TCRLA_Public/070427.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

          Friday, April 27, 2007, Vol. 8, Issue 83

                          Headlines

A R G E N T I N A

ARROW ELECTRONICS: Reports US$96.3MM First Quarter Net Income
ATHENAS SRL: Proofs of Claim Verification Deadline Is June 7
BALL CORPORATION: Board Elects Two New Officers; Promotes Two
BANCO SUPERVIELLE: Joins IFC Global Trade Finance Program
BRAGACER SA: Trustee To File Individual Reports on August 6

COMPANIA ALIMENTICIA: Claims Verification Deadline Is June 8
FERRO CORP: Hires Nicholas Katzakis as Chief Accounting Officer
ILDA SRL: Trustee To File Individual Reports in Court on June 22
INTER REDES: Seeks Reorganization Approval in Buenos Aires Court
RED HAT: Will Acquire MetaMatrix

REMISES EL RESERO: Proofs of Claim Verification Ends on June 27
SIMCE SRL: Proofs of Claim Verification Deadline Is June 7
YACOPLAST SA: Seeks Reorganization Okay in Buenos Aires Court

* ARGENTINA: Says Uruguay's Paper Mill May Hurt Poultry Industry

B E R M U D A

SEA CONTAINERS: Court Okays PricewaterhouseCoopers as UK Counsel

B R A Z I L

AFFINIA GROUP: Posts US$5 Million Net Loss in FY Ended Dec. 31
ALERIS INT'L: Inks Asset Acquisition Deal with Charter Oak
BENQ CORP: 250 Mobile Unit Employees Land Jobs at Siemens
BRASIL TELECOM: Earns BRL169.9 Million in First Quarter 2007
COGNIS GMBH: Moody's Reviews All Ratings After Refinancing Plans

COGNIS GMBH: S&P Affirms B Corp. Rating After Refinancing Plans
EMBRATEL PARTICIPACOES: Earns BRL132 Million in First Quarter
PETROLEO BRASILEIRO: CADE Reviews Sanction Over Iparinga Buy
PETROLEO BRASILEIRO: Inks Initial Pact to Buy Nigerian NatGas
RHODIA S.A.: Improved Coverage Ratio Cues Fitch to Keep BB- IDR

RHODIA SA: Increases Size of Offering to EUR595 Million
TELE NORTE: Debt-Funded Tender Offer Cues S&P to Watch Ratings
TELE NORTE: S&P Puts Subsidiary's BB+ Rating on Negative Watch

C A Y M A N   I S L A N D S

ALBA CAPITAL: Proofs of Claim Must be Filed by May 16
ARF ABSOLUTE: Proofs of Claim Filing Deadline Is May 16
CLASSIC TERMS: Proofs of Claim Must be Filed by May 9
EOS SECTOR: Proofs of Claim Filing Deadline Is May 10
ESS MASTER: Proofs of Claim Must be Filed by May 10

GROVE POINTE: Proofs of Claim Filing Ends on May 16
HDH SPECIAL: Proofs of Claim Filing Deadline Is May 9
HUNTSMAN INTERNATIONAL: Proofs of Claim Must be Filed by May 16
JLOC 2001-II: Proofs of Claim Filing Is Until May 16
MILTON INTERNATIONAL: Proofs of Claim Filing Ends on May 10

SPECIALIST LOW: Proofs of Claim Filing Deadline Is May 16
UNIQUE OPPORTUNITIES: Proofs of Claim Filing Is Until May 10
UNIQUE OPPORTUNITIES (MASTER): Claims Filing Ends on May 10
VICTORIA & EAGLE: Proofs of Claim Filing Deadline Is May 16
VITA CAPITAL: Proofs of Claim Filing Is Until May 16

C H I L E

PHELPS DODGE: Acquisition Boosts Freeport's First Qtr. Profits
WARNER MUSIC: Receives US$110 Mil. from Bertelsmann-Napster Deal

C O L O M B I A

NOVELL INC: To Incur Additional Stock-Based Compensation Expense

C O S T A   R I C A

ALCATEL-LUCENT: Posts EUR260-Million Operating Loss for Q1 2007
ALCATEL-LUCENT: Provides IP/MPLS Services to Shanghai Telecom

D O M I N I C A N   R E P U B L I C

GENERAL CABLE: Completes Tender Offer for US$285-Million Notes

E C U A D O R

PETROECUADOR: Gets 5 Offers for Liquefied Petroleum Gas Project

G U A T E M A L A

GOODYEAR TIRE: Amends US$2.7-Bln & EUR505-Mln Credit Facilities

J A M A I C A

CENVEO CORP: S&P Lowers Rating of Assumed Cadmus Notes to B-

M E X I C O

ADVANCED MICRO: Posts US$611-Million Net Loss for Q1 2007
BALLY TOTAL: Selling 16 Canadian Units for CDN$19.6 Million
CELESTICA INC: Posts US$34.3 Mil. Net Loss in First Quarter 2007
COREL CORP: Feb. 28 Balance Sheet Upside-Down by US$20.6 Mil.
COTT CORPORATION: Board Okays Shareowner Rights Plan

DELTA AIR: NY Bankruptcy Court Confirms Plan of Reorganization
GENERAL MOTORS: Europe Sales Up 6% in First Quarter 2007
GENERAL MOTORS: CEO Takes the Challenge to Beat Toyota's Sales
JOAN FABRICS: U.S. Trustee Picks Three-Member Creditors' Panel
KRISPY KREME: Robert Strickland Retires from Board of Directors

STEELCASE INC: Repurchases 1.7 Million Shares for US$33 Million
U.S. STEEL: Earns US$273 Million in Quarter Ended March 31

P E R U

IMPSAT FIBER: Extends Tender Offer Expiration Date to May 1

P U E R T O   R I C O

ALL AMERICAN: Files for Chapter 11 Protection in Florida
ALL AMERICAN: Case Summary & 40 Largest Unsecured Creditors
CLEAN HARBORS: Earns US$11 Mil. in Fourth Qtr. Ended December 31
HORIZON LINES: Board Declares US$0.11 Per Share Cash Dividend

U R U G U A Y

* URUGUAY: Paper Mill May Hurt Argentina's Poultry Industry

V E N E Z U E L A

CMS ENERGY: Declares Common Stock Dividend at US$0.05 per Share
DAIMLERCHRYSLER AG: Unions Remain Opposed to Chrysler Sale
PETROLEOS DE VENEZUELA: Inks 7 MOUs with Oil Firms for New JVs

* VENEZUELA: Chavez Willing to Discuss Private Health Care Costs


                          - - - - -


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


ARROW ELECTRONICS: Reports US$96.3MM First Quarter Net Income
-------------------------------------------------------------
Arrow Electronics, Inc., reported first quarter 2007 net income
of US$96.3 million on sales of US$3.50 billion, compared with
net income of US$81.6 million on sales of US$3.19 billion in the
first quarter of 2006.  Consolidated sales grew 10% over the
first quarter of 2006, or 5% on a pro forma basis including the
impact of acquisitions.  The company's results for the first
quarters of 2007 and 2006 include a number of items outlined
below that impact their comparability.  Excluding those items,
net income for the quarter ended March 31, 2007, would have been
US$91.8 million and net income for the quarter ended
March 31, 2006, would have been US$84.1 million.

"We once again executed well on our strategic and tactical
objectives this quarter.  We outgrew the market, posted record
first quarter sales and earnings per share, grew earnings at
twice the rate of sales organically, generated strong operating
cash flow of US$114 million and for the 13th consecutive quarter
return on invested capital was well in excess of our cost of
capital, all as we continue to invest in our business ensuring
continued value creation for our business partners and our
shareholders," said William E. Mitchell, Arrow Electronics
chairman, president and chief executive officer.  "In the first
quarter, we received favorable ratings changes from both Moody's
Investors Service and Fitch Ratings.  Our strong cash flow and
solid balance sheet have enabled us to pursue strategic
initiatives while maintaining a strong credit profile," added
Paul J. Reilly, Arrow Electronics senior vice president and
chief financial officer.

Worldwide computer products sales of US$776.0 million increased
33% over the first quarter of 2006, while sales for Arrow
Electronics' enterprise computing solutions business increased
12% on a pro forma basis including the impact of the
acquisitions of Alternative Technology, Inc. and the storage and
security distribution business of InTechnology plc.  "We
achieved our 13th consecutive quarter of year-over-year growth
driven by strong double-digit increases in industry standard
servers, storage, software and services, which significantly
outpaced market growth in these segments.  On March 31st, we
closed on our acquisition of the Agilysys KeyLink Systems Group
and successfully integrated KeyLink's people, systems and
facilities.  We continue to transform our industry leading
enterprise computing solutions business into a much stronger
organization with an expanded geographic reach, increased
exposure in faster growing product segments, and a more robust
customer and supplier base.  With increased scale and greater
levels of operating efficiency, we will further strengthen our
industry leading financial performance, while significant cross
selling opportunities will further accelerate our growth in the
global enterprise computing solutions marketplace," said Mr.
Mitchell.

Worldwide components sales of US$2.72 billion increased 4% over
the first quarter of 2006.  "We achieved exceptional results in
Europe with record sales and the highest first quarter operating
income since 2001 as we continue to drive results by investing
in our sales and marketing efforts and enhancing our existing
strong local presence with more consistent and disciplined
processes across the region.  Double-digit growth in our core
business serving small and medium sized customers around the
world was offset, in part, by the well-publicized weakness in
the large EMS segment in North America and Asia Pacific. Our
North American business posted the second highest first quarter
operating income since 2001 and in Asia Pacific operating income
advanced more than 70% year-over-year, further demonstrating our
ability to perform well regardless of market conditions," stated
Mr. Mitchell.

The company's results for the first quarter of 2007 and 2006
include the items outlined below that impact their
comparability:

   * During the first quarter of 2007, the company recorded
     a net restructuring credit of US$8.3 million (US$5.8
     million net of related taxes or US$.05 per share on both
     a basic and diluted basis), primarily related to the sale
     of the company's Harlow, England facility.

   * During the first quarter of 2007, the company recorded an
     integration charge of US$2.1 million (US$1.3 million net
     of related taxes or US$.01 per share on both a basic and
     diluted basis), primarily related to the acquisition of
     KeyLink.

   * During the first quarter of 2006, the company recorded
     a US$1.5 million (US$.9 million net of related taxes or
     US$.01 per share on both a basic and diluted basis)
     restructuring charge.

   * During the first quarter of 2006, the company redeemed
     the total amount outstanding of US$283.2 million principal
     amount (US$156.4 million accreted value) of its zero
     coupon convertible debentures due in 2021 and repurchased
     US$4.1 million principal amount of its 7% senior notes
     due in January 2007.  The related loss on the redemption
     and repurchase, including any related premium paid,
     write-off of deferred financing costs, and cost of
     terminating a portion of related interest rate swaps,
     aggregated US$2.6 million (US$1.6 million net of related
     taxes or US$.01 per share on both a basic and diluted
     basis) and is recognized as a loss on prepayment of debt.

"Based upon the information known to us today, we expect to see
normal seasonality in all of our businesses in the second
quarter.  In components, we expect our broad small and medium-
sized customer base to perform well, offset in part, by
continued weakness in the large EMS customers.  In computer
products, we expect to continue to post solid growth in industry
standard servers, storage, software and services.  We believe
that total second quarter sales will be between US$3.85 and
US$4.15 billion, with worldwide component sales between US$2.725
and US$2.875 billion and worldwide computer product sales
between US$1.125 and US$1.275 billion.  Earnings per share, on a
diluted basis, excluding any charges, are expected to be in the
range of US$.78 to US$.84, an increase of 1% to 9% from last
year's second quarter.  These expected results include the
impact of the KeyLink acquisition," added Mr. Reilly.

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

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

                        *     *     *

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

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


ATHENAS SRL: Proofs of Claim Verification Deadline Is June 7
------------------------------------------------------------
Jacobo Alberto Michan, the court-appointed trustee for Athenas
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until June 7, 2007.

Mr. Michan will present the validated claims in court as
individual reports on Aug. 6, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Athenas 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 Athenas' accounting
and banking records will be submitted in court on
Sept. 18, 2007.

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

The trustee can be reached at:

          Jacobo Alberto Michan
          Paraguay 2492
          Buenos Aires, Argentina


BALL CORPORATION: Board Elects Two New Officers; Promotes Two
-------------------------------------------------------------
Ball Corporation's board of directors elected two new corporate
officers and promoted two others during their meeting today at
Ball's corporate headquarters in Broomfield.  The corporation's
shareholders also elected four of the directors to new three-
year terms at Ball's annual meeting, and the board approved a
quarterly dividend.

Lisa A. Pauley was elected vice president, administration &
compliance.  Leroy J. Williams was elected vice president,
information technology and services.  John A. Hayes and Harold
Sohn were promoted to senior vice president.

Hanno C. Fiedler, John F. Lehman, Georgia R. Nelson and Erik H.
van der Kaay were elected to board terms that will expire at the
corporation's 2010 annual meeting.

The dividend of 10 cents per share is payable June 15, 2007, to
shareholders of record on June 1, 2007.

Ms. Pauley began her career at Ball in 1981 in the corporation's
aerospace division in Boulder, Colorado, and was that unit's
vice president, finance and administration, prior to 2004 when
she joined the corporate staff as senior director,
administration and compliance.

Mr. Williams has been vice president, information systems, for
Ball Packaging Products, Americas, since joining the company in
2005.  Prior to that he held several senior positions in
Colorado state government, including secretary of technology and
chief information officer.

Mr. Hayes has been a vice president of the corporation since
2000 and president of Ball Packaging Europe since 2005.  His new
title is senior vice president, Ball Corporation, and president,
Ball Packaging Europe.  He joined Ball in 1999 and held
positions in corporate planning, strategy, marketing and
development before becoming head of Ball's European packaging
business.

Mr. Sohn has been a vice president of the corporation since
1993.  His new title is senior vice president, corporate
relations.  He joined the company 1977 and has served in public
relations, industry affairs and corporate relations positions
throughout his career.

Headquartered in Broomfield, Colorado, Ball Corporation --
http://www.ball.com/-- is a supplier of high-quality metal and  
plastic packaging products.  It owns Ball Aerospace &
Technologies Corp., a developer of sensors, spacecraft,
systems and components for government and commercial customers.
Ball Corporation employs about 13,100 people worldwide,
including Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 19, 2007, Fitch Ratings affirmed Ball Corp.'s Issuer
Default Rating at 'BB'.  In addition, Fitch has affirmed these
ratings for the company:

   -- Senior secured revolving credit facility 'BB+';
   -- Senior secured term bank debt 'BB+'; and
   -- Senior unsecured notes 'BB'.

Fitch said the rating outlook is stable.


BANCO SUPERVIELLE: Joins IFC Global Trade Finance Program
---------------------------------------------------------
Banco Supervielle in Argentina has joined International Finance
Corporation's Global Trade Finance Program as an issuing bank.   

IFC's Global Trade Finance Program promotes trade with emerging
markets worldwide by supporting flows of goods and services to
and from developing countries.  Through the program, IFC
provides guarantee coverage of bank risk in emerging markets,
allowing recipients to expand their trade finance transactions
within an extensive network of countries and banks, thus
enhancing their trade finance coverage.

Banco Supervielle Director Julio Piekarz, said, "Participating
in the Global Trade Finance Program will help us build a strong
relationship with IFC and enable us to provide better service in
trade finance to our clients, helping increase their business in
new markets around the world."

Yolande Duhem, IFC Senior Manager for the Southern Cone, said,
"The Global Trade Finance Program is a key element of our
strategy in Argentina.  Our main focus is on reaching out to
banks that support the growth of small and medium enterprises."  
She also noted that IFC's emphasis on smaller businesses is part
of its strategy to generate jobs and promote economic growth as
a way to reduce poverty.

James Peter Scriven, IFC Associate Director for Financial
Markets in Latin America, said, "Our program will help Banco
Supervielle increase its ability to provide innovative trade
solutions to its clients, especially small and medium
enterprises, as well as enlarge its network of correspondent
banks."

Other Argentine banks that have joined the program are BBVA
Banco Frances and Banco Patagonia.  For these banks, the program
has provided guarantees for pre-export finance transactions and
import letters of credit for a total value of US$37.7 million
since its inception in Argentina in 2005.

                          About IFC

International Finance Corporation -- http://www.ifc.org/-- the  
private sector arm of the World Bank Group, promotes open and
competitive markets in developing countries.  IFC supports
sustainable private sector companies and other partners in
generating productive jobs and delivering basic services, so
that people have opportunities to escape poverty and improve
their lives.  Through 2006 Fiscal Year, IFC Financial Products
has committed more than US$56 billion in funding for private
sector investments and mobilized an additional US$25 billion in
syndications for 3,531 companies in 140 developing countries.  
IFC Advisory Services and donor partners have provided more than
US$1 billion in program support to build small enterprises, to
accelerate private participation in infrastructure, to improve
the business enabling environment, to increase access to
finance, and to strengthen environmental and social
sustainability.

                   About Banco Supervielle

Banco Supervielle -- http://www.supervielle.com.ar/-- is owned  
by Banco Banex S.A., and together they form the Supervielle
Group, the sixth-largest private banking group in Argentina.  
The bank operates 122 branches and payment centers, which are
mainly concentrated in the provinces of Buenos Aires, Cordoba,
Mendoza, San Luis, and Santa Fe.  Banco Supervielle focuses on
individuals and the middle-market clients and corporate segments
in Argentina, including American and European corporations in
the country.  It specializes in consumer loans, credit cards,
payroll payments, factoring, trade, leasing, and financial
trustees, and it holds a diversified portfolio in retail, auto
parts, civil construction, agrochemical, manufacturing, and
other industries.  Joining IFC's Global Trade Finance Program
will help Banco Supervielle expand, helping serve the trade
finance needs of the country's small and medium enterprises.  It
will also help the bank to consolidate its business in other
segments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2007, Moody's Investors Service changed its outlook to
positive, from stable, on the Caa1 long-term foreign-currency
deposit ratings and on the the Ba1.ar national scale foreign-
currency deposit ratings of all rated Argentine banks.

These ratings on Banco Supervielle S.A. were affected by the
change in rating outlook:

   -- long-term foreign currency deposit rating of Caa1, outlook
      to positive from stable; and

   -- long-term national scale foreign currency deposit rating
      of Ba1.ar, outlook to positive from stable.


BRAGACER SA: Trustee To File Individual Reports on August 6
-----------------------------------------------------------
Amalia Mild, the court-appointed trustee for Bragacer 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. 6, 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 Bragacer 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
April 26, 2007, Ms. Mild verifies creditors' proofs of claim
until June 7, 2007.

Ms. Mild will also submit to court a general report containing
an audit of Bragacer's accounting and banking records on
Sept. 18, 2007.

The debtor can be reached at:

          Bragacer SA
          Riobamba 374
          Buenos Aires, Argentina

The trustee can be reached at:

          Amalia Mild
          Lavalle 2024
          Buenos Aires, Argentina


COMPANIA ALIMENTICIA: Claims Verification Deadline Is June 8
------------------------------------------------------------
Jose Maria Larrary, the court-appointed trustee for Compania
Alimenticia Velez Sarfield S.R.L.'s bankruptcy proceeding,
verifies creditors' proofs of claim until June 8, 2007.

Mr. Larrary will present the validated claims in court as
individual reports on Aug. 7, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Compania Alimenticia 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 Compania
Alimenticia's accounting and banking records will be submitted
in court on Sept. 19, 2007.

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

The trustee can be reached at:

          Jose Maria Larrary
          Rodriguez Pena 231
          Buenos Aires, Argentina


FERRO CORP: Hires Nicholas Katzakis as Chief Accounting Officer
---------------------------------------------------------------
Ferro Corporation has hired Nicholas Katzakis as Chief
Accounting Officer.

Mr. Katzakis was formerly Vice President, Controller and
Compliance Officer for U-Store-It Trust, a publicly traded real
estate investment trust that owns and operates self-storage
facilities throughout the United States.

Prior to his tenure at U-Store-It, Mr. Katzakis was Director of
Financial Services and Controller for A. Schulman, Inc., a
publicly owned global manufacturer of plastic resins for the
automotive and packaging industries.

Mr. Katzakis, who is a certified public accountant, served as a
senior auditor at the former Touche Ross & Co. before moving
into corporate finance roles.  He earned a master's of business
administration degree from Cleveland State University and a
bachelor's degree in business administration from Kent State
University.

In his role at Ferro, Mr. Katzakis reports to Sallie B. Bailey,
Vice President and Chief Financial Officer.

Headquartered in Cleveland, Ohio, Ferro Corp. (NYSE:FOE) --
http://www.ferro.com/-- supplies technology-based performance
materials for manufacturers.  Ferro materials enhance the
performance of products in a variety of end markets, including
electronics, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  The company has approximately 6,800
employees globally.  In Latin America, the company has
operations in Argentina, Brazil, Mexico and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Ferro Corp. and raised the
senior debt rating to 'B+' from 'B'.  The ratings are removed
from CreditWatch, where they were placed Nov. 18, 2005, with
negative implications.  S&P said the outlook is stable.


ILDA SRL: Trustee To File Individual Reports in Court on June 22
----------------------------------------------------------------
Alberto Hosselet, the court-appointed trustee for Ilda S.R.L.'s
bankruptcy proceeding, will present creditors' validated claims
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on June 22, 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 Ilda 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 29, 2007, Mr. Hosselet verifies creditors' proofs of claim
until May 4, 2007.

Mr. Hosselet will also submit to court a general report
containing an audit of Ilda's accounting and banking records on
Aug. 13, 2007.

The debtor can be reached at:

          Ilda SRL
          Campana 3053
          Buenos Aires, Argentina

The trustee can be reached at:

          Alberto Hosselet
          Luis Maria Campos 1160     
          Buenos Aires, Argentina


INTER REDES: Seeks Reorganization Approval in Buenos Aires Court
----------------------------------------------------------------
Inter Redes SA has requested for reorganization after failing to
pay its liabilities since March 1, 2007.

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

The case is pending before the National Commercial Court of
First Instance No. 6 in Buenos Aires.  Clerk No. 11 assists on
this case.

The debtor can be reached at:

          Inter Redes SA
          Chacabuco 1386
          Buenos Aires, Argentina


RED HAT: Will Acquire MetaMatrix
--------------------------------
Heather Havenstein, at Reseller News, reports that Red Hat said
it signed a definitive agreement to acquire data integration
specialist Metamatrix.

Mr. Sanders at vnunet.com says that on completion of the
transaction, MetaMatrix will be added to the federated data
services SOA layer for JBoss.

According to Mr. Sanders at vnunet.com, the software is governed
by a proprietary license.  JBoss will release the software under
the open source Lesser General Public License, General Public
License or Apache licenses.

Martin LaMonica at CNET News.com relates that Red Hat said it
plans to change MetaMatrix's business model to align it with its
seller's open-source structure.  It will move pricing for
MetaMatrix products to a subscription model, rather than an
upfront one-time license.

Tim Yeaton, senior vice president of enterprise solutions at Red
Hat, told CNET News.com's LaMonica that Red Hat will make all
the MetaMatrix software available under an open-source license
within a year.

LaMonica at CNET News.com says that Red Hat launched on April 24
a revamped open-source Web site at JBoss.org aimed at developers
who participate in open-source projects.   Red Hat also made
integrated packages of different JBoss products for corporate
clients who want stable software distributions and multiyear
support contracts.  The first package will include:

          -- JBoss application server,
          -- Hibernate data-access software,
          -- clustering, and
          -- Seam Web development tools.

Shaun Connolly, vice president of product management for the
JBoss division at Red Hat, told CNET News.com's LaMonica that
Red Hat will release a JBoss integration package later this
year, which will include its JBoss ESB.

                      About MetaMatrix

MetaMatrix develops enterprise information integration software
for corporate data.  Its MetaBase product functions as a data
repository for enterprise-wide metadata and includes data
modeling, search, view, and data import/export applications.  
Its MetaMatrix Server allows companies to create virtual
databases used to coordinate and control access to corporate
information.  The company also offers services like consulting,
training, and support.  Among its partners, MetaMatrix counts
technology giants IBM, Sun Microsystems, and Hewlett-Packard.

                        About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services
revised its outlook on Raleigh, N.C.-based operating systems
provider Red Hat Inc. to stable from positive, and affirmed its
'B+' corporate credit rating.


REMISES EL RESERO: Proofs of Claim Verification Ends on June 27
---------------------------------------------------------------
Ricardo Jose Lisio, the court-appointed trustee for Remises El
Resero S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until June 27, 2007.

Mr. Lisio will present the validated claims in court as
individual reports on Aug. 22, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Remises El Resero 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 Remises El Resero's
accounting and banking records will be submitted in court on
Oct. 3, 2007.

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

The trustee can be reached at:

          Ricardo Jose Lisio
          Viamonte 1592
          Buenos Aires, Argentina


SIMCE SRL: Proofs of Claim Verification Deadline Is June 7
----------------------------------------------------------
Adriana Raquel Esnaola, the court-appointed trustee for Simce
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until June 7, 2007.

Ms. Esnaola will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Buenos Aires will determine if the verified claims
are admissible, taking into account the trustee's opinion, and
the objections and challenges that will be raised by Simse 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 Simse's accounting
and banking records will be submitted in court.

Infobae did not state the reports submission date.

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

The trustee can be reached at:

          Adriana Raquel Esnaola
          Parana 489
          Buenos Aires, Argentina


YACOPLAST SA: Seeks Reorganization Okay in Buenos Aires Court
-------------------------------------------------------------
Yacoplast SA has requested for reorganization after failing to
pay its liabilities since Oct. 10, 2006.

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

The case is pending before the National Commercial Court of
First Instance No. 19 in Buenos Aires.  Clerk No. 38 assists on
this case.

The debtor can be reached at:

          Yacoplast SA
          Tucuman 359
          Buenos Aires, Argentina


* ARGENTINA: Says Uruguay's Paper Mill May Hurt Poultry Industry
----------------------------------------------------------------
Uruguay's paper mill could affect the poultry industry in Entre
Rios, Argentina, reporters say, citing an Argentine protester.

The striker told the reporters, "One of the most important
poultry industries in the region is located in Entre Rios, which
generates thousands of jobs and has hundreds of producers.  When
they build the paper mill, nobody is going to eat the region's
chicken."

Xinhua News relates that the Environmental Assembly of the
Gualguaychu city held demonstrations on April 23 in front of
Finland's embassy in Buenos Aires to protest a paper mill that
Finnish company Botnia is constructing in Fray Bentos, Uruguay.  
Guaguaychu borders Uruguay's Fray Bentos.  

According to Xinhua News, Entre Rios residents let loose dozens
of chickens.  Some protesters were offering free chickens to
people passing by, while others were holding boards with slogans
that said, "Eat them now before Botnia poisons them all."

As reported in the Troubled Company Reporter-Latin America on
Feb. 8, 2007, The Argentine government and environmental groups
are protesting the mills' alleged adverse effect on marine life
at their river border.  Uruguay argued that studies have been
made ascertaining the safety of the river habitat and measures
would be taken to ensure that the mills wouldn't pollute the
river.  Argentina also claimed that Uruguay violated the 1975
Statute of the River Uruguay, which states that all issues
concerning the river must be agreed upon by the two nations.  
The matter has been brought to the International Court of
Justice at The Hague.  A preliminary ruling was issued in favor
of Uruguay.  The ruling, along with a financing from the World
Bank, renewed a series of protests and blockades of access roads
leading to Uruguay.  In January, the International Court
rejected Uruguay's petition to force the Argentine government to
end the roadblocks.  According to the Court's ruling, the
blockades are not harming the rights claimed by Uruguay.  

Xinhua News notes that Argentine and Uruguayan officials
launched talks on April 20 in Spain to seek a solution to the
paper mill conflict.

Deutsche Presse-Agentur relates that Argentina and Uruguay
issued a declaration saying they had "re-established the direct
dialogue" about "the disagreements they currently maintain."

According to Prensa Latina, Argentina and Uruguay agreed to
continue the talks in May, promising to refrain from taking
measures that could increase the tension between the two
parties.

Deutsche Presse-Agentur says that Argentina wants the pulp mill
to be relocated, but Uruguay refuses that request.  

According to Deutsche Presse-Agentur, Spain's Ence, which was to
build a plant near Botnia's, relocated the project elsewhere in
Uruguay.  

Deutsche Presse-Agentur notes discussions between Argentine and
Uruguayan representatives would cover the Botnia plant project
and its location, border traffic, the environmental protection
of River Uruguay and the sustainable development of nearby
areas, and the application of a 1975 bilateral treaty on the
River Uruguay.

Uruguayan Foreign Minister Reinaldo Gargajo said that both
governments promised to take responsibilities, Prensa Latina
reports.  

                        *     *     *

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


SEA CONTAINERS: Court Okays PricewaterhouseCoopers as UK Counsel
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates obtained authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ PricewaterhouseCoopers Legal LLP as their United Kingdom
pension and labor counsel, nunc pro tunc to Feb. 23, 2007.

As reported in the Troubled Company Reporter on Apr. 16, 2007,
SCL related that the UK pension laws underwent significant
reform from April 2005.  Given the prior decision of management
to engage Kirkland & Ellis LLP as its lead bankruptcy counsel,
the Debtors require the assistance of experienced outside
pension counsel, who can provide advice regarding the new
pension laws, during the pendency of the Chapter 11 cases.

SCL told the Court that PwC Legal's assistance is also required
in respect of UK labor law, predominantly on daily labor law
advice arising in the course of or in relation to the Debtors'
business and the Chapter 11 process, including verification and
endorsement that actions taken by the Debtors to comply with the
Bankruptcy Code do not conflict with the requirements of United
Kingdom labor law.  The Debtors also need assistance on matters
where joint pension and labor law assistance is required.

PwC Legal is expected to:

   (1) as to issues arising from their or their subsidiaries'
       participation in defined benefit pension schemes
       established under U.K. law, including advice in relation
       to regulatory issues and ceasing to participate;

   (2) on daily issues that arise, including verification and
       endorsement that the Debtors' actions comply with the
       Bankruptcy Code and do not conflict with the requirements
       of the U.K.; and

   (3) on contentious matters, including claims brought against
       the Debtors in any court or employment tribunal.

PwC Legal's services will be paid based on the firm's customary
hourly rates:

      Designation                             Hourly Rate
      -----------                           ---------------
      Partners & Heads of Practice Areas    GBP450 - GBP500
      Assistant Solicitors                  GBP275 - GBP350
      Trainee Solicitors                    GBP150 - GBP170

Darryl Evans, Esq., a member of PwC Legal, assures the Court
that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

Sea Containers Ltd. also discloses that PwC Legal is a member of
PricewaterhouseCoopers LLP's network of firms and is the
associated law firm of PwC in the U.K.  It is a separate legal
entity from PwC.

                    About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight      
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue
No. 14; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.




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


AFFINIA GROUP: Posts US$5 Million Net Loss in FY Ended Dec. 31
--------------------------------------------------------------
Affinia Group Inc. reported results for the fourth quarter and
fiscal year ended Dec. 31, 2006.

                        2006 Year End

Net income for the year ended Dec. 31, 2006, improved by
US$25 million to a loss of US$5 million, as compared to a loss
of US$30 million for the year ended Dec. 31, 2005.

For the fiscal year 2006, sales were US$2.16 billion, as
compared to US$2.13 billion for 2005.  The increase reflects
strong filtration product and European heavy-duty product sales.  
The company's 2006 sales grew 1.4% despite the termination of a
customer relationship in early 2006, which reduced sales by
US$30 million.  In addition, the company's sales increased US$39
million related to the impact of foreign currency changes.

Gross profit increased 27% to $376 million in fiscal year 2006,
as compared to US$295 million for the same period in 2005.  The
improvement is primarily due to an overall improvement in
operational efficiency as a result of the company's business
restructuring.

As of Dec. 31, 2006, Affinia had US$70 million of cash.  Total
long-term debt outstanding as of Dec. 31, 2006 was US$597
million, a decrease of US$15 million from the year ended
Dec. 31, 2005.  Affinia had no borrowings under the company's
receivables securitization program at Dec. 31, 2006.  At
Dec. 31, 2006, Affinia continued to be in compliance with all
covenants in its senior credit agreement including financial
covenants consisting of a cash interest expense ratio, a
leverage ratio, and a maximum annual capital expenditure.

"Affinia gross profit increased 27%, while sales rose 1.4% as we
continue to strengthen our competitive position in the dynamic
aftermarket," Thomas Madden, Affinia's Senior Vice President and
Chief Financial Officer, said.

"This year, Affinia continued to implement its restructuring
plan with great success," Terry McCormack, Affinia Group's
President and Chief Executive Officer, said.  "Costs were down;
and sales and gross profitability were up during this
transitional period.  We now look ahead to completing our
restructuring plan, which will significantly strengthen our
position as a cost competitive global manufacturer."

                       Fourth Quarter

Net income for the quarter ended Dec. 31, 2006, improved by
US$14 million to a loss of US$9 million, as compared to a net
loss of US$23 million for the quarter ended Dec. 31, 2005.

For the fourth quarter 2006, sales were US$502 million, as
compared to US$514 million for the fourth quarter of 2005.

Gross profit for the quarter increased 45% to US$87 million, as
compared to US$60 million for the fourth quarter of 2005.

                    About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and  
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  Its South American operation is located in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Moody's Investors Service has upgraded Affinia Group Inc.'s  
Corporate Family Rating to B2 from B3 and revised the outlook to
stable from negative.


ALERIS INT'L: Inks Asset Acquisition Deal with Charter Oak  
----------------------------------------------------------
Aleris International Inc. has entered into a definitive
agreement with Charter Oak Capital Partners to acquire the
assets of EKCO Products, a light gauge sheet and heavy gauge
foil producer headquartered in Clayton, New Jersey.  Closing is
expected to occur in the second quarter and is subject to
customary closing conditions.

"We believe the acquisition of EKCO Products will be an
excellent strategic fit with Aleris's existing rolled products
operations and will provide outstanding opportunities to access
new customers and end-uses for our products," Steve Demetriou,
Chairman and Chief Executive Officer, stated.

"We look forward to adding the EKCO Products management team,
who have extensive knowledge of the light gauge aluminum segment
as well as their dedicated workforce who have a proven ability
to deliver high quality products to demanding customers," John
Wasz, Executive Vice President and President Aleris Rolled
Products-North America, added.

                  About Aleris International

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled  
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The Company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                        *     *     *

As reported on Dec. 22, 2006, Standard & Poor's rated Aleris
International Inc.'s senior secured first-lien term loan carries
at 'B+' loan and gave the company a '2' recovery rating after
the report that the company increased the term loan by US$125
million.  

Ratings List:

   * Aleris International Group

      -- Corporate Credit Rating at B+/Stable/
      -- Senior Secured B+


BENQ CORP: 250 Mobile Unit Employees Land Jobs at Siemens
---------------------------------------------------------
BenQ Mobile GmbH & Co, the bankrupt mobile subsidiary of
Taiwan-based BenQ Corp., found new jobs for 850 staff through
its two employment agencies, The Financial Times reports, citing
Frankfurter Allgemeine Zeitung as its source.

Around 2,500 out of 3,300 former BenQ Mobile staff transferred
to temporary employment companies after the insolvency filing,
FT relates.  According to the report, roughly 250 workers found
employment at Siemens, the previous owner of the now insolvent
mobile phone unit.

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

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

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

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.

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

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

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


BRASIL TELECOM: Earns BRL169.9 Million in First Quarter 2007
------------------------------------------------------------
Brasil Telecom Participacoes S.A. reported EBITDA results of
BRL952.0 million in 2007 first quarter, 0.5% and 15.4% higher
than 2006 fourth quarter and 2006 first quarter, respectively.  
Consolidated EBITDA margin in 2007 first quarter reached 35.4%.  
Consolidated net revenue amounted to BRL2.69 billion in 2007
first quarter, a 8.6% increase compared to 2006 first quarter,
and net income totaled BRL169.9 million in 2007 first quarter.

In only 30 months of operations, EBITDA for mobile telephony was
positive and reached BRL4.4 million in 2007 first quarter,
corresponding to an EBITDA margin of 1.1% and reaching the goal
set by the Company.

During 2007 first quarter, Brasil Telecom added 65.8 thousand
ADSL accesses to its plant, amounting to 1,383.5 thousand
accesses, an increase of 5.0% and 27.6% compared to 2006 fourth
quarter and 2006 first quarter, respectively.  By the end of
2007 first quarter, ADSL accesses represented 16.7% of Brasil
Telecom's lines in service, compared to 15.7% in 2006 fourth
quarter and 11.4% in 2006 first quarter.  The Company also
registered growth in data transmission services for the
corporate market.

Internet Group, Brasil Telecom's Internet division, reached
1,160 thousand broadband clients in 2007 first quarter,
representing an 8.1% increase compared to 1,073 thousand clients
in the previous quarter and 46.2% compared to the 793 thousand
clients in the same quarter of the previous year.

In 2007 first quarter, Brasil Telecom's gross revenue from data
communications totaled BRL660.1 million, a 1.6% increase
compared to the previous quarter and 22.6% compared to 2006
first quarter.  ADSL revenues amounted to BRL296.0 million,
representing 44.8% of total data communications revenues.

BrT Mobile reached 3,638.1 thousand mobile accesses in 2007
first quarter, corresponding to net additions of 261.3 thousand
accesses in the quarter.  BrT Mobile's market share in Region II
reached 12.9% by the end of 2007 first quarter.  Consolidated
gross revenue from mobile telephony totaled BRL412.5 million in
2007 first quarter, an increase of 81.3% compared to 2006 first
quarter.

Operating costs and expenses in 2007 first quarter totaled
BRL2,389.0 million, a 4.9% reduction compared to 2006 fourth
quarter.  The ratio of operating costs and expenses (excluding
depreciation and amortization) and gross revenue was 44.6%,
remaining stable compared to the previous quarter.

In 2007 first quarter, Brasil Telecom's investments amounted to
BRL152.8 million.  Compared to 2006 fourth quarter, total
investments decreased significantly by 68.0%, mainly due to the
mobile telephony investments, which decreased 96.0% compared to
the previous quarter.  Net debt in 2007 first quarter amounted
to BRL$1,143.8 million, 12.8% less than in December 2006.

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

                        *     *     *

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

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


COGNIS GMBH: Moody's Reviews All Ratings After Refinancing Plans
----------------------------------------------------------------
Moody's Investors Service has placed all ratings of Cognis GmbH
(Corporate Family Rating at B1) and its subsidiary Cognis
Deutschland GmbH & Co. KG under review for possible downgrade
following the company's announcement of the consent solicitation
under the 2014 9.5% notes to allow refinancing of its senior
secured first lien and second lien obligations and a portion of
the 2015 PIK notes raised by Cognis Holding GmbH, a direct
parent of Cognis GmbH.

Moody's review will focus on the terms of the proposed
refinancing -- that are subject to the requested consent of the
bond holders, the anticipated increase in leverage and cash
costs of the debt at Cognis GmbH going forward to assess the
appropriate level for the Corporate Family Rating.

Moody's notes that Cognis GmbH's operating performance in 2006
remained strong supported by robust pricing environment in its
key segments.  In 2006, Cognis GmbH reported EUR3.372 million in
sales and EUR367 million in EBITDA and turned break-even in
terms of Net Profit.  The review will include the analysis of
the medium term operating outlook and opportunities for
deleveraging.

These ratings of Cognis GmbH have been affected:

   -- Corporate Family rating at B1 / PDR B1;

   -- First Lien senior secured bank facilities at
      Ba2 / LGD 2(24%);

   -- Second Lien senior notes and loans at
      B2 / LGD4 (64%); and

   -- Senior Secured 2014 notes at B3 / LGD 5(86%).

Moody's does not rate senior PIK notes at Cognis Holding GmbH.

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


COGNIS GMBH: S&P Affirms B Corp. Rating After Refinancing Plans
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit ratings on Cognis GmbH and related entity
Cognis Deutschland GmbH & Co. KG, in response to the company's
refinancing plans.  All related issue ratings were also
affirmed.  The outlook is stable.
     
Cognis GmbH plans to refinance its EUR898 million senior loans,
EUR392 million second-lien loans and notes, and up to EUR350
million of its payment-in-kind or PIK notes (including accrued
interest) issued by Cognis Holding GmbH with EUR1.650 million
senior secured floating rate notes and loans issued by Cognis
Holding.  There will be no dividend payments to sponsors.  
Cognis GmbH plans to simplify the group's structure by
integrating its key operating subsidiary Cognis Deutschland into
Cognis Holding, which has been only a holding company up to now.
     
Standard & Poor's will re-evaluate recovery prospects for the
proposed EUR 1.650 million senior secured floating rate notes
and loans, planned to be issued by Cognis Holding, if and when
the transaction is executed and detailed terms of the new
financing are made public.
     
"The affirmation of the corporate credit ratings reflect that
our assessment already included the PIK note as part of Cognis'
financial debt," said Standard & poor's credit analyst Tobias
Mock.  "Post a successful refinancing transaction, the new
financial structure would increase the cash-pay interest by
about EUR15 million.  This is offset, however, by better
business performance in 2006 and only moderate capital
expenditures expected in 2007."  As well as reducing the total
annual interest expense (cash-pay and PIK interest) by about EUR
40 million, Cognis GmbH will start to address the mounting PIK
debt burden.
     
The ratings reflect the group's high leverage, following an LBO
in late 2001 and subsequent dividend payouts to shareholders
that were debt-financed, such as the issuance of PIK notes by
Cognis Holding in January 2005.
     
Cognis GmbH has a satisfactory business profile as the leading
worldwide manufacturer of natural-based specialty chemicals and
intermediates and a midsize producer of synthetic specialty
chemicals.
     
"The stable outlook reflects our expectation that Cognis'
operating cash flow will improve, as it benefits from lower
restructuring costs, still favorable pricing of lauric oil in
contrast to crude oil, and solid demand in key end markets,"
said Mr. Mock.  "However, deleveraging is expected to be only
modest over the next few years and FFO to debt is expected to be
about 10%, in line with the 'B' rating."

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


EMBRATEL PARTICIPACOES: Earns BRL132 Million in First Quarter
-------------------------------------------------------------
Embratel Participacoes said in its earnings statement that its
net profits increased 3% to BRL132 million in the first quarter
2007, from BRL128 million in the first quarter 2006.

Business News Americas relates that Embratel Participacoes' net
revenues grew 3.8% to BRL2.11 billion from BRL2.04 billion in
the first quarter 2006, as local calling revenues -- primarily
corporate and residential -- increased 36.6% to BRL282 million.  
Handset sales also helped boost the company's net revenues.

According to BNamericas, Embratel Participacoes' first quarter
data communications revenues grew 2.6% to BRL568 million year-
over-year.  Revenues from long distance calls declined 12.4% to
BRL128 million, as outbound traffic dropped.

Embratel Participacoes' Ebitda increased 1.4% to BRL535 million
in the first quarter 2007, from BRL528 million a year before,
BNamericas says.  The firm's Ebitda margin dropped to 25.3% in
the first quarter 2007 from 25.9% in the first quarter 2006.

BNamericas notes that Embratel Participacoes' operating profit
was BRL230 million in the first quarter 2007, compared to BRL241
million in the same quarter last year.

Embratel Participacoes' capital expenditure in the first quarter
2007 totaled BRL218 million.  Most of the expenses were from
access, infrastructure and local services, network
infrastructure, and data and Internet services, BNamericas
states.

Embratel Participacoes SA offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt -- B2.


PETROLEO BRASILEIRO: CADE Reviews Sanction Over Iparinga Buy
------------------------------------------------------------
The Administrative Economic Defense Council -- CADE -- changed a
few of the items in the Injunction adopted last April 17th
regarding Petroleo Brasileiro SA's purchase of the Ipiranga
Group assets.  With the changes, CADE acknowledges Petrobras
remains holding a minority participation in the Central
Petroquimica do Sul -- Copesul -- after the acquisition. So far
as fuel distribution is concerned, it granted the buyers --
Petrobras and the Ultra Group -- ten days to present an
alternate corporate governance model that will preserve
competition in the sector.

                       Petrochemicals

The CADE's plenary sitting revoked the prohibition it had
imposed on Petrobras' participation in discussions or strategic
and commercial policy decisions for Copesul. Instead of the
prohibition, the rules the Shareholder Agreement Petrobras and
Braskem signed pursuant to the acquisition will go into effect.

The CADE councilors took Petrobras' clarifications regarding the
fact the company held minority participation in Copesul even
before the Ipiranga Group assets were purchased into account.  
In its arguments, Petrobras showed that purchasing control over
the Group does not give it relevant influence over Copesul form
the competition viewpoint, especially considering the fact
Petrobras will remain a minority shareholder in the
petrochemical plant and that it will continue having a minority
presence in the unit's Board of Directors.

                      Fuel Distribution

So far as the fuel distribution market is concerned, the CADE
clarified that the terms of the Injunction do not prevent
Petrobras and Ultrapar -- the companies that purchased Ipiranga
Group's distribution business -- from discussing a corporate
governance model that will prevent any chance competition will
be affected.  The CADE gave Petrobras and Ultrapar ten days to
present their proposal and authorized the parts to hold meetings
for this purpose.

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

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

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

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

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


PETROLEO BRASILEIRO: Inks Initial Pact to Buy Nigerian NatGas
-------------------------------------------------------------
Angela Macdonald-Smith at Bloomberg News reports that Brazil's
state-owned oil firm Petroleo Brasileiro SA has signed an
initial accord to purchase liquefied natural gas from Nigeria.

Petroleo Brasileiro signed a "master sales agreement" with
Nigeria for spot cargoes of liquefied natural gas, Ms.
Macdonald-Smith at Bloomberg News says, citing Ildo Sauer,
Petroleo Brasileiro's gas and energy director.

Petroleo Brasileiro is also seeking supplies from other
countries to lessen its reliance on Bolivian gas, Bloomberg
News' Ms. Macdonald-Smith relates.

Mr. Sauer told reporters in Barcelona, Spain, that the liquefied
natural gas will be supplied to power plants through two or
three re-gasification ships off the coast.  According to
Bloomberg News' Ms. Macdonald-Smith, Mr. Sauer said the ships
will be the temporary floating import terminals.

Petroleo Brasileiro signed a contract to lease two Golar LNG
Ltd. re-gasification ships for US$90 million per year.  It is
currently negotiating for a third ship, Ms. Macdonald-Smith at
Bloomberg News reports.  Mr. Sauer said that the first ship will
be available in March 2008, while the second ship will be
available in March 2009.  The two ships, he said, will provide
as much as 21 million cubic meters a day of gas import capacity.  
According to him, the third ship would take capacity to 35
million cubic meters of gas per day.

Ms. Macdonald-Smith at Bloomberg News says that Brazil gets over
90% of its electricity from hydroelectric plants.  The liquefied
natural gas imports will be used in dry seasons or exported when
not needed.

"To have flexible supply is interesting.  We think this is a
very creative solution that allows us flexibility, allows us
safety, security of supply, and especially is the most economic
option," Mr. Sauer said at a media briefing at the LNG15
conference in Barcelona.

Petroleo Brasileiro will charter the vessels for liquefied
natural gas shipping when they won't be needed in Brazil.  
Petroleo Brasileiro may redirect liquefied natural gas to Europe
and the U.S. if the company decides to sign purchase contracts,
Mr. Sauer told Ms. Macdonald-Smith at Bloomberg News.

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

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

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

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

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


RHODIA S.A.: Improved Coverage Ratio Cues Fitch to Keep BB- IDR
---------------------------------------------------------------
Fitch Ratings affirmed the Issuer Default Rating of France's
Rhodia S.A. at 'BB-' and revised the Outlook to Positive from
Stable.  At the same time, Fitch has assigned Rhodia SA's
proposed issue of up to EUR595.125 million bonds convertible
and/or exchangeable for new and/or existing shares an expected
'BB-' rating.  

The final rating of the convertible bond will be assigned
following settlement and review of the final bond documentation,
conforming to information already received.

Fitch has also affirmed the 'BB-' rating of Rhodia's Senior
Notes due 2013 and affirmed and withdrawn three others:

   -- EUR300-million Revolving Credit Facility affirmed at 'BB+'
      and withdrawn

   -- Senior Notes due 2010 affirmed at 'BB-' and withdrawn

   -- Senior Subordinated Notes due 2011 affirmed at 'B' and
      withdrawn

The revision of the Outlook to Positive from Stable reflects the
fact that the envisaged re-financing makes one of the previously
stated positive Rating or Outlook factors likely to materialize.
In its analysis dated March 13, Fitch outlined that a material
improvement in coverage ratios could positively influence
ratings or the Outlook.

The change in Outlook follows Rhodia's planned issue of
convertible debt to refinance its outstanding 2010 Senior Notes
and 2011 Senior Subordinated Notes.  "The newly proposed
financing structure for Rhodia leads to substantially lowered
interest expenses", says Oliver Kroemker, Associate Director in
Fitch's Corporate Industrials team.  "Provided that Rhodia
performs broadly in line with its guidance in FY07, including
further de-leveraging, key credit ratios should be substantially
improved towards the year end", Kroemker added.  Fitch expects
Rhodia to be free-cash-flow positive in FY07 and expects a
significant improvement in FCF in 2008, once re-structuring
charges and other one-off items have been paid.

At FYE06 Rhodia had total debt of EUR2.4-billion, of which
approximately EUR1.4-billion represented senior notes and
EUR467-million were senior subordinated notes.  Approximately
EUR320-million/US$415-million of senior notes have been prepaid.
Cash and liquid assets on balance sheet was EUR486-million.
Based on this and the newly agreed EUR600-million revolving
credit facility, liquidity is assumed to be comfortably
sufficient.

Rhodia is a diversified chemicals company based in France, which
achieved net sales of EUR4.8-billion in FY06.  Its products are
sold in a broad spectrum of consumer and industrial markets,
including cosmetics, detergents, pharmaceuticals, automotive,
electronics, agrochemicals and construction.


RHODIA SA: Increases Size of Offering to EUR595 Million
-------------------------------------------------------
Rhodia S.A. disclosed the full exercise of the over-allotment
(greenshoe) option by the global coordinators, joint lead
managers and joint bookrunners, increasing the size of the
offering to EUR595.1 million, corresponding to 12,372,661 bonds.

This follows the successful placement of its bonds convertible
and/or exchangeable for new and/or existing shares, which was 15
times oversubscribed.

The Global Coordinators, Joint Lead Managers and Joint
Bookrunners informed Rhodia that they did not carry out
stabilization operation.

Settlement-delivery of the bonds is scheduled to take place on
April 27, 2007.

The bond offering is managed by CALYON, Credit Suisse and
Societe Generale Corporate & Investment Banking, Global
Coordinators, Joint Lead Managers and Joint Bookrunners and by
BNP Paribas and HSBC Bank Plc. as Co-Lead Managers.

                         About Rhodia

Headquartered in Paris, France, Rhodia SA (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals  
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.

                        *     *     *

As reported on April 23, Moody's Investors Service upgraded
Rhodia S.A. corporate family rating to Ba3 and assigned
Probability of Default rating for the group at Ba3; Moody's also
upgraded senior secured notes at Rhodia S.A. to B1 and assigned
LGD assessment at LGD4 (69%).  The proposed convertible notes
are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability of Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.

At the same time, Standard & Poor's assigned its B senior
unsecured debt rating to Rhodia's proposed new bond, which will
be used for refinancing purposes.  


TELE NORTE: Debt-Funded Tender Offer Cues S&P to Watch Ratings
--------------------------------------------------------------  
Standard & Poor's Ratings Services placed its long-term 'BB+'
corporate credit rating on Tele Norte Leste Participacoes S.A.
or TNL under CreditWatch with negative implications.

Standard & Poor's also placed on CreditWatch with negative
implications the 'BB+' corporate credit rating on Telemar Norte
Leste S.A. or Tmar (Tele Norte's subsidiary), and the ratings on
the local debentures of Telemar Participacoes S.A. or TmarPart.
      
"The CreditWatch listing follows TmarPart's decision to proceed
with a debt-funded tender offer for the acquisition of TNL's and
TMar's outstanding nonvoting shares," said Standard & Poor's
credit analyst Jean-Pierre Cote Gil.  Although a successful
outcome of the proposal would provide TmarPart's controlling
shareholders with the necessary flexibility to make several
decisions regarding these companies' corporate structure
(including the potential consolidation of all Telemar entities),
the resulting significant increase in debt levels at TmarPart
would pressure the ratings on all entities (as TmarPart depends
on the dividend distributions of its ultimate operating
companies).
     
Standard & Poor's expect to resolve the CreditWatch after the
conclusion of the offer.  The cost will depend on the level of
acceptance from nonvoting shareholders (the transaction is
subject to a minimal acceptance of 66% of nonvoting
shareholders).  Standard & Poor's will also need to review the
company's funding strategy and the financial policies following
a potential positive outcome.  If approved by all nonvoting
shareholders of TNL and TMar, TmarPart would have to disburse
about BRL11 billion (about US$5.5 billion) to complete the deal.  
Telemar entities' consolidated total debt amounted to about
US$4.6 billion at Dec. 31, 2006.

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


TELE NORTE: S&P Puts Subsidiary's BB+ Rating on Negative Watch
--------------------------------------------------------------  
Standard & Poor's Ratings Services placed its long-term 'BB+'
corporate credit rating on Telemar Norte Leste S.A. or Tmar
under CreditWatch with negative implications.

Standard & Poor's also placed on CreditWatch with negative
implications the 'BB+' corporate credit rating on Tele Norte
Leste Participacoes S.A. or TNL (Telemar Norte's holding
company), and the ratings on the local debentures of Telemar
Participacoes S.A. or TmarPart.
      
"The CreditWatch listing follows TmarPart's decision to proceed
with a debt-funded tender offer for the acquisition of TNL's and
TMar's outstanding nonvoting shares," said Standard & Poor's
credit analyst Jean-Pierre Cote Gil.  Although a successful
outcome of the proposal would provide TmarPart's controlling
shareholders with the necessary flexibility to make several
decisions regarding these companies' corporate structure
(including the potential consolidation of all Telemar entities),
the resulting significant increase in debt levels at TmarPart
would pressure the ratings on all entities (as TmarPart depends
on the dividend distributions of its ultimate operating
companies).
     
Standard & Poor's expect to resolve the CreditWatch after the
conclusion of the offer.  The cost will depend on the level of
acceptance from nonvoting shareholders (the transaction is
subject to a minimal acceptance of 66% of nonvoting
shareholders).  Standard & Poor's will also need to review the
company's funding strategy and the financial policies following
a potential positive outcome.  If approved by all nonvoting
shareholders of TNL and TMar, TmarPart would have to disburse
about BRL11 billion (about US$5.5 billion) to complete the deal.  
Telemar entities' consolidated total debt amounted to about
US$4.6 billion at Dec. 31, 2006.

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




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


ALBA CAPITAL: Proofs of Claim Must be Filed by May 16
-----------------------------------------------------
Alba Capital Funds, Ltd.'s creditors are given until
May 16, 2007, to prove their claims to Q&H Nominees Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Alba Capital's shareholder decided on Dec. 1, 2006, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


ARF ABSOLUTE: Proofs of Claim Filing Deadline Is May 16
-------------------------------------------------------
ARF Absolute Return Fund creditors are given until May 16, 2007,
to prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

          David A.K. Walker
          Attention: Richard Mottershead
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8656
          Fax: (345) 949 4590


CLASSIC TERMS: Proofs of Claim Must be Filed by May 9
-----------------------------------------------------
Classic Terms Ltd.'s creditors are given until May 9, 2007, to
prove their claims to Gilbert Miller, 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.

Classic Terms shareholders agreed on March 23, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Gilbert Miller
          Attention: Alan G. de Saram
          Charles Adams, Ritchie & Duckworth
          P.O. Box 709
          Zephyr House
          Mary Street, George Town
          Grand Cayman KY1-1107
          Tel: 949-4544
          Fax: 949-8460


EOS SECTOR: Proofs of Claim Filing Deadline Is May 10
-----------------------------------------------------
EOS Sector Strategies Offshore Ltd.'s creditors are given until
May 10, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

EOS Sector's shareholder decided on April 2, 2007, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          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: Proofs of Claim Must be Filed by May 10
---------------------------------------------------
ESS Master Fund, Ltd.'s creditors are given until May 10, 2007,
to prove their claims to David A.K. Walker and Lawrence
Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

ESS Master's shareholder decided on March 19, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


GROVE POINTE: Proofs of Claim Filing Ends on May 16
---------------------------------------------------
Grove Pointe Indemnity, SPC.'s creditors are given until
May 16, 2007, to prove their claims to Turner & Roulstone
Management Ltd., the company's liquidator, or be excluded from
receiving any distribution or payment.

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

Grove Pointe's shareholder decided on March 19, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Alan Craig
          Turner & Roulstone Management Ltd.
          Strathvale House
          P.O. Box 2636
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 943 5555


HDH SPECIAL: Proofs of Claim Filing Deadline Is May 9
-----------------------------------------------------
HDH Special Situations Fund creditors are given until
May 9, 2007, to prove their claims to Huy Hoang, 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.

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

The liquidator can be reached at:

       Huy Hoang
       Attention: Alan G. de Saram
       Charles Adams, Ritchie & Duckworth
       P.O. Box 709
       Zephyr House
       Mary Street, George Town
       Grand Cayman KY1-1107
       Tel: 949-4544
       Fax: 949-8460


HUNTSMAN INTERNATIONAL: Proofs of Claim Must be Filed by May 16
---------------------------------------------------------------
Huntsman International Asset Backed Securities, SPC's creditors
are given until May 16, 2007, to prove their claims to Cereita
Lawrence and Sylvia Lewis, 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.

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

The liquidators can be reached at:

          Cereita Lawrence
          Sylvia Lewis
          P.O. Box 1109
          George Town, Grand Cayman KY-1102
          Cayman Islands
          Telephone: 949-7755
          Fax: 949-7634


JLOC 2001-II: Proofs of Claim Filing Is Until May 16
----------------------------------------------------
JLOC 2001-II, Ltd.'s creditors are given until May 16, 2007, to
prove their claims to Kareen Watler and Beverly Bernard, 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.

JLOC's shareholder decided on March 28, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Kareen Watler
          Beverly Bernard
          P.O. Box 1109
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-7755
          Fax (345) 949-7634


MILTON INTERNATIONAL: Proofs of Claim Filing Ends on May 10
-----------------------------------------------------------
Milton International Corp.'s creditors are given until
May 10, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


SPECIALIST LOW: Proofs of Claim Filing Deadline Is May 16
---------------------------------------------------------
Specialist Low Volatility (Euro) Fund, Ltd.'s creditors are
given until May 16, 2007, to prove their claims to Q&H Nominees
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Specialist Low's shareholder decided on March 8, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


UNIQUE OPPORTUNITIES: Proofs of Claim Filing Is Until May 10
------------------------------------------------------------
Unique Opportunities Fund, Ltd.'s creditors are given until
May 10, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Unique Opportunities shareholder decided on March 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


UNIQUE OPPORTUNITIES (MASTER): Claims Filing Ends on May 10
-----------------------------------------------------------
Unique Opportunities (Master) Fund, Ltd.'s creditors are given
until May 10, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


VICTORIA & EAGLE: Proofs of Claim Filing Deadline Is May 16
-----------------------------------------------------------
Victoria & Eagle Strategic Fund, Ltd.'s creditors are given
until May 16, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Victoria & Eagle's shareholders agreed on April 2, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          David Walker
          Attention: Richard Mottershead
          P.O. Box 258
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8656
          Fax: (345) 949 4590


VITA CAPITAL: Proofs of Claim Filing Is Until May 16
----------------------------------------------------
Vita Capital, Ltd.'s creditors are given until May 16, 2007, to
prove their claims to Cereita Lawrence and Sylvia Lewis, 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.

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

The liquidators can be reached at:

          Cereita Lawrence
          Sylvia Lewis
          P.O. Box 1109
          George Town, Grand Cayman KY-1102
          Cayman Islands
          Telephone: 949-7755
          Fax: 949-7634




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


PHELPS DODGE: Acquisition Boosts Freeport's First Qtr. Profits
--------------------------------------------------------------
Business News Americas reports that that Freeport McMoRan Copper
& Gold's profits increased to US$476 million in the first
quarter 2007, compared to US$251 million year-on-year, due to
its US$26-billion takeover of copper miner Phelps Dodge.

Freeport McMoRan Chief Executive Officer Richard Adkerson said
in a conference call on April 24, "This was an unusual quarter
because we only picked up 12 days of the Phelps Dodge
operations."

According to BNamericas, Freeport McMoRan said I n its financial
report that its revenues in the quarter increased to US$2.3
billion, from US$1.09 billion year-on-year, including Phelps
Dodge's March 20-31 consolidated revenues of US$515 million.

BNamericas relates that Freeport McMoRan's pro forma
consolidated sales, accounting for Phelps Dodge's production,
totaled 1.03 billion pounds of copper, 978,100 ounces of gold
and 18.6 million pounds of molybdenum.

Freeport McMoRan said that its pro forma copper production from
South America in the first quarter -- 100% derived from former
Phelps assets -- totaled 307 million pounds, BNamericas notes.  
Freeport McMoRan's 80% stake in the Candelaria mine in Chile was
101 million pounds in the first quarter 2007, compared to 118
million pounds in the first quarter 2006.  The firm's 53.6%
interest in the Cerro Verde mine in Peru came to 112 million
pounds in the first quarter 2007, versus 50.1 million pounds
year-on-year.  Its 51% stake in El Abra in Chile declined to
94.5 million pounds from 121 million pounds.

Freeport McMoRan sees sales of 3.9 billion pounds of copper, 1.9
million ounces of gold and 70 million pounds of molybdenum in
2007, BNamericas states.

           About Freeport-McMoran Copper & Gold Inc.

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

                   About Phelps Dodge Corp.

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 12, 2007, Fitch changed the Rating Outlook to Positive for
Phelps Dodge Corp.'s new owner, Freeport-McMoRan Copper & Gold,
after the completion of US$5.76 billion in equity financings.  
Net proceeds in the amount of US$5.6 billion will be used to
repay borrowings under the secured term loans used to finance,
in part, the acquisition of Phelps Dodge.

Fitch assigned these ratings to Freeport-McMoRan, the Outlook
was revised to Positive:

   -- Issuer Default Rating 'BB';

   -- US$500 million PT Freeport-McMoRan Indonesia/
      Freeport-McMoRan Secured Bank Revolver 'BBB-';

   -- US$1 billion Secured Bank Revolver 'BB';

   -- US$2.5 billion Secured Bank Term Loan A 'BB';

   -- US$7.5 billion Secured Bank Term Loan B 'BB';

   -- Existing Notes to be secured 'BB';

   -- 10.125% senior notes due 2010;

   -- 6.875% notes due 2014;

   -- 7% convertible notes due 2011 'BB-';

   -- Freeport-McMoRan Unsecured Notes due 2015 and 2017 'BB-';
      and

   -- Freeport-McMoRan Convertible Preferred Stock B+.

Fitch assigned these ratings to Phelps Dodge and the Outlook was
revised to Positive:

   -- Cyprus Amax 7.375% Notes due May 2007 'BB-';
   -- Senior Unsecured Notes and Debentures 'BB-';
   -- 8.75% notes due 2011;
   -- 7.125% debentures due 2027;
   -- 9.50% notes due 2031; and
   -- 6.125% notes due 2034.


WARNER MUSIC: Receives US$110 Mil. from Bertelsmann-Napster Deal
----------------------------------------------------------------
Warner Music Group Corp. disclosed Tuesday in a regulatory
filing with the U.S. Securities and Exchange Commission that it
will receive US$110 million from a settlement of contingent
claims held by the company relating to Bertelsmann AG's
relationship with Napster in 2000-2001.

Warner Music says the settlement covers the resolution of the
legal claims of the company's recorded music and music
publishing businesses.  

According to the company, Bertelsmann admits no liability in
making the settlement.

Last month, Standard & Poor's Ratings Services noted that as of
Dec. 31, 2006, Warner Music had approximately US$2.27 billion of
debt outstanding.  

Warner Music's credit status prompted S&P to place its ratings
on the company, including the 'BB-' corporate credit rating, on
CreditWatch with negative implications, following the company's
statement that it is exploring a possible merger agreement with
EMI Group PLC, which EMI management has confirmed.

"The two companies have not announced a deal or the possible
structure of financing, other than indicating that consideration
for any deal would be entirely in cash," said Standard & Poor's
credit analyst Michael Altberg.  "This has prompted our
consideration of a potential downgrade."

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--   
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries, including
the Philippines.  In Latin America, Warner Music has affiliates
in Argentina, Brazil, Chile, Columbia and Mexico.  Warner Music
is home to a collection of record labels in the music industry
including Asylum, Atlantic, Bad Boy, Cordless, East West,
Elektra, Lava, Maverick, Nonesuch, Reprise, Rhino, Rykodisc,
Sire, Warner Bros., and Word.

                        *     *     *

On Feb. 27, Standard & Poor's Ratings Services placed its
ratings on Warner Music Group Corp., including the 'BB-'
corporate credit rating, on CreditWatch with negative
implications, following the company's statement that it is
exploring a possible merger agreement with EMI Group PLC
(BB-/Watch Neg/B), which EMI management has confirmed.

Warner Music Group Corp. carries Fitch Ratings' BB- issuer
default rating assigned in May 2006.




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


NOVELL INC: To Incur Additional Stock-Based Compensation Expense
----------------------------------------------------------------
Novell Inc. filed an update of its ongoing review of the
company's stock-based compensation expense and related potential
accounting impact, in an 8-K filing dated April 19, 2007, with
the Securities and Exchange Commission.  

Based on preliminary findings, the Audit Committee of Novell's
Board of Directors engaged independent outside legal counsel to
assist with the conduct of the review.  As a result of the
ongoing review, Novell delayed the filing of its Quarterly
Reports on Form 10-Q for the fiscal quarters ended
July 31, 2006, and Jan. 31, 2007, and its Annual Report on Form
10-K for the fiscal year ended Oct. 31, 2006.

Novell Inc. reports that the investigatory portion of the
review, which is now substantially complete, has not identified
any intentional wrongdoing by any former or current Novell
employees, officers or directors.  

Management believes, however, based on the findings of the
review thus far, together with the assistance of management's
separately retained outside legal counsel and forensic
accounting firm, that Novell utilized incorrect measurement
dates for some of the stock-based compensation awards granted
during the review period, Nov. 1, 1996, through Sept. 12, 2006.  
As such, Novell will need to revise the measurement dates
utilized for these awards for financial accounting and reporting
purposes and will be required to recognize additional stock-
based compensation expense as a result.

As of April 19, 2007, Novell has not yet determined with
finality the amount of the stock-based compensation charges that
will result from the adjustment in measurement dates, the
resulting tax and accounting impact of such charges, or the
impact of such charges on its previously issued financial
statements.

Novell and its advisers continue to work diligently on the
review and the company will disclose the results once the review
is completed.  At this time, however, Novell is not in a
position to predict when the review will be completed.

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

Novell has sales offices in Argentina, Brazil and Colombia.

                        *     *     *

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




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


ALCATEL-LUCENT: Posts EUR260-Million Operating Loss for Q1 2007
---------------------------------------------------------------
Alcatel-Lucent posted EUR260 million in adjusted operating loss
on EUR3.9 billion in net revenues for the first quarter of 2007.  

The company attributed the operating loss to lower revenues, mix
effect as well as investments in WCDMA and in the converged core
portfolio.  

"It has been four months since we completed the merger, and we
are making good progress in terms of our integration.  The
technology choices have been finalized and the combined
company's portfolio communicated to our customers," Patricia
Russo, CEO of Alcatel-Lucent said.  "Concerning our cost saving
plans, the net headcount reductions, before recently announced
managed services contract wins, are around 1,900 during the
quarter, 15% of the three-year target of 12,500.  Associated
cost savings will be incorporated in our operating results going
forward."

"We will comment on our outlook for 2007 when we announce
earnings with more detail on May 11," Ms. Russo added.

The quarterly earnings press and analyst conference call will
take place at 1:00 p.m. CET on May 11.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that  
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  

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

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                        *     *     *

As reported on April 13, Fitch Ratings affirmed Alcatel-Lucent's
ratings at Issuer Default 'BB' with a Stable Outlook, senior
unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn
them.

As of Feb. 7, 2007, Moody's Investor Services puts a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALCATEL-LUCENT: Provides IP/MPLS Services to Shanghai Telecom
-------------------------------------------------------------
Alcatel-Lucent's Internet Protocol/MultiProtocol Label Switching
(IP/MPLS) has been selected by Shanghai Telecom, a subsidiary of
China Telecom, for its metro area network expansion and network
optimization in the city of Shanghai.  Once complete,
subscribers of Shanghai Telecom will be able to enjoy a broad
suite of premium IP-based services with higher quality and
greater flexibility.  This contract was won through Alcatel
Shanghai Bell, Alcatel-Lucent's flagship Chinese company.
  
Shanghai Telecom has approximately nine million subscribers
creating a huge demand for advanced data services.  To meet
these requirements and anticipate future growth, Alcatel-Lucent
will provide Shanghai Telecom with a state-of-art IP/MPLS
solution including its 7750 Service Router and 7450 Ethernet
Service Switch.
    
Once deployed in mid-2007, Shanghai Telecom will be able to
offer IP-based services with the Quality of Service required to
meet service-level agreements for Layer 2 Virtual Private LAN
Service as well as Layer 3 IP VPN services, and next-generation
network services in the future.
    
"Market demand for advanced data services in Shanghai is
increasing at an extremely fast pace," said Zhang Weihua,
Chairman of Shanghai Telecom's board.  "IP/MPLS is the strategic
direction for network transformation and will help us meet the
high expectations of our customers.  We believe Alcatel-Lucent's
premium IP/MPLS solutions and experience in network
transformation will give us a significant advantage as we move
to the next phase of our network infrastructure."
    
"Alcatel-Lucent's IP solution is gaining tremendous attention
from operators across China," said Frederic Rose, President of
Alcatel-Lucent's Asia Pacific activities.  "This contract
further demonstrates Shanghai Telecom's confidence in our
advanced IP/MPLS solutions as we provide the flexible and
service-rich foundation necessary to expand its offerings in
line with business and subscriber requirements."
    
Today, major Chinese operators including China Netcom, China
Telecom, China Unicom, and China Mobile have selected Alcatel-
Lucent's IP suite of solutions to optimize their networks
delivering high-performance, carrier- grade data, voice and
video services to their customers.  Alcatel-Lucent's IP/MPLS
solutions are now serving in the production networks of 33 out
of 34 Chinese provinces, regions and municipalities. Shanghai
Telecom also joins more than 160 service providers in over 60
countries who have selected the Alcatel-Lucent IP portfolio.
According to Ovum-RHK, Alcatel-Lucent was #2 in the IP/MPLS Edge
market segment in Q4 2006, with 19% market share.
    
Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that     
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  

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

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 17, 2007, Fitch Ratings affirmed Paris-based telecom
equipment vendor Alcatel-Lucent's ratings at Issuer Default 'BB'
with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2'
and simultaneously withdrawn them.




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


GENERAL CABLE: Completes Tender Offer for US$285-Million Notes
--------------------------------------------------------------
General Cable Corp. has completed of cash tender offer for its
US$285-million 9.5% Senior Notes due 2010.

The Offer expired at midnight, New York City time, on April 2,
with approximately US$280.1 million in aggregate principal
amount of the Notes tendered and accepted for purchase,
representing approximately 98% of the outstanding Notes.  An
aggregate principal amount of approximately US$4.9 million of
Notes remains outstanding.

The around US$280.0 million in aggregate principal amount of the
Notes which were validly tendered as of 5:00 p.m., New York City
time, on March 15, 2007 were redeemed as of March 21, 2007.

After the Consent Expiration, an additional US$0.1 million in
aggregate principal amount of the Notes was validly tendered as
of the Expiration Time, which will be redeemed on or about
April 5, 2007.

Goldman, Sachs & Co. served as the sole dealer manager for the
Offer.

                     About General Cable

Headquartered in Highland Heights, KY, General Cable Corp. --
http://www.generalcable.com/-- makes aluminum, copper, and  
fiber-optic wire and cable products.  Brand names include Carol
and Brand Rex.  It also produces power cables, automotive wire,
mining cables, and custom-designed cables for medical equipment
and other products.

The company also operates in France, Turkey, Spain, Portugal,
Norway, China, Australia, New Zealand, Brazil, Angola, Dominican
Republic, Mexico, and Canada.

                        *     *     *

As reported on March 13, Moody's Investors Service assigned a
rating of B1 to the proposed US$325 million senior unsecured
notes of General Cable Corporation consisting of US$125 million
of floating rate notes and US$200 million fixed rate notes.  
Concurrently, Moody's affirmed all other ratings for this
issuer.  Moody's said the rating outlook remains stable.

Moody's took these rating actions:

Assigned:

   -- US$125 million senior unsecured floating rate notes due
      2015, B1, LGD4, 63%

   -- US$200 million senior unsecured notes due 2017, B1, LGD4,
      63%

Affirmed:

   -- US$355 million senior unsecured convertible notes due
      2013, at B1, LGD4, 63%

   -- US$285 million senior unsecured notes due 2010, at B1,
      LGD4, 63%

   -- Corporate Family Rating, at Ba3

   -- Probability of Default Rating, at Ba3

The rating on the US$285 million senior unsecured notes due 2010
will be withdrawn upon the successful conclusion of the tender
offer.




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


PETROECUADOR: Gets 5 Offers for Liquefied Petroleum Gas Project
---------------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador's transport and
distribution division, Petrocomercial, has received five offers
for its liquefied petroleum gas storage construction and
transport project, Business News Americas reports.

According to local reporters, the bids came from:

          -- Projector with a US$160-million offer,

          -- Astap-OMZ Oil Gas with a US$171-million offer,          

          -- Sispetro-Sain Construcciones with a US$196-million
             offer,

          -- Santos CMI-Conduto with a US$244-million offer, and

          -- Techint with a US$285-million offer.

BNamericas relates that Petroecuador had estimated the project's
cost at US$98 million.  

According to BNamericas, Petrocomercial Vice President Mario
Sanchez said that a company contracting committee will review
offers for two months.

The report says that the project includes:

          -- a marine terminal for gas tankers with a storage
             capacity of 40,000 tons,

          -- 11 storage spheres with 50,000 tons capacity,

          -- a 127-kilometer gas pipeline from Monteverde to
             Pascuales, and

          -- a secondary storage facility with 6,000-ton
             capacity.

BNamericas notes that Petroecuador previously said the project
will increase liquefied petroleum gas storage efficiency and
safety as well as lessen operating costs over US$30 million
yearly.

The project will take 18 months to complete, also entails a
secondary storage facility with 6,000t capacity, BNamericas
says.

According to Astap-OMZ Oil Gas and Sispetro-Sain Construcciones,
construction would take 540 days.  The other bidders estimate
630 days, 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
=================


GOODYEAR TIRE: Amends US$2.7-Bln & EUR505-Mln Credit Facilities
---------------------------------------------------------------
The Goodyear Tire & Rubber Company has closed on an amendment
and restatement of three of its credit facilities.  Significant
changes to the amended and restated agreements include:

   * with respect to the company's US$1.5-billion asset-based
     revolving credit facility, an extension of its maturity
     until 2013, a reduction of the applicable interest rate by
     between 50 and 75 basis points (depending on availability
     of undrawn amounts) and a more flexible covenant package.

   * with respect to the company's US$1.2-billion second lien
     term loan, an extension of its maturity until 2014, a
     reduction of the applicable interest rate by 100 basis
     points (to be further reduced by 25 basis points if
     Goodyear's credit ratings are BB- and Ba3 or higher) and a
     more flexible covenant package.

   * with respect to the company's EUR505-million European
     credit facility, the conversion of the EUR155-million term
     loan portion of the existing facility to a revolving
     facility, an extension of its maturity until 2012, a
     reduction of the applicable interest rate by 75 basis
     points (as compared to the existing European revolving
     facility) and 37.5 basis points (as compared to the
     existing European term loan) and a more flexible covenant
     package.

"This refinancing action reduces our interest expense, creates
additional operational flexibility, extends maturities and helps
address our efforts to improve Goodyear's balance sheet,"
Richard J. Kramer, president, North American Tire and chief
financial officer, said.  "We anticipate annualized interest
expense savings of US$15 million to US$20 million."

Headquartered in Akron, Ohio, Goodyear Tire and Rubber Company
(NYSE:GT) -- http://www.goodyear.com/-- manufactures tires,  
engineered rubber products and chemicals in more than 90
facilities in 28 countries around the world.  Goodyear employs
more than 75,000 people worldwide.  The company's European
operation is headquartered in Belgium.

                        *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has affirmed ratings for The Goodyear Tire &
Rubber Company, including 'B' Issuer Default Rating; 'BB/RR1'
rating of its US$1.5 billion first-lien credit facility;
'BB/RR1' rating of its US$1.2 billion second-lien term loan;
'B/RR4' rating of its US$300 million third-lien term loan;
'B/RR4' rating of its US$650 million third-lien senior secured
notes; and 'CCC+/RR6' Senior unsecured debt rating.




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


CENVEO CORP: S&P Lowers Rating of Assumed Cadmus Notes to B-
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Cenveo
Corp.'s newly assumed US$125 million notes due 2014 to 'B-' from
'B'.  The rating was removed from CreditWatch, where it was
placed with negative implications on Dec. 27, 2006.  Cadmus
Communications Corp., the former issuer, has merged into Cenveo,
and the notes obligation has been assumed by Cenveo.  The
downgrade reflects the expiration of Cenveo's cash tender offer
for the notes, for which US$21 million has been validly
tendered.  The remainder of the notes (approximately US$104
million) will remain outstanding in Cenveo's capital structure.
     
At the same time, Standard & Poor's withdrew its 'B+' loan
rating and '2' recovery rating on Cenveo Corp.'s US$125 million
delayed-draw term loan due 2013, as the company has terminated
the lenders' commitment to increase the delayed-draw facility to
fund the purchase of the Cadmus Communications notes.  The
delayed-draw term loan was funded only up to US$20 million,
approximately the amount of Cadmus Communications notes
tendered.
     
The corporate credit rating on Cenveo is 'B+'.  The rating
reflects the company's high leverage pro forma for recent
acquisitions, the likelihood of more debt-financed acquisitions
in the intermediate term, and Cenveo's participation in highly
competitive and fragmented markets.  These factors are somewhat
offset by operating improvements in 2006 and the expectation of
continued growth in profitability and cash flow generation.

Ratings List

   Cenveo Inc.

      -- Corporate Credit Rating   B+/Positive/--

Rating Revised
                                     To          From
   Cenveo Corp.

      -- 8.375% Subordinated Notes   B-          B/Watch Neg

                About Cadmus Communications

Headquartered in Richmond, Virginia, Cadmus Communications Corp.
provides end-to-end integrated graphic communications and
content processing services to professional publishers, not-for-
profit societies, and corporations.  The company has operations
in the US, India and the Caribbean Rim.

                        About Cenveo

Headquartered in Stamford, Connecticut, Cenveo, Inc., is one of
North America's leading providers of print and visual
communications, with one-stop services from design through
fulfillment.  The company's broad portfolio of services and
products include commercial printing, envelopes, labels,
packaging and business documents delivered through a network of
production, fulfillment and distribution facilities throughout
North America.  Cenveo Corp. is Cenveo Inc.'s wholly owned
subsidiary.

Cenveo acquired Cadmus Communications in a merger completed
on March 2007.




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


ADVANCED MICRO: Posts US$611-Million Net Loss for Q1 2007
---------------------------------------------------------
Advanced Micro Devices Inc. posted a net loss of US$611 million
on net revenue of US$1.2 billion for the first quarter ended
March 31, 2007, compared with net income of US$185 million on
net revenue of US$1.3 billion for the same period ended
March 26, 2006.  

The results for the first quarter of 2007 include ATI
acquisition-related and integration charges of US$113 million
and employee stock-based compensation expense of US$28 million.  

The decline in revenue was primarily due to a US$568 million
decline in net revenue from the Computing Solutions segment,
which includes what the company previously called the
Computation Products and Embedded Products segments as well as
the chipset business acquired with ATI.  Year-over-year server
and desktop processor unit shipments and revenues declined
significantly, while mobile processor unit shipments and revenue
increased significantly.  

First quarter Graphics segment revenue of US$197 million
increased 19 percent from the fourth quarter of 2006, primarily
due to a full quarter of operations.  Graphics segment had no
revenues for the first quarter of 2006.

Consumer Electronics segment revenue, including a full quarter
of operations, was down sequentially to US$118 million, from
US$120 million in the fourth quarter of 2006.  On a full quarter
comparative basis, video processor unit shipments into the
digital TV market increased in the seasonally down quarter while
handheld processor unit shipments and game console revenue
decreased.

First quarter 2007 gross margin was 31 percent, excluding stock-
based compensation expense and acquisition-related charges,
compared to 59 percent in the first quarter of 2006.  The
decrease from the prior quarter was largely due to significantly
lower microprocessor unit shipments, lower microprocessor
average selling prices, and the inclusion of the former ATI
operations, which generally have lower-margin products, for the
entire quarter.

AMD reported an operating loss of US$504 million for the first
quarter ended March 31, 2007, compared with operating income of
US$259 million for the same period ended March 26, 2006,
primarily due to a decrease in gross margin, and an increase in
research and development expenses, marketing, general and
administrative expenses, and amortization of acquired intangible
assets and integration charges.
          
"After more than three years of successfully executing our
customer expansion strategy and significantly growing our unit
and revenue base, our first quarter performance is disappointing
and unacceptable," said Robert J. Rivet, AMD's chief financial
officer.  "We are aggressively addressing the issues that led to
our significant revenue decline.  We are aligning our business
model, capital expenditures and cost structure with the goal of
accelerating our return to profitability.  Lastly, our customer
relationships remain solid, reflecting their confidence in our
strategic direction, current and new products, and technology
roadmaps."

At March 31, 2007, the company's balance sheet showed
US$12.7 billion in total assets, US$7.2 billion in total
liabilities, US$303 million in minority interest in consolidated
subsidiaries, and US$5.2 billion in total stockholders' equity.

                     About Advanced Micro

Advanced Micro Devices Inc. (NYSE: AMD) -- http://www.amd.com/-
- provides innovative processing solutions in the computing,
graphics and consumer electronics markets.  AMD is dedicated to
driving open innovation, choice and industry growth by
delivering superior customer-centric solutions that empower
consumers and businesses worldwide to differ materially from
current expectations.  The company has corporate locations in
Sunnyvale, California, Austin, Texas, and Markham, Ontario, and
global operations and manufacturing facilities in the United
States, Europe, Japan, and Asia.  It maintains operations in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.
                     
                        *     *     *

As reported in the Troubled Company Reporter on Mar. 14, 2007,
Moody's Investors Service lowered AMD's corporate family rating
to B1 from Ba3.  Moody's said the outlook is stable.


BALLY TOTAL: Selling 16 Canadian Units for CDN$19.6 Million
-----------------------------------------------------------
Bally Total Fitness has entered into agreements to sell its 16
Toronto, Canada facilities to Extreme Fitness, Inc., which is
acquiring six of the facilities, and GoodLife Fitness Centres
Inc., which is acquiring ten of the facilities.  The properties
include nine Sports Clubs of Canada and seven Bally Total
Fitness clubs.  The transactions are subject to customary
closing conditions, including lease negotiations.  Terms of the
transactions were not disclosed.

The sale is part of the Company's strategy to divest non-core
assets in order to focus on the core Bally Total Fitness brand
and operations in the United States.  Proceeds from the
transactions are estimated to be approximately CDN$19.6 million
and will be available to support operations.

"These transactions are important steps forward in Bally's
business and financial restructuring initiatives.  The proceeds
will enhance Bally's liquidity in support of the Company's
ongoing efforts to negotiate a consensual restructuring with our
debt holders," said Don R. Kornstein, Bally's interim Chairman.  
"I would like to acknowledge all of our Canadian employees for
their dedicated service to Bally Total Fitness and wish them
continued success."

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT) -- http://www.Ballyfitness.com/-- is a commercial    
operator of fitness centers in the U.S., with nearly 390
facilities and 30 franchises and joint ventures located in 29
states, Mexico, Canada, Korea, China and the Caribbean.  Bally
also sells Bally-branded apparel, nutritional products, fitness-
related merchandise and its licensed portable exercise equipment
is sold in more than 10,000 retail outlets.

As reported in the Troubled Company Reporter-Latin America on
March 20, 2007, Moody's Investors Service downgraded its
corporate family rating on Bally Total Fitness Holding Corp. to
Caa3 from Caa1.  The rating outlook remains negative.

Moody's also took these actions:

   -- US$235 million 10.5% senior unsecured notes (guaranteed)
      due 2011, downgraded to Caa3 (LGD 4, 51%)
      from Caa1 (LGD 4, 51%)

   -- US$300 million 9.875% senior subordinated notes due 2007,
      downgraded to Ca (LGD 5, 88%) from Caa3 (LGD 5, 88%)

   -- Probability of default rating, downgraded to Caa3
      from Caa1.


CELESTICA INC: Posts US$34.3 Mil. Net Loss in First Quarter 2007
----------------------------------------------------------------
Celestica Inc. disclosed its financial results for the first
quarter ended March 31, 2007.

Revenue was US$1,842 million, down 5% from US$1,934 million in
the first quarter of 2006.  Net loss on a GAAP basis for the
first quarter was (US$34.3) million compared to GAAP net loss of
(US$17.4) million for the same period last year.  Included in
GAAP net loss for the quarter is US$8 million for restructuring
charges.  For the same period in 2006, restructuring charges of
US$17 million were incurred.  As previously disclosed, the
company expects to incur restructuring charges in the range of
US$20 to US$40 million in 2007.

Adjusted net earnings for the quarter was a loss of
(US$9.1) million or a loss compared to adjusted net earnings of
US$17.4 million for the same period last year.  Adjusted net
earnings is defined as net earnings before amortization of
intangible assets, gains or losses on the repurchase of shares
and debt, integration costs related to acquisitions, option
expense, option exchange costs and other charges, net of tax and
significant deferred tax write-offs.  These results compare with
the company's guidance for the first quarter, announced on
Jan. 30, 2007, of revenue in the range of US$1.7 billion to
US$1.9 billion and adjusted net loss per share in the range of
(US$0.15) to (US$0.04).

"I am encouraged that our aggressive game plan for 2007 is
having a positive impact on our business performance.  We are
committed to building on the momentum of our first quarter
results and driving further improvements." said Craig
Muhlhauser, President and Chief Executive Officer, Celestica.  
Over the past two quarters our customer satisfaction rating has
improved significantly -- a strong indicator that our customers
are regaining confidence in our ability to deliver informed,
flexible solutions to enable their success."

                    Credit Facility Update

In April 2007, the company renegotiated the terms of our credit
facility and reduced its size from US$600 million to US$300
million.  The term has been extended to April 2009.  Under the
new terms, Celestica presently has access to the full borrowing
capacity available under the facility.

                           Outlook

The company continues to see demand softness in certain end
markets going forward.  For the second quarter ending
June 30, 2007, the company expects revenue will be in the range
of US$1.85 billion to US$2.05 billion, and adjusted net
earnings(loss) per share to range from US$(0.03) to US$0.05.

Based in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- provides electronic         
manufacturing services to original equipment manufacturers in
the computing, telecommunications, aerospace and defense,
automotive, consumer electronics, and industrial sectors in
Asia, Mexico, Puerto Rico, Brazil, and Europe.  Its solutions
comprise design and engineering, manufacturing and systems
integration, and fulfillment, as well as after-market services.
The company has a facility in Monterrey, Mexico.

The company has a strategic alliance with Bartolini Progetti
S.p.a.  Celestica was incorporated as Celestica International
Holdings, Inc. in 1996 and changed its name to Celestica, Inc.  
The company is based in Toronto, Canada.  Celestica, Inc. is a
subsidiary of the Onex Corp.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Celestica Inc. to 'B+' from
'BB-'.  The ratings on the company's senior subordinated notes
were also lowered to 'B-' from 'B'.  At the same time, Standard
& Poor's removed the ratings from CreditWatch with negative
implications, where they were placed Jan. 31, 2007.  S&P said
the outlook is negative.


COREL CORP: Feb. 28 Balance Sheet Upside-Down by US$20.6 Mil.
-------------------------------------------------------------
Corel Corporation's balance sheet at Feb. 28, 2007, showed
US$270.8 million in total assets and US$291.4 million in total
liabilities, resulting in a US$20.6 million total stockholders'
deficit.

The company's balance sheet at Feb. 28, 2007, also showed
strained liquidity with US$65.4 million in total current assets
available to pay US$107.7 million in total current liabilities.

Corel Corporation reported a net loss of US$11.9 million for the
first quarter ended Feb. 28, 2007, compared to a net loss of
US$1.6 million for the first quarter of fiscal 2006.  Revenues
in the first quarter of fiscal 2007 were US$52.6 million, an
increase of 19% over revenues of US$44.3 million in the first
quarter fiscal 2006.

Results for the first quarter of 2007 include the results from
the acquisition of InterVideo as of Dec. 12, 2006.

Excluding InterVideo revenue of US$9.7 million in the first
quarter, revenue from the Corel business was US$42.9 million, a
decline of 3% year over year, primarily driven by a decrease in
revenue for the company's WordPerfect business.  More
specifically, the WordPerfect business declined by US$3.3
million in the first quarter, and the rest of the Corel
portfolio, before the impact of the acquisition of Intervideo,
grew by US$1.9 million or by 5% year over year.  This was
primarily driven by growth of WinZip, iGrafx and Paintshop Pro.

Operating expenses increased US$19.5 million to US$46.1 million
for the current quarter, when compared to operating expenses of
US$26.6 million for the first quarter of fiscal 2006, mainly due
to increases in (i) research and development expenses, (ii)
general and administrative expenses, and (iii) acquired in-
process research and development expenses.

Research and development expenses increased by 83.5% to
US$11.3 million in the current quarter.  This is due to the
inclusion of US$4.9 million of research and development costs
related to InterVideo activities.  As a percentage of total
revenues, research and development expenses increased
significantly to 21.6% from 14.0%.  This is due to the mix of
InterVideo products which are research intensive relative to
Corel products.  

General and administration expenses increased to US$9.1 million
in the first quarter of fiscal 2007 from US$5.4 million in the
first quarter of fiscal 2006, due primarily to the inclusion of
InterVideo operating costs of US$2.3 million, as well as general
and administration costs related to existing Corel activities
and operations which increased by 26.5% to US$6.8 million for
the quarter ended Feb. 28, 2007, due to additional public
company costs such as director and officer insurance.
    
Intangible assets acquired with InterVideo included US$7.8
million of in-process research and development projects that, on
the date of the acquisition, the related technology had not
reached technological feasibility and did not have an alternate
future use.  As required by purchase accounting, this in-process
research and development was expensed upon acquisition.
     
"With revenue at the high end of our guidance and earnings above
guidance, Q1 was another solid quarter for Corel as we reported
our first combined results for Corel and InterVideo," said David
Dobson, chief executive officer of Corel Corporation.  "The
strength of our existing portfolio was demonstrated through the
performance of WinZip, iGrafx, CorelDRAW Graphics Suite and
Paint Shop Pro.  We achieved these results while completing the
acquisition of InterVideo and establishing a new Digital Media
business to pursue the significant market opportunities we see
ahead."

Added Mr. Dobson,  "I am pleased with the progress we have made
in advancing the integration and creating a global team that is
well positioned in the rapidly growing digital media market.  
With a proven product portfolio, expanded distribution
capabilities, and growing traction in developing and emerging
markets, Corel is poised to capitalize on the growing market
demand for compelling digital content that is easy to create and
share."

Full-text copies of the company's consolidated financial
statements for the quarter ended Feb. 28, 2007, are available
for free at http://researcharchives.com/t/s?1de6

                          Cash Flows

Cash provided by operations increased by US$12.5 million to
US$18.4 million for the three months ended Feb. 28, 2007,
compared to US$5.9 million for the three months ended
Feb. 28, 2006.  The increase is due to the receipt of cash for
royalty revenues.

Cash provided by financing activities was US$91.9 million for
the three months ended Feb. 28, 2007, compared to the use of
cash in financing activities of $11 million for the three month
period ended Feb. 28, 2006.  The increase in financing
activities relates to the US$70 million term loan and the use of
US$23 million of the company's operating line of credit obtained
to finance the acquisition of InterVideo.  

Cash used in investing activities was US$120.5 million for the
three months ended Feb. 28, 2007, a significant increase over
the cash used of US$430,000 for the three months ended
Feb. 28, 2006.  This cash outlay reflects the purchase of
InterVideo on Dec. 12, 2006, and the remaining interest in Ulead
on Dec. 28, 2006, for US$120.4 million.

                 Acquisition of InterVideo

On Dec. 12, 2006, the company acquired InterVideo Inc., which
had a majority interest in Ulead Inc., in an all cash
transaction of approximately US$198.6 million.  InterVideo is a
provider of digital media authoring and video playback software
with a focus on high-definition and DVD technologies.  As part
of the acquisition of InterVideo the remaining voting equity
interest in Ulead Inc. was completed by the company on
Dec. 28, 2006, in an all cash transaction of approximately
US$21.7 million.  
  
                  About Corel Corporation

Ottawa, Ontario-based Corel Corp. (NASDAQ: CREL) (TSX: CRE)
-- http://www.corel.com/-- is a packaged software company with  
an estimated installed base of over 40 million users.  The
Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.


COTT CORPORATION: Board Okays Shareowner Rights Plan
----------------------------------------------------
Cott Corporation's board of directors has approved a shareowner
rights plan.  As previously disclosed, following the recent
announcement by Cadbury Schweppes plc regarding the separation
of its confectionery and Americas Beverage business, Cott has
responded to interested parties that have approached the
company, and is exploring the potential benefits of
participating in possible industry consolidation.

Subsequent to that announcement by Cott, it has engaged in, and
will continue to engage in, discussions with various interested
parties in respect of its strategic alternatives. Cott has
engaged financial and legal advisors to assist management and
the board in this regard.  Cott reiterated that, while its Board
of Directors is supportive of these exploratory discussions,
there has been no decision regarding a change in strategy.

In connection with this strategic review, Cott has adopted the
Rights Plan to protect shareowners of Cott against opportunistic
and other unfair take-over tactics.  The purpose of the Rights
Plan is to provide the board with time to review any unsolicited
take-over bid that may be made and to take action, if
appropriate, to enhance shareowner value.  Cott is not aware of
any such pending take-over bid.

Pursuant to the Rights Plan, the board of directors authorized
the distribution of one right for each outstanding common share
of Cott at the "Record Time".  The rights issued under the
Rights Plan become exercisable only when a person, including any
party related to it, acquires or announces its intention to
acquire 20% or more of Cott's outstanding common shares without
complying with the "Permitted Bid" provisions of the Rights Plan
or without the approval of the board of directors.  Should such
an acquisition occur, each right would entitle a holder, other
than the "Acquiring Person" and persons related to it, to
purchase common shares of Cott at a substantial discount to the
market value of such shares.

The Rights Plan is not intended to prevent take-over bids.  
Those bids that meet certain requirements intended to protect
the interests of shareowners are considered under the Rights
Plan to be "Permitted Bids".  A Permitted Bid is a take-over bid
made by way of a circular for all outstanding common shares,
which remains open for at least 60 days and satisfies certain
other conditions.

The adoption of the Rights Plan is subject to the approval of
the Toronto Stock Exchange, and the Rights Plan will expire on
the earlier of the "Termination Time" and Oct. 24, 2007.

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

                        *     *     *

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


DELTA AIR: NY Bankruptcy Court Confirms Plan of Reorganization
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
today issued a ruling confirming Delta's Plan of Reorganization,
clearing the way for the airline's emergence from Chapter 11.  
Delta expects its plan to become effective on April 30, once all
closing conditions of the plan have been met and the company's
US$2.5 billion in exit financing has closed.

"This is an exciting day for everyone at Delta," Gerald
Grinstein, Delta's Chief Executive Officer, said.  "Achieving a
turnaround of this magnitude in little more than 19 months would
not have been possible without the hard work and dedication of
Delta people worldwide, and the leadership, the vision and the
flawless execution of our plan by our outstanding management
team led by Ed Bastian and Jim Whitehurst.  We are also grateful
to all the other people who have helped make this possible for
Delta, including the unwavering support of our customers and the
communities we serve."

After Delta's confirmation hearing, the Honorable Adlai S.
Hardin, Jr. issued his ruling affirming that the company had met
all of the necessary statutory requirements to confirm its Plan
of Reorganization and exit from Chapter 11.  Earlier in the
month, Delta creditors overwhelmingly supported the plan.  More
than 95% of the ballots cast and claims value voting were in
favor of the plan.

Judge Hardin's ruling also applies to all of Delta's wholly
owned subsidiaries that filed for Chapter 11 protection,
including Comair, Delta Global Services, Delta Technology, Delta
Air Elite and Delta Connection Academy.  Each of those
subsidiaries is expected to emerge from Chapter 11 alongside
Delta on April 30. "Delta is now poised to enter the next
chapter of our history as a strong airline ready to compete in
an ever changing industry," Mr. Grinstein concluded.

Delta's common stock has been approved for listing on the New
York Stock Exchange under the ticker symbol "DAL".  Trading on
the NYSE is expected to commence April 26, 2007, on a "when
issued" basis (DAL.WI), and "regular way" trading is anticipated
to begin on May 3, 2007.  Current holders of Delta's pre-plan
equity, which has recently traded over the counter under the
symbol "DALRQ," will not receive any distributions under Delta's
Plan of Reorganization.  These equity interests will be
cancelled upon the effectiveness of the plan.  Accordingly,
Delta urges caution be exercised with respect to investments in
Delta's existing equity securities and any of Delta's
liabilities and other securities.

                  Distribution to Creditors

A person holding a general unsecured claim of US$10,000 against
Delta (in Delta Classes 4 and 5) would receive an initial
distribution of approximately 225 shares of new common stock in
the reorganized Delta Air Lines.  (Net distributions for Delta
retirees and current and former employees generally will be
smaller on account of withholding obligations).  The initial
distribution excludes approximately 135 million shares that are
reserved from distribution due to disputed unsecured claims in
Delta Classes 4 and 5.  A total of 358,786,580 shares will
ultimately be distributed to creditors in Delta Classes 4 and 5
under the Plan.

As a result of the significantly higher percentage of disputed
claims outstanding against the Comair debtors, there will be a
lower percentage distribution to Comair creditors at this time.  
Thus, a person holding a general unsecured claim of US$10,000
against Comair (in Comair Class 4) would receive an initial
distribution of approximately 139 shares. The initial
distribution excludes approximately 25 million shares that are
reserved from distribution due to disputed unsecured claims in
Comair's Class 4.  A total of 27,213,420 shares will ultimately
be distributed for to creditors in Comair Class 4 under the
Plan.

                       About Delta Air

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

                         Plan Update

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


GENERAL MOTORS: Europe Sales Up 6% in First Quarter 2007
--------------------------------------------------------
In the first quarter of 2007, General Motors Corp.'s Europe
sales reached an all-time record of 553,621 units, an increase
of 30,354 compared to Q1 2006.  The company market share
established a 10-year record, reaching 9.8 percent, up 0.4 point
from Q1 2006.

"These strong results show our multi-brand strategy is beginning
to make an impact, as is an aggressive strategy for growth in
Eastern and Central Europe.  Importantly, we are achieving our
sales momentum while improving the profitability of our sales,
raising contribution margins and generating higher residual
values for our customers," Jonathan Browning, GM Europe Vice
President for Sales, Marketing and Aftersales, said.

Opel/Vauxhall sold 428,787 vehicles in the first quarter of
2007, the best sales volume since 2001.  Market share was stable
at 7.6 percent.  Sales were strong in Russia and the U.K.

Chevrolet maintained its sales momentum in Europe, reaching an
all-time record in the first quarter, beating last year's first
quarter record by 25,076 units, and bringing total sales for the
quarter up to 100,526 units.  Market share also grew 0.4 point,
to 1.8 percent, another all-time record for the brand.

On the premium brand side, Saab sold 22,169 units in Europe,
with a market share of 0.4 percent, while Cadillac, Hummer and
Corvette sold 1,699 units, 7 percent more than in Q1 2006.

GM brands in Russia continued their fast growth rate with sales
increasing 128 percent, up to 46,546 units, in the first quarter
of 2007, significantly outpacing the 26 percent market growth.
Market share grew 4.3 points to 9.5 percent.

Opel and Chevrolet both performed well in Russia and in the
Central and Eastern European markets.  Opel sales in Russia were
up to 9,380 units, 6,643 more compared to Q1 2006, with market
share growing from 0.7 to 1.9 percent.  Chevrolet Q1 sales in
Russia more than doubled compared to Q1 2006.  The brand's share
in Russia grew from 4.5 percent to 7.5 percent, with sales of
36,735 vehicles.

                   About General Motors Corp.

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

                        *     *     *

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

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

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


GENERAL MOTORS: CEO Takes the Challenge to Beat Toyota's Sales
--------------------------------------------------------------
In response to Toyota Motor Corp.'s disclosure early this week
that it topped General Motors Corp. in quarterly sales for the
first time, GM Chairman and Chief Executive Rick Wagoner vowed
to "fight hard for every sale," the Associated Press reports.

AP cited Mr. Wagoner as saying that GM's business strategies
around the globe were working and would help the auto
manufacturer succeed.

"We still have the majority of the year in front of us, and we
will fight hard for every sale -- all the while staying focused
on our long-term goals as a global, growing company," Mr.
Wagoner said in an email obtained by AP.

Toyota said it sold 2.35 million vehicles world-wide in the
first quarter of 2007, AP relates, citing preliminary figures.

Early this month, GM said in a press statement that for the
first quarter of 2007, the company delivered 909,094 vehicles, a
decline of 5.6%, driven by reductions of almost 60,000 daily
rental vehicle sales.  GM's retail sales for the first quarter
of 2007 were up 0.5%.  The reductions in fleet sales have
resulted in a significant improvement in the retail/fleet mix,
the company explained.

In addition, GM Latin America, Africa and Middle East region set
a new first quarter sales record in 2007, selling over 269,000
vehicles, up approximately 39,000 units over the same period
last year.  GM said its quarterly market share in the region
increased 0.2% to 16.3%.

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.


JOAN FABRICS: U.S. Trustee Picks Three-Member Creditors' Panel
--------------------------------------------------------------
The U.S. Trustee for Region 3 appointed three creditors to serve
on an Official Committee of Unsecured Creditors in Joan Fabrics
Corporation's chapter 11 case.

The three committee members are:

    1. Unifi Manufacturing, Inc.
       Attn: Charles Floyd McCoy
       7201 West Friendly Avenue
       Greensboro, NC 27410
       Tel: (336) 316-5660
       Fax: (336) 856-4364.

    2. American Fibers and Yarns, Co.
       Attn: John R. Mays
       55 Vilcom Circle, Suite 300
       Chapel Hill, NC 27514
       Tel: (919) 969-4300
       Fax: (919) 969-4269.

    3. R. L. Stowe Mills, Inc.
       Attn: Wayne McCarty
       100 North Main Street
       Belmont, NC 28012
       Tel: (704) 825-5314
       Fax: (704) 825-7414.

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtor's expense.  They may investigate the Debtor's business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtor is impossible,
the Committee will urge the Bankruptcy Court to convert the
Chapter 11 cases to a liquidation proceeding.

Based in Tyngsboro, Massachusetts, Joan Fabrics Corporation
manufactures automotive and furniture upholstery fabrics.  The
company has a manufacturing facility in North Carolina and an
affiliate entity in Mexico.

The Debtor and its affiliate, Madison Avenue Designs, LLC, filed
for Chapter 11 protection on April 10, 2007 (Bankr. D. Del. Case
Nos. 07-10479 and 07-10480).  Laura Davis Jones, Esq., Curtis A.
Hehn, Esq., and Michael Seidl, Esq., at Jones Pachulski Stang
Ziehl Young Jones & Weintraub, LLP, represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of US$1 million to US$100 million.  The Debtors'
exclusive period to file a chapter 11 plan expires on
Aug. 8, 2007.


KRISPY KREME: Robert Strickland Retires from Board of Directors
---------------------------------------------------------------
Krispy Kreme Doughnuts, Inc. reported changes in its Board of
Directors and transitions in the Chief Financial Officer and
General Counsel positions.
    
Robert L. (Bob) Strickland has retired from the Krispy Kreme
Board of Directors effective immediately preceding the Annual
Meeting of Shareholders on June 4, 2007.  Mr. Strickland has
served on Krispy Kreme's Board of Directors for more than eight
years and was elected Vice Chairman in 2005.
    
The company also announced that its Board of Directors nominated
two industry veterans, Lynn Crump-Caine and C. Stephen Lynn, to
the Krispy Kreme Board of Directors for election at the June 4
Annual Meeting of Shareholders.
    
Ms. Crump-Caine is currently the Chief Executive Officer of
OutsideIn Consulting, an organizational performance and strategy
development consulting firm she founded in 2004.  Previously,
she worked for McDonald's Corporation for over thirty years, and
held several executive positions within McDonald's, including
Executive Vice President of U.S. Restaurant Systems and
Executive Vice President of Worldwide Systems.
    
Mr. Lynn currently serves as Chairman of Cummings Inc., a fully
integrated provider of branding services to national and
regional clients.  Previously, he served as Chairman and Chief
Executive Officer of Shoney's Inc., and Chairman and Chief
Executive Officer of Sonic Corporation.
    
"We cannot adequately thank Bob Strickland for his many years of
dedicated service to Krispy Kreme," said Daryl Brewster,
President and Chief Executive Officer of Krispy Kreme.  "His
commitment to this company has been outstanding, and we
appreciate his leadership as a Director."
    
"As we go forward, having restaurant industry veterans with
decades of experience like Lynn and Steve join our Board of
Directors will add a wealth of expertise to an already strong
group of corporate leaders," Mr. Brewster added.
    
The company also reported that Michael C. Phalen, Chief
Financial Officer, has decided to leave the company and return
to investment banking in Baltimore where, prior to joining the
Company, he spent approximately eight years of his career.  Mr.
Phalen has led financial operations at the Company since January
2004.  His resignation will be effective June 5, 2007.  Douglas
R. Muir, Chief Accounting Officer, has been named as his
successor.  Mr. Muir joined the company in December 2004 and was
instrumental in the organization becoming current with its
Securities and Exchange Commission filings.
    
"Krispy Kreme has made significant progress under Mike Phalen's
leadership as Chief Financial Officer," Mr. Brewster said.  
"Mike has helped lead the company through some difficult times,
and we appreciate his hard work and dedication.  We wish him
continued success."
    
"Mike will hand over the Chief Financial Officer
responsibilities to a very capable successor, Doug Muir, who has
been with Krispy Kreme for the past three years.  Doug has held
many senior financial management positions during his 30 year
career, including having served as Chief Financial Officer for a
public company," Mr. Brewster added.
    
The company has also appointed Sandra K. (Sandy) Michel as its
new Executive Vice President and General Counsel.  Ms. Michel
replaces Charles A. (Chuck) Blixt who has served in the position
on an interim basis since September 2006.  Mr. Blixt will remain
a member of the company's Board of Directors and is being
nominated for reelection at the Annual Meeting.  With more than
25 years of legal experience, Ms. Michel has served as General
Counsel for two public companies both listed on the New York
Stock Exchange.  Most recently, she served as Senior Vice
President, General Counsel and Secretary for La Quinta
Corporation, where she managed the legal department, directed
franchise compliance operations, negotiated strategic
acquisitions, and handled complex litigation matters.
    
"The addition of Sandy Michel to the Krispy Kreme legal team as
General Counsel is an important step as we continue to prepare
for sustained growth," Mr. Brewster said.  "Additionally, we
appreciate the commitment and significant contribution Chuck
Blixt has made.  We are pleased to have Chuck remain on the
Board."
    
Mr. Brewster went on to comment, "It is encouraging that we are
transitioning two very important executive positions and
attracting industry veterans to our Board of Directors as we
continue the Krispy Kreme turn around."

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded   
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating system wide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately USUS$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.


STEELCASE INC: Repurchases 1.7 Million Shares for US$33 Million
---------------------------------------------------------------
Steelcase Inc. has entered into Share Repurchase Agreements to
repurchase 1,718,750 shares of the company's Class B Common
Stock in a private transaction from trusts affiliated with a
member of the its Board of Directors, for an aggregate purchase
price of US$33 million, or US$19.20 per share.

The repurchase, which was approved by the company's Board of
Directors, will be made under the its previously announced share
repurchase program and is scheduled to close on April 30, 2007.  
Following this transaction, the company will have approximately
US$17.5 million remaining in its share repurchase program.

Headquartered in Grand Rapids, Michigan, Steelcase, Inc.,
(NYSE: SCS) -- http://www.steelcase.com/-- designs and  
manufactures architecture, furniture and technology products.
Founded in 1912, Steelcase serves customers through a network of
more than 800 independent dealers and approximately 13,000
employees worldwide, including, Brazil and Mexico in Latin
America.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products
sector, the rating agency confirmed its Ba1 Corporate Family
Rating for Steelcase, Inc. and its Ba1 rating on the company's
US$250 million senior unsecured notes.  Additionally, Moody's
assigned an LGD4 rating to those bonds, suggesting noteholders
will experience a 59% loss in the event of a default.


U.S. STEEL: Earns US$273 Million in Quarter Ended March 31
----------------------------------------------------------
United States Steel Corporation reported first quarter 2007 net
income of US$273 million on net sales of US$3.76 billion,
compared to fourth quarter 2006 net income of US$297 million on
net sales of US$3.77 billion and first quarter 2006 net income
of US$256 million on net sales of US$3.73 billion.

Commenting on results, U. S. Steel chairman and chief executive
officer John P. Surma said, "Considering market conditions, we
had a good quarter with solid results from Flat-rolled and
Tubular and a particularly strong performance by our European
segment.  We continued to generate substantial cash, redeemed
US$49 million of debt and made a voluntary contribution of US$35
million to our main defined benefit pension plan."

The company reported first quarter 2007 income from operations
of US$346 million, compared with income from operations of
US$341 million in the fourth quarter of 2006 and US$369 million
in the first quarter of 2006.

In the first quarter of 2007, net interest and other financial
costs included a US$3 million pre-tax charge related to the
early redemption of the company's 10% Senior Quarterly Income
Debt Securities.  This charge reduced net income by US$2
million.  In the fourth quarter of 2006, net interest and other
financial costs included a US$32 million pre-tax charge related
to the early redemption of most of the company's 10-3/4% Senior
Notes.  This item and other items not allocated to segments
decreased net income by US$33 million.  Other items not
allocated to segments in the first quarter of 2006 consisted of
an asset impairment charge, which reduced net income by US$5
million.

During the first quarter of 2007, the company repurchased
305,000 shares of common stock for US$25 million.

             Reportable Segments and Other Businesses

Total segment income from operations was US$385 million, or
US$76 per ton, in the first quarter of 2007, compared with
US$414 million, or US$85 per ton, in the fourth quarter of 2006
and US$429 million, or US$80 per ton, in the first quarter of
2006.

First quarter 2007 segment results decreased from fourth quarter
2006 as was expected.  Flat-rolled income more than doubled from
the fourth quarter due primarily to higher contract prices and
improved operating efficiencies, partially offset by lower spot
prices and higher raw material costs.  U. S. Steel Europe income
increased mainly due to higher shipment volumes.  Tubular
results were lower than the fourth quarter on lower shipments
and prices, reflecting continued high imports and customer
inventory levels. The decline in results for Other Businesses
was related to normal seasonal effects at the company's iron ore
operations in Minnesota and the non-recurrence of fourth quarter
land sales.

At March 31, 2007, the company's balance sheet showed
US$10.91 billion in total assets, US$6.25 billion in total
liabilities, and US$4.66 billion in total stockholders' equity.

              Update on Lone Star Acquisition

Concerning the March 28, 2007, definitive agreement between U.
S. Steel and Lone Star Technologies Inc., regulatory filings
have been made under the Hart-Scott-Rodino Act in the United
States and in several other nations.  U. S. Steel expects that
the transaction, which is subject to the approval of Lone Star's
shareholders and regulatory approvals, will be completed late in
the second quarter or early in the third quarter of 2007.
            
                 About United States Steel

Headquartered in Pittsburgh, Pa., United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures  
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.

U. S. Steel's domestic primary steel operations are: Gary Works
in Gary, Ind.; Great Lakes Works in Ecorse and River Rouge,
Mich.; Mon Valley Works, which includes the Edgar Thomson and
Irvin plants, near Pittsburgh and Fairless Works near
Philadelphia, Pa.; Granite City Works in Granite City, Ill.;
Fairfield Works near Birmingham, Ala.; Midwest Plant in Portage,
Ind.; and East Chicago Tin in East Chicago, Ind.  The company
also operates two seamless tubular mills, Lorain Tubular
Operations in Lorain, Ohio; and Fairfield Tubular Operations
near Birmingham, Ala.

Internationally, U. S. Steel has steelmaking subsidiaries in
Kosice, Slovakia, and in Sabac and Smederevo, Serbia.  It has
Latin America operation in Mexico.

                        *     *     *

U.S. Steel carries Standard & Poor's BB+ rating.




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


IMPSAT FIBER: Extends Tender Offer Expiration Date to May 1
-----------------------------------------------------------
IMPSAT Fiber Networks, Inc.'s previously announced cash tender
offer, consent solicitation and waiver for its Series A 6%
Senior Guaranteed Convertible Notes due 2011 and its
Series B 6% Senior Guaranteed Convertible Notes due 2011 has
been extended.  The Offer is being made pursuant to an Offer to
Purchase and Consent Solicitation Statement, dated
Jan. 29, 2007, and an accompanying Letter of Transmittal and
Consent, as amended by a supplement dated Feb. 15, 2007, and a
second supplement dated Feb. 26, 2007.

The expiration date of the Offer is now 5:00 p.m., New York City
time, on May 1, 2007.  As of 5:00 p.m., New York City time, on
April 24, 2007, which was the previous expiration date, Impsat
had received valid tenders from holders of US$66,684,964, or
approximately 99% of the outstanding Series A Notes and
US$25,374,000, or approximately 99% of the outstanding Series B
Notes.

The Offer had been previously amended to reflect that if the
Offer is extended beyond March 15, 2007, holders of Notes on
March 15, 2007, will receive the normal interest payment for the
Notes and thereafter the purchase price for each US$1,000
principal amount of Notes shall be US$1,010, plus an amount
equal to US$0.17 per US$1,000 of principal amount of Notes for
each day after March 15, 2007 to, but excluding, the date on
which the Notes are purchased.  Therefore, as a result of this
extension, a holder of US$1,000 of principal amount of Notes
should expect to receive an additional US$7.99, for a total
consideration of US$1,017.99, unless the Offer is further
extended, in which case holders of Notes shall receive an
additional US$0.17 per US$1,000 of principal amount of Notes for
each day the Offer is extended after May 1, 2007 to, but
excluding, the date on which the Notes are purchased.  Payment
made in respect of any Notes validly tendered (and not
previously validly withdrawn) is expected to be promptly
following the Expiration Time.

On Oct. 25, 2006, Impsat entered into an Agreement and Plan of
Merger with Global Crossing Limited and GC Crystal Acquisition,
Inc. pursuant to which Impsat would be acquired by Global
Crossing.  The Offer is being made in connection with the
proposed merger, and the Offer is conditioned upon the
consummation of the proposed merger upon satisfaction or waiver
of the conditions to closing of the merger.  The consent
solicitation with respect to the Series A Notes is conditioned
upon the receipt by Impsat of valid consents from holders of a
majority in principal amount of the Series A Notes outstanding
and unaffiliated with Impsat.  The consent solicitation with
respect to the Series B Notes is conditioned upon the receipt by
Impsat of holders of a majority in principal amount of the
Series B Notes outstanding and unaffiliated with Impsat.  The
waiver with respect to the Series A Notes is conditioned upon
the receipt by Impsat of valid waivers from holders of two-
thirds in principal amount of the Series A Notes outstanding and
unaffiliated with Impsat.  The waiver with respect to the Series
B Notes is conditioned upon the receipt by Impsat of valid
waivers from holders of two- thirds in principal amount of the
Series B Notes outstanding and unaffiliated with Impsat.

The proposed amendments and waivers will not become operative
until the closing of the merger.  There is no separate payment
for the consent solicitation and waiver, and satisfaction of the
consent solicitation and waiver is not a condition for the
closing of the tender offer.  The Offer may be extended or
terminated by Impsat at its option.

The announcement is not an offer to purchase or sell, a
solicitation of an offer to purchase or sell or a solicitation
of consents or waivers with respect to any securities.  The
Offer is being made solely pursuant to the Offer to Purchase, a
supplement to the Offer to Purchase, dated Feb. 15, 2007, and a
second supplement to the Offer to Purchase dated Feb. 26, 2007.

The Company has retained Goldman, Sachs & Co. to serve as Dealer
Manager and Solicitation Agent, Georgeson Inc. to serve as
Information Agent and The Bank of New York to serve as
Depositary Agent for the Offer.  Requests for documents may be
made directly to Georgeson Inc. by telephone at: (212) 440- 9800
(banks and brokers) or (866) 277-5068 (toll free), or in writing
at 17 State St. 10th Floor, New York, NY 10004.  Questions
regarding the solicitation of consents may be directed to
Goldman, Sachs & Co. by telephone at: (800) 828-3182 (toll free)
or (212) 357-0775 (collect), or in writing at One New York
Plaza, 48th Floor, New York, New York 10004, Attention: Credit
Liability Management Group.

IMPSAT Fiber Networks Inc. (OTC: IMFN.OB) --
http://www.impsat.com/-- provides private telecommunications     
networks and Internet services in Latin America.  The company
owns and operates 15 metropolitan area networks in some of the
largest cities in Latin America and has 15 facilities to provide
hosting services, providing services to more than 4,500 national
and multinational client.  IMPSAT has operations in Argentina,
Colombia, Brazil, Venezuela, Ecuador, Chile, Peru and the United
States.

                     Going Concern Doubt

In its audit report on the consolidated financial statements for
year ended Dec. 31, 2006, auditors working for Deloitte & Touche
LLP noted that IMPSAT Fiber Networks, Inc.'s current liquidity
position, high debt obligations, and negative operating results
raise substantial doubt as to its ability to continue as a going
concern.




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


ALL AMERICAN: Files for Chapter 11 Protection in Florida
--------------------------------------------------------
All American Semiconductor, Inc., yesterday filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
with the U.S. Bankruptcy Court for the Southern District of
Florida, Miami Division.

The filing includes All American's 33 subsidiaries in the United
States, Canada, Mexico, Europe and Asia.  All American
determined to file for relief under Chapter 11 after extensively
exploring and carefully evaluating all of its options.  All
American believes that the Chapter 11 process provides the best
alternative for maximizing the value of the Company for the
benefit of its stakeholders including suppliers, customers and
employees.

                      First Day Motions

Simultaneous with the filing of its petitions, All American
filed first day motions seeking relief that will enable it to
continue operations during the Chapter 11 process, including
debtor in possession financing from its existing bank group and
the payment of employee related obligations, which All American
expects the Court to grant.  All American expects to continue to
pay its post-petition obligations in the ordinary course.

                          Asset Sale

In addition, All American has filed a motion seeking Court
approval of a procedure for the sale of its businesses as a
going concern to be completed no later than June 8, 2007.  In
that regard, All American has entered into a nonbinding letter
of intent with a third party to acquire substantially all of All
American's and its subsidiaries' assets through a Chapter 11
sale process including Court approved bidding procedures.  The
net proceeds from such proposed sale are not expected to pay in
full the outstanding debt of All American's bank group at the
time of closing of such sale.  The proposed sale is subject to a
number of conditions, including but not limited to: (a) the
potential purchaser's completion of satisfactory due diligence,
(b) the parties entering into a definitive purchase and sale
agreement, (c) approval of the sale by the company's bank group,
(d) approval of the sale by the United States Bankruptcy Court
and (e) other customary conditions, terms and consents.

"The decision to file was a necessary step for our customers,
suppliers, and employees," said Bruce Goldberg, President and
CEO of All American.  "We will continue working with our
suppliers to service our customers throughout the Chapter 11
process in order to maximize the value of All American and its
subsidiaries and to maintain the going concern value of the
Company pending a sale."

                       DIP Financing

To provide All American with liquidity during the sale process,
All American has negotiated a debtor-in-possession financing of
up to US$25 million with its existing bank group, which is also
subject to Bankruptcy Court approval.

All American's decision to file voluntary petitions for relief
under Chapter 11 followed the expiration of its second
forbearance agreement with its lenders which had provided
additional liquidity to the Company in the short term.  Prior to
its Chapter 11 filing, All American explored a variety of
strategic alternatives, including a sale, additional financing,
refinancing or recapitalization.

Squire, Sanders & Dempsey, LLP is acting as bankruptcy and
restructuring counsel and Raymond James & Associates, Inc.
continues to act as financial advisor to All American.

                  Non-Filing of Form 10-K

As previously reported, All American has not completed its year-
end audit and did not file its Form 10-K by April 17, 2007, the
extended due date pursuant to Form 12b-25 which the Company
previously filed with the Securities and Exchange Commission.

                          Delisting

As a result and as previously announced, All American received a
Staff Determination Letter from The NASDAQ Stock Market
providing that, unless the Company requested an appeal of the
Staff determination of its noncompliance with the continued
listing requirements set forth in NASDAQ Market Place Rule
4310(c)(14) by 4:00 p.m. Eastern Time on April 25, 2007, trading
of the Company's common stock would be suspended at the opening
of business on April 27, 2007 and the company's common stock
would be delisted from The NASDAQ Stock Market.  All American
does not plan to request an appeal.

                     About All American

All American Semiconductor, Inc. -- http://www.allamerican.com/
-- (Nasdaq: SEMI) is a Delaware corporation with its principle
place of business in Miami, Florida.  It also maintains
corporate offices for West Coast operations in San Jose,
California.  All American is a distributor of electronic
components manufactured by others.  The company distributes a
full range of semiconductors including transistors, diodes,
memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products.  All American also distributes passive
components such as capacitors, resistors and inductors; and
electromechanical products such as power supplies, cable,
switches, connectors, filters and sockets.  All American also
offers complete solutions for flat panel display products.  In
total, the company offers approximately 40,000 products produced
by approximately 60 manufacturers.  These products are sold
primarily to original equipment manufacturers in a diverse range
of industries such as manufacturers of computers and computer-
related products, networking, satellite, wireless and other
communications products; Internet infrastructure equipment and
appliances; automobiles and automotive subsystems; consumer
goods; voting and gaming machines; defense and aerospace
equipment; and medical instrumentation.  The company also sells
products to contract electronics manufacturers who manufacture
products for companies in all electronics industry segments.

The company has 36 strategic locations throughout North America,
as well as operations in both Asia and Europe, particularly
South Korea and England and Wales.


ALL AMERICAN: Case Summary & 40 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: All American Semiconductor, Inc.
        16115 Northwest 52 Avenue
        Miami, FL 33014

Bankruptcy Case No.: 07-12963

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Palm Electronics Manufacturing Corp.       07-12965

      Aved Industries, Inc.                      07-12966

      Access Micro Products, Inc.                07-12967

      All American A.V.E.D., Inc.                07-12969

      All American Added Value, Inc.             07-12970

      All American IDT, Inc.                     07-12971

      All American Semiconductor of  
         Atlanta, Inc.                           07-12972

      All American Semiconductor of
         Chicago, Inc.                           07-12973

      All American Semiconductor of
         Florida, Inc.                           07-12974

      All American Semiconductor of
         Huntsville, Inc.                        07-12976

      All American Semiconductor of
         Massachusetts, Inc.                     07-12977

      All American Semiconductor of
         Michigan, Inc.                          07-12978

      American Semiconductor of
         Minnesota, Inc.                         07-12979

      All American Semiconductor of
         New York, Inc.                          07-12981

      All American Semiconductor of
         Ohio, Inc.                              07-12982

      All American Semiconductor of
         Philadelphia, Inc.                      07-12983

      All American Semiconductor of
         Phoenix, Inc.                           07-12984

      All American Semiconductor of
         Portland, Inc.                          07-12985

      All American Semiconductor of
         Rhode Island, Inc.                      07-12986

      All American Semiconductor of
         Rockville, Inc.                         07-12987

      All American Semiconductor of
         Salt Lake, Inc.                         07-12988

      All American Semiconductor of
         Texas, Inc.                             07-12989

      All American Semiconductor of
         Washington, Inc.                        07-12990

      All American Semiconductor of
         Wisconsin, Inc.                         07-12991

      All American Semiconductor-Northern
         California, Inc.                        07-12993

      All American Technologies, Inc.            07-12995

      All American Transistor of
         California Inc.                         07-12996

      AGD China, Inc.                            07-12997

      All American Semiconductor of
         Canada, Inc.                            07-12998

      AGD Electronics Limited                    07-12999

      AllAmMex Components, S. de R.L. de C.V.    07-13000

      AGD Electronics Asia Pacific Co., Ltd.     07-13001

      AmeriCapital, LLC                          07-13002
      

Type of Business: The Debtor is a distributor of electronic
                  components manufactured by others.  The
                  company distributes a full range of
                  semiconductors including transistors, diodes,
                  memory devices, microprocessors,
                  microcontrollers, other integrated circuits,
                  active matrix displays and various board-level
                  products.  All American also distributes
                  passive components such as capacitors,
                  resistors and inductors; and electromechanical
                  products such as power supplies, cable,
                  switches, connectors, filters and sockets.
                  The company also offers complete solutions for
                  flat panel display products.  In total, the
                  company offers approximately 40,000 products
                  produced by approximately 60 manufacturers.
                  The company has 36 strategic locations
                  throughout North America, as well as
                  operations in both Asia and Europe.  See
                  http://www.allamerican.com/

Chapter 11 Petition Date: April 25, 2007

Court: Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtors' Counsel: Tina M. Talarchyk, Esq.
                  Squire Sanders & Dempsey LLP
                  1900 Phillips Point West
                  777 South Flagler Drive
                  West Palm Beach, FL 33401-6198
                  Tel: (561) 650-7261
                  Fax: (561) 655-1509

Financial Condition as of Feb. 28, 2007

Total Assets: US$117,634,000

Total Debts:  US$106,024,000

Debtors' Consolidated List of 40 Largest Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
   IXYS                                             US$3,028,095
   3450 Bassett Street
   Santa Clara, CA 95054

   Samsung Semiconductor, Inc.                      US$2,633,838
   3655 North First Street
   San Jose, CA 95134

   AMI Semiconductors                               US$2,086,501
   2300 Buckskin Road
   Pocatello, ID 83201

   Kyocera Industrial Ceramics                      US$1,340,201
   5713 East Fourth Plain Road
   Vancouver, WA 98661

   Optrex America                                   US$1,154,155
   46723 Five Mile Road
   Plymount, MI 48170

   Microsemi Commercial De Macau                    US$1,093,524
   11861 Western Avenue
   Garden Grove, CA 92841

   Powerex, Inc.                                      US$815,073
   P.O. Box 8500
   Philadelphia, PA 19178

   Asahi Kasei Microsystems Co.                       US$690,549
   P.O. Box 374
   San Jose, CA 95103

   Zetex, Inc.                                        US$685,854
   700 Veteran's Memorial Highway
   Hauppauge, NY 11788

   TDK Corporation of America                         US$681,460
   1221 Business Center Drive
   Mt. Prospect, IL 60056

   Fairchild Semiconductor Corp.                      US$681,384
   82 Running Hill Road
   South Portland, ME 04106

   Silicon Image, Inc.                                US$572,966
   1060 East Arques Avenue
   Sunnyvale, CA 94085

   Astec                                              US$503,616
   5810 Van Allen Way
   Carlsbad, CA 92008

   On Semiconductor                                   US$470,069
   5005 East McDowell Road
   Phoenix, AZ 85008

   Smart Power Systems Inc.                           US$455,689
   1760 Stebbins Drive
   Houston, TX 77043

   Semtech Corporation                                US$432,365
   200 Flynn Road
   Camarillo, CA 93012

   BOE-Hydis America Inc.                             US$429,708
   2290 North First Street, SYE 209
   San Jose, CA 95131

   Taiyo Yuden (U.S.A.), Inc.                         US$419,992
   1770 La Coasta Meadows Drive
   San Marcos, CA 92078

   Clare Inc.                                         US$379,294
   78 Cherry Hill Drive
   Beverly, MA 01915

   Omnivision Technologies Inc.                       US$375,735
   1341 Orleans Drive
   Sunnyvale, CA 94089

   Truly Semiconductor Limited                        US$364,099
   2/Floor, Chung Shun Knitting Centre
   Kwai Chung, Hong Kong

   Smart Modular Technologies                         US$299,258
   Northwest 5337
   Minneapolis, MN 55485

   California Micro Devices Corp.                     US$296,300
   490 North McCarthy Boulevard #100
   Milpitas, CA 95035

   Mtron PTI                                          US$292,144
   P.O. Box 630
   Yankton, SD 57078

   Alliance Semiconductor                             US$256,012
   2575 Augustine Drive
   Santa Clara, CA 95054

   APX Technology Corp.                               US$235,567

   Microsemi Corporation                              US$224,886

   Methode Electronics                                US$217,704

   Microsemi Lowell                                   US$215,211

   Mircosemi                                          US$208,974

   United Chemi-Con Inc.                              US$208,687

   Pixelworks, Inc.                                   US$196,452

   Hyundai LCD America                                US$195,632

   AAEON Electronics Inc.                             US$192,053

   Solomon Tech. (USA) Corp.                          US$189,000

   Delta Prod Corp.                                   US$179,199

   Everlight International Corp.                      US$172,023

   Pletronics Inc.                                    US$159,291

   Condor DC Power Supplies                           US$158,897

   Diodes Inc.                                        US$157,641


CLEAN HARBORS: Earns US$11 Mil. in Fourth Qtr. Ended December 31
----------------------------------------------------------------
Clean Harbors Inc. increased revenues to US$231.8 million in the
fourth quarter of 2006 from US$193.7 million in the fourth
quarter of 2005.  Net income attributable to common shareholders
rose to US$11.4 million, from US$7.9 million in the same period
of 2005.  Income from operations grew to US$19.8 million from
US$14.3 million for the fourth quarter of 2005.  

                  Comments on the Fourth Quarter

"The fourth quarter of 2006 was a strong conclusion to the best
year in Clean Harbors' history," said Alan S. McKim, chairman
and chief executive officer.  "With solid demand across our
business lines and good weather, we delivered quarterly revenue
in excess of $200 million for the second consecutive quarter,
exclusive of any revenue attributed to Teris, which we acquired
in August."

"Organic growth in the fourth quarter was primarily driven by
our Technical Services business, which continued to perform
large facilities projects," Mr. McKim said.  "Incineration
volumes were strong, and we achieved utilization of 91 percent,
despite the addition of significant capacity earlier in the
year.  Reflecting increased activity in both the United States
and Canada, total landfill volumes were nearly 30 percent higher
than in the same period in 2005.

"In Site Services, we continued our steady geographic expansion
with the opening of another branch in southern Florida.  We did
not have any major emergency response events in the quarter,
unlike the fourth quarter of 2005 when we posted more than $17
million of higher margin revenue related to post-hurricane
clean-up projects.  Consequently, our Site Services margins were
down, even though we generated a steady stream of small scale
projects that produced approximately US$7 million in revenue in
the quarter."

                    Comments on Full-Year 2006

Revenues for the year ended Dec. 31, 2006, increased to
US$829.8 million, as compared with US$711.2 million for full-
year 2005.  Income from operations for full-year 2006 increased
to US$74.4 million versus US$51.3 million in the prior year.

The company generated net income attributable to common
shareholders of US$46.4 million for the full-year 2006.  This
compares with a 2005 net income attributable to common
shareholders of US$25.3 million.

"The year 2006 was outstanding for Clean Harbors both
financially and operationally," Mr. McKim said.  "We added
substantial incineration capacity, constructed several secure
landfill cells, upgraded numerous facilities, expanded our
transportation fleet, and exceeded our Health, Safety &
Compliance targets.  In support of our successful strategy of
introducing the Clean Harbors brand into new markets and
expanding our footprint, we opened six new Site Services
locations in 2006.  These initiatives enabled us to post the
largest organic increase in revenues in the Company's history.

"At the same time, we successfully completed the Teris
acquisition, which will broaden our service offerings and
improve our ability to service our customers," said Mr. McKim.  
"Although Teris is still ramping up, it turned in an exemplary
month in December.  We also met our goal of Teris being
accretive in the fourth quarter and we expect to see continued
improvement throughout 2007."

We successfully drove annual top-line growth, while continuing
to closely manage our operating costs and environmental
liabilities, as well as improve our operating efficiencies.  As
a result, net income grew substantially from 2005 and EBITDA
grew by approximately 33 percent."

As of Dec. 31, 2006, the company listed US$670.8 million in
total assets and US$497.6 million in total liabilities,
resulting in a US$173.2 million total stockholders' equity.

On Aug. 18, 2006, the company purchased all of the membership
interests in Teris LLC.  As a result of that purchase, the
company acquired a hazardous waste incineration facility in
Arkansas and a licensed transportation, storage and disposal
facility in California. Subject to certain closing adjustments,
the purchase price for Teris was about US$51.5 million.

The company has accrued environmental liabilities, valued as of
Dec. 31, 2006, at about US$173.4 million, substantially all of
which the company assumed as part of the acquisition of Teris
and Safety-Kleen Corp.'s Chemical Services Division.

                    Cash and Cash Equivalents

The company believes that its primary sources of liquidity are
cash flows from operations, existing cash, and funds available
to borrow under its US$70 million revolving credit facility.  
For the year ended Dec. 31, 2006, the company generated cash
from operations of US$61.4 million.  As of Dec. 31, 2006, cash
and cash equivalents were US$73.6 million, marketable securities
were US$10.2 million, funds available to borrow under the
Revolving Facility were about US$24.4 million and properties
held for sale were US$7.4 million.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1bf9

                       About Clean Harbors

Headquartered in Norwell, Massachusetts, Clean Harbors Inc.
(NasdaqGS: CLHB) -- http://www.clenharbors.com/-- provides  
environmental and hazardous waste management services in North
America.  It operates through two segments, Technical Services
and Site Services.  The Technical Services segment collects,
transports, treats, and disposes hazardous and non-hazardous
wastes for commercial and industrial customers, health care
providers, educational and research organizations, and other
environmental services companies and governmental entities.  The
Site Services segment provides environmental site services to
maintain industrial facilities and process equipment, as well as
clean up of hazardous materials to chemical, petroleum,
transportation, utility, and governmental agencies.  Clean
Harbors has more than 100 locations strategically positioned
throughout North America in 36 U.S. states, six Canadian
provinces, Mexico and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on Jul. 3, 2006,
Moody's Investors Service affirmed the B1 Corporate Family
Rating on Clean Harbors Inc. and changed the outlook to positive
from stable.


HORIZON LINES: Board Declares US$0.11 Per Share Cash Dividend
-------------------------------------------------------------
Horizon Lines, Inc.'s Board of Directors has voted to declare a
cash dividend on its outstanding shares of common stock of
US$0.11 per share, payable on June 15, 2007, to all stockholders
of record as of the close of business on June 1, 2007.

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

                        *     *     *

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

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




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


* URUGUAY: Paper Mill May Hurt Argentina's Poultry Industry
-----------------------------------------------------------
Uruguay's paper mill could affect the poultry industry in Entre
Rios, Argentina, reporters say, citing an Argentine protester.

The striker told the reporters, "One of the most important
poultry industries in the region is located in Entre Rios, which
generates thousands of jobs and has hundreds of producers.  When
they build the paper mill, nobody is going to eat the region's
chicken."

Xinhua News relates that the Environmental Assembly of the
Gualguaychu city held demonstrations on April 23 in front of
Finland's embassy in Buenos Aires to protest a paper mill that
Finnish company Botnia is constructing in Fray Bentos, Uruguay.  
Guaguaychu borders Uruguay's Fray Bentos.  

According to Xinhua News, Entre Rios residents let loose dozens
of chickens.  Some protesters were offering free chickens to
people passing by, while others were holding boards with slogans
that said, "Eat them now before Botnia poisons them all."

As reported in the Troubled Company Reporter-Latin America on
Feb. 8, 2007, The Argentine government and environmental groups
are protesting the mills' alleged adverse effect on marine life
at their river border.  Uruguay argued that studies have been
made ascertaining the safety of the river habitat and measures
would be taken to ensure that the mills wouldn't pollute the
river.  Argentina also claimed that Uruguay violated the 1975
Statute of the River Uruguay, which states that all issues
concerning the river must be agreed upon by the two nations.  
The matter has been brought to the International Court of
Justice at The Hague.  A preliminary ruling was issued in favor
of Uruguay.  The ruling, along with a financing from the World
Bank, renewed a series of protests and blockades of access roads
leading to Uruguay.  In January, the International Court
rejected Uruguay's petition to force the Argentine government to
end the roadblocks.  According to the Court's ruling, the
blockades are not harming the rights claimed by Uruguay.  

Xinhua News notes that Argentine and Uruguayan officials
launched talks on April 20 in Spain to seek a solution to the
paper mill conflict.

Deutsche Presse-Agentur relates that Argentina and Uruguay
issued a declaration saying they had "re-established the direct
dialogue" about "the disagreements they currently maintain."

According to Prensa Latina, Argentina and Uruguay agreed to
continue the talks in May, promising to refrain from taking
measures that could increase the tension between the two
parties.

Deutsche Presse-Agentur says that Argentina wants the pulp mill
to be relocated, but Uruguay refuses that request.  

According to Deutsche Presse-Agentur, Spain's Ence, which was to
build a plant near Botnia's, relocated the project elsewhere in
Uruguay.  

Deutsche Presse-Agentur notes discussions between Argentine and
Uruguayan representatives would cover the Botnia plant project
and its location, border traffic, the environmental protection
of River Uruguay and the sustainable development of nearby
areas, and the application of a 1975 bilateral treaty on the
River Uruguay.

Uruguayan Foreign Minister Reinaldo Gargajo said that both
governments promised to take responsibilities, Prensa Latina
reports.  

                        *     *     *

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




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


CMS ENERGY: Declares Common Stock Dividend at US$0.05 per Share
---------------------------------------------------------------
CMS Energy's Board of Directors has declared quarterly dividends
on the company's common stock and its preferred stock.
    
The dividend for the common stock (CUSIP: 125896100) is US$0.05
per share.  It is payable May 31, 2007, to shareholders of
record on May 10, 2007.
    
The dividend for the company's 4.50 percent cumulative
convertible preferred stock, Series B (CUSIP: 125896878) is
US$0.5625 per share.  It is payable June 1, 2007 to shareholders
of record on May 15, 2007.
    
Michigan-based CMS Energy Corp. is an electric and natural gas
utility, natural gas pipeline systems, and independent power
generation operator.  The company has offices in Venezuela.

CMS Energy has signed an accord with the Venezuelan government
for the sale of CMS Energy's interest in power utility Seneca.  
Seneca has a capacity of 22 megawatts and is CMS Energy's sole
business in Venezuela.

                        *     *     *

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


DAIMLERCHRYSLER AG: Unions Remain Opposed to Chrysler Sale
----------------------------------------------------------
Representatives from the United Auto Workers, the Canadian Auto
Workers and IG Metall unions reiterated their opposition to
DaimlerChrysler AG's plan to sell Chrysler Group, especially if
private equity groups take over, Gina Chon reports for The Wall
Street Journal.

The union leaders said "it made absolute sense to hold on to
Chrysler" in the wake of a restructuring plan and new product
launches as they made their case during a meeting in Germany
with DaimlerChrysler Chief Executive Dieter Zetsche, the WSJ
states.

However, Ms. Chon notes that the labor representatives learned
nothing new about the looming sale as Dr. Zetsche repeated what
he has said publicly: The company is talking to potential
partners and all options were on the table.

The TCR-Europe reported on April 24 that UAW members, who have
proposed a 70% employee-stock-ownership plan for Chrysler, met
with representatives of billionaire investor Kirk Kerkorian's
Tracinda Corp., which has submitted a US$4.5 billion bid for the
U.S. unit.

The company is presently negotiating with all Chrysler bidders,
including Cerberus Capital Management LP; joint bidders
Blackstone Group and Centerbridge Capital Partners LP; and the
tandem of Magna International Inc. and Onex Corp., but has
ignored Tracinda Corp.

                      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: Inks 7 MOUs with Oil Firms for New JVs
--------------------------------------------------------------
Venezuelan Oil Minister Rafael Ramirez said in a press
conference that the country's state-run oil company Petroleos de
Venezuela's CVP unit has signed seven MOUs with 10 foreign and
domestic oil firms to launch new joint ventures for projects
that together produce 500,000 barrels per day.

Business News Americas relates that Petroleos de Venezuela will
have a majority stake of at least 60% in the projects.

According to BNamericas, the MOUs cover these projects:

          -- Ameriven,
          -- Cerro Negro,
          -- Sincor,
          -- Petrozuata,
          -- Golfo de Paria Este,
          -- Golfo de Paria Oeste, and
          -- La Ceiba.

BNamericas says that Golfo de Paria Oeste and La Ceiba haven't
declared commerciality, while CVP stopped productions in 2006.

The report says that those who signed the MOUs include:

          -- ExxonMobil, which participates in Cerro Negro and
             La Ceiba;

          -- Chevron, which partners in Ameriven; and

          -- Total and Statoil, which are partners in Sincor.

ConocoPhillips and ENI did not sign the MOUs.  ConocoPhillips
has stakes in the Ameriven, Petrozuata, Golfo de Paria Este and
Oeste projects, while ENI partners in Golfo de Paria Oeste and
Este, BNamericas notes.  

The Venezuelan government could take ConcoPhillips' stakes,
Minister Ramirez told BNamericas.

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.

                        *     *     *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


* VENEZUELA: Chavez Willing to Discuss Private Health Care Costs
----------------------------------------------------------------
Venezuelan President Hugo Chavez told El Universal he's willing
to address his proposed price controls over private hospitals
with "the people who have advocated the dreadful mercantilist
healthcare system."

The Venezuelan leader emphasized that the government does not
condemn the private health care sector, but the government won't
take a single step back in its decision to regulate prices, El
Universal relates.

As reported in yesterday's edition, Pres. Chavez has announced
plans for the government to take control of the private health
care sector as costs rose about 20% for the last 12 months.

Health Minister Erick Rodriguez has been asked to draft a plan
that would overhaul Venezuela's health care system.

Also, Venezuela's legislative body is weighing its own plans to
regulate medical costs and services, forming a congressional
subcommittee last week to oversee the industry and its
suppliers.

                        *     *     *

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



                          ***********


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

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

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

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 * * *