TCRLA_Public/070503.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

             Thursday, May 3, 2007, Vol. 8, Issue 87

                          Headlines

A R G E N T I N A

BANCO FRANCES: Paying ARS0.19 Per Share Cash Dividend
BANCO NACIONAL: Okays BRL9.2-Million Loan for Digital TV Program
CARLETTO HNOS: Trustee To File General Report in Court Tomorrow
EASTMAN KODAK: Closes Sale of Health Group to Onex for US$2.55B
ELECTRICIDAD ACONCAGUA: Trustee To File General Report Tomorrow

FIDEOS CLASICOS: Trustee To File General Report Tomorrow
NATURAL CHOICES: Trustee To File General Report Tomorrow
TYSON FOODS: D.A. Davidson Reaffirms Buy Rating on Shares
UNILUB SA: Trustee To File Individual Reports in Court Tomorrow
VALEANT PHARMACEUTICALS: Reports US$8,568,000 of 1Q Net Income

B E R M U D A

JETBLUE AIRWAYS: Launches New Boston-Bermuda Low-Fare Service

B O L I V I A

BANCO ECONOMICO: Moody's Confirms E+ Fin'l Strength Rating
BANCO GANADERO: Moody's Confirms E+ Fin'l Strength Rating
BANCO NACIONAL: Moody's Ups Fin'l Strength Rating to D- from E+
PETROLEO BRASILEIRO: Bolivia Threatens To Nationalize Locat Unit

* BOLIVIA: Threatens To Nationalize Petroleo Brasileiro

B R A Z I L

AVNET INC: Inks Deal with Vanguard for AccuSPEECHTM Technology
BAUSCH & LOMB: Declares Quarterly Dividend of US$0.13 Per Share
BAUSCH & LOMB: Earns US$14.9 Million in Year Ended Dec. 31, 2006
COMMSCOPE INC: Buys Signal Vision to Expand Broadband Portfolio
GERDAU AMERISTEEL: Taps Steven Hendricks as Communications Exec

PETROLEO BRASILEIRO: In Talks with Astra Over Pasadena Expansion
PETROLEO BRASILEIRO: Inks Fuel Research Pact with Denmark
RHODIA: Unit Invests EUR30M to Up Intermediates Output in Brazil
TIMKEN CO: Paying Quarterly Cash Dividend of 16 Cents Per Share
TOWER AUTOMOTIVE: Files Chapter 11 Plan & Disclosure Statement

TOWER AUTOMOTIVE: Treatment of Claims Under Chapter 11 Plan
TOWER AUTOMOTIVE: Disclosure Statement Hearing Set for June 5

C A Y M A N   I S L A N D S

ACORN FUND: Proofs of Claim Filing Deadline Is May 30
AVON LTD: Sets Final Shareholders Meeting for May 30
BEAR STEARNS: Will Hold Final Shareholders Meeting on May 30
CIRCLE K: Sets Final Shareholders Meeting for May 30
CITIGROUP SERVICES: Proofs of Claim Filing Deadline Is May 31

FORTUNE FUND: Sets Final Shareholders Meeting for May 30
LATTICE MASTER: Proofs of Claim Filing Is Until May 30
LATTICE PARTNERS: Proofs of Claim Must be Filed by May 30
NAUTILUS EUROPE: Will Hold Final Shareholders Meeting on May 30
P RETOS: Proofs of Claim Filing Ends on May 10

P RETOS INVESTMENT: Proofs of Claim Filing Is Until May 10
P RETOS INVESTMENT (CAYMAN): Claims Must be Filed by May 10
SPYGLASS CAPITAL: Proofs of Claim Filing Is Until May 30
SWIX CURRENCY: Sets Final Shareholders Meeting for May 30
TCW EM: Proofs of Claim Must be Filed by May 31

TINTIN SPC: Final Shareholders Meeting Moved to May 30

C H I L E

FRESH DEL MONTE: Reports US$51.6 Mln of First Quarter Net Income

C O S T A   R I C A

* COSTA RICA: Declares State Emergency on Energy Sector

E C U A D O R

GEOKINETICS INC: Declares Public Offering of Common Stock

* ECUADOR: Wants to Lessen Ties to World Bank

J A M A I C A

AIR JAMAICA: Outsources Travel Booking Unit to Mark Travel

* JAMAICA: State Firm Launches Liquefied NatGas Terminal Bidding

M E X I C O

ACCELLENT INC: S&P Cuts Corporate Credit Rating to B from B+
AMSCAN HOLDINGS: Moody's Rates Proposed Revolving Credit at Ba3
AMSCAN HOLDINGS: S&P Affirms All Ratings Despite High Leverage
CINRAM INTERNATIONAL: Completes Ditan Acquisition for US$50 Mil.
EPICOR SOFTWARE: Plans US$200-Mil. Conv. Senior Notes Offering

GENERAL MOTORS: Three Execs Continue Voluntary Salary Reductions
INTERNATIONAL RECTIFIER: Wedbush Morgan Raises Rating to "Buy"
UNITED AIRLINES: Fitch Affirms B- Issuer Default Ratings

N I C A R A G U A

* NICARAGUA: Venezuela Drafts Accord Terms for Aluminum Plant

P A N A M A

CABLE & WIRELESS: Denies Newspaper Report on Sale of Units
CHIQUITA BRANDS: Incurs US$3 Million Net Loss in First Quarter
CHIQUITA BRANDS: Inks Ship Sale Pacts with Eastwind for US$227MM

P U E R T O   R I C O

AFC ENTERPRISES: Inks Credit Pact Allowing Repurchase of Stock
DELTA AIR: S&P Lifts Ratings on Corp.-Backed Certificates to B
DORAL FINANCIAL: Settles Class Action & Shareholder Litigation
UNITED AUTO: Classic Automotive Purchase Expands Biz to Texas

T R I N I D A D   &   T O B A G O

MIRANT CORP: Selling Six U.S. Gas Plants for US$1.3 Billion

V E N E Z U E L A

HERBALIFE LTD: Reports First-Quarter Net Sales of US$508.1 Mil.
PETROLEOS DE VENEZUELA: Gov't May Sue Orinoco Project Operators
PETROLEOS DE VENEZUELA: May Buy-Back US$1.6 Billion of Bonds

* VENEZUELA: China To Provide US$4-Bil. Funding for Exploration
* VENEZUELA: Mibam Drafts Accord Terms for Nicaraguan Plant
* VENEZUELA: Selling US Plants; Building Plant Network in LatAm
* VENEZUELA: S&P Says Debt Ratings To Rely on Oil Firm's Success

* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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


BANCO FRANCES: Paying ARS0.19 Per Share Cash Dividend
-----------------------------------------------------
Banco Frances S.A., will pay a cash dividend of ARS0.19 per
ordinary share (equivalent to ARS0.57 per American Depositary
Share) correspondent to fiscal year ended Dec. 31, 2006.  
Payment of that cash dividend, which is subject to Income Tax
withholdings and deductions of Personal Property Tax, will take
place May 7 at the Caja Nacional de Valores S.A. to all
registered owners of ordinary shares at the close of business on
May 3, 2007.

The Bank of New York, as Depositary of the American Depositary
Shares, will be paying the cash dividend to all ADR holders at
the close of business on May 3, 2007.

Headquartered in Buenos Aires, Argentina, BBVA Banco Frances SA
-- http://www.bancofrances.com-- conducts capital markets and  
securities operations directly, in the over-the-counter market,
and through a subsidiary, in the Buenos Aires Stock Exchange.
The bank operates 227 branches, 512 automated teller machines
(ATMs), a telephone banking service and an Internet banking
service, called Frances Net.  Banco Frances has a market share
in the mutual fund portfolio management industry in Argentina
through Frances Administradora de Inversiones SA, and in the
pension fund industry through Consolidar AFJP SA.  Banco Frances
is a subsidiary of Banco Bilbao Vizcaya Argentaria.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Oct. 11, 2006, Fitch Ratings has upgraded BBVA Banco Frances'
Individual Rating to 'D' from 'E'.


BANCO NACIONAL: Okays BRL9.2-Million Loan for Digital TV Program
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has
approved a BRL9.2 million financing for the Sistema Brasileiro
de Televisao, from the Silvio Santos Group, the first within the
Support Program to the Implementation of Brazilian Terrestrial
Digital TV System (Protvd).  The Bank's support is equivalent to
86% of the total project's budget of BRL10.7 million.  The
resources, approved in the Protvd-Broadcasting modality, will be
destined to the modernization of the analogical transmitters,
ensuring the quality of the signal during the transition period
from analogical TV to Digital TV.

The project provides for the acquisition of 194 transmitters for
the eight broadcasting networks and one SBT affiliated
broadcasting network and the replacement of three transmission
towers; one in the city of Ribeirao Preto, another in the city
of Barretos and lastly in the city of Sorocaba.  Telavo
Telecomunicacoes Ltda and Linear Equipamentos Eletronicos S/a,
companies that developed their own technology, will supply the
transmitters.

With Digital TV, it will be necessary that the image generators
and re-broadcasters install digital transmitters that, together
with the analogical ones, will carry out simultaneous
broadcasting, known as simulcasting, from the open broadcasting
TV in the analogical and digital formats.  The simulcasting will
probably remain until 2016, which forces the broadcasting
networks to invest on the exchange of the old analogical
equipments for more modern devices with useful life until the
end of the transition.

Many installed transmitters already bear more than 10 years of
use, which demands high maintenance costs.  The exchange for
more modern equipment, besides generating energy and maintenance
savings, will improve the quality of the signal transmitted,
which will enable better coverage.

Prodtv -- the program to finance Digital TV was created by BNDES
in February of this year and will be effective until
Dec. 31, 2013.  The budget destined is of BRL1 billion and
Protvd was divided up into three subprograms:

   -- the Protvd Suppliers, oriented toward manufacturers of
      transmitters and receptors;

   -- the Protvd Broadcasting, destined to financing the
      television broadcasting sector for the building up of the
      digital infrastructure and studio infrastructure; and

   -- Protvd Content, guided towards the exclusive production of
      national content.

The Communication division of the Silvio Santos Group companies
comprises eight broadcasters, besides 99 affiliated broadcasters
that re-broadcast the Group's programming.  The owned
broadcasting companies are in the cities of Sao Paulo, Rio de
Janeiro, Nova Friburgo, Brasilia, Porto Alegre, Jau, Ribeirao
Preto, and Belem, besides Sorocaba, where the control is shared.

TVSBT Channel 4 of Sao Paulo is the SBT's head-network, that is,
it generates the programming for the entire network and
distributes the signal to the remaining broadcasters through
satellite, which in turn, make the broadcastings in their
respective localities.

The Silvio Santos Group is responsible for the maintenance of
11,097 jobs and counts on a production and broadcasting complex
located in the Anhanguera Highway, in the city of Osasco, with
useful area of 231 thousand square meters and 100 thousand
square meters of built area.  In that place, 1.8 thousand people
have their jobs.

                         About BNDES

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

                        *     *     *

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


CARLETTO HNOS: Trustee To File General Report in Court Tomorrow
---------------------------------------------------------------
Maria Cristina Barberis, the court-appointed trustee for
Carletto Hermanos SRL's bankruptcy proceeding, will submit to
court a general report containing an audit of the company's
accounting and banking records on May 4, 2007.

Ms. Barberis verified creditors' proofs of claim until
Dec. 29, 2006.  She then presented the validated claims in court
as individual reports on March 20, 2007.  The National
Commercial Court of First Instance in Junin, Buenos Aires,
determined the verified claims' admissibility, taking into
account the trustee's opinion and the objections and challenges
raised by Carletto Hermanos and its creditors.

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

The debtor can be reached at:

          Carletto Hermanos S.R.L.
          Derqui 125, Junin
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria Cristina Barberis
          Saavedra 226, Junin
          Buenos Aires, Argentina


EASTMAN KODAK: Closes Sale of Health Group to Onex for US$2.55B
---------------------------------------------------------------
Eastman Kodak Company has completed the sale of its Health Group
to an affiliate of Onex Corporation, for up to US$2.55 billion.  
The acquired business is continuing under the name Carestream
Health, Inc.

Eastman Kodak has received US$2.35 billion in cash, and will
receive up to US$200 million in additional future payments if
Onex achieves certain returns with respect to its investment.  
Primarily because of tax-loss considerations, Eastman Kodak
expects to retain the vast majority of the initial US$2.35
billion cash proceeds.  As previously indicated, the company
plans to use a portion of the proceeds to fully repay its
approximately US$1.15 billion of secured term debt.

Approximately 8,100 employees associated with the Health Group
have transferred to Carestream Health.  The business is a
worldwide leader in information technology, molecular imaging
systems, medical and dental imaging, including digital x-ray
capture, medical printers, and x-ray film.

"We are now studying options for the cash that will remain after
we pay off the secured term debt," said Antonio M. Perez,
Chairman and Chief Executive Officer.  "Through this rigorous
process with our Board of Directors, we are focusing on
financially attractive ways to drive profitable growth and
enhance shareholder returns."

                    About Onex Corporation

Onex Corporation (TSX: OCX) is a Toronto based investment firm.  
It was founded in 1983 by Gerry Schwartz.  Today it is a public
traded company but Schwartz has 67.6% of the voting control and
continues to serve as Chairman and CEO.  Its head office is on
the 49th floor of BCE Place in Toronto, with a branch office in
New York City.

                 About Eastman Kodak Company

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                        *     *     *

Moody's Investors Service placed Eastman Kodak Company's B1
Corporate Family Rating on review for a possible downgrade.
Moody's will continue to focus on the company's potential sale
of the Kodak Health Group as well as the fundamental operating
performance of the company.  Moody's commented that if the sale
of KHG was not pending, Moody's would expect to confirm the
company's B1 rating with a negative outlook.

The company intends to announce the outcome of the KHG strategic
review by calendar year end 2006.

Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


ELECTRICIDAD ACONCAGUA: Trustee To File General Report Tomorrow
---------------------------------------------------------------
Maria del Carmen Meo, the court-appointed trustee for
Electricidad Aconcagua S.R.L.'s bankruptcy case, will submit to
court a general report containing an audit of the company's
accounting and banking records on May 4, 2007.

Ms. Meo verified creditors' proofs of claim until Nov. 16, 2006.  
She then presented the validated claims in court as individual
reports on March 12, 2007.  The National Commercial Court of
First Instance in Mendoza determined the verified claims'
admissibility, taking into account the trustee's opinion and the
objections and challenges raised by Electricidad Aconcagua and
its creditors.

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

The trustee can be reached at:

          Maria del Carmen Meo
          Chaco 2925, Ciudad de Mendoza
          Mendoza, Argentina


FIDEOS CLASICOS: Trustee To File General Report Tomorrow
--------------------------------------------------------
Tito Jorge Gargaglione, the court-appointed trustee for Fideos
Clasicos SA's bankruptcy proceeding, will submit to court a
general report containing an audit of the company's accounting
and banking records on May 4, 2007.

Mr. Gargaglione verified creditors' proofs of claim until
Feb. 5, 2007.  He then presented the validated claims in court
as individual reports on March 19, 2007.  The National
Commercial Court of First Instance in Buenos Aires determined
the verified claims' admissibility, taking into account the
trustee's opinion and the objections and challenges raised by
Fideos Clasicos and its creditors.

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

The debtor can be reached at:

          Fideos Clasicos SA
          Rojas 730
          Buenos Aires, Argentina

The trustee can be reached at:

          Tito Jorge Gargaglione
          Medrano 833
          Buenos Aires, Argentina


NATURAL CHOICES: Trustee To File General Report Tomorrow
--------------------------------------------------------
Maria Paulina Alva, the court-appointed trustee for Natural
Choices SRL's bankruptcy case, will submit to court a general
report containing an audit of the company's accounting and
banking records on May 4, 2007.

Ms. Alva verified creditors' proofs of claim until
Dec. 18, 2006.  She then presented the validated claims in court
as individual reports on March 9, 2007.  The National Commercial
Court of First Instance in Buenos Aires determined the verified
claims' admissibility, taking into account the trustee's opinion
and the objections and challenges raised by Natural Choices and
its creditors.

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

The trustee can be reached at:

          Maria Paulina Alva
          Montevideo 536
          Buenos Aires, Argentina


TYSON FOODS: D.A. Davidson Reaffirms Buy Rating on Shares
---------------------------------------------------------
D.A. Davidson & Co. analyst Timothy S. Ramey has reaffirmed his
"buy" rating on Tyson Foods' shares, Newratings.com reports.

Newratings.com relates that Tyson Foods' 12-18 month target
price was raised to US$28 from US$24.

Mr. Ramey said in a research note published on April 30 that
Tyson Foods' second quarter 2007 operating earnings per share
was "ahead of the estimates."  

Mr. Ramey told Newratings.com that Tyson Foods seems to be in
the initial phase of a profit recovery.

Tyson Foods raised its earnings per share guidance for this year
to US$0.65-US$0.90 from US$0.50-US$0.80.  The earnings per share
estimate for 2007 was increased to US$0.87 from US$0.85, while
estimates for 2008 was raised to US$1.55 from US$1.20,
Newratings says.

Prudential Financial analysts also reiterated their "neutral
weight" rating on Tyson Foods.  The target price was raised to
US$18 from US$15, Newratings.com states.

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

                        *     *     *

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

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

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


UNILUB SA: Trustee To File Individual Reports in Court Tomorrow
---------------------------------------------------------------
Alfonso Raul Badaracco, the court-appointed trustee for Unilub
SA's bankruptcy proceeding, will present creditors' validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on May 4, 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 Unilub 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
Jan. 8, 2007, Mr. Badaracco verified creditors' proofs of claim
until March 19, 2007.

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

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

The debtor can be reached at:

          Unilub SA
          Sarmiento 1469
          Buenos Aires, Argentina

The trustee can be reached at:

          Alfonso Raul Badaracco
          Esmeralda 980
          Buenos Aires, Argentina


VALEANT PHARMACEUTICALS: Reports US$8,568,000 of 1Q Net Income
--------------------------------------------------------------
Valeant Pharmaceuticals International reported results for the
first quarter of 2007.

First Quarter 2007 vs. 2006 Highlights:

   * Revenues increased seven percent to US$213.4 million
     compared to US$199.5 million.

   * Product sales decreased two percent to US$176.9 million
     compared to US$181.4 million.

   * Alliance revenue totaled US$36.5 million compared
     to US$18.1 million.  Included in alliance revenue in the
     2007 first quarter was a milestone payment of US$19.2
     million related to the out-licensing of pradefovir.

   * Income from continuing operations was US$8.6 million
     compared to a loss of US$5.8 million.

   * Net income is US$8,568,000.   

   * Adjusted for non-GAAP items, income from continuing
     operations was US$16.6 million compared to a loss of
     US$4.2 million.  Excluding the pradefovir milestone
     payment.

Timothy C. Tyson, president and chief executive officer, said,
"This clearly was a soft quarter for product sales.  In many
ways, this is typical for our business in that we often have
lower sales in the first quarter along with higher marketing
costs to support annual growth.  This year, however, the first
quarter was particularly impacted by a significant reduction in
sales to certain wholesalers in Mexico and by lower sales of
Infergen(R) and Efudex(R) in the United States.  The reduced
sales in Mexico were precipitated by a negotiating tactic of two
major wholesalers, which we believe to be a transitory issue
that is not reflective of underlying demand for our products.  
We were able to mitigate the effect of these challenging top-
line issues on our margins and earnings in the quarter through
expense management.  We remain encouraged that underlying demand
is stable or growing for most of our key products, and continue
to believe that we will achieve growth at industry average rates
or better in the year."

                          Revenues

Product sales declined in the 2007 first quarter compared to the
same period last year, primarily due to the aforementioned
issues in the Mexican distribution chain, which significantly
impacted sales of BedoyectaTM.  In addition, sales of Infergen
and Efudex were lower in the 2007 first quarter, while sales of
Cesamet(R) Kinerase(R) SolcoserylTMand BisocardTM were higher.  
The effects of foreign currency exchange increased product sales
by US$4.1 million and operating income by US$0.4 million in the
2007 first quarter.

Alliance revenue in the 2007 first quarter included a milestone
payment of US$19.2 million from Schering-Plough upon the closing
of the company's out-licensing agreement for pradefovir.  Also
included in alliance revenue were royalties from the sale of
ribavirin, which totaled US$17.3 million in the 2007 first
quarter, compared to US$18.1 million in the same period last
year.

                  Regional Sales Performance

North America product sales decreased six percent in the 2007
first quarter compared to the same period last year, primarily
due to lower sales of Infergen and Efudex, partially offset by
higher sales of Cesamet and Kinerase.  The decrease in sales of
Infergen largely reflects a decline in the overall market for
interferon products in the United States.  The decline in Efudex
sales primarily reflects the pull-through of inventory from the
launch of the company's generic product at the end of 2006.

Sales in the International region in the 2007 first quarter were
US$9.7 million, or 22 percent lower than the same period last
year predominantly due to the distribution chain issues in
Mexico, which affected sales of Bedoyecta and nearly all
products in the country.

Sales in the Europe, Middle East and Africa (EMEA) region
increased 16 percent in the 2007 first quarter.  Approximately
half of the increase relates to the effects of foreign currency.  
In spite of continued government imposed price pressures in many
European markets, Mestinon(R), Solcoseryl, Bisocard and several
other promoted products grew significantly. Much of this growth
was generated in Central and Eastern Europe.

                      Financial Metrics

The company's gross margin on product sales was 71 percent in
the 2007 first quarter, compared to 68 percent in the same
period last year.  The improvement in gross margin was primarily
due to fewer inventory write-offs in the current period and the
impact on last year's margin from a scheduled shutdown of the
company's manufacturing facility in Mexico.

Selling expense was 36 percent of product sales in the 2007
first quarter compared to 35 percent in the same period last
year.  Selling expenses are typically higher in the first half
of the year to support annual growth.  General and
administrative expenses were 14 percent of product sales in the
2007 first quarter compared to 16 percent in the same period
last year.  Included in general and administrative expenses in
the 2007 first quarter was an expense of US$3.8 million for an
unfavorable arbitration decision in the company's
indemnification claim against former Xcel Pharmaceuticals
shareholders relating to pre-acquisition sales, partially offset
by a US$2.2 million gain from the sale of the company's contact
lens business in Europe.

Research and development expenses were 13 percent of product
sales in the 2007 first quarter compared to 16 percent in the
same period last year.  The decline was primarily due to the
sale of the company's discovery operations at the end of 2006.

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/is a
research-based specialty pharmaceutical company that discovers,
develops, manufactures and markets products primarily in the
areas of neurology, infectious disease and dermatology.  The
company has offices in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2007, Standard & Poor's affirmed its ratings on Costa
Mesa, California-based Valeant Pharmaceuticals International,
including the 'B+' corporate credit rating.  The ratings were
removed from CreditWatch, where they were placed with negative
implications Oct. 24, 2006, to reflect the ongoing uncertainty
at that time regarding the company's inability to file its Form
10-Q for the third quarter and the possibility that all of its
debt obligations would have been accelerated.




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B E R M U D A
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JETBLUE AIRWAYS: Launches New Boston-Bermuda Low-Fare Service
-------------------------------------------------------------
JetBlue Airways has launch new low-fare service between Boston
and Bermuda and Boston and Charlotte.  The carrier will offer
one daily flight to Charlotte Douglas International Airport
year-round and one daily flight to Bermuda International Airport
for the peak season through Oct. 31.

The flights are part of an ongoing expansion of service in
Boston that has made JetBlue Airways the fastest-growing airline
at Logan International Airport.  From its newly renovated home
in Terminal C, JetBlue Airways offers low-fare, high-frills
service to 27 popular destinations in the United States, Aruba,
the Bahamas, Bermuda, and Mexico.  In addition, convenient
connecting service operated by JetBlue Airways' marketing
partner, Cape Air, is available through Boston for customers
traveling to Martha's Vineyard, Nantucket, Provincetown, and
Hyannis, Massachusetts, from most domestic JetBlue Airways
cities.

JetBlue Chief Executive Officer and Founder David Neeleman said,
"This is an exciting time for our customers as we continue to
add new service in Boston.  Our customers love JetBlue's award-
winning friendly service and onboard amenities, including the
most legroom in coach, comfy leather seats, and the most live
entertainment options available on any airline.  We look forward
to serving customers with everyday affordable fares on our new
routes to Bermuda and Charlotte."

JetBlue Airways will once again increase its Boston focus city
with new nonstop service to San Francisco International Airport.  
With the addition of flights to SFO, JetBlue Airways will offer
service to more nonstop destinations in California than any
other airline from Logan.  Then in late June, JetBlue Airways
will add new nonstop service between Boston and both Aruba and
San Diego.

Customers flying JetBlue Airways between Boston and Bermuda and
Charlotte will travel aboard the airline's brand new 100-seat
EMBRAER 190 jets, which feature a spacious cabin with all-
leather seating in a comfy 2x2 configuration and JetBlue
Airways' signature in-flight entertainment options, including
more than 100 channels of XM Satellite Radio and 36 channels of
DIRECTV programming.  Customers enrolled in JetBlue Airways'
customer loyalty program, TrueBlue, will earn four TrueBlue
points each way for nonstop flights between Boston and Bermuda
or Charlotte.  Double TrueBlue points are awarded for travel
purchased online at www.jetblue.com.  Customers can earn
TrueBlue points even faster by using the JetBlue Card from
American Express.  Every time cardholders buy JetBlue Airways
travel with the Card, or earn at least one TrueBlue point
through other purchasing using the Card, all TrueBlue points in
the member's account automatically extend for another 12 months.

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

                        *     *     *

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

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




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


BANCO ECONOMICO: Moody's Confirms E+ Fin'l Strength Rating
----------------------------------------------------------
Moody's Investors Service has confirmed its bank financial
strength rating on Banco Economico S.A. at E+, in connection
with the rating agency's implementation of its refined joint
default analysis and updated BFSR methodologies for banks in
Bolivia.

Banco Economico's Local Currency deposit rating is upgraded to
B1 from B3.  The Foreign Currency deposit rating is affirmed at
Caa1.  The company's long-term Local Currency deposit rating in
National Scale is raised to Aa2.bo from Aa3.bo and its long term
Foreign Currency deposit rating in National Scale is upgraded to
A1.bo from A2.bo.

The BFSRs of four Bolivian banks were upgraded, by one or two
notches, as a result of their improving financial fundamentals
and evolving franchises.  The implementation of the JDA
methodology also led to the lift in the local currency deposit
rating of six banks, by one or two notches.

Moody's has assigned support levels to banks in Bolivia using
its support guideline for highly dollarized countries.  This
guideline takes into consideration the history of support for
banks, the size, strength and the fragmentation of the Bolivian
banking system, as well as the extent to which a high level of
dolarization may limit Bolivia's ability to support its banks.

Most of the national scale ratings, which are derived from the
global local currency deposit ratings, were also upgraded as a
result of the rise in deposit ratings.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.

Moody's uses conservative support assumptions and a limited
number of support levels to ensure that sufficient weight is
given to a bank's intrinsic financial strength in its bank
deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.


BANCO GANADERO: Moody's Confirms E+ Fin'l Strength Rating
---------------------------------------------------------
Moody's Investors Service has confirmed its bank financial
strength rating on Banco Ganadero S.A. at E+, in connection with
the rating agency's implementation of its refined joint default
analysis and updated BFSR methodologies for banks in Bolivia.

Banco Ganadero's Local Currency deposit rating is upgrade to B1
from B3.  Its Foreign Currency deposit rating is affirmed at
Caa1.  The company long term Local Currency deposit rating in
National Scale is upgraded to Aa2.bo from Aa3.bo and its long
term foreign Currency deposit rating in National Scale is raised
to A1.bo from A2.bo.

The BFSRs of four Bolivian banks were upgraded, by one or two
notches, as a result of their improving financial fundamentals
and evolving franchises.  The implementation of the JDA
methodology also led to the lift in the local currency deposit
rating of six banks, by one or two notches.

Moody's has assigned support levels to banks in Bolivia using
its support guideline for highly dollarized countries.  This
guideline takes into consideration the history of support for
banks, the size, strength and the fragmentation of the Bolivian
banking system, as well as the extent to which a high level of
dolarization may limit Bolivia's ability to support its banks.

Most of the national scale ratings, which are derived from the
global local currency deposit ratings, were also upgraded as a
result of the rise in deposit ratings.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.

Moody's uses conservative support assumptions and a limited
number of support levels to ensure that sufficient weight is
given to a bank's intrinsic financial strength in its bank
deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

Banco Ganadero S.A. is a multiple commercial bank, owned and
controlled by the Monasterio group, an industrial and stock-
breeding group in Santa Cruz.  Banco Ganadero is Bolivia's
eighth-largest bank in terms of private sector deposits, with
BOB1.192 million, and holds 5.2% market share as of December
2005.


BANCO NACIONAL: Moody's Ups Fin'l Strength Rating to D- from E+
---------------------------------------------------------------
Moody's Investors Service has confirmed that it raised its bank
financial strength rating on Banco Nacional de Bolivia S.A. to
D- from E+, in connection with the rating agency's
implementation of its refined joint default analysis and updated
BFSR methodologies for banks in Bolivia.

The comapny's Local Currency deposit rating is upgraded to Ba3
from B2.  The Foreign Currency deposit rating is affirmed at
Caa1.  The long term Local Currency deposit rating in National
Scale is raised to Aa1.bo from Aa2.bo.  The long term Foreign
Currency deposit rating in National Scale is affirmed at A1.bo.

Moody's completed the review on the ratings of the Bolivian
banks. The BFSRs of four Bolivian banks were upgraded, by one or
two notches, as a result of their improving financial
fundamentals and evolving franchises.  The implementation of the
JDA methodology also led to the lift in the local currency
deposit rating of six banks, by one or two notches.

Moody's has assigned support levels to banks in Bolivia using
its support guideline for highly dollarized countries.  This
guideline takes into consideration the history of support for
banks, the size, strength and the fragmentation of the Bolivian
banking system, as well as the extent to which a high level of
dolarization may limit Bolivia's ability to support its banks.

Most of the national scale ratings, which are derived from the
global local currency deposit ratings, were also upgraded as a
result of the rise in deposit ratings.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.

Moody's uses conservative support assumptions and a limited
number of support levels to ensure that sufficient weight is
given to a bank's intrinsic financial strength in its bank
deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

Banco Nacional de Bolivia S.A., headquartered in La Paz,
Bolivia, is a universal bank formed in 1872.  Owned by the
Bedoya and Saavedra Groups, BNB had, as of December 2005, assets
worth BOB5,437 million and private sector deposits up to
BOB4,560 million, which represented 18.8% of the market.


PETROLEO BRASILEIRO: Bolivia Threatens To Nationalize Locat Unit
----------------------------------------------------------------
Bolivian President Evo Morales has threatened to put the
Bolivians holdings of Brazilian state oil firm Petroleo
Brasileiro SA, along with Italy's Telecom Italia, under state
control if the nationalization negotiations fail, The Associated
Press reports.

The AP notes that President Morales said to the crowd gathering
in front of the presidential palace in celebration of the first
anniversary of Bolivia's petroleum nationalization, "We will
back all our negotiations with dialogue, because we indigenous
people believe in the principle of dialogue.  But if dialogue
doesn't work, we will recover our natural resources and our
businesses without fear."

President Morales ordered on May 1, 2006 the nationalization of
Bolivia's oil and gas industry.

The AP says that President Morales wants to buy back Bolivia's
only two oil plants from Petroleo Brasileiro.  The Bolivian
leader had hoped to complete the nationalization in time for the
May 1 International Workers' Day festivities.  However, the
government has not reached any agreement with Petroleo
Brasileiro yet.

According to the AP, Petroleo Brasileiro threatened
international arbitration if President Morales wouldn't pay a
fair price for its Bolivian assets.  

Bolivian state-owned oil company Yacimientos Petroliferos
Fiscales Bolivianos President Guillermo Aruquipa said at a news
conference on April 30 that the firm would assume full control
of Bolivia's chain of production on May 1.

The AP underscores that Petroleo Brasileiro and other foreign
energy companies have cut plans for future investment in
Bolivia, which caused some concern among analysts over the
Bolivian oil and gas industry's future.

Meanwhile, Petroleo Brasileiro President Jose Sergio Gabrielli
told Reuters that negotiations with the Bolivian government over
the future ownership of two Bolivian refineries continue.

Petroleo Brasileiro told Reuters that it is making progress in
talks to sell its plants to Bolivia.

Petroleo Brasileiro's International Operations Director Nestor
Cervero told Reuters that the negotiations also include the
possibility of the company's remaining as the operator of the
plants for some time.

Mr. Gabrielli refused to divulge to the press the prices that
Bolivia and Petroleo Brasileiro are negotiating over.

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.


* BOLIVIA: Threatens To Nationalize Petroleo Brasileiro
-------------------------------------------------------
Bolivian President Evo Morales has threatened to put the
Bolivians holdings of Brazilian state oil firm Petroleo
Brasileiro SA, along with Italy's Telecom Italia, under state
control if the nationalization negotiations fail, The Associated
Press reports.

The AP notes that President Morales said to the crowd gathering
in front of the presidential palace in celebration of the first
anniversary of Bolivia's petroleum nationalization, "We will
back all our negotiations with dialogue, because we indigenous
people believe in the principle of dialogue.  But if dialogue
doesn't work, we will recover our natural resources and our
businesses without fear."

President Morales ordered on May 1, 2006 the nationalization of
Bolivia's oil and gas industry.

The AP says that President Morales wants to buy back Bolivia's
only two oil plants from Petroleo Brasileiro.  The Bolivian
leader had hoped to complete the nationalization in time for the
May 1 International Workers' Day festivities.  However, the
government has not reached any agreement with Petroleo
Brasileiro yet.

According to the AP, Petroleo Brasileiro threatened
international arbitration if President Morales wouldn't pay a
fair price for its Bolivian assets.  

Bolivian state-owned oil company Yacimientos Petroliferos
Fiscales Bolivianos President Guillermo Aruquipa said at a news
conference on April 30 that the firm would assume full control
of Bolivia's chain of production on May 1.

The AP underscores that Petroleo Brasileiro and other foreign
energy companies have cut plans for future investment in
Bolivia, which caused some concern among analysts over the
Bolivian oil and gas industry's future.

Meanwhile, Petroleo Brasileiro President Jose Sergio Gabrielli
told Reuters that negotiations with the Bolivian government over
the future ownership of two Bolivian refineries continue.

Petroleo Brasileiro told Reuters that it is making progress in
talks to sell its plants to Bolivia.

Petroleo Brasileiro's International Operations Director Nestor
Cervero told Reuters that the negotiations also include the
possibility of the company's remaining as the operator of the
plants for some time.

Mr. Gabrielli refused to divulge to the press the prices that
Bolivia and Petroleo Brasileiro are negotiating over.

                 About Petroleo Brasileiro

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

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

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




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


AVNET INC: Inks Deal with Vanguard for AccuSPEECHTM Technology
--------------------------------------------------------------
Avnet Technology Solutions, Americas, a distributor of
enterprise computing products, software and services and an
operating group of Avnet, Inc. (NYSE: AVT), reported a new
relationship with Vangard Voice Systems, Inc.  Avnet's
Enterprise Mobility team will work with its partner community of
value-added resellers or VARs and independent software vendors
or ISVs to help integrate Vangard's AccuSPEECHTM technology into
a variety of mobile business and eForms enterprise applications.

"Avnet and Vangard are joining forces to help channel partners
incorporate hands free, eyes free voice input capability into
enterprise mobility solutions," said Michael Douglass, vice
president, Enterprise Mobility, Avnet Technology Solutions,
Americas.  "By embedding voice technology into mobile products,
our partners can create solutions that make life easier for end
technology users, while clearly differentiating themselves in
the market with these capabilities.  Data entry with voice
technology becomes effortless, and significantly more accurate,
when users can talk to their systems rather than manipulating
input devices, especially among users that need to input data
while also performing manual tasks."

Vangard's AccuSPEECH solution provides the critical development
layer of connectivity between any major voice recognition engine
and any mobile business application.  Avnet and Vangard's
embedded systems engineers and sales resources will help
partners develop cost-effective, reliable and scalable voice-
enabled solutions using AccuSPEECH.  These solutions are
particularly beneficial for partners supporting desk-free
computing in government/public sector, healthcare and logistics
enterprise environments due to their need for highly accurate
and efficient data entry.

"Vangard Voice and Avnet are fulfilling the promise of voice
technology in the workplace," said Bob Bova, president and CEO
of Vangard Voice Systems, Inc.  "Avnet's engineering,
integration and logistics support will enable our channel
partners to deliver world-class support for voice-enabled mobile
technology products."

To ease the design and deployment of complete enterprise
mobility solutions, Avnet is creating bundled solutions that
include hardware, software and services along with Vangard's
technology.  The graphic user interface provided with AccuSPEECH
Technology further reduces development and deployment time by
eliminating the need to generate thousands of lines of custom
code typically associated with developing voice applications.  
AccuSPEECH can be deployed on any platform that supports Windows
Mobile, Microsoft's .NET Framework, Win32, HTML, Java and
C++/C#/VB.NET.  AccuSPEECH has native language support for 20
languages including English, Spanish, French, German,
Portuguese, Swedish, Polish and Dutch.

Avnet's Enterprise Mobility team provides a suite of services
focused on demand generation, logistics, cellular activation and
advanced integration to help solution providers, systems
integrators and VAR partners succeed in the fast-growing
enterprise mobility market.  The Avnet Enterprise Mobility team
helps partners design, develop and implement complete, custom
mobility solutions leveraging industry-leading technology from
suppliers such as Motorola, Intermec, HandHeld Products, and
Printronix.

               About Vangard Voice Systems, Inc.

Vangard Voice Systems, Inc. -- www.vangardvoice.com --
is the provider of AccuSPEECH SDK, the only professional grade,
platform independent, integrated solution that easily integrates
speech into any business or mobile enterprise application.  
Vangard Voice is headquartered in Rancho Santa Margarita,
California.

                      About Avnet Inc.

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

                        *     *     *

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


BAUSCH & LOMB: Declares Quarterly Dividend of US$0.13 Per Share
---------------------------------------------------------------
Bausch & Lomb declared a regular quarterly dividend of US$0.13
per share on the company's common stock.

The dividend is payable Monday, July 2, 2007, to shareholders of
record at the close of the business day on Friday, June 1, 2007.

In addition, Bausch & Lomb named Efrain Rivera as Senior Vice-
President and Chief Financial Officer, succeeding Stephen C.
McCluski who has announced his plan to retire on June 30, 2007.  
Mr. McCluski will serve as senior vice president-corporate
strategy, responsible for strategic business development
activities, until his retirement.

"We're very fortunate to have an executive of Efrain Rivera's
caliber to succeed Steve in the CFO function," said Chairman and
CEO Ronald L. Zarrella.  "Efrain has managed successively more
responsible positions in business analysis, investor relations,
commercial operations and treasury, and has demonstrated that he
has the experience, perspective and leadership skills to be an
exceptional CFO."

Mr. Rivera joined Bausch & Lomb in 1989 and has held management
and executive positions in Corporate Treasury, Business Analysis
and Investor Relations.  He has served as general manager of
Bausch & Lomb Mexico, vice president-finance for Global Vision
Care, and president-Bausch & Lomb Canada and Latin America.  He
was elected an officer of the company in 2002, and has been
corporate vice president and treasurer since 2004.  Prior to
joining Bausch & Lomb he served as an attorney in the Civil
Division of the U.S. Department of Justice.

Mr. Rivera received a B.S. degree from Houghton College,
Houghton, New York, an MBA in Finance from the William E. Simon
Graduate School of Business at the University of Rochester, a
J.D. degree from New York University, and an Executive Doctorate
in Management from Case Western Reserve University, Cleveland,
Ohio.  A member of Beta Gamma Sigma, the national honor society
in business, at both the Masters and Doctoral levels, Rivera is
a Certified Management Accountant(R), Certified Financial
Manager(R) and a member of the Institute of Management
Accountants.

"Steve McCluski has served Bausch & Lomb with great distinction
during his 19-year career here, 12 of those years as CFO," said
Mr. Zarrella.  "The Board of Directors and I are grateful for
his contributions to the growth and success of our businesses.
While I will especially miss his wise counsel, over the past few
years he has developed an outstanding successor in Efrain
Rivera, and that will allow us to manage through this transition
smoothly and efficiently."

Mr. McCluski has been with Bausch & Lomb since 1988, when he
joined the company as director-financial planning and analysis
for the former Personal Products Division.  He served as vice
president and controller for the former Eyewear Division,
president of the former Outlook Eyewear subsidiary and was named
corporate vice president and controller in 1994.  He has served
as Chief Financial Officer since 1995.

Headquartered in Rochester, New York, Bausch & Lomb Inc.
(NYSE:BOL) -- http://www.bausch.com/-- develops, manufactures,
and markets eye health products, including contact lenses,
contact lens care solutions, and ophthalmic surgical and
pharmaceutical products.  The company is organized into three
geographic segments: the Americas; Europe, Middle East, and
Africa; and Asia (including operations in India, Australia,
China, Hong Kong, Japan, Korea, Malaysia, the Philippines,
Singapore, Taiwan and Thailand).  In Latin America, the company
has operations in Brazil and Mexico

                        *     *     *

As reported on Feb. 6, 2007, Moody's Investors Service
downgraded Bausch & Lomb Inc.'s senior unsecured debt to Ba1 and
continues to review all ratings for possible downgrade.  Moody's
also assigned the company a Ba1 Corporate Family Rating.


BAUSCH & LOMB: Earns US$14.9 Million in Year Ended Dec. 31, 2006
----------------------------------------------------------------
Bausch & Lomb Incorporated reported net income of US$14.9
million on net sales of US$2.29 billion for the year ended
Dec. 31, 2006, compared with net income of US$19.2 million on
net sales of US$2.35 billion for the year ended Dec. 31, 2005.  

Results for 2006 include charges, primarily in Europe,
associated with the MoistureLoc recall for product manufactured
and sold in 2006.  These charges reduced full-year 2006 earnings
before income taxes by US$26.7 million and net income by US$19.6
million, of which approximately US$19.1 million is associated
with sales returns and other reductions to reported net sales.

The company reported operating income of US$114 million in 2006,
compared to operating income of US$283.5 million in 2005.  The
main reason for the decline in operating income was a US$112.7
million decrease in regional segment income, and the increase in
operating costs from the research and development segment and
the global operations and engineering segment.

Research & Development segment operating costs increased 11
percent in 2006, reflecting higher spending in support of
projects in late-stage development.  Global Operations &
Engineering segment operating costs increased 21 percent,
primarily reflecting unfavorable manufacturing variances
resulting from lower than planned production of vision care
products as a result of the MoistureLoc recall, costs associated
with the implementation of new automated manufacturing platforms
for one-day contact lenses and changes in foreign currency
exchange rates.

Interest and investment income was US$31 million in 2006,
compared to US$20 million in 2005.  The increase in 2006
compared to 2005 was principally attributable to higher average
interest rates, and higher average investment balances due to
incremental borrowing to fund the repatriation of offshore
profits late in 2005 under the American Jobs Creation Act of
2004 (AJCA).

Interest expense was US$72 million in 2006, compared to US$53
million in 2005.  Although total short- and long-term borrowings
decreased US$160 million during 2006, average borrowings were
higher in 2006 than 2005, because the company borrowed offshore
to fund its repatriation program under the AJCA.  Additionally,
as a result of the company's not filing its financial reports in
2006 on time, the company obtained waivers on its bank and
public debt, resulting in the company paying fees in the form of
incremental interest to the debt holders.

At Dec. 31, 2006, the company's balance sheet showed US$3.27
billion in total assets, US$1.86 billion in total liabilities,
US$17.2 million in minority interest, and US$1.39 billion in
total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1e21

                      MoistureLoc Recall

On May 15, 2006, the company announced a voluntary recall of its
MoistureLoc lens care solution.  The decision was made following
months of investigation into an increase in fungal infections
among contact lens wearers in the United States and certain
Asian markets.  The company's decision to recall the product
represented a subsequent event occurring prior to filing its
2005 Annual Report on Form 10-K, but related to product
manufactured and sold in 2005.  In accordance with GAAP, the
company recorded certain items associated with the recall in its
2005 financial results.

              Liquidity and Financial Resources

Cash and cash equivalents decreased from US$721 million at the
end of 2005 to US$500 million at the end of 2006, while total
outstanding debt decreased from US$992 million at Dec. 31, 2005,
to US$833 million at Dec. 31, 2006.

The company generated cash of US$125 million from operating
activities in 2006, compared to US$239 million in 2005.  Higher
cash payments for expenditures associated with the MoistureLoc
recall, and higher interest and tax payments were the primary
drivers of the decrease in operating cash flow.

In 2006, the company used US$157 million for investing
activities, primarily capital spending and acquisitions,
compared to cash used used for investing activities of US$353
million in 2005.

The company used US$198 million in 2006 for financing
activities. This primarily reflected debt repayment of US$162
million, mainly associated with debt repurchased as a result of
a tender offer the company completed in June.  On a net basis,
the company generated US$342 million in 2005 through financing
activities.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and  
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.

                        *     *     *

On Feb. 2, 2007, Moody's Investors Service downgraded Bausch &
Lomb Inc.'s senior unsecured debt to Ba1 and continues to review
all ratings for possible downgrade.  Moody's also assigned the
company a Ba1 Corporate Family Rating.


COMMSCOPE INC: Buys Signal Vision to Expand Broadband Portfolio
---------------------------------------------------------------
CommScope, Inc. has completed the acquisition of Signal
Vision, Inc., a supplier of broadband radio frequency subscriber
products.  Signal Vision's product lines include passives,
indoor amplifiers and addressable taps.  Signal Vision had
revenues of less than US$30 million in 2006.

"We are pleased to add the Signal Vision product line to
CommScope's Broadband portfolio," said Jim Hughes, Executive
Vice President, Broadband Sales and Marketing.  "Signal Vision
has earned industry-wide respect for quality, service and
technical leadership.  We look forward to building upon this
legacy and expanding the reach of their products through
CommScope's worldwide channels."

Neil Phillips, President of Signal Vision, commented, "After a
successful 31-year history, we believe that it is advantageous
for SVI to join with a strategic partner to accelerate the
growth of our business.  CommScope represents the ideal fit for
us given their global presence, similar core values and their
reputation for quality and customer service within the broadband
industry."

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

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

                        *     *     *

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


GERDAU AMERISTEEL: Taps Steven Hendricks as Communications Exec
---------------------------------------------------------------
Gerdau Ameristeel has named Steven Hendricks as its director,
corporate communications and public affairs.  Mr. Hendricks will
be instrumental in helping promote and position Gerdau
Ameristeel externally.  His focus will be media relations,
government affairs, brand management and community relations.  
He will work in the corporate executive office in Tampa, Fla.,
and report to Mario Longhi, president and CEO.

Mr. Hendricks joins Gerdau Ameristeel following a notable
communications and public affairs career with such companies as
Motorola, Inc. in Chicago; Xerox Corporation in Rochester, N.Y.;
Compaq Computer Corporation in Houston, Texas; AT&T in Dallas,
Texas; and Hallmark Cards in Kansas City, Mo.  Mr. Hendricks
also served as an assistant to the governor of Kansas in Topeka,
Kan.

"Having an experienced corporate communications professional
such as Steven Hendricks is an extraordinary win for us," said
Mario Longhi, president & CEO, Gerdau Ameristeel.  "We believe
that Steven is a valuable addition to our executive management
team, and he brings a tremendous amount of depth and experience
in all aspects of corporate communications to the company.  His
insight will help Gerdau Ameristeel become better known in the
global steel industry."

Mr. Hendricks holds a bachelor's degree in Journalism from
Wichita State University in Wichita, Kan.  He is a member of the
Public Relations Society of America, the International
Association of Business Communicators and the National
Fatherhood Institute.

Mr. Hendricks and his family will relocate to the Tampa Bay area
from Chicago.

Headquartered in Tampa, Florida, Gerdau Ameristeel (NYSE: GNA;
TSX: GNA) is a subsidiary of Brazil's Gerdau SA in the United
States.  The company produces rebar, merchant bar, structural
shapes, wire rod, and flat-rolled sheet at 17 North American
mini mills, and conducts downstream steel fabricating operations
at 50 facilities.

                        *     *     *

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


PETROLEO BRASILEIRO: In Talks with Astra Over Pasadena Expansion
----------------------------------------------------------------
Petrobras America President Alberto Guimaraes told Reuters that
Brazilian state-owned oil company Petroleo Brasileiro SA is
negotiating with its partner Astra Oil over the planned
expansion of Pasadena Refining System Inc.

Pasadena Refining is a 120,000-barrel per day plant that
Petroleo Brasileiro and Astra Oil jointly own.  The refinery is
located in the Houston industrial suburb of Pasadena, Texas.

Mr. Guimaraes told Reuters that Petroleo Brasileiro and Astra
Oil plan to expand Pasadena Refining's production to 200,000
barrels, but have not completed an accord on the expansion plan.  

Petroleo Brasileiro is also analyzing several plant acquisitions
worldwide, Reuters says, citing Mr. Guimaraes.

Reuters notes that Petroleo Brasileiro's current refining
capacity is "perfectly balanced" with its production of 1.9
million barrels of crude oil per day.

Petroleo Brasileiro will need to add 2.6 million barrels in
plant capacity by 2015 to reach expected crude oil production,
Mr. Guimaraes told Reuters.

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 Fuel Research Pact with Denmark
---------------------------------------------------------
Xinhua News reports that Brazilian state-owned oil firm Petroleo
Brasileiro SA President Jose Sergio Gabrielli has signed an
alternative fuel research cooperation accord with Denmark's
Prime Minister Anders Fogh Rasmussen.

Petroleo Brasileiro told Xinhua News that the agreement signed
is preliminary, and that a more detailed version will be signed
in September when Brazilian President Luiz Inacio Lula da Silva
visits Denmark.

According to Xinhua News, Denmark wants to fulfill the goals
that the European Union set to lessen its fossil fuel
consumptions.  The nation has planned to have 10% of its
vehicles use biofuels by 2020.

Joint research and bilateral exchanges may lead to the discovery
of new technologies to produce biofuels, Xinhua News states
citing Mr. Gabrielli.

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: Unit Invests EUR30M to Up Intermediates Output in Brazil
----------------------------------------------------------------
Rhodia Polyamide, a unit of Rhodia S.A., disclosed a EUR30
million investment to increase its intermediates production
capacity at its Paulinia site in Brazil by end of 2008.  

The investment will allow Rhodia to meet the demand of the
market growing five to six percent per year, driven by the
demand for polyamide and phenolic resins in Latin America.

By expanding its phenol and acetone production capacities by 25%
and its cyclohexanol capacity by 43%, Rhodia will strengthen its
leadership position in the regional intermediates market and
reinforce its upstream integrated polyamide chain; satisfy
customers' needs and seize new opportunities for profitable
growth.

"We have developed very solid positions in Brazil over the 87
years we've been present in the country.  Today Brazil accounts
for 13% of Group sales and I am particularly pleased to announce
this project which confirms our commitment to the region,"
commented Rhodia CEO Jean-Pierre Clamadieu.  "This investment is
an excellent example of our strategy of sustainable and
profitable growth."

                         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.  The company has operations in Brazil.

                        *     *     *

As reported in the TCR-Europe on April 26, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable. 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.  

As reported in the TCR-Europe 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.


TIMKEN CO: Paying Quarterly Cash Dividend of 16 Cents Per Share
---------------------------------------------------------------
The Timken Company's board of directors declared a quarterly
cash dividend of 16 cents per share.  The dividend is payable on
June 5, 2007, to shareholders of record as of May 18, 2007.  It
will be the 340th consecutive dividend paid on the common stock
of the company.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- manufactures highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial, and railroad industries.  The Company has
operations in 27 countries, including Brazil, and employs 27,000
employees.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service confirmed The Timken Company's Ba1
Corporate Family Rating and the Ba1 rating on the company's
US$300 Million Unsecured Medium Term Notes Series A due 2028.


TOWER AUTOMOTIVE: Files Chapter 11 Plan & Disclosure Statement
--------------------------------------------------------------
Tower Automotive Inc. has filed its Chapter 11 Plan and
accompanying Disclosure Statement with the U.S. Bankruptcy Court
for the Southern District of New York.  The filing also includes
the sale agreement for substantially all of Tower's assets to an
affiliate of Cerberus Capital Management L.P.  The company
expects to close a sale transaction by July 31, 2007, following
the completion of a competitive bidding process as outlined in
the sale agreement, and Court approval of both the Plan and sale
transaction.

The Plan provides for:

   a) payment in full of secured claims, including obligations
      under Tower's Debtor-in-Possession credit facility and
      second lien loan facility;

   b) payment in full of administrative and priority claims;

   c) assumption of the company's pension plan; and

   d) partial recovery for certain unsecured creditors.

To strengthen its financial position and realize opportunities
for profitable, long-term future operations, during the
reorganization process, Tower implemented a sweeping
restructuring, closing or selling 16 manufacturing plants and
consolidating production into existing facilities to improve
productivity, negotiating settlements with all 10 U.S.-based
labor unions, selling non-core businesses and diversifying its
customer base with international automakers.  As a result, Tower
expects that more than half of the restructured company's
revenue will come from its international operations.

The proposed sale will be subject to higher and better bids.  A
Court-approved marketing process is being conducted pursuant to
which qualified parties must submit competing bids to purchase
Tower by June 20, 2007.  If qualified and competing bids are
received by that date, the company will conduct an auction on
June 25, 2007 to determine the highest and best bid.  The
company would then ask the Bankruptcy Court to confirm Tower's
Plan of Reorganization and approve the transaction, with a
closing to occur by July 31, 2007.

                    About Tower Automotive Inc.

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

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


TOWER AUTOMOTIVE: Treatment of Claims Under Chapter 11 Plan
-----------------------------------------------------------
Tower Automotive, Inc., and its debtor-affiliates, delivered
their Joint Plan of Reorganization and accompanying Disclosure
Statement to the U.S. Bankruptcy Court for the Southern District
of New York on May 1, 2007.

The Reorganization Plan provides for the (i) payment in full of
secured claims, including obligations under Tower's DIP credit
facility and second lien loan facility, as well as payment in
full of administrative and priority claims, (ii) assumption of
the company's pension plan, and (iii) partial recovery for
certain unsecured creditors.

The Plan also incorporates the previously announced sale
agreement for substantially all of Tower's assets to TAC
Acquisition Company, LLC, an affiliate of Cerberus Capital
Management, L.P.  Tower expects to close the sale transaction by
July 31, 2007, after the completion of a competitive bidding
process as outlined in the Sale Agreement with Cerberus, and
Court approval of both the Plan and Sale Transaction.

Qualified parties must submit competing bids to purchase Tower
by June 20, 2007.  If qualified and competing bids are received
by that date, the company will conduct an auction on June 25.
Following the auction, Tower would then ask the Court to confirm
its Plan and approve the Sale transaction.

           Classification & Treatment of Claims

Under the Plan, all Claims against Tower, other than
Administrative Claims, DIP Facility Claims and Priority Tax
Claims, are divided into nine separate classes.  Tower believes
this complies with the requirements of the Bankruptcy Code.

       Class    Description
       -----    -----------
         1      Other Priority Claims
         2      Other Secured Claims
         3      Second Lien Claims
         4      R.J. Tower Bondholder Claims
         5      R.J. Tower General Unsecured Claims
         6      5.75% Convertible Senior Note Claims
         7      Other General Unsecured Claims
         8      Trust Related Claims
         9      Common Equity Interests

Classes 1, 2, and 3 are unimpaired and are deemed to accept the
Plan.  Classes 4, 5, 6, and 7 are impaired and are entitled to
vote on the Plan.  Classes 8 and 9 are impaired; will receive no
distribution under the Plan; and are deemed to have rejected the
Plan without voting.

Each Holder of Allowed Claims in Classes 1 and 2 Claims will
receive full cash payments on the effective date of the Plan
from the Post-Consummation Trust Priority Account.  On or as
soon as practicable after the Plan Effective Date, all remaining
Cash in the Second Lien Collateral Account will be returned to
the Second Lien Agent for the Pro Rata benefit of the Second
Lien Lenders, and the Second Lien Facility will be terminated.

Each Holder of an Allowed Class 3 Claim will receive a full cash
payment from TAC Acquisition, pursuant to the terms of TAC
Acquisition's purchase agreement with Tower.

Each Holder of an Allowed Class 4 Claim will receive its Pro
Rata share of the R.J. Tower Bondholder Primary Recovery and the
R.J. Tower Bondholder Secondary Recovery.  The Post-Consummation
Trust will not make distributions to holders of Class 4 Claims
until all Post-Consummation Trust Senior Claims payable by the
Post-Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

Each Holder of an Allowed Class 5 Claim will receive its Pro
Rata share of the R.J. Tower General Unsecured Claim Primary
Recovery and the R.J. Tower General Unsecured Claim Secondary
Recovery.

The Post-Consummation Trust will not make distributions to
holders of Class 5 Claims until all Post-Consummation Trust
Senior Claims payable by the Post-Consummation Trust have been
paid in full, or until an appropriate Disputed Claims Reserve
has been established for the payment of all Post-Consummation
Trust Senior Claims.

On the Plan Effective Date, the Class 6 5.75% Convertible Senior
Notes will be cancelled automatically without any further order
of the Court or the Debtors or the Indenture Trustee for the
5.75% Convertible Senior Notes.  Each Holder of an Allowed Class
6 5.75% Convertible Senior Note Claim will receive a Pro Rata
distribution of the Class 6 Recovery.  The Post-Consummation
Trust will not make distributions to holders of Class 6 Claims
until all Post-Consummation Trust Senior Claims payable by the
Post-Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

The Class 7 General Unsecured Claims, on the other hand, will be
cancelled and each Holder of an Allowed Class 7 General
Unsecured Claim will receive a Pro Rata distribution of the
Class 7 Recovery.  The Post-Consummation Trust will not make
distributions to holders of Class 7 Claims until all Post-
Consummation Trust Senior Claims payable by the Post-
Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

The 6.75% Trust Preferred Securities will be cancelled and
Holders of Class 8 Trust Related Claims will receive no
distribution on account of their Claims.

In addition, all Class 9 Equity Interests will be deemed
cancelled, and will be of no further force and effect, whether
surrendered for cancellation or otherwise, and there will be no
distribution to the Holders of Class 9 Equity Interests.

                   Administrative Claims

Each Holder of an Allowed Working Capital Administrative Claim
will be paid in the ordinary course of business the full unpaid
amount of the Claim in cash by TAC Acquisition, or other
entities designated by Cerberus or other entities as may be
designated the successful bidder or successful bidders at the
conclusion of an auction pursuant to the Cerberus Term Sheet.

Each Holder of an Allowed Other Administrative Claim will be
paid the full unpaid amount of the Claim in cash by the Post-
Consummation Trust Plan Administrator, out of a Post-
Consummation Trust Priority Account.

Holders of Working Capital Administrative Claims based on
liabilities incurred by a Debtor in the ordinary course of its
business will not be required to file or serve any request for
payment of the Working Capital Administrative Claims.

                    DIP Facility Claims

Allowed DIP Facility Claims will be paid in full in cash on the
Plan Effective Date.

                    Priority Tax Claims

On the later of the Plan Effective Date or the date on which a
Priority Tax Claim becomes an Allowed Priority Tax Claim, each
Holder of an Allowed Priority Tax Claim due and payable on or
before the Plan Effective Date will receive on account of the
Claim, cash in an amount equal to the amount of the Allowed
Priority Tax Claim, which amounts will be payable by the Post-
Consummation Trust out of the Post-Consummation Trust Priority
Account.

                Allowed Secondary Liability Claims

The classification and treatment of Allowed Claims under the
Plan take into consideration all Allowed Secondary Liability
Claims.

On the Effective Date, Allowed Secondary Liability Claims
arising from or related to any Debtor's joint or several
liability for the obligations under any (a) Allowed Claim that
is being reinstated under the Plan or (b) Executory Contract or
Unexpired Lease that is being assumed or deemed assumed by
another Debtor or under any Executory Contract or Unexpired
Lease that is being assumed by and assigned to another Debtor or
any other Entity, will be reinstated.

Except as otherwise provided, Holders of Allowed Secondary
Liability Claims will be entitled to only one distribution in
respect of the underlying Allowed Claim from the Substantively
Consolidated Debtors and only one distribution in respect of the
underlying Allowed Claim from the International Holding Company
Debtors.  No multiple recovery on account of any Allowed
Secondary Liability Claim will be provided or permitted.

           Intercompany and Subordinated Claims

All Intercompany Claims and Subordinated Securities Claims will
be cancelled as of the Plan Effective Date, and Holders of these
Claims will not receive a distribution under the Plan in respect
of the Claims.

                        Pension Plan

R.J. Tower, a wholly owned subsidiary of Tower, Inc., currently
sponsors and maintains one defined benefit pension plan known as
The Tower Automotive Consolidated Pension Plan.

The Plan provides that TAC Acquisition intends to assume the
Pension Plan on an on-going basis and will be liable to fund the
Pension Plan in accordance with the minimum funding standards
under the Internal Revenue Code and ERISA; pay all required PBGC
insurance premiums; and continue to administer and operate the
Pension Plan in accordance with the terms of the Pension Plan
and provisions of ERISA.

TAC Acquisition and all members of its controlled group will be
obligated to pay the contributions necessary to satisfy the
minimum funding standards under Section 412 of the Internal
Revenue Code and Section 302 of ERISA.

PBGC has filed an estimated contingent claim in the Debtors'
Chapter 11 Cases against each Debtor for unfunded benefit
liabilities owed to the Tower Automotive Pension Plan and the
Tower Automotive UAW Retirement Income Plan for US$182,900,000
and US$7,700,000.  PBGC has also filed unliquidated claims for
statutory premiums owed to PBGC and minimum funding
contributions owed to each of the Pension Plans.  Upon the
closing on the sale of the Debtors' assets to TAC Acquisition,
and upon the Purchaser's continuation of the Pension Plan, PBGC
will withdraw its claims against the Debtors' bankruptcy
estates.

                          Trusts

Two trusts, the Post-Consummation Trust and the Unsecured
Creditors Trust, will be established for the primary purpose of
liquidating Trust assets with no objective to continue or engage
in the conduct of a trade or business, except to the extent
reasonably necessary to, and consistent with, the liquidating
purpose of the Trust.

A. Post-Consummation Trust

The Debtors will transfer to the Post-Consummation Trust all of
their rights, title and interests in "Remaining Assets".  Any
attorney client privilege, work product privilege, or other
privilege or immunity attaching to any documents or
communications -- whether written or oral -- transferred to the
Post-Consummation Trust will vest in the Post-Consummation Trust
and its representatives.

The Debtors, in consultation with the Official Committee of
Unsecured Creditors, will designate the initial Post-
Consummation Trust Plan Administrator.

Cash in the Post-Consummation Trust Priority Account will be
applied in accordance with the terms of the Post-Consummation
Trust Budget:

    (1) to the fees, costs, expenses -- each in amounts not to
        exceed amounts approved pursuant to the Post-
        Consummation Trust Budget -- and liabilities of the
        Post-Consummation Trust Plan Administrator;

    (2) to satisfy any other administrative and Wind-Down
        Expenses of the Post-Consummation Trust; and

    (3) to the distributions provided for pursuant to the Plan.

The Post-Consummation Trust Plan Administrator, after the Plan
Effective Date, will pay US$2,000,000 out of the Post-
Consummation Indemnity Account pursuant to the terms of an ERISA
Settlement Agreement, it being understood that any refund paid
to the Debtors under the ERISA Settlement Agreement up to
US$2,000,000 will be returned to the Post-Consummation Indemnity
Account.

The Post-Consummation Trust will also establish a Retained
Professional Escrow Account and reserve the amounts necessary to
ensure the payment of all Accrued Professional Compensation.

All other actions, along with any associated recoveries,
proceeds and settlements, will remain the property of the
Debtors' estates, and will be devised to the Post-Consummation
Trust, provided, no Acquired Assets or Residual Chapter 5 Claims
will be devised to the Post-Consummation Trust.

Chapter 5 Claims refer to any and all avoidance, recovery,
subordination or other actions or remedies that may be brought
on behalf of the Debtors or their estates under the Bankruptcy
Code or applicable non-bankruptcy law, including actions or
remedies under Sections 510, 542, 543, 544, 545, 547, 548, 549,
550, 551, 552, 553(b) and 724(a) of the Bankruptcy Code.

B. Unsecured Creditors Trust

On the Plan Effective Date, TAC Acquisition will transfer to the
Unsecured Creditors Trust the Cash portion of the Unsecured
Creditors Trust Assets -- US$10,000,000 Unsecureds Claim Payment
and a US$2,000,000 Unsecureds Funds Payment.  Residual Chapter 5
Claims will be deemed to be transferred to the Unsecured
Creditors Trust free and clear of all Claims and Interests
pursuant to the terms of the Confirmation Order.

The Creditors Committee will designate the initial Unsecured
Creditors Trust Plan Administrator.

The Post-Consummation Trust and the Post-Consummation Trust Plan
Administrator will reasonably cooperate with the Unsecured
Creditors Trust and the Unsecured Creditors Trust Plan
Administrator to facilitate the administration of the Trusts,
including, but not limited to the sharing of information related
to Claims and any Disputed Claims Reserve.

            Cancellation of Notes and Equity Interests

On the Plan Effective Date, except to the extent otherwise
provided, all notes, stock, instruments, certificates, and other
documents evidencing the 5.75% Convertible Senior Note Claims,
the 6.75% Trust Convertible Subordinated Debenture Claims, the
9.25% Senior Euro Note Claims, the 12% Senior Note Claims, and
Equity Interests will be cancelled, and the obligations of the
Debtors or in any way related to the documents will be
discharged.

Any indenture, including the 5.75% Convertible Senior Note
Indenture, the 6.75% Trust Convertible Subordinated Debenture,
the 9.25% Senior Euro Note Indenture and the 12% Senior Note
Indenture will be deemed to be canceled, as permitted by Section
1123(a)(5)(F) of the Bankruptcy Code, and the obligations of the
Debtors will be discharged.  The 5.75% Convertible Senior Note
Indenture, the 9.25% Senior Euro Note Indenture and the 12%
Senior Note Indenture will continue in effect solely for the
purposes of:

    (i) allowing Holders of the 5.75% Convertible Senior Note
        Claims, the 9.25% Senior Euro Note Claims and the 12%
        Senior Note Claims to receive distributions under the
        Plan; and

   (ii) allowing and preserving the rights of the Indenture
        Trustees under the 5.75% Convertible Senior Note
        Indenture, the 9.25% Senior Euro Note Indenture and the
        12% Senior Note Indenture to:

         -- make distributions in satisfaction of Allowed 5.75%
            Convertible Senior Note Claims, the 9.25% Senior
            Euro Note Claims and the 12% Senior Note Claims;

         -- exercise their charging liens against any
            distributions; and

         -- seek compensation and reimbursement for any fees and
            expenses incurred in making distributions.

                  Dissolution of Committee

Effective no later than 30 days after the Plan, Effective Date
if no appeal of the Confirmation Order is then pending, and so
long as the Trusts have been established, the Committee will
dissolve with respect to the Debtors and its members will be
released and discharged from all further authority, duties,
responsibilities and obligations relating to the Chapter 11
Cases.

However, the Committee and its Retained Professionals will be
retained with respect to (i) applications filed pursuant to
Sections 330 and 331 of the Bankruptcy Code, (ii) motions
seeking the enforcement of the provisions of the Plan and the
transactions contemplated under the Plan or the Confirmation
Order and (iii) pending appeals.

                   Liquidation Analysis

The Debtors believe that the Plan meets the "best interest of
creditors" test as set forth in Section 1129(a)(7) of the
Bankruptcy Code.  There are Impaired Classes with respect to
each Debtor, certain of which are contemplated to receive
recoveries under the Plan.  The Debtors believe that the members
of each Impaired Class will receive at least as much as they
would if the Debtors were liquidated under Chapter 7 of the
Bankruptcy Code.

            Summary of Hypothetical Liquidation Values
                Substantively Consolidated Debtors
                       As of March 31, 2007

                                Hypothetical Recovery Value

                                 Low                  High
                                 ---                  ----
Asset Type:
  Cash and Equivalents   US$240,593   100%     US$240,593   100%
  Accounts Receivable    41,530,738    61%     51,974,440    76%
  Inventory              30,890,230    72%     39,240,267    91%
  MRO                       808,012     5%      2,424,036    15%
  Tooling                18,739,785   100%     20,821,984   100%
  PP&E                  118,604,044    27%    216,135,105    49%
  Prepaid Expenses                -     0%        403,583    10%
  Other Non-Cur. Assets           -     0%              -     0%
                        -----------           -----------
Total                 US$210,813,402        US$331,240,007
                         ===========           ===========
Less:
  Liquidation Costs      (10,142,524)          (16,741,498)
  Chap. 7 Trustee Fees    (6,324,402)           (9,937,200)
  Runoff Costs           (71,000,000)          (54,000,000)
  Professional Fees      (21,000,000)          (17,000,000)
                         -----------           -----------
Total Distributable
  Value               US$102,348,476        US$233,561,308
                         ===========           ===========

The Liquidation Analysis reflects the estimated cash proceeds,
net of liquidation related costs that would be realized if the
Debtors were to be liquidated in accordance with Chapter 7.  The
Debtors prepared the Liquidation Analysis, with the assistance
of FIT Consulting, Inc., Lazard Freres & Co., LLC, and other
professionals, and in a manner consistent with the consolidated
legal structure of the Plan.

The Debtors believe the Liquidation Analysis and the conclusions
set forth in the Analysis are fair and accurate, and represent
management's best judgment with regard to the results of a
Chapter 7 liquidation of the Debtors.

A full-text copy of the Debtors' Liquidation Analysis is
available for free at http://ResearchArchives.com/t/s?1e63

                   Plan Must be Approved

The Debtors urge creditors entitled to vote to accept the Plan.
The Creditors Committee also urges the Holders of Class 4 R.J.
Tower Bondholder Claims, Class 5 R.J. Tower General Unsecured
Claims, Class 6 5.75% Convertible Senior Note Claims and Class 7
Other General Unsecured Claims to vote to accept the Plan and to
evidence their acceptance by timely completing and returning
their Ballots.

The Debtors will file Plan Supplements on or before
July 2, 2007.  Upon filing, the Plan Supplement will be made
available on the Voting Agent's Web site at
http://www.bsillc.com

A full-text copy of Tower's Disclosure Statement is available
for free at http://ResearchArchives.com/t/s?1e61

A full-text copy of Tower's Plan is available for free at:

           http://ResearchArchives.com/t/s?1e62

                   About Tower Automotive

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

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  The Debtors' exclusive period to file a chapter 11 plan
expired today, May 3.

(Tower Automotive Bankruptcy News, Issue No. 61; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000)


TOWER AUTOMOTIVE: Disclosure Statement Hearing Set for June 5
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on June 5, 2007, to consider the adequacy
of the Disclosure Statement explaining Tower Automotive, Inc.,
and its debtor-affiliates' Joint Plan of Reorganization.

The Deadline for filing objections to the Disclosure Statement
is May 29.

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

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  The Debtors' exclusive period to file a chapter 11 plan
expired today, May 3.

(Tower Automotive Bankruptcy News, Issue No. 61; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)




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


ACORN FUND: Proofs of Claim Filing Deadline Is May 30
-----------------------------------------------------
Acorn Fund Ltd.'s creditors are given until May 30, 2007, to
prove their claims to Susan Lo Yee Har and Linburgh Martin, 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.

Acorn Fund's shareholder agreed on April 17, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Linburgh Martin
       Attention: Thiry Gordon
       Close Brothers (Cayman) Limited
       Fourth Floor, Harbour Place
       P.O. Box 1034
       Grand Cayman KY1-1102
       Cayman Islands
       Telephone: (345) 949 8455
       Fax: (345) 949 8499


AVON LTD: Sets Final Shareholders Meeting for May 30
----------------------------------------------------
Avon Ltd. will hold its final shareholders meeting on
May 30, 2007, at:

         Coutts House, 1446 West Bay Road
         P.O. Box 707, Grand Cayman KY1-1107
         Cayman Islands

These matters will be discussed during the meeting:

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

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

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

The liquidator can be reached at:

         Royhaven Secretaries Limited
         Attention: Nick Wilkins
         c/o P.O. Box 707
         Grand Cayman KY1-1107
         Telephone: 945-4777
         Fax: 945-4799


BEAR STEARNS: Will Hold Final Shareholders Meeting on May 30
------------------------------------------------------------
Bear Stearns Multi-Strategy Offshore Fund Ltd. will hold its
final shareholders meeting on May 30, 2007, at 10:00 a.m., at:

         Walker House, 87 Mary Street
         George Town, KY1-9001, Grand Cayman
         Cayman Islands

These matters will be discussed during the meeting:

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

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

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

The liquidator can be reached at:

         Bear Stearns Asset Management Inc.
         383 Madison Avenue
         New York, New York 10179
         USA


CIRCLE K: Sets Final Shareholders Meeting for May 30
----------------------------------------------------
Circle K Holdings Ltd. will hold its final shareholders meeting
on May 30, 2007, at:

         Coutts House, 1446 West Bay Road
         P.O. Box 707, Grand Cayman KY1-1107
         Cayman Islands

These matters will be discussed during the meeting:

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

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

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

The liquidator can be reached at:

         Royhaven Secretaries Limited
         Attention: Nick Wilkins
         c/o P.O. Box 707
         Grand Cayman KY1-1107
         Telephone: 945-4777
         Fax: 945-4799


CITIGROUP SERVICES: Proofs of Claim Filing Deadline Is May 31
-------------------------------------------------------------
Citigroup Services (Japan) Ltd.'s creditors are given until
May 31, 2007, to prove their claims to Richard Gordon and Jan
Neveril, 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.

Citigroup Services' shareholders agreed on March 27, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Richard Gordon
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


FORTUNE FUND: Sets Final Shareholders Meeting for May 30
--------------------------------------------------------
The Fortune Fund Ltd. will hold its final shareholders meeting
on May 30, 2007, at 10:00 a.m., at:

         Fourth Floor, Citrus Grove
         P.O. Box 1787, George Town
         Grand Cayman, Cayman Islands

These matters will be discussed during the meeting:

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

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

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

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas,
         Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258


LATTICE MASTER: Proofs of Claim Filing Is Until May 30
------------------------------------------------------
Lattice Master Fund Ltd.'s creditors are given until
May 30, 2007, to prove their claims to Terry Carson, 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.

Lattice Master's shareholder agreed on Dec. 31, 2006, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Terry W. Carson
          Grant Thornton (Cayman)
          5th Floor, Bermuda House
          Dr. Roy's Drive, Grand Cayman KY1-1102
          Cayman Islands
          Telephone (345) 949-8588


LATTICE PARTNERS: Proofs of Claim Must be Filed by May 30
---------------------------------------------------------
Lattice Partners Ltd.'s creditors are given until May 30, 2007,
to prove their claims to Terry Carson, 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.

Lattice Partners' shareholder agreed on Dec. 31, 2006, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Terry W. Carson
          Grant Thornton (Cayman)
          5th Floor, Bermuda House
          Dr. Roy's Drive, Grand Cayman KY1-1102
          Cayman Islands
          Telephone (345) 949-8588


NAUTILUS EUROPE: Will Hold Final Shareholders Meeting on May 30
---------------------------------------------------------------
Nautilus Europe Fund Ltd. will hold its final shareholders
meeting on May 30, 2007, at 10:30 a.m., at:

         Fourth Floor, Citrus Grove
         P.O. Box 1787, George Town
         Grand Cayman, Cayman Islands

These matters will be discussed during the meeting:

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

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

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

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas,
         Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258


P RETOS: Proofs of Claim Filing Ends on May 10
----------------------------------------------
P Retos Investment (Cayman) Ltd.'s creditors are given until
May 10, 2007, to prove their claims to P Retos Investment
Holdings Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

P Retos' shareholders agreed on April 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:

       P Retos Investment Holdings Limited
       Attention: Alexandra Corner
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: +44 207 220 4989
       Fax: +44 207 220 4998


P RETOS INVESTMENT: Proofs of Claim Filing Is Until May 10
----------------------------------------------------------
P Retos Investment III (Cayman) Ltd.'s creditors are given until
May 10, 2007, to prove their claims to P Retos Investment
Holdings Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

P Retos' shareholders agreed on April 17, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       P Retos Investment Holdings Limited
       Attention: Alexandra Corner
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: +44 207 220 4989
       Fax: +44 207 220 4998


P RETOS INVESTMENT (CAYMAN): Claims Must be Filed by May 10
-----------------------------------------------------------
P Retos Investment (Cayman) II Ltd.'s creditors are given until
May 10, 2007, to prove their claims to P Retos Investment
Holdings Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

P Retos' shareholders agreed on April 17, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       P Retos Investment Holdings Limited
       Attention: Alexandra Corner
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: +44 207 220 4989
       Fax: +44 207 220 4998


SPYGLASS CAPITAL: Proofs of Claim Filing Is Until May 30
--------------------------------------------------------
Spyglass Capital Offshore's creditors are given until
May 30, 2007, to prove their claims to DMS Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Spyglass Capital's shareholders agreed on April 18, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       DMS Corporate Services Ltd
       Attention: Jenny Suto
       Ansbacher House
       P.O. Box 1344
       Grand Cayman KY1-1108
       Telephone: (345) 946 7665
       Fax: (345) 946 7666


SWIX CURRENCY: Sets Final Shareholders Meeting for May 30
---------------------------------------------------------
Swix Currency Fund Ltd. will hold its final shareholders meeting
on May 30, 2007, at 10:30 a.m., at:

         Fourth Floor, Citrus Grove
         P.O. Box 1787, George Town
         Grand Cayman, Cayman Islands

These matters will be discussed during the meeting:

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

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

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

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas
         Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258


TCW EM: Proofs of Claim Must be Filed by May 31
-----------------------------------------------
TCW EM Ltd.'s creditors are given until May 31, 2007, to prove
their claims to Chris Marett and Emile Small, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

TCW EM's shareholders agreed on April 19, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


TINTIN SPC: Final Shareholders Meeting Moved to May 30
------------------------------------------------------
Tintin SPC will hold its final shareholders meeting on
May 30, 2007, at 11:30 a.m., at:

          Windward One, Regatta Office Park
          West Bay Road, Grand Cayman
          Cayman Islands

As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Tintin's Final Meeting was initially set for
Jan. 29, 2007.

These matters will be discussed during the meeting:

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

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

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

The liquidator can be reached at:

         CDL Company Ltd.
         P.O. Box 31106
         Grand Cayman KY1-1205
         Cayman Islands




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


FRESH DEL MONTE: Reports US$51.6 Mln of First Quarter Net Income
----------------------------------------------------------------
Fresh Del Monte Produce Inc. reported strong financial results
for the quarter ended March 30, 2007.

Net sales for the first quarter of 2007 were US$836.0 million,
compared with US$840.0 million for the same period last year.  
The decrease in net sales was primarily due to the company's
aggressive efforts to improve the performance of its "Other
Fresh Produce" business segment in North America, mainly through
the rationalization of its tomato and potato product lines.

In the first quarter of 2007, Fresh Del Monte reported earnings
per diluted share of US$0.84, adjusted for the gain of US$0.05
per diluted share related to the previously announced closing of
the company's Hawaii pineapple operations, compared with
earnings of US$0.28 per diluted share for the same period last
year.

Gross profit for the first quarter of 2007 was US$99.1 million,
compared with adjusted gross profit of US$68.0 million for the
same period last year.  The 46 percent increase in gross profit
for the quarter was the result of the solid progress Fresh Del
Monte has made in implementing stringent cost-savings
initiatives, simplifying its product mix and improving pricing
across many product lines to offset the negative impact of
higher product and procurement costs.  These efforts had the
greatest positive impact in the company's "Other Fresh Produce"
and "Banana" business segments.

Net income for the first quarter of 2007 was US$51.6 million,
including the US$2.9 million gain from the exit activities
associated with the company's Hawaii pineapple operations,
compared with adjusted net income of US$16.5 million for the
same period last year.  The increase in net income was
principally due to overall improved performance in the company's
global operations, a direct result of the strategic actions
taken in 2006 to enhance long-term performance.

"The first quarter of 2007 was the best quarter we have had in
two years," said Mohammad Abu-Ghazaleh, Fresh Del Monte's
Chairman and Chief Executive Officer.  "Given the tough industry
environment we have faced over the last 24 months, I am very
encouraged with our financial results and operating performance.  
I am gratified that we are now seeing the positive results from
the difficult decisions we have made over this challenging
period.  Our global team has pulled together, trimmed costs,
rationalized our operations and sharply focused our resources on
making our business stronger.  These efforts have not been easy,
but we are closer today to fulfilling our goal of becoming the
world's leading supplier of healthful, wholesome and nutritious
fresh and prepared food and beverages for consumers of all ages.  
I truly believe that we are seeing the beginning of a turnaround
for our business and our industry, and I am optimistic that
Fresh Del Monte is well positioned for long-term growth."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2007, Standard & Poor's Ratings Services lowered its
ratings on Cayman Islands-based Fresh Del Monte Produce Inc.  
The corporate credit rating was lowered to 'BB-' from 'BB'.

The ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 1, 2006, after the
company's third-quarter earnings release and continued weak
operating performance.

The rating outlook is negative.  About US$399 million of total
debt was outstanding at Sept. 29, 2006.




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


* COSTA RICA: Declares State Emergency on Energy Sector
-------------------------------------------------------
Blake Schmidt and Dave Sherwood at Tico Times reports that
Presidency Minister Rodrigo Arias has declared that Costa Rica's
energy crisis reached a state of emergency.

Costa Rica suffered a massive blackout two weeks ago, Tico Times
notes.

According to Tico Times, Instituto Costarricense de Electricidad
President Pedro Quiros said that blackouts would start on
April 27 and continue until there is enough rain to feed the
country's hydroelectric plants, which are low on reserves as a
result of lesser rainfall and an increasing demand for energy.

Reuters explains that Costa Rica depends heavily on hydropower.  
It constructed its first combined-cycle electricity plant in
2004 to meet 10% of its energy needs.  It now plans to deploy a
150-megawatt thermal electric generator for US$150 million to
help ease the shortage.

A.M. Costa Rica's Jose Pablo Ramirez Vindas reports that the
plants would produce the 200 megawatts that represent the
current deficit of generating capacity.

Costa Rican officials told A.M. Costa Rica's Mr. Vindas that
without the emergency decree, a bidding for two to three new
power plants could take four years.  A purchase could be made in
six months.

ICE representatives told Tico Times that the firm would also
start posting daily schedules of blackouts on its Web site,
www.grupoice.com.

Tico Times relates that the National Water and Sewer Institute's
Executive Director Ricardo Sancho said some parts of Costa Rica
will also experience interruptions in water service, as about
40% of San Jose's water pumping systems rely on electricity from
ICE.

The report says that the systems provide potable water to up to
150,000 of San Jose's 1.2 million inhabitants.  They will be
shut off for about six hours.

Reuters notes that Costa Rica said that it would have to begin
limiting electricity usage.

Mr. Quiros told Reuters that power will be rationed twice a day
for five hours at a time for different sectors of the population
on a rotating basis.

Mr. Vindas at A.M. Costa Rica relates that the government also
ordered that public institutions should make efforts to save
electricity.

Costa Rica's President Oscar Arias Sanchez and Minister Arias
had complained that ICE hadn't moved forward with new hydropower
projects, A.M. Costa Rica's Mr. Vindas notes.  

Minister Arias told A.M. Costa Rica's Mr. Vindas that the
government would do everything to start the projects.

According to A.M. Costa Rica's Mr. Vindas, Cartago residents
rejected one project, while environmentalists protested the
Boruca dam and power plant.

A.M. Costa Rica's Mr. Vindas says that Roberto Dobles, the
minister of Ambiente y Energia, was ordered to produce a
comprehensive plan within a week to solve the energy shortage.  

The government could make reforms on the laws to allow
electrical cooperatives to generate more power, Minister Arias
told A.M. Costa Rica's Mr. Vindas.

                        *     *     *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.




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


GEOKINETICS INC: Declares Public Offering of Common Stock
---------------------------------------------------------
Geokinetics Inc. has declared the public offering of 4,500,000
shares of Geokinetics common stock, par value US$.01 per share.  
Geokinetics intends to use the net proceeds from this offering
to redeem its US$110 million aggregate principal amount of
Second Priority Senior Secured Floating Rate Notes due 2012
issued in December 2006 and, to the extent net proceeds remain,
to repay outstanding amounts under the revolving credit facility
and for general corporate purposes.

The joint book-running managers for the public offering are RBC
Capital Markets and UBS Investment Bank.  Raymond James &
Associates, Inc. and Howard Weil Incorporated are co-managers
for the offering.  Geokinetics and one existing stockholder have
granted the underwriters a 30-day option to purchase up to an
additional 675,000 shares of common stock to cover over-
allotments, if any.

Copies of the prospectus may be obtained from:

        RBC Capital Markets
        60 South 6th Street, 17th Floor,
        Minneapolis, MN 55402
        Tel: (612) 371-2818
        Fax: (612) 371-2837

               -- or --
        UBS Investment Bank
        Attn: Clint Lauriston
        299 Park Avenue
        New York, NY 10171
        Tel: (888) 827-7275

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic   
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.  
Geokinetics provides seismic data acquisition services in North
America, South America, Africa, Asia, Australia and the Middle
East.  Geokinetics operates in some of the most challenging
locations in the world from the Arctic to mountainous jungles to
the transition zone environments.  The company has operations in
Brazil, Colombia, Ecuador, Peru and Venezuela.

                        *     *     *

Moody's Investors Service assigned on Dec. 6, 2006, a B3
corporate family rating and probability of default rating to
Geokinetics Inc., and a SGL-3 speculative liquidity rating.
Moody's also assigned a B3, LGD 4 (53%) rating to Geokinetics'
proposed offering of US$100 million second priority senior
secured floating rate notes due 2012.  The outlook is stable.
Proceeds from the notes will be used to retire an existing
US$100 million senior loan.

Standard & Poor's Ratings Services also assigned its 'B-'
corporate credit rating to Geokinetics Inc. At the same time,
Standard & Poor's assigned its 'CCC+' rating and '3' recovery
rating to Geokinetics' US$100 million in second lien floating
rate notes.


* ECUADOR: Wants to Lessen Ties to World Bank
---------------------------------------------
Agence France-Presse reports that the Ecuadorian government has
disclosed plans of reducing its ties to the World Bank to a
minimum.

"We have been reducing our credit relationship with the bank and
we want to reduce it to a minimum," Ecuadorian Economy Minister
Ricardo Patino commented to Teleamazonas television.  "With the
IMF, no relationship, and the World Bank the bare minimum."

BBC News' Will Grant relates that Ecuadorian President Rafael
Correa has ordered World Bank representative Eduardo Somensatto
to leave Ecuador.  The president had accused Mr. Somensatto of
extortion.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2007, President Correa threatened to kick out a World
Bank official in the country for allegedly blackmailing him back
in 2005, claiming that the World Bank representative tried
bribing him with US$100 million in loans when he was still the
country's financial minister.  President Correa said that back
in 2005, World Bank cancelled a US$100 million loan in response
to the country's oil sector reforms.  The president then was
Alfredo Palacio.  The loan cancellation resulted to Rafael
Correa's dismissal as the country's finance minister.  

AFP says that President Correa gave Mr. Somensatto three days to
leave the country, declaring him persona non grata.

The World Bank said it is studying the implications of the
demand and asked the Ecuadorian government for continued
dialogue, BBC News' Will Grant states.  

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


AIR JAMAICA: Outsources Travel Booking Unit to Mark Travel
----------------------------------------------------------
Air Jamaica has outsourced Air Jamaica Vacations, its travel
booking arm, to U.S. firm Mark Travel Corporation, effective
Aug. 1, the Jamaica Gleaner reports.

According to The Gleaner, Air Jamaica bookings of Caribbean
vacations are normally inclusive of travel and hotel packages.  
Mark Travel will now handle the travel bookings.

Air Jamaica Vacations used to be operated in Miami.  However,
due to sustained losses of the unit, it will be transferred to
Orlando, The Gleaner says.

Air Jamaica's Senior Vice President for Sales and Marketing Paul
Pennicook said in a press release, "This is the best business
decision for the company moving forward.  We are an airline,
first and foremost, and outsourcing the vacation division allows
us to focus on the business of running our airline efficiently.  
We feel this change will allow Air Jamaica to be more successful
and focused on truly being the world's best airline to the
Caribbean."  

The Gleaner relates that Air Jamaica Vacations incurred net loss
of about US$1.9 million in 2005, a small improvement compared
with the US$1.1-million net loss recorded in 2004.  The loss in
2005 was 1.6% of Air Jamaica's US$120-million net loss for that
year.

Air Jamaica told The Gleaner that its employees were informed
that they would be fully compensated until July 31.  After which
they could apply to Mark Travel for available positions.   

"Our customers will continue to receive the same high level
service and various options for bookings packages under the new
management.  To the consumer and travel agent community nothing
will change," Air Jamaica Vice President of Sales George de
Mercado told The Gleaner.

Air Jamaica is currently restructuring its operations under a
new business plan aimed at reducing expenses by about US$80
million in two years.  The airline also seeks to be self-
sufficient by 2009, The Gleaner states.

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

                        *     *     *

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


* JAMAICA: State Firm Launches Liquefied NatGas Terminal Bidding
----------------------------------------------------------------
Jamaica's state-owned Petroleum Corporation of Jamaica said in a
statement that it will accept through May 18 pre-qualification
documents to provide a floating liquefied natural gas terminal.

Business News Americas relates that the reception, storage and
regasification terminal will be in Port Esquivel.  It is part of
the Jamaican government's energy diversification strategy, which
is aimed at the promotion of natural gas as an alternative to
oil.  

Jamaica aims to start receiving natural gas in 2009, BNamericas
notes.

Pre-qualification documents say that oil accounts for over 90%
of Jamaica's energy usage.

According to BNamericas, Jamaica's oil consumption is mainly
concentrated in:

          -- bauxite and alumina production;
          -- power generation; and
          -- transport sectors.

BNamericas states that although Jamaica has signed gas supply
agreements with Trinidad & Tobago and Venezuela, it seemed that
liquefied natural gas from the two sources won't be available in
time to meet the 2009 target for first gas in Jamaica.  The 2009
target is closely connected with the expansion of Pittsburgh-
based Alcoa's Jamalco alumina expansion project.

Due to cost and time factors, a floating terminal was chosen
over a land-based facility.  The project is expected to cost a
quarter of the initial project's US$400-million price tag,
BNamericas reports, citing a Petroleum Corporation project
official.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.




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


ACCELLENT INC: S&P Cuts Corporate Credit Rating to B from B+
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Accellent Inc. to 'B' from 'B+'; the outlook is
stable.  This action reflects expectations of subpar performance
in the company's cardiovascular and orthopedics divisions for
the remainder of the year, reflecting weak end markets and
delayed product introductions in cardiovascular and orthopedics,
respectively.  While Accellent was successful in amending its
bank loan covenants (including the relaxation of maximum
leverage to 8.5 to 1.0 through the quarter ending
Sept. 30, 2008), high debt leverage, a negligible cash balance,
and, at best, break-even free cash flow for the foreseeable
future no longer support the prior rating.
      
"The stable outlook provides some cushion for weak sales and
cash flow in the short term," said Standard & Poor's credit
analyst Cheryl E. Richer, "but protracted weakness in the
company's key markets, while not expected, could result in a
negative rating action."

Accellent Inc., headquartered in Wilmington, Massachusetts,
-- http://www.accellent.com/--provides fully integrated   
outsourced manufacturing and engineering services to the medical
device industry in the cardiology, endoscopy and orthopaedic
markets.  Accellent has broad capabilities in design &
engineering services, precision component fabrication, finished
device assembly and complete supply chain management.  These
capabilities enhance customers' speed to market and return on
investment by allowing companies to refocus internal resources
more efficiently.  The company generated revenues of US$487
million for the twelve months ended Sept. 30, 2006.  The company
has offices in Mexico.


AMSCAN HOLDINGS: Moody's Rates Proposed Revolving Credit at Ba3
---------------------------------------------------------------
Moody's Investors Service rated Amscan Holdings, Inc.'s proposed
secured revolving credit facility at Ba3 (LGD-2, 28%) and
secured term loan at B1 (LGD-3, 36%).  Moody's also affirmed the
8.75% senior subordinated notes (2014) at Caa1 (LGD-5, 88%) and
the corporate family rating at B2.  Proceeds from the new debt
are to be used to refinance the existing 1st-lien bank loan and
2nd-lien term loan.

Ratings assigned:

   -- US$150 million 5-year secured revolving credit facility
      at Ba3 (LGD-2, 28%); and

   -- US$425 million 6-year secured term loan at B1
      (LGD-3, 36%).

These ratings are affirmed:

   -- US$175 million 8.75% senior subordinated notes (2014)
      at Caa1 (LGD-5, 88%);

   -- Corporate Family Rating at B2; and

   -- Probability of default rating at B2.

Moody's will withdraw its ratings on the existing first-lien
bank loan (comprised of an US$85 million revolving credit
facility and US$325 million term loan) and US$60 million second-
lien term loan following completion of the proposed transaction.

The corporate family rating assignment of B2 reflects the
balance of certain qualitative rating drivers that have low
investment grade characteristics with important quantitative
attributes that are solidly non-investment grade.  In
particular, driving down the rating are the weak credit metrics
reflecting high leverage, low fixed charge coverage, and limited
free cash flow.  Also constraining the rating are the company's
relatively small size and financial policy, in which a
considerable portion of discretionary cash flow will be invested
in growth.  Partially offsetting these risks are Moody's
expectation that the company will use some discretionary cash
flow to repay debt ahead of schedule, Amscan's leading market
position in the narrow segment of decorative party goods, and
the diversity of wholesale and retail operations.

The stable outlook anticipates that the company will steadily
grow revenue and cash flow.  The outlook also considers Moody's
expectation that the company's policy with respect to uses of
discretionary cash flow will be measured, resulting in modest
balance sheet improvement.  In addition, Moody's also expects
that the company will maintain solid liquidity through
moderation of planned growth capital investment if operating
results fall below plan.

Headquartered in Elmsford, New York, Amscan Holdings Inc. makes
more than 400 specially designed ensembles of party accessories
and novelties, including balloons, invitations, pinatas,
stationery, and tableware.  Amscan sells to more than 40,000
retail outlets worldwide, mainly party goods superstores, mass
merchandisers, and other distributors.  Party City accounted for
about 13% of sales before the firm bought it in 2005.  Amscan
itself makes party items (which bring in about 60% of sales) and
buys the rest from other manufacturers, primarily in Asia.  It
has production and distribution facilities in Asia, Australia,
Europe, and North America.  Berkshire Partners and Weston
Presidio are Amscan's principal owners.  The company has a
wholly owned metallic balloon distribution operations located in
Mexico.


AMSCAN HOLDINGS: S&P Affirms All Ratings Despite High Leverage
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its ratings
on Amscan Holdings Inc., including the 'B' corporate credit
rating.  At the same time, Standard & Poor's assigned its 'BB-'
bank loan rating and '1' recovery rating to Amscan's proposed
US$150 million asset-based revolving credit facility, indicating
the expectation of full (100%) recovery of principal in the
event of a payment default.  In addition, Standard & Poor's
assigned its 'B' bank loan rating and '3' recovery rating to the
company's proposed US$425 million senior secured term loan B
facility, indicating the expectation of meaningful (50%-80%)
recovery of principal in the event of a payment default.  The
bank loan ratings are based on preliminary terms and are subject
to review upon final documentation.  The outlook is negative.
     
"The ratings on Amscan reflect its high debt leverage, narrow
business focus, and participation in the highly competitive and
fragmented party goods industry," said Standard & Poor's credit
analyst Christopher Johnson.  Partially mitigating these factors
is the company's market-leading presence in the niche party
goods industry, and the industry's relatively recession-
resistant characteristics.

Headquartered in Elmsford, New York, Amscan Holdings Inc. makes
more than 400 specially designed ensembles of party accessories
and novelties, including balloons, invitations, pinatas,
stationery, and tableware.  Amscan sells to more than 40,000
retail outlets worldwide, mainly party goods superstores, mass
merchandisers, and other distributors.  Party City accounted for
about 13% of sales before the firm bought it in 2005.  Amscan
itself makes party items (which bring in about 60% of sales) and
buys the rest from other manufacturers, primarily in Asia.  It
has production and distribution facilities in Asia, Australia,
Europe, and North America.  Berkshire Partners and Weston
Presidio are Amscan's principal owners.  The company has a
wholly owned metallic balloon distribution operations located in
Mexico.


CINRAM INTERNATIONAL: Completes Ditan Acquisition for US$50 Mil.
----------------------------------------------------------------
Cinram International Inc. has completed the acquisition of
substantially all of the assets of Ditan Corporation, a third-
party interactive software and games distribution company in the
United States.

"We anticipate that significant synergies in manufacturing,
distribution, and new business opportunities will be generated
and bear fruit in the near term," said Cinram chief executive
officer Dave Rubenstein.  "We look forward to working closely
with the Ditan team to mutually benefit from this unique
business combination."

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Cinram entered into an agreement to purchase
Ditan Corporation.

Cinram paid US$50 million in cash for Ditan Corporation, subject
to working capital adjustments, and will pay additional cash
consideration upon the achievement of certain future performance
metrics.  Ditan will retain its trade name but will operate as
Ditan Distribution LLC, an indirect wholly-owned subsidiary of
Cinram.  Ditan's senior management team and its employees remain
with the company.

"We are all very excited about joining the Cinram team," said
Ron Novotny, president of Ditan Distribution LLC.  "The
combination of our businesses will increase Ditan's bandwidth
and create new opportunities for our organization."

Prior to being acquired by Cinram, Ditan was a privately held
company.  Ditan specializes in direct-to-store and third-party
logistics and its customers include leading video game
publishers, major retailers and home video studios.  Ditan has
established itself as a long-standing market leading position in
providing innovative distribution solutions for all facets of
the video game industry.  In addition, Ditan is an authorized
value-added service provider for the major video game platforms.  
The company has strategically located facilities in Atlanta,
Indianapolis, Louisville and Seattle, and 180 employees.

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world.  The company has sales offices in Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 16, 2006,
Standard & Poor's Ratings Services said it revised its outlook
on Cinram International Inc., a wholly owned indirect subsidiary
of Cinram International Income Fund, to negative from stable.
At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit rating and its 'BB-' bank loan rating, with a
recovery rating of '4', on prerecorded multimedia manufacturer
Cinram.


EPICOR SOFTWARE: Plans US$200-Mil. Conv. Senior Notes Offering
--------------------------------------------------------------
Epicor Software Corporation has intended to offer, subject to
market conditions and other factors, US$200 million aggregate
principal amount of convertible senior notes due 2027 pursuant
to an effective registration statement filed with the U.S.
Securities and Exchange Commission.  As part of the offering,
the company intends to grant the underwriters a 30-day option to
purchase up to an additional US$30 million aggregate principal
amount of the notes solely to cover overallotments, if any.  The
notes will be unsecured.  The offering price, interest rate,
conversion rate and circumstances in which a holder may convert
its notes and other terms will be determined by negotiations
between the Company and the underwriters.

Epicor will use the net proceeds from the offering to repay in
full the Company's term loan outstanding under its credit
facility.  The balance of the net proceeds, if any, will be used
for working capital, capital expenditures and other general
corporate purposes, which may include funding acquisitions of
businesses, technologies or product lines, although Epicor
currently has no commitments or agreements for any such specific
acquisition.  Epicor may also use a portion of the remaining net
proceeds to repurchase outstanding shares of its common stock
following the completion of the offering.

Subject to the final terms of the offering and assuming the
repayment of its outstanding term loan, Epicor expects the
offering to be accretive to its fiscal 2007 earnings per diluted
share.

UBS Investment Bank and Lehman Brothers will act as joint book-
running managers for the offering.  Cowen and Company, Needham &
Company, and Piper Jaffray are serving as co-managers for the
offering.

The issuer has filed a registration statement (including a
prospectus dated May 1, 2007 and a preliminary prospectus
supplement dated May 1, 2007) with the SEC for the offering to
which this communication relates and will file with the SEC a
final prospectus supplement for such offering.

Copies of the prospectus and preliminary prospectus supplement
relating to the offering may also be obtained from:

          UBS Securities LLC
          Attention: Prospectus Department
          299 Park Avenue
          New York, NY, 10171
          Tel: (212) 821-3000;

                 -- or --
          Lehman Brothers
          c/o Broadridge
          1155 Long Island Avenue
          Edgewood, NY 11717
          Fax: (631) 254-7268

Headquartered in Irvine, California, Epicor Software Corp.
-- http://www.epicor.com/www/-- is a provider of enterprise   
resource planning, customer relationship management, and supply
chain management software and solutions to mid-market companies
worldwide.  Epicor Software has worldwide locations in
Australia, Canada, China, Germany, Hong Kong, Indonesia, Italy,
Japan, Korea, Malaysia, Mexico, Singapore, Taiwan, and the
United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 23, 2007, Standard & Poor's Rating Services raised its
corporate credit rating on Irvine, California-based Epicor
Software Corp., to 'BB-' from 'B+'.  The outlook is stable.  The
action reflects successful integration of the CRS Retail
acquisition, continued cash flow generation, and substantially
reduced leverage to about 1.8x in 2006, from 2.9x in 2005.


GENERAL MOTORS: Three Execs Continue Voluntary Salary Reductions
----------------------------------------------------------------
General Motors Corporation disclosed last week in a regulatory
filing with the U.S. Securities and Exchange Commission the
changes in the base salary of certain of the company's key
executives.

According to GM, the base salary of the company's chief
executive officer, G. Richard Wagoner, Jr., was US$2.2 million
at the beginning of 2006, and that Mr. Wagoner has not received
a base salary increase for over four years.

Meanwhile, GM says it vice chairmen, Frederick A. Henderson,
Robert A. Lutz, and J. M. Devine, had base salaries of
US$1.55 million at the beginning of 2006.  The salary was
established for Messrs. Lutz and Devine in January 2003 and for
Mr. Henderson at the time he was promoted to the position of
Vice Chairman and Chief Financial Officer on Jan. 1, 2006.

In addition, GM notes that the base salary for the company's
executive vice president for law & public policy, Thomas A.
Gottschalk, was US$1.0 million at the beginning of 2006.  

Further, the base salary for the company's group vice president
for global manufacturing and labor relations, G. L. Cowger, was
increased to US$900,000 on Nov. 1, 2006; it had been 33 months
since his last base salary increase.

Effective March 1, 2006, Messrs. Wagoner, Henderson, Lutz,
Gottschalk, and Devine voluntarily reduced their salaries in
support of the GMNA Turnaround Plan.  

The Executive Compensation Committee of GM's Board of Directors
considered that salary reductions among top leaders are unusual
and the magnitude of the reductions for GM's executive officers
would substantially exceed the few reductions that had taken
place at other companies.  However, the Committee supported
their voluntary actions.

Mr. Wagoner reduced his salary by 50 percent to US$1,100,000;
Messrs. Henderson, Lutz, and Devine by 30 percent to
US$1,085,000; and Mr. Gottschalk by 10 percent to US$900,000.

Messrs. Wagoner, Henderson, and Lutz recently reviewed the
matter and, in support of the continued turnaround plan for GM,
again decided that beginning March 1, 2007, they will continue
voluntary salary reductions.  The Committee agreed with the
approach.  

Mr. Wagoner's salary will be US$1.65 million, 25 percent less
than his January 1, 2006 base salary of US$2.2 million.  The
salaries of Messrs. Henderson and Lutz will be US$1.318 million,
15 percent less than their January 1, 2006 base salaries of
US$1.55 million.

                2007 Long-Term Incentive Plan

The Compensation Committee is proposing a long-term incentive
plan for GM's executives with these key features:

   -- New authorized share pool of 16 million shares is
      approximately 2.82 percent of common shares outstanding;

   -- No more than 1.5 million of the 16 million shares
      requested will be granted as Restricted Stock Units;

   -- Performance awards, generally linked to three-year
      performance measures, to be settled in cash only;

   -- Plan term of five years;

   -- Commitment to limit aggregate annual grants of stock
      options and RSUs to less than 1 percent;

   -- No repricing of options without stockholder approval;

   -- Three-year, ratable vesting on stock option awards,
      subject to the Committee's review;

   -- Three-year vesting on time-based RSU awards;

   -- Plan is administered by the Committee, composed of only
      Independent Directors;

   -- No discounted options;

   -- "Double-trigger" Change in Control benefits; and

   -- Shares surrendered, expired, or returned to the
      Corporation to satisfy the exercise price or tax
      withholding obligations for stock options cannot be
      reissued, i.e., no liberal share accounting provisions.

The proposal, along with other matters, will be voted upon by
GM's shareholders at an annual meeting at 9:00 a.m. local time
on Tuesday, June 5, 2007, at the Hotel du Pont, 11th and Market
Streets, in Wilmington, Delaware.

Holders of record of GM Common Stock, US$12/3 par value, at the
close of business on April 9, 2007, are entitled to vote at the
meeting.

                  About General Motors Corp.

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

                        *     *     *

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

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

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


INTERNATIONAL RECTIFIER: Wedbush Morgan Raises Rating to "Buy"
--------------------------------------------------------------
Newratings.com reports that Wedbush Morgan analysts have
upgraded their rating on International Rectifier's shares to
"buy" from "hold."  

According to Newratings.com, the analysts also reduced their
estimates for International Rectifier, setting the 12-month
target price to US$45.

The analysts said in a research note published on May 1 that a
"seasonal lift" in the International Rectifier's "game console
and server power controller businesses" will likely occur in the
second half of 2007.

The analysts told Newratings.com that after the International
Rectifier's "ramp of its new Wales fab," gross margins are
expected to rise again in the second half.

According to Newratings.com, Wedbush Morgan said that overall
the International Rectifier's accounting irregularities are
expected to be insignificant.

Earnings per share estimate for 2007 was decreased to US$2.15
from US$2.27, while estimate for 2008 was reduced to US$2.03
from US$2.14.

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

                        *     *     *

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

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

Fitch said the rating outlook was positive.


UNITED AIRLINES: Fitch Affirms B- Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings of United
Airlines, Inc. and its parent company UAL Corp. at 'B-'.

In addition, Fitch affirms United Airlines' secured bank credit
facility (term loan and revolving credit facility) at 'BB-/RR1'.

Fitch has revised the Rating Outlook for United Airlines' and
UAL to Positive from Stable.  The secured debt rating applies to
United Airlines' recently amended US$2.055 billion bank credit
facility.

Ratings for UAL and United Airlines' reflect the carrier's
highly levered balance sheet, improving but still weak margins,
and ongoing susceptibility to revenue and fuel price shocks in
an industry that remains particularly vulnerable to event risk.  
Fifteen months after its exit from Chapter 11 and a three-year
restructuring process, United Airlines' operating profile has
improved modestly and its free cash flow generation outlook for
2007 is good.  With no aircraft deliveries on the near-term
horizon and reasonably strong international revenue fundamentals
still in place, United Airlines' is poised to strengthen its
liquidity position again this year, while de-levering through
scheduled debt amortization and better operating cash flow
trends.

The revision of the Rating Outlook to Positive reflects the
expectation that strong free cash flow (in excess of US$1
billion for 2007) will allow de-levering to proceed, even in a
challenging industry operating environment.

United Airlines' took an important step on the road to balance
sheet repair with the recent refinancing of its bank credit
facility.  The airline's liquidity position at year-end 2006 was
very strong (US$5 billion in total cash), allowing management to
pay down US$972 million on the original exit facility while
reducing the total commitment under the new facility to US$2.055
billion from US$3 billion.  Tighter credit spreads provided
United Airlines' with an opportunity to lower its annual
interest expense by approximately US$70 million as a result of
the refinancing.  The new credit facility was priced at LIBOR +
200 basis points.  The transaction also freed up about 100
aircraft from the exit facility collateral pool, creating a
larger base of unencumbered assets and improving the carrier's
flexibility in responding to any future liquidity pressure.  The
credit facility pay-down, together with scheduled debt payments,
drove approximately US$1.4 billion of adjusted debt reduction in
the first quarter.

The operating outlook for United Airlines' and the rest of the
U.S. airline industry is more uncertain in light of softer than
expected domestic revenue trends reported for the first quarter.  
The outlook is further complicated by high and volatile jet fuel
prices, which may increase in importance this summer if limited
refining capacity fails to keep up with strong fuel demand.  
United Airlines' has hedged approximately 23% of expected
second-quarter fuel deliveries with three-way crude oil options
with upside protection beginning at US$59 per barrel of crude
oil and capped at US$69 per barrel.

Domestic available seat mile or ASM capacity growth for the
industry will exceed U.S. GDP and underlying demand growth this
year, and passenger yield growth will likely be low (or even
negative) in the second and third quarters as a result of slower
U.S. economic growth.  In international markets, higher capacity
growth rates (particularly on trans-Atlantic routes) may put
pressure on yields and revenue per ASM this summer.  The timing
of any softening in international markets will be an important
trend to monitor in the second and third quarter in determining
whether United and the rest of the industry can expand operating
margins in 2007.

United Airlines' reported a pre-tax loss of US$236 million in
the seasonally weak first quarter -- a performance that stood in
contrast to reported profitability at AMR and Continental.  
While the first quarter pre-tax loss was US$70 million better
than the comparable year-earlier number, operating trends were
clearly weaker than expected as a result of soft domestic unit
revenue patterns in the quarter.  Much of the problem was
related to excess capacity introduced by United Airlines' and
some of its competitors in January.  Management identified the
Denver hub as a particular problem with respect to pricing
pressure.  A large low-cost carrier presence at Denver, where
Southwest began operations in 2006, appears to be contributing
to yield weakness there.  A shift in Mileage Plus revenue
accounting policies drove approximately US$107 million in
reduced passenger revenue during the first quarter, but even
adjusted revenue per ASM figures for the period were weak.  This
was especially true in North America, where yields and unit
revenue both fell by about 4%.  On the cost side, United
Airlines' is hitting its expense reduction goals; US$265 million
in additional cost reduction is targeted for all of 2007.  
However, inflationary pressures on the maintenance and airport
rents lines will force non-fuel cost per available seat mile or
CASM up by 1% to 2% for the full year.

Softening domestic revenue trends this year will make it
difficult for United Airlines' to deliver solid improvements in
operating margins; however, limited calls on operating cash flow
for the year should allow the carrier to meet scheduled debt
maturities and continue de-levering the balance sheet in a
modestly weaker industry operating environment.  An upgrade to
'B' for the IDR is possible within the next 12 to 18 months, but
largely dependent upon the durability of the industry revenue
recovery and the absence of further sharp spikes in jet fuel
prices.

Management remains focused on the need to re-build its balance
sheet through strong free cash flow generation and scheduled
debt amortization.  Beyond contractual commitments, management
noted on its April 25 earnings call that excess cash flow could
be targeted toward additional debt reduction.  While the
potential return of cash to shareholders is being analyzed, no
plans are in place for a share repurchase in 2007.  Any decision
to launch a share repurchase or dividend program would require
lender consultation under the terms of the amended credit
facility.

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




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


* NICARAGUA: Venezuela Drafts Accord Terms for Aluminum Plant
-------------------------------------------------------------
International press reports that Mibam, the Venezuelan basic
industries and mining ministry, has drafted the terms of an
agreement to set up a strategic partnership with the Nicaraguan
government for the installation of an aluminum plant in
Nicaragua.

Mibam chief Jose Khan told the press that Venezuela produces
almost 653,000 tons of aluminum yearly, so it is going to form a
firm in Nicaragua with five production lines.

Published reports say that the new plant will supply the markets
in Nicaragua, Honduras and other Latin American countries.  

Business News Americas relates that Venezuela's President Hugo
Chavez offered to construct an aluminum plant in Nicaragua
through a joint venture with Alcasa -- an aluminum reducer that
is 92% owned by Venezuelan state-run heavy industry holding
company CVG.

Studies have already been launched for the plant's construction,
Minister Khan told BNamericas.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date
                     ------     -----------
   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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


CABLE & WIRELESS: Denies Newspaper Report on Sale of Units
----------------------------------------------------------
Bloomberg News reports that Cable & Wireless Plc said it has no
immediate plans to sell any units, disproving a report from a
newspaper that said the company "might split itself in two."

According to The Observer, Cable & Wireless might split itself
into British and international units and sell them to private
equity groups or rivals.  A source said that Cable & Wireless
Chairperson Richard Lapthorne and managers John Pluthero and
Harris Jones favor a split of the international and UK
businesses.  Cable & Wireless would have to be sold at least 228
pence per share, or the firm's senior managers would lose a 200-
million pound payment.  Citigroup analyst Michael J. Williams
said that a possible break-up of Cable & Wireless would make
sense only after the UK business has improved and could function
independently.  According to him, a split could be concluded in
two years.

Cable & Wireless said in a statement, "Any discussion of
spinning off our businesses is premature."

According to Bloomberg News, Cable & Wireless stated that it is
concentrated on building its UK and international units.  The
company assured that the strategy is progressing well.

Cable & Wireless said in a statement, "We are in the early
stages in terms of both businesses and there is more work to
do."

Cable & Wireless is looking for opportunities in markets abroad
as growth in the UK for traditional voice services has slowed
down, Bloomberg News states.

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

                        *     *     *

Cable & Wireless Plc carry these ratings:

    * Moody's Investors Service
    
      -- Long-Term Corporate Family Rating: Ba3
      -- Senior Unsecured Debt: B1
      -- Short-Term: NP
      -- Outlook: Negative

    * Standard & Poor's

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


CHIQUITA BRANDS: Incurs US$3 Million Net Loss in First Quarter
--------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operating results for the first quarter 2007.  First quarter net
sales increased by 3 percent year-over-year to US$1.2 billion,
and the company reported a net loss of US$3 million, including a
charge of US$5 million, related to a decision to exit certain
unprofitable farm leases in Chile.  This compares to net income
of US$20 million, or US$0.46 per diluted share, in the year-ago
period.

"During the first quarter, we continued to make good progress in
both our banana and salad operations," said Fernando Aguirre,
chairman and chief executive officer.  "In Europe, we grew
volume while maintaining our premium market position and
profitability, despite last year's onerous regulatory changes.  
In our North American banana business, we also grew volume,
recovered cost increases, and are successfully introducing
higher-margin, innovative products to differentiate the Chiquita
brand.  At Fresh Express, we have strengthened our No. 1
position in retail value-added salads and reinforced our food
safety leadership in the face of soft consumer demand for
packaged salads.  While these primary segments are improving, we
have also taken decisive actions to improve profits in our other
produce operations, including exiting certain farm operations in
Chile.

"Most significantly, the long-term shipping agreement we
announced today is an important step in the execution of our
strategy to return to profitable, sustainable growth. In a
nutshell, we could not have asked for a better transaction.  We
will increase our financial flexibility, simplify our business
model, and focus on the marketplace to provide branded, healthy,
fresh foods to consumers worldwide, while we let the right
experts deliver as good or better results in our shipping
operations.  We are confident that our agreement with two
premier global shipping companies will ensure the continuing
reliable, high-quality shipment of Chiquita products at
competitive operating costs.  At the same time, the transaction
will significantly reduce our debt, and the alliance will better
position us to adapt our shipping services as we grow our
business over time."

Fernando Aguirre, the company's Chairman and Chief Executive
Officer, concluded, "Overall, while we have faced several
obstacles in recent quarters, I am confident that Chiquita is on
the right path, and we saw tangible signs of progress in the
first quarter.  We remain committed to deliver sustainable,
profitable growth, and we expect 2007 to be a positive step in
reaching those goals."

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an  
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc.  Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.


CHIQUITA BRANDS: Inks Ship Sale Pacts with Eastwind for US$227MM
----------------------------------------------------------------
Chiquita Brands International Inc. has signed definitive
agreements to sell its 12 refrigerated cargo vessels for
US$227 million.  The ships will be chartered back from an
alliance formed by Eastwind Maritime Inc. and NYKLauritzenCool
AB.  The parties also entered a long-term strategic agreement in
which the alliance will serve as Chiquita's preferred supplier
in ocean shipping to and from Europe and North America.

As part of the transaction, Chiquita will lease back 11 of the
vessels for a period of seven years, with options for up to an
additional five years, and one vessel for a period of three
years, with options for up to an additional two years.  The
vessels to be sold consist of eight reefer ships and four
container ships, which collectively transport approximately 70
percent of Chiquita's banana volume shipped to core markets in
Europe and North America.  The agreements also provide for the
alliance to service the remainder of Chiquita's core ocean
shipping needs for North America and Europe, including through
multiyear time charters commencing in 2008 for seven additional
reefer vessels.

"This long-term arrangement will increase our financial
flexibility, simplify our business model and allow us to
increase our focus on providing branded, healthy, fresh foods to
consumers worldwide," said Fernando Aguirre, Chiquita's chairman
and chief executive officer.  "We are confident that the
alliance parties, whose core business is global shipping, will
ensure the continuing reliable, high-quality shipment of
Chiquita products.  The ship sale transaction will significantly
reduce our debt, and the alliance will better position us to
adapt our shipping services as we grow our business over time.  
At the same time, we anticipate that this transaction will
generate synergies and help to keep operating costs competitive.  
Additionally, the long-term ship leases will help insulate us
from further industry operating cost increases on a significant
portion of our logistics portfolio for several years to come."

"This transaction is an exciting and rare opportunity to acquire
a large, modern, highly efficient refrigerated fleet and to work
with one of the best names in the produce industry," said John
Kousi, chairman of Eastwind Maritime.  "Not only is this a great
opportunity to grow with Chiquita, but it also provides an
excellent platform on which to optimize capacity and achieve
cost synergies in the global shipment of produce, which is key
to our business."

The parties expect to complete the transaction within 45 days.  
The alliance parties have committed to maintain the same high
social and environmental standards and certifications that
Chiquita introduced in its shipping operations, including
International Maritime Organization, American Bureau of
Shipping, ISO 9002, and ISO 14001 safety, quality and
environmental standards as well as Chiquita's code standards
related to labor conditions.

As of March 31, 2007, the net book value of the assets to be
transferred in the transaction approximated US$125 million.  
Chiquita expects to realize an after-tax gain on the transaction
of approximately US$100 million, which will be amortized over
the initial terms of the ship charters.  The cash proceeds from
the transaction will be used to repay approximately US$170
million of debt, including US$90 million of ship mortgage debt
and US$80 million in term loan and revolving credit borrowings.  
The remainder will be retained for general corporate purposes,
including growth investments.  The company's total-debt- to-
capitalization ratio of 55 percent at March 31, 2007, would have
been approximately 51 percent pro forma for the debt reduction
resulting from the transaction.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an  
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc.  Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.




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


AFC ENTERPRISES: Inks Credit Pact Allowing Repurchase of Stock
--------------------------------------------------------------
AFC Enterprises Inc. has completed the second amendment to its
Credit Agreement, dated May 11, 2005.  The amendment modifies
the restrictions in the 2005 Credit Facility on AFC's ability to
repurchase stock in order to increase permitted repurchases.  As
a result, the 2005 Credit Facility now allows AFC to repurchase
stock up to the full amount of stock permitted under its board-
approved multi-year stock repurchase program.  

As of Feb. 25, 2007, the company had approximately US$44.8
million remaining under this stock repurchase program.  

Although there can be no assurance as to the number of shares
the company will repurchase, the amendment provides AFC
additional flexibility to continue periodic repurchases of AFC
shares of common stock on the open market in accordance with the
company's stock repurchase program.

For more information, contact:
   
   a) for Investor inquiries:
      Cheryl Fletcher
      Director
      Finance & Investor Relations
      Tel: (404) 459-4487

   b) for Media inquiries:
      Alicia Thompson
      Vice President
      Popeyes Communications & Public Relations
      Tel:(404) 459-4572

The amendment terms described in the company's Form 8-K filed on
April 30, 2007 are available at:
http://ResearchArchives.com/t/s?1e34

                    About AFC Enterprises

Based in Atlanta, Georgia and founded in 1972, AFC Enterprises
Inc. (Nasdaq: AFCE)-- http://www.afce.com/-- engages in the  
development, operation, and franchising of quick-service
restaurants.  Its restaurants offer food and beverage products.
As of December 31, 2006, Popeyes had 1,878 restaurants in the
United States, Puerto Rico, Guam and 24 foreign countries.  AFC
has a primary objective to be the world's Franchisor of
Choice(R) by offering investment opportunities in its Popeyes
Chicken & Biscuits brand and providing exceptional franchisee
support systems and services.

                        *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 1, 2006, Moody's Investors Service's revised its Corporate
Family Rating for AFC Enterprises Inc. from B1 to B2.


DELTA AIR: S&P Lifts Ratings on Corp.-Backed Certificates to B
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class A-1 and A-2 certificates from the US$27 million Corporate
Backed Trust Certificates Series 2001-19 Trust to 'B' from 'D'.
     
Corporate Backed Trust Certificates Series 2001-19 Trust is a
pass-through transaction, and its ratings are based solely on
the rating assigned to the underlying collateral, Delta Air
Lines Inc.'s US$27,109,000 8.3% senior unsecured notes due
Dec. 15, 2029.  The rating action reflects the April 30, 2007,
raising of the corporate credit rating on Delta Air Lines Inc.
to 'B' from 'D', following the airline's emergence from
Chapter 11 bankruptcy proceedings.

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

                        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.  The hearing to consider confirmation the
Debtors' plan was scheduled.  On April 30, 2007, Delta Air Lines
emerge from Chapter 11 bankruptcy proceedings.


DORAL FINANCIAL: Settles Class Action & Shareholder Litigation
--------------------------------------------------------------
Doral Financial Corporation entered into an agreement to settle
all claims in the consolidated securities class action and
shareholder derivative litigation filed against the company
following the announcement in April 2005 of the need to restate
its financial statements for the period from 2000 to 2004.  The
settlement is subject to notice and approval from the U.S.
District Court for the Southern District of New York.  The
company also announced the filing of its Annual Report on Form
10-K for the year ended Dec. 31, 2006.

"Doral Financial has achieved two more significant milestones by
filing our Annual Report on Form 10-K for the year ended
Dec. 31, 2006, and settling the outstanding class action and
shareholder litigation related to our prior restatement of
historical results from 2000 to 2004.  With these two milestones
achieved, we are focused on pursuing and completing in a timely
manner a transaction to address the capital and liquidity needs
of the holding company," stated Glen R. Wakeman, the company's
Chief Executive Officer.  "At the same time, Doral Bank Puerto
Rico, our principal banking subsidiary, is strong and moving
forward implementing business strategies aimed at transforming
the Company into a more traditional community banking
institution, including offering a broader range of products and
services.  Our deposits are stable and growing, we are improving
service standards, as well as our business fundamentals," Mr.
Wakeman said, adding that Doral Bank Puerto Rico continues to be
well capitalized for bank regulatory purposes as of
Dec. 31, 2006.

                   Class Action Settlement
             and Shareholder Derivative Lawsuits

As part of the settlement, the company and insurers will pay an
aggregate of US$129 million, of which insurers will pay
approximately US$34 million.  In addition, one or more
individual defendants will pay an aggregate of US$1 million (in
cash or Doral Financial stock).  The company also agreed to
certain corporate governance enhancements.  The settlement is
subject to notice and approval from the U.S. District Court for
the Southern District of New York.

The company's payment obligations under the settlement agreement
are subject to the closing and funding of one or more
transactions, through which the company obtains outside
financing during 2007 to meet its liquidity and capital needs,
including the repayment of the company's US$625 million senior
notes due on July 20, 2007, payment of the amounts due under the
settlement agreement and certain other working capital and
contractual needs.  Either side may terminate the settlement
agreement if the company has not raised the necessary funding by
Sept. 30, 2007, or if the settlement has not been fully funded
within 30 days from the receipt of such funding.

As a result of this settlement agreement, Doral Financial
established a litigation reserve and recorded a one-time charge
to the company's full-year financial results for 2006 of US$95.0
million.

The parties to the settlement agreement will seek final court
approval of the settlement before the maturity of the senior
notes due July 20, 2007, but no assurance can be given that it
will receive final court approval by this date.

              Overview of Results of Operations

For 2006, after the payment of dividends on preferred shares,
Doral Financial reported a net loss attributable to common
shareholders of US$257.2 million and a net loss attributable to
common shareholders for the quarter ended Dec. 31, 2006 of
US$169.7 million.  For 2005, the company had net loss
attributable to common shareholders of US$20.1 million (after
payment of dividends on preferred shares), and a net loss of
US$52.5 million for the quarter ended Dec. 31, 2005.

Net loss for the year ended Dec. 31, 2006, amounted to US$223.9
million, compared to net income of US$13.2 million and US$214.8
million for 2005 and 2004, respectively.  Doral Financial's 2006
financial performance was principally impacted by:

   (1) lower net interest income as a result of a decrease in
       net interest spread and margin and an increase in the
       provision for loan and lease losses;

   (2) significant non-interest losses driven primarily by

      (i) losses on securities held for trading, principally
          related to losses on IO valuation,

      (ii) losses on sales of mortgage loans, and

      (iii) losses on the sale of investment securities;

   (3) a reserve for an agreement to settle the company's
       consolidated securities class action and shareholder
       derivative litigation; and

   (4) increased non-interest expense related to the company's
       ongoing legacy issues and transformation process.

The highlights of the company's financial results for the year
ended Dec. 31, 2006, included:

   -- Net interest income for 2006 was US$201.4 million,
      compared to US$280.6 million and US$337.6 million
      for 2005 and 2004, respectively.  The decrease in net
      interest income for 2006, compared to 2005 is principally
      related to the decrease in the company's net interest
      spread and margin.  Net interest spread and margin
      decreased from 1.42% and 1.56%, respectively, for 2005
      to 1.22% and 1.41%, respectively, for 2006.  This
      reduction in net interest margin resulted from the
      flattening of the yield curve.

   -- The provision for loan and lease losses for 2006 was
      US$39.8 million, compared to US$22.4 million and US$10.4
      million for 2005 and 2004, respectively.  The increase in
      the provision for loan and lease losses reflects
      principally an increase in specific reserves related to
      the company's construction loan portfolio, as well as a
      deterioration in the delinquency trends of the overall
      loan portfolio, particularly in the construction and
      commercial portfolios.

   -- Non-interest loss for 2006 was US$59.2 million, compared
      to non-interest income of US$62.5 million and US$16.2
      million in 2005 and 2004, respectively.  The non-interest
      loss for 2006 was principally driven by:

      * Losses of approximately US$34.5 million on mortgage loan
        sales and fees.  The loss on mortgage loan sales
        reflects principally a US$27.2 million lower-of-cost-or-
        market adjustment taken during the year related to the
        transfer of mortgage loans from the company's held for
        sale portfolio to its loan receivable portfolio, and an
        US$8.2 million net loss in connection with the
        previously announced restructurings of prior loan sale
        transactions with local financial institutions;

      * A US$42.0 million loss on the IO valuation principally
        related to losses suffered during the first half of 2006
        from the impact of increases in short-term interest
        rates on IOs that did not have caps on the pass-through
        interest payable to investors.  As a result of the
        restructuring of certain prior loan transfers
        effected during the second quarter of 2006, Doral
        Financial no longer has IOs that do not have caps on the
        pass-through interest payable to investors in its
        portfolio; and

      * A US$27.7 million loss on the sale of investment
        securities.  During the fourth quarter of 2006, Doral
        Financial's banking subsidiaries sold approximately
        US$1.7 billion of their investment securities (of which
        US$231 million settled during the first quarter of
        2007), as part of the company's efforts to restructure
        its balance sheet to improve its future earnings
        potential and reduce the high level of interest rate
        volatility inherent in its balance sheet.  The company
        also recorded a loss on extinguishment of related
        liabilities of US$6.9 million.

   -- Non-interest expense for 2006 was US$374.3 million,
      compared to US$288.5 million and US$214.1 million for
      2005 and 2004, respectively, an increase of 30% and 75%,
      respectively.  The increase in non-interest expenses
      was driven by a

     (i) US$95 million reserve created for an agreement to
         settle the company's consolidated securities class
         action and shareholder derivative litigation relating
         to the restatement;

     (ii) a US$19.2 million increase in professional fees,
          principally associated with the resolution of ongoing
          legacy issues and the company's business
          transformation initiatives and recapitalization
          efforts; and

     (iii) US$20.4 million in severance payments associated
           with a reduction in headcount.

   -- For the year ended Dec. 31, 2006, Doral Financial
      reported an income tax benefit of US$48.1 million,
      compared to a tax expense of US$19.1 million for 2005.  
      The income tax benefit is primarily the result of the
      amount of pre-tax losses incurred during 2006, together
      with an increase in the company's net deferred tax asset
      as a result of the various agreements entered into with
      the Puerto Rico Treasury Department.

   -- During the year ended Dec. 31, 2006, the company
      had other comprehensive income of approximately
      US$18.5 million related principally to the positive
      impact of the decrease in long-term interest rates on
      the value of the company's portfolio of available-for-
      sale securities.  As of Dec. 31, 2006, the company's
      accumulated other comprehensive loss (net of income tax
      benefit) was US$106.9 million, compared to US$125.5
      million as of Dec. 31, 2005.

   -- Doral Financial's loan production for 2006 was US$2.0
      billion, compared to US$5.5 billion for 2005, a
      decrease of approximately 63%.  The decrease in Doral
      Financial's loan production was due to a number of
      factors, including changes in underwriting standards,
      economic conditions in Puerto Rico, and competition
      from other financial institutions.

   -- Total assets as of Dec. 31, 2006 were US$11.9 billion,
      a decrease of 31%, compared to US$17.3 billion as of
      Dec. 31, 2005.  The decrease in total assets was
      principally the result of the previously reported sale
      of mortgage loans as part of a restructuring of various
      loan transfer transactions with local financial
      institutions during 2006 and a reduction in the company's
      investment securities portfolio.

   -- Doral Financial's banking subsidiaries remain
      "well capitalized" for bank regulatory purposes as of
      Dec. 31, 2006.

              Update on Recapitalization Process

Doral Financial will need significant outside financing during
2007, principally for the payment of its US$625 million floating
rate senior notes that mature on July 20, 2007, and of amounts
required under the settlement agreement in respect of the
consolidated securities class action and shareholder derivative
litigation brought against the company following the
announcement of the restatement of its financial statements in
2005.  The company currently estimates that these external
funding needs for 2007 will range between approximately US$700
million and US$800 million (without considering the distribution
of any proceeds from the sale of Doral Bank NY's branches).  The
company's consolidated financial statements included in its 2006
Form 10-K have been prepared assuming Doral Financial will
continue as a going concern.  In light of the holding company's
liquidity needs and the risks and uncertainties surrounding its
recapitalization process, the holding company's liquidity
position raises substantial doubts about the holding company's
ability to continue operating as a going concern without such
recapitalization.

Doral Financial is in active negotiations with a private equity
firm (the "lead sponsor") regarding a substantial investment in
the company by a new bank holding company.  The new holding
company would be capitalized by a number of private equity and
other sophisticated financial investors, and their investment
would take into account the various ownership restrictions
imposed by banking regulations.  The lead sponsor is actively
engaged in discussions with a number of potential investors to
raise the contemplated capital for the new holding company to
invest in Doral Financial.

Based on its discussions to date, the company believes that the
proposed transaction, if executed, would be accomplished
predominantly through the issuance of new equity securities at a
discount to market price and would result in very significant
dilution to the company's existing shareholders.  If the company
is successful in entering into the proposed transaction and it
is consummated on a timely basis, the company believes that the
proposed transaction would adequately satisfy its capital and
liquidity needs.  However, the company cannot provide assurances
that it will ultimately be able to enter into an agreement with
respect to the proposed transaction.

The proposed transaction would be subject to various conditions
precedent, including but not limited to the receipt of
regulatory and shareholder approvals, the receipt of sufficient
equity commitments from other investors, final district court
approval of the settlement agreement in respect of the
consolidated securities class action and shareholder derivative
claims brought against the company, the absence of certain
adverse developments and other customary closing conditions.

Although the company would attempt to enter into an alternative
transaction that would provide it with the liquidity and capital
needed to continue its business in the event that it is unable
to enter into the proposed transaction, the company cannot
provide assurance that it would succeed in entering into such a
transaction, especially in the limited time available prior to
the July 20 maturity of the senior notes.  The failure to
refinance the senior notes and recapitalize the holding company
would have a material adverse effect on, and impair, the holding
company's financial condition and ability to operate as going
concern.

              Business Transformation Strategy

The company is implementing changes to its business strategies
that are aimed at transforming the company into a more
traditional community banking institution offering a broader
range of products and services, with less emphasis on trading
and investment activities in order to reduce the volatility of
Doral Financial's earnings and improve its interest rate risk
profile.  To achieve the efficiencies, automation and
sophistication of leading financial institutions, Doral
Financial is currently building a center of excellence based on
Six Sigma manufacturing techniques, credit, customer care,
production and collection fulfillment, and information
technology.  The center of excellence will combine process,
technology and people to enhance returns through better
efficiency and competitiveness.

The key components of Doral Financial's new business strategy
are:

Retail Banking:

The principal objective of Doral Financial's retail banking
segment will be to become its customers' main banking
relationship.  Doral Financial plans to leverage its best-in-
class service model combined with a well-executed sales process
to capture new relationships and cross-sell additional products
to existing customers.  The development of products and
services, already in progress, is an integral part of Doral
Financial's growth strategy.

Mortgage Business:

Doral Financial intends to maintain an important position in the
retail mortgage segment with an emphasis on quality,
profitability, risk management and compliance.  The company
intends to use focused marketing initiatives, a best-in-class
sales process and competitive product offerings to regain a
leadership position in this segment.

Commercial and Small Business Banking:

Doral Financial intends to grow its market share in the
commercial and small business segments by focusing on becoming
the main bank of choice for commercial and small business
clients who demand competitive products delivered through a
relationship-driven model of superior customer service.  Doral
will develop product offerings designed to meet client needs,
including deposit, credit, and cash management needs.  The
ability to cross-sell these services to its retail and mortgage
customers is a key component of the strategy.

Residential Construction:

Doral Financial has refocused this business with the aim of
becoming the lender of choice for established, reputable
developers in the affordable and mid-range housing sectors.  
Doral Financial's expertise in these sector positions it to be
the best-in-class lender in the market.

"We have recruited dynamic, proven and highly-skilled teams with
experience in Puerto Rico, the U.S. and abroad who are all
committed to transforming the Company into a high-service
community bank by implementing these strategies.  They are
further developing our talent, creating a culture of compliance,
maximizing the use of technology, increasing efficiencies,
establishing new delivery channels, launching new products, and
implementing cross selling programs consistent with our
institutional values of integrity, ownership, service,
excellence and collaboration," commented Mr. Wakeman.

            Internal Control Over Financial Reporting

The company's management, with participation of its Chief
Executive Officer and Chief Financial Officer, evaluated and
concluded that the company's disclosure controls and procedures
and internal control over financial reporting were not effective
as of Dec. 31, 2006.  The material weaknesses in the company's
internal control over financial reporting as of Dec. 31, 2006,
are described in Item 9A of the company's 2006 Form 10-K.  The
company has and continues to develop a plan for remedying all of
the identified material weaknesses, and the work will continue
through 2007.  As part of this remediation program, the company
is taking steps to add skilled resources to improve controls and
increase the reliability of its financial closing process.

                       Capital Ratios

The company's banking subsidiaries continue to be well
capitalized for bank regulatory purposes as of Dec. 31, 2006,
while, as of such date, the holding company was considered
adequately capitalized for bank regulatory purposes.  The
company's two banking subsidiaries recorded a total net income
of US$22.4 million for the year ended Dec. 31, 2006.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial   
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2007, Moody's Investors Service downgraded to B2 from B1
the senior debt ratings of Doral Financial Corp.  Moody's said
the ratings are on review for possible downgrade.

As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2007, Standard & Poor's Ratings Services lowered its
long-term ratings on Doral Financial Corp., including the
counterparty credit rating, to 'B' from 'B+'.

Standard & Poor's said the outlook remains negative.

As reported in the Troubled Company Reporter on May 02, 2007,
Moody's Investors Service said that it is continuing its review
of Doral Financial Corporation for possible downgrade.  Moody's
had most recently downgraded Doral (senior debt to B2 from B1)
on January 5, 2007, and kept the ratings on review for possible
downgrade.  According to Moody's, the primary credit issue is
Doral Financial's ability to refinance US$625 million of debt
maturing in July, which has been hampered by a number of legal
and regulatory issues.


UNITED AUTO: Classic Automotive Purchase Expands Biz to Texas
-------------------------------------------------------------
United Auto Group, Inc. has expanded its presence in Texas with
the acquisition of the Classic Automotive Group in Austin.  
Located along the busy Interstate 35 corridor, the acquisition
represents four new franchises that are anticipated to add
US$300 million in annualized revenue to the company's
operations.  Together with UnitedAuto's existing BMW dealership
in the Austin market, these outstanding brands will provide an
attractive mix, scale and expense leverage opportunity.  
Additionally, this acquisition serves to supplement UnitedAuto's
strong foreign nameplate brand mix.  Terms of the acquisition
were not disclosed.

West Operations Executive Vice President George Brochick said,
"We are thrilled to expand our operations in the growing Austin
market.  In particular, the Toyota and Honda dealerships we
acquired each represent one of the larger new unit sales points
for these brands in the United States.  The Classic Automotive
dealerships are a natural fit for the UnitedAuto business and
offer many of the same qualities and amenities that are a
hallmark of our business today, including outstanding facilities
and a focus on exceeding customer expectations."

Headquartered in Bloomfield Hills, Michigan, United Auto Group,
Inc. (NYSE:UAG) -- http://www.unitedauto.com/-- operates 314
retail automotive franchises, representing 41 different brands,
and 26 collision repair centers.  United Auto, which sells new
and previously owned vehicles, finance and insurance products
and replacement parts, and offers maintenance and repair
services on all brands it represents, has 169 franchises in 19
states and Puerto Rico, and 145 franchises located outside the
United States, primarily in the United Kingdom.  United Auto is
a member of the Fortune 500 and Russell 1000 and has nearly
16,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 1, 2006,
Moody's Investors Service assigned a B3 rating to United Auto
Group's proposed $325 million senior subordinated notes.  At the
same time, the company's existing 9.625% subordinated notes were
upgraded to B2 from B3, with all other ratings affirmed.
Moody's said the rating outlook is stable.




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


MIRANT CORP: Selling Six U.S. Gas Plants for US$1.3 Billion
-----------------------------------------------------------
Mirant Corporation has completed the sale of six U.S. natural
gas fired plants to Broadway Generating Company, LLC, a member
of the LS Power Group.  The net proceeds to Mirant from the
sale, after paying transaction expenses and retiring US$83
million of project-related debt, were US$1.306 billion.  The
following U.S. plants, totaling 3,619 MWs, were sold: Zeeland
(903 MW), West Georgia (613 MW), Shady Hills (469 MW), Sugar
Creek (561 MW), Bosque (546 MW) and Apex (527 MW).

In accordance with covenants contained in the debt instruments
of Mirant North America, LLC, a subsidiary of Mirant Americas
Generation, LLC, approximately US$524 million of the proceeds
from the sale, including those related to the Zeeland and Bosque
plants, will be reinvested in the business of Mirant North
America, LLC.

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




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


HERBALIFE LTD: Reports First-Quarter Net Sales of US$508.1 Mil.
---------------------------------------------------------------
Herbalife Ltd. reported first-quarter net sales of US$508.1
million, an increase of 11.5 percent compared to the same period
of 2006.  This record performance was largely attributable to
continued growth in several of the company's largest markets,
including its two largest markets, the U.S. and Mexico, which
reported net sales growth of 22.5 percent and 12.6 percent,
respectively, versus the first quarter of 2006.  The company's
chief executive officer, Michael O. Johnson, said, "We are
pleased to report our 13th consecutive quarter of double-digit
year-over-year revenue growth and another record quarter for
revenue and earnings.  This performance was driven by the
strength of our independent distributors, the success of their
daily methods of operation, our products and our employees."

During the first quarter 2007, a record 44,226 distributors
qualified as new supervisors, an increase of 6.3 percent versus
the first quarter of 2006.  Total supervisors of 313,962
increased 21.1 percent versus first quarter 2006 and the
company's President's Team increased 14.1 percent to 1,003
members.  Additionally, based on its January 2007 re-
qualification results, the company retained 42.5 percent of its
distributor supervisors, an increase of 100 basis points from
2006.

                    Financial Performance

For the quarter ended March 31, 2007, the company reported net
income of US$41.2 million compared to US$38.7 million in the
first quarter of 2006.  The increase in net income was primarily
attributable to strong net sales growth and a lower effective
tax rate during the period, partially offset by US$1.0 million
in after-tax, employee-related costs incurred during the quarter
relating to the company's realignment for growth initiative and
a US$3.6 million increase in tax reserves.  

The company invested US$9.1 million in capital expenditures
during the first quarter, primarily related to enhancements to
its management information systems and additional infrastructure
investments to improve distributor service levels.  
Additionally, the company pre-paid US$29.5 million of its senior
credit facility during the quarter.

            First Quarter 2007 Business Highlights

Consistent with its distributor strategy, the company continued
to support the development and training of its distributors
during the first quarter, by hosting over 55,000 distributors
globally at more than 40 major local and regional events.  
Highlights include the worldwide President's Summit in the U.S.;
regional Extravaganzas in Colombia and northeast Brazil; a
Supervisor Spectacular and Leadership meeting in Japan and
Korea; a Greater China Spectacular in Hong Kong along with a
three-city doctor tour and a three-city CEO tour in China.  
Additionally, the company opened El Salvador as its 64th country
in February.

The company also continued to support distributor business
methods by expanding its distribution reach in key markets,
enhancing product packaging and expanding the global
distribution of its leading products.  "We continue to focus our
company resources on increasing product availability in Mexico
while we strengthen our product line and services to better
support our distributors' daily methods of operations," said
Greg Probert, the company's president and chief operating
officer.

In March, the company received notification from China's
Ministry of Commerce that it had received a direct-selling
license that permits the company to conduct a direct-selling
business in Suzhou and Nanjing in the Jiangsu province.  Over
six million people live in Suzhou, the fifth largest Chinese
city based upon GDP and approximately eight million people live
in Nanjing, which is the second largest commercial center in
East China after Shanghai.

Additionally, the company announced a five-year, multi-million
dollar expansion of its agreement with AEG making Herbalife the
presenting sponsor of the Los Angeles Galaxy.  The agreement
gives Herbalife on-jersey exposure for its brand beginning with
the 2007 season.

                    Regional Performance

EMEA reported net sales of US$143.2 million in the first
quarter, up 1.2 percent versus the same period of 2006.  
However, excluding currency fluctuations, net sales decreased
5.5 percent.  The performance was primarily attributable to
growth in several of the region's top markets, including
Portugal, up 37.3 percent, Spain, up 18.1 percent, France, up
8.4 percent, and Italy, up 6.9 percent, in each case compared to
the first quarter of 2006.  These gains were partially offset by
declines in other core markets including Germany and the
Netherlands, which were down 21.1 percent and 19.5 percent,
respectively, versus the comparable period of 2006.  Total
supervisors in the region, as of March 31, 2007, decreased 3.0
percent versus the same period in 2006.

North America reported net sales of US$104.5 million in the
first quarter, up 20.0 percent versus the same period of 2006.  
Excluding currency fluctuations, net sales increased 20.2
percent.  Total supervisors in the region, as of March 31, 2007,
increased 18.7 percent versus the same period in 2006.

Mexico and Central America reported net sales of US$95.9 million
in the first quarter, up 14.2 percent versus the same period of
2006.  Excluding currency fluctuations, net sales increased 18.6
percent.  Total supervisors in the region, as of March 31, 2007,
increased 57.2 percent as compared to the same period in 2006.

SAM/SEA reported net sales of US$55.8 million in the first
quarter, up 28.3 percent versus the same period of 2006.  
Excluding currency fluctuations, net sales increased 23.6
percent.  The growth in the region was primarily attributable a
52.4 percent increase in Thailand and a 94.1% increase in
Colombia compared to the first quarter of 2006 coupled with the
recent opening of Peru.  Total supervisors in the region, as of
March 31, 2007, increased 48.9 percent versus the same period in
2006.

Greater China reported net sales of US$40.7 million in the first
quarter, up 42.3 percent versus the same period of 2006.  
Excluding currency fluctuations, net sales increased 42.7
percent.  The increase was primarily attributable to incremental
sales in China up 173.4 percent, and 28.5 percent growth in
Taiwan.  Total supervisors in the region, as of March 31, 2007,
increased 33.1 percent versus the same period in 2006.

Brazil reported net sales of US$33.3 million in the first
quarter, down 6.2 percent versus the same period of 2006.  
Excluding currency fluctuations, net sales decreased 10.0
percent.  Total supervisors, as of March 31, 2007, increased 3.5
percent versus the same period in 2006.

North Asia reported net sales of US$34.7 million in the first
quarter, down 2.5 percent versus the same period of 2006.  
Excluding currency fluctuations, net sales decreased 3.0
percent.  The performance reflects a 12.8 percent decline in
Japan, mostly offset by a 14.6 percent increase in South Korea.  
Total supervisors in the region, as of March 31, 2007, decreased
1.3 percent versus the same period in 2006.

           Second Quarter and Full Year 2007 Guidance

Based on its current business trends, the company is reaffirming
second quarter 2007 diluted earnings per share guidance provided
on April 25, 2007 in the range of US$0.58 to US$0.62.  
Additionally, for the full year 2007, the company is reaffirming
its diluted earnings per share estimates in the range of US$2.49
to US$2.56 as announced on April 25, 2007.  The company's second
quarter and full year 2007 diluted earnings per share estimates
exclude severance expenses associated with the company's
realignment for growth initiative, any potential
accretion/dilution related to the company's US$300 million share
repurchase program, and the increase in tax reserves, which was
reported in the first quarter 2007 financial results.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Gov't May Sue Orinoco Project Operators
---------------------------------------------------------------
Petroleos de Venezuela SA has formally taken over control of
four heavy-crude projects in the Orinoco oil belt beginning
May 1.  

During President Hugo Chavez's speech Tuesday, he accused
foreign oil companies of violating drilling contracts that
damaged reservoirs, MarketWatch reports.  The Venezuelan leader
warned of possible litigation against Exxon Mobil Corp.,
Statoil, Chevron Corp., Total SA, ConocoPhillips and BP PLC.  

The president said that Orinoco's former operators should have
recovered at least 20% of the oil in the reservoirs through
advanced technologies such as steam injection.  Instead, he
said, these firms extracted only 7% to 10% of the reserves in
each formation before moving to new drilling sites, MarketWatch
relates.

Officials from the state-owned firm have long-standing
complaints with foreign oil companies for leaving recovery rates
so low in the Orinoco, the same report relates.  Orinoco oil,
which is as much a solid as a liquid, is difficult to extract
and doesn't flow above ground.

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.


PETROLEOS DE VENEZUELA: May Buy-Back US$1.6 Billion of Bonds
------------------------------------------------------------
State-owned Petroleos de Venezuela SA may repurchase US$1.6
billion of bonds sold by oil production joint ventures run by
Exxon Mobil Corp. and ConocoPhillips, after the government took
control of the projects, Guillermo Parra-Bernal and Theresa
Bradley at Bloomberg News reports.

According to company board director Eulogio del Pino, the
government is also considering other options besides the
repurchase, Bloomberg says.

The Venezuelan government took control yesterday of four heavy-
crude projects in the Orinoco oil belt, in accordance with
President Hugo Chavez's nationalization decree.  

Bloomberg notes one of the ventures, Petrozuata, owned 50.1
percent by ConocoPhillips until yesterday, sold US$1 billion in
bonds in three parts.  Cerro Negro, which was run by Exxon
before May1, has US$600 million in outstanding bonds, also in
three maturities.  

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: China To Provide US$4-Bil. Funding for Exploration
---------------------------------------------------------------
Venezuelan President Hugo Chavez told Business News Americas
that China will provide US$4 billion for a US$6-billion crude
oil exploration and production project fund.

According to Venezuelan state news agency Agencia Bolivariana de
Noticias, President Chavez said that China has agreed with
Venezuela to support the fund that would finance extra-heavy and
heavy crude oil projects.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2007, President Chavez signed five energy agreements
with China's high official Li Changchun.  The two leaders also
established a strategic fund to be used in bilateral projects.  
China, according to the Venezuelan leader, would contribute US$4
billion to the fund, while Venezuela would provide US$2 billion.  
Part of the accord signed was an agreement for the creation of
ventures to jointly develop heavy-crude projects in Campo Junin,
Orinoco strip, eastern Venezuela; hydrocarbon exploitation in
China; installation of three refineries; construction and
management of oil supertankers; and supply of fuel oil to China.

BNamericas notes that Chinese Development and Reform Minister Ma
Kai sent a letter to Venezuelan Planning Minister Jorge Giordani
informing him of the Chinese government's approval of the fund.

Venezuela seeks to diversify end markets for its crude and
refinery products by increasing shipments to China, India and
other Asian and developing nations, BNamericas states.

                        *     *     *

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


* VENEZUELA: Mibam Drafts Accord Terms for Nicaraguan Plant
-----------------------------------------------------------
International press reports that Mibam, the Venezuelan basic
industries and mining ministry, has drafted the terms of an
agreement to set up a strategic partnership with the Nicaraguan
government for the installation of an aluminum plant in
Nicaragua.

Mibam chief Jose Khan told the press that Venezuela produces
almost 653,000 tons of aluminum yearly, so it is going to form a
firm in Nicaragua with five production lines.

Published reports say that the new plant will supply the markets
in Nicaragua, Honduras and other Latin American countries.  

Business News Americas relates that Venezuela's President Hugo
Chavez offered to construct an aluminum plant in Nicaragua
through a joint venture with Alcasa -- an aluminum reducer that
is 92% owned by Venezuelan state-run heavy industry holding
company CVG.

Studies have already been launched for the plant's construction,
Minister Khan told BNamericas.

                        *     *     *

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


* VENEZUELA: Selling US Plants; Building Plant Network in LatAm
---------------------------------------------------------------
Venezuela's President Hugo Chavez told the Associated Press that
his country hopes to gradually sell off its U.S. refineries and
construct a new network of plants in Latin America, as part of
plans to offer a stable oil supply to allies.

Citgo Petroleum Corporation has seven plants in the US and part
of the Venezuelan government's plans is to sell those
refineries, the AP says, citing President Chavez.

According to the AP, Venezuela held a meeting with these
nations:

          -- Haiti,
          -- Nicaragua,
          -- Bolivia,
          -- Cuba,
          -- Uruguay,
          -- Ecuador,
          -- Dominica,
          -- St. Kitts and Nevis, and
          -- St. Vincent and the Grenadines.

The AP relates that President Chavez signed agreements with
leaders in other countries for Venezuela to supply fuel under
preferential terms and launch projects in education,
telecommunications, mining and other areas.  

Venezuela will ensure 100% energy supply for Alternativa
Bolivariana para la America or the Bolivarian Alternative for
the Americas members and Haiti, the AP says, citing President
Chavez.

The AP notes that Venezuela and Cuba formed ALBA in 2004 as a
counterproposal to US backed free-trade plans.  The group
includes Venezuela, Cuba, Bolivia and Nicaragua.

President Chavez told the AP that Venezuela will eventually help
construct a network of refineries in:

          -- Nicaragua,
          -- Haiti,
          -- Ecuador,
          -- Bolivia, and
          -- Dominica.

President Chavez said that Venezuela will also help renovate
Cuba's Cienfuegos plant, the AP notes.

According to the AP, President Chavez stated that ALBA member
states can fund 50% of the bill for fuel under low-interest
loans, under special oil deals offered by Venezuela.  About 25%
of the total bill would go into a special "ALBA Fund" to support
local projects through loans.

The AP reports that the leaders of the Latin American countries
also discussed the formation of an economic cooperation and
investment fund.  President Chavez offered to contribute US$250
million.

President Chavez also proposed to construct a petrochemical
complex and natural gas refinery in Haiti, the AP says.

Meanwhile, President Chavez proposed to issue a regional bond to
raise funds for social spending, the AP states.  The Venezuelan
leader said, "I proposed that we issue an ALBA bond.  I hope
that we can do it ... And that we issue it here in Venezuela,
like we did with Argentina, and bring in US$1 billion."

The money acquired from the bond issuance would be placed in a
fund to provide credit for ALBA nations, President Chavez
explained to the AP.

                        *     *     *

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


* VENEZUELA: S&P Says Debt Ratings To Rely on Oil Firm's Success
----------------------------------------------------------------
Standard & Poor's Ratings Services said the future ratings of
Venezuela will ever more be dependent upon the ability of
Petroleos de Venezuela S.A. (PDVSA, BB-/Stable/--) to implement
its ambitious investment plans.

Standard & Poor's explained this prediction in a commentary
entitled, "Minding the Gap In Venezuela: Country And Sovereign
Risk Revisited As The Government Takes Control Of The Orinoco
Belt Operations," as the government of the Bolivarian Republic
of Venezuela (BB-/Stable/B) officially took operational control
of joint projects run by Exxon Mobil Corp., ConocoPhilips,
Chevron Corp, Total S.A., Statoil ASA, and BP PLC.
     
According to Standard & Poor's credit analyst Richard Francis,
the action signifies continued deterioration in Venezuela's
country risk that will have implications on the overall health
of the economy and possibly on its sovereign ratings.  "Much
will depend upon the willingness of the foreign oil companies to
invest in the oil sector going forward," said Mr. Francis.  "The
foreign oil companies have until June 26, 2007, to negotiate
final terms, including compensation and reduced stakes," he
added.  
     
Mr. Francis explained that the Venezuelan government is
increasingly reliant upon the state-owned oil sector as country
risk and the overall business climate in the country continue to
worsen.  As a result, the future ratings of Venezuela will ever-
more be dependent upon the ability of Petroleos de Venezuela
S.A. (PDVSA, BB-/Stable/--) to implement its ambitious
investment plans.
      
"Failure to expand production and broaden the scope of refining
and other sectors, such as natural gas, could eventually put
downward pressure on Venezuela's sovereign rating," Mr. Francis
said.  "The developments in the Orinoco Belt will be a key area
to watch as it will have broad implications for the future of
the country's economic prospects and therefore its sovereign
ratings," he added.
     
Standard & Poor's said that a departure of expertise and a fall
in investment could weaken the nation's oil industry, which is
still in a state of flux from the major changes at PDVSA after
the 2002-2003 strike.  The lack of foreign investment and
increasing government control over the economy will make the
overall economy even more dependent on the public oil sector.
      
"If PDVSA's ambitious investment plan leads to increased oil
production and refining capabilities, the heightened country
risk will not likely have an impact on Venezuela's ratings at
their current level," noted Mr. Francis.  "It is not clear,
however, if PDVSA -- with its conflicting economic and social
objectives -- will be able to implement its strategic business
plans alone," he concluded.


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

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
            New York, New York
               Contact: http://www.abiworld.org/
  
May 14-16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual TMA Regional Conference - Texas
         Hyatt Regency Resort & Spa
            Lost Pines, Texas
               Contact: http://www.turnaround.org/

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

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

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

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

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

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, Washington
            Contact: http://www.turnaround.org/
  
May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Networking Lunch
         TBD, Arizona
            Contact: 623-581-3597 or www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/
  
Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/
  
BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                        ***********


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

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


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