategic announcements to
support its forward-moving business direction in China,
highlighting the company's rapidly expanding presence and
increasingly competitive position in the world's second largest
automotive market.

During a formal press conference at the Ford stand, Mei-Wei
Cheng, vice president of Ford Motor Company and chairman & CEO
of Ford Motor China, stated that:

    * The official start of volume production at the Changan
      Ford Mazda Engine Company will come very soon.

    * The vehicle production at the new Nanjing facility,
      Changan Ford Mazda Automobile Company (CFMA) will begin
      before the end of the year.

    * The third generation Ford Mondeo will start production at
      Changan Ford Mazda Automobile's Chongqing plant later this
      year.

    * An all-new Ford small car will be produced at Changan Ford
      Mazda Automobile Company Nanjing plant in 2008

Additionally, Cheng referred to Ford Motor Research &
Engineering (Nanjing) Co. Ltd. in his speech, which received
government approval in March, and its role as an integral part
of Ford Motor Company's global research & design, he said this
new operation will enhance Ford China's local engineering
capabilities, as well as strengthening the sourcing capability
for manufacturing in China and to support Ford Motor's global
manufacturing.

"These collective announcements underscore Ford Motor's
commitment to the China market and China's growing importance to
our overall global strategy.  Ford Motor China now encompasses
one of the most comprehensive and competitive operations in the
Chinese market, including full-scale vehicle and engine
production; research, development and engineering; sales;
aftersales services; and auto financing.  Our local partnerships
and the smooth implementation of our China strategy have greatly
contributed to Ford becoming a leader of China's automobile
market," said Mr. Cheng.

"Ford's complete line up of cars in China now includes premiere
and mid-size vehicles, small cars, SAVs, SUVs, and commercial
vehicles," continued Mr. Cheng.

The sleek, third generation Ford Mondeo, which starred in the
latest James Bond movie, "Casino Royale", embodies Ford's
special European 'kinetic design' language and world-class
technology. It follows in the footsteps of the 'Car of the Year
2007' S-MAX, as the next Ford model to be produced in China.

"Our hugely successful European products have also proven to be
very popular among Chinese consumers.  From the hot selling
Focus to the eye-catching S-MAX, and now the sleek Mondeo, Ford
will continue to introduce our latest auto design engineering
concepts to the China market.  This will be supported by our
renowned professional sales and after sales services, as well as
our creative 'Make Every Day Exciting' brand campaign," said Mr.
Cheng.

Ford Motor Company and its five affiliated brands are showcasing
52 exciting vehicles at its Auto Shanghai 2007 stand.  In
addition to the third generation Mondeo, Ford will showcase its
'kinetic design' language with the sculpted 5-door iosis X
sports crossover concept; the CFMA produced S-MAX; and the C-
MAX, which is making its first China appearance.  The wildly-
popular Ford Focus lineup will also be featured on the Ford
stand, including the 2007 Focus, the European-imported Focus ST,
2006 Focus RS  World Rally Car' , and the Focus China Circuit
Championship Racing Car.

                       About Ford Motor Co.

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

Ford Motor Company and CFMA have become one of the leaders in
China's burgeoning auto industry, recording an impressive 86.6%
year-on-year increase in China market sales for 2006, far ahead
of the overall industry average.  CFMA's first quarter sales
have totaled 38,908 units, or a 40.8% increase over the same
period a year ago.

Ford's history in China can be traced to 1913, when the first
Model T was imported and sold in Shanghai.  In 2001, a joint
venture was formed with Changan Automotive Corporation Ltd.,
called Changan Ford Automobile Corporation Ltd. (Changan Ford).
With an investment from Mazda in March 2006, the company was
restructured and renamed as Changan Ford Mazda Automobile Co.,
Ltd. (CFMA).  Additionally, Ford owns a 30% share of Jiangling
Motors Corporation Ltd., which produces the Ford Transit
commercial vehicle.

Changan Ford's second passenger car plant and new three-way
engine plant joint venture - Changan Ford Mazda Engine Company
Co., Ltd., are both in Nanjing and scheduled to go online in
2007.

                          *     *     *

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

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

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


FORD MOTOR: Reaches MOU for the Sale of Glass Business
------------------------------------------------------
Ford Motor Company and Glass Products signed Wednesday a
Memorandum of Understanding, the first step toward the sale of
the Automotive Components Holdings Glass Operations and its
plants in Nashville, Tenn., and Tulsa, Okla., and its subsidiary
Vidriocar in Juarez, Mexico.

ACH Glass Operations supply architectural glass, original
equipment and aftermarket glass for Ford cars and trucks, and
aftermarket glass for vehicles of other makes.  It supplied
original equipment glass for about 2.7 million vehicles last
year.  About 1,600 full-time employees work in the operations.

"This MOU is another solid sign of progress for our North
American Way Forward plan," said Mark Fields, Ford's President
of The Americas.  "The successful approach Ford is taking with
our component operations - including selling or idling our ACH
facilities - will help us achieve our commitment to reduce
overall operating costs by US$5 billion by the end of 2008."

With this agreement, ACH has sold one business and has signed
MOUs outlining the framework for the sale of four others.  The
ACH fuel rail business and its El Jarudo subsidiary were sold
recently. Negotiations are continuing regarding the climate
control business and the Sheldon Road Plant near Plymouth,
Mich.; the fascia and fuel tank businesses and the Milan (Mich.)
Plant; and the ACH prop shaft business, which currently is one
of the products produced at a Monroe, Mich., facility.

"We are particularly pleased to announce a MOU for the sale of
the Glass Operations," said Al Ver, ACH CEO and COO and Ford
vice president.  "Sale of these operations has been in various
stages of discussion and negotiation for many years.  We believe
this agreement represents the best option for the continued
success of these facilities in the years ahead."

Glass Products was formed by Robert Price, a Tulsa-based private
investor and experienced business leader with a strong record of
success in the natural gas industry, logistics, and medical
facility management.

"I am excited by this new venture, especially with its potential
of growth for a business that has been a hallmark of the Tulsa
business community for many years," said Price, who serves as
chairman of Glass Products.

The final agreement is contingent upon a new and competitive
agreement with the UAW, as well as state and local government
incentives.

ACH is a temporary company established and managed by Ford to
ensure the flow of quality components and systems while
preparing the automotive component operations for sale or
idling.  Currently, the $4 billion company and its 12 plants are
supported by 12,000 full-time employees, mostly leased from
Visteon or Ford.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With more than 280,000
employees and more than 100 plants worldwide, the company's core
and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

                        *     *     *

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

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

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


GENERAL MOTORS: Cuts Jobs in Belgium; Plans Growth in Asia
----------------------------------------------------------
General Motors Corp. will cut 1,400 jobs in Antwerp, Belgium as
it shifts the production of Astra compact cars to plants in
Germany, Poland, Sweden and the United Kingdom by 2010,
published reports say.

Carl-Peter Forster, president of GM Europe, described the
decision as "extraordinarily difficult" but said it was part of
the company's restructuring activities in Western Europe, Joseph
White and Stephen Power of The Wall Street Journal report.

The Detroit Free Press says the move will see GM investing
EUR3.1 billion in developing the Astra and related models in the
other plants.

Astra, WSJ notes, is GM's best-selling vehicle in Europe,
accounting for nearly 25% of its annual vehicle sales in the
region.  However, intense competition from cheaper Asian rivals
affected demand for the model.

                      Asian Growth Plans

The job cuts in Belgium came on the same day GM disclosed
ambitious growth plans in India and China indicating its intent
to keep shifting resources to the East and away from the mature
markets in the U.S. and Western Europe, Messrs. White and Power
report.

WSJ notes that the move illustrates GM Chief Executive Officer
Rick Wagoner's strategy of banking on growth in Asia and Eastern
Europe to offset the impact on GM of its losses in its key North
American auto operations.

According to WSJ, GM plans to double production capacity in
China to one million units by 2010.  Mr. Wagoner also revealed
plans to make India a production hub for the company to sell
cars worldwide adding that the country could "emerge as the
second-fastest growing automotive market in the world," a report
by the WSJ says.

Speaking separately to reporters in Korea, GM's Vice Chairman
and Chief Financial Officer Frederick Henderson also said the
company remains interested in a possible tie-up with Malaysia's
Proton Holdings Bhd., as it has greater access to the growing
Indonesian and Southeast Asian market, WSJ relates.

                 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.


HIPOTECARIA CREDITO: Selling MXN900MM Mortgage-Backed Securities
----------------------------------------------------------------
Hipotecaria Credito y Casa's Investor Relations Director Antonio
Carranza told Business News Americas that the company will sell
MXN900 million of residential mortgage-backed securities on the
local stock exchange on April 24.

BNamericas relates that the issue is part of the MXN4-billion
program reopened in March.

As reported in the Troubled Company Reporter-Latin America on
March 15, 2007, Hipotecaria Credito said that it sold MXN700
million in residential mortgage backed securities.  The company
sold 27-year bonds backed by mortgage loans.  The local units of
Santander Central Hispano SA and Barclays Plc managed the
transaction.

The planned issue consists of two series worth a combined
MXN234-million Mexican index-linked units, with the securities
maturing in March 2034, BNamericas states.

Hipotecaria Credito y Casa is a special purpose financial
company, or Sofol, that specializes in low-income mortgage
lending and also provides construction bridge loans for housing
developments.  It is based in Culiacan, Sinaloa, Mexico.  It
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company. Hippotecaria Credito's main
activity consists of extending mortgages financed by monies from
SHF to low income households.  As of March 31, 2006, the company
reported assets of MXN19.3 billion and MXN1.3 billion in equity.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2006, Moody's de Mexico assigned a (P)B1 senior
unsecured debt, and Baa2.mx ratings on the MXN3 billion MTN
programs of Hipotecaria Credito y Casa, S.A. de C.V.  Moody's
said the rating outlook was stable.


MEGA BRANDS: Moody's Reviews Ratings on Weak 2006 Performance
-------------------------------------------------------------
Moody's placed the Ba3 corporate family rating and other long-
term ratings of MEGA Brands, Inc. on review for possible
downgrade after the company announced weaker than expected
results for the fourth quarter of 2006 and for the full year.
The speculative grade liquidity rating was affirmed at SGL-3

Ratings under review for possible downgrade:

  MEGA Brands Inc.

     -- Ba3 Corporate Family Rating

  MEGA Brands Inc.

     -- Ba2 rating on the 5-year revolving credit facility;
        LGD 2; 24%

  MEGA Blocks US

     -- Ba2 rating on the 5-year revolving credit facility;
        LGD 2; 24%

  MEGA Brands Inc.

     -- Ba2 rating on the US$40 million, 5-year term loan A
     facility; LGD 2; 24%

  MEGA Brands Finco

     -- Ba2 rating on the US$260 million 7-year term loan B
        facility; LGD 2; 24%

  MEGA Brands Inc.

     -- Probability of Default rating at B1

As a result of litigation, unexpectedly high costs related to
the redesign and shipping of Magnetix and other costs, and soft
sales in certain categories, earnings and cash flow for the year
were below Moody's expectations.  On a Moody's FM adjusted
basis, MEGA Brands EBITDA for the year reached US$86 million
versus Moody's expectation of over US$110 million and
Debt/EBITDA was 4.3 times versus Moody's expectation of closer
to 3 times.  The results were impacted by a number of one-time
charges and special expenses and some amounts may be
recoverable.

The review will focus on the prospects for a rebound of business
results in 2007, likely recovery of insurance proceeds for
amounts paid out related to product liability litigation and
settlement, the possibility of further product liability costs
in 2007 and beyond, the timing of the US$57 million earn-out
payment to Rose Arts, and the impact of the company's decision
to self insure on certain Magnetix products, for which product
replacement programs have been undertaken together with the US
consumer product safety commission.

The SGL-3 was affirmed based on Moody's continued expectation
for adequate near-term liquidity for the company.  Absent an
earn-out payment, which the company does not expect to make
before 2008, MEGA Brands' liquidity is supported by balance
sheet cash and availability under its US$120 million revolver,
offset by the seasonal nature of its cash flow which requires
reliance on its bank facility, the potential for limited
covenant cushion under its credit agreement, and its limited
alternative sources of liquidity.

Montreal, Canada-based Mega Brands Inc. fka Mega Bloks Inc.
-- http://www.megabloks.com/-- distributes a range of toys,
puzzles, and craft-based products worldwide.  The company has
offices in Mexico.


MERISANT WORLDWIDE: Moody's Affirms Caa3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the Caa3 corporate family
rating of Merisant Worldwide, Inc., but lowered the ratings on
the company's first lien bank debt to B3 from B2 following the
company's announcement that its unrated second lien bank
facility will be repaid with the proceeds of an add-on to the
first lien Term Loan B.  Moody's also assigned a B3 rating to
the proposed US$85 million add-on to Term Loan B.  The rating
outlook is stable.

Ratings affirmed:

  Merisant Worldwide, Inc.

   -- Corporate family rating at Caa3
   -- Probability of default rating at Caa3

Ratings affirmed/LGD assessments revised:

  Merisant Worldwide, Inc.

   -- US$137 million senior subordinated discount notes at Ca
      (LGD6,91%) from (LGD6,92%)

  Merisant Company

   -- US$225 million senior subordinated notes at Ca
      (LGD4,65%) from (LGD4,68%)

Ratings lowered:

  Merisant Company

   -- US$35 million first lien senior secured revolving credit
      expiring in 2009 to B3 (LGD2,16%) from B2 (LGD2,10%)

   -- Original US$225 million first lien senior secured
      Term Loan B to B3 (LGD2, 16%) from B2 (LGD2,10%)

   -- Original EUR50 million 1st lien senior secured
      Term Loan A to B3 (LGD2, 16%) from B2 (LGD2, 10%)

Rating assigned

  Merisant Company

   -- New US$85 million add-on to the 1st lien senior secured
      Term Loan B at B3 (LGD2,16%)

The downgrade in the ratings on the first lien bank debt
reflects that fact that the amount of first lien debt will
increase at the same time that the second lien debt under it
will be eliminated.  Should the transaction not be completed as
contemplated, Moody's will likely restore the ratings on the
existing bank facilities to B2.

Merisant Worldwide's Caa3 corporate family rating reflects the
company's very heavy debt burden relative to its earnings and
cash flow and the likelihood, in Moody's view, that the company
might need to restructure its debt in order to be able to meet
fierce competition and to invest in growth opportunities.

Using the 16 factors cited in Moody's Rating Methodology for
Global Packaged Goods Companies and credit metrics for fiscal
2006, Merisant Worldwide's rating would be B3, three notches
higher than the company's actual Caa3 rating.  The variance
reflects the fact that Merisant Worldwide's actual rating is
driven by the likelihood of a debt restructuring, as well as the
significant weight that Moody's places on the company's very
weak credit metrics, on free cash flow generation that is
insufficient to make a material reduction in the company's large
debt burden or to fund significant investment in the business,
and on the loss of domestic market share to Splenda over the
past several years.

The rating outlook is stable, given that the current corporate
family rating adequately captures debt recovery expectations for
the enterprise.

Headquartered in Chicago, Illinois, Merisant --
http://www.merisant.com/-- is a worldwide leader in the
marketing of low-calorie tabletop sweeteners.  In addition to
Equal(R), Canderel(R), Merisant markets its products under 20
other brands in over 90 countries.  The company has operations
in Mexico.


PORTRAIT CORP: Excl. Plan-Filing Period Extended Until June 30
--------------------------------------------------------------
The Honorable Adlai S. Hardin Jr. of the U.S. Bankruptcy Court
for the Southern District of New York issued a final order
further extending Portrait Corporation of America Inc. and its
debtor-affiliates' exclusive periods to:

   a) file a chapter 11 plan until June 30, 2007; and

   b) solicit acceptances of their chapter 11 plan until
      Aug. 30, 2007.

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

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

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

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

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

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


PORTRAIT CORP: Can Assume Lease Pact with Lakemont Industrial
-------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York authorized Portrait
Corporation of America Inc. and its debtor-affiliates to assume
a lease agreement between the Debtor and Lakemont Industrial
Holding Co., dated June 26, 2003.

The Court further granted the Debtors' request to reject
unexpired non-residential real property leases with Award
Realty, Genelle Hardin and Sawgrass Commons, LLC.

Pursuant to the Lakemont Agreement, the Debtors lease premises
in Lakemont West Building IV in Charlotte, North Carolina, where
they conduct warehouse operations for professional portrait
photography products.  The Lakemont Agreement grants the Debtors
the use of the premises consisting of 59,884 square feet of
space with an obligation to pay a monthly base rent of US$17,451
plus estimated monthly expenses of US$4,480.

The Debtors tell the Court that the assumption of the Lakemont
Agreement is necessary to allow the Debtors to continue its
operations while the rejection of the agreement would pose
greater administrative risks than assumption.

The Debtors have determined that it would be difficult to find a
replacement facility for a comparable price and in any event,
relocation of the Debtors' warehouse operations would be
extremely expensive.

The Debtors also relates that the rejection of certain leases
with ARGH and Sawgrass is necessary because the Debtors no
longer require the use of the premises covered by the leases.
The rejection of these leases would also eliminate the
incurrence of any administrative expenses.

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

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


SATELITES MEXICANOS: Televisa May Buy Company, Report Says
----------------------------------------------------------
Televisa told Reuters that it is interested in acquiring
Satelites Mexicanos, S.A. de C.V.

Reuters says Televisa said it will still decide whether it will
make a bid for Satelites Mexicanos.  "We are just analyzing it.
We are in the process of due diligence.  We are learning about
that business, about the synergies that it would have with other
(Televisa) business segments," Televisa Executive Vice President
Alfonso De Angoitia explained during an analysts' conference
call April 19.

According to Reuters, Satelites Mexicanos announced in March
that it expected to go on auction during the first half of May.
The company was in financial trouble until it refinanced its
huge debt in 2006.

Reuters notes that the potential acquisition of Satelites
Mexicanos by Televisa, which uses satellite signals to transmit
its programming across the American continent, could help lessen
transmission costs.  Televisa could also get additional revenue
from renting Satelites Mexicanos transponders to other
broadcasters.

Satellite operators in Europe and the US are also interested in
Satelites Mexicanos, Reuters states.

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, SES Global said that it was interested in
acquiring Satelites Mexicanos.  SES Global Executive Officer
Romain Bausch told reporters that entities with strategic
interests will be lining up for Satelites Mexicanos.

                       About Televisa

Grupo Televisa, S.A., is a media company and a participant in
the international entertainment industry.  The company produces
Spanish language television programs.  Grupo Televisa broadcasts
programs produced by it, as well as programs produced by others,
through its own networks, cable system and through its direct-
to-home satellite services or through other cable and satellite
providers in Mexico, Latin America, Europe, Asia, Africa, the
United States, Canada and Australia.  It also licenses its
programming to other television broadcasters and pay television
systems worldwide.  It also publishes Spanish language
magazines. The Company engages in other businesses, including
radio production and broadcasting, feature film production and
distribution, and operates an Internet portal.  Its business
segments are television broadcasting, pay television networks,
programming exports, publishing, publishing distribution, Sky
Mexico, cable television, radio and other businesses.

                    About Satelites Mexicanos

Satelites Mexicanos, SA de CV, provides fixed satellite services
in Mexico.  Satmex provides transponder capacity via its
satellites to customers for distribution of network and cable
television programming, direct-to-home television service, on-
site transmission of live news reports, sporting events and
other video feeds.  Satmex also provides satellite transmission
capacity to telecommunications service providers for public
telephone networks in Mexico and elsewhere and to corporate
customers for their private business networks with data, voice
and video applications.  Satmex also provides the government of
the United Mexican States with approximately 7% of its satellite
capacity for national security and public purposes without
charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on Aug. 11, 2006,
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice
in the Debtor's Mexican Bankrutpcy proceedings.  UBS Securities
LLC and Valor Consultores, SA de CV, give financial advice to
the Debtor.  Steven Scheinman, Esq., Michael S. Stamer, Esq.,
and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld
LLP give legal advice to the Ad Hoc Existing Bondholders'
Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal
advice to Ad Hoc Senior Secured Noteholders' Committee.  As of
July 24, 2006, the Debtor has US$905,953,928 in total assets and
US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the company (Bankr. S.D.N.Y. Case No. 05-13862).  On
June 29, 2005, Satmex filed a voluntary petition for a Mexican
reorganization, known as a Concurso Mercantil, which was
assigned to the Second Federal District Court for Civil Matters
for the Federal District in Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code that commenced a case ancillary to
the Concurso Proceeding and a motion for injunctive relief that
sought among other things, to enjoin actions against Satmex or
its assets (Bankr. S.D.N.Y. Case No. 05-16103).

Satmex concluded its reorganization efforts on Nov. 30, 2006,
and emerged from its U.S. bankruptcy case.  The company
consummated its U.S. chapter 11 plan of reorganization, which
was confirmed by the United States Bankruptcy Court for the
Southern District of New York by order dated Oct. 26, 2006, and
implemented the restructuring approved in Satmex's Mexican
Concurso Mercantil proceeding by the Concurso Plan Order issued
on July 14, 2006.


TELTRONICS INC: Dec. 30 Balance Sheet Upside-Down by US$1.4 Mil.
----------------------------------------------------------------
Teltronics Inc.'s balance sheet at Dec. 30, 2006, showed total
assets of US$16.7 million and total liabilities of US$18.1
million resulting in a total shareholders' deficit of US$1.4
million.  The company's Shareholders' deficiency at
Dec. 31, 2005, stood at US$2.5 million.

Revenues for 2006 were US$46.9 million as compared to US$46.1
million reported in 2005.  The company reported net income of
US$1.6 million in 2006 compared to US$800,000 in 2005 (excluding
one-time gains of US$4.6 million and a write down of impaired
assets of US$1.6 million).  As a result of the net gains in
2005, the net income available to common shareholders for 2006
decreased to US$954,000 from US$3.2 million for 2005 and the
company's diluted net income per share for 2006 was US$0.10 as
compared to a diluted net income per share of US$0.36 for 2005.

Gross profit margin increased from 41.6% for 2005 to 42.3% for
2006.  The company's operating expenses for 2006 decreased
US$361,000 from 2005, excluding US$1.6 million impairment
charge, due primarily to continued realization of the Company's
cost reduction program.

"I am pleased for the third year in a row to report a net profit
for Teltronics.  In 2006, we increased our operating profit by
50% to US$3.0 million from US$2.0 million excluding the one time
charge for the impairment of assets in 2005," said Ewen Cameron,
Teltronics' President and Chief Executive Officer.  In addition,
2006 was the fifth consecutive year that we were able to
increase our gross profit margin and reduce operating costs.  In
2007, our focus will be on building revenue while continuing to
control gross margins and operating costs.  The launch of the
CERATO(TM) family of communication products will play a key role
in accomplishing our 2007 goals," Mr. Cameron concluded.

Headquartered in Sarasota, Florida, Teltronics, Inc. (OTCBB:
TELT) -- http://www.teltronics.com/-- provides communications
solutions and services for businesses.  The company manufactures
telephone switching systems and software for small-to-large size
businesses and government facilities.  Teltronics offers a full
suite of Contact Center solutions -- software, services and
support -- to help their clients satisfy customer interactions.
Teltronics also provides remote maintenance hardware and
software solutions to help large organizations and regional
telephone companies effectively monitor and maintain their voice
and data networks.   The company serves as an electronic
contract manufacturing partner to customers in the US and
overseas.

Teltronics, Inc., designs, installs, develops, manufactures and
markets electronic hardware and application software products
and also engages in electronic manufacturing services in the
telecommunication industry.  The company's products are
classified into intelligent systems management, digital
switching systems, voice over Internet protocol (VoIP), customer
contact management systems and emergency response systems.
Overall operations are classified into three reportable
segments: Teltronics, Inc., Teltronics Limited (UK) and Mexico.
Its Mexico office is located at Naucalpan de Juarez.


TV AZTECA: U.S. Regulators Renew KAZA-TV Channel 54 License
-----------------------------------------------------------
U.S. regulators have renewed the broadcast license of KAZA-TV
Channel 54, a television station operated by TV Azteca, S.A. de
C.V. in Los Angeles, The Associated Press reports.
Azteca America, TV Azteca SA de C.V.'s subsidiary, said in a
press release that The US Federal Communications Commission has
denied a request by NBC Telemundo to withhold a license renewal
of Azteca America's affiliate station in Los Angeles.  The
result is a clean bill of health for Azteca America's
operations, which fully respect US regulations and institutions.
"We have faith in US regulators and applaud FCC actions to
foment competition and create new community minority voices
within the limits of foreign ownership.  We similarly invite NBC
Telemundo to respect Mexican regulations, which in many ways are
similar to US rules and legislation," Azteca America President
and Chief Executive Officer Adrian Steckel said.
The ruling comes following a public campaign launched four
months ago by NBC Telemundo against TV Azteca and Azteca
America.  Azteca America is a small foreign company doing
business in the US and is being attacked by one of the largest
companies in the world.  The supposed legal arguments proposed
by NBC Telemundo included attempts to use so-called FCC
character rules to bar an affiliate station renewal, despite the
fact that neither TV Azteca, nor Azteca America were the license
holders of the station.
The AP notes that NBC Universal alleged that TV Azteca lacked
the character required by law to hold a broadcast license in the
US and had tried to manipulate Mexico's legal system to try to
force Telemundo out of that country.  NBC Universal also asked
the FCC to examine other TV Azteca operations in the US.

Variety.com reporter Michael O'Boyle says that Azteca America
should not be allowed to operate a US station.  NBC Universal
claimed the management had violated securities laws.

TV Azteca said in a statement that the motion was a mean-
spirited publicity stunt following disputes between TV Azteca
and Telemundo that are still being battled in both Mexican and
US courts, Mr. O'Boyle of Variety.com reports.
"The decision by the FCC determined that the NBC Telemundo
actions had no merit; and we suggest that they stop trying to
place all of their business woes on TV Azteca," Mr. Steckel
stated.
Azteca America's production strength, which focuses on novelas,
sports, music and entertainment formats that appeal to large
Mexican and other US Hispanic audiences, has made NBC Telemundo
very nervous, and thus this attempt to disqualify our growing
operations.
The FCC has discarded the NBC Telemundo claims, saying, "We
conclude that none of the conduct at issue is disqualifying,"
that "the news reports upon which NBC Telemundo brings these
allegations are hearsay," and that the "commission intervention
in this private dispute is not appropriate."
"As we increase our competitive strengths, we see minor attempts
to distract our path, like NBC Telemundo's; but they will never
change Azteca America's vision to deliver the best quality
programming options to large US Hispanic audiences," Mr. Steckel
noted.  "We are committed to continuing to grow our distribution
in line with our expanded local operations."
The AP underscores that NBC Universal issued a statement
strongly disagreeing with the decision.

According to Mr. O'Boyle of Variety.com, NBC Universal said in a
statement that "TV Azteca admitted the facts which form the
basis for NBC Universal's objection."

AP underscores that NBC Universal said it would not file an
appeal.

Mr. O'Boyle of Variety.com relates that Pappas Telecasting --
Azteca L.A. station owner -- recently announced it would take
out Azteca programming from five other stations due to low
ratings.  Azteca L.A. is run under a separate local marketing
accord and will continue broadcasting Azteca programming.  NBC
Universal explained that since Pappas Telecasting was "severing
its ties with TV Azteca," there was no need to appeal the FCC
decision.
                     About NBC Universal
NBC Universal's plumage spreads across television, film, and the
Internet.  NBC Universal is a heavyweight in the media industry
anchored by its flagship broadcast network NBC.  It also
operates cable channels like Bravo, USA Network, and 24-hour
news channel MSNBC, as well as Spanish-language network
Telemundo.  In Hollywood, NBC Universal owns Universal Studios,
which makes feature films and operates theme parks through
Universal Parks & Resorts.  The company's Internet presence
includes iVillage, a Web destination aimed at women.  NBC
Universal was formed in 2004 through the combination of assets
owned by NBC and Universal. General Electric owns 80% of the
conglomerate; French utility operator Vivendi owns the rest.
                    About Azteca America
Azteca America -- http://www.aztecaamerica.com/-- is the
fastest-growing Hispanic network in the United States.  The
network is a wholly owned subsidiary of TV Azteca S.A. de C.V.,
one of the two largest producers of Spanish-language television
content in the world.  Azteca America currently has presence in
55 Hispanic markets, including: Los Angeles, New York, Miami,
Houston, Chicago, Dallas, San Antonio, San Francisco-Oakland-San
Jose, Phoenix, Brownsville-McAllen, Albuquerque, Sacramento-
Stockton-Modesto, San Diego, El Paso, Fresno-Visalia, Denver,
Washington DC, Philadelphia, Orlando, Tampa, Austin, Boston,
Atlanta, Tucson, Las Vegas, Corpus Christi, Seattle, Hartford,
West Palm Beach-Ft. Pierce, Bakersfield, Portland, Monterey-
Salinas, Salt Lake City, Laredo, Colorado Springs, Odessa,
Naples-Ft. Myers, Palm Springs, Raleigh-Durham, Lubbock, Santa
Barbara, Milwaukee, Amarillo, Wichita, Oklahoma City, Reno, New
Orleans, Greenville, Boise, Omaha, Victoria, Chattanooga, Twin
Falls and Charleston.
                       About TV Azteca

TV Azteca (BMV: TVAZTCA) (Latibex: XTZA) is one of the two
largest producers of Spanish-language television programming in
the world, operating two national television networks in Mexico
-- Azteca 13 and Azteca 7 -- through more than 300 owned and
operated stations across the country.  TV Azteca affiliates
include Azteca America Network, a new broadcast television
network focused on the rapidly growing US Hispanic market, and
Todito, an Internet portal for North American Spanish speakers.

                        *     *     *

Moody's Investor Services rated TV Azteca's senior unsecured
debt at B1.


* MEXICO: S&P Lifts National Scale Rating to mxBBB- from mxBB+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its national scale
rating on the State of Mexico, United Mexican States, to
'mxBBB-' from 'mxBB+'.  The outlook remains stable.

According to Standard & Poor's credit analyst Patricia Calvo,
the upgrade is based upon continuing improvement in the state's
budgetary performance, fueled both by an increase in own-source
revenue collections and federal transfers and a cutback in
operating expenditure.

"The state's management has successfully imposed and maintained
fiscal discipline by increasing transparency and conducting
quarterly audits to its financial statements by internationally
recognized firms," said Ms. Calvo.  "The rating is supported by
an ample and diversified economic base and a temporarily funded
pension system," she added.

Ms. Calvo explained that the state's budgetary performance has
benefited from an increase in collections of own-source revenue
and from discretionary federal transfers, which increased almost
15% in 2006.  Furthermore, a cutback in operating expenditure,
along with some benefits in interest payments derived from the
state's 2004 debt refinancing, boosted operating balances to
5.9% of operating revenue in 2006-above the 2.4% originally
budgeted for that year and also above the 3.5% operating balance
produced in 2005.  In addition, the state has consistently
produced positive operating balances over the past five years,
averaging 5% of operating revenue.

"With an economy worth around US$60 billion, the State of Mexico
ranks second in terms of economic volume among all entities in
the country (after the Federal District), representing just over
10% of the country's GDP," Ms. Calvo said.  "The state has an
adequate degree of diversification, similar to that of the
country as a whole.  Derived from this dynamic economic
activity, the state collected a relatively high 12.8% of
modifiable revenue in 2006, a significantly higher proportion
than the 6.8% average observed in the Mexican states rated by
Standard & Poor's," she added.

The stable outlook reflects Standard & Poor's expectation that
the State of Mexico will continue to decrease its debt levels
while trying to improve its difficult liquidity position.  It
also reflects the state's commitment to maintaining fiscal
discipline while improving revenue collection.

"Total debt reduction to levels below 70% of discretionary
revenue and a healthier liquidity position at year end, combined
with cash reserves equivalent to at least 5% of operating
expenditure, could result in an upgrade," Ms. Calvo noted.  "On
the other hand, if the state fails to increase or stabilize its
budgetary performance and operating balances deteriorate to
levels close to 0% of operating revenue, the rating could be
lowered," she concluded.




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


* PANAMA: Shipping Lines Balk at Proposed 47% Toll Rate Hike
------------------------------------------------------------
Shipping companies around the world have asked the Panamanian
government to delay or spread out an impending 47 percent rate
hike on the Panama Canal toll.

The proposed toll increase would be implemented to meet funding
needs for the expansion of the waterway to accommodate more
traffic and bigger vessels.

The Panama Canal, a key conduit for international shipping,
provides access to the Atlantic Ocean from the Pacific Ocean.
It cuts the distance that vessels need to take by more than
half.

Kyunghee Park, at Bloomberg News, reports that Singapore
Shipping Association, which represents 289 companies, said the
toll raise may further squeeze shipping lines' profits.

"Such an increase will only exacerbate the current economic
pressure which the shipping industry is currently facing," S.S.
Teo, the association's president, said in an e-mailed statement
to Bloomberg.   He added that the raise may "have negative and
unacceptable consequences on the world economy."

Bloomberg relates that shipping companies' have been unable to
raise rates since the second half of 2005.

The Trinidad & Tobago's Newsday says the Canal authorities have
received 21 proposals asking it to defer or reduce the new
tariff system.

Evergreen Marine Corp, CMA CGM SA and Wallenius AB are among
owners who presented to the authority, Newsday relates, citing
the London-based International Chamber of Shipping.

"We would like the amount reduced or spread over a longer
period," International Chamber of Shipping Secretary General
Tony Mason told Newsday in a telephone interview from London.

Panama's expansion plans require about US$5.3 billion in
investments and is expected to be completed by 2014.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  Fitch said the rating outlook is
stable.




=======
P E R U
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INTEROCEANICA IV: Moody's Puts Ba3 Rating on Two Note Issues
------------------------------------------------------------
Moody's Investors Service has assigned a rating of Ba3 to
Interoceanica IV Finance Ltd.'s proposed issuance of
approximately US$323 million of Zero Coupon Senior Secured Notes
Series 2007-1 due in 2025 and approximately US$234 million Zero
Coupon Senior Secured Notes Series 2007-2 due 2018.  The ratings
remain under review for possible upgrade.  This rating outlook
follows Moody's action placing the foreign currency bond rating
of Peru (Ba3) and the foreign currency country ceiling (Ba2)
under review for possible upgrade on March 8, 2007.  The Ba3
rating and the rating outlook are based on the fact that,
subject to certain conditions, the ultimate sources of debt
repayments are unconditional payment certificates issued by the
Government of Peru.  The Ba3 rating is based on the assumption
that final transaction and financing documents will not differ
materially from Moody's current understanding of the
transaction.

Under the Concession Agreement between Intersur Concesiones S.A.
(the concessionaire) and the Government of Peru, through the
Ministry of Transportation and Communications, the government
granted a concession to Intersur Concesiones for the
improvement, maintenance and operation of the Corredor Vial
Interoceanico Sur, Segment 4.  The concession was granted in
2005 for a 25-year term.  Segment 4 is a 306 kilometer toll road
connecting Inambari to Azangaro.  Improvements on the highway
facility, consisting of work on the main highway, service roads,
protective barriers and equipment, will be done through the
concessionaire's EPC contract with Constructura del Sur S.A.  As
construction work on the three phases of the project reach
certain milestones, the work will be verified and accepted by
the Orangismo Supervisor de la Inversion en Infraestructura de
Transporte de Uso Publico or OSITRAN, serving as the regulator.
Upon acceptance of the works progress, the government will issue
Certificados de Reconocimiento de Derechos del Pago Annual por
Obras or CRPAOs to the concessionaire.  Under the Concession
Agreement the Government of Peru is required to deliver to
Intersur Concesiones for each construction milestone completed,
a series of 30 CRPAOs acknowledging the company's right to
collect fixed annual construction payments denominated in US
dollars.  In accordance with the CRPAO Purchase Agreement
between Interoceanica IV CRPAO Purchaser LLC, a special purpose
company 99% owned by Interoceanica IV Finance Ltd, and Intersur,
the concessionaire will sell the CRPAO's to the CRPAO Purchaser
as they become available. Note proceeds will be used for the
purchase of CRPAO's.

Once issued, the right of the holder of the CRPAOs to collect
payments due will not be linked to performance of the
concessionaire or by any circumstances related to the project
including destruction of the works, force majeure, change of
control or termination of the concession agreement.  CRPAOs are
direct, general, irrevocable, unconditional, unsubordinated and
unsecured obligations of the Government of Peru as the grantor
of the concession.  Law No. 28880 enacted in September, 2006,
amends the National Budgetary System Law to expressly provide
that annual CRPAO payments cannot be cancelled once they
allocated in the appropriate ministry budget.  Furthermore, if
any CRPAOs issued for subsequent concessions contain more
favorable terms, then such terms shall be deemed to apply to all
other CRPAOs issued under the same program.  However, CRPAOs are
not sovereign indebtedness of the Republic of Peru pursuant to
Article 75 of the Constitution and Law No. 28,563.

Under the financing structure, Note issuance proceeds will
initially be placed into an investment vehicle with a
counterparty rated at least Aa/AA.  Proceeds will not be
released for the purchase of CRPAOs until such certificates are
issued by the government.  At the end of the construction
period, Note proceeds are expected to be fully utilized to
purchase CRPAOs as per the initial schedule.  In the event of an
early termination of the CRPAO Purchase Agreement, Noteholders
will have the option to accelerate the Notes or use the amounts
available in the investment vehicle to partially redeem the
Notes.

The rating reflects a number of credit factors including the
nature and structure of the CRPAO program, the level of
concessionaire support, and the availability of liquidity in the
event of temporary payment delays.  Overall, the mechanics of
the CRPAO program provide some degree of advance notice in the
event of potential problems.  The Government of Peru budget is
timed such that the budget must be approved by November 30th for
the next fiscal year.  CRPAO payments to the trustee are due
each April and October while debt service payments are scheduled
for each May and November.  Once issued, CRPAO obligations are
not subject to any conditionality.  CRPAO payments are made by
the government directly to the Peruvian trustee.

The financing is structured to provide minimum investor
protections.  The transaction incorporates concessionaire
support in the form of a Make Whole Agreement that can be drawn
upon in the event of concession termination due to sponsor
failure to perform.  In the event that Notes are redeemed prior
to issuance of all scheduled CRPAOs, the Make Whole will provide
compensation in addition to Note proceeds remaining in the
investment vehicle and returned to Noteholders.  Each project
sponsors will be responsible for its pro rata share of the Make
Whole obligation provided in the form of a stand-by letter of
credit from a bank rated A or higher with a face amount ranging
from US$18 million on April 15, 2007 to US$10 million from Sept.
15, 2010 onward.  Additional liquidity will be provided in the
form of a credit default swap with a counterparty rated at least
Aa/AA which will serve as a debt service reserve equal to 6
months of debt service payments.

Noteholders do not have direct rights of enforcement against the
Government of Peru.  Nevertheless, in Moody's view, it is likely
that the Government of Peru will support the project, issue
CRPAOs in a timely manner as construction milestones are
achieved, and will budget and make CRPAO payments as scheduled.
This is the third issuance of debt under the public-private-
partnership program as part of the Initiative for the
Integration of Regional Infrastructure in South America or
IIRSA.  IIRSA is multilateral program started in 2000 by 12
South American countries to coordinate, develop and implement
priority infrastructure projects deemed critical to the region's
economic development.  The current toll road concession is one
of 31 priority projects.  The project is not a greenfield and
the level of technology and construction risk is expected to be
manageable.  The likelihood that the Government of Peru will
continue to support the project is further enhanced by the fact
that, in the aggregate, the maximum amount of CRPAO obligations
to be undertaken by the government is currently capped by law at
0.5% of GDP.  The relative size of the government's maximum
annual CRPAO obligation is sufficiently manageable to mitigate
political or budgetary pressures to null the payments.

Intersur Concesiones S.A. is a Peruvian entity constituted
solely for the purpose of undertaking the concession.  The
company is owned by Constructora Andrade Gutierrez S.A.
(33.33%), Construcoes e Comercio Camargo Correa S.A. (33/33%),
and Constructora Queiroz Galvao S.A. (33.33%).




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


WESCO INTERNATIONAL: Earns US$44.5 Mln in Quarter Ended March 31
----------------------------------------------------------------
WESCO International, Inc. reported its diluted earnings per
share in the current quarter were US$0.93 per share, compared
with US$0.86 per share in the first quarter of 2006.  Included
in the current quarter were nonrecurring items totaling a net
charge of US$0.06 per share.  The nonrecurring items were
comprised of an after-tax charge of US$4.9 million, or US$0.09
per share, relating to the settlement of litigation and an
after-tax gain of US$1.6 million, or US$0.03 per share,
resulting from a change in the accounting treatment of WESCO's
accounts receivable securitization facility.  Net income in the
first quarter was US$48.2 million in 2007 versus US$44.5 million
in the comparable 2006 quarter.

Consolidated net sales for the first quarter 2007 were
US$1,450.6 million compared with US$1,265.5 million in the first
quarter of 2006, an increase of 15%. Sales in the current
quarter from Communications Supply Corporation, acquired in the
fourth quarter of 2006, were approximately US$160 million.
Gross margin for the quarter improved to 20.6% versus 20.0%
reported for the comparable quarter last year.  Operating income
for the quarter totaled US$82.5 million, an increase of 7% over
the US$76.9 million earned in the first quarter of 2006.
Adjusting for the one-time litigation cost, operating income
increased by 17%.  Depreciation and amortization included in
operating income was US$8.9 million in the first quarter of 2007
compared to US$6.3 million in the first quarter of 2006.

Free cash flow was US$73 million.  During the quarter WESCO
purchased over three million shares of its stock for
approximately US$198 million under a previously announced US$400
million share repurchase program.  Since 2004, expenditures of
over US$1 billion on acquisitions and share repurchases have
been made.  At March 31, 2007, financial leverage, defined as
total debt divided by EBITDA, was 3.1 times and compares to the
year-end 2004 level of 3.7 times.

Stephen A. Van Oss, Senior Vice President and Chief Financial
and Administrative Officer, stated, "During the quarter, we
achieved a record level of sales and first quarter records for
operating profit and net income.  Excellent free cash flow and
our flexible capital structure allowed us to get a good start on
our US$400 million share repurchase program, which we expect to
complete over the next 12 months."

Mr. Van Oss continued, "Although overall financial performance
and profitability ratios, adjusted for one-time litigation
expenses, were in line with our longer term expectations,
organic sales growth and incremental profitability were below
internal targets as we responded to a transitioning economy and
lower commodity prices.  Core electrical sales rose 2%, while
sales at our most recent acquisition, CSC, added 13% to
consolidated sales revenue.  Gross margins were maintained
despite margin compression in a few commodity based categories.
Our operating cost expense ratio was above target due to the
lower than expected sales for the quarter, but supports our
current outlook for the remainder of 2007."

"With regard to our acquisition program," added Mr. Van Oss,
"CSC is performing slightly better than our initial projections,
and operational integration activities are on track.  We remain
committed to full year 2007 earnings accretion of US$0.35-0.40
per share.  We are particularly pleased with the early progress
being made in joint sales and service activities and the
identification of numerous growth opportunities."

Roy W. Haley, Chairman and Chief Executive Officer, commented,
"It has been and continues to be our view that the U.S. economy
is quite resilient.  Even though there has been a slowdown in
activity, market conditions, in the aggregate, remain favorable
for our business.  As reported, we have encountered
unanticipated sales weakness in early 2007, as capital
expenditures and large construction project spending have
developed more slowly than expected.  Nevertheless, we know that
there is a lot of future business being developed.  A growing
backlog of orders for future business and positive feedback from
customers and our sales personnel support our expectations that
full year results for organic sales growth will be in the range
of 6-8%. This level of organic growth, successful development of
acquisition synergies, and ongoing productivity enhancement
initiatives are expected to help us achieve new year over year
records for both sales and profitability."

Headquartered in Pittsburgh, Pennsylvania, WESCO International,
Inc., is a publicly traded Fortune 500 holding company, whose
primary operating entity is WESCO Distribution, Inc.  WESCO
Distribution is a distributor of electrical construction
products and electrical and industrial maintenance, repair and
operating supplies, and is the nation's largest provider of
integrated supply services.  WESCO operates eight fully
automated distribution centers and approximately 370 full-
service branches in North America and selected international
markets including Mexico and Puerto Rico, providing a local
presence for area customers and a global network to serve multi-
location businesses and multi-national corporations.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Standard & Poor's Ratings Services assigned its 'B' rating to
WESCO International Inc.'s proposed US$250 million convertible
senior unsecured notes 2026.  Proceeds from the offering will be
used to help finance WESCO's acquisition of Communications
Supply Holdings Inc. for US$525 million.  WESCO International is
the parent company of WESCO Distribution Inc., its main
operating subsidiary.

Standard & Poor's also affirmed its 'BB-' corporate credit
rating on the electrical distributor.  S&P said the outlook is
stable.




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


DIGICEL LTD: TSTT Accepts Better Interconnection Court Order
------------------------------------------------------------
The Trinidad Express reports that the Telecommunications
Services of Trinidad & Tobago has accepted a court order to
guarantee better interconnection with Digicel Ltd.

As reported in the Troubled Company Reporter-Latin America on
March 9, 2007, Justice Nolan Bereaux of the Port of Spain Sixth
Civil Court at the Hall of Justice issued an order favoring
Digicel in a case against the Telecommunications Services.
Digicel accused Telecommunications Services of deliberately
blocking its calls on its cellular network.  Telecommunications
Services was ordered to allow Digicel calls to flow freely
through its network, to both land and mobile customers, by
repairing its equipment and removing any restrictions that
blocked Digicel's calls, and that the company add circuits to
their network to accommodate the increased traffic to its mobile
and land lines and to also allow a Digicel representative
limited access to Telecommunications Services' database to
search for evidence to substantiate its claims of sabotage.

Digicel and Telecommunications Services have been locked in a
legal struggle on their interconnection accord legalities since
Digicel's entry into the market in June 2005, The Express
states.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *     *     *

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.

   -- Proposed 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
=================


DAIMLERCHRYSLER: Boosts Michigan Economy with US$1.78-Bln Deal
--------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group will boost the Michigan
economy with an investment of US$1.78 billion, much of it to
start a multi-product "Powertrain Offensive."  The initiative
will consist of:

   * US$730 million for a new plant in Trenton, Mich., to
     produce the "Phoenix" family of V-6 engines;

   * US$700 million in Marysville, Mich., to build a new axle
     plant;

   * US$300 million in the Sterling Heights (Mich.) Assembly
     Plant (SHAP) to expand its paint shop; and

   * US$50 million for retooling of Warren Truck Assembly Plant
     and Warren Stamping Plant for future product.

"This is an important day for the future of the Chrysler Group,
and in particular for the continued competitiveness of our
operations in the State of Michigan," said Chrysler Group
President and CEO Tom LaSorda.  "We have a vision to grow our
business and transform the Chrysler Group into a stronger
company that will be competitive for the long run.  The
investments we are announcing today prove that we are investing
in this vision."

Government officials and community leaders joined Chrysler Group
executives to celebrate the milestone.

The US$1.78 billion Michigan program investment includes product
development costs and is part of the "Recovery and
Transformation Plan" that Mr. LaSorda announced on February 14.
Under the "Recovery and Transformation Plan" umbrella is the
"Powertrain Offensive" -- US$3 billion of investment for
building and retooling existing plants that will produce more
fuel-efficient engines, transmissions and axles and provide
Chrysler Group with a more competitive powertrain portfolio.
The Trenton Phoenix Engine Plant and Marysville Axle Plant are
the first two components of several that make up the "Powertrain
Offensive."

"Michigan is the best place in the country for these investments
to occur and we're proud to have worked hard to make that case
to DaimlerChrysler," said Governor Jennifer M. Granholm.  "When
I met with Dr. Zetsche during my recent investment mission to
Germany, I was emphatic that a strong DaimlerChrysler is
important to Michigan and we stand ready to help them thrive in
our state. DaimlerChrysler's vision for growth and strength
clearly includes Michigan and that's great news for all of us
for Michigan, Michigan workers and Michigan's economy."

   Trenton Phoenix Engine Plant
   ----------------------------
The new Trenton Phoenix Engine Plant, located adjacent to the
Chrysler Group Trenton Engine Plant, is expected to begin
production in 2009.

The Trenton plant will have a competitive labor agreement that
incorporates Smart manufacturing initiatives and flexible CNC-
based machining, volume-bundled parts purchasing, volume-bundled
capital investment and standardized tooling.

Over the long term, the Phoenix family of V-6 engines will
reduce manufacturing complexity by paring the Company's four
current V-6 engine architectures to one.

   Marysville Axle Plant
   ---------------------
The Marysville Axle Plant will be located in the city of
Marysville (St. Clair County).  The US$700 million investment
will include engineering and development for the creation of a
new family of axles that provide better fuel economy.  In
addition, the common axle will allow the Company to consolidate
the number of axles for better economies of scale.

   Sterling Heights Paint Shop
   ---------------------------
The investment at Sterling Heights Assembly Plant will include
retooling that will improve the coatings process in all key
areas of the paint shop including pretreatment, paint mix room
and spray booths.  In addition, the new technology will increase
flexibility and efficiency, which will contribute to improved
quality and reduce costs.

The new paint shop will have the capability to paint any vehicle
in the front-wheel-drive vehicle family, providing future
flexibility for the Corporation.  The paint shop will be
completed in 2009.

   Warren Truck Assembly Plant and Warren Stamping
   -----------------------------------------------
Warren Truck Assembly Plant and Warren Stamping will receive
multiple plant upgrades to improve quality, productivity and
worker ergonomics.  The retooling also will increase flexibility
and prepare it for its role in the Chrysler Group's 20 all-new
vehicle product offensive.

Chrysler Group will provide additional details of its
"Powertrain Offensive" at a later date.  All of these
investments are subject to final approval and incentive
packages.

   Michigan Investments
   --------------------
Since 2003, the Company has invested US$4 billion in its
Southeast Michigan manufacturing operations.  These investments
include:

   Date          Plant Facility                      Amount
   ----          --------------                      ------
   April 2007    Trenton (Mich.) Assembly Plant US$730 million
   April 2007    Marysville, Mich.              US$700 million
   April 2007    Sterling Heights (Mich.)       US$300 million
                 Assembly Plant
   April 2007    Warren Assembly Plant           US$50 million
                 and Warren Stamping
   June 2006     Detroit Axle                    US$60 million
   October 2005  Global Engine Manufacturing    US$803 million
                 Assembly
   May 2005      Trenton (Mich.) Assembly Plant US$300 million
   March 2005    Sterling Heights (Mich.)       US$506 million
                 Assembly/Sterling Heights
                 Stamping Plant
   August 2004   Jefferson North Assembly Plant US$241 million
   2002 - 2004   Warren Truck                   US$315 million

DaimlerChrysler facilities in Southeast Michigan include the
Chelsea Proving Grounds, Conner Avenue Assembly Plant,
DaimlerChrysler Transport, Detroit Axle, Global Engine
Manufacturing Alliance, Jefferson North Assembly Plant, Mack
Engine Plants I and II, Mopar Parts World Headquarters, Mt.
Elliott Tool and Die, National Parts Distribution Centers (3),
Plymouth Road Office Complex, Quality Engineering Center,
Sterling Heights Assembly Plant, Sterling Heights Stamping
Plant, Sterling Heights Vehicle Test Center, Trenton Engine
Plant, Warren Stamping Plant, Warren Truck Assembly Plant and
the General Motors, DaimlerChrysler and BMW Hybrid Development
Center.

                      About DaimlerChrysler

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

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

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

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

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


PETROLEOS DE VENEZUELA: Signs LNG Gas Agreement with Argentina
--------------------------------------------------------------
The Venezuelan government has inked a liquefied natural gas pact
with the Argentine republic.

The plan involves the use of LNG gas on vehicles that state-
owned Petroleos de Venezuela S.A. will be relaunching this year,
El Universal reports.  The goal is to promote massive use of gas
in Venezuelan vehicles.

Argentine firms are providing prototypes of engines, devices and
autobuses to be used for the program, a statement from Petroleos
de Venezuela said.

At the plan's initial phase, a thousand buses based on the
Argentine prototypes would operate using LNG.  Argentine firms
involved have pledged technological transfer to Venezuela and
installation of engine manufacturing and car assembly plants
nationwide, El Universal states.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in  Venezuela and
abroad.  The company has a commercial office in China.

                        *     *     *

As reported on 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: Jamaica Wants Funding for Rural Electricity Network
----------------------------------------------------------------
Rafael Isea, Venezuelan vice-minister of finance and chair of
the Social Development Bank, said that the government has
received a US$10 million rural electricity network funding
proposal from the Jamaican government, daily newspaper El
Universal reports.

According to the same report, around 50 percent of the amount
would be Venezuelan components, and therefore power technology
developed in Venezuela would be used in the project.

The countries are already partners in infrastructure and
cultural projects.

Mr. Isea discloses that new areas for cooperation are being
explored to boost integration among countries in the region, in
the framework of the Bolivarian Alternative for the Americas --
a trade bloc comprised of Bolivia, Cuba and Venezuela.

                        *     *     *

Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


* BOOK REVIEW: Ancient Law (Law Classic)
----------------------------------------
Author:     Henry James Sumner Maine
Publisher:  Beard Books
Paperback:  256 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587980681/internetbankru
pt

The book Ancient Law, written by Sir Henry Maine examines the
fascinating origins of human ideas and society as reflected in
the law.

This book is engrossing reading for all who may be interested in
the growth of human ideas and the origins of human society.

Its object is to reveal some of the earliest ideas of mankind,
reflected in Ancient Law, to point out the relation of those
ideas to later thought.

Early society, reflected in the law, begins with the group (the
family), not with the individual.

Covered are: ancient codes; legal fictions; law of nature and
equity; the modern history of the law of nature; primitive
society and ancient law; the early history of testamentary
succession; ancient and modern ideas respecting wills and
successions; the early history of property, contract, and delict
and crime.


                        ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
delos Santos, Christian Toledo, and Junald Ango, Editors.

Copyright 2076.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


           * * * End of Transmission * * *