TCRLA_Public/070515.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

             Tuesday, May 15, 2007, Vol. 8, Issue 95

                          Headlines

A R G E N T I N A

BANCO DE GALICIA: Loses ARS36.2 Million in First Quarter 2007
BARTEL ILUMINACION: Proofs of Claim Verification Ends on Aug. 13
DIPRO SA: Proofs of Claim Verification Deadline Is May 23
DISTRIBUIDORA DEL NORTE: Individual Report Filing Is on Aug. 29
DISTRIMAE SRL: Trustee To File Individual Reports on Aug. 16

DMRT SA: Seeks Reorganization Approval in Buenos Aires Court
FEDERACION ARGENTINA: Trustee To File Individual Reports Aug. 13
FUNES SRL: Proofs of Claim Verification Deadlines Is June 1
INDUS AGRO: Proofs of Claim Verification Deadline Is July 13
INDUSTRIAS METALURGICAS: Seeks Reorganization Court Approval

MANUFACTURA PELETERA: Claims Verification Deadline Is July 4
SILVINA AGUIRRE: Proofs of Claim Verification Is Until June 8
TRANCO LARGO: Proofs of Claim Verification Ends on July 11

* ARGENTINA: Launching Bank of the South on June 26

B A H A M A S

JETBLUE AIRWAYS: Names Dave Barger as Chief Executive Officer
JETBLUE AIRWAYS: CEO Replacement Cues S&P's Negative Watch

B E R M U D A

ENDURANCE SPECIALTY: Board Okays Buyback of 18MM Ordinary Shares
FOSTER WHEELER: DA Davidson Upgrades Firm's Shares to Buy
HARBOURVEST VI: Proofs of Claim Filing Deadline Is May 30
HARBOURVEST VI: Will Hold Final General Meeting on June 18
SEA CONTAINERS: Can Implement Non-Insider Retention Plan

B O L I V I A

* BOLIVIA: To Launch Bank of the South on June 26

B R A Z I L

AES TIETE: Reports BRL160.5 Million Net Income in First Quarter
BANCO NACIONAL: Grants BRL462.5-Million Financing to Sadia
BAUSCH & LOMB: Expects to File First Quarter Results by June 10
BENQ CORP: Chairman Won't Resign Despite Insider Trading Charges
COMPANHIA ENERGETICA: Focusing Investments on New Projects

ELETROPAULO METROPOLITANA: Earns BRL165.6 Mil. in First Quarter
ENERGIA ELECTRICA: S&P Assigns B Corporate Credit Rating
FIAT SPA: Buys Back 2.9 Million Ordinary Shares
FIDC PAULISTA: Moody's Puts (P)Ba2 Global Local Currency Rating
NORTEL NETWORKS: Selects Alvio Barrios as CALA Region President

PETROLEO BRASILEIRO: Reports BRL4.1 Bil. First Qtr. Net Profit
PETROLEOS BRASILEIRO: Fitch Ups Issuer Default Rating to BBB-
PETROBRAS ENERGIA: Fitch Ups Curr. Default Ratings to BB from B+
TRW AUTOMOTIVE: Fitch Rates New Sr. Sec. Credit Facility at BB+
USINAS SIDERURGICAS: Deutsche Bank Increases Target Price

USINAS SIDERURGICAS: Domestic Sales May be 70% of Shipments

C A Y M A N   I S L A N D S

OCTAGON INVESTMENT: Sets Final Shareholders Meeting for July 12
PILGRIM INVESTMENTS: Final Shareholders Meeting Is on June 5
PLUM FINANCE: Will Hold Final Shareholders Meeting on June 28
SPRINGS INDUSTRIES: Sets Final Shareholders Meeting for June 21
SPYGLASS CAPITAL: Will Hold Final Shareholders Meeting on June 8

TCW EM: Sets Final Shareholders Meeting for July 12

C H I L E

CONSTELLATION BRANDS: S&P Assigns BB- Rating to US$700-Mln Notes

C O L O M B I A

ARMOR HOLDINGS: BAE Systems Merger Cues Moody's Ratings' Review
ARMOR HOLDINGS: Credit Suisse Downgrades Shares to Neutral
BANCOLOMBIA: Concludes Banagricola Tender Offer

C O S T A   R I C A

SAMSONITE CORP: Jan. 31 Balance Sheet Upside-Down by US$222 Mln

E C U A D O R

PETROECUADOR: Will Ink Protection Agreement with Armed Forces

E L   S A L V A D O R

AES CORP: Incomplete 2006 Audit Prompts Delay Form 10-Q Filing

G U A T E M A L A

SPECTRUM BRANDS: Posts US$237-Million Loss in Second Quarter

G U Y A N A

DIGICEL LTD: Rival to Challenge Unit's International License
DIGICEL LTD: Using Earth Station to Route International Calls

J A M A I C A

DYOLL INSURANCE: Liquidators Propose Compromise with Creditors
NATIONAL WATER: To Call for Tenders on Water Provision Project

M E X I C O

ADVANCED MARKETING: Bankruptcy Court Sets July 2 Claims Bar Date
ADVANCED MARKETING: Court Extends Exclusive Period to Aug. 10
ADVANCED MARKETING: Court Okays Hiring of Freshfields as Counsel
ADVANCED MARKETING: Gets OK to Sell U.K. Subsidiaries & Bookwise
INTERAMERICANA: S&P Puts Low-B Ratings Under Positive Watch

MOVIE GALLERY: Posts US$14.9-Million Net Loss in First Quarter
VITRO SA: Increasing Businesses to Boost Cash Flow in Five Years

P A N A M A

* PANAMA: Enters Into US$39.4-Million Loan Pact with World Bank

P E R U

GEOKINETICS INC: Declares Public Offering Price of US$28 A Share

P U E R T O   R I C O

ALLIED WASTE: Inks Underwriting Agreement with Goldman Sachs
B&G FOODS: To Offer 14 Million Shares of Class A Common Stock
MAIDENFORM BRANDS: Reports US$7 Million First Quarter Net Income
ROYAL CARIBBEAN: Stifel Puts Buy Rating on Firm's Shares
SEARS HOLDINGS: Reveals Brand Positioning to Deflect Competition

T R I N I D A D   &   T O B A G O

MIRANT CORPORATION: Posts US$52-Mil. Loss in Qtr. Ended April 1

V E N E Z U E L A

DAIMLERCHRYSLER AG: Cerberus is Likely Buyer for Chrysler Group
DAIMLERCHRYSLER AG: Ohio Workers Hire Morpheus to Advise on Bid
PETROLEOS DE VENEZUELA: Minister Expects US$61BB Income for 2007

* VENEZUELA: IMF Says Venezuela Has Not Withdrawn Officially
* VENEZUELA: To Launch Regional Bank on June 26


                            - - - - -

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


BANCO DE GALICIA: Loses ARS36.2 Million in First Quarter 2007
-------------------------------------------------------------
Banco de Galicia said in its earnings release that its losses
increased 23.9% to ARS36.2 million in the first quarter 2007,
compared with ARS29.2 million in the same quarter in 2006.

Business News Americas relates that the result was negatively
affected by:

          -- a ARS30.5-million loss from the amortization of
             deferred losses from "amparo claims,"

          -- a ARS32.8-million from the swap of secured loans
             for Boden 2012 government bonds, and

          -- a ARS18-million charge related to the revaluation
             of public sector assets.

Banco de Galicia told BNamericas that, excluding the charges
mentioned, the adjusted net income for the quarter totaled
ARS45.1 million.

The report says that the quarterly loss was somewhat expected by
the market.  Meanwhile, analysts view the settlement of all of
Banco de Galicia's ARS909-million outstanding debt with the
Argentine central bank in March "boding well" for its future.

Local brokerage Allaria Ledesma analyst Guido Bizzozero
commented to BNamericas, "The bank [Banco de Galicia] has
carried out several transactions to clean up its balance sheet
and reduce its debt and exposure to government-backed
securities.  While these actions took a toll on first quarter
earnings, they will yield profits in the future due to an
improvement in the bank's rates as well as fund availability."

Banco de Galicia's net operating income increased 54.4% to
ARS130 million in the first quarter, compared to the same period
in 2006.  Its net income from services rose 37.3% to ARS202
million, according to BNamericas.

BNamericas states that Banco de Galicia's lending to the private
sector rose 36.3% to ARS10.4 billion as of March 31, 2007, from
the first quarter 2006.  Its past-due loans as a percentage of
private sector loans declined to 3.64% from 7.11%.

Banco de Galicia's deposits increased 34.9% to ARS11.7 billion
in the first quarter 2007, compared to the first quarter 2006.  
Its market share rose by 0.46 percentage points to 8.62% of
total private sector deposits, BNamericas reports.

Headquartered in Buenos Aires, Argentina, Banco de Galicia y
Buenos Aires SA -- http://www.e-galicia.com/-- is an
Argentinean private bank that is engaged in commercial banking,
providing general banking services to large corporations, small
and medium-sized companies, agricultural and cattle farms and
individuals.  The company controls an extensive and diverse
network of subsidiaries, which include Banco Galicia Uruguay SA,
Galicia Capital Markets SA, Galicia Factoring y Leasing SA, Agro
Galicia SA, Galicia Administradora de Fondos SA, Galicia Valores
SA, Galicia Warrants SA, Net Investments SA, Sudamericana
Holding SA and Tarjetas Regionales SA.  Through its subsidiaries
the company offers accounting, investment and insurance
services, loans, checks and debit and credit cards.  It also
finances the development of real estate, acts as a fiduciary and
leases properties to interested parties.  It operates over 400
branches across the country and provides e-banking services to
customers via its Internet site.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, Banco de Galicia y Buenos Aires' Obligaciones
Negociables issued on Nov. 6, 2001, for the original amount of
US$12 million was rated D by the Argentine arm of Standard &
Poor's International Ratings.


BARTEL ILUMINACION: Proofs of Claim Verification Ends on Aug. 13
----------------------------------------------------------------
Claudia Irene Guinis, the court-appointed trustee for Bartel
Iluminacion S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 13, 2007.

Ms. Guinis will present the validated claims in court as
individual reports on Sept. 24, 2007.  The National Commercial
Court of First Instance in Quilmes, Buenos Aires, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Bartel Iluminacion and its creditors.

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

A general report that contains an audit of Bartel Iluminacion's
accounting and banking records will be submitted in court on
Nov. 5, 2007.

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

The debtor can be reached at:

          Bartel Iluminacion S.A.
          Avenida del Trabajo 740
          Florencio Varela, Buenos Aires
          Argentina

The trustee can be reached at:

          Claudia Irene Guinis
          Moreno 525
          Quilmes, Buenos Aires
          Argentina


DIPRO SA: Proofs of Claim Verification Deadline Is May 23
---------------------------------------------------------
Ruben Angel Scaletta, the court-appointed trustee for Dipro
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until May 23, 2007.

Mr. Scaletta will present the validated claims in court as
individual reports on July 6, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Dipro and its creditors.

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

A general report that contains an audit of Dipro's accounting
and banking records will be submitted in court on Sept. 3, 2007.

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

The trustee can be reached at:

          Ruben Angel Scaletta
          Piedras 1077
          Buenos Aires, Argentina


DISTRIBUIDORA DEL NORTE: Individual Report Filing Is on Aug. 29
---------------------------------------------------------------
Susana Graciela Roiter, the court-appointed trustee for
Distribuidora del Norte S.A.'s bankruptcy proceeding, will
present creditors' validated claims as individual reports in the
National Commercial Court of First Instance No. 24 in Buenos
Aires on Aug. 29, 2007.

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

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

As reported in the Troubled Company Reporter-Latin America on
April 16, 2007, Ms. Roiter verifies creditors' proofs of claim
until July 4, 2007.

Ms. Roiter will also submit to court a general report containing
an audit of Distribuidora del Norte's accounting and banking
records on Oct. 10, 2007.

Clerk No. 47 assists the court in this case.

The debtor can be reached at:

          Distribuidora del Norte SA
          Avenida de Mayo 819          
          Buenos Aires, Argentina

The trustee can be reached at:

          Susana Roiter
          Marcelo T. de Alvear 1430
          Buenos Aires, Argentina


DISTRIMAE SRL: Trustee To File Individual Reports on Aug. 16
------------------------------------------------------------
Jorge Alberto Vazquez, the court-appointed trustee for Distrimae
S.R.L.'s bankruptcy proceeding, will present creditors'
validated claims as individual reports in the National
Commercial Court of First Instance No. 2 in Buenos Aires on
Aug. 16, 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 Distrimae S.R.L. and its creditors.

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

As reported in the Troubled Company Reporter-Latin America on
April 13, 2007, Mr. Vazquez verifies creditors' proofs of claim
until June 20, 2007.

Mr. Vazquez will also submit to court a general report
containing an audit of Distrimae's accounting and banking
records on Sept. 28, 2007.

Clerk No. 3 assists the court in this case.

The debtor can be reached at:

          Distrimae S.R.L.
          Angel Justiniano Carranza
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Alberto Vazquez
          Bartolome Mitre 2593
          Buenos Aires, Argentina


DMRT SA: Seeks Reorganization Approval in Buenos Aires Court
------------------------------------------------------------
Dmrt S.A. has requested for reorganization before the National
Commercial Court of First Instance in Buenos Aires after failing
to pay its liabilities.

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

The debtor can be reached at:

          Dmrt S.A.
          Reconquista 672
          Buenos Aires, Argentina


FEDERACION ARGENTINA: Trustee To File Individual Reports Aug. 13
----------------------------------------------------------------
Lidia Roxana Martin, the court-appointed trustee for Federacion
Argentina de Cooperativas Apicolas (FACAP)'s bankruptcy
proceeding, will present creditors' validated claims as
individual reports in the National Commercial Court of First
Instance No. 12 in Buenos Aires on Aug. 13, 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 FACAP 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
May 11, 2007, Ms. Martin verifies creditors' proofs of claim
until June 29, 2007.

Ms. Martin will also submit to court a general report containing
an audit of FACAP's accounting and banking records on
Sept. 24, 2007.

Clerk No. 23 assists the court in this case.

The debtor can be reached at:

          Federacion Argentina de Cooperativas Avicolas Facap
          Ecuador 374
          Buenos Aires, Argentina

The trustee can be reached at:

          Lidia Martin
          Avenida Cordoba 1352
          Buenos Aires, Argentina


FUNES SRL: Proofs of Claim Verification Deadlines Is June 1
-----------------------------------------------------------
Mariana Nadales, the court-appointed trustee for Funes S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
June 1, 2007.

Ms. Nadales will present the validated claims in court as
individual reports on Sept. 3, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Funes and its creditors.

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

A general report that contains an audit of Funes' accounting and
banking records will be submitted in court on Oct. 17, 2007.

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

The debtor can be reached at:

          Funes S.R.L.
          25 de Mayo 168
          Buenos Aires, Argentina

The trustee can be reached at:

          Mariana Nadales
          Hipolito Yrigoyen 1349
          Buenos Aires, Argentina


INDUS AGRO: Proofs of Claim Verification Deadline Is July 13
------------------------------------------------------------
Jessica Minc, the court-appointed trustee for Indus Agro SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
July 13, 2007.

Ms. Minc will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Indus Agro and its
creditors.

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

A general report that contains an audit of Indus Agro's
accounting and banking records will be submitted in court.

La Nacion did not state the reports submission date.

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

The debtor can be reached at:

          Indus Agro SA
          Moreno 1109
          Buenos Aires, Argentina

The trustee can be reached at:

          Jessica Minc
          Avenida Santa Fe 2534
          Buenos Aires, Argentina


INDUSTRIAS METALURGICAS: Seeks Reorganization Court Approval
------------------------------------------------------------
Industrias Metalurgicas Suarez S.A. has requested for
reorganization before the National Commercial Court of First
Instance No. 18 in Buenos Aires after failing to pay its
liabilities since March 8, 2007.

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

Clerk No. 35 assists on this case.

The debtor can be reached at:

          Industrias Metalurgicas Suarez S.A.
          Avenida Bernabe Marque 2969
          Jose Leon Suarez
          Buenos Aires, Argentina
  

MANUFACTURA PELETERA: Claims Verification Deadline Is July 4
------------------------------------------------------------
Jorge Juan Gerchkovich, the court-appointed trustee for
Manufactura Peletera Bernal S.R.L.'s bankruptcy proceeding,
verifies creditors' proofs of claim until July 4, 2007.

Mr. Gerchkovich will present the validated claims in court as
individual reports on Aug. 29, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Manufactura Peletera and its creditors.

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

A general report that contains an audit of Manufactura
Peletera's accounting and banking records will be submitted in
court on Oct. 10, 2007.

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

The trustee can be reached at:

          Jorge Juan Gerchkovich
          Araoz 1056
          Buenos Aires, Argentina


SILVINA AGUIRRE: Proofs of Claim Verification Is Until June 8
-------------------------------------------------------------
Horacio Ferenando, the court-appointed trustee for Silvina
Aguirre Propiedades SA's bankruptcy proceeding, verifies
creditors' proofs of claim until June 8, 2007.

Mr. Ferenando will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Silvina Aguirre and its
creditors.

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

A general report that contains an audit of Silvina Aguirre's
accounting and banking records will be submitted in court.

La Nacion did not state the reports submission date.

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

The debtor can be reached at:

          Silvina Aguirre Propiedades SA
          Cerrito 1266
          Buenos Aires, Argentina

The trustee can be reached at:

          Horacio Ferenando
          Maipu 464
          Buenos Aires, Argentina


TRANCO LARGO: Proofs of Claim Verification Ends on July 11
----------------------------------------------------------
Monica Olga Rajo, the court-appointed trustee for Tranco Largo
S.A.C.I.F.I. y A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until July 11, 2007.

Ms. Rajo will present the validated claims in court as
individual reports on Sept. 7, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Tranco Largo and its creditors.

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

A general report that contains an audit of Tranco Largo's
accounting and banking records will be submitted in court on
Oct. 22, 2007.

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

The debtor can be reached at:

          Tranco Largo S.A.C.I.F.I. y A.
          Quinteros 909
          Buenos Aires, Argentina

The trustee can be reached at:

          Monica Olga Rajo
          Viamonte 2359
          Buenos Aires, Argentina


* ARGENTINA: Launching Bank of the South on June 26
---------------------------------------------------
Alex Kennedy at Bloomberg News reports that Argentina, in
cooperation with Venezuela and Bolivia, will launch June 26 a
regional bank that would seek to replace International Monetary
Fund and World Bank in the region.  

The three governments would pool part of their international
reserves to serve as the proposed bank's capital.

Brazil, Ecuador and Paraguay may also join the lender, known as
the Bank of the South, Venezuelan Finance Minister Rodrigo
Cabezas told Bloomberg.  The South American countries will
inaugurate the bank during the American Cup, a regional soccer
tournament.

"The Bank of the South will be the great financial muscle to
overcome a lack of capital," Minister Cabezas told Bloomberg in
an e-mailed statement from Caracas.  "It will free us from the
IMF and World Bank."

The creation of the Bank of the South was advocated by
Venezuelan President Hugo Chavez who has been vocal about his
hope to lessen the U.S.'s influence in the region.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


JETBLUE AIRWAYS: Names Dave Barger as Chief Executive Officer
-------------------------------------------------------------
JetBlue Airways Corporation has appointed Dave Barger as its
chief executive officer, effective immediately.  Mr. Barger
retains his responsibilities as president.  

David Neeleman, JetBlue's founder and chief executive officer
since 1998, will serve JetBlue as non-executive chairperson of
the board.

"This is a natural evolution of the company's leadership
structure as JetBlue continues to grow," Mr. Neeleman said.  "As
chairman of the board, I will focus on developing JetBlue's
long-term vision and strategy, and how the company can continue
to be a preferred product in a commodity business."

"I am honored to serve JetBlue in this capacity, and I thank
David for his leadership," Mr. Barger said.  "The strength of
JetBlue has always been the company's crewmembers.  The company
believes that when it takes care of its people, and make sure
they have the right tools and resources, customers will choose
the company first every time.  I look forward to a very bright
future for the company's crewmembers, its customers and its
shareholders."

Mr. Neeleman founded JetBlue as chief executive officer in 1998
and became chairman of the board of directors in 2002.  Mr.
Barger joined JetBlue in August 1998 as president and chief
operating officer.  The airline first took to the skies in
February 2000.  Since then, the low-fare airline based in New
York's John F. Kennedy International Airport has grown to 52
destinations with more than 575 daily flights.

                 About JetBlue Airways Corp.

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.


JETBLUE AIRWAYS: CEO Replacement Cues S&P's Negative Watch
----------------------------------------------------------
Standard & Poor's Ratings Services placed most of its ratings on
JetBlue Airways Corp., including the 'B' long-term corporate
credit rating, on CreditWatch with negative implications.  The
'B-3' short-term rating is not on CreditWatch.
      
"The CreditWatch placement reflects the company's operational
and strategic challenges, highlighted by [the] announcement that
founder David Neeleman will be replaced as CEO by the company's
president, Dave Barger, effective immediately," said Standard &
Poor's credit analyst Betsy Snyder.  Mr. Neeleman, responsible
for JetBlue Airways' distinctive and positive corporate culture,
will remain company chairperson, but in a nonexecutive role,
focusing on long-term strategy.  The departure of Mr. Neeleman
is the latest in a series of management changes that leaves Mr.
Barger as one of the few remaining members of the company's
senior management team since it was founded in 1998.  "We
believe Mr. Neeleman's departure from JetBlue's daily operations
could negatively affect its generally positive employee
relations and could result in changes in its business model,"
Ms. Snyder continued.
     
JetBlue Airways had begun to regain profitability in the fourth
quarter of 2006 after a sharp decline in operating performance
during 2004 and 2005.  The company instituted a Return to
Profitability plan, which included better yield management and
cost reductions.  It also slowed its growth by deferring
deliveries of new aircraft, and selling five of its early-
delivery A320s, and has indicated it would be open to further
aircraft sales if the opportunity arose.  In addition, the
company joined computer reservations systems, which enables it
to access more higher-yielding business travelers.  

However, in the first quarter of 2007, the company lost
US$22 million; it had been significantly affected by two major
ice storms in the Northeast, one of which shut down the
company's operations for several days, as well as operating
problems with its Embraer 190 regional jets.  As a result of the
loss in the first quarter and a weaker-than-expected outlook for
domestic industry traffic and pricing, JetBlue Airways'
financial profile will likely take longer to improve than
previously expected.
     
Standard & Poor's will assess the new CEO's operating strategy
and the effect on JetBlue Airways' credit profile to resolve the
CreditWatch.

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.




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


ENDURANCE SPECIALTY: Board Okays Buyback of 18MM Ordinary Shares
----------------------------------------------------------------
The Royal Gazette reports that Endurance Specialty Holdings'
board of directors have approved the repurchase of 18 million of
its ordinary shares, which meant an increase of 16 million
shares from the initial authorization of two million shares that
the board authorized in February.

According to The Royal Gazette, the share repurchase program
authorizes the buyback of "ordinary shares in open market or
privately negotiated transactions, from time to time, depending
on market conditions."  The program will continue until May
2009.

Endurance Specialty earned US$101.8 million in the first quarter
2007, The Royal Gazette states.  

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

                        *     *     *

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

Endurance Specialty Holdings, Ltd.

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

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

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

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

   Endurance Specialty Holdings, Ltd.

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

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

   -- "bb" on preferred securities

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

   -- "bb" on preferred securities


FOSTER WHEELER: DA Davidson Upgrades Firm's Shares to Buy
---------------------------------------------------------
DA Davidson analysts have upgraded Foster Wheeler Ltd's shares
to "buy" from "neutral," Newratings.com reports.

Newratings.com relates that the target price for Foster
Wheeler's shares was increased to US$110 from US$70.

The analysts said in a research note on May 10 that Foster
Wheeler's first quarter earnings per share were ahead of the
estimates, "with total backlog" increasing 25% year-on-year at
the end of the first quarter.  

The analysts told Newratings.com that Foster Wheeler increased
its margin in the first quarter 2007 through improved pricing,
bidding practices, and favorable market conditions.  DA Davidson
said that the trend is likely to continue, indicating a
favorable earnings outlook.

The earnings per share estimate for 2007 was increased to
US$5.69 from US$3.20, while the estimate for 2008 was raised to
US$6.25 from US$3.50, Newratings.com states.

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

                        *     *     *

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

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


HARBOURVEST VI: Proofs of Claim Filing Deadline Is May 30
---------------------------------------------------------
Harbourvest VI Buyout Ltd.'s creditors are given until
May 30, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Harbourvest VI's shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


HARBOURVEST VI: Will Hold Final General Meeting on June 18
----------------------------------------------------------
Harbourvest VI Buyout Ltd.'s final general meeting will be at
9:00 a.m. on June 18, 2007, or as soon as possible, at:

             Canon's Court
             22 Victoria Street
             Hamilton, Bermuda

These agendas will be taken during the meeting:

          -- accounting on the manner in which the winding-up of
             the company has been conducted and its property
             disposed of and of hearing any explanation that may
             be given by the liquidator;

          -- deciding on the manner in which the books, accounts
             and documents of the company and of the liquidator
             shall be disposed of; and

          -- by resolution dissolving the company.


SEA CONTAINERS: Can Implement Non-Insider Retention Plan
--------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates obtained
authority from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to implement a
non-insider retention plan.

Judge Carey approved the Retention Bonus Plan except with
respect to certain disputed employees, authorizes the Debtors to
take all actions necessary to implement the Retention Plan, and
permits the Debtors to file the Retention Plan Exhibit under
seal.

The Debtors are authorized, but not required, to make all
payments contemplated under the Retention Plan.  All payments
due under the Retention Plan will be entitled to administrative
expense priority pursuant to Section 503(b)(1).

                         Prior Objections

After careful consideration and detailed planning, the Debtors
and their compensation consultants, Towers Perrin, structured a
narrowly focused retention plan that identifies certain non-
insider, critical employees.  The retention plan will in part
reward the Eligible Employees for their past performance and in
part provide them with an incentive to remain in the Debtors'
employ.

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
complains that the Retention Plan Motion does not identify the
specific Eligible Employees, nor does it disclose the amount of
the retention payments each is scheduled to receive.

"The Debtors have instead moved to seal an exhibit containing
that information," the U.S. Trustee said.

The U.S. Trustee did not object to retention payments to 10 of
the 12 individuals designated as Eligible Employees, according
to Mark S. Kenney, Esq., at the office of the U.S. Trustee, in
Wilmington, Delaware.

With respect to an 11th employee, the job title in the proposed
sealed exhibit suggests possible insider status and thus,
further
information must be supplied to ensure that the employee in
question is not an insider, Mr. Kenny asserted.

Moreover, the U.S. Trustee opposes the Motion with respect to
the 12th employee, whom the Debtors acknowledge to be a director
of certain non-Debtor subsidiaries.  "The non-Debtor
subsidiaries are affiliates of one or more of the Debtors and,
therefore, insiders.  The individual, in turn, is an insider of
the affiliates because he is a director thereof," Mr. Kenney
contended.

The Director Employee, as an insider of the Debtors, is barred
by Section 503(c)(1) of the Bankruptcy Code from receiving any
retention payment except in strict in strict accordance with the
conditions stated in Section 503(c)(1)(A) through (C).

The Court will convene a hearing on May 18, 2007, with respect
to the Disputed Employees.

                       About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue
No. 16; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

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




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


* BOLIVIA: To Launch Bank of the South on June 26
-------------------------------------------------
Alex Kennedy at Bloomberg News reports that Bolivia, in
cooperation with Argentina and Venezuela, will launch June 26 a
regional bank that would seek to replace International Monetary
Fund and World Bank in the region.  

The three governments would pool part of their international
reserves to serve as the proposed bank's capital.

Brazil, Ecuador and Paraguay may also join the lender, known as
the Bank of the South, Venezuelan Finance Minister Rodrigo
Cabezas told Bloomberg.  The South American countries will
inaugurate the bank during the American Cup, a regional soccer
tournament.

"The Bank of the South will be the great financial muscle to
overcome a lack of capital," Minister Cabezas told Bloomberg in
an e-mailed statement from Caracas.  "It will free us from the
IMF and World Bank."

The creation of the Bank of the South was advocated by
Venezuelan President Hugo Chavez who has been vocal about his
hope to lessen the U.S.'s influence in the region.


                        *     *     *

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




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


AES TIETE: Reports BRL160.5 Million Net Income in First Quarter
---------------------------------------------------------------
AES Tiete S.A. posted EBITDA of BRL287.2 million in the first
quarter 2007, about 4.9% higher than the first quarter of 2006,
and a net income of BRL160.5 million, which is 5.0% superior to
the amount reported in the same period last year.  This result
strengthens the company's commitment to continue improving its
margins and optimizing the use of resources in order to achieve
better returns to the shareholders.

In line with its dividend policy, on May 11, 2007, the Board of
Directors authorized the distribution of 100% of the net
earnings obtained in first quarter 2007, BRL160.5 million, in
dividends.

AES Tiete has been analyzing new opportunities of investment and
expansion, aiming at increasing the company's results.  On
April 10, its wholly-owned subsidiary AES Rio PCH Ltda obtained
Aneel's approval to transfer the acquired Licenses to build
three small hydropower plants in the state of Rio de Janeiro,
with a total installed capacity of 52 megawatts.  The investment
is estimated at BRL225 million.

AES Tiete SA is controlled by the Brasiliana holding company,
which is a joint venture between US-based AES Corp. and Brazil's
National Development Bank aka BNDES.  It is a ten-dam
hydroelectric generating company located in the State of Sao
Paulo, Brazil.  The company has been granted the right to
operate the dams pursuant to a 30-year concession agreement.

                        *     *     *

Moody's Investors Service upgraded on Aug. 1, 2006, the foreign
currency rating for the senior secured certificates due 2016
issued by Tiete Certificates Grantor Trust to B1 from B3.  The
rating outlook is stable.  This rating action concludes the
review that was initiated on Jan. 17, 2006.


BANCO NACIONAL: Grants BRL462.5-Million Financing to Sadia
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
President Luciano Coutinho, and the bank's vice president,
Armando Mariante, signed a BRL462.5-million financing contract
to Sadia S.A.  The funds will be destined to the construction of
an agro-industrial complex in Lucas do Rio Verde, including two
cold stores -- one for poultry, with a daily slaughter of 500
thousand fowls; and one for hogs, with a daily slaughter of
5,000 animals.

BNDES support -- corresponding to 67% of the total investment --
of BRL692.7 million will contribute for the generation of 6,000
direct jobs and for the regional development, strengthening
social inclusion policies.  Another of the project merits is to
guarantee agro-industrial investments defined as a priority by
the Federal Government.

The Sadia project also includes an incubatory, two ranches to
reproduce fowls, another two to reproduce hogs and one animal
food plant, with their respective warehouses.

Part of the bird and hog cold store production will be
commercialized as special cuts of in natura meat, while another
part will be transferred to other company units for
industrialization.  The venture will reach its full capacity in
2009.  The group investments aim at attending the increased
demand, besides enlarging product distribution channels.

BNDES credit to the company is part of a wider strategy of
support, which includes small producers.  In November 2006,
BNDES directorate approved a BRL213.2 million financing,
repassed by Unibanco to rural producers participating in Sadia's
integration system.  The funds enabled the construction of 132
granges in the region of Lucas do Rio Verde, first stage in the
program operation, which production will be destined,
exclusively, to Sadia Meat Complex.

                            Environment

Sadia invests in projects and initiatives that protect the
environment and has been adopting a pro-active attitude, so as
to ensure its sustainability, from an environmental point of
view.  In this sense, Sustainability and Environmental
Management Committees have been created and disseminated across
its units.

In December 2004, the Sadia Sustainability Institute was
created, which is a non-profitable entity headed by executives
of Sadia.  In 2006 BNDES financed BRL60.6 million for repass to
3.2 thousand integrated producers in its production chain, as a
first stage in a process which objective is to attend all hog
raisers integrated to the company.

                            Market

Brazil is the second largest producer and the largest exporter
of chicken meat, worldwide.  In view of the positive economic
environment, investments are expected in the production and to
increase the meat industrialization capacity in many countries
that produce chicken.  That is, global gross domestic product
expansion per capita in 2007 will continue to encourage the
raising and consumption of chicken and, as a consequence its
production.

As to the production of hogs, Brazil ranks as fourth, with a
slaughter of 36 million units in 2006, which corresponds to 3.23
million tons of swine meat.  The expectation is that the demand
for swine meat in the major consumer countries will continue to
grow, mainly China, which should respond for most of this
growth.

                         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.


BAUSCH & LOMB: Expects to File First Quarter Results by June 10
---------------------------------------------------------------
Bausch & Lomb Inc. expects to file its first quarter results on
Form 10-Q by June 10, 2007.  The company filed a Form NT 10-Q
with the U.S. Securities and Exchange Commission, indicating
that it will be unable to file timely its quarterly report on
Form 10-Q for the first quarter that was otherwise due on
May 10, 2007.  

The company's compilation and review of its first-quarter
financial results has not been finalized due to the significant
time and effort involved in completing its Annual Report on Form
10-K for 2006 filed on April 25, 2007.  

              Preliminary First Quarter 2007 Results

The company disclosed preliminary results for the first quarter
ended March 31, 2007.  However, the company expressed that there
can be no assurance that the amounts reported in its preliminary
report will not differ, including materially, from those
reported in is first quarter 10-Q.

The company expects to report consolidated net sales of about
US$578.9 million for the first quarter of 2007, as compared with
US$546 million in 2006, an increase of 6% or 2% on a constant-
currency basis.  Net sales in 2006 were reduced by US$19.1
million in provisions for customer returns and other reductions
to sales associated with the MoistureLoc recall, which were
recorded as a subsequent event in the first quarter.  Excluding
those provisions, net sales in the first quarter 2007 increased
2% and declined 1% in constant currency.

Bausch & Lomb expects to report net earnings of about
US$19.2 million in the first quarter 2007, as compared with
US$11.8 million for the same quarter in 2006.  Prior-year
earnings were reduced by provisions associated with the
MoistureLoc recall totaling US$19.6 million.

                      Liquidity Metrics

Cash and cash equivalents totaled US$480.5 million at
March 31, 2007, compared to US$499.9 million at the end of 2006.  
The company expects to report cash flows from operating
activities of US$26.6 million in the first quarter.  Those
inflows were more than offset by capital expenditures of US$15.1
million; cash paid for the previously announced equity
investment in AcuFocus Inc., a privately held company; and the
payment of dividends.

The company has quantified charges associated with the May 2006
market withdrawal of ReNuO with MoistureLocO solution and has
provided certain information about growth rates prior to the
recording of the charges.  Bausch & Lomb believes the additional
disclosure is useful and relevant because it provides a basis
for understanding underlying business performance independent of
these items.

                       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

                        *     *     *

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.


BENQ CORP: Chairman Won't Resign Despite Insider Trading Charges
----------------------------------------------------------------
BenQ Corp. Chairman K.Y. Lee won't resign and will continue to
oversee the company's daily operations despite being charged
with insider trading and money laundering, China Post relates,
citing the company's spokeswoman, Daisy Lee, as saying.

According to reports, the Taoyuan District Prosecutors Office
said on Wednesday that Chairman Lee, along with President
Sheaffer Lee and Chief Financial Officer Eric Yu were indicted
for insider trading, money laundering, embezzlement, stock
manipulation, and making false entries in public documents.

K.Y. Lee is facing up to 10 years in prison and a fine of up to
NT$500 million if found guilty, the Post says.

However, Jerry Wang, BenQ's executive vice president, rejected
the charges and told Bloomberg News in a phone interview that
the executives have never engaged in illegal practices.  BenQ
also issued a statement saying it was "deeply shocked, baffled
and finds the indictments unacceptable."

According to the prosecutors, BenQ started a Malaysian unit,
Creo Venture Corp., in 2002 as a proxy to trade employee bonus
shares, and the three executives used some of the proceeds from
trading in the stock to pay for income taxes, Chinmei Sung of
the China Post writes.  BenQ executives also sold shares of the
employee bonus pool between January and March 2006 before
announcing a record loss stemming from the Siemens handset unit,
the prosecutors said, adding that the executives then bought
back stock after the share price fell.

Creo, according to the prosecutors, held 25.9 million BenQ
shares as of March 20, 2006, making it the ninth-largest
shareholder of BenQ.

EE Times relates that prosecutors are trying to prove the
executives sold stock in the spring of 2006, shortly before they
announced larger than expected quarterly losses of about US$176
million from the acquisition of a mobile phone unit from
Germany's Siemens Group.  EE Times notes the company spent
nearly US$1 billion trying to turn around the unit, but failed.  
It went bankrupt and is now in liquidation.

Mike Clendenin, writing for EE Times, says that prosecutors are
accusing BenQ executives of using their insider's knowledge to
benefit from the share sale.  One report, according to Mr.
Clendenin put the profit of the share sale at about US$7
million.  The executives then allegedly moved the cash to an
offshore bank account in Malaysia, eventually funneling it back
to Taipei.  After news of huge losses in the mobile unit sent
BenQ's stock south, the money was allegedly used to buy back the
shares.

BenQ denied the claim.  According to the company, the
transactions were part of a scheme to exercise stock options for
overseas employees who could not legally trade shares in Taiwan,
EE Times relates.

BenQ also said in a statement that the market anticipated the
huge losses announced in the spring of 2006.  "It was publicly
known that there must be losses in the Company's consolidated
revenues in the early stage after the Siemens mobile device
business acquisition.  It was no secret.  The management team of
the Company certainly did not use such information to engage in
insider trading to gain profits."

The Troubled Company Reporter - Asia Pacific on April 13,
reported that Chairman Lee and President Lee His-hua were taken
in by authorities for questioning and were released after paying
NT$15 million and NT$10 million bail, respectively.

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

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.  BenQ Mobile has
lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after the company failed to secure a
buyer by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  The
outlook on the long-term rating is negative.  At the same time,
Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in
2008, 2009, and 2010.  The ratings reflect BenQ's continuing
operating losses from its handset operations and high leverage,
and the competitive nature and low profitability of the LCD
monitor industry.


COMPANHIA ENERGETICA: Focusing Investments on New Projects
----------------------------------------------------------
Companhia Energetica de Minas Gerais Executive Monica Cordeiro
said in a Web cast that the company will concentrate its
generation investments on seeking new projects and revisiting
previous studies.

Ms. Cordeiro, who is in charge of the 360-megawatt Irape plant,
told Business News Americas, "We are investing in seeking out
projects and studying previous ones by ourselves and through
partnerships so we can get a more accurate estimate of financial
costs and environmental impacts."

According to BNamericas, Companhia Energetica will participate
in the May 24 renewables power auction.  Ms. Cordeiro commented,
"We have limited opportunities in the upcoming renewable sources
auction."

Companhia Energetica will launch the construction of 12 small-
hydro power plants in 2007, or in 2008, BNamericas notes.  Ms.
Cordeiro explained, "We want to add our energy generation
capacity."

The report says that Companhia is also considering partnerships
in co-generation projects.  Ms. Cordeiro said, "We are available
to talk to investors from the ethanol sector for an eventual
partnership in co-generation.  This source of energy is a
definitive solution to energy generation."

BNamericas relates that Companhia Energetica is studying the
possibility of making acquisitions in Brazil and in other
countries.  Ms. Cordeiro noted that in Chile, the firm is
getting a good reaction about its investments.   However, she
said that each project, in and outside Brazil, should be
carefully considered.

Partnerships in new businesses will be the key for Companhia
Energetica's growth.  The company wants to structure more and
more partnerships with investors like pension funds, other
operators and financial investors, which are legitimate
partners, BNamericas states, citing Ms. Cordeiro.

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/  
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

As reported on March 8, 2007, Moody's Investors Service assigned
corporate family ratings of Ba2 on its global scale and Aa3.br
on its Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly-owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


ELETROPAULO METROPOLITANA: Earns BRL165.6 Mil. in First Quarter
---------------------------------------------------------------
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
reported net income of BRL165.6 million in the first quarter
2007, about 6.6 times greater than its BRL25.1 million net
income in first quarter 2006.  Adjusted EBITDA totaled BRL505.1
million, with a margin of 30.1%.

Firmly committed to its strategy to further improve its debt
profile, Eletropaulo Metropolitana renegotiated BRL300 million
of Bank Credit Notes (CCBs) issued in April 2006, thus
decreasing its average cost of debt from CDI+1.82% to CDI+1.20%
and extending final maturity from 6 to 8 years.  As a result of
the strong cash generation in first quarter 2007, the company's
net debt dropped by 25%.  This improvement in Eletropaulo
Metropolitana's financial and operating performance resulted in
an increase in the company's national scale rating reported by
S&P from A- to A in April 2007.

As a result of the financial and operational restructuring
program initiated in 2003, Eletropaulo Metropolitana resumed the
payment of dividends, distributing in May 3, 2007, BRL130.4
million referent to 2006 results.

Eletropaulo Metropolitana Eletricidade de Sao Paulo SA --
http://www.eletropaulo.com.br/-- provides electricity to more  
than 5 million customers in the Brazilian state of Sao Paulo.
Part of the privatization trend in Brazil, the company is one of
four created by the split of the former state-owned generation,
transmission, and distribution utility.  Brasiliana Energia, a
company jointly held by US independent power producer AES and
Brazilian national development bank BNDES through Brasiliana,
owns approximately 99% of Eletropaulo.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2006, Standard & Poor's Ratings Services raised the
ratings on Brazilian electric utility Eletropaulo Metropolitana
Eletricidade de Sao Paulo SA and its BRL474 million senior
unsecured and unsubordinated euro bonds to 'BB-' from 'B+'.  On
the Brazil national scale, the 'brBBB+' corporate credit rating
was raised to 'brA-'.  S&P said the outlook is stable.


ENERGIA ELECTRICA: S&P Assigns B Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' foreign and
local currency global scale corporate credit rating to Brazilian
energy distribution company Companhia de Energia Eletrica do
Estado do Tocantins S.A.

The outlook is positive.

The ratings on Celtins reflect:

    * the still unfavorable structure of the company's debt
      profile (in terms of tenor and cost),

    * the challenge of carrying on a robust capital-expenditure
      program in the next four years, and

    * limited capacity to reduce debt as free cash flow should
      be negative in the next few years.

The ratings also take into consideration the company's exposure
to the Brazilian electric sector's regulatory framework.  These
risks are partially tempered by Celtins' streamlined operations,
reflected in its strong 34% EBITDA margin and in the positive
trend for operating cash flow generation (as higher energy costs
are recognized in tariffs and the company manages to reduce the
overall cost of debt).

"The positive outlook on Celtins reflects Standard & Poor's
expectations that the company will continue to work on its
liability management to reduce its exposure to expensive
working-capital loans," said Standard & Poor's credit analyst
Juliana Gallo.  This might lead to an upgrade, if cash flow
protection measures reach funds from operations to total debt
levels of about 25%, and FFO to interest coverage levels of 2x.  
The ratings would stabilize or come under negative pressure if
Celtins fails to deliver the expected improved cash flow
coverage metrics.

"A more aggressive financial policy, resulting from an imprudent
debt increase caused by a more aggressive dividend distribution,
could also potentially pressure ratings," Ms. Gallo stated.


FIAT SPA: Buys Back 2.9 Million Ordinary Shares
-----------------------------------------------
Within the frame of the buy back program announced on April 5,
Fiat S.p.A. purchased 2.9 million Fiat ordinary shares at the
average price of EUR21.57 including fees on May 3.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat, amounts to 7,426,000 for a
total invested amount of EUR157.6 million.

                  Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported in the TCR-Europe on April 10, 2007, Moody's
confirmed its Ba2 Corporate Family Rating for Fiat S.p.A.

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB-'.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.


FIDC PAULISTA: Moody's Puts (P)Ba2 Global Local Currency Rating
---------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)Aa2.br (Brazilian National Scale) and (P)Ba2 (Global Scale,
Local Currency) to the senior shares of the first series (Series
2007-1) to be issued by FIDC Paulista - Veiculos (the Fund), a
securitization backed by a pool of auto and truck loans
originated by Banco Paulista S.A.

The provisional ratings are based on seven factors:

   -- The overall credit quality of the securitized portfolio,
      comprised of auto and truck loans originated by Banco
      Paulista S.A. (not rated);

   -- Banco Paulista's experienced credit team and rigorous
      credit policy;

   -- The 15.5% credit enhancement provided through
      subordination;

   -- The minimum 4% annual excess spread;

   -- The cash reserve of 3% (calculated over the fund's net
      assets) available to make payments on senior shares if
      there is a shortfall;

  -- The ability of Banco Bradesco S.A. (Aaa.br long-term
      national scale local currency deposit rating) to act as
      collection agent; and

  -- The legal structure of the transaction, including the
      bankruptcy-remoteness of the issuer.

                        The Structure

The fund is structured as a closed-end, master program FIDC,
marketable in Brazil to qualified investors, including corporate
and private-banking investors, pension funds, insurance
companies, and other investment funds.  The final maturity of
the fund is December 31, 2017, but each individual series will
have its specific legal final date.

The first series to be issued, Series 2007-1, will have a target
return to senior shareholders of a certain percentage of the
Brazilian Interbank Rate (DI Rate) and a 36-month tenor with
redemptions occurring in 24 monthly installments, following a
12-month grace period.  Interest will be paid semiannually
during the 12-month grace period and monthly in the following 24
months during the amortization period.

                        The Receivables

Receivables are comprised of car and truck loans originated by
Banco Paulista directly, or indirectly through a network of 150
sales representatives, extended primarily to retail customers in
the form of Reais-denominated fixed interest rate loans.

Loans to be purchased by the fund must comply with certain
eligibility criteria, which include, among the most important
ones, the requirement that the first installment of the loan
must have been paid, a maximum original loan-to-value ratio
(LTV) of 80%, the requirement that obligors must be current with
the originator in any other contract assigned to the fund and
that they do not have restriction over BRL100.00 on credit
bureau, a maximum Debt-to-income ratio (DTI) of 30%.

The Fund will be subject to a maximum concentration per type of
vehicle of 100% for light vehicles and of 45% for heavy
vehicles.  Motorcycle loans are not eligible.  The maximum
concentration per obligor is the lower of 0.40% of the fund's
assets or BRL300,000.  The maximum allowed vehicle age is 18
years for cars and 26 years for trucks.

                    Originator and Servicer

Banco Paulista S.A. is a mid-sized Brazilian bank specializing
in auto and personal loans, as well as corporate loans granted
to mid and large-sized companies in the country.  The bank
initiated its activities as a financial institution in 1989,
after its controlling shareholders turned the Sao Paulo-based
brokerage firm Socopa Corretora Paulista, founded in 1967, into
a multi-service bank.  The controlling shareholder is Alvaro
Augusto Vidigal Filho with 64.9% of the voting shares.

In 2005 the bank decided to focus on the retail market,
especially on the origination of consigned personal loans and
auto loans.  A group of seasoned executives with experience in
these segments was hired from major players in this market.  
Headquartered in Sao Paulo, the bank has seven branches located
in Sao Paulo, Curitiba, Ribeirao Preto, Campinas, Belo
Horizonte, Sao Jose do Rio Preto and Recife.

                           Rating Action

The complete rating action is as follows:

   * FIDC Paulista - Veiculos

      -- Series 2007-1 Senior Shares -- (P)Aa2.br (Brazilian
         National Scale) & (P)Ba2 (Global Local Currency Scale).


NORTEL NETWORKS: Selects Alvio Barrios as CALA Region President
---------------------------------------------------------------
Nortel Networks Corporation President and Chief Executive
Officer Mike Zafirovski disclosed that Alvio Barrios would be
appointed president for Caribbean and Latin America, effective
June 1, 2007.

Reporting directly to the CEO, Mr. Barrios will be based out of
Nortel's Sunrise, Florida office and will be responsible for
sales, operations and marketing for the CALA region.

"Nortel is committed to fielding a world-class leadership team,"
said Zafirovski.  "Alvio will bring 13 years of Nortel
experience and a consistent track record of performance to this
role.  He is the right person to drive the company's success in
this important region as it continues to compete and win.  The
company's unwavering focus on the CALA region is a key component
of Nortel's growth strategy."

A proven leader, Mr. Barrios has been with Nortel for over a
decade, most recently serving as regional sales vice- president
responsible for some of Nortel's largest customers and strategic
accounts in the CALA region.  He has a solid sales and
management track record and an in depth knowledge of the region.

Mr. Barrios will replace Martha Bejar, who has decided to leave
Nortel to accept an opportunity at another company.

"I want to thank Martha for her outstanding contributions to
Nortel over her 18-year career here," Mr. Zafirovski stated.
"Martha is an extremely talented and effective leader and I wish
her all the best in her new role."

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges Nortel does business in more than 150
countries including the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                           *    *    *

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

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

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

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


PETROLEO BRASILEIRO: Reports BRL4.1 Bil. First Qtr. Net Profit
--------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras reported net revenues of
BRL38.9 billion for the first quarter 2007.  Its net profit
totaled BRL4.1 billion.

Notwithstanding the positive figures, the company's main
performance indicators -- oil and derivative production and
processing -- could have been even better had there not been
production problems in Golfinho (FPSO Capixaba), Jubarte (P-34),
and Marlim (P-37), over and beyond the scheduled shutdowns
carried out at the country's main refineries.  Nevertheless, the
improved physical performance was not able to offset the
negative effects of the falling oil prices and of the rising
costs in the company's results for the first quarter 2007.

The company's net revenues are higher than a year ago because of
the higher sales volume, in part influenced by the Pasadena
Refinery consolidation.  The net operating revenue rose 8% over
a year ago, at BRL38.9 billion.  Operating profit did not keep
pace with this trend because it was tied to the average
realization price decrease, both in the internal and in the
external markets, to the higher sold product costs (also
influenced by stock turnover), and to the higher operating
expenses.  Another influencing factor was the disbursement that
was made concerning the Petros pension plan renegotiation
BRL1,040 million).  Furthermore, there was also a spike in net
financial expenses due to the higher creditor foreign exchange
exposure and because of exchange fluctuations.

                       Production Expansions

The Brazilian oil and LNG production averaged 1.8 million
barrels per day, about 83% coming from the Campos Basin.  This
figure is some 50,000 barrels per day more than a year ago, or
3%.  This higher productive capacity was the outcome of new
platforms going online:

          -- the P-50 (Albacora Leste) in April 2006,
          -- the FPSO-Capixaba (Golfinho) in May 2006,
          -- the P-34 (Jubarte) December 2006, and
          -- FPSO-Cidade do Rio de Janeiro (Espadarte) in
             January 2007.  

Kicking the operations off more than offset the natural decrease
in production of a few mature fields, particularly Marlim.

The total derivative production rose 7%, influenced by the
significant increase in the load processed abroad -- up 150%
because of the Pasadena Refinery operations in the US.  The load
processed in Brazil decreased 2% due to the scheduled
maintenance shutdowns at Replan, Brazil's biggest refinery, and
at Reman.  There was also a decrease in the domestic oil
participation in the processed load, since it was more
advantageous to use larger amounts of imported light oil,
reducing fuel oil production, which as lower value added.

The external market drove sales.  Exports surged 17%, in volume,
in the external market.  This trend was the outcome of higher
production and of the lower participation of domestic oil in the
total processed load.  International sales were up 53% on
account of the inclusion of the Pasadena Refinery operations, as
of October 2006, and because of the trade operations abroad.  
The result was a 33% surge in the sales made to the foreign
market.

Internal market sales, meanwhile, were 1% higher than a year
ago, particularly for fuel oil, LPG and aviation fuel.  These
sales reflected the higher demands among distinctive domestic
industry sectors, particularly the transformation and power
generation industry.  The expansion was also associated to the
population's higher buying power and to the Brazilian economy's
Gross Domestic Product.  Domestic market sales were also
affected by the increased use of ethanol and natural vehicular
gas in the light vehicle fleet.

There was vigorous growth in net oil and derivative exports.  
The favorable trade balance was the outcome of the combined
effect of the lower derivative import rate, in particular of
diesel fuel, and of the increased oil exports.  This behavior
resulted in a US$528-million financial surplus.

The company disclosed that Petrobras System's investments
totaled BRL8.3 billion, about 40% more than in first quarter
2006.  Two main guidelines were followed for these investments:

          -- the goal was to increase the gas offer to underpin
             the energy capacity required for the economic
             growth that has been forecast for Brazil in the
             upcoming years.  In this regard, special emphasis
             was given to investments made in oil and natural
             gas production in Brazil (BRL3,986 million) and in
             the gas & energy sector (BRL197 million); and

          -- efforts were made to buttress Petrobras' position
             as one of the main global energy market players
             (investments abroad were up by 173%, topping-out at
             BRL1,922 million), due, by and large, to the
             investments made in seismic (USA and Turkey) and in
             building two drillships.  These investments were in
             accordance with the 2007-2007 Business Plan, and
             resources for them were secured by operating cash
             generation (the EBITDA reached BRL10,993 million).

Compared to a year ago, the unit refining cost increased by 34%
in Brazil, the outcome of higher operating costs, which
reflected the investments that were made to adapt the refineries
to process heavy oil and to ensure better fuel quality to comply
with environmental requirements, and the impact of the greater
amount of scheduled shutdowns.  Discounting the effects of the
4% appreciation of the Real on the portion of the expenses
incurred in domestic currency, refining costs rose 29%.  The
average international unit refining cost was up by 54% over last
year because of the Pasadena Refinery (USA) inclusion in the
figures.  Excluding this effect, the company would have an 8%
decrease due to the 9% increase in production.  The average
international unit refining cost rose 16% over fourth quarter
2006 because of the expenses with the scheduled shutdowns and
due to the higher material cost in the US.

                       Lower Total Net Debt

The company's total net debt decreased 5% because of the non-
renewed debt amortization.  However, there were reduced cash
assets, especially because of the payment of interest on the
capital to the shareholders, for BRL6,361 million, which rose
the net debt figure.  Petrobras' financial leveraging rose to
19% in the quarter, up from 16%, in compliance with the
corporate capital structure optimization objectives.

The company's share value decreased in first quarter 2007
because of the lower international oil prices.  This lower gain
trend was also seen in the shares belonging to the main global
oil companies, as reported by the Amex Oil Index.  Nonetheless,
the company's market value rose to BRL215.6 billion, 8% more
than a year ago.

There was over BRL12 billion in economic contribution.  
Petrobras' economic contribution to Brazil, measured via tax
payments, fees and current social contributions, topped out at
BRL12,282 million.  Government participation fell 2% in Brazil
over last year.  This decrease was the outcome of the 12%
reduction in the reference price for domestic oil, which
averaged BRL98.40 (US$46.72), down from BRL111.80 (US$50.93) a
year ago.  Furthermore, it was also associated to the lower
special participation aliquots, especially for the Marlim and
Marlim Sul fields.  The decrease also reflects the natural
decline in production and the scheduled shutdown carried out for
the P-37 (Marlim) in January 2007.

                          About Petrobras

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.


PETROLEOS BRASILEIRO: Fitch Ups Issuer Default Rating to BBB-
-------------------------------------------------------------
Fitch Ratings has upgraded the foreign currency Issuer Default
Rating of Petroleos Brasileiro to 'BBB-' and its wholly owned
subsidiary, Petrobras International Finance Company; PIFCo is
unconditionally guaranteed by Petrobras.  Fitch has also
assigned a local currency IDR of 'BBB' to Petrobras.  The Rating
Outlook for all IDRs is Stable.  Approximately US$6.0 billion of
debt securities are affected.

These securities are upgraded to 'BBB-' from 'BB+' by Fitch.

   Petroleos Brasileiro and Petrobras International Funding Co:

     -- Senior unsecured notes due 2008;
     -- Senior unsecured notes due 2011;
     -- Senior unsecured notes due 2013;
     -- Senior unsecured notes due 2014;
     -- Senior unsecured notes due 2016;
     -- Senior unsecured notes due 2018.
     -- National long-term rating and following securities
        affirmed at AAA(bra).
     -- Second issuance of debentures due 2012;
     -- Third issuance of debentures due 2010

   PF Export Receivables Master Trust:

     -- Foreign currency IDR and securities are upgraded to
        'BBB+' from 'BBB';
     -- Trust certificates due 2015;
     -- Trust certificates due 2013 (unenhanced long-term
        rating).

   Petrobras Energia S.A. (PESA, Formerly Pecom Energia S.A.):

     -- Local and foreign currency IDRs and following securities
        upgraded to 'BB' from 'B+':

     -- Senior unsecured notes due 2009;
     -- Senior unsecured notes due 2010;
     -- Senior unsecured notes due 2013;
     -- Guaranteed notes due 2017 to upgraded 'BBB-' from 'BB+'.

   Companhia Petrolifera Marlim:

     -- IDR and securities to upgraded 'BBB-' from 'BB+';
     -- MTNs due 2008.

The rating actions reflect Petrobras' improving operating and
financial performance as well as further fundamental credit
strengthening of its controlling shareholder, the Federative
Republic of Brazil.  PESA's rating upgrade reflects improving
credit fundamentals and implicit and explicit support provided
by its shareholder, Petrobras.  Petrobras' ratings are supported
by:

     -- substantial proved hydrocarbon reserves and increasing
        upstream output,

     -- recognized leadership in offshore exploration and
        production,

     -- a favorable international product price environment,

     -- successful corporate and industry restructuring during
        the past decade,

     -- a transition to more transparent financial standards,
        and

     -- dominant domestic market shares.  

The factors are tempered by vulnerability to fluctuations in
international commodity prices, exposure to local political
interference, currency risk, domestic market revenue
concentration, and significant medium-term capital-investment
requirements linked to the company's ambitious strategic plan.

Petrobras' financial profile remains strong, with solid credit-
protection measures continuing to benefit from increased
production and the global rise in hydrocarbon and product
prices.  The company reported total adjusted debt/EBITDA of 1.3
times and Operating EBITDA/interest expense of 15.8x under U.S.
GAAP for fiscal year-end 2006.  Petrobras maintains strong
liquidity in relation to short-term debt obligations.  The
company posted fiscal year 2006 total consolidated debt of
US$21.3 billion, of which approximately 27% was classified as
short term.  The company's sizeable US$12.7 billion in cash and
equivalents resulted in total net debt of US$8.7 billion.
Petrobras' management has indicated its preference to maintain a
substantial cash balance going forward, partially debt funded,
to minimize its exposure to international capital market
volatility.

Petrobras' 2007-2011 business plan, which primarily reflects new
projects to increase production and refining both in Brazil and
internationally, the increase in costs of related services and
equipment in the production chain, and a stronger local
currency, all of which increases capital spending when expressed
in US dollars.  Under the new business plan, Petrobras estimates
it will invest US$87.1 billion through 2011, an increase of
US$34.7 billion (66%) for the comparable period under the
previous plan.  Approximately US$49 billion (56% of total), up
from US$31 billion (59%), has been allocated to exploration and
production activities, representing a slight shift in allocation
percentage toward downstream activities.

Fitch recognizes the positive credit effect of the market-
oriented measures implemented in the past five years as well as
improvements in corporate governance.  The opening to private
participation and deregulation, strong management commitment to
increased financial transparency, corporate reorganization and
modernization, and aggressive upstream production development,
coupled with value-chain strategies, should strengthen credit
fundamentals.  While there has been close coordination of
business plans with federal authorities, it does not appear to
have affected market-oriented efforts to improve operational
efficiencies, increase upstream production volumes, or adhere to
capital discipline guidelines.

Petrobras is a mixed-capital company, with the government owning
approximately 40% of Petrobras' total capital and 55.7% of its
voting capital.  The remainder of the shares is publicly traded,
and an estimated 40% is held by foreign investors.  Despite
Fitch's concerns generated by the significant imbalance between
local currency revenues and hard currency expenses and
liabilities, it is important to note that Petrobras' operations
are of vital economic importance to the nation, suggesting the
government has a prime incentive to ensure Petrobras' access to
hard currency for servicing foreign obligations.

Petrobras is an integrated international oil and gas company
engaged in the exploration, development and production of
hydrocarbons and in the refining, marketing, transportation and
distribution of oil and a wide range of petroleum products,
petroleum derivatives, petrochemicals and liquid petroleum gas.  
Petrobras is also an integrated power company with operations in
electric power generation, transmission and distribution.  By
law, the federal government must hold at least a majority of
Petrobras' voting stock.


PETROBRAS ENERGIA: Fitch Ups Curr. Default Ratings to BB from B+
----------------------------------------------------------------
Fitch Ratings has upgraded the foreign currency Issuer Default
Rating of Petroleos Brasileiro to 'BBB-' and its wholly owned
subsidiary, Petrobras International Finance Company; PIFCo is
unconditionally guaranteed by Petrobras.  Fitch has also
assigned a local currency IDR of 'BBB' to Petrobras.  The Rating
Outlook for all IDRs is Stable.  Approximately US$6.0 billion of
debt securities are affected.

These securities are upgraded to 'BBB-' from 'BB+' by Fitch.

   Petroleos Brasileiro and Petrobras International Funding Co:

     -- Senior unsecured notes due 2008;
     -- Senior unsecured notes due 2011;
     -- Senior unsecured notes due 2013;
     -- Senior unsecured notes due 2014;
     -- Senior unsecured notes due 2016;
     -- Senior unsecured notes due 2018.
     -- National long-term rating and following securities
        affirmed at AAA(bra).
     -- Second issuance of debentures due 2012;
     -- Third issuance of debentures due 2010

   PF Export Receivables Master Trust:

     -- Foreign currency IDR and securities are upgraded to
        'BBB+' from 'BBB';
     -- Trust certificates due 2015;
     -- Trust certificates due 2013 (unenhanced long-term
        rating).

   Petrobras Energia S.A.(PESA, Formerly Pecom Energia S.A.):

     -- Local and foreign currency IDRs and following securities
        upgraded to 'BB' from 'B+':

     -- Senior unsecured notes due 2009;
     -- Senior unsecured notes due 2010;
     -- Senior unsecured notes due 2013;
     -- Guaranteed notes due 2017 to upgraded 'BBB-' from 'BB+'.

   Companhia Petrolifera Marlim:

     -- IDR and securities to upgraded 'BBB-' from 'BB+';
     -- MTNs due 2008.

The rating actions reflect Petrobras' improving operating and
financial performance as well as further fundamental credit
strengthening of its controlling shareholder, the Federative
Republic of Brazil.  PESA's rating upgrade reflects improving
credit fundamentals and implicit and explicit support provided
by its shareholder, Petrobras.  Petrobras' ratings are supported
by:

     -- substantial proved hydrocarbon reserves and increasing
        upstream output,

     -- recognized leadership in offshore exploration and
        production,

     -- a favorable international product price environment,

     -- successful corporate and industry restructuring during
        the past decade,

     -- a transition to more transparent financial standards,
        and

     -- dominant domestic market shares.  

The factors are tempered by vulnerability to fluctuations in
international commodity prices, exposure to local political
interference, currency risk, domestic market revenue
concentration, and significant medium-term capital-investment
requirements linked to the company's ambitious strategic plan.

Petrobras' financial profile remains strong, with solid credit-
protection measures continuing to benefit from increased
production and the global rise in hydrocarbon and product
prices.  The company reported total adjusted debt/EBITDA of 1.3
times and Operating EBITDA/interest expense of 15.8x under U.S.
GAAP for fiscal year-end 2006.  Petrobras maintains strong
liquidity in relation to short-term debt obligations.  The
company posted fiscal year 2006 total consolidated debt of
US$21.3 billion, of which approximately 27% was classified as
short term.  The company's sizeable US$12.7 billion in cash and
equivalents resulted in total net debt of US$8.7 billion.
Petrobras' management has indicated its preference to maintain a
substantial cash balance going forward, partially debt funded,
to minimize its exposure to international capital market
volatility.

Petrobras' 2007-2011 business plan, which primarily reflects new
projects to increase production and refining both in Brazil and
internationally, the increase in costs of related services and
equipment in the production chain, and a stronger local
currency, all of which increases capital spending when expressed
in US dollars.  Under the new business plan, Petrobras estimates
it will invest US$87.1 billion through 2011, an increase of
US$34.7 billion (66%) for the comparable period under the
previous plan.  Approximately US$49 billion (56% of total), up
from US$31 billion (59%), has been allocated to exploration and
production activities, representing a slight shift in allocation
percentage toward downstream activities.

Fitch recognizes the positive credit effect of the market-
oriented measures implemented in the past five years as well as
improvements in corporate governance.  The opening to private
participation and deregulation, strong management commitment to
increased financial transparency, corporate reorganization and
modernization, and aggressive upstream production development,
coupled with value-chain strategies, should strengthen credit
fundamentals.  While there has been close coordination of
business plans with federal authorities, it does not appear to
have affected market-oriented efforts to improve operational
efficiencies, increase upstream production volumes, or adhere to
capital discipline guidelines.

Petrobras is a mixed-capital company, with the government owning
approximately 40% of Petrobras' total capital and 55.7% of its
voting capital.  The remainder of the shares is publicly traded,
and an estimated 40% is held by foreign investors.  Despite
Fitch's concerns generated by the significant imbalance between
local currency revenues and hard currency expenses and
liabilities, it is important to note that Petrobras' operations
are of vital economic importance to the nation, suggesting the
government has a prime incentive to ensure Petrobras' access to
hard currency for servicing foreign obligations.

Petrobras is an integrated international oil and gas company
engaged in the exploration, development and production of
hydrocarbons and in the refining, marketing, transportation and
distribution of oil and a wide range of petroleum products,
petroleum derivatives, petrochemicals and liquid petroleum gas.  
Petrobras is also an integrated power company with operations in
electric power generation, transmission and distribution.  By
law, the federal government must hold at least a majority of
Petrobras' voting stock.


TRW AUTOMOTIVE: Fitch Rates New Sr. Sec. Credit Facility at BB+
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to TRW Automotive
Inc.'s new senior secured revolving credit facility, new senior
secured term loan A facility and new senior secured term loan B
facility.

The new bank lines replace the existing senior secured bank
lines and as such, do not affect the current ratings or Rating
Outlook.

In addition, Fitch is withdrawing its issue ratings on the
9-3/8% senior notes due 2013 ('BB-'), the 10-1/8% senior Euro
notes due 2013 ('BB-'), the 11% senior subordinated notes due
2013 ('B+') and the 11-3/4% senior subordinated Euro notes due
2013 ('B+') following the tender of substantially all of the
notes.

The current ratings of TRW Automotive Holdings Corp. and TRW
Automotive, Inc. are:

TRW Automotive Holdings Corp.

    -- Issuer Default Rating 'BB';

TRW Automotive Inc.

    -- Issuer Default Rating 'BB';
    -- Senior secured revolving credit facility 'BB+';
    -- Senior secured term loan A facility 'BB+';
    -- Senior secured term loan B facility 'BB+';
    -- Senior unsecured notes 'BB-'.

Fitch's rating actions affect approximately US$4 billion in
total debt, including the undrawn revolving credit facility.  
The Rating Outlook is Stable.

TRW announced that it is refinancing US$2.5 billion in existing
bank facilities with the same amount in new facilities.  The new
credit facilities include a US$1.4 billion revolving credit
facility, a US$600 million tranche A-1 term loan and a US$500
million tranche B-1 term loan.  The new bank lines closed on
May 9, 2007.

The new credit agreement lowers TRW's cost of capital, extends
maturities and loosens covenants.  Interest rates for the
revolver and tranche A-1 term loan are based on LIBOR plus an
amount determined by pricing grid based on a Net Leverage Ratio
while the tranche B-1 term loan interest rate is based on LIBOR
plus 1.5% or an alternative base rate plus 0.5%.  TRW's existing
revolver and tranche A term loan matures in January of 2010, the
tranche B and B-2 term loans mature in June 2012 and a tranche E
term loan that matures in October of 2010.  Under the new credit
agreement, the revolver matures five years from the closing
date, the tranche A-1 term loan matures six years after closing
and the tranche B-1 matures six years and nine months from the
closing date.  

Financial covenants are slightly less restrictive and include a
minimum interest coverage ratio and a maximum net leverage
ratio.  The net leverage ratio takes unrestricted cash in excess
of US$100 million and up to US$500 million and nets it against
debt to determine the ratio.  The current facility uses gross
debt in the calculation.

Fitch's ratings reflect TRW's relatively diverse customer base,
global manufacturing presence, as well as the company's
technology-driven products.  Operating efficiency, a substantial
book of business outside of North America and continued healthy
demand for safety related products partially offsets significant
declines in North American manufacturers' volumes as well as
industry cost challenges.  The company's margins remain at the
high end of the automotive supply chain.  Healthy margins and
liquidity should provide TRW with a buffer if industry
fundamentals were to erode materially.  Even when assuming
adverse economic and industry conditions through 2007, Fitch
expects TRW to generate free cash flow, although debt reduction
could be limited in such a scenario.

Fitch's concerns include debt levels, margin pressures from
price competition and raw materials, customers' production
volumes, potential work stoppages due to customers' critical
union negotiations, and a financially stressed base of suppliers
other than TRW.

Including the cash and marketable securities balance of US$589
million, total liquidity at the end of the fourth-quarter 2006
(4Q06) was approximately US$1.7 billion.  Also at the end of
4Q06, TRW had approximately US$830 million of availability under
its current revolver after US$70 million in outstanding letters
of credit.  As of Dec. 31, 2006, there were no outstanding
balances on any of TRW's accounts receivable (A/R) programs.  
Under the U.S. A/R securitization facility, approximately US$191
million of receivables was eligible for borrowings and about
US$104 million would have been available for funding.  After
giving effect to a January 2007 amendment to the A/R facility,
US$196 million would have been available for funding.  In
addition, approximately EUR140 million and GBP11 million were
available under uncommitted European facilities.

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive   
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries including Brazil, China, Germany,
Italy, among others.  TRW Automotive products include integrated
vehicle control and driver assist systems, braking systems,
steering systems, suspension systems, occupant safety systems
(seat belts and airbags), electronics, engine components,
fastening systems and aftermarket replacement parts and
services.


USINAS SIDERURGICAS: Deutsche Bank Increases Target Price
---------------------------------------------------------
Deutsche Bank has raised its target price for Usinas
Siderurgicas de Minas Gerais aka Usiminas to BRL122 per share
from BRL105 a share, due to its increased earnings estimates for
the firm, Business News Americas reports.

Deutsche Bank said in a report, "We have fully updated our
Usiminas earnings estimates to factor in increased steel prices,
higher domestic sales volume and Usiminas' new investment
program."

BNamericas relates that earnings per share estimates for
Usiminas in 2007 increased 17% to BRL13.55, compared previous
predictions, while estimate for the company next year rose 40%
to BRL13.52 reais, mainly on higher price and domestic sales
assumptions.

According to Deutsche Bank's report, Usiminas' management
initially expected stable first quarter 2007 prices.  However it
now sees room for further increases, with slab prices expected
to reach US$500 per ton in the second quarter 2007, compared to
US$450 per ton in the first quarter 2007 and US$470 per ton in
the fourth quarter 2006.  Strong demand for heavy plates should
raise prices by 5% in the second quarter this year.

Usiminas will pump about US$8.4 billion by 2015 into expansions
and upgrades at its Ipatinga mill in Minas Gerais and at
subsidiary Cosipa in Sao Paulo, BNamericas states.

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

                        *     *     *

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


USINAS SIDERURGICAS: Domestic Sales May be 70% of Shipments
-----------------------------------------------------------
Usinas Siderurgicas de Minas Gerais Chief Financial Officer and
Investor Relations Director Paulo Penido Pinto Marques told
Business News Americas that the company expects domestic sales
to reach 70% or more of total shipments in 2007.

Mr. Marques said in a Web cast, "If demand in the local market
remains stronger than we expect, perhaps we could surpass the
70% forecast a little.  But the figure is our current estimate
for the year."

BNamericas relates that Usinas Siderurgicas' sales at home
increased 15% year-over-year in the first quarter 2007.  Total
sales volume is expected to remain flat at eight million tons.

According to BNamericas, Usinas Siderurgicas predicts a
favorable "international scenario" for the steel industry in the
second quarter 2007.

Mr. Marques told BNamericas, "We have seen increasing prices and
demand in the main three commerce blocks -- Asia, North America
and Europe -- and this situation is likely to remain in the
third quarter."

A small adjustment could take place in the fourth quarter 2007,
BNamericas says, citing Mr. Marques.

Broad credit availability and the decrease in interest rates in
Brazil are favorable for consumption, causing a positive effect
on steel demand, Mr. Marques told BNamericas.

Investments planned for Brazil in areas like civil construction
and pipeline projects are good for flat steel products,
BNamericas states.

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

                        *     *     *

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




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


OCTAGON INVESTMENT: Sets Final Shareholders Meeting for July 12
---------------------------------------------------------------
Octagon Investment Partners IV, Ltd. will hold its final
shareholders meeting on July 12, 2007, at:

         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These matters will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


PILGRIM INVESTMENTS: Final Shareholders Meeting Is on June 5
------------------------------------------------------------
Pilgrim Investments Ltd. will hold its final shareholders
meeting on June 5, 2007, at 10:00 a.m., at:

          4th Floor FirstCaribbean House
          Grand Cayman, Cayman Islands

These matters will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Condor Nominees Limited
          c/o Barclays Private Bank & Trust (Cayman) Limited
          4th Floor FirstCaribbean House
          25 Main Street, George Town
          Grand Cayman, Cayman Islands


PLUM FINANCE: Will Hold Final Shareholders Meeting on June 28
------------------------------------------------------------
Plum Finance Ltd. will hold its final shareholders meeting on
June 28, 2007, at:

         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These matters will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Joshua Grant
         Maples Finance Limited
         P.O. Box 1093
         George Town, Grand Cayman
         Cayman Islands


SPRINGS INDUSTRIES: Sets Final Shareholders Meeting for June 21
---------------------------------------------------------------
Springs Industries International Holding LLC will hold its final
shareholders meeting on June 21, 2007, at 10:30 a.m., at:

         FirstCaribbean House
         3rd Floor, George Town
         Grand Cayman, Cayman Islands

These matters will be taken during the meeting:

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

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

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

The liquidators can be reached at:

         Steven P. Burns
         Delbridge E. Narron
         c/o Springs Global US, Inc.
         205 North White Street
         P.O. Box 70
         Fort Mill, South Carolina 29716


SPYGLASS CAPITAL: Will Hold Final Shareholders Meeting on June 8
----------------------------------------------------------------
Spyglass Capital Offshore will hold its final shareholders
meeting on June 8, 2007, at 3:00 p.m., at:

          Ansbacher House, 2nd Floor
          #20 Genesis Close
          P.O. Box 1344
          George Town, Grand Cayman KY1-1108
          Cayman Islands

These matters will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


TCW EM: Sets Final Shareholders Meeting for July 12
---------------------------------------------------
TCW EM Ltd. will hold its final shareholders meeting on
July 12, 2007, at:

         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These matters will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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




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


CONSTELLATION BRANDS: S&P Assigns BB- Rating to US$700-Mln Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured debt rating to Constellation Brands Inc.'s proposed
US$700 million note offering due 2017, issued under Rule 144A
with registration rights.  Net proceeds will be used to reduce
outstanding borrowings under the company's senior secured
revolving credit facility.
     
Constellation Brands' ratings reflect the company's acquisitive
growth strategy, highly leveraged financial profile, significant
debt burden, and participation in the highly competitive
beverage alcohol markets.  Constellation Brands' highly
leveraged financial profile is somewhat offset by its
historically strong cash generation from a diverse portfolio of
consumer brands.

Ratings list

Constellation Brands Inc.
Corporate Credit Rating                BB-/Stable/--

Rating Assigned
Constellation Brands Inc.
US$700 Million Senior Unsecured Notes    BB-

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




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


ARMOR HOLDINGS: BAE Systems Merger Cues Moody's Ratings' Review
---------------------------------------------------------------
Moody's Investors Service placed its ratings of Armor Holdings
Inc. (Corporate Family Rating of Ba3) on review for possible
upgrade.  The review was prompted by the announcement that it
has entered into a definitive merger agreement to be acquired by
BAE Systems, Inc., a wholly owned subsidiary of BAE Systems plc
(long term rating Baa2, short term rating, Prime-2) for a total
consideration of US$4.5 billion.

The review of Armor's ratings will focus on the probability and
nature of support from BAE Systems PLC.  Armor's senior secured
credit facilities (not rated by Moody's) contain change of
control provisions, suggesting a high likelihood that this class
of debt will be repaid on completion of the acquisition.  The
existing subordinated notes also contain change of control
provisions.  As such, it is also likely that a substantial
portion of these notes will be redeemed concurrent with the
acquisition.  If all notes are redeemed through the change of
control offer, the rating will be withdrawn.  If any
subordinated notes remain outstanding after the conclusion of
this offer and BAE provides explicit financial support to those
notes, then their ratings could be revised upward to take into
account BAE's credit strength.  However, if BAE does not provide
such support, or if adequate financial information on Armor is
not provided post-acquisition, then the ratings would be
withdrawn.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH) -- http://www.armorholdings.com/-- manufactures  
and distributes security products and vehicle armor systems for
the law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.


ARMOR HOLDINGS: Credit Suisse Downgrades Shares to Neutral
----------------------------------------------------------
Newratings.com reports that Credit Suisse analyst R. Spingarn
has downgraded Armor Holdings' shares from "outperform" to
"neutral."

According to Newratings.com, the target price was increased to
US$88 from US$77.

Mr. Spingarn said in a research note on May 10 that Armor
Holdings received an US$88 per share acquisition bid from BAE
Systems.  

Acquisition is an attractive strategic opportunity for BAE
Systems, since Armor Holdings may win a position on the Army's
approaching Joint Light Tactical Vehicle program, which it is
pursuing in partnership with Lockheed Martin, Mr. Spingarn told
Newratings.com.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH) -- http://www.armorholdings.com/-- manufactures and      
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 10, 2007, Moody's Investors Service placed its Ba3 Corporate
Family Rating of Armor Holdings Inc. on review for possible
upgrade.  The review was prompted by the announcement that it
has entered into a definitive merger agreement to be acquired by
BAE Systems, Inc., a wholly owned subsidiary of BAE Systems plc
(long term rating Baa2, short term rating, Prime-2) for total
consideration of US$4.5 billion.


BANCOLOMBIA: Concludes Banagricola Tender Offer
-----------------------------------------------
Bancolombia said in a press release that it has completed the
tender offer for El Salvador's largest financial conglomerate
Banagricola, acquiring 89.2% of the outstanding shares for a
total US$791 million.

Business News Americas relates that Bancolombia said on Dec. 26
that it had signed an accord to acquire a controlling interest
of 52.9% and up to 100% of Banagricola's outstanding shares for
US$900 million in an all-cash tender offer.

According to BNamericas, the offer was launched in El Salvador
and Panama.  It expired on May 8, by which time Banagricola
shareholders had tendered some 16,817,633 of a total of about
18,865,000 outstanding shares at US$47 a share.

Bancolombia told BNamericas that its Panamanian unit had entered
into an accord with Bienes y Servicios' controlling shareholders
to acquire a 9.59% stake in Banagricola for up to US$75 million
in cash.

Bancolombia's unit in Panama will have at least 50.8% and up to
100% of Bienes y Servicios' outstanding shares at US$10.65 each
through a public tender offer that will be launched in El
Salvador as soon as authorizations are given.

Bancolombia told BNamericas that if the transaction is
successful, its Panamanian unit will boost its participation in
Banagricola to 98.74%.

Bancolombia said earlier last week that its board authorized the
issue of subordinated bonds and equity to fund the purchase,
BNamericas states

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings has downgraded and removed from
Rating Watch Negative Bancolombia's long-term and short-term
local currency Issuer Default Ratings and Individual rating:

   -- Individual rating to 'C/D' from 'C';
   -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
   -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirms these ratings:

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

Fitch says the rating outlook is stable.




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


SAMSONITE CORP: Jan. 31 Balance Sheet Upside-Down by US$222 Mln
---------------------------------------------------------------
Samsonite Corporation reported results for the fourth quarter
and fiscal year ended Jan. 31, 2007.

The company had a net loss for the fourth quarter of US$18.5
million, compared with net income in the fourth quarter of the
prior year of US$6.5 million.  The net loss for the current year
fourth quarter includes US$22.5 million of tender premiums and
other expenses related to the retirement of debt.  Net loss to
common stockholders, after preferred stock dividends of US$126.5
million, was US$145.0 million for the fourth quarter, compared
to net income, after preferred stock dividends of US$4.0
million, of US$2.5 million, in the prior year fourth quarter.

At Jan. 31, 2007, the company's balance sheet showed total
assets of US$651,125,000 and total liabilities of
US$873,399,000, resulting in a US$222,274,000 stockholders'
deficit.  At Jan. 31, 2006, deficit was US$51,213,000.

Revenues and operating income for the fourth quarter were
US$286.0 million and US$21.1 million, compared to revenues of
US$249.3 million and operating income of US$25.9 million in the
prior year quarter.

Revenues and operating income for the fiscal year ended
Jan. 31, 2007, were US$1,070.4 million and US$79.8 million,
respectively, compared to revenues of US$966.9 million and
operating income of US$73.0 million in the prior year.  
Operating income reflects deductions for restructuring charges
and expenses of US$5.5 million and US$11.2 million and asset
impairment charges of US$1.6 million and US$5.5 million during
fiscal years 2007 and 2006, respectively.  In fiscal year 2007,
these charges relate to the planned closure of the company's
Denver, Colorado facilities and related consolidation of its
corporate functions in its Mansfield, Massachusetts office; the
planned relocation of distribution functions from the Company's
Denver, Colorado facilities to the southeast region of the U.S.;
and the closure of a softside manufacturing plant in Slovakia.

In fiscal year 2007, the company had a net loss before the
cumulative effect of an accounting change of US$8.2 million
compared to net income of US$13.3 million for fiscal 2006.  The
consolidated net loss for fiscal 2007 includes US$22.5 million
of tender premiums and other expenses related to the retirement
of debt.  In fiscal 2007, the company had a consolidated net
loss to common stockholders, after preferred stock dividends of
US$138.4 million and the cumulative effect of an accounting
change of US$1.4 million, of US$145.2 million.  In fiscal 2006,
the company had consolidated net loss to common stockholders,
after preferred stock dividends of US$14.8 million, of US$1.5
million.  In connection with the special cash distribution of
US$175.0 million during the fourth quarter of fiscal 2007,
514,832,157 common shares were issued upon the conversion of
over 99% of the outstanding convertible preferred stock
resulting in a total of 742,006,783 shares of common stock
outstanding at year-end.

Adjusted EBITDA (operating earnings before interest, taxes,
depreciation and amortization, as adjusted to exclude certain
items of other income and expense, preferred stock dividends,
minority interests, goodwill and asset impairment charges,
restructuring charges, expenses and associated non-trade
receivables write-off, stock-based compensation expense,
deferred stock offering costs, and ERP project expenses and to
include realized currency hedge gains and losses) for fiscal
year 2007 was US$134.7 million versus US$121.4 million in fiscal
year 2006.  Adjusted EBITDA for the fourth quarter fiscal year
2007 was US$38.1 million compared to US$34.5 million for the
prior year.

"I am very pleased with the financial performance for the fourth
quarter and for fiscal year 2007," Samsonite Chief Executive
Officer Marcello Bottoli said.  "Fourth quarter revenues rose an
impressive 10.9% on a constant currency basis compared to the
prior year, while quarterly gross profit margins improved 250
basis points year-on-year, to 51.9%.  This robust performance
has allowed us to increase investment in our brands and to
achieve a 10.4% increase in Adjusted EBITDA versus the prior
fourth quarter to US$38.1 million.  These accomplishments are a
direct reflection of the caliber and commitment of our people.
Our strategy is working and we are confident the company is
positioned upon a clear growth trajectory."

Samsonite Chief Financial Officer Richard Wiley commented, "The
company's strategy of streamlining operations while delivering
top line growth resulted in a 10.9% year-on-year increase in
fiscal 2007 Adjusted EBITDA to US$134.7 million.  Execution of
our strategic plan to improve margins resulted in a 240 basis
point increase in gross profit margins to 51.0% in fiscal 2007
from 48.6% in the prior year.  This was driven by price
increases, improved sales mix and lower fixed manufacturing and
direct product costs.  In the last twelve months, average net
working capital efficiency improved 120 basis points over the
prior year to 15.4% of sales in January 2007.  The company's
debt net of cash position as of Jan. 31, 2007, was US$423.4
million.  Subsequent to the end of fiscal year 2007, the company
redeemed additional subordinated debt, reducing total debt and
cash by US$19.1 million.  This compares with a total debt net of
cash position of US$221.8 million as of Jan. 31, 2006."

                       About Samsonite

Samsonite Corporation (OTC Bulletin Board: SAMC.OB) --
http://www.samsonite.com/-- manufactures, markets and  
distributes luggage and travel-related products.  The company's
owned and licensed brands, including Samsonite, American
Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and Timberland,
are sold globally through external retailers and 284 company-
owned stores.  Executive offices are located in London.  The
company has global locations in Aruba, Australia, Costa Rica,
Indonesia, India, Japan, and the UnitedStates among others.  
Executive offices are located in London, England.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 14,
Moody's Investors Service confirmed the B1 corporate family
rating for Samsonite Corp.

Moody's also assigned Ba3 ratings to the proposed US$80
million senior secured revolving credit facility and US$450
million term loan B.  Proceeds from the new facilities, along
with a portion out outstanding cash balances, will be used to
fund a special dividend and debt repurchase, and pay associated
fees and premiums.  Moody's said the outlook is positive.

Samsonite also carries Standard & Poor's BB- issuer credit
rating with negative outlook.




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


PETROECUADOR: Will Ink Protection Agreement with Armed Forces
-------------------------------------------------------------
Ecuadorian state-owned oil firm Petroecuador said in a statement
that it will sign an accord this week with the country's armed
forces to protect all oil production operations.

Business News Americas relates that the agreement is aimed at:

          -- theft prevention,

          -- stopping the cutting of secondary pipelines, and

          -- other attacks faced by Petroecuador's production
             unit Petroproduccion.

According to BNamericas, Petroecuador lost some US$40 million
from January to May due to the mentioned attacks, which are
blamed on residents.  The most recent of the attacks occurred on
the Lago Agrio field, where output was reduced over 3,500
barrels.

The involvement of the military in the oil operations was deemed
"urgent and necessary."  The armed forces would provide a
specialized permanent team to guard the facilities, BNamericas
states.

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




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


AES CORP: Incomplete 2006 Audit Prompts Delay Form 10-Q Filing
--------------------------------------------------------------
AES Corp. disclosed that its 2007 first quarterly report on Form
10-Q could not be filed by May 10, 2007, without unreasonable
effort or expense due to the delay in completing its 2006 audit.

The company previously entered into a definitive agreement to
sell its 82.14% interest in La Electricidad de Caracas.  As a
result, the company anticipates presenting EDC in discontinued
operations for both 2006 and 2007 in the company's financial
statements.  At this time, the company has not completed a
reasonable estimate of its results because it has had to
allocate significant time and resources to the restatement of
prior period financial statement that will be filed with the
2006 report on Form 10-K.

AES Corp. -- http://www.aes.com/-- is a global power company.  
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

                        *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.




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


SPECTRUM BRANDS: Posts US$237-Million Loss in Second Quarter
------------------------------------------------------------
Spectrum Brands Inc. reported net sales of US$439.7 million and
a net loss of US$237.5 million for the second quarter ended
April 1, 2007.  Spectrum Brands' second quarter net sales and
net income were US$414.7 million and US$500,000 in the
comparable period last year.

The company during the second quarter 2007 recorded pretax
restructuring and related charges of US$16.5 million associated
with the rationalization of the company's Latin American and
European businesses, the ongoing integration of the Global Pet
Supplies business, and company-wide cost reduction initiatives
announced in January; a non-cash pretax impairment charge of
US$214 million related to goodwill carried on the company's
books; US$36.2 million of charges associated with a pre-payment
premium incurred in connection with the refinancing of the
company's senior credit facility and the write-off of deferred
financing fees; professional fees of US$3.9 million incurred in
connection with the Home & Garden business sales process; and a
loss from discontinued operations, net of tax, of US$6.4 million
related to the Home & Garden business, which is being held for
sale.

Gross profit for the quarter was US$164.6 million, versus
US$158.9 million for the same period last year.  The company
generated a second quarter operating loss of US$209.9 million
versus income of US$18.1 million in the same quarter of fiscal
2006.

As of April 1, 2007, the company listed US$118.2 million in
cash, US$256.2 million in trade receivables, and US$348.8
million in net inventory.  It had total debt of US$2.7 billion
as of April 1, 2007.

"This quarter marked the completion of a number of critical
accomplishments," Spectrum Brands Chairperson and Chief
Executive Officer David Jones said.  "First, I am pleased with
the solid revenue growth generated this quarter from all of our
major product lines, particularly the significant improvement in
global battery sales.  In addition, we successfully refinanced
the company's senior debt facility to provide additional
liquidity and flexibility, and made significant progress in our
ongoing cost reduction program, the benefits of which will be
seen in the financial results for the second half of fiscal 2007
and beyond.  We continue to focus on strengthening our capital
structure through future strategic asset sales."

                      About Spectrum Brands

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

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2007, Fitch Ratings affirmed these ratings of Spectrum
Brands, Inc:

   -- Issuer default rating 'CCC';

   -- US$1.6 billion 6-year Credit Agreement 'B/RR1';

   -- US$700 million 7-3/8% Senior Subordinated Note
      due 2015 'CCC-/RR5'; and

   -- US$350 million 11.25% Variable Rate Toggle Interest
      pay-in-kind Senior Subordinated Note due 2013 'CCC-/RR5'.




===========
G U Y A N A
===========


DIGICEL LTD: Rival to Challenge Unit's International License
------------------------------------------------------------
Stabroek News reports that the Guyana Telephone and Telegraph
Company Limited will be filing a complaint against Guyana Prime
Minister Samuel Hinds' decision to let Digicel's U-Mobile
Cellular Inc. to use its "earth station to originate and
terminate international traffic on its network."

As reported in the Troubled Company Reporter-Latin America on
May 11, 2007, Digicel secured a temporary international license
from the Guyana government.  Prime Minister Samuel Hinds said
that the decision was made because the Americas II cable, about
15 kilometers off French Guiana, was ruptured.  The break in the
cable caused difficulties in making and receiving international
calls.  Digicel was forced to route all international traffic
through The Guyana Telephone and Telegraph Company, which has
the sole international license.  Prime Minister Hinds said that
Digicel was allowed to use its earth station to provide
international traffic coming from and ending on its network.

Guyana Telephone said in a statement that it disagreed with this
course of action, believing that the directive was an abuse of
the laws of Guyana and the company's legal rights.

Stabroek News relates that Guyana Telephone "had held a monopoly
on the international gateway."  

According to Stabroek News, Guyana Telephone claimed that it was
never contacted, consulted, or given a hearing before the
directive was issued. The company said that Prime Minister
Hinds' attempt to invoke national security considerations to
justify his action was unacceptable.

Guyana Telephone told Stabroek News that communication with the
outside world was possible even after the cable was damaged.  
The company claimed that this has always been the case when the
cable is down, though there is always the possibility that
clients may have to dial the number repeatedly.

According to Guyana Telephone's press release, the company has
been served with court proceedings by Digicel and plans to be
represented in those proceedings.  It will also file proceedings
challenging the Prime Minister's decision.

Guyana Telephone told Stabroek News that it has informed the
Prime Minister of its disapproval of the action he took.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started 0operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *     *     *

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.


DIGICEL LTD: Using Earth Station to Route International Calls
-------------------------------------------------------------
Digicel told Stabroek News that it has started using its earth
station to route international calls.

A cable ship will arrive off French Guiana to repair damage to
the Americas 11 cable, Stabroek News says, citing Guyana
Telephone and Telegraph Company Limited.  Once the damage is
repaired, full service would to resume in five days.

As reported in the Troubled Company Reporter-Latin America on
May 11, 2007, Digicel secured a temporary international license
from the Guyana government.  Prime Minister Samuel Hinds said
that the decision was made because the Americas II cable, about
15 kilometers off French Guiana, was ruptured.  The break in the
cable caused difficulties in making and receiving international
calls.  Digicel was forced to route all international traffic
through The Guyana Telephone and Telegraph Company, which has
the sole international license.  Prime Minister Hinds said that
Digicel was allowed to use its earth station to provide
international traffic coming from and ending on its network.

Digicel said in a press release that its clients are now making
"crystal clear" international calls on its network.  After the
authorization and directive was issued by the Prime Minister,
the firm moved to quickly route international calls through its
facilities, to alleviate the disruption to Guyana.

Digicel Chief Executive Officer Tim Bahrani told Stabroek News,
"Digicel is pleased that it has been able to ease the disruption
to international communications services at this critical time
and our dedicated team has worked quickly and tirelessly to meet
the directive.  In times of need, it is important that we all
work together and put the interests of the people of Guyana
first and foremost."

According to Guyana Telephone's press release, the Cable Ship
with engineers and equipment aboard is on its way to French
Guiana to repair the Americas 11 cable.

The ship traveled to St. Croix, US Virgin Islands to collect all
the equipment that might be needed for the damage sustained by
the submarine cable, and is heading to the location 15
kilometers off the eastern shore of French Guiana, Stabroek News
states, citing Guyana Telephone.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started 0operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *     *     *

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.




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


DYOLL INSURANCE: Liquidators Propose Compromise with Creditors
--------------------------------------------------------------
Cayman Net News reports that Dyoll Insurance's joint liquidators
Kenneth Krys and John Lee have proposed a compromise with the
firm's creditors.

The proposal seeks to transfer J$305 million to the liquidators
for distribution to about 8,000 policyholders, according to
Cayman Net.  Some 5,200 policyholders in the Cayman Islands
"were left reeling" from the collapse of Dyoll Insurance.  With
US$35 million in outstanding claims, the company's policyholders
also consisted of about 2,800 Jamaicans.

Messrs. Krys and Lee issued a press release last week explaining
their decision to seek a compromise.  They said, "In an effort
to reduce the potentials to the estate and the delays in making
a distribution to creditors that arise from making a Judicial
Review application (and any subsequent appeals), the Joint
Liquidators, with the approval of the Committee of Inspection,
proposed a compromise to be entered with the creditors of Dyoll
whereby the J$305 million would be transferred to the Joint
Liquidators for the benefit of all creditors.  By an Order of
the Court dated Feb. 16, 2007, made by Hon Justice Sykes, it was
thereby ordered that a meeting be convened of only the Jamaican
Policyholders to consider and if thought fit approve the
proposed Comprise Agreement."

Cayman Net relates that the Jamaican policyholders will hold a
meeting at the Jamaica Conference Center in Kingston, Jamaica,
on June 20, 2007, at 2:00 p.m.  The court appointed Committee of
Inspection Chairperson Neville Henry to chair the meeting.  The
decision that the local policyholders will come up during the
meeting will be subject to court approval.

The report says that the liquidators and the Committee of
Inspection believe that the Jamaican Policyholders will ratify a
compromise.

"Given the background to this case, the issues are extremely
complex and although there is inherent risk in pursuing this
course, the Joint Liquidators and the Committee of Inspection
consider the action necessary," Messrs. Krys and Lee said in a
statement.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in March 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
leveled on the company as a result of the hurricane Ivan.
Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.


NATIONAL WATER: To Call for Tenders on Water Provision Project
--------------------------------------------------------------
An official of the National Water Commission told Business News
Americas that the company will call for tenders on works late in
2007 to improve water provision in the greater area of Kingston
and St. Andrew parish.

The National Water posted on its Web site that works for the
initiative, which is called the Kingston water and sanitation
project, will take five years with an estimated cost of US$55.0
million.  The project aim to decrease levels of non-revenue
water, and rehabilitate water treatment plants, pump stations
and storage tanks.

The official told BNamericas that the works will also include:

          -- new meter installation,
          -- pumping and disinfecting equipment replacement, and
          -- some leak repairs.

The official said that the project will be partially funded with
a US$40-million loan from the Inter-American Development Bank,
BNamericas notes.

The first phase of engineering designs was already completed.  
The National Water is now launching the second phase of project
designs, as well as the preparation of tender documents,
BNamericas says, citing the official.  Many contracts may be
awarded for individual works, or a larger contract may be
granted, combining several works.

The official told BNamericas that about 60% of water
administered in Kingston is not "accounted for."  The National
Water wants to decrease this percentage to around 50% in the
short term, and eventually to 45%, for which it will need to
conduct many pipe replacements.

Pipe replacements aren't included in the National Water's
Kingston water and sanitation project, but have been conducted
routinely over the past few years, BNamericas states, citing the
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
===========


ADVANCED MARKETING: Bankruptcy Court Sets July 2 Claims Bar Date
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has set July 2, 2007, as the bar date in Advanced Marketing
Services Inc. and its debtor-affiliates' bankruptcy cases, by
which all entities, including governmental units, must file
proofs of claim in the Debtors' Chapter 11 cases.

As reported in the TCR-Europe on April 24, 2007, the Debtors
also asked the Court to establish a bar date to file:

    (a) claims relating to the Debtors' rejection of executory
        contracts or unexpired leases pursuant to Section 365 of
        the Bankruptcy Code;

    (b) claims as a result of amendments to the Debtors'
        schedules of assets and liabilities;

    (c) administrative expense claims asserted under Section
        503(b)(9) of the Bankruptcy Code;

    (d) all other non-Section 503(b)(9) administrative expense
        claims arising or accruing on or before April 30, 2007,
        under Sections 503(b) and 507(a) of the Bankruptcy Code.

                        General Bar Date

The General Bar Date would apply to all entities holding claims
against the Debtors -- whether secured, unsecured, priority or
unsecured non-priority -- that arose before Dec. 29, 2006.  

Subject to the provisions set forth for holders of claims
subject to the Rejection Bar Date, the Schedules Bar Date, the
Section 503(b)(9) Bar Date, and the First Administrative Bar
Date, these entities must file claims on or before the general
bar date:

    -- any entity whose prepetition claim against a Debtor is
       not listed in the applicable Debtor's Schedules or is
       listed as disputed, contingent or unliquidated in the
       Schedules, and that desires to participate or share in
       any distribution in the Debtors' Chapter 11 cases; and

    -- any entity that believes that its prepetition claim is
       improperly classified or is listed in an incorrect amount
       in the Schedules, and that desires to have its claim
       allowed in a classification or amount other than that
       identified in the Schedules.

                        Rejection Bar Date

The bar date for any claim relating to a rejection of an
executory contract or unexpired lease will be the later of (a)
the General Bar Date for all Entities, or (b) 30 days after the
service of a Court ruling approving rejection on the affected
entities.

                        Schedules Bar Date

The Court also fixed the Schedules Bar Date to the later of (a)
the General Bar Date, or (b) 30 days after the date that a
notice of the applicable amendment to the Schedules, if any, is
served on the claimant.

To the extent the Debtors amend their Schedules relating to the
claim of any creditor, the Debtors will serve notice of both the
amendment and the Schedules Bar Date on the affected creditor.  
Nothing would preclude the Debtors from amending their Schedules
in accordance with the Local Rules of Bankruptcy Practice and
Procedure for the U.S. Bankruptcy Court in the District of
Delaware.

                   Section 503(b)(9) Bar Date

The Court also established the General Bar Date as the Section
503(b)(9) Bar Date.  

Under Section 503(b)(9), a claim is accorded administrative
expense priority where the claim is for "the value of any goods
received by the debtor within 20 days before the date of
commencement of a case under [Chapter 11] in which the goods
have been sold to the debtor in the ordinary course of [the]
debtor's business."

Holders of potential Section 503(b)(9) Claims who fail to file a
request for payment of claims on or before the Section 503(b)(9)
Bar Date will be forever barred and estopped from asserting
their Section 503(b)(9) Claims against the Debtors.

                  First Administrative Bar Date

The Court further established the General Bar Date as the First
Administrative Bar Date.  The First Administrative Bar Date is
the deadline for claimants requesting the allowance of
administrative expense claims arising under Sections 503(b),
507(a) or any other section of the Bankruptcy Code, except
Section 503(b)(9) Claims, arising or accruing on or after
Dec. 29, 2006, but prior to or on April 30, 2007, to file a
claim.

Any entity holding an interest in any Debtor who wish to assert
claims against any of the Debtors that arise out of or relate to
the sale, issuance, or distribution of the Interest, must file
claims on or before the General Bar Date, unless another
exception identified in the request applies.

Interest Holders who wish to assert claims against any of the
Debtors that arise out of or relate to the sale, issuance, or
distribution of the Interest, must file claims on or before the
General Bar Date, unless another exception identified in the
request applies.

The Debtors will serve on all known entities holding potential
prepetition claims:

    (i) a notice of the Bar Dates;

   (ii) a proof of claim form based upon Official Form No. 10;

  (iii) the Section 50.3(b)(9) Claim Request form; and

   (iv) the Proof of Administrative Claim Form.

All entities asserting claims against more than one Debtor are
required to file a separate claim with respect to each Debtor.

             About Advanced Marketing Services Inc.

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.  (Advanced Marketing Bankruptcy News, Issue
No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Debtors' exclusive period to file a plan expires on
Aug. 10, 2007.


ADVANCED MARKETING: Court Extends Exclusive Period to Aug. 10
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has extended Advanced Marketing Services Inc. and its debtor-
affiliates' exclusive periods to file a Chapter 11 plan until
Aug. 10, 2007, and to solicit acceptances of that plan until
Oct. 9, 2007.

The Debtors' exclusive period to file a chapter 11 plan expired
on April 28, 2007.  

As reported in the TCR-Europe on April 24, 2007, Mark D.
Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, related that the Debtors believe these
dates are consistent with the plan process timeline they have
discussed with the Official Committee of Unsecured Creditors.

Mr. Collins also asserted that the Debtors' Exclusive Periods
should be extended because:

    (a) the Debtors' Chapter 11 cases are large and complex and
        they need more time to craft a plan of reorganization;

    (b) in addition to negotiating debtor-in-possession
        financing and the sales of their assets, the Debtors
        have been making significant progress in their efforts
        on stabilizing, winding down their remaining operations,
        and implementing the transition services related to the
        Sales;

    (c) while the Debtors will shortly file a request for the
        Court to establish bar dates for filing proofs of claim,
        it will only be after the claims bar date has passed
        that the Debtors will be in a position to begin
        evaluating the universe of claims against them and, in
        light of that evaluation and the results of their
        planning process, develop the plan; and

    (d) the Debtors believe that analysis of their remaining
        executory contracts and leases, review of claims,
        development of a draft plan and negotiations with their
        various constituencies regarding the terms of a plan and
        the related process, together with the day-to-day tasks
        of operating as Chapter 11 debtors-in-possession, will
        consume the bulk of their time and efforts in the coming
        months.

             About Advanced Marketing Services Inc.

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.  (Advanced Marketing Bankruptcy News, Issue
No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Debtors' exclusive period to file a plan expires on
Aug. 10, 2007.


ADVANCED MARKETING: Court Okays Hiring of Freshfields as Counsel
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has granted its permission to the Official Committee of
Unsecured Creditors in Advanced Marketing Services Inc. and its
debtor-affiliates' Chapter 11 bankruptcy cases, to retain
Freshfields Bruckhaus Deringer as its special counsel, nunc pro
tunc to March 7, 2007.

As reported in the TCR-Europe on April 5, 2007, Freshfields will
provide legal services relating to the laws of England in
connection with the proposed structure of certain sales of
assets, William C. Sinnott of Random House Inc., the Committee
chairperson, said.

Mr. Sinnott related that the need for Freshfields' services
first arose on March 7, 2007, shortly after the prospective
purchaser, Baker & Taylor Inc., made a revised proposal which
involves, in part, AMS purchasing the stock of two non-debtor
English indirect subsidiaries from Advanced Marketing (Europe)
Ltd., a wholly owned non-debtor subsidiary of AMS.  As a result
of the revised structure, the Creditors Committee found it
prudent to retain counsel in England to review the revised
structure and advise whether it was likely to result in any
material adverse implications and consequences to the Debtors'
estates.  Similar advice may also be required by the Committee
regarding the potential sales of assets of other AMS
subsidiaries in England.

The Creditors Committee selected Freshfields because of its
reputation, experience and knowledge with respect to the matters
for which it is to be engaged, and because of its unique ability
in this case to mobilize a team of attorneys on an expedited
basis to perform the services.

Freshfields will be compensated on an hourly basis, plus
reimbursement of the actual and necessary expenses that it
incurs in accordance with the ordinary and customary rates in
effect on the date the services are rendered.

The firm's hourly rates are:

        Professional                          Hourly Rate
        ------------                          -----------
        Partner
          Nick Segal, Esq. (Finance)            US$1,225
          Robert Kent, Esq. (Tax)               US$1,315

        Senior Associate
          Adam Gallagher, Esq. (Finance)          US$930

        Associates
          Ian Wallace, Esq. (Finance)             US$570
          Susanna Pine, Esq. (Tax)                US$500

Mr. Segal assured the Court that Freshfields represents no other
entity having an adverse interest in connection with the
Debtors' Chapter 11 cases, and that Freshfields is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

             About Advanced Marketing Services Inc.

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than USUS$100 million.  (Advanced Marketing Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Debtors' exclusive period to file a plan expires on
Aug. 10, 2007.


ADVANCED MARKETING: Gets OK to Sell U.K. Subsidiaries & Bookwise
----------------------------------------------------------------
The Hon. Judge Christopher S. Sontchi of the United States
Bankruptcy Court for the District of Delaware allowed Advanced
Marketing Services Inc.'s entry into, and performance under, two
separate stock purchase agreements dated April 5, 2007, as
amended, with:

    (1) Medwyn Lloyd Hughes and Catherine Elizabeth Goodman,
        under which Mr. Hughes and Ms. Goodman will acquire from
        AMS all of the outstanding shares of capital stock, and
        certain selected inventory, of Publishers Group UK
        Limited, and H.I. Marketing Limited -- AMS's wholly
        owned subsidiaries under the laws of the United
        Kingdom,; and

    (2) Brumby Books Holdings Pty Ltd, under which Brumby will
        acquire from AMS all of the outstanding shares of
        capital stock, and certain selected inventory, of AMS's
        wholly owned subsidiaries (a) Bookwise International Pty
        Ltd, based in Australia, and (b) Bookwise Asia Pte Ltd.,
        based in Singapore.

The twice-amended Bookwise Stock Purchase Agreement provides
that:

    (a) The Purchase Price to be paid by Brumby to AMS at
        Closing will be:

        * AUD200,000 in cash plus the Closing Deficiency Amount,
          if any, for the Shares of Bookwise International;

        * US$100,000 in cash for the Shares of Bookwise Asia;
          and

        * US$24,273 in cash for the Selected APG Inventory.

    (b) One or both of Bookwise International and Bookwise Asia
        will have transferred to AMS a total of $210,000 in
        immediately available funds via wire transfer to an
        account designated by AMS.  Except as set forth, AMS
        will have no obligation to ensure that sufficient funds
        are available to satisfy this condition.  Brumby agrees
        that to the extent that sufficient funds are not
        available to pay the full Pre-Closing Inter-Company
        Payment Amount:

         -- one or both of the Companies will transfer all funds
            available for the purpose to AMS; and

         -- Brumby agrees that the difference between the Pre-
            Closing Inter-Company Payment Amount and the
            Available Funds Amount will be added to the Purchase
            Price for the Shares of Bookwise International.

        Upon the earlier of the payment of the Pre-Closing
        Inter-Company Payment Amount or, if applicable, the
        Closing Deficiency Amount, any outstanding inter-company
        accounts receivable and accounts payable between either
        of the Companies and AMS or any of its affiliates will
        be deemed settled and released.

    (c) the term "Selected APG Inventory" will mean certain
        inventory of APG located in Australia or Singapore and
        consigned by AMS to either of Bookwise International and
        Bookwise Asia.  For the avoidance of doubt, the Selected
        APG Inventory will not include inventory purchased by
        Baker & Taylor Inc., pursuant to the terms and
        Conditions of an Asset Purchase Agreement, dated as of
        Feb. 16, 2007, as amended, between AMS and Baker &
        Taylor.

The amended U.K. Stock Purchase Agreement, on the other hand,
reflects that:

    (a) Subject to the terms and conditions of the U.K. Sale's
        Purchase Agreement, Mr. Hughes and Ms. Goodman desire to
        purchase from AMS all of the Shares and the Selected APG
        Inventory, free and clear of any liens as provided by
        the Court approval on the U.K. Sale's Purchase
        Agreement; and

    (b) The term "Selected APG Inventory" will mean inventory of
        APG located in the U.K., and consigned by AMS to either
        of Publishers Group UK and H.I. Marketing.  For the
        avoidance of doubt, the Selected APG Inventory will not
        include inventory purchased by Baker & Taylor, pursuant
        to the terms and conditions of that the APA, dated as of
        February 16, 2007, as amended, between AMS and Baker &
        Taylor.

As reported in the Troubled Company Reporter on April 23, 2007,
Advanced Marketing Services Inc. also asked the Court to
determine that the sale and transfer of the Shares and the
Selected APG Inventory are free and clear of Liens.

With respect to the U.K. Sale, the Purchase Price to be paid by
Mr. Hughes and Ms. Goodman to AMS at Closing will be the cash
sum of:

    (i) US$50,000 for the Shares; and

   (ii) US$66,325 for Selected APG Inventory, excluding any
        applicable taxes which will be borne by Buyers; and

  (iii) US$100,000 of the outstanding inter-company receivables
        owing from either of the Companies to Seller or any of
        its affiliates with respect to all inter-company trade
        receivables.

According to Mark D. Collins, Esq., at Richards, Layton &
Finger,
P.A., in Wilmington, Delaware, the Buyers have agreed to
participate in an auction for the companies and the Selected APG
Inventories, subject to bid procedures provided for in the
Purchase Agreements, and the receipt of higher and better
offers.

                     About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated
and Publishers Group West Incorporated filed for chapter 11
protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480
through 06-11482).  Suzzanne S. Uhland, Esq., Austin K. Barron,
Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP,
represent the Debtors as Lead Counsel.  Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.  

The Debtors' exclusive period to file a plan expires on Aug. 10,
2007.  (Advanced Marketing Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


INTERAMERICANA: S&P Puts Low-B Ratings Under Positive Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Corporacion Interamericana de
Entretenimiento S.A.B. de C.V. y subsidiarias and its 'B+' long-
term corporate credit rating on Corporacion Interamericana de
Entretenimiento S.A.B. de C.V. on CreditWatch with positive
implications.  In addition, S&P placed its 'B+' senior unsecured
debt rating on CIE's notes due 2015 on CreditWatch with positive
implications.

"The CreditWatch listing follows the announcement that CIE
reached an agreement to sell a majority stake in its live
entertainment businesses in Brazil, Argentina, and Chile.  Net
proceeds of the US$150 million operation are intended for debt
reduction.  The CreditWatch listing will be resolved once the
transaction is completed, the debt repayment amount is known,
and after we reassess CIE's discretion over its subsidiaries'
cash flow generation," said Standard & Poor's credit analyst
Raul Marquez.

CIE is rated 'B+' based on its pure holding company nature.  It
depends on the cash flows -- interest income, fees, and
dividends -- upstreamed from its subsidiaries.  The removal of
debt at the operating company level would not automatically
warrant the equalization of CIE's notes with the corporate
credit rating on the whole group.  Proceeds of CIE's holding
company-level debt are largely downstreamed to its operating
subsidiaries as loans.  CIE's main source of cash flow is the
interest collected from subsidiaries, which is a more stable
revenue stream than dividends from subsidiaries.  S&P will
review CIE's cash flow generation prospects resulting from the
announced agreement before taking any rating action.

The ratings reflect CIE's exposure to economic cycles and
increasing competition from emerging out-of-home entertainment
sources; the need to constantly add more attractions or events
to its backlog; the volatile availability of international
talent; and the ongoing need to renew venues' concessions and
sponsorship contracts.  The ratings are also based on the
favorable competitive position of its operations due to its
vertically integrated structure and operational scale, and its
position as the out-of-home industry leader in Mexico.


MOVIE GALLERY: Posts US$14.9-Million Net Loss in First Quarter
--------------------------------------------------------------
Movie Gallery Inc. recorded total revenues of US$647.7 million
for the first quarter ended April 1, 2007, a decrease of 6.7%
from US$694.4 million in the first quarter 2006.  Total revenues
were primarily impacted by a 5.9% decline in same-store total
revenues for the first quarter as compared to the first quarter
2006.  To a lesser extent, the decrease in revenues also
resulted from the reduction of the company's store footprint by
184 stores, or approximately 4%, year over year.

Same-store total revenues declined 4.0% at Movie Gallery branded
stores and declined 6.8% at Hollywood branded stores.  The same-
store total revenues at the Hollywood brand were impacted by a
13.1% decline in same-store revenues at the Hollywood Video
segment, which was partially offset by a 26.4% increase in same-
store revenues in the Game Crazy segment.

Gross margin on rental revenue for the first quarter of 2007 was
essentially flat at 69.7% compared to 69.6% for the first
quarter of 2006.  The company's rental gross margin for the
first quarter of 2006 was negatively impacted by a charge of
US$6.8 million, or 1.0% of rental revenue, which was recorded to
reflect changes in rental amortization estimates in the Movie
Gallery segment.  Rental gross margins in the first quarter of
2007 reflect the adverse impact of a 17% decline in the average
sales price of previously viewed DVD movies.

The company's operating income for the first quarter 2007 was
US$33.6 million as compared to US$67.5 million for the first
quarter 2006.  During the first quarter 2007, the company
incurred additional expenses of approximately US$6.3 million
that impacted operating income.  These expenses primarily
related to our digital content and online delivery efforts,
higher professional fees, and real estate optimization
initiatives.

In conjunction with the senior credit facility refinancing in
the first quarter 2007, net interest expense included a debt
extinguishment charge of US$17.5 million, or approximately
US$0.58 per share, to write off unamortized deferred financing
fees related to Movie Gallery's previous senior credit facility.  
As a result, the company reported a net loss of US$14.9 million
for the first quarter 2007, which compares to net income of
US$40.3 million in the first quarter 2006.

Adjusted EBITDA, which is defined as operating income plus
depreciation, amortization, non-cash stock compensation, and
special items, less purchases of rental inventory, totaled
US$63.5 million during the first quarter 2007 compared to
US$116.8 million in the first quarter 2006.  Reconciliations of
non-GAAP financial measures are provided in the financial
schedules accompanying this press release.

As of April 1, 2007, Movie Gallery had total cash of US$27
million and availability under its credit facility of US$100
million.

                      Management's Commentary

Movie Gallery Executive Vice President and Chief Financial
Officer Thomas Johnson said, "At the end of the quarter and as
previously announced, the company entered into a new senior
secured credit facility that provides additional flexibility to
the business and significantly reduces the capital constraints
that the Company had been working under.  With the new facility
now in place, we are moving forward with our strategic plans to
improve the Company's financial performance."

Movie Gallery's Chairperson, President and Chief Executive
Officer, Joe Malugen, stated, "During the first quarter, the
rental business experienced increased pressure and was impacted
by weaker titles released to video, increasing competitive
pricing pressure, unfavorable weather and the earlier shift to
daylight savings time in 2007.  Notwithstanding these
challenging market conditions, we're encouraged by several
developments and ongoing initiatives.  We've seen strong demand
for video games, as evidenced by our solid product sales during
the quarter, and we are pursuing a plan to increase the
availability of gaming products in an additional 500 existing
Hollywood Video and Movie Gallery stores.  We are also moving
forward with our plan to increase customer convenience and
satisfaction by offering content through multiple channels.  We
are confident that we are taking the right steps to drive growth
as we continue to pursue initiatives to reduce expenses and
reposition Movie Gallery for the future."

Movie Gallery, headquartered in Dothan, Alabama, is a leading
provider of in-home movie and game entertainment in the United
States.  It operates over 4,650 stores in the United States,
Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.  Pro forma revenues
for fiscal year 2006 were US$2.5 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 13, 2007, Moody's Investors Service upgraded the rating on
Movie Gallery Inc.'s US$100 million senior secured credit
facility to B1 and affirmed all its other ratings following the
companies revision of its new capital structure and change in
the terms of the revolving credit facility.  The rating outlook
remained positive.

These ratings were affirmed:

   -- Corporate family rating at Caa1;
   -- Probability of default rating at B3;
   -- US$25 million synthetic letter of credit facility at B2
      (with the LGD assessment changed to LGD3-39%);
   -- US$600 million senior secured first lien term loan at B2
      (with the LGD assessment changed to LGD3-39%);
   -- US$175 million senior secured second lien term loan
      at Caa1 (LGD4-66%).
   -- Senior unsecured guaranteed notes at Caa2 (with the LGD
      assessment changed to LGD5-88%); and
   -- Speculative grade liquidity rating at SGL-3.


VITRO SA: Increasing Businesses to Boost Cash Flow in Five Years
----------------------------------------------------------------
Vitro SA Chief Executive Officer Federico Sada told Thomas Black
at Bloomberg News that the company will double cash flow in the
next four or five years by increasing its existing businesses
through acquisitions or partnerships.

Bloomberg News' Mr. Black relates that Vitro's cash flow, or
earnings before interest, taxes, depreciation and amortization
increased 10% to US$371 million in 2006, the first yearly
increase since at 1999.

Mr. Sada told Bloomberg News' Mr. Black that after selling
assets to reduce debt for several years, Vitro is now ready to
boost spending to expand capacity at its plants and search for
acquisitions abroad.  Vitro sold bonds for US$1 billion in
January to extend debt maturity and decrease interest payments
by US$40 million yearly.

Mr. Sada commented to Bloomberg News' Mr. Black, "The glass
industry worldwide is going through a heavy period of
consolidation.  Unless we take an active part, which we plan to
do, things might get rather difficult."

According to Bloomberg News' Mr. Black, Vitro's profit dropped
after Mexico welcomed glass market competition following the
1994 North American Free Trade Pact.  Lower tariffs led to a
drop in glass prices and attracted investment in Mexico from
firms like France's Compagnie de Saint-Gobain SA and US-based
Guardian Industries Corp.

The report says that Saint-Gobain and Guardian's flat-glass
plants in Mexico reduced Vitro's sales to the construction and
auto industries.  Vitro was also negatively affected by
competition from cheap plastic bottles and aluminum cans as
Mexican soft-drink firms changed to throwaway bottles from
returnable glass.

Bloomberg News' Mr. Black notes that Vitro reduced costs,
seeking energy alternatives to natural gas and fuel oil and
cutting its workforce.  It sold corporate offices and abandoned
businesses in home appliances, glass tableware, aluminum cans,
fiberglass panels and other areas to decrease debt to US$1.1
billion at the end of 2007, compared to US$1.6 billion in 2000.  
Ebitda declined to US$371 million in 2006, from US$558 million
in 2000.

Mr. Sada told Bloomberg News' Mr. Black, "We have gone through a
very deep, internal restructure.  Suddenly, you see some light
at the end of the tunnel.  We're now in a different position."

Bloomberg News' Mr. Black says that the refinancing of debt will
let Vitro spend about US$230 million to increase capacity and
maintain its plants, which is the highest capital-expenditure
budget since at least 1999 and greater than US$110 million in
2006.  

Mr. Sada commented to Bloomberg News' Mr. Black, "We have a much
stronger balance sheet and it still should get better.  That's
not an issue for the first time in many, many years."

Mr. Sada said that the expansion will be concentrated on glass
bottles, where demand is surpassing supply.  Vitro may increase
glass container capacity by 40% to 50% in three to four years,
according to Bloomberg News' Mr. Black.  Vitro will expand its
flat glass division to help overturn a decline in market share
at the expense of Saint-Gobain -- which is expanding capacity in
Mexico -- and Guardian.  Mr. Sada stated that Vitro wants to
maintain its leadership in the flat glass division, but doesn't
want to over-invest.  

The growth strategy pleases investors.  However, Vitro must
prove it can increase its existing businesses before buying
firms, Bloomberg News' Mr. Black notes, citing ING Financial
Markets LLC debt analyst Eric Ollom.  The analyst believes that
the company should be pursuing growth.  If Vitro doesn't expand
through acquisitions or partnerships, it might lose its markets
to competitors.  Vitro will analyze any opportunities accretive
to earnings and are in its main glass businesses.

"We must continue to increase our presence in other countries to
grow our cash flow healthy and also to keep a balance in the
market with our competitors.  Many companies have been forced to
sell.  That is definitely not our objective," Mr. Sada told
Bloomberg News' Mr. Black.

Headquartered in Nuevo Leon, Mexico, Vitro, S.A. de C.V. --
http://www.vitro.com/-- (NYSE: VTO; BMV: VITROA), through its
subsidiary companies, is one of the world's leading glass
producers.  Vitro is a major participant in three principal
businesses: flat glass, glass containers and glassware.  Its
subsidiaries serve multiple product markets, including
construction and automotive glass; food and beverage, wine,
liquor, cosmetics and pharmaceutical glass containers; glassware
for commercial, industrial and retail uses.  Vitro also produces
raw materials and equipment and capital goods for industrial
use, which are vertically integrated in the Glass Containers
business unit.

Founded in 1909, Monterrey, Mexico-based Vitro has joint
ventures with major world-class partners and industry leaders
that provide its subsidiaries with access to international
markets, distribution channels and state-of-the-art technology.
Vitro's subsidiaries have facilities and distribution centers in
eight countries, located in North, Central and South America,
and Europe, and export to more than 70 countries worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Mar. 27, 2006,
Standard & Poor's Ratings Services lowered its long-term local
and foreign currency corporate credit ratings assigned to glass
manufacturer Vitro SA de CV and its glass containers subsidiary
Vitro Envases Norteamerica SA de CV (Vena) to 'B-' from 'B'.

Standard & Poor's also lowered the long-term national scale
corporate credit rating assigned to Vitro to 'mxBB+' from
'mxBBB-' with negative outlook.

Standard & Poor's also lowered the rating assigned to Vitro's
notes due 2013 and Servicios y Operaciones Financieras Vitro SA
de CV notes due 2007 (which are guaranteed by Vitro) to 'CCC'
from 'CCC+'.  Standard & Poor's also lowered the rating assigned
to Vena's notes due 2011 to 'B-' from 'B'.  




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


* PANAMA: Enters Into US$39.4-Million Loan Pact with World Bank
---------------------------------------------------------------
World Bank Vice President Pamela Cox and the Panama's Minister
of Economy and Finance Hector E. Alexander signed a US$39.4-
million loan agreement for the country to increase productivity
among rural small-scale farmers while protecting important
forest, mountain and marine-costal ecosystems.

"The project will bring technical and financial support to some
of the poorest rural areas of Panama to brighten the economic
prospects of small scale farmers," said Minister Alexander at
the signing ceremony.  "This project supports one dimension of
the government's overriding goal of reducing poverty and
inequality in Panama."

The Rural Productivity Project, or PRORURAL, will assist rural
small-scale producer associations to form alliances with
commercial partners and jointly implement with them business
plans to expand market access and increase producer incomes
while managing the "push" and "pull" factors that can threaten
the environment.

"It is an honor to be here today with President Torrijos and
Minister Hector E. Alexander to sign this loan agreement which
will contribute to improvements in rural income and well-being.  
Achieving these improvements will require increased productivity
among small-scale farmers.  But the small farmer alone is
unlikely to effectively compete in a market dominated by
intermediaries," said Ms. Cox.  "This project supports
productive alliances as a way for rural producers to share both
the production risks and market benefits."

This loan in support of enhanced rural productivity is the first
investment loan by the World Bank to Panama since 2001.  Under
the Torrijos Administration, Panama's reengagement with the
World Bank has also included a Development Policy Loan of US$60
million and a Global Environmental Facility grant of US$6
million.  A water supply and sanitation loan to low-income
communities is currently being prepared, as well as a social
protection project and additional financing for on-going policy
reform technical assistance and education projects financed by
the World Bank.  The World Bank and the Government of Panama are
discussing extending the lending program through a three-year
County Partnership Strategy that would include a mix of lending
and non-lending assistance.

Managing push factors include an effort to reduce the exhaustion
of raw materials within rural areas-known as natural resource
depletion, deforestation and rural poverty, which drive human
migration to the areas of global conservation importance within
the Panamanian Mesoamerican Biological Corridor.  The project
also aims to help rural associations to reduce "pull factors"
such as over-exploitation, illegal harvesting by enhancing the
enforcement of existing management plans.

The project also seeks to conserve biodiversity of global
importance and protect important forest mountain and marine-
costal ecosystems in Panama.

The three-targeted provinces of Herrera, Los Santos and Veraguas
are home to 70,000 farms with 130,000 cultivated hectares, yet
employ only 22,000 agricultural workers.  There are 68,000
farmers, ranging from medium-sized producers to small-scale
farmers who work their own or leased land.

The project will support productive alliances through these
activities:

   -- finance preparatory activities that contribute to the
      presentation of viable business plans for proposed
      productive alliances.  These activities include designing
      a communications strategy to raise awareness of and
      stimulate participation in PRORURAL;

   -- supporting business skills and organizational training for
      small-scale producers;

   -- hiring of specialized technical assistance by alliance
      members in aid in the preparation of business plans; and

   -- financing of studies aimed at, inter alia, identifying and
      strengthening production chains and establishing
      Environmental Services Payment schemes.

Finance approximately 70 sub-projects (up to a maximum of
US$500,000 each) implemented by rural producer associations in
the targeted provinces of Herrera, Los Santos and Veraguas.  
Sub-projects will be financed in the context of business plans
for productive alliances between rural producer associations and
at least one agroprocessor, wholesaler or other commercial
partner.  The project will reach some 5,000 small-scale
producers or about 13% of total small-scale producers in these
three provinces.

Provide matching grants for about 450 small-scale community
investments in natural resource management and productive
opportunities that contribute to biodiversity conservation and
represent sustainable alternatives to improve their livelihoods.  
This component is partially blended with the Rural Productivity
and Consolidation of the Atlantic Mesoamerican Biological
Corridor Project, or PAMBC, approved by the Board in June 2006
and financed with a US$6-million grant from the Global
Environment Facility.

The project will also work in parallel with the Government of
Panama's agricultural strategy set forth in the 2005-2009
Agricultural Strategic Plan "Let's Get to Work" (Manos a la
Obra) which seeks to reduce rural poverty, create employment and
improve producers' ability to compete through increasing market
access.

The US$39.4 million fixed-spread loan is repayable in 15 years
and includes a five-year grace period.  The loan was approved by
the World Bank's Board of Directors on March 21, 2007.  

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2007, Standard & Poor's Ratings Services revised its
outlook on its 'BB' long-term sovereign credit rating on the
Republic of Panama to positive from stable and affirmed its 'B'
short-term foreign currency sovereign credit rating on the
republic.




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


GEOKINETICS INC: Declares Public Offering Price of US$28 A Share
----------------------------------------------------------------
Geokinetics Inc. has priced its underwritten public offering of
4,500,000 shares of its common stock, par value US$0.01 per
share, at a public offering price of US$28.00 per share, before
underwriting discounts and commissions.  The shares are being
offered by Geokinetics.  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.

Geokinetics will use the net proceeds from this offering to
redeem the US$110 million aggregate principal amount of Second
Priority Senior Secured Floating Rate Notes due 2012 it issued
in December 2006, including principal, premium and accrued
interest, and to repay a portion of its revolving credit
facility.

The joint book-running managers for the public offering are RBC
Capital Markets Corporation and UBS Investment Bank.  Raymond
James & Associates, Inc., and Howard Weil are co-managers for
the offering.

A registration statement relating to these securities has been
filed with, and declared effective by, the Securities and
Exchange Commission on May 10, 2007.  The offering of these
securities is being made only by means of a written prospectus,
copies of which may be obtained by contacting:

          RBC Capital Markets Corporation
          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.




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


ALLIED WASTE: Inks Underwriting Agreement with Goldman Sachs
------------------------------------------------------------
Allied Waste Industries Inc. entered into an underwriting
agreement with Goldman, Sachs & Co. and affiliates of Apollo
Advisors II L.P., pursuant to which the Apollo Affiliates have
agreed to sell 32,764,897 shares of Allied common stock to
Goldman, Sachs & Co. at a price of US$13.46 per Share.

The company said that has received no proceeds in connection
with the offering.  Allied Waste said that the offering had
closed on May 10, 2007.

The company disclosed that Apollo Investment Fund III L.P.,
Apollo Investment Fund IV L.P., Apollo Overseas Partners III
L.P., Apollo Overseas Partners IV, L.P., Apollo Partners III
L.P., AIF III/AWI/RR LLC and Apollo/AW LLC are Apollo Advisor II
L.P.'s affiliates.  

A full-text copy of the Under Writing Agreement is available for
free at http://ResearchArchives.com/t/s?1ee3

Allied Waste North America, Inc., a wholly owned operating
subsidiary of Allied Waste Industries, Inc., is based in
Phoenix, Arizona.  Allied Waste is a vertically integrated, non-
hazardous solid waste management company providing collection,
transfer, and recycling and disposal services for residential,
commercial and industrial customers.  As of Dec. 31, 2006, the
company operated a network of 304 collection companies, 161
transfer stations, 168 active landfills and 57 recycling
facilities in 37 states and Puerto Rico.  The company had
revenues of approximately US$6.0 billion in fiscal 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Moody's Investors Service assigned B2 (LGD 4,
69%) to the proposed US$50 million Mission Economic Development
Corp. Solid Waste Disposal Revenue Bonds Series 2007A due 2018,
an Allied Waste North America, Inc. Project.  The borrower will
be Allied Waste North America, Inc. or Allied Waste NA and the
bonds will be unsecured obligations guaranteed by the parent,
Allied Waste Industries, Inc.  Concurrently, Moody's affirmed
other ratings of Allied Waste, Allied Waste NA and its wholly
owned subsidiary, Browning-Ferris Industries, LLC.  The outlook
for the ratings remains positive.

Moody's took these rating actions:

   -- assigned a B2 (LGD4, 69%) rating to the proposed
      US$50 million solid waste disposal revenue bonds
      series 2007A of Allied Waste NA due 2018;

   -- affirmed all other ratings of Allied Waste, Allied
      Waste NA, and Browning-Ferris Industries, LLC as
      set out in the recent press release dated March 27, 2007.

Moody's said the ratings outlook is positive.


B&G FOODS: To Offer 14 Million Shares of Class A Common Stock
-------------------------------------------------------------
B&G Foods Inc. will offer up to 13,900,000 shares of its Class A
common stock at an initial public offering price anticipated to
be between US$12 and US$14 per share, pursuant to an effective
shelf registration statement previously filed with the
Securities and the Exchange Commission.

In connection with the offering, B&G Foods expects to grant the
underwriters an option for a period of 30 days to purchase up to
an additional 2,085,000 shares of Class A common stock.  The
shares of Class A common stock offered by B&G Foods have been
approved for listing on the New York Stock Exchange under the
trading symbol "BGS" and will trade separately from B&G Foods'
Enhanced Income Securities, which currently trade on the
American Stock Exchange under the trading symbol "BGF".

B&G Foods expects to use the net proceeds of the offering to:

   (1) repurchase outstanding shares of its Class B common
       stock;

   (2) repay a portion of its term loan borrowings under its
       senior secured credit facility;

   (3) pay fees and expenses related to the offering; and

   (4) for general corporate purposes.

Credit Suisse Securities (USA) LLC and Lehman Brothers Inc. are
acting as joint book-running managers and RBC Capital Markets
Corporation is acting as co-manager of the offering.

B&G Foods (AMEX: BGF) -- http://www.bgfoods.com/-- and its  
subsidiaries manufacture, sell and distribute a diversified
portfolio of high-quality, shelf-stable foods across the United
States, Canada and Puerto Rico.  B&G Foods' products include
jams, jellies and fruit spreads, canned meats and beans, spices,
seasonings, marinades, hot sauces, wine vinegar, maple syrup,
molasses, salad dressings, Mexican-style sauces, taco shells and
kits, salsas, pickles and peppers and other specialty food
products.  B&G Foods competes in the retail grocery, food
service, specialty store, private label, club and mass
merchandiser channels of distribution.  Based in Parsippany, New
Jersey, B&G Foods' products are marketed under many recognized
brands, including Ac'cent, B&G, B&M, Brer Rabbit, Emeril's,
Grandma's Molasses, Joan of Arc, Las Palmas, Maple Grove Farms
of Vermont, Ortega, Polaner, Red Devil, Regina, San Del, Ac'cent
Sa-Son, Trappey's, Underwood, Vermont Maid and Wright's.
Preliminary revenues for the fiscal year ended Dec. 30, 2006,
were US$411.3 million.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, Standard & Poor's Ratings Services affirmed its
loan and recovery ratings on B&G Foods Inc.'s proposed senior
secured credit facilities, following the announcement that the
company will increase the term loan C facility by US$5 million.
Pro forma for the increased add-on portion, the facilities will
total US$230 million.  The secured loan rating is 'B+' (one
notch above the 'B' corporate credit rating) and the recovery
rating is '1', indicating the expectation for full (100%)
recovery of principal in the event of a payment default.

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2007, Moody's Investors Service confirmed the B2
corporate family rating, the Ba2 senior secured bank debt
ratings and the Caa1 senior subordinated notes rating of B&G
Foods, Inc.  Moody's also lowered the rating on the company's
senior unsecured notes to B3 from B1.  The rating outlook is
stable.  These rating actions conclude the review for possible
downgrade begun on Jan. 24, 2007, following the company's
announcement of its plan to make a US$200 million debt-funded
acquisition of the Cream of Wheat and Cream of Rice brands from
Kraft Foods, Inc.  In addition, Moody's assigned a Ba2 rating to
the company's new US$225 million senior secured term loan.


MAIDENFORM BRANDS: Reports US$7 Million First Quarter Net Income   
----------------------------------------------------------------
Maidenform Brands Inc. reported financial results for the first
quarter ended March 31, 2007.

Maidenform Chief Executive Officer Thomas J. Ward stated, "We
are pleased that the strong foundation we have built continued
to deliver solid performance in the first quarter of 2007.  Our
momentum in the mass merchant branded business drove our 6.3%
net sales increase.  In February, we introduced our newest
franchise, The Smooth Bra(TM), which has performed extremely
well since its rollout.  We fully expect this Collection to be a
strong performance driver for the department stores and national
chain stores channel this year.  Consolidated gross margins were
36.3% driven by higher mass merchant sales and overall product
mix.  Maidenform's continued expense discipline, with SG&A
representing 23.1% of sales, also contributed to our earnings
per share growth of 11.5% for the first quarter, excluding the
US$6.1 million pension curtailment gain.  We continue to remain
optimistic about the remainder of the year and believe that our
first quarter results reinforce our ability to achieve
Maidenform's previously stated financial guidance for 2007."

                         Financial Results

Net sales for the first quarter 2007 increased US$6.4 million,
or 6.3%, to US$107.2 million.  Wholesale segment net sales in
the first quarter 2007 rose US$6.6 million, or 7.3%, to US$97.0
million.  Total international sales, which are included in the
wholesale segment, increased US$1.8 million, or 33.3%, to US$7.2
million.  Retail segment net sales decreased US$0.2 million, or
1.9%, to US$10.2 million in the first quarter 2007.

                         Wholesale Segment

Department stores & national chain stores channel net sales
decreased US$5.8 million, or 9.8%, to US$53.5 million in the
first quarter 2007.  A key factor for this decrease was the
higher sales of Flexees(R) in the first quarter 2006 as one
national chain store customer significantly replenished their
inventory levels following the company's inventory shortage of
this brand at the end of 2005.  Additionally, in the first
quarter 2006, Maidenform benefited from the intensification of
its brands by a department store customer as they converted
acquired doors.

Maidenform's The Smooth Bra(TM) was introduced in February 2007
and initial sales have been strong from this new franchise.  
Additionally, the company rolled out two Lilyette(R) styles
incorporating technology from The Smooth Bra(TM), which has also
been performing extremely well.  Based on these initial sales
results, Maidenform expects The Smooth Collection to be another
key franchise in this channel going forward.

In the first quarter 2007, mass merchant channel net sales
increased US$9.5 million, or 49.7%, to US$28.6 million.  
Significant growth in this channel was driven by continued
expansion of the company's Sweet Nothings(R) brand with one
customer, particularly in full-figure bras, strapless bras and
shapewear.  Additionally, the company reported strong sales from
a warehouse customer due to a program that featured Maidenform's
Bodymates(R) products in a high traffic location.

                            Other Sales

Other net sales, which include sales to specialty retailers,
off-price retailers and licensing income, increased US$2.9
million, or 24.2%, to US$14.9 million in the first quarter 2007.  
This increase was due to a program with a specialty retailer,
higher sales from an off-price retailer and additional licensing
income, which was partially offset by a decrease in liquidation
sales.

International sales, which are included in the total wholesale
segment and with results highlighted above, reported
particularly strong sales from the successful launch of the
Sweet Nothings(R) brand in Mexico.  Maidenform also gained sales
momentum in countries such as the U.K., Russia and the Benelux
countries.

                          Retail Segment

Same store sales for Maidenform's retail outlet stores decreased
4.0% due to reduced customer traffic.  Internet sales grew 28.6%
to US$0.9 million in the first quarter 2007.  The company had 76
retail outlet stores as of the end of the first quarter 2007
compared to 74 retail outlet stores in the same year ago period.

Consolidated gross profit increased US$0.9 million, or 2.4%, to
US$38.9 million in the first quarter 2007.  As a percentage of
net sales, consolidated gross margins were 36.3% versus 37.7% in
the same year ago period primarily due to the company's
significant increase in mass merchant sales, combined with a
sales decrease in the department stores and national chain
stores channel.  Additionally, retail segment net sales, which
have an overall higher gross margin, decreased from 10.3% of
consolidated net sales in the first quarter of 2006 to 9.5% of
consolidated net sales in the current year quarter.

As stated in the company's Annual Report on Form 10-K for the
fiscal year ended Dec. 30, 2006, Maidenform's Pension Plan was
frozen effective Jan. 1, 2007, for current employee participants
and closed to new entrants.  In connection with the pension
freeze, the company recognized a non-cash curtailment gain of
US$6.1 million in the first quarter 2007, which reduced the
Company's selling, general and administrative expense.

Consolidated selling, general and administrative expenses
decreased US$6.6 million, or 26.1%, to US$18.7 million with
US$6.1 million of this decrease associated with the curtailment
gain in the first quarter 2007.  Selling, General and
Administrative Expenses -- excluding this curtailment gain --
decreased US$0.5 million, or 2.0%, to US$24.8 million in the
first quarter 2007 primarily from a reduction in pension benefit
expense associated with the pension plan freeze and a decrease
in professional fees.  As a percentage of net sales and
excluding the curtailment gain, SG&A was 23.1% in the first
quarter 2007 compared to 25.1% for the comparable year ago
period.

Operating income increased US$7.5 million, or 59.1%, to US$20.2
million in the first quarter 2007, which included the
curtailment gain.  Excluding this curtailment gain, operating
income in the first quarter 2007 increased US$1.4 million, or
11.0%, to US$14.1 million.

Net interest expense for the first quarter 2007 decreased US$0.1
million to US$2.0 million compared to the first quarter 2006 as
Maidenform continued to benefit from lower average debt
outstanding, despite higher average interest rates.

Maidenform's effective income tax rate for the first quarter
2007 was 41.7% compared to 41.0% for the first quarter 2006.  
The increase in the effective income tax rate was primarily a
result of the adoption of Financial Accounting Standards Board
Interpretation No. 48 (FIN No. 48), "Accounting for Uncertainty
in Income Taxes."  Included in income tax expense for the first
quarter 2007 was interest expense associated with the adoption
of FIN No. 48.

Net income for the first quarter 2007 was US$10.6 million and
diluted earnings per common share (EPS) were US$0.44.  Excluding
the US$6.1 million curtailment gain (US$3.6 million after tax),
net income was US$7.0 million, or US$0.29 diluted earnings per
common share, representing an EPS increase of 11.5% compared to
the year ago period.

Total debt outstanding was US$110.0 million at the end of the
first quarter 2007 and the company's debt to EBITDA ratio was
1.63 to 1.

                2007 Financial Performance Guidance

Maidenform continues to project the following financial
performance for the full-year 2007, which was stated in the
company's March 5, 2007, press release:

   -- Total net sales growth of 6%-7% with low double-digit net
      sales growth in Maidenform's branded wholesale business.
      In 2007, the company will re-intensify its Self
      Expressions brand with one mass customer as Maidenform
      continues to focus aggressively on its branded business.

   -- Consolidated gross margins of approximately 38%.

   -- Operating income growth of 10%-14%.

   -- Total operating cash flow of US$30-US$35 million.

   -- EPS growth of 15%-18%.

                      About Maidenform Brands

Maidenform Brands, Inc. -- http://www.maidenform.com/-- is a  
global intimate apparel company with a portfolio of established
and well-known brands, top-selling products and an iconic
heritage.  Maidenform designs, sources and markets an extensive
range of intimate apparel products, including bras, panties and
shapewear.  During the Company's 83-year history, Maidenform has
built strong equity for its brands and established a solid
growth platform through a combination of innovative, first-to-
market designs and creative advertising campaigns focused on
increasing brand awareness with generations of women.
Maidenform sells its products under some of the most recognized
brands in the intimate apparel industry, including
Maidenform(R), Flexees(R), Lilyette(R), Self Expressions(R),
Sweet Nothings(R), Bodymates(TM), Rendezvous(R) and Subtract(R).
Maidenform products are currently distributed in 48 foreign
countries and territories including Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2007, Standard & Poor's Ratings Services revised its
rating outlook on Bayonne, N.J.-based intimate apparel designer
and marketer Maidenform Brands Inc. to positive from stable.
Ratings on the company, including the 'B+' corporate credit
rating, were affirmed.


ROYAL CARIBBEAN: Stifel Puts Buy Rating on Firm's Shares
--------------------------------------------------------
Stifel Nicolaus & Company analyst Steven Wieczynski has assigned
a "buy" rating on Royal Caribbean Cruises' shares,
Newratings.com reports.

According to Newratings.com, the target price for Royal
Caribbean's shares is set at US$51.

Stifel Nicolaus said in a research note published on May 11 that
the consensus earnings per share expectations for Royal
Caribbean indicates higher fuel prices and the Caribbean market
weakness.  

Newratings.com relates that Stifel Nicolaus said stable fuel
prices and easing Caribbean concerns during the second half of
2007 are expected to support Royal Caribbean's share price.

The European cruise market continues to show large opportunity,
Newratings.com states, citing Stifel Nicolaus.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/ -- is a global cruise   
vacation company that operates Royal Caribbean International,
Celebrity Cruises and Pullmantur.  The company has a combined
total of 34 ships in service and seven under construction.  It
also offers unique land-tour vacations in Alaska, Australia,
Canada, Europe and Latin America.  The company has operations in
Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service assigned Royal Caribbean Ltd.'s new
benchmark size Euro senior unsecured notes Ba1, raised RCL's
Speculative Grade Liquidity rating to SGL-2 from SGL-3 and
affirmed all other existing ratings.


SEARS HOLDINGS: Reveals Brand Positioning to Deflect Competition
----------------------------------------------------------------
Sears, Roebuck and Co., a wholly owned subsidiary of Sears
Holdings Corporation, officially unveiled its Kenmore
appliances' Simplify brand positioning at this year's Kitchen
and Bath Industry Show in Las Vegas, Nevada.

According to Reuters, heavy competition and sales decline
prompted the appliance branding effort.  For the 2007 first
quarter, the company reported that its same-store sales dropped
2.4%.

Along with nearly 25 new appliances created to deliver on an aim
to strike the ideal balance between innovation and simplicity,
this year's Kenmore appliances feature user-friendly operating
systems and easy-to-understand product language, as well as
common sense features designed to help consumers make tasks, and
thus life, easier.

"When the to-do list grows exponentially, daily household chores
can seem like insurmountable tasks," Tina Settecase, vice
president and general manager of home appliances, Sears, said.  
"Appliances themselves should be part of the solution, not the
problem.  Kenmore is launching a new positioning, Simplify, to
reiterate its commitment to innovations that put consumers in
control of home life -- so American homeowners have more time to
pursue what they really enjoy, like spending more time with
loved ones."

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

                        *     *     *

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

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




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


MIRANT CORPORATION: Posts US$52-Mil. Loss in Qtr. Ended April 1
---------------------------------------------------------------
Mirant Corporation reported a net loss of US$52 million for the
first quarter ended March 31, 2007, as compared with net income
of US$467 million for the same period in 2006, principally
driven by a net change of US$605 million for unrealized mark-to
market gains and losses.

Mirant reported adjusted net income of US$218 million for the
first quarter of 2007, as compared with adjusted net income for
the first quarter of 2006 of US$142 million.  Adjusted net
income excludes unrealized mark-to-market gains and losses and
other non-recurring items.

Operating revenues for the first quarter 2007 were US$353
million, significantly down from US$962 million for the same
period a year ago.  Both the first quarter of 2007 and the first
quarter of 2006 benefited from incremental realized value from
hedging.  The period over period increase for the quarter was
principally due to higher realized gross margin in the Mid-
Atlantic segment.

Net cash provided by operating activities during the first
quarter of 2007 was US$251 million.

As of March 31, 2007, the company had US$11.1 billion in total
assets, US$6.6 billion in total liabilities, of which US$2
million is subject to compromise, and US$4.5 billion in total
stockholders' equity.  Its continuing operations during the
first quarter of 2007 had cash and cash equivalents of US$1.1
billion, total available liquidity of US$1.8 billion and total
outstanding debt of US$3.1 billion.

Full-text copies of the companies first quarter 2007 report are
available for free at http://ResearchArchives.com/t/s?1ee8

"We are pleased with our 21% increase in adjusted EBITDA.  The
hedges we had in place during the quarter offset the negative
effect of mild weather in the first half of the quarter, while
colder weather in the second half of the quarter allowed us to
capture additional value from the market," said Mirant
Chairperson and Chief Executive Officer Edward R. Muller.

                        About Mirant Corp.

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


DAIMLERCHRYSLER AG: Cerberus is Likely Buyer for Chrysler Group
---------------------------------------------------------------
DaimlerChrysler AG has chosen Cerberus Capital Management LP as
the finalist in the recent bidding for its U.S. Chrysler Group,
Bloomberg reports citing three people familiar with the talks.

Bloomberg relates that according to sources, the selection is
expected to be announced today although the deal is still under
negotiations pending final agreement.

Cerberus, as the finalist, means that the equity firm was able
to hurdle past two other suitors who have been in negotiations
with DaimlerChrysler, Magna International Inc. and a partnership
composed of Blackstone Group LP and Centerbrdige Capital
Partners LP, Bloomberg says.

Daimler, Cerberus, Magna and Centerbridge declined to comment.

                      About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,   
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.  
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.
The company's has locations in Canada, Mexico, United States,
Argentina, Brazil, Venezuela, China, India, Indonesia, Japan,
Thailand, Vietnam and Australia.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


DAIMLERCHRYSLER AG: Ohio Workers Hire Morpheus to Advise on Bid
---------------------------------------------------------------
Employee Owned Company LLC, a group of United Auto Workers
employees in Ohio, has hired Morpheus Capital Advisors in New
York in its bid for an employee stock-ownership plan for
DaimlerChrysler AG's Chrysler Group, The Associated Press
reports.

AP says Morpheus will arrange financing and will advise on the
sales process.

"We think there is a way to structure a creative deal that will
be beneficial for all parties," Morpheus President Mitchell
Gordon was quoted by AP as saying.

The group is also being advised by ITSS Expos President Rich
Caires, who has worked on deals in the auto industry.

According to the report, the UAW's leadership and legal team
have already reviewed the stock-ownership plan, which the group
believes would help offset health care concessions that may have
to be given during contract negotiations later this year.  
However, the union has not officially declared its support for
the proposal as president Ron Gettelfinger is concentrating his
efforts on trying to keep Chrysler with DaimlerChrysler, AP
relates.

DaimlerChrysler is expected to disclose a lead bidder soon.

As previously reported in the TCR-Europe on May 2, Magna
International Inc. leads the race for DaimlerChrysler AG's
Chrysler Group and could grab a much larger stake in the ailing
unit, potentially taking a direct minority ownership stake of
between 25% and 50%.

                     About DaimlerChrysler

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

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

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

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

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


PETROLEOS DE VENEZUELA: Minister Expects US$61BB Income for 2007
----------------------------------------------------------------
Venezuelan Finance Minister Rodrigo Cabezas told Reuters that
the country's state-run oil firm Petroleos de Venezuela SA will
have income of at least US$61 billion in 2007.

Reports say that Venezuela's foreign reserves were sharply
decreasing.

Minister Cabezas told the local press, "The industry, which some
say is broke, will have an income of US$61 billion, in the worst
case scenario, in the year to Dec. 31."

Venezuela depends on its oil sector for the vast majority of its
foreign currency reserves, which have decreased as President
Hugo Chavez increases social spending.  

According to Reuters, Petroleos de Venezuela's income from oil
and product sales was US$55 billion in 2006, which became
US$102 billion if sales from foreign units like Citgo Petroleum
were included.

Reuters relates that Petroleos de Venezuela brings dollars into
Venezuela's coffers.  However, analysts claimed that the company
is struggling to keep up output while average prices for its
crude are lower than in 2006.  Venezuelan reserves were at their
lowest level in over two years as the government spends to
social projects and debt repayment, decreasing by US$12.6
billion to US$24.7 billion on May 9, from the start of 2007.

Business News Americas relates that Minister Cabeza called a
press conference to explain the US$12-billion drop in the
country's foreign reserves.

Venezuela would recover its position and report reserves of
US$30 billion by year-end, Reuters states, citing Minister
Cabezas.

Meanwhile, Petroleos de Venezuela is still processing a "backlog
in its financial reports" that started during the 2002-03
strike, BNamericas notes.  The latest available financial
information dates from 2004.

Petroleos de Venezuela doesn't report to Venezuelan financial
regulators since the firm isn't publicly traded and has stopped
filing with the U.S. Securities and Exchange on grounds of
"national sovereignty," BNamericas states.

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

                        *     *     *

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: IMF Says Venezuela Has Not Withdrawn Officially
------------------------------------------------------------
The International Monetary Fund's spokesman Ahmed Masood said
Thursday that Venezuela has not officially withdrawn from the
financial institution despite President Hugo Chavez's
announcement that his country would be leaving the multilateral
lending agency.  

"What (IMF Managing Director) Rodrigo de Rato said back then
continues to be the current situation," Mr. Masood said, in
reference to de Rato's statements last week that Chavez'
Government had not filed a formal request, AFP reported.

                        *     *     *

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: To Launch Regional Bank on June 26
-----------------------------------------------
Alex Kennedy at Bloomberg News reports that Venezuela, in
cooperation with Argentina and Bolivia, will launch June 26 a
regional bank that would seek to replace International Monetary
Fund and World Bank in the region.  

The three governments would pool part of their international
reserves to serve as the proposed bank's capital.

Brazil, Ecuador and Paraguay may also join the lender, known as
the Bank of the South, Venezuelan Finance Minister Rodrigo
Cabezas told Bloomberg.  The South American countries will
inaugurate the bank during the American Cup, a regional soccer
tournament.

"The Bank of the South will be the great financial muscle to
overcome a lack of capital," Minister Cabezas told Bloomberg in
an e-mailed statement from Caracas.  "It will free us from the
IMF and World Bank."

The creation of the Bank of the South was advocated by
Venezuelan President Hugo Chavez who has been vocal about his
hope to lessen the U.S.'s influence in the region.  

                        *     *     *

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





                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *