TCRLA_Public/070523.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, May 23, 2007, Vol. 8, Issue 101

                          Headlines

A R G E N T I N A

ACXIOM CORPORATION: Earns US$70.7 Mil. in Full 2007 Fiscal Year
AEROSOL SINTESIS: Claims Verification Deadline Moved to Aug. 10
ALITAR SRL: Proofs of Claim Verification Deadline Is July 5
COMPANIA DE TRANSPORTE: Shuts Down Transformation Station
CROSBAR SA: Individual Reports Filing Is on Sept. 12

FORD MOTOR: Wixom Assembly Plant in Michigan to Close on May 31
GETTY IMAGES: Names John McKay as Senior VP & General Counsel
TRANSPORTES CADAM: Proofs of Claim Verification Ends on July 4
YPF SA: Ibersecurities Maintains Buy Rating on Parent's Shares

B E R M U D A

WHITEROCK LTD: Schedules Final General Meeting on June 29

B O L I V I A

* BOLIVIA: Miners Want Mining Decree be Declared Illegal

B R A Z I L

AMRO REAL: ABN Amro & Barclays Up Purchase Price of Amro Real
DELPHI CORP: Seeks Court Approval on IRS Pension Plan Waivers
DELPHI CORP: Wants Court Nod on EDS Settlement Agreement
EMI GROUP: Posts GBP263.6MM Pre-Tax Loss for Year Ended Mar. 31
HAYES LEMMERZ: Prices HLI's 10-1/2% Senior Notes Tender Offer

PETROLEO BRASILEIRO: Board Authorizes Contract with Pride Mexico
PRIDE INTERNATIONAL: Mexican Unit Bags Petroleo Brasileiro Deal
PRIDE INTERNATIONAL: Stockholders Okay Directors' Re-Election
SANYO ELECTRIC: Less Likely to Default on Bonds, Bloomberg Says
SANYO ELECTRIC: Narrows Bidders for Microchip Operations

SANYO ELECTRIC: To Strengthen Product Quality Control
TK ALUMINUM: A&M Europe Gives Analysis on Strategic Biz Plans

B R I T I S H  V I R G I N  I S L A N D S

DIGICEL LTD: Court Delays Ruling on Case Against BVI Regulators

C A Y M A N   I S L A N D S

ACER VENTURE: Sets Final Shareholders Meeting for June 18
ADVISORS FOR: Final Shareholders Meeting Is on June 18
FUJI FOOD: Proofs of Claim Filing Is Until June 18
FUJI FOOD: Will Hold Final Shareholders Meeting on June 18
FUND INVESTMENTS: Proofs of Claim Filing Ends on June 18

FUND INVESTMENTS: Sets Final Shareholders Meeting for June 19
KENTAVROS CAPITAL: Proofs of Claim Must be Filed by June 20
OPINIA (CAYMAN): Will Hold Final Shareholders Meeting on June 18
SUHO LATINOAMERICANA: Final Shareholders Meeting Is on June 18

C H I L E

AES GENER: Moody's Lifts Senior Secured Notes' Rating to Ba3
BELL MICROPRODUCTS: Gets Additional Nasdaq Non-Compliance Notice

C O L O M B I A

BANCOLOMBIA SA: Prices Public Offering of US$400 Mil. Sub. Notes
SOLUTIA INC: Files Amended Plan & Disclosure Statement
SOLUTIA: Unsecured Creditors to Get 84.9% Under Amended Plan
SOLUTIA INC: Enterprise Value Under Plan May Reach US$3.2 Bil.
SOLUTIA INC: Sees US$633 Mil. Income for 2007 Under Amended Plan

* COLOMBIA: Bio D Asks Government To Set Up Duty-Free Zone

C O S T A   R I C A

ANIXTER INT'L: Buys Eurofast's Outstanding Shares for US$27 Mil.

C U B A

* CUBA: Will Expand Air Connections with Dominican Republic

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Gets US$21MM Loan to Expand Port Terminals
* DOMINICAN REPUBLIC: Will Expand Air Connections with Cuba

E C U A D O R

* ECUADOR:  Ministry Launches Dialogues with Cuenca Communities
* ECUADOR: President Issues Decree on Research Center Creation

G U A T E M A L A

BRITISH AIRWAYS: Dresdner Kleinwort Keeps Buy Rating on Shares
FLOWSERVE CORP: Hires Lars Rosene as VP-Global Communications
FLOWSERVE CORP: Hires Kyle Ahlfinger as Chief Marketing Officer
IMAX CORP: Faces NASDAQ Delisting Due to Delayed Filing

J A M A I C A

AIR JAMAICA: Says No Mention of Route Cuts to London in Meeting
PETROLEOS DE VENEZUELA: Will Acquire 49% Stake in Petrojam

* JAMAICA: Eyes US$160-Mil. Earnings from Energy-Saving Project
* JAMAICA: To Sell Stake in Petrojam to Petroleos de Venezuela

M E X I C O

ALL AMERICAN: Committee Turns to Mesirow for Financial Advice
ALL AMERICAN: Court Approves US25 Million DIP Financing
BALDOR ELECTRIC: Okays Three-Year Service Deal with Directors
CHEMTURA CORP: Amends & Restates Asset Purchase Agreement
GENERAL MOTORS: Marketing VP Michael Jackson Resigns on June 15

GENERAL MOTORS: To Invest US$332MM in Toledo Transmission Plant
GENERAL MOTORS: To Invest US$61 Mil. in New Casting Technology
JAFRA COSMETICS: S&P Withdraws Low-B Ratings
MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings

N I C A R A G U A

* NICARAGUA: Energy Ministry Inks MOU with Polaris Geothemal

P A N A M A

VISTEON CORP: Inks Letter Agreement with LB Group & Ford Motor

P E R U

PERRY ELLIS: Earns US$23.2 Million in Quarter Ended April 1

P U E R T O   R I C O

GAMESTOP CORP: Debt Reduction Cues S&P to Lift Ratings to BB-
LIN TV: S&P Puts B+ Rating Under Negative CreditWatch

U R U G U A Y

CITRICOLA SALTENA: Moody's Affirms B3 Rating on US$800,000 Bonds

V E N E Z U E L A

DAIMLERCHRYSLER: Hopes to Reduce Debt After Chrysler Sale Closes
DAIMLERCHRYSLER AG: Sells 50% Stake in China's Yaxing Benz Ltd.


                         - - - - -


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


ACXIOM CORPORATION: Earns US$70.7 Mil. in Full 2007 Fiscal Year
---------------------------------------------------------------
Acxiom(R) Corporation reported full-year and fourth-quarter
financial results for fiscal 2007 ended March 31, 2007.  Full
2007 fiscal-year results include revenue of US$1.4 billion and
income from operations of US$158.8 million.  Net earnings for
the full 2007 fiscal year were US$70.7 million, as compared with
US$64.1 million for the full 2006 fiscal year.

Fourth-quarter results include revenue of US$357.3 million,
income from operations of US$29.3 million, operating cash flow
of US$76.5 million and free cash flow available to equity of
US$15.4 million.  Net earnings for the fourth quarter of 2007
were US$6.3 million, as compared with US$23.1 million for the
fourth quarter of 2006.

The reported results, excluding unusual charges, met the
company's expectations and consensus analysts' estimates of
US$0.20 earnings per share for the quarter.

The quarter results include the impact of pretax charges of
US$9.7 million and income tax expense of US$3.8 million related
to closing Acxiom's business in Spain, cost of severance and
retirement of debt in the U.S. and additional research tax
credit reserves that reduced diluted EPS for the fourth quarter
by US$0.12.

At March 31, 2007, the company listed US$1.6 billion in total
assets, US$1.1 billion in total liabilities, and US$521.3
million in total stockholders' equity.

                   New Organizational Structure

Acxiom also disclosed a new organizational alignment designed to
increase focus on its three core areas of business.  The new
organizational structure reflects the unique characteristics
within each area of the business and will facilitate the
execution of operational strategies designed to maximize
financial performance in each division.  The re-segmentation
took effect April 1, 2007, the first day of the company's fiscal
year 2008.

"This change is all about bringing focus and dedicated
management to each key area of our business," Acxiom chairman
and chief executive Charles D. Morgan said.  "We believe this
structure more closely aligns with our overall mission and
therefore will lead to greater returns for our shareholders."

In fiscal 2007, Acxiom:

     -- Was named as one of the top 30 providers of financial
        services in the "FinTech 100" listing of the top
        technology providers as complied by American Banker and
        the research firm Financial Insights.

     -- Saw its Acxiom Digital business ranked No. 17 by
        Advertising Age magazine on its list of top 50
        interactive agencies based on annual U.S. revenues.

     -- Was included on Forbes magazine's "Platinum 400" list of
        the best large publicly traded companies in America.

                           Outlook

Acxiom's Board of Directors has approved a business plan for
fiscal 2008 of US$1.02 in earnings per share.  The company
continues to focus on its initiatives to improve performance and
is in the process of restructuring into the three new divisions
previously explained.

                        About Acxiom

Founded in 1969, Acxiom has locations throughout the United
States, in Europe particularly in France and Germany, and in
Australia and China in the Asia-Pacific region.  Acxiom has a
team of specialists with sales and business development
associates based in the largest Latin American markets: Brazil,
Argentina and Mexico.

                        *     *     *

Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s
proposed US$800 million secured first-lien financing.  The
first-lien facilities consist of a US$200 million revolving
credit facility and a US$600 million term loan.  They are rated
'BB' with a recovery rating of '2'.

Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  Moody's
said the outlook is stable.


AEROSOL SINTESIS: Claims Verification Deadline Moved to Aug. 10
---------------------------------------------------------------
Hector Palma, the court-appointed trustee for Aerosol Sintesis
SA's reorganization proceeding, verifies creditors' proofs of
claim until Aug. 10, 2007.

As reported in the Troubled Company Reporter-Latin America on
Sept. 18, 2006, the claims verification deadline was initially
set for Nov. 15, 2006.

The National Commercial Court of First Instance No. 24 in Buenos
Aires, with the assistance of Clerk No. 49, approved a petition
for reorganization filed by Aerosol Sintesis, according to a
report from Argentine daily La Nacion.

Mr. Palma will present the validated claims in court as
individual reports.  The court will determine if the verified
claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised
by Aerosol Sintesis 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 Aerosol Sintesis'
accounting and banking records will be submitted in court.

La Nacion did not state the reports submission dates.

The informative assembly will be held on April 30, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Aerosol Sintesis SA
         Helguera 3641
         Buenos Aires, Argentina

The trustee can be reached at:

          Hector Palma
          Rodriguez Pena 694
          Buenos Aires, Argentina


ALITAR SRL: Proofs of Claim Verification Deadline Is July 5
-----------------------------------------------------------
Amalia Mild, the court-appointed trustee for Alitar S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
July 5, 2007.

Ms. Mild 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 Alitar 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 Alitar's accounting
and banking records will be submitted in court on Oct. 16, 2007.

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

The trustee can be reached at:

          Amalia Mild
          Lavalle 2024
          Buenos Aires, Argentina


COMPANIA DE TRANSPORTE: Shuts Down Transformation Station
---------------------------------------------------------
A spokesperson for Compania de Transporte de Energia Electrica
en Alta Tension Transener SA told Business News Americas that a
fire at one of the firm's four transformation stations in the
Buenos Aires metropolitan area, was the cause for shutting down
operations and causing "a large" power shortage.

The fire broke out on May 17 at the Ezeiza transformer station,
which supplies distributors Edesur and Edenor, and was
extinguished at midnight, although the transformer station was
still closed on May 18, BNamericas says, citing the
spokeseperson.

Transener gradually brought the station back to operations on
May 18 in the afternoon, BNamericas states.

Compania de Transporte de Energia Electrica en Alta Tension aka
Transener owns the national network of high-voltage power
transmission lines, which consist of nearly 8,800 kilometers of
lines together with the approximately 5,500 kilometers in its
Transba subsidiary's network.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 5, 2006,
Standard & Poor's Ratings Services assigned its 'B' rating to
the proposed bond for up to US$250 million to be issued by
Argentina's largest power transmission company, Compania de
Transporte de Energia Electrica en Alta Tension Transener SA.
At the same time, Standard & Poor's affirmed the 'B' corporate
credit rating on the company.  S&P said the outlook is stable.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Argentina Calificadora de Riesgo S.A assigned
a D(arg) rating on Transener S.A.'s Obligaciones Negociables
Class 3 for US$1,277,000.  The rating action was based on the
company's financial status at Dec. 31, 2006.


CROSBAR SA: Individual Reports Filing Is on Sept. 12
----------------------------------------------------
Adrian Martin Ponce, the court-appointed trustee for Crosbar
S.A.'s bankruptcy proceeding, will present creditors' validated
claims as individual reports in the National Commercial Court of
First Instance No. 7 in Buenos Aires on Sept. 12, 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 Crosbar 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 9, 2007, Mr. Ponce verifies creditors' proofs of claim until
July 16, 2007.

Mr. Ponce will also submit to court a general report containing
an audit of Crosbar's accounting and banking records on
Oct. 24, 2007.

Clerk No. 14 assists the court in this case.

The trustee can be reached at:

          Adrian Martin Ponce
          Bernardo de Irigoyen 330
          Buenos Aires, Argentina


FORD MOTOR: Wixom Assembly Plant in Michigan to Close on May 31
---------------------------------------------------------------
The largest assembly plant of Ford Motor Corp. in Wixom,
Michigan, which opened in 1957, will cease operating on
May 31, 2007, various reports say.

According to the Associated Press, plant manager Phil Calhoun
related that morale is high because workers were presented with
one of several severance packages that included educational
buyouts or retirement or transfers to other facilities.

Employees expressed pride on the legacy they have formed and
optimism in taking on other opportunities when the plant closes.
Unlike 16 months ago when Ford disclosed the inclusion of Wixom
plant, which makes Lincoln Town Cars, in its restructuring plan,
employees conveyed hurt and disappointment, various sources
relates.

As reported in the Troubled Company Reporter on May 9, 2007, the
company's Way Forward restructuring plan, which will displace
26,000 jobs and close 16 plants by 2012, aims to transform its
North American automotive business.

Wixom city mayor Michael McDonald knew the plant was closing and
have been ready, Louis Aguilar of The Detroit News writes.  The
city exerted effort to entice small industrial companies,
including National Liquid Blasting Corp. and General Motors
Corp.'s powertrain and design services units.

                    About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom. The Company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                        *     *     *

Standard & Poor's Ratings Services placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.  At the same time, S&P affirmed all
other ratings on Ford, Ford Motor Credit Co., and related
entities, except the rating on Ford Motor Co. Capital Trust II
6.5% cumulative convertible trust preferred securities, which
was lowered to 'CCC-'from 'CCC.'

                        *     *     *

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative reflecting Ford's
intent to raise secured financing that would impair the position
of unsecured debt holders.  Under Fitch's recovery rating
scenario it was estimated that unsecured holders would recover
approximately 68% in a bankruptcy scenario, equating to a
Recovery Rating of 'RR3' (50-70% recovery).

                        *     *     *

Moody's Investors Service has disclosed that Ford's very weak
third quarter performance, with automotive operations generating
a pre-tax loss of US$1.8 billion and a negative operating cash
flow of US$3 billion, was consistent with the expectations which
led to the September 19 downgrade of the company's long-term
rating to B3.

                        *     *     *

Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on
July 21, 2006, Ford Motor Company's long-term debt rating to B
from BB, and lowered its short-term debt rating to R-3 middle
from R-3 high.  DBRS also lowered Ford Motor Credit Company's
long-term debt rating to BB(low) from BB, and confirmed Ford
Credit's short-term debt rating at R-3(high).


GETTY IMAGES: Names John McKay as Senior VP & General Counsel
-------------------------------------------------------------
Getty Images has hired John McKay, former United States Attorney
for the Western District of Washington, as senior vice president
and general counsel.

"We are excited to have John join our team at Getty Images and
help us continue to execute on the growth and innovation that is
a hallmark of our company," said Jonathan Klein, co-founder and
CEO of Getty Images.  "Over his long and highly distinguished
career, John has shown extraordinary leadership and judgment in
positions of authority in both government and business.  We will
benefit greatly from his experience and wisdom as we continue to
expand our business around the world."

President George W. Bush nominated John McKay to serve as the
United States Attorney in September 2001, and following
confirmation by the United States Senate, he began his tenure as
United States Attorney for the Western District of Washington in
October 2001.  Mr. McKay resigned in January 2007 along with a
number of his fellow United States Attorneys.

"Thanks to recent events, I've come to appreciate even more the
powerful role images play in shaping public perception," said
Mr. McKay.  "Getty Images is at the forefront of the imagery
revolution that is transforming communications.  I look forward
to joining the dynamic team at the company and to lending my
legal and management skills to a highly successful enterprise."

Mr. McKay, a Seattle native, graduated from the University of
Washington with a Bachelor of Arts degree in political science
and earned his law degree at Creighton University.  Mr. McKay
served as a litigation partner at the Seattle law firm of Lane
Powell Spears Lubersky, and was admitted to practice before the
U.S. District Court, the Ninth Circuit Court of Appeals, and the
United States Supreme Court.

Mr. McKay has also served as a White House Fellow and as
managing partner of the law firm of Cairncross & Hempelmann.
Since leaving the Justice Department, he has been Visiting
Professor of Law at Seattle University School of Law.

Jeff Beyle, Getty Images' current general counsel, is moving
into the role of senior vice president, business development for
the company.  Mr. Beyle has served as general counsel since
2000, and will continue to play an important role as a senior
member of the management team of the company.  "Jeff has been
instrumental in negotiating and executing dozens of acquisitions
and strategic alliances for Getty Images over the past seven
years.  This move will allow him to focus his full-time efforts
on this critical aspect of our business plan," said Mr. Klein.

                     About Getty Images

Headquartered in Seattle, Washington, Getty Images, Inc. is a
leading creator and distributor of high quality imagery and
related services to creative professionals at advertising
agencies, graphic design firms, corporations, and film and
broadcasting companies; editorial customers involved in
newspaper, magazine, book, CD-ROM and online publishing; and
corporate marketing departments and other business customers.
Revenues are principally derived from licensing rights to use
images that are delivered digitally over the Internet.  Revenues
for the year ended Dec. 31, 2006 are expected to be about
US$807 million.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Moody's Investors Service affirmed the Ba1
Corporate Family Rating and Ba2 rating on the US$265-million of
convertible subordinated debentures of Getty Images, Inc.  The
rating outlook remains stable.

Moody's affirmed these ratings:

   -- USUS$265-million series B convertible subordinated notes
      due 2023, Ba2 (LGD 5, 77% from LGD 5, 71%);

   -- Corporate family rating, Ba1; and

   -- Probability of default rating, Ba1.


TRANSPORTES CADAM: Proofs of Claim Verification Ends on July 4
--------------------------------------------------------------
Hector Jorge Garcia, the court-appointed trustee for Transportes
Cadam SA's bankruptcy proceeding, verifies creditors' proofs of
claim until July 4, 2007.

Mr. Garcia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, 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 Transportes Cadam 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 Transportes Cadam's
accounting and banking records will be submitted in court.

La Nacion did not state the reports submission date.

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

The debtor can be reached at:

          Transportes Cadam SA
          Esmeralda 351
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Jorge Garcia
          Uruguay 572
          Buenos Aires, Argentina


YPF SA: Ibersecurities Maintains Buy Rating on Parent's Shares
--------------------------------------------------------------
Ibersecurities analyst Jorge Gonzalez have kept his "buy" rating
on the shares of Repsol SA, YPF SA's parent company,
Newratings.com reports.

Newratings.com relates that the target price for Repsol's shares
was set at EUR29.10.

Mr. Gonzalez said in a research note published on May 21 that
there is a possibility of Gas Natural investing in Repsol, aside
from earlier reports on Repsol buying Gas Natural packages.

Repsol sold a part of its stake in YPF to an Argentinean
partner.  This boosted Repsol's risk profile and provided the
company with cash for future investments, Newratings.com states,
citing Mr. Gonzalez.

                        About Repsol

Repsol YPF, S.A. is an integrated oil and gas company engaged in
all aspects of the petroleum business, including exploration,
development and production of crude oil and natural gas,
transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, petrochemical production
and marketing of petroleum products, petroleum derivatives,
petrochemicals and natural gas.  The company operates in four
segments: Exploration and Production, Refining and Marketing,
Chemicals, and Gas and Electricity.

                         About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. (YPF) is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (LPG) (downstream).  The company is a
subsidiary of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                        *     *     *

Fitch Ratings assigned BB+ long-term issuer default rating on
YPF SA.  Fitch said the outlook is stable.

Moody's Investors Service assigned these ratings on YPF SA:

          -- B2 long-term foreign currency corporate family
             rating; and

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook is negative.




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B E R M U D A
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WHITEROCK LTD: Schedules Final General Meeting on June 29
---------------------------------------------------------
Whiterock Limited's final general meeting is scheduled on
June 29, 2007, at 10:30 a.m., at:

         27 Reid Street
         Hamilton HM11, Bermuda

The meeting will take up:

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

     -- determination by resolution the manner in which the
        books, accounts and documents of the company and of the
        liquidator shall be disposed; and

     -- by resolution dissolving the company.




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B O L I V I A
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* BOLIVIA: Miners Want Mining Decree be Declared Illegal
--------------------------------------------------------
Miners will ask that a decree that severely limits mining
reserves and concessions Bolivia be declared unconstitutional,
Business News Americas reports.

BNamericas relates that the government ratified in May the
supreme decree that says all mining reserves are national
territory and new concessions will no longer be awarded.
Concessions in the approval process are not affected.  The
decree aims to encourage and motivate development in the mining
sector.

"If there is a deposit or interesting prospect, the government
would invite prospective investors to make a contract with
[Bolivian state miner] Comibol to mine as a JV,"
Guillermo Cortes, the national mining chamber Canalmin's
advisor, explained to BNamericas.

Mr. Cortes commented to BNamericas, "The decree has a series of
problems and we are going to ask that it be declared
unconstitutional, but the government is trying to turn it into a
law to eliminate that possibility."

According to BNamericas, Mr. Cortes is positive that the decree
should be regulated to know how it will run.

Mr. Cortes told BNamericas, "It's also very generic and there
still hasn't been talks about whether areas will or won't be
awarded... And that affects the people who were in the process
of requesting land because that has been paralyzed."

The decree's biggest disadvantage is that it doesn't include any
programs that support small-scale mining, BNamericas states,
citing Mr. Cortes.

"Small-scale mining needs financial assistance, technical
assistance, that it isn't getting and it isn't being developed
like it should at a time when [mineral] prices are just
excellent," Mr. Cortes told BNamericas.

                        *     *     *

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




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B R A Z I L
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AMRO REAL: ABN Amro & Barclays Up Purchase Price of Amro Real
-------------------------------------------------------------
ABN Amro and Barclays have decided to increase the purchase
price of ABN Amro Real to ward off a rival bid, according to a
report published in a Dutch newspaper.  The amount of the deal
was not disclosed.

As reported in the Troubled Company Reporter-Latin America on
March 23, 2007, ABN Amro launched merger negotiations with
Barclays Plc.  Analysts differed as to what Barclays would do
with Amro Real if it eventually would acquire ABN Amro.  Rodrigo
Margela, an investment analyst at ARX Capital Management, said,
"Barclays is interested in entering emerging markets as they've
shown in India.  All signs point to Barclays holding on to ABN
Amro Real."

The report in the Dutch paper says that ABN AMRO and Barclays
agreed to merge in April.

A source told Financieele Dagblad that by selling Amro Real,
Barclays would be able to offer a higher price than the EUR63
billion it has offered to ABN Amro's shareholders.

The Dutch newspaper says that Banco Itau, BBVA and Santander
could be interested in Amro Real, and any cash from a sale would
help Barclays make a higher bid for ABN.

Reuters relates that the bid is being challenged by a consortium
of banks headed by the Royal Bank of Scotland, which along with
Fortis and Santander, is proposing a EUR71-billion offer for
ABN.

RBS and its partners told Reuters that they want to surpass
Barclays' offer, yet only if they can undo the deal to sell
LaSalle.

ABN Amro's planned sale of its U.S. subsidiary LaSalle to Bank
of America for US$21 billion was suspended, as it has been
frozen by a Dutch commercial court.  Some ABN shareholders
disputed the sale, claiming that it was without their consent
and that it blocked a more lucrative takeover deal with RBS.
ABN Amro and Bank of America filed an appeal against the court
decision.  The court will make a ruling by July, Reuters states.

ABN Amro Real specializes in commercial banking, capital
markets, corporate banking, asset management, and trade finance.
Its more than 22,000 employees assist over five million clients
throughout five thousand different points of sales.  In 1999,
the bank merged with Brazil's Banco Real.  The regional office
for Latin America and the Caribbean is located in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept 4, 2006, Moody's Investors Service upgraded Banco ABN AMRO
Real S.A.'s long-term foreign currency deposits to Ba3, from B1.
Moody's said the rating outlook is stable.


DELPHI CORP: Seeks Court Approval on IRS Pension Plan Waivers
-------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York for permission to:

   (a) perform under pension funding waivers issued by the
       United States Internal Revenue Service; and

   (b) provide letters of credit to the Pension Benefit Guaranty
       Corporation in connection with the waivers.

Delphi Corp. maintains two separate pension plans for its
employees, one for salaried workers and one for hourly workers.
The Debtors' funding obligations under the Pension Plans are
governed by the Internal Revenue Code of 1986 and the Employee
Retirement Income Security Act of 1974, as amended.  Under the
IRC and ERISA, the Debtors are required to meet certain minimum
funding standards for their Pension Plans.

Section 4971(a) of the IRC imposes a 10% excise tax penalty on
the amount of any funding deficiency on the Pension Plans.  In
addition, Section 4971(b) of the IRC imposes an excise tax
penalty of 100% if the Debtors do not timely correct the funding
deficiency.  The total potential excise tax that the IRS might
assert in respect of the Pension Plans after June 15, 2007,
could be more than US$1,400,000,000, John Wm. Butler, Jr., Esq.,
at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago,
Illinois, tells the Court.

The Debtors' Plan Framework Support Agreement with a group of
investors led by Appaloosa Management L.P. requires the Debtors
to effect a transfer of certain of their hourly pension plan
obligations to General Motors Corp. under Section 414(l) of the
IRC.

To make that transfer economically feasible for the Debtors,
Mr. Butler relates that the Debtors must secure a short
extension of the statutory June 15, 2007 funding deadline for
the Pension Plan Year ended September 30, 2006.

The IRS has agreed to waive the Debtors' minimum funding
requirements for the Pension Plan Year ended September 30, 2006,
until the Debtors emerge from Chapter 11 and bring their funding
obligations up to date, Mr. Butler informs the Court.

Under an hourly pension plan waiver and a salaried pension plan
waiver, the IRS specifically agrees to:

   (a) extend the June 15, 2007 funding deadline for the Pension
       Plan Year ended September 30, 2006; and

   (b) settle its excise tax claims against the Debtors for the
       Pension Plan Year ended September 30, 2005.

In exchange, the Debtors pledge to make an accelerated
US$10,000,000 contribution to the Hourly Pension Plan upon their
emergence from bankruptcy.

The Waivers further provide that Delphi must file a Chapter 11
plan by July 31, 2007, and must satisfy any minimum funding
requirements by the effective date of a Chapter 11 plan, which
must be not later than November 15, 2007.

As security for the Debtors' obligations under the Waivers,
Delphi will provide the PBGC with letters of credit aggregating
US$100,000,000 on account of its Hourly Pension Plan and
US$50,000,000 on account of its Salaried Pension Plan by
June 15, 2007.

If Delphi does not meet its obligations under the Waivers, the
PBGC will apply the proceeds of the Letters of Credit for the
benefit of the Pension Plans.  Once Delphi emerges from Chapter
11 and satisfies its obligations under the Waivers, the L/Cs
will expire.

Delphi intends to honor its pension obligations and, thus, does
not anticipate that the Letters of Credit will ever be drawn
down by the PBGC.

The Debtors' total cost for entering into the Waivers is
approximately US$5,754,125.  "The costs of performing under the
Waivers are substantially less than the benefit to be gained
from effecting the Section 414(l) transaction and the resolution
of the IRS penalty issues," Mr. Butler avers.

The terms of the Waivers, Mr. Butler adds, were negotiated among
the Debtors, the IRS, and the PBGC at arm's length and in good
faith.

The Waivers are the largest funding waivers ever granted by the
IRS, Mr. Butler notes.

                   About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 69; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).

The Debtors' exclusive plan-filing period expires on
July 31, 2007.


DELPHI CORP: Wants Court Nod on EDS Settlement Agreement
--------------------------------------------------------
Electronic Data Systems Corporation, EDS Information Services
L.L.C., and EDS de Mexico, S.A. de C.V., provide information
technology outsourcing services to Delphi Corp. and its debtor-
affiliates pursuant to certain services agreements.

EDS is a member of the Official Committee of Unsecured
Creditors.

On July 28, 2006, EDS filed six proofs of claim against the
Debtors asserting payment for goods and services:

                   Unsecured       Priority
     Claim No.    Claim Amount   Claim Amount
     ---------    ------------   ------------
       12678    US$16,691,418   US$2,061,011
       12679       16,691,418      2,061,011
       12680          518,330      2,061,011
       12681       16,691,418      2,061,011
       12682          518,330      2,061,011
       12683       16,691,418      2,061,011

The Debtors have determined that some amounts asserted by the
EDS Claims are not due and owing pursuant to their books and
records.

In an effort to consensually resolve their dispute, the Parties
negotiated the terms of a settlement agreement.

The Settlement Agreement provides for the partial allowance of
Claim No. 12678 and the disallowance of Claim Nos. 12679, 12680,
12681, 12682, and 12683, subject to EDS' right to reassert Claim
No. 12679.

The Debtors agree to allow Claim No. 12678 as a prepetition
general unsecured non-priority claim for:

   (a) US$11,678,813 against Delphi Automotive Systems, LLC; and

   (b) US$4,999,999 against Delphi Corp.

If reasserted, Claim No. 12679 will be (i) allowed for
US$11,678,813 against Delphi Corp.; and (ii) assertable for
US$4,999,999 against DAS.  DAS reserves its right to contest
whether it is an obligor liable for a US$4,999,999 portion of
Claim No. 12679.

EDS will not be able to reassert Claim No. 12679 against Delphi
Corp. if a plan of reorganization confirmed in the Debtors'
bankruptcy cases provides for either the substantive
consolidation of the Debtors' assets and liabilities, or the
full recovery to EDS of Claim No. 12678.

Claim Nos. 12678 and 12679, if allowed, will be jointly held by
EDS Corp. and EDS Information Services, John Wm. Butler, Jr.,
Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago,
Illinois, relates.  EDS Corp. will act as the voting claimant on
behalf of itself and EDS Information Services on account Claim
Nos. 12678 and 12679 in connection with any plan of
reorganization filed by the Debtors.  In addition, EDS Corp.
will accept on behalf of itself and EDS Information Services any
and all distributions made under a confirmed plan of
reorganization with respect to Claim Nos. 12678 and 12679.

Pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of
the Federal Rules of Bankruptcy Procedures, the Debtors ask the
Court to approve their settlement agreement with EDS.

The Debtors believe that the Settlement Agreement is fair and
reasonable and in their best interests, as well as that of their
creditors.  The Debtors, Mr. Butler points out, would waste
significant time and incur high costs if they were to continue
litigating the EDS Claims.

                     About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 69; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).

The Debtors' exclusive plan-filing period expires on
July 31, 2007.


EMI GROUP: Posts GBP263.6MM Pre-Tax Loss for Year Ended Mar. 31
---------------------------------------------------------------
EMI Group Plc released its preliminary results for the financial
year ended March 31, 2007.

EMI Group posted GBP263.6 million in pre-tax losses on GBP1.75
billion in net revenues for the year ended March 31, 2007,
compared with GBP118.1 million in pre-tax profit on GBP2.08
billion in net revenues for the year ended March 31, 2006.

"This has been a challenging year for EMI Group primarily as a
result of the worsening market conditions, which affected the
entire recorded music industry with revenue declines in every
major music market across the world," EMI Group CEO Eric Nicoli
disclosed.  "This led us to implement a restructuring plan
which, as well as removing cost from the business, will
fundamentally change the way we do business. Moving forward, we
will realign our investment focus and direct our resources to
areas where we will make higher and more sustainable returns.

                           Outlook

"We believe that digital sales will continue to grow strongly
and are excited about the possibilities offered by partnerships
and new business models across both our divisions," Mr. Nicoli
said.

"We remain confident about our long-term future: while current
trading conditions are difficult, consumers' appetite for music
has never been greater.  Although fewer CDs are being purchased,
people are consuming more music in more ways than ever before.
We are positioning ourselves to capture these new and expanding
revenue opportunities as we build a progressive music business
which is truly consumer focused and well-equipped for the
digital age," Mr. Nicoli concluded.

                        About EMI Group

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet showed
GBP1.817 billion in total assets, GBP2.544 billion in total
liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

According to a TCR-Europe report on Jan. 17, 2007, Moody's
Investors Service downgraded EMI Group Plc's Corporate Family
and senior debt ratings to Ba3 from Ba2.  All ratings remain
under review for possible further downgrade.


HAYES LEMMERZ: Prices HLI's 10-1/2% Senior Notes Tender Offer
-------------------------------------------------------------
Hayes Lemmerz International Inc. has priced the cash tender
offer and consent solicitation of its indirect subsidiary, HLI
Operating Company Inc. for any and all of the outstanding
10-1/2% Senior Notes Due 2010 (CUSIP No. 404216AB9) of HLI.

The total consideration for the Notes was calculated as of 2:00
p.m., New York City time, May 21, 2007, by reference to a fixed
spread of 50 basis points above the yield to maturity of the
applicable U.S. Treasury security as described in the Statement,
plus US$2.62.  The reference yield for the Notes was 4.72%.

The total consideration per US$1,000 principal amount of Notes
that are validly tendered prior to 5:00 p.m., New York City
time, on May 21, 2007, will be US$1,057.80.  The total
consideration per US$1,000 principal amount of Notes that are
validly tendered prior to the Consent Date includes a cash
consent payment of US$30.  Holders of Notes will also receive
accrued and unpaid interest on their Notes up to, but not
including, the Early Payment Date or the Final Payment Date, as
the case may be.

As of May 21, 2007, HLI has received tenders and consents for
approximately US$153,178,000 in aggregate principal amount of
the Notes, representing approximately 97% of the outstanding
Notes.  The tender offer and consent solicitation remain open
and are scheduled to expire on the Expiration Date.

The tender offer and consent solicitation are subject to the
satisfaction of certain conditions, including receipt by the
Company upon completion of the Rights Offering of net cash
proceeds sufficient to fund:

   a) the purchase of all Notes validly tendered in the tender
      offer;

   b) the payment of the fees and expenses related to the Rights
      Offering, the tender offer, and the consent solicitation,;
      and

   c) the amendment or refinancing of the company's Amended and
      Restated Credit Agreement dated as of April 11, 2005, and
      related documents.

No assurance can be given that such conditions will be
satisfied, that such new financing will be completed in a timely
manner or at all or that such consent will be obtained.

Deutsche Bank Securities Inc. is the dealer manager for the
tender offer and solicitation agent for the consent
solicitation.  Questions regarding the tender offer and consent
solicitation should be directed to Patricia McGowan at (212)
250-7772 (collect).

Requests for documentation, including copies of the Statement
and related Letter of Transmittal, may be directed to Innisfree
M&A Incorporated, the Information Agent, which may be contacted
at (212) 750- 5833 (for banks and brokers only) or toll-free
(888) 750-5834 (for all others).

              About Hayes Lemmerz International

Headquartered in Northville, Michigan, Hayes Lemmerz
International (Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/--
is a global supplier of steel and aluminum automotive and
commercial vehicle highway wheels, as well as aluminum
components for brakes, powertrain, suspension, and other
lightweight structural products.  Worldwide revenues approximate
US$2.2 billion.  The company has 33 facilities worldwide
including India, Brazil and Germany, among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service raised to B3 from Caa1 the corporate
family and probability of default ratings of HLI Operating
Company, Inc., a wholly owned subsidiary of Hayes Lemmerz
International, and changed the rating outlook to stable from
negative.

Moody's also assigned a B2 (LGD3, 33%) to new senior secured
bank facilities to be issued by HLI Operating Company, a B2
(LGD3, 33%) to a secured term loan and synthetic letter of
credit facility to be issued by HLI Luxembourg S.a.r.l. and a
Caa2 (LDG5, 87%) to new senior unsecured notes also to be issued
by HLI Luxembourg.


PETROLEO BRASILEIRO: Board Authorizes Contract with Pride Mexico
----------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro S.A.'s board of
directors has approved a five-year contract for Pride
International, Inc.'s semi-submersible rig Pride Mexico for
drilling operations offshore Brazil.  The contract, which is
subject to final execution, is expected to commence during the
second quarter 2008, after an estimated 270-day shipyard program
and subsequent mobilization from the U.S. Gulf of Mexico to
Brazil.  Revenues that could be generated over the five-year
contract, inclusive of a performance bonus opportunity of up to
15%, total approximately US$482 million.  The estimate excludes
revenues for mobilization, demobilization and customer
reimbursables.  The contract also provides for an operating cost
escalation provision.

The Pride Mexico is a conventionally moored semi-submersible rig
currently equipped to operate in water depths of up to 1,100
feet.  The rig recently completed a three-year contract offshore
Mexico and is currently mobilizing to a shipyard in Galveston,
Texas.  The shipyard program includes a previously planned
regulatory survey and maintenance, upgrade of the rig's water
depth capability to 2,300 feet and modifications to the rig's
mooring system and crew quarters.  The total expected capital
expenditure associated with the shipyard project is
approximately US$120 million, inclusive of the previously
planned expenditures.

"The five-year contract for the Pride Mexico further
demonstrates the strong business fundamentals associated with
the floating rig market segment," noted Pride International
President and Chief Executive Officer Louis A. Raspino.
"Following the relocation of this rig, the company will have an
industry-leading seven semi-submersible rigs operating off the
coast of Brazil, expected to be one of the industry's strongest
regions for floating rigs for many years to come.  The upgrade
of the Pride Mexico demonstrates our willingness to
opportunistically enhance the capabilities of our fleet at
attractive terms."

Pride International also disclosed that its 2007 capital
expenditure budget has been revised to US$470 million, up from
the previously stated US$400 million.

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.

                  About Petroleo Brasileiro

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

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.


PRIDE INTERNATIONAL: Mexican Unit Bags Petroleo Brasileiro Deal
---------------------------------------------------------------
Pride International, Inc., reported that Brazilian state-run oil
firm Petroleo Brasileiro S.A.'s board of directors has approved
a five-year contract for the semi-submersible rig Pride Mexico
for drilling operations offshore Brazil.  The contract, which is
subject to final execution, is expected to commence during the
second quarter 2008, after an estimated 270-day shipyard program
and subsequent mobilization from the U.S. Gulf of Mexico to
Brazil.  Revenues that could be generated over the five-year
contract, inclusive of a performance bonus opportunity of up to
15%, total approximately US$482 million.  The estimate excludes
revenues for mobilization, demobilization and customer
reimbursables.  The contract also provides for an operating cost
escalation provision.

The Pride Mexico is a conventionally moored semi-submersible rig
currently equipped to operate in water depths of up to 1,100
feet.  The rig recently completed a three-year contract offshore
Mexico and is currently mobilizing to a shipyard in Galveston,
Texas.  The shipyard program includes a previously planned
regulatory survey and maintenance, upgrade of the rig's water
depth capability to 2,300 feet and modifications to the rig's
mooring system and crew quarters.  The total expected capital
expenditure associated with the shipyard project is
approximately US$120 million, inclusive of the previously
planned expenditures.

"The five-year contract for the Pride Mexico further
demonstrates the strong business fundamentals associated with
the floating rig market segment," noted Pride International
President and Chief Executive Officer Louis A. Raspino.
"Following the relocation of this rig, the company will have an
industry-leading seven semi-submersible rigs operating off the
coast of Brazil, expected to be one of the industry's strongest
regions for floating rigs for many years to come.  The upgrade
of the Pride Mexico demonstrates our willingness to
opportunistically enhance the capabilities of our fleet at
attractive terms."

Pride International also disclosed that its 2007 capital
expenditure budget has been revised to US$470 million, up from
the previously stated US$400 million.

                  About Petroleo Brasileiro

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

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, including Mexico, operating a diverse
fleet of 277 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and
platform rigs, and 214 land rigs.  Pride also provides a variety
of oilfield services to customers in Argentina, Venezuela,
Bolivia, Peru, India and Malaysia.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service affirmed its Ba1 Corporate Family
Rating for Pride International Inc.


PRIDE INTERNATIONAL: Stockholders Okay Directors' Re-Election
-------------------------------------------------------------
Pride International, Inc.'s stockholders have approved at an
annual meeting the re-election of David A. B. Brown, Kenneth M.
Burke, Archie W. Dunham, Francis S. Kalman, Ralph D. McBride,
Louis A. Raspino and David B. Robson to serve on the company's
Board of Directors for a term of one year.

The stockholders also approved the company's 2007 Long-Term
Incentive Plan and ratified the appointment of KPMG LLP as the
company's independent registered public accounting firm for
2007.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, including Mexico, operating a diverse
fleet of 277 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and
platform rigs, and 214 land rigs.  Pride also provides a variety
of oilfield services to customers in Argentina, Venezuela,
Bolivia, Peru, India and Malaysia.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service affirmed its Ba1 Corporate Family
Rating for Pride International Inc.


SANYO ELECTRIC: Less Likely to Default on Bonds, Bloomberg Says
---------------------------------------------------------------
Oliver Biggadike and Keiko Ujikane of Bloomberg News reported
that credit-default swaps show that Sanyo Electric Co. is less
likely to default on bonds as it sheds unprofitable units.

"Contracts tied to the company's JPY240 billion (US$2 billion)
in bonds fell to the lowest since November, according to data
compiled by Bloomberg," the report noted.

Mana Nakazora, chief credit analyst in Tokyo at JPMorgan
Securities Japan Co. Ltd. told Bloomberg that the market doesn't
care if the company sells its semiconductor or home electronics
division.  "The important thing is that they sell something and
focus on their core business."

According to Messrs. Biggadike and Ujikane, "the chance of the
company failing to meet its debt obligations within the next
five years has declined to 6% from 43% in November 2005, based
on a JPMorgan valuation model that takes into account swap
prices."

Bloomberg pointed out that Sanyo Electric may be able to repay
the JPY80 billion in bonds due this year using sale proceeds of
its semiconductor unit.

Bloomberg reporters called Sanyo Electric spokesman Akihiko Oiwa
in Tokyo but he declined to comment.

                    About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                        *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

On May 23, 2006, Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on SANYO Electric Co. Ltd.  At the same time, the
ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


SANYO ELECTRIC: Narrows Bidders for Microchip Operations
--------------------------------------------------------
Sanyo Electric Co. Ltd. has narrowed the number of bidders for
its microchip operations to around five firms, according to
Alison Tudor, writing for Reuters, citing a source familiar with
the situation.

Ms. Tudor said her sources identified Cerberus Capital
Management LP and The Blackstone Group as among the U.S. private
equity firms bidding for the chip business.  A consortium
including Japan's MKS Partners Ltd. has also expressed its
interest, she added.

Jiji Press, according to Bloomberg News, reported that potential
bidders for Sanyo's semiconductor unit also include, Vestar
Capital Partners and the U.K.'s CVC Capital Partners Ltd.  Jiji
reported that offers have been as much as JPY200 billion yen,
Bloomberg noted.

"Goldman Sachs and Daiwa Securities SMBC, who are working as
advisers for the loss-making consumer electronics maker, are in
the process of whittling down the some 20 firms who had
expressed an interest in the unit," Ms. Tudor reported.
According to the Reuters report, Goldman Sachs and Daiwa
Securities "are basing their choice on several criteria, the
most important of which is price.  Other factors include their
proposed business plans and strategic fit with the company's
operations."

The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that the Financial Times related that Goldman
Sachs sent letters to large private equity groups such as
Blackstone, Carlyle, Cerberus, KKR, Permira and TPG; and
semiconductor companies such as Elpida, Renesas, Rohm, Hynix,
and Infineon inviting them to bid for Sanyo's semiconductor
business, which could fetch a few billion dollars.

                     About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                        *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

On May 23, 2006, Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on SANYO Electric Co. Ltd.  At the same time, the
ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


SANYO ELECTRIC: To Strengthen Product Quality Control
-----------------------------------------------------
SANYO Electric Co. said it will strengthen its product quality
control and hinted its solar and battery operations will be a
major focus this fiscal year, SmartMoney.com reported citing Dow
Jones Newswires.

"Under a new management policy for the current fiscal period
through March 2008, Sanyo Electric said it will establish a
division to monitor customer satisfaction and product quality.
Sanyo forecasts it had a group net loss of JPY50 billion in the
fiscal year ended March.  It is struggling to recover its
finances under the watchful eye of a group investors led by
Goldman Sachs Group Inc., who last year invested US$2.6 billion
to bail out the company, according to the report,"
SmartMoney.com related.

As reported by the Troubled Company Reporter - Asia Pacific on
May 11, 2007, SANYO Electric will announce its fiscal year 2006
financial results on May 28.  The company disclosed that Azsa &
Co. is currently in the midst of auditing the results.  Sanyo
Electric said at present, significant impact on the Fiscal Year
2006 financial results is not expected; however, as previous
Fiscal Year audits are as yet unfinished, it is expected that
these results will be issued having received qualified opinion
by the auditors.

SANYO Electric will hold its General Shareholders Meeting on
June 28, 2007, after which the company plans to submit its
securities
report.

                    About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                        *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

On May 23, 2006, Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on SANYO Electric Co. Ltd.  At the same time, the
ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


TK ALUMINUM: A&M Europe Gives Analysis on Strategic Biz Plans
-------------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a r.l., S.C.A., reported that Alvarez & Marsal
Europe Ltd., on May 10, 2007 meeting, presented to an ad hoc
committee of noteholders, who had signed confidentiality
agreements, an analysis of certain strategic options the company
has considered, including the sale and restructuring of the
company's Italian Subsidiaries, Teksid Aluminum S.r.l. and
Teksid Aluminum Getti Speciali S.r.l.

The company had entered into an agreement to sell its equity
interests in its Italian Subsidiaries to Casti S.p.A., which
agreement was subject to, among other things, Casti's right to
terminate such agreement in the event that Casti was not able to
reach an agreement with a major customer of the Italian
Subsidiaries.  The company further announced, however, that,
prior to such time, it received notice from Casti that it had
not reached agreement with such customer and, accordingly, Casti
was terminating the agreement.

In connection with the A&M Europe engagement by Teksid Aluminum
S.r.l., pursuant to the engagement letter dated March 14, 2007,
A&M Europe have recommended to the company's board of directors
that the company proceed with the sale of the Turkish Interest
to Cevher.

            Ad Hoc Committee of Noteholders Meeting

Houlihan Lokey Howard & Zukin (Europe) Limited and Cadwalader,
Wickersham & Taft LLP, advisors to the ad hoc noteholders
committee (including the restricted noteholders), have advised
the company that holders of Senior Notes indicating ownership of
a majority of the outstanding Senior Notes have expressed
agreement in principle to (i) the proposed sale of the Turkish
Interest and (ii) a waiver in respect of the deferral of the
company's obligations to tender for Senior Notes with the net
proceeds of the Teksid Poland Sale.

The company notes that the final terms of any ultimately
completed sale may differ materially from the proposed terms
upon which A&M Europe based its support.  The company further
notes that A&M Europe have relied upon unaudited financial
information, records, forecasts and assumptions prepared by the
company and discussions with management of the company in
performing its analysis.  A&M Europe did not perform an audit or
any other verification of such information and accordingly
provides no assurance nor opinion thereon.  In addition, since
the forecast information provided by the company is based on
assumptions about future events, actual results achieved may
vary from the forecast and the variations may be material.  A&M
Europe does not provide legal services and did not base its
recommendation on a review of the proposed legal terms.

The company will continue to pursue alternatives with regard to
its Italian Subsidiaries, as well as its subsidiaries located in
France and Germany, and is in discussions with potential
purchasers of these operations.  The consummation of a
transaction remains subject to a number of conditions, including
execution of a definitive agreement, consent of at least a
majority in principal amount of the Senior Notes, regulatory
approvals, completion of satisfactory due diligence and approval
by the board of directors of the company.  There can be no
assurance that a definitive agreement with any party will be
executed on acceptable terms or at all.  Additionally, even
assuming acceptable terms are reached, there can be no assurance
that the required conditions of such transaction would be met,
including any requirement to receive consent of the noteholders.

                  Sale of Turkish Interest

The company has received an offer (valid until
June 11, 2007) from Cevher Jant Sanayi A.S., the majority owner
of the Turkish JV, to purchase the Turkish Interest for EUR3
million.  The company is in discussions with Cevher to finalize
definitive documentation regarding the sale of the Turkish
Interest.  The consummation of any transaction is subject to a
number of conditions, including execution of a definitive
agreement, approval by the board of directors of the company and
consent of at least a majority in principal amount of the Senior
Notes.  There can be no assurance that a transaction with Cevher
on acceptable terms will be completed.

                  Nemak Capital Increase

The company also announced that Nemak has indicated that it
intends to proceed with an equity issuance in exchange for a
capital contribution by its parent.  If Nemak does proceed,
pursuant to the SEI Agreement, Nemak is required to offer to
sell to the company an additional amount of synthetic equity
interest on the same terms as made available to Nemak's parent.
There can be no assurance that any such transaction will be
completed by Nemak.  The company expects to provide further
updates as information is made available by Nemak.

                   Waiver Of Default and
                 Deferment Of Tender Offer

The company expects to solicit consents from the holders of the
Senior Notes to waive any and all existing defaults under the
Indenture and claims relating thereto related to obligation to
make an offer to purchase Senior Notes within 30 days after the
Teksid Poland Sale.  Additionally, the company is proposing to
amend the Indenture to, among other items, extend the time by
which offers to purchase Senior Notes after the consummation of
the Teksid Poland Sale are to be made.

                      Nemak China Sale

The company has submitted documentation in respect of the
regulatory approval in connection with the sale to Nemak of the
company's remaining interests in its operations in China to the
Chinese governmental authorities on May 16, 2007.  The company
understands that the Chinese regulatory approval process may
take up to approximately three to five weeks.  There can be no
assurance as to when required regulatory approvals will be
obtained, or if they will be obtained at all.

                    About Teksid Aluminum

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

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

                        *     *     *

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




=========================================
B R I T I S H  V I R G I N  I S L A N D S
=========================================


DIGICEL LTD: Court Delays Ruling on Case Against BVI Regulators
---------------------------------------------------------------
Justice Rita Oliviette of the British Virgin Islands has put a
ruling on the lawsuit filed by Digicel Ltd. against the
Telecommunications Regulatory Commission on hold, Caribbean Net
News reports.

According to Caribbean Net, Judge Oliviette must give her
decision before May 25, which is the deadline the TRC has set
for telecommunication firms to file applications.

The ruling must also be made before May 31 -- the deadline given
by government for the Cable and Wireless license to expire in
the BVI, Caribbean Net says.  The deadline has been extended
twice.

Caribbean Net notes that Digicel has sued the TRC, as it felt
that the commission failed to consider fairly under the
Telecommuications Act its October 2005 application for a license
to run a mobile service in the BVI.  Paul Webster QC represented
Digicel in the case.

TRC considered Digicel's application as not in compliance with
the Act.  Digicel then filed another application in February
2005 in accordance with the new act, which came into effect in
October 2006, Caribbean Net says, citing Mr. Webster.  It became
clear to Digicel that they were to have been invited before they
can make an application, yet there was no invitation policy
released.

Caribbean Net relates that Mr. Webster said before the court
that the BVI government released a policy stating that licenses
were granted to Cable & Wireless, CCT Global Communications and
BVI Cable TV.  Digicel believed that the TRC had disregarded its
application and disposed of it without consideration.

Mr. Webster looked at Section 15 of the Telecommunications Act,
saying that the law gave Digicel the right to apply for a
license and that it is up to the TRC to grant or deny the
application, Caribbean Net notes.  He stated that the TRC under
the Act must study the application in a transparent manner and,
if it was refused, it must give a reason to the applicant,
Caribbean Net says.  Mr. Webster claimed that the government
denied all persons the right to apply after issuing the names of
the three providers.  According to him, the court may look at
the policy document and the invitation document to see if it is
in line with the Act and, if not, the court can make a proper
order.

Mr. Webster told Caribbean Net that the TRC is not bound by
policy decisions by the BVI government.  The determination of
applications is a task by the TRC and not the minister or the
government.

The report says that Mr. Webster questioned how the government
could have issued a policy document and granted licenses to
three operators if the TRC is responsible for granting licenses.

Liberalization has taken a long time to come, and so it wouldn't
hurt by waiting for about eight weeks more to let Digicel apply
fully for a license, Caribbean Net reports, citing Mr. Webster.

Digicel and others were able to wait for a long time to get into
the BVI market so they could wait throughout the transitional
three-year period as stated in the minister's policy.  TCR could
then consider whether the market could afford a fourth player,
Anthony Astaphan QC, the TRC's legal representative, told
Caribbean Net.

Mr. Astaphan explained before the court that Digicel had no
right to apply.  The policy was directly within the powers given
to the minister by the Act and the TRC's invitation was in line
with the Act, according to the report.  The TRC, in granting or
refusing an application, had to do so on the basis of the
minister's policy, though the final decision on who will be
granted license will be made by the TRC.

Meanwhile, Judge Olivette said she will give a decision on the
case as soon as possible, taking into consideration the certain
deadlines facing all concerned, Caribbean Net states.

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

                        *     *     *

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.




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


ACER VENTURE: Sets Final Shareholders Meeting for June 18
---------------------------------------------------------
Acer Venture Associates will hold its final shareholders meeting
on June 18, 2007, at 10:00 a.m., at the office of the company.

          Ruta 8, Km. 17,500
          Zona America, M1 Building
          Ap, C, Montevideo
          Uruguay

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,

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

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

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

The liquidator can be reached at:

         Teddy Lu
         8F, 88, Sec.1 Hsin Tai Wu Rd.
         Taipei Hsien 221
         Taiwan


ADVISORS FOR: Final Shareholders Meeting Is on June 18
------------------------------------------------------
Advisors For Latinoamericana Inc. will hold its final
shareholders meeting on June 18, 2007, at 3:00 p.m., at:

         Ruta 8, Km. 17,500
         Zona America, M1 Building
         Ap, C, Montevideo
         Uruguay

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,

   2) considering the performance of the liquidator and
      remuneration; and

   3) considering the manner in which the legal documentation
      and records of the company shall be kept.

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:

         Irma Graciela Defensa
         Attention: Richard Addlestone
         c/o P.0. Box 265
         Walker House
         Mary Street, George Town
         Grand Cayman KY1-1104
         Cayman Islands


FUJI FOOD: Proofs of Claim Filing Is Until June 18
--------------------------------------------------
Fuji Food Cayman Ltd.'s creditors are given until June 18, 2007,
to prove their claims to CDL Company Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Fuji Food's shareholders agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

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


FUJI FOOD: Will Hold Final Shareholders Meeting on June 18
----------------------------------------------------------
Fuji Food Cayman Ltd. will hold its final shareholders meeting
on June 18, 2007, at:

         Windward One,
         Regatta Office Park, West Bay Road
         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:

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


FUND INVESTMENTS: Proofs of Claim Filing Ends on June 18
--------------------------------------------------------
Fund Investments Ltd.'s creditors are given until June 18, 2007,
to prove their claims to Alain Andrey, 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.

Fund Investments' shareholders agreed on May 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

          Alain Andrey
          P.O. Box 309
          Grand Cayman KY1-1104
          Cayman Islands


FUND INVESTMENTS: Sets Final Shareholders Meeting for June 19
-------------------------------------------------------------
Fund Investments Ltd. will hold its final shareholders meeting
on June 19, 2007, at:

         22 rue de Villereuse,
         1207 Geneva, Switzerland

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:

         Alain Andrey
         P.O. Box 309
         Grand Cayman KY1-1104
         Cayman Islands


KENTAVROS CAPITAL: Proofs of Claim Must be Filed by June 20
-----------------------------------------------------------
Kentavros Capital Growth Fund's creditors are given until
June 20, 2007, to prove their claims to Miss Avyi Sarris, 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.

Kentavros Capital's shareholders agreed to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

          Miss Avyi Sarris
          c/o Maples and Calder
          P.O. Box 309, Ugland House
          South Church Street, George Town
          Grand Cayman KY1-1104
          Cayman Islands


OPINIA (CAYMAN): Will Hold Final Shareholders Meeting on June 18
----------------------------------------------------------------
Opinia (Cayman) Ltd. will hold its final shareholders meeting on
June 18, 2007, at:

          SIA/SUL-ASP
          Lote D, Bloco B, 2° andar
          Brasilia, DF
          Brazil

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:

         Luiz Francisco Tenório Perron
         c/o Maples and Calder
         P.O. Box 309
         Ugland House
         South Church Street, George Town
         Grand Cayman KY1-1104
         Cayman Islands


SUHO LATINOAMERICANA: Final Shareholders Meeting Is on June 18
--------------------------------------------------------------
Suho Latinoamericana Co. will hold its final shareholders
meeting on June 18, 2007, at 3:00 p.m., at:

         Ruta 8, Km. 17,500
         Zona America, M1 Building
         Ap, C, Montevideo
         Uruguay

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,

   2) considering the performance of the liquidator and
      remuneration; and

   3) considering the manner in which the legal documentation
      and records of the company shall be kept.

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:

         Irma Graciela Defensa
         Attention: Richard Addlestone
         c/o P0 Box 265
         Walker House
         Mary Street, George Town
         Grand Cayman KY1-1104
         Cayman Islands




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


AES GENER: Moody's Lifts Senior Secured Notes' Rating to Ba3
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of AES Gener, SA
and its wholly owned subsidiary AES Chivor & CIA S.C.A. E.S.P.
to Baa3 from Ba1 senior unsecured and Ba2 from Ba3 senior
secured, respectively.

Chivor's corporate family rating was also upgraded to Ba2.  The
rating outlook for Gener and Chivor is stable.  This concludes
the review for possible upgrade that commenced on May 16, 2007.

The rating action considers the strong market fundamentals in
the Chilean power market and the projected benefit of Gener's
investment in additional thermoelectric generation.  The rating
action also considers the strong market fundamentals in the
Colombian power market and the projected benefit of certain
changes in the regulatory framework for Colombian generators.

In order to encourage market participants to invest in new
capacity, Colombia's regulator revised its methodology for
compensating generators.  Instead of receiving capacity
payments, generators are now paid a "reliability" payment based
on their firm capacity.  The new methodology is being
implemented in stages, with a transition period through November
2009 and capacity auctions thereafter.  AES Chivor started
receiving the new reliability payments in December 2006 and
should realize a meaningful increase in cash flow going forward.

The improved economics at Chivor will be reflected in Gener's
consolidated credit profile We note, however, that Gener's
consolidated credit metrics are likely to decrease in the near
term from 2006 levels due to the effect of increasing gas
curtailments and an increase in debt associated with the
development of the new Ventanas coal plant project; however,
Gener is expected to maintain FFO to debt coverage of at least
20% over the near term.  After the completion of the Ventanas
project in 2010, Gener's credit profile will improve due to the
additional cash flow generated pursuant to long-term PPAs with
regulated distribution companies awarded in public bid processes
held in 2006 and 2007.  In addition, Gener will benefit from
strong market fundamentals in Chile.

Headquartered in Santiago de Chile, AES Gener is Chile's second-
largest electricity generation company.  Headquartered in
Bogota, Chivor is Colombia's fourth-largest electricity
generation company.


BELL MICROPRODUCTS: Gets Additional Nasdaq Non-Compliance Notice
----------------------------------------------------------------
Bell Microproducts Inc. has received an additional staff
determination notice from the NASDAQ Stock Market, stating
that it is not in compliance with the requirements for continued
listing pursuant to NASDAQ Marketplace Rule 4310(c)(14), due to
its failure to file on a timely basis its Quarterly Report on
Form 10-Q for the quarter ended March 31, 2007.

This staff determination notice serves as an additional basis
for delisting the company's common stock from trading on NASDAQ.
As a result, the company's securities remain subject to
delisting from trading on the Nasdaq Global Market.  Nasdaq
initially informed the company in November 2006 that it was not
in compliance with continued listing standards due to the
company's delay in filing its Quarterly Report on Form 10-Q for
the period ended Sept. 30, 2006.  The company subsequently
requested and was granted a hearing before the Nasdaq Listing
Qualifications Panel, which granted the company's request for an
extension for continued listing until May 22, 2007.  The company
appealed this extension, and the Nasdaq Listing and Hearing
Review Council notified the company that the delisting decision
of the Qualifications Panel was stayed.  The company intends to
submit additional information for the Listing Council review.

The company has engaged Financial Intelligence LLC to assist it
with various finance and accounting matters.  A consultant
from Financial Intelligence will serve as interim vice president
of finance for the company, replacing an employee who the
company had hired to serve in that capacity.  Financial
Intelligence will also provide services related to accounting
for revised measurement dates for stock options.

                  About Bell Microproducts

Headquartered in San Jose, California, Bell Microproducts Inc.
(Nasdaq: BELM) -- http://www.bellmicro.com/-- is an
international, value-added distributor of high-tech products,
solutions and services, including storage systems, servers,
software, computer components and peripherals, as well as
maintenance and professional services.  Bell is a Fortune 1000
company that has operations in Argentina, Brazil, Chile and
Mexico.

                        *     *     *

In March 2007, the company received a Nasdaq Staff Determination
notice because the company did not file its Annual Report 10-K
for the period ended Dec. 31, 2006.  The Nasdaq Listing and
Hearing Review Council expects a response to why the company
failed to file its annual report.  Nasdaq Listing Qualifications
Panel extended until May 22, 2007, the company's request for
continued listing.

In addition, the company received waivers in relation to the
delivery of certain of its quarterly information and
documentation until May 31, 2007, under credit agreements with
Wachovia Capital Finance Corp., Wachovia Bank, National
Association, and the Teachers' Retirement Systems of Alabama.




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


BANCOLOMBIA SA: Prices Public Offering of US$400 Mil. Sub. Notes
----------------------------------------------------------------
Bancolombia S.A. has priced the public offering of US$400
million in aggregate principal amount of its Subordinated Notes
due 2017.

The notes have a 10-year maturity term and a coupon of 6.875%,
payable semi-annually on May 25 and Nov. 25 of each year,
beginning on Nov. 25, 2007.  The notes have been rated Baa3 by
Moody's and BB by Fitch Ratings.  The Notes Offering is expected
to close on May 25, 2007, subject to customary closing
conditions.

UBS Securities LLC is acting as the global coordinator and J.P.
Morgan Securities Inc. and UBS Securities LLC are acting as the
joint book-running managers for the Notes Offering.

The securities are being offered pursuant to an effective shelf
registration statement.  Bancolombia has filed a registration
statement (including a prospectus and prospectus supplement)
with the U.S. Securities Exchange and Commission for the Notes
Offering.  Copies of the preliminary prospectus supplement
relating to the offering may be obtained from:

          UBS Securities LLC
          677 Washington Blvd.
          Stamford, CT 06901
          Tel: 1-888-722-9555

                -- or --

          J.P. Morgan Securities Inc.
          270 Park Avenue
          New York 10017
          Tel: (212) 834-4307

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.


SOLUTIA INC: Files Amended Plan & Disclosure Statement
------------------------------------------------------
Solutia Inc. has filed an Amended Plan of Reorganization and
Disclosure Statement with the U.S. Bankruptcy Court for the
Southern District of New York.  The filing of the plan was
supported by the Official Committee of Unsecured Creditors,
Monsanto Company (NYSE:MON), Pharmacia Corporation, the Official
Committee of Retirees, and the Ad Hoc Committee of Trade
Creditors.

"We are pleased to have filed a plan that positions Solutia
to emerge from chapter 11 with an improved cost structure,
strengthened balance sheet, and greatly reduced risk profile,"
said Jeffry N. Quinn, chairman, president and chief executive
officer of Solutia Inc."  Importantly, we will do so while
providing significant recoveries for our creditors, ensuring all
environmental remediation commitments will be met, securing and
providing significant funding for retiree welfare benefits, and
preserving our pension plan."

              Amended Plan Maintains Key Benefits of
                 Original Plan of Reorganization

The plan maintains the key benefits provided for Solutia under
the original Plan of Reorganization filed by the company in
February 2006, but provides greater recoveries for creditors due
to an increase in the estimated equity value of the reorganized
company.  In addition, there has been some reallocation of the
equity ownership of the reorganized company.

                  Relief from Legacy Liabilities

The plan provides significant relief from the legacy liabilities
Solutia was required to assume when spun off from Pharmacia
(formerly known as Monsanto Company) in 1997.  These legacy
liabilities include:

    (1) retiree medical, retiree life insurance, and disability
        benefits for those individuals whom retired or became
        disabled prior to the Solutia spin-off;

    (2) environmental remediation costs related to activities of
        the chemicals business of Pharmacia that occurred prior
        to the Solutia spin-off; and

    (3) toxic tort litigation costs relating to chemical
        exposure associated with the activities of Pharmacia
        that occurred prior to the Solutia spin-off.

                  Relief from Tort Litigation and
               Environmental Remediation Liabilities

Under the plan, as between it and Solutia, Monsanto will assume
financial responsibilities in the areas of tort litigation and
environmental remediation.

Monsanto will be financially responsible for all current and
future tort litigation costs arising from Pharmacia's chemical
business prior to the Solutia spin-off.  This includes
litigation arising from exposure to PCBs and other chemicals.

Monsanto will accept financial responsibility for environmental
remediation and clean-up obligations at all sites for which
Solutia was required to assume responsibility at the spin-off
but which were never owned or operated by Solutia.   Solutia
will remain responsible for the environmental liabilities at
sites that it presently owns or operates.

Solutia and Monsanto will share financial responsibility
with respect to two sites.  Under this cost-sharing mechanism,
the first US$50 million of post-emergence remediation and
cleanup costs will be funded by the proceeds of the rights
offering.  As required, Monsanto has already expended more
than US$50 million during the course of Solutia's Chapter 11
case with respect to these sites.  As a result, Monsanto will be
entitled to an administrative claim of at least US$14.2 million.
Upon emergence, Solutia would be responsible for the funding of
these sites up to an agreed upon amount.  Thereafter, if needed,
Monsanto and Solutia would share responsibility equally.
Solutia would be able to defer paying off-site remediation costs
relating to these sites that exceed US$30 million in any
calendar year and any deferred amounts would be paid by
Monsanto, subject to repayment by Solutia at a later date.

                 US$250 Million of New Investment

The plan provides for US$250 million of new investment in
reorganized Solutia.  This investment will be in the form of a
rights offering to certain unsecured creditors, whom will be
given the opportunity to purchase 27.9% of the common stock in
the reorganized company.  Of this US$250 million, US$175 million
will be set aside in a Voluntary Employees' Beneficiary
Association (VEBA) Retiree Trust to fund the retiree welfare
benefits for those pre-spin retirees whom receive these benefits
from Solutia. Additionally, US$75 million will be used by
reorganized Solutia to pay for other legacy liabilities being
retained by the company.

                 Comprehensive Retiree Settlement

The plan provides for the same comprehensive retiree settlement
that was negotiated with the Retirees Committee and included in
the original plan.  Although the settlement includes benefit
modifications, the plan provides significant current funding of
these benefit obligations, which greatly improves Solutia's
ability to meet these benefit obligations going forward.

In consideration for the contemplated modification in benefits,
the retirees will receive an unsecured claim of $35 million in
Solutia's Chapter 11 case.  The common stock received in
reorganized Solutia on account of this claim will be deposited
into the VEBA Retiree Trust, along with the $175 million from
the rights offering described above.  The VEBA Retiree Trust
will be a bankruptcy-remote entity and will be managed by an
independent trustee.

                        Additional Matters

The plan includes an assumption and extension of commercial and
operating agreements between Solutia and Monsanto.  The plan
also seeks a discharge for Solutia from most prepetition claims.

           Valuation and Anticipated Creditor Recoveries

"As a result of the successful execution of our reorganization
strategy, we have substantially increased the value of the
company since the filing of the original plan," said Mr. Quinn.
Under the plan, Solutia estimates that the enterprise value of
reorganized Solutia will be US$2.85 billion, with corresponding
implied reorganization equity value of approximately US$1.2
billion.  Mr. Quinn added, "The men and women of Solutia believe
in the future of this company, and it is because of their hard
work and perseverance that we have been able to revitalize the
company and position it for long term success."

                  Anticipated Creditor Recoveries

"The plan provides for substantially enhanced creditor
recoveries compared to the original plan filed in February 2006.
Under the original plan, unsecured creditors would have received
recoveries of approximately 52%, compared with estimated
recoveries of nearly 85% under the current plan," added
Mr. Quinn.  "And, with the bankruptcy court's recent ruling
regarding the unsecured status of certain of our noteholders, we
are able to move forward without the significant creditor
classification issues that bogged down moving the original plan
toward confirmation."

Under the plan, Solutia's senior secured notes will be paid in
full in cash from proceeds from an exit-financing package to be
arranged by the company.  The plan also provides that the
following creditors and equity interest holders will receive the
following distributions.  (These distributions assume full
subscription to the rights offering by those creditors who are
entitled to participate):

     -- Holders of Allowed General Unsecured Claims will receive
        their pro rata share of 34.1% of the new common stock.
        Based on the mid-point of Solutia's estimates with
        regard to the aggregate amount of the allowed general
        unsecured claims, this will result in a recovery of 84.8
        cents on the dollar.

     -- Holders of Allowed Noteholder Claims will receive their
        pro rata share of 44.1% of the new common stock.  This
        will result in a recovery of 84.8 cents on the dollar,
        the same as all other General Unsecured Creditors.

     -- Monsanto will receive 20% of the new common stock.  In
        addition, Monsanto will have an allowed administrative
        claim for all amounts spent by Monsanto in excess of
        US$50 million in connection with environmental cleanup
        and remediation at the sites for which it shared
        responsibility with Solutia during the chapter 11 cases.

     -- In accordance with the terms of the retiree settlement
        agreement, the Retirees as a class will receive 1.8% of
        the new common stock.  This stock will be deposited into
        a VEBA Retiree Trust that will be used to pay retiree
        welfare benefits.  This is in addition to the
        US$175 million from the rights offering that will be
        deposited into the VEBA Retiree Trust as stated above.

     -- Holders of Equity Interests in Solutia will receive no
        distributions on account of such equity interests.

As stated in the plan, Solutia currently estimates that the size
of the unsecured noteholder claims pool will be US$455.4
million; and that the general unsecured claims pool will range
from US$327-US$377 million with a mid-point of US$352 million.

          Corporate Governance and Board of Directors of
                      Reorganized Solutia

Under the plan, reorganized Solutia will be an independent,
publicly traded company listed on a national exchange.
Reorganized Solutia will have nine members on its Board of
Directors.  The nine members will consist of Jeffry N. Quinn,
Solutia's current chairman, president and chief executive
officer; one continuing director of Solutia; one director
designated by Monsanto; and six directors designated by the
Creditors Committee.  The six directors will be designated by
the Creditors' Committee in consultation with the company and
Monsanto.  Solutia will retain a nationally recognized executive
search firm to assist in the selection of members of the initial
Board of Directors.

               Next Steps in Reorganization Process

The next major step in the reorganization process will be to
conduct a hearing to consider the legal adequacy of the Amended
Disclosure Statement.  Solutia will request a bankruptcy court
hearing regarding this matter in early July.  If the court
determines that the Amended Disclosure Statement provides
sufficient information for claim holders and other interested
parties to vote on the plan, then the Amended Disclosure
Statement and plan would be sent to claim holders for voting
purposes.  Following the voting process, Solutia will ask the
bankruptcy court to hold a hearing to consider approval or
"confirmation" of the plan. If the court confirms the plan,
Solutia would emerge from chapter 11 shortly thereafter.

"With our current momentum, I believe Solutia will be able
to emerge from chapter 11 as a strong and viable company in the
third quarter," said Quinn.

Solutia's Amended Plan of Reorganization and Disclosure
Statement are available at http://www.solutia.com/reorganization

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.


The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.


SOLUTIA: Unsecured Creditors to Get 84.9% Under Amended Plan
------------------------------------------------------------
Over 14,800 proofs of claim were filed against Solutia Inc. and
its debtor-affiliates in their Chapter 11 Cases.  In addition,
the Debtors listed approximately 2,500 claims in their schedules
of assets and liabilities.  The claims asserted amounts of over
US$28,000,000,000 in the aggregate.

The Debtors' First Amended Joint Plan of Reorganization groups
claims against and equity interests in the Debtors into 20
classes:

  Class  Description                 Claim Treatment
  -----  -----------                 ---------------
    1    Priority Non-Tax Claims     Unimpaired.
                                     100% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$2,200,000

    2    Secured Claims              Unimpaired.
                                     100% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$40,000,000 to
                                     US$50,000,000

    3    Senior Secured              Unimpaired.
                                     100% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$205,900,000 to
                                     US$223,000,000

    4    Convenience Claims          Unimpaired.
                                     100% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$1,000,000 to
                                     US$2,500,000

     5   CPFilms Claims              Unimpaired.
                                     100% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$8,400,000

     6   NRD Claims                  Unimpaired.

                                     NRD Claims are being
                                     Reinstated and will be paid
                                     in accordance with the
                                     terms of the Amended Plan
                                     and the Relationship
                                     Agreement.

     7   Insured Claims              Unimpaired.

                                     Holders of Insured Claims
                                     can recover against the
                                     applicable insurance
                                     policies.

     8   Tort Claims                 Unimpaired.

                                     Monsanto is taking
                                     financial responsibility
                                     for Tort Claims.

     9   Legacy Site Claims          Unimpaired.

                                     Monsanto is taking
                                     financial responsibility
                                     for Legacy Site Claims.

     10  Equity Interests in all     Unimpaired.
         Debtors other than
         Solutia

     11  Monsanto Claim              Impaired.

                                     Among others, allowance of
                                     unsecured and
                                     administrative claims in
                                     favor of Monstanto.

     12  Noteholder Claims           Impaired.
                                     84.9% Recovery

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$455,400,000 based on
                                     principal amount of
                                     US$450,000,000 plus accrued
                                     and unpaid interest of
                                     US$5,400,000 as of the
                                     Petition Date.

     13  General Unsecured           Impaired.
         Claims                      84.9% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$327-US$377 million

     14  Retiree Claim               Impaired.
                                     59.5% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$35,000,000

     15  Pharmacia Claims            Impaired.
                                     0% Recovery.

                                     Pursuant to the terms of
                                     the Plan and the
                                     Relationship Agreement,
                                     Pharmacia will receive a
                                     limited indemnity from
                                     Reorganized Solutia and
                                     a limited release from
                                     certain claims.

     16  Non-Debtor                  Impaired.
         Intercompany Claims         40% Recovery.

                                     On the Effective Date, each
                                     Non-Debtor Intercompany
                                     Claim will be reduced by
                                     60% and the remainder
                                     thereof will be Reinstated
                                     by virtue of book entries
                                     without a Distribution of
                                     Cash or other consideration
                                     being made on account of
                                     the Claim.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$108,000,000

     17  Debtor Intercompany         Impaired
         Claims                      0% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     US$2,440,000,000

     18  Axio Claims                 Impaired.
                                     0% Recovery.

                                     Holders of Claims in Class
                                     18 will receive no
                                     distribution under the
                                     Amended Plan.

     19  Security Claims             Impaired
                                     0% Recovery.

                                     Holders of Claims in Class
                                     19 will receive no
                                     distribution under the
                                     Amended Plan.

     20  Equity Interests            Impaired
         in Solutia                  0% Recovery.

                                     Holders of Claims in
                                     Class 20 will receive no
                                     distribution under the
                                     Amended Plan.

Jeffry N. Quinn, Solutia's current chairman, president and chief
executive officer, relates that, with respect to the Monsanto
Claim, Monsanto has agreed, as part of the Monsanto Settlement
only, to accept an Allowed Unsecured Claim equal to the value
of:

   (a) amounts related to the management and settlement of
       Legacy Claims and other expenses on the Debtors' behalf
       that (i) Monsanto has spent from the Petition Date
       through March 31, 2007, which Solutia believes to be
       US$180,900,000, and (ii) Monsanto likely will spend,
       pursuant to the Monsanto Settlement, following that date,
       which amount Solutia believes to be US$143,600,000,

   (b) the extension of the term of the Master Operating
       Agreement,

   (c) the replacement of the Distribution Agreement with the
       Relationship Agreement,

   (d) the settlement of litigation related to Solutia's
       Anniston, Alabama plant,

   (e) the elimination of all Tort Claims from Solutia's General
       Unsecured Claims pool,

   (f) the waiver of the right to file surrogate claims on
       behalf of legacy claimants,

   (g) the waiver of various indemnity claims related to legacy
       liabilities for which Monsanto has agreed to assume
       responsibility,

   (h) the Chocolate Bayou Settlement and continuation of the
       Commercial and Operating Agreements subject to the terms
       thereof, and

   (i) the resolution of all litigation and potential litigation
       related to the Distribution Agreement, the classification
       of Monsanto's Claim and other matters, between Solutia
       and Monsanto.

Monsanto will also receive an Administrative Expense Claim for
any amounts it pays (a) for Retained Sites and (b) in excess of
US$50,000,000 with respect to documented out of pocket
Environmental Liabilities at the Shared Sites during the
Chapter 11 cases.

Mr. Quinn also notes that:

    1. The Allowed Amount of the Senior Secured Note Claims is
       subject to a determination of the Senior Secured
       Noteholders' rights under applicable law.  Solutia
       believes that the Allowed amount of the Senior Secured
       Notes Claim will not exceed US$223,000,000, however, the
       Senior Secured Notes Trustee has asserted that its claims
       on behalf of the Senior Secured Noteholders could exceed
       this amount.  The US$205,900,000 is determined using the
       effective interest method as of June 30, 2007.

    2. Holders of Allowed CPFilms Claims are entitled to receive
       interest on such Claims at a rate to be negotiated among
       Solutia, the Official Committee of Unsecured Creditors,
       and the Ad Hoc Trade Committee.  This interest rate will
       be disclosed prior to the hearing to consider the
       adequacy of disclosure statement explaining the Amended
       Plan.

    3. The recovery calculations for Noteholder Claims and
       General Unsecured Claims and Retiree Claim are based on
       these assumptions:

         (a) a General Unsecured Claims pool of US$352,000,000
             -- the midpoint of the estimated range for the
             ultimate aggregate amount of Allowed General
             Unsecured Claims;

         (b) an exercise price in the Rights Offering at a
             discount of 25% to Solutia's implied midpoint
             equity valuation;

         (c) full subscription to the Rights Offering by
             participating parties; and

         (d) that all recoveries are calculated net of the cost
             to acquire Rights.

       The discount applied to the Rights may change as a result
       of negotiations among Solutia and its stakeholders;
       provided that the Rights Offering generates
       US$250,000,000 in Cash proceeds and that Monsanto
       receives 20% of the New Common Stock after taking into
       account any dilution as a result of the Rights Offering.

                     Claimants Voting on Plan

Under the provisions of the Bankruptcy Code, not all parties in
interest are entitled to vote on a Chapter 11 plan.

Solutia is not soliciting votes from the Holders of Claims in
Classes 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10, because they are not
Impaired under the Amended Plan.  Pursuant to Section 1126(f) of
the Bankruptcy Code, those Classes are conclusively presumed to
have accepted the Amended Plan.

Solutia also says that it is not soliciting votes from Holders
of Claims in Classes 16 and 17, because they Classes are deemed
to have accepted the Amended Plan.

Solutia is not soliciting votes from the Holders of Claims in
Classes 18, 19 and 20 because they are Impaired under the
Amended Plan, and they will not receive any Distributions under
the Amended Plan.  Pursuant to Section 1126(g), those Classes
are deemed to have rejected the Amended Plan.

Claimants in Classes 11 to 15 are entitled to vote on the
Amended Plan.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.


The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.


SOLUTIA INC: Enterprise Value Under Plan May Reach US$3.2 Bil.
--------------------------------------------------------------
Rothschild Inc. estimates that the total enterprise value of
Solutia Inc. and its debtor-affiliates is approximately
US$2,500,000,000 to US$3,200,000,000.

In Feb. 2006, in connection with the Debtors' filing of Plan of
Reorganization, Rothschild had estimated the Debtors' total
enterprise to be between US$2,000,000,000 to US$2,300,000,000.

In connection with the Debtors' First Amended Joint Plan of
Reorganization filed on May 16, 2007, Rothschild estimates that
the Debtors' implied reorganized equity value would range from
US$900,000,000 to US$1,500,000,000, given an estimated net debt
levels of the Debtors of approximately US$1,700,000,000.

The firm notes that the Amended Plan provides for the
distribution of 119.5 million shares of New Common Stock.
However, the value of those shares is subject to dilution as a
result of the exercise of certain rights and conversions in
connection with certain equity incentive plans.

Rothschild relied upon these assumptions with respect to the
valuation of the Debtors:

    -- The Effective Date occurs on or about June 30, 2007;

    -- The Debtors are able to recapitalize with adequate
       liquidity as of the Effective Date;

    -- The Debtors are able to implement the Global Settlement
       reached with Monsanto Corp., Pharmacia Corp., the
       Official Committee of Unsecured Creditors, and, as
       applicable, the Retirees Committee, or an alternate plan
       providing for similar structure and terms;

    -- The pro forma net debt levels of the Debtors will be
       approximately US$1,700,000,000;

    -- The financial projections assume that a material portion
       of the Debtors' NOLs will be available to the Reorganized
       Debtors, although subject to limitations under currently
       existing U.S. federal income tax laws;

    -- General financial and market conditions as of the
       Effective Date will not differ materially from those
       conditions prevailing as of the date of this Disclosure
       Statement; and

    -- The Debtor sell the Dequest business for net proceeds of
       approximately US$60,000,000.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.


The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.


SOLUTIA INC: Sees US$633 Mil. Income for 2007 Under Amended Plan
----------------------------------------------------------------
In connection with the First Amended Joint Plan of
Reorganization filed by Solutia Inc. and its subsidiaries, the
company's management prepared projected financial statements
with the assistance of Rothschild, the Debtors' financial
advisors.  The Projections are based on, among other things:

   (a) current and projected market conditions in each of
       Reorganized Solutia's markets;

   (b) the ability to maintain sufficient working capital to
       fund operations;

   (c) final approval of the up to US$2,000,000,000 exit
       financing; and

   (d) confirmation of the Amended Plan.

The Debtors project they will continue to earn income in 2006
through 2011:

       Actual 2006        US$2,000,000
       Projected 2007   US$633,000,000
       Projected 2008   US$122,000,000
       Projected 2009   US$162,000,000
       Projected 2010   US$220,000,000
       Projected 2011   US$249,000,000

The Debtors also project that they will maintain cash and cash
equivalents for:

   (a) US$78,000,000 for the year ended 2007, and
   (b) US$30,000,000 for the years ended 2008 through 2011.

                       Reorganized Solutia Inc.
                 Projected Fresh Start Balance Sheet
                           (In Millions)

                                                        Exit
                                  Projected  Debt
Financing
                                  1-Jul-07   Discharge  Facility
                                  Balance    & Reclass- Transac-
                                  Sheet      ifications tions
                                  --------   --------   --------
ASSETS

CURRENT ASSETS:
Cash & Cash Equivalents             US$156    (US$347)    US$221
Trade Receivables                      457          -          -
Inventories                            392          -          -
Prepaid Expenses and Other Assets      201          -          -
                                  --------   --------   --------
TOTAL CURRENT ASSETS                 1,206       (347)       221

PROPERTY, PLANT & EQUIPMENT, net     1,044          -          -
INVESTMENTS in AFFILIATES                7          -          -
OTHER ASSETS                           280          7        302
                                  --------   --------   --------
TOTAL ASSETS                      US$2,537    (US$340)    US$523
                                   ========   ========   =======

LIABILITIES AND SHAREHOLDERS' EQUITY {DEFICIT}

CURRENT LIABILITIES:
Accounts Payable                    US$260       US$0       US$0
Accrued Liabilities                    274         45          -
Short-term Debt                      1,074          -
(1,015)
                                  --------   --------   --------
TOTAL CURRENT LIABILITIES            1,608         45
(1,015)

LONG-TERM DEBT                         213         20      1,387
OTHER LIABILITIES                      302        825
(103)
LIABILITIES SUBJECT TO COMPROMISE    1,780     (1,780)         -
                                  --------   --------   --------
TOTAL LIABILITIES                    3,903       (890)       269

SHAREHOLDERS' DEFICIT:
Common Stock                             1          -          -
Additional Contributed Capital          56          -        254
Treasury Stock, at Costs              (251)         -          -
Net Deficiency of
  Assets at Spin-off                  (113)         -          -
Accumulated Other
  Comprehensive Loss                   (65)         -          -
Retained Earnings (Deficit)           (994)       550          -
                                  --------   --------   --------
TOTAL SHAREHOLDERS' EQUITY          (1,366)       550        254
                                  --------   --------   --------
TOTAL LIABILITIES AND
   SHAREHOLDERS' EQUITY (DEFICIT)    2,537       (340)       523
                                  ========   ========   ========


                       Reorganized Solutia Inc.
                 Projected Fresh Start Balance Sheet
                           (In Millions)

                                                   Reorganized
                                   Fresh Start     01-Jul-2007
                                   Adjustments     Balance Sheet
                                   -----------     -------------
ASSETS

CURRENT ASSETS:
Cash & Cash Equivalents                   US$0             US$30
Trade Receivables                            -               457
Inventories                                  -               392
Prepaid Expenses and Other Assets            -               201
                                      --------          --------
TOTAL CURRENT ASSETS                         -             1,080

PROPERTY, PLANT & EQUIPMENT, net             -             1,044
INVESTMENTS in AFFILIATES                    -                 7
OTHER ASSETS                             1,891             2,480
                                      --------          --------
TOTAL ASSETS                          US$1,891          US$4,611
                                      ========          ========

LIABILITIES AND SHAREHOLDERS' EQUITY {DEFICIT}

CURRENT LIABILITIES:
Accounts Payable                          US$0            US$260
Accrued Liabilities                          -               319
Short-term Debt                              -                59
                                      --------          --------
TOTAL CURRENT LIABILITIES                    -               638

LONG-TERM DEBT                               -             1,620
OTHER LIABILITIES                          129             1,153
LIABILITIES SUBJECT TO COMPROMISE            -                 -
                                      --------          --------
TOTAL LIABILITIES                          129             3,411

SHAREHOLDERS' DEFICIT

Common Stock                                 -                 1
Additional Contributed Capital             889             1,199
Treasury Stock, at Costs                   251                 -
Net Deficiency of Assets at Spin-off       113                 -
Accumulated Other Comprehensive Loss        65                 -
Retained Earnings (Deficit)                444                 -
                                      --------          --------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT)     1,762             1,200
                                      --------          --------
TOTAL LIABILITIES AND
   SHAREHOLDERS' EQUITY (DEFICIT)     US$1,891          US$4,611
                                      ========          ========

A full-text copy of Solutia's Financial Projections is available
for free at http://researcharchives.com/t/s?1faa

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.

The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.


* COLOMBIA: Bio D Asks Government To Set Up Duty-Free Zone
----------------------------------------------------------
Biodiesel producer Bio D has requested the Colombian government
to set up a duty-free zone, Business News Americas reports,
citing a source in palm oil industry association Fedepalma.

BNamericas relates that Bio D is a Fedepalma member.  It is the
first firm to request the zone, though other companies could
follow.

According to BNamericas, other industries in Colombia have duty-
free zones where they can bring in raw materials and equipment
for production, tax-free.

Colombia currently has one biodiesel production project.  It
expects to launch eight more in 2008, bringing total production
to 721,000 tons per year, BNamericas states, citing Fedepalma.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2007, Standard & Poor's lifted the country's foreign
credit to BB+ from BB.  Colombia's local currency debt rating
was raised to BBB+ from BBB.




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


ANIXTER INT'L: Buys Eurofast's Outstanding Shares for US$27 Mil.
----------------------------------------------------------------
Anixter International Inc. had acquired all of the outstanding
shares of Eurofast SAS from Lisi SA.

Collegien, France-based Eurofast is an aerospace fastener
distributor that will complement Anixter's product offering with
a broad array of valued-added services and inventory management
programs to Original Equipment Manufacturers in the aerospace
and defense industries.  For 2007, Eurofast is expected to
generate sales of approximately US$22 million.  Anixter is
paying approximately US$27 million in cash, for all of the
outstanding shares of Eurofast.

Commenting on the acquisition, Bob Grubbs, President and CEO of
Anixter, said, "We are pleased to have acquired Eurofast and the
excellent team of people involved at the company.  This
acquisition is another step in the geographic expansion of our
OEM Supply business through the addition of important customers
primarily within France in an end market where we have little
penetration today within Europe.  Given our stated goal of
building on our current strategic platform to drive future
organic sales growth, this acquisition is a nice addition to our
existing business," said Mr. Grubbs.

                        About Anixter

Anixter International Inc. (NYSE: AXE) --
http://www.anixter.com/-- through its subsidiaries, distributes
communications and specialty wire and cable products, fasteners,
and small parts in the United States and internationally.  Its
communications products include voice, data, video, and security
products used to connect personal computers, peripheral
equipment, mainframe equipment, security equipment, and various
networks to each other.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5 million square feet of space.  It has operations in Latin
American countries including Mexico, Costa Rica, Brazil and
Chile.  Its Asia-Pacific operations are located in Indonesia,
Australia, China, Hong Kong, India, Malaysia, New Zealand, the
Philippines, Singapore, Taiwan, and Thailand.  It also operates
in Europe, particularly in Spain, France and the United Kingdom.

                        *     *     *

Anixter International Inc. carries Moody's Investors Service's
Ba2 corporate family rating.  Anixter Inc.'s US$200 million
guaranteed senior unsecured notes and its 3.25% LYON's notes
carry Moody's Ba1 and B1 ratings, respectively.  Moody's said
the rating outlook is stable.

Anixter International Inc. carries Fitch's 'BB+' Issuer Default,
senior unsecured notes and senior unsecured bank credit facility
Ratings.  Similarly, Anixter Inc. carries Fitch's 'BB+' issuer
default rating and 'BB-' senior unsecured debt rating.  Fitch's
action affects about US$700 million of public debt securities.
Fitch said the rating outlook is stable.




=======
C U B A
=======


* CUBA: Will Expand Air Connections with Dominican Republic
-----------------------------------------------------------
Cuba will increase its Tuesday, Thursday and Sunday flights to
and fro the Dominican Republic in June, Cuban news agency ACN
reports.

The initiative to increase flights between Cuba and the
Dominican Republic is part of the national efforts to promote
local tourist attractions and boost multi-destination programs,
according to a report posted in the Cuban Tourist Sector Web
site.

Flights by IL-62 planes will be joined by modern TU-204-300 jets
on Sept. 1, with very competitive tariffs for the region, ACN
relates, citing sources at the Cubana de Aviacion airline.

ACN notes that Cuba's Aerocaribbean airline will continue to fly
between Santo Domingo in the Dominican Republic and Santiago de
Cuba every Monday and Friday.

Aerocaribbean is facing high demand from passengers due to the
upcoming celebrations of the Caribbean Festival in Santiago de
Cuba, ACN states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


* DOMINICAN REPUBLIC: Gets US$21MM Loan to Expand Port Terminals
----------------------------------------------------------------
Souci Ports, S.A., obtained a long-term financing package from
the International Finance Corporation, the private sector arm of
the World Bank Group, to expand and operate the Sans Souci and
Don Diego cruise ship terminals in Santo Domingo, capital city
of the Dominican Republic.  IFC's US$21 million financing will
help reintroduce the cruise industry to the city and support
tourism, which is essential for economic growth and job creation
in the country.

Salem Rohana, IFC Country Manager for the Dominican Republic,
said, "We are very pleased to be working with Sans Soucí on this
important project, which will further help develop the country's
infrastructure and tourism sectors.  IFC's involvement will
encourage international investors to extend private financing to
local companies like Sans Soucí Ports."

Supporting private sector participation in the tourism and
infrastructure sectors is a key priority in IFC's strategy for
the Dominican Republic.  In 2005, tourism contributed US$3.5
billion to the country's income, and generated more than 125,000
jobs.

Lisandro Macarrulla, President of the Board of Directors of Sans
Soucí Ports, said, "IFC's financing will help position Santo
Domingo as a world-class tourism port by developing the needed
infrastructure to provide a service level of the highest
standard to guests and clients.  We are very excited at the
prospects of the Santo Domingo destination and look forward to
building a long-term partnership with IFC to help develop this
project."

Sans Soucí Ports is executing a 40-year build-operate-transfer
concession that will renovate the existing infrastructure at the
terminals, manage pollution issues that affect the Ozama River
basin, and the upgrade the navigational channel.  This plan will
enable the company to provide better support to cruise ships,
resulting in an influx of tourists.  A boost in tourism will
generate foreign currency revenues and support local businesses
that serve the tourist market.

Expanding the Sans Souci and Don Diego ports is part of a larger
urban revitalization plan that includes a marina and a real
estate development to create a multipurpose attraction on the
Santo Domingo waterfront.

                   IFC In The Dominican Republic

IFC's strategy in the Dominican Republic focuses on supporting
projects that generate growth and improve the country's
competitiveness.  As of March 2007, IFC's investment portfolio
in the Dominican Republic was US$358 million, including US$93
million in syndications.

IFC's investments in the country are diversified across a wide
range of sectors, including health care, telecommunications,
infrastructure, tourism, general manufacturing, and the
financial sector.  Companies and projects that IFC has supported
in the country include Aerodom, Banco Adopem, Banco BHD, Banco
Leon, Caucedo Investments, Consorcio Energetico Punta Cana-
Macao, Domicem, Grupo M, Occidental Hotels, Orange Dominicana
and Pasteurizadora Rica.

                             About IFC

IFC -- http://www.ifc.org/-- is the private sector arm of the
World Bank Group and promotes open and competitive markets in
developing countries.  IFC supports sustainable private sector
companies and other partners in generating productive jobs and
delivering basic services, so that people have opportunities to
improve their lives.  Over the past 50 years, IFC Financial
Products has committed more than US$56 billion in funding for
private sector investments and mobilized an additional US$25
billion in syndications for 3,531 companies in 140 developing
countries.  IFC Advisory Services and donor partners have
provided more than US$1 billion in program support to build
small enterprises, to accelerate private participation in
infrastructure, to improve the business enabling environment, to
increase access to finance, and to strengthen environmental and
social sustainability.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.


* DOMINICAN REPUBLIC: Will Expand Air Connections with Cuba
-----------------------------------------------------------
The Dominican Republic will increase its Tuesday, Thursday and
Sunday flights to and fro the Cuba in June, Cuban news agency
ACN reports.

The initiative to increase flights between Cuba and the
Dominican Republic is part of the national efforts to promote
local tourist attractions and boost multi-destination programs,
according to a report posted in the Cuban Tourist Sector Web
site.

Flights by IL-62 planes will be joined by modern TU-204-300 jets
on Sept. 1, with very competitive tariffs for the region, ACN
relates, citing sources at the Cubana de Aviacion airline.

ACN notes that Cuba's Aerocaribbean airline will continue to fly
between Santo Domingo in the Dominican Republic and Santiago de
Cuba every Monday and Friday.

Aerocaribbean is facing high demand from passengers due to the
upcoming celebrations of the Caribbean Festival in Santiago de
Cuba, ACN states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.




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


* ECUADOR:  Ministry Launches Dialogues with Cuenca Communities
---------------------------------------------------------------
The Ecuadorian energy and mines ministry has started talks with
the communities of Cuenca city, in the Azuay department, that
are against mining activities, Business News Americas reports.

BNamericas relates that the dialogues are aimed at analyzing the
issue of mining through a participatory process that includes
projects and local development to improve the quality of life
for residents.

According to BNamericas, Canadian firm Corriente Resources had
suspended works at its Mirador gold-copper project in Ecuador in
December 2006 to avert further conflict with local strikers.

Mining chamber spokesperson Cesar Espinoza commented to
BNamericas, "The government asked for activity to slow down to
avoid conflict with the opposition movement, but in no way have
existing mining concessions been cancelled, revoked or
withdrawn."

Deputy Mining Minister Jorge Jurado commented to BNamericas, "If
we provide an example of good mining and if we can guarantee
that -- as the state -- we are capable of exercising control and
not allowing companies to do whatever they want, the towns are
going to understand that the activity can be beneficial for
their area."

The more democratic the talks are, the stronger the basis will
be to ensure that decisions taken are "firmly grounded,"
BNamericas says, citing the deputy minister.

Mr. Jurado is positive that the dialogues give clearer and more
secure outlook to investors, the population and the state,
BNamericas states.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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


* ECUADOR: President Issues Decree on Research Center Creation
--------------------------------------------------------------
The Ecuadorian Energy and Mines Ministry said in a statement
that President Rafael Correa has issued a decree to set up a
center of energy information, investigation and training as part
of the ministry.

Business News Americas relates that the center is aimed at
developing science and technology in the hydrocarbons and power
sectors to boost productivity and competitiveness, as well as
the sustainable management of energy resources.

Minister Alberto Acosta will name an executive director for the
center.  He will also design the center's structure, BNamericas
states.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


BRITISH AIRWAYS: Dresdner Kleinwort Keeps Buy Rating on Shares
--------------------------------------------------------------
Dresdner Kleinwort analysts have maintained their "buy" rating
on British Airways Plc's shares, Newratings.com reports.

The analysts said in a research note published on May 18 that
British Airways has ended a challenging year, which included a
negative effect from security scares and workers' strike.

The analysts told Newratings.com that British Airways' full-year
2006 results were weak and the airline may disclose a drop in
its revenue guidance and a provision for competition probes.

Meanwhile, Panmure Gordon analysts have kept their "hold" rating
on British Airways' shares, Newratings.com notes.

Panmure Gordon analysts said in a research note that though
British Airways' turnover for the full year 2006 increased by
3.4%, compared to the previous year, its operating profits
dropped by 13%.

British Airways' 2006 performance was affected by baggage
handling issues and adverse weather conditions in December,
leading to the cancellation of 800 flights and earnings dilution
of GBP40 million, Newratings.com states, citing the Panmure
Gordon analysts.

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

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

* Issuer: British Airways, Plc

                                                      Projected
                           Old POD  New POD  LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported on March 27, Standard & Poor's Ratings Services said
that its 'BB+' long-term corporate credit rating on British
Airways PLC remains on CreditWatch, with positive implications,
following a vote on March 22 by EU ministers approving a
proposed "open skies" aviation treaty with the U.S.


FLOWSERVE CORP: Hires Lars Rosene as VP-Global Communications
-------------------------------------------------------------
Flowserve Corp. has named Lars E. Rosene as vice president,
global communications and public affairs.  Mr. Rosene most
recently served as director of global communications and public
affairs for the company.

In this new role, Mr. Rosene will be responsible for global
reputation and brand management, public relations, media
relations, employee communications, government affairs,
advertising, community relations and corporate philanthropy.  He
will report to Lewis Kling, Flowserve's President and Chief
Executive Officer.

"Lars brings unique perspectives to corporate and public affairs
that will allow us to take new approaches to delivering our
corporate messages around the globe," Mr. Kling said.  "His past
experience coupled with his deep knowledge in communications,
media relations and community initiatives make him the perfect
advocate of Flowserve's reputation in the markets we serve."

Mr. Rosene has more than 12 years of internal and external
communications, media and government relations, and philanthropy
experience.  He came to Flowserve from Citigroup where he served
as vice president and director of communications and public
affairs.  Prior to that, he served in leadership roles in
communications, public affairs and human resources at State Farm
Insurance Companies.

Mr. Rosene earned a bachelor of science in agriculture from
Texas A&M University in 1990.  He was also named a Marshall
Memorial Fellow in 2004.

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2007, Fitch Ratings initiated coverage of Flowserve
Corp. and assigned these ratings:

   -- Issuer Default Rating (IDR) 'BB'; and
   -- Senior secured bank facilities 'BB'.

Fitch said the rating outlook is stable.


FLOWSERVE CORP: Hires Kyle Ahlfinger as Chief Marketing Officer
---------------------------------------------------------------
Flowserve Corp. has named Kyle B. Ahlfinger as vice president
and chief marketing officer.  Mr. Ahlfinger most recently served
as vice president of marketing for the Flowserve Flow Control
Division.  In this role, Mr. Ahlfinger will report to Lewis
Kling, Flowserve's President and Chief Executive Officer.

"Kyle brings a strong background in strategic marketing and
market development to this position and truly understands our
global business platform," Mr. Kling said.  "I look forward to
his experience helping us drive our strategic marketing
planning, commercial marketing, marketing competency development
and educational and training services deployment to our
customers."

Mr. Ahlfinger will also have responsibility for Flowserve's
global strategic planning process, customer and market
intelligence management and corporate commercial marketing,
including the company's award-winning Web site,
http://www.Flowserve.com/

Mr. Ahlfinger brings more than 25 years of sales, business
management and business development experience to this position.
He came to Flowserve from Rockwell Automation where he served in
several leadership roles, most recently as director of
marketing.  His experience also includes sales and sales
leadership roles at Honeywell and the Allen-Bradley Company.

Mr. Ahlfinger earned a bachelor of science in electrical
engineering from the Georgia Institute of Technology in 1981.

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2007, Fitch Ratings initiated coverage of Flowserve
Corp. and assigned these ratings:

   -- Issuer Default Rating (IDR) 'BB'; and
   -- Senior secured bank facilities 'BB'.

Fitch said the rating outlook is stable.


IMAX CORP: Faces NASDAQ Delisting Due to Delayed Filing
-------------------------------------------------------
IMAX Corporation has received a NASDAQ Staff Determination
letter on May 14, 2007, that it is not in compliance with
Marketplace Rule 4310(c)(14), which requires timely filing of
periodic reports with the Securities and Exchange Commission for
continued listing of its common shares, and that its common
shares are subject to delisting from The NASDAQ Global Market.

The company said that the letter was issued in accordance with
NASDAQ's standard procedures as a result of the delay in filing
of the its quarterly report on Form 10-Q for the fiscal quarter
ended March 31, 2007.

The company said that it has delayed the filing of its annual
report on Form 10-K for fiscal 2006 and its quarterly report on
Form 10-Q for the quarter ended March 31, 2007, due to the
discovery of certain accounting errors and has since broadened
its accounting review to include certain other accounting
matters based on comments received by the Company from the SEC
and Ontario Securities Commission.

The company said that it is currently working diligently and
devoting necessary resources to complete the reports and filings
as soon as practicable.

The company reports that it has requested a hearing before a
NASDAQ Listing Qualifications Panel to appeal the NASDAQ Staff
Determination issued April 3, 2007, as a result of the delay in
filing of the company's annual report on Form 10-K for the
fiscal year ended December 31, 2006.

The hearing is scheduled for May 24, 2007 and will also address
the NASDAQ Staff Determination Letter dated May 14, 2007.  The
hearing request has stayed the delisting of the its common
shares.

                         About IMAX Corp.

Headquartered jointly in New York City and Toronto, Canada,
IMAX Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one
of the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection.  IMAX is a
fully-integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.

                          *     *     *

Moody's Investors Service assigned a Caa1 rating on IMAC
Corporation's Senior Unsecured Debt on March 30, 2007.




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


AIR JAMAICA: Says No Mention of Route Cuts to London in Meeting
---------------------------------------------------------------
Air Jamaica Chairperson O.K. Melhado told the Jamaica Gleaner
that there was no mention of the airline's flight reductions in
the notes of the meeting that Burchell Whiteman, the High
Commissioner to London, reportedly held with the local community
members to inform them on the changes at the airline

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, Air Jamaica would reduce its services on the
London to Kingston route.  According to reports, members of the
Jamaican community were informed of Air Jamaica's plan during a
meeting at the Jamaican High Commission in London on May 17.  A
source who attended the meeting said that the airline is at a
delicate stage with its plans, which includes the possible sale
of its air route to British Airways or Virgin Airlines.  Air
Jamaica's decision to decrease its service is due to several
factors including:

          -- rising fuel bill,
          -- competition on the Kingston to London route, and
          -- huge financial losses,
          -- the possibility of further competition from other
             airlines.

Mr. Melhado, who admitted that he had seen notes of the meeting,
refused to confirm to The Gleaner reports on the reduction of
London flights.

"We're not in a position to discuss this at the moment.  We're
looking at all sorts of things.  You know the airline has not
done well, and we are looking at all aspects of our operations,"
Mr. Melhado told The Gleaner.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Will Acquire 49% Stake in Petrojam
----------------------------------------------------------
The Jamaican government has authorized the sale of a 49% stake
in its Petrojam oil plant to Venezuelan state-owned oil firm
Petroleos de Venezuela SA, The Associated Press reports.

Jamaican Energy Ministry spokesperson Allan Brooks told The AP
that Petroleos de Venezuela will pay US$63.7 million for the
stake.

The US$63.7 million cash payment will be made within days, The
Jamaica Gleaner notes, citing Jamaican Energy Minister Phillip
Paulwell.

The AP says that the sale is part of Venezuela's Petrocaribe
initiative, in which Venezuela agrees to sell oil to Caribbean
countries under preferential funding terms.

Petroleos de Venezuela and Jamaica will spend about US$500
million over the next three years for the upgrade and expansion
of the facility, as well as the construction of a neighboring
plant at the Port of Kingston, The AP notes, citing Mr. Brooks.

The Gleaner relates that the expansion will boost the plant's
capacity to 50,000 barrels per day from 35,000 barrels daily.
The project will be completed by 2011.

According to The Gleaner, a delegation from Venezuela will visit
Petrojam in June.

A senior employee of Jamaican state-owned oil firm Petroleum
Corporation of Jamaica, which owns Petrojam, told The Gleaner
that the Venezuelan representatives will learn about the plant's
operations.

The report says that the refinery's expansion is in the design
stage.

Radio Jamaica relates that the planned sale of Petrojam's shares
is bringing more questions from the Parliamentary Opposition.
Bruce Golding, the opposition leader, indicated that he will be
putting the Jamaican government to the test on the issue.

The Jamaica Labor Party told Radio Jamaica that the government
has under-priced Petrojam.

Meanwhile, Mr. Golding commented to Radio Jamaica that the sale
of 49% of Petrojam for less than US$63 million is "a hard pill
to swallow."

Mr. Golding, in clear reference to the possibility of a bribe,
told Radio Jamaica that he was concerned that the acceptance of
the money from Venezuela would "compromise the government's
independence."

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.


* JAMAICA: Eyes US$160-Mil. Earnings from Energy-Saving Project
---------------------------------------------------------------
The Jamaica Gleaner reports that the Jamaican government eyes
US$160 million in 'carbon credits' from its joint energy-saving
light bulb project with Cuba.

The Gleaner relates that carbon credits are earned by the bulb
project from the decrease in polluting greenhouse gases that
would otherwise be emitted by burning oil to produce electricity
where incandescent bulbs are still used, which are less
efficient and have a shorter lifespan.  "Credits are central to
the Kyoto Protocol" and are an effort to decelerate global
warming "whereby polluters in developed" nations pay off the
efforts of those who lessen emissions.

According to The Gleaner, Cuba donated four million bulbs called
compact fluorescent lamps to Jamaica.  They are being
distributed free of charge to households.

Phillip Paulwell, the Jamaican Minister of Industry, Technology,
Energy and Commerce, told The Gleaner that the US$160 million by
consultants tendering for 'the Jamaica-Cuban Energy-Saving
Project' is a "conservative" projection.

The amount could reach US$8 million, The Gleaner says, citing
Mikael Oerbekke -- the chief of Eco-Tec, the first entity to
sell carbon credits from Jamaica earned by its distribution of
80,000 bulbs to north-coast hotels.  He said that Eco-Tec
believes US$8 million can be earned from the project, a
projectionm which is also conservative.

Mr. Oerbekke told The Gleaner that Eco-Tec was able to find a
buyer, who was prepared to pay US$650,000 for over 300,000
bulbs.

                        *     *     *

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


* JAMAICA: To Sell Stake in Petrojam to Petroleos de Venezuela
--------------------------------------------------------------
The Jamaican government has authorized the sale of a 49% stake
in its Petrojam oil plant to Venezuelan state-owned oil firm
Petroleos de Venezuela SA aka PDVSA, The Associated Press
reports.

Jamaican energy ministry spokesperson Allan Brooks told The AP
that PDVSA will pay US$63.7 million for the stake.

The AP says that the sale is part of Venezuela's Petrocaribe
initiative, in which Venezuela agrees to sell oil to Caribbean
countries under preferential funding terms.

PDVSA and Jamaica will spend about US$500 million over the next
three years for the upgrade and expansion of the facility, as
well as the construction of a neighboring plant at the Port of
Kingston, The AP notes, citing Mr. Brooks.

Radio Jamaica relates that the planned sale of Petrojam's shares
is bringing more questions from the Parliamentary Opposition.
Bruce Golding, the opposition leader, indicated that he will be
putting the Jamaican government to the test on the issue.

The Jamaica Labor Party told Radio Jamaica that the government
has under-priced Petrojam.

Meanwhile, Mr. Golding commented to Radio Jamaica that the sale
of 49% of Petrojam for less than US$63 million is "a hard pill
to swallow."

Mr. Golding, in clear reference to the possibility of a bribe,
told Radio Jamaica that he was concerned that the acceptance of
the money from Venezuela would "compromise the government's
independence."

                 About Petroleos de Venezuela

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

                        *     *     *

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




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


ALL AMERICAN: Committee Turns to Mesirow for Financial Advice
-------------------------------------------------------------
The Official Committee of Unsecured Creditors in All American
Semiconductor Inc. and its debtor-affiliates' bankruptcy cases
ask the United States Bankruptcy Court for the Southern District
of Florida for permission to employ Mesirow Financial Consulting
LLC as its financial advisor, nunc pro tunc to May 4, 2007.

The firm will:

     a. assist in the review of reports or filings as required
        by the Bankruptcy Court or the Office of the United
        States Trustee, including, but not limited to, schedules
        of assets and liabilities, statements of financial
        affairs and monthly operating reports;

     b. review of the Debtors' financial information, including,
        but not limited to, analyses of cash receipts and
        disbursements, financial statement items and proposed
        transactions for which Bankruptcy Court approval is
        sought;

     c. review and analysis of the reporting regarding cash
        collateral and any debtor-in-possession financing
        arrangements and budgets;

     d. evaluate of potential employee retention and severance
        plans;

     e. assist with identifying and implementing potential cost
        containment opportunities;

     f. assist with identifying and implementing asset
        redeployment opportunities;

     g. analysis of assumption and rejection issues regarding
        executory contracts and leases;

     h. review and analysis of the Debtors' proposed business
        plans and the business and financial condition of the
        Debtors generally;

     i. assist in evaluating reorganization strategy and
        alternatives available to the creditors;

     j. review and critique of the Debtors' financial
        projections and assumptions;

     k. preparation of enterprises, assets and liquidation
        valuations;

     l. assist in preparing documents necessary for
        confirmation;

     m. advice and assist to the Committee in negotiations and
        meetings with the Debtors and the bank lenders;

     n. advice and assist on the tax consequences of proposed
        plans of reorganization;

     o. assist with the claims resolution procedure, including,
        but not limited to, analyses of creditors claims by type
        and entity;

     p. litigate consulting services and expert witness
        testimony regarding confirmation issues, avoidance
        actions or other matters; and

     q. assist the Committee in these Chapter 11 cases as
        request by the Committee or its counsel.

The Debtors tell the Court that the firm has agreed to apply a
10% discount for the engagement.  The firm's professional
billing rates are:

     Designation                        Hourly Rate
     -----------                        -----------
     Senior Managing Director          US$650-US$690
     Managing Director                 US$650-US$690
     Director                          US$650-US$690
     Senior Vice President             US$550-US$620
     Vice President                    US$450-US$520
     Senior Associate                  US$350-US$420
     Associate                         US$190-US$290
     Paraprofessional                      US$150

James S. Feltman, a senior managing director of the firm,
assures the Court that he firm does not hold any interest
adverse to the Debtors' estate and is a "disinterested person"
as defined in Section 101(14) of the Bankruptcy Code.

Mr. Feltman can be reached at:

     James S. Feltman
     Senior Managing Director
     Mesirow Financial Consulting LLC
     350 North Clark Street
     Chicago, IL 60610
     Tel: (312) 595-6000
     Fax: (312) 595-4246
     http://www.mesirowfinancial.com/

                 About All American Semiconductor

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

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963).  Tina M. Talarchyk, Esq., at Squire Sanders & Dempsey
LLP, in West Palm Beach, Florida, represents the Debtors.  Jerry
M. Markowitz, Esq., at Markowitz, Davis, Ringel & Trusty, P.A.,
and William M. Hawkins, Esq., at Loeb & Loeb LLP, represents the
Committee.  As of Feb. 28, 2007, total assets was US$117,634,000
and total debts was US$106,024,000.


ALL AMERICAN: Court Approves US25 Million DIP Financing
-------------------------------------------------------
All American Semiconductor, Inc., obtained approval from the
U.S. Bankruptcy Court for the Southern District of Florida,
Miami Division, its debtor-in-possession financing on Thursday,
May 17, 2007.  The financing is based on an agreement reached
among All American, Harris N.A., as agent for the lenders, and
the Official Committee of Unsecured Creditors.

The Court-approved final DIP financing of up to US$25 million is
expected to provide the Company with sufficient liquidity to
continue operations during the Chapter 11 case.

The agreement on financing provides, among other things, that
any administrative expense claim of the DIP lenders will be
subordinate to the first US$750,000 in proceeds of unencumbered
assets, and the DIP lenders will be entitled to recover on
account of their administrative expense claims the next US$5.5
million of proceeds of unencumbered assets, and 50% of any such
proceeds in excess of US$20 million.  Under no circumstances
will the DIP lenders receive proceeds of any avoidance actions.
The creditors committee also agreed to withdraw its motion to
convert the case to chapter 7 or to appoint a chapter 11 trustee
and to withdraw with prejudice its appeal of the Court's order
authorizing sale and bidding procedures for the sale of
substantially all of All American's assets.

Based on the settlement, All American is continuing with all
pre-sale activity, moving toward sale and closing dates
previously approved by the Court.

"I am very pleased that a mutually acceptable agreement was
reached among our company, our lenders and the creditors
committee," said Bruce Goldberg, President and CEO of All
American.  "We may now proceed with the sale process previously
approved by the Court."

The approved sale process provides for interested purchasers to
complete due diligence and submit binding bids by May 28, 2007,
with the auction scheduled for May 31 at the Miami offices of
the company's counsel, Squire, Sanders & Dempsey, L.L.P. The
hearing to approve a sale to the highest bidder at the auction
is scheduled for June 5, 2007, with the sale closing no later
than June 8.

                     About All American

All American Semiconductor Inc. -- http://www.allamerican.com/
-- (Nasdaq: SEMI) (Pink Sheets: SEMI.PK) is a Delaware
corporation with its principle place of business in Miami,
Florida.  It also maintains corporate offices for West Coast
operations in San Jose, California.  All American is a
distributor of electronic components manufactured by others.
The company distributes a full range of semiconductors including
transistors, diodes, memory devices, microprocessors,
microcontrollers, other integrated circuits, active matrix
displays and various board-level products.

The company has 36 strategic locations throughout North America
and Mexico, as well as operations in both Asia and Europe.

The company and its Debtor-affiliates filed for Chapter 11
protection on April 25, 2007, (Bankr. Case No.: 07-12963 through
07-13002 S.D. Fla.)  Tina M. Talarchyk, Esq. of the Squire
Sanders & Dempsey LLP represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed total assets of US$117,634,000
and total debts of US$106,024,000.


BALDOR ELECTRIC: Okays Three-Year Service Deal with Directors
-------------------------------------------------------------
Baldor Electric Company, in its Shareholders' and Board of
Directors Meetings, disclosed that company directors Jean A.
Mauldin, Robert L. Qualls, Barry K. Rogstad and Ronald E. Tucker
were elected to serve a three-year term, which will expire in
2010.

John A. McFarland, Chairman and CEO, Ronald E. Tucker, President
and COO, and William K. Ramsbey, President of Manufacturing for
Dodge, made the presentations.

The Board declared a cash dividend of US$0.17 per share on the
company's common stock payable on June 29, 2007, to shareholders
of record on June 8, 2007.

The company related that Members of management will participate
in the KeyBanc Capital Markets Industrial Conference in Boston
on June 7 and at the Better Investing National Conference in
Dallas on June 22.

Baldor Electric Company is a manufacturer of industrial electric
motors, drives and generators.  Baldor is headquartered in Fort
Smith, Arkansas.   Power Systems is a leading provider of Dodge
power transmission products, including mounted bearings and
enclosed gearing, and Reliance Electric industrial motors,
including large AC and custom, variable speed and specialty, and
small and medium AC motors.  The company has offices in Mexico.

                        *     *     *

Moody's Investors Service affirmed on Jan. 26, 2007, the B1
corporate family rating of Baldor Electric Company along with
the Ba3 ratings for the proposed senior secured credit
facilities and B3 ratings for the proposed US$550 million senior
unsecured notes following the company's disclosure that the
company intends to eliminate a preferred stock issuance from its
previously announced financing plans.  Moody's said the rating
outlook is stable.  These first-time ratings are subject to
final documentation.


CHEMTURA CORP: Amends & Restates Asset Purchase Agreement
---------------------------------------------------------
Chemtura Corporation has signed an amended and restated asset
purchase agreement to sell:

    -- its EPDM business;

    -- the Celogen(R) foaming agents associated with the rubber
       industry; and

    -- its Geismar, Louisiana facility to Lion Copolymer, LLC,
       an affiliate of Lion Chemical Capital, LLC.

The transaction, which is expected to close by the end of the
second quarter, is subject to certain conditions, including
regulatory approvals and financing.  Expected proceeds from the
transaction remain substantially the same as previously
reported.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from
      Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from
      Ba1; LGD4 (53%)


GENERAL MOTORS: Marketing VP Michael Jackson Resigns on June 15
---------------------------------------------------------------
General Motors Corp. North American Vice President for Marketing
and Advertising, Michael Jackson, is resigning effective
June 15, 2007, to pursue other opportunities, according various
reports.

GM's vice president for North American vehicle sales, service
and marketing, Mark LaNeve, will handle Mr. Jackson's tasks.

Mr. Jackson has been credited for GM's improved product image as
well as a creative approach to GM's market presence.

Prior to his promotion in March 2006, Mr. Jackson was GM's
western regional sales manager director, the Auto Channel
details.  Mr. Jackson had started out as executive director of
sales and marketing in GM's Detroit headquarters in February
2000.

Prior to joining GM, Mr. Jackson held management positions in
Coors Brewing Company, Pepsi-Co and Coca Cola.

The Auto Channel recounts that Mr. Jackson graduated from a
Bachelor of Arts degree in Journalism at Kent State University
and finished a master's degree in communications at Annenberg
School at the University of Southern California.  He also
accomplished the Wharton Executive Development Program and GM
Senior Executive Program in the University of Pennsylvania.

Mr. Jackson was born on July 18, 1956 in Youngstown, Ohio and
graduated in Ursuline High School.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others. I t has
locations in European countries including Belgium, Austria, and
France.  In Latin America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the US machinery
and equipment, and special tools of GM and Saturn Corporation.


GENERAL MOTORS: To Invest US$332MM in Toledo Transmission Plant
---------------------------------------------------------------
General Motors Corp. will invest US$332 million in its
transmission plant in Toledo, Ohio to produce a new six-speed,
front-wheel-drive automatic transmission that will deliver an
excellent balance of performance and fuel economy in GM's mid-
size vehicle segment.

The investment includes facility renovation, new machinery,
equipment and special tooling to support the production of the
new Hydra-Matic 6T40/45 six-speed transmission.  In addition to
the US$332 million facility investment, GM will invest an
additional US$57 million for vendor tooling, containers and
investments at other locations necessary to support the Toledo
operations.  Construction is slated to begin in July, and
production of the transmission is scheduled to begin in February
2010.  The project will retain about 600 hourly jobs.

"Six-speed transmissions play a key role in GM's commitment to
change the way the world drives," John Buttermore, GM Powertrain
vice president of global manufacturing, said.  "With more fuel-
efficient transmissions and engines, as well as advanced
propulsion technologies like flex fuels, hybrids and fuel cells,
GM is transforming its product portfolio to reduce fuel
consumption and emissions, while maintaining outstanding driving
performance.  The GM Powertrain Toledo plant and the new fuel-
efficient products we are bringing here are integral in that
transformation."

The investment is in addition to a US$540 million investment GM
disclosed last year for rear-wheel-drive six-speed transmission
production at the Toledo Transmission plant.  Construction of
the 400,000 sq. ft. project is about two months ahead of
schedule.

"GM's investments in Ohio, totaling close to US$1 billion in the
last year, is a significant vote of confidence in our employees
and UAW Local 14 who have demonstrated their commitment and
dedication to benchmark performance that is contributing to the
company's turnaround," Mr. Buttermore said.

Mr. Buttermore thanked Ohio's leaders on the federal, state,
county and local levels -- including Ohio Gov. Ted Strickland
and Toledo Mayor Carty Finkbeiner -- for providing the business
case to support GM's investments in Ohio.

"GM is making an enormous commitment to the State of Ohio and I
commend them for their investment in our state," Ohio Gov. Ted
Strickland said.  "This is good news for Ohio workers and a
testament to the great value of our highly skilled workforce and
competitive business climate."

The new 6T40/45 transmission provides improved fuel economy and
performance and features a compact, contemporary design.  It
allows the vehicle to stay in first gear longer, improving
launch and acceleration.  It also retains an overdrive in top
gear for low-rpm highway cruising.  The transmission's gear set
is on the same axis as the engine crankshaft centerline, which
makes the entire powertrain more compact.  This provides chassis
designers more flexibility in designing the vehicle's interior
space compared to a conventional off-axis transaxle.

GM Powertrain's Toledo Transmission facility opened in 1916, and
moved to its present location in 1955.  For five consecutive
years from 2000 to 2004 the Toledo Transmission Plant was ranked
No. 1 in productivity by Harbour & Associates Inc.'s annual
report on North American transmission and powertrain plants.
The plant ranked No. 2 in 2005 and 2006.  The 2.1 million sq.
ft. plant employs 2,033 hourly and 265 salaried employees with
an annual payroll of US$276 million.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others. I t has
locations in European countries including Belgium, Austria, and
France.  In Latin America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the US machinery
and equipment, and special tools of GM and Saturn Corporation.


GENERAL MOTORS: To Invest US$61 Mil. in New Casting Technology
--------------------------------------------------------------
General Motors Corp. will invest US$61 million in new technology
at its plant in Defiance, Ohio, to produce aluminum engine
blocks in 3.6-liter high-feature V-6 engines.  This will be the
first application of precision sand casting technology at the
plant.

The precision sand technology results in higher material
strength properties needed to support the newer, more efficient
engines in GM's product portfolio.  The 3.6-liter high-feature
V-6 engine has applications in the Cadillac CTS, SRX and STS;
and the GMC Acadia, Saturn Outlook and Buick Enclave crossover
SUVs.

The investment includes plant renovation and installation of new
tooling and machinery for the new technology.  Refurbishment of
120,000 square feet portion of the plant is slated to begin in
June, with production of the precision sand engine block
castings to begin in December 2009.  The project will retain
about 120 hourly jobs.

"We are transforming GM's casting business and moving in a new
technological direction to be competitive in the changing
marketplace," Arvin Jones, GM Powertrain manufacturing manager
for castings and components, said.  "The Defiance plant is part
of that transformation.  This investment is possible because of
the involvement of employees in improving the quality of our
products and the efficiency of the operations here.  Their
efforts are contributing to GM's turnaround in North America."

The GM Powertrain Defiance plant management and UAW Local 211
leadership successfully negotiated a competitive operating
agreement that improves operational effectiveness.  The
agreement also addresses processes and methods to improve
production quality and safety of the operations.

"On behalf of GM, I commend the United Auto Workers, UAW Local
211 and Ohio 's leaders on the state and local levels.  Working
together we were able to build a competitive business case to
support this investment in Ohio.  This investment, combined with
GM Powertrain's investments at its transmission plant in Toledo,
total nearly US$1 billion that GM has committed to its Ohio
facilities in the last year," Mr. Jones said.

Precision sand casting involves a resin-bonded sand that forms a
mold, which shapes the contours of the engine block to be
produced.  The sand is cured into a solid exterior mold.  Molten
metal is then poured into the mold.  This process allows the use
of cast-in-place iron liners, pressurized aluminum filling and
produces a high degree of dimensional accuracy.

"Today marks an exciting new chapter in this plant's 59-year
history of producing high quality castings for GM engine blocks
and heads," John Thomas, Defiance plant manager, said.  "This
investment plays a significant role in GM's continuing
commitment to build exciting, fuel-efficient powertrains for the
global market."

GM Powertrain's Defiance casting plant poured their first iron
on August 23, 1948.  The plant employs 1,554 hourly and 246
salary workers and has an annual payroll of US$135 million.  In
2006, the plant produced 1,423,368 grey iron engine blocks,
1,078,497 grey iron cylinder heads, 206,577 aluminum engine
blocks, 154,055 aluminum cylinder heads, as well as malleable
iron transmission parts and nodular iron crank shafts.  Grey
iron cylinder blocks and cylinder heads manufactured at Defiance
are used in the Vortec 4.8-liter, 5.3-liter and 6.0-liter V-8
engines that power GM's full-size SUVs and light-duty pickups
and the Duramax 6.6-liter V-8 diesel engine that powers the
Chevy Silverado HD and GMC Sierra HD pickups.  Aluminum engine
blocks and cylinder heads produced at Defiance are used in the
3.0-liter In-line four-cylinder and 3.7-liter five-cylinder
engines that power the Chevrolet Colorado, GMC Canyon and
Hummer H3.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others. I t has
locations in European countries including Belgium, Austria, and
France.  In Latin America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the US machinery
and equipment, and special tools of GM and Saturn Corporation.


JAFRA COSMETICS: S&P Withdraws Low-B Ratings
--------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on
Westlake Village, California-based Jafra Cosmetics International
Inc., including the 'B+' corporate credit rating, following the
repayment of its 10.75% senior subordinated public notes.

Ratings List

Jafra Cosmetics International Inc.
                           To      From
Corporate Credit Rating   NR      B+/Positive/--
Senior Subordinated
  Local Currency           NR      B-

Jafra Cosmetics International -- http://www.jafra.com-- is a
multilevel marketing and direct-selling company, in the skin
care and beauty industry, since 1956, and with an international
network of nearly 400,000 independent consultants worldwide.
The company is a subsidiary of Vorwerk & Co. KG.  The company is
headquartered in Westlake Village, California, and has offices
in Mexico, Brazil, Columbia, Curacao, Austria, Russia, Greece,
and Germany, among others.


MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Montreal, Quebec-based MEGA Brands Inc., including the long-term
corporate credit rating on the company, to 'B+' from 'BB-'.  The
ratings remain on CreditWatch with negative implications, where
they were placed April 20, 2007.

"The downgrade and CreditWatch listing reflect ongoing concerns
that earnings and credit measures at MEGA Brands are much weaker
than expected because of significant problems the company is
facing with its Magnetix product," said Standard & Poor's credit
analyst Lori Harris.  These challenges include product recalls,
product replacement, and product liability settlement expenses.
"Although MEGA Brands could be reimbursed for certain Magnetix-
related expenses, the magnitude of the charges related to the
litigation in first-quarter 2007 and the resulting negative
impact on the company's debt levels and credit ratios were not
expected," Ms Harris added.

MEGA Brands has chosen to be self-insured for Magnetix products
manufactured before May 1, 2006, and for incidents occurring
after Dec. 1, 2006, because the cost of insurance is viewed as
prohibitive.  Management's decision to be self-insured raises
uncertainty surrounding the company's potential exposure to
liability claims and MEGA Brands' ability to financially support
these claims without excessively jeopardizing the financial
strength of the business.

In addition, the company is involved in litigation with the
former shareholders of Rose Art Industries Inc., concerning
contingent payments related to MEGA Brands' acquisition of the
business in 2005.  An additional US$51 million in accrued
consideration has yet to be paid because MEGA Brands is
disputing the claim.

To resolve the CreditWatch listing, Standard & Poor's will meet
with management and review MEGA Brands' operating and financial
strategies, including the company's plans to deal with the
litigation risk that it faces.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.




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


* NICARAGUA: Energy Ministry Inks MOU with Polaris Geothemal
------------------------------------------------------------
The Nicaraguan Energy and Mines Ministry has signed a Memorandum
of Understanding with Toronto-based renewable energy firm
Polaris Geothermal on the San Jacinto-Tizate geothermal
concession, Business News Americas reports.

BNamericas relates that the Nicaraguan attorney general issued
earlier this year a decree to review the concession due to
alleged irregularities that could have caused the concession's
termination.  Before the impasse, Polaris Geothermal had
disclosed that it would increase San Jacinto-Tizate's generation
capacity to 31.4 megawatts.

Polaris Geothermal President and Chief Executive Officer Tom
Ogryzlo said in a statement, "Entering into the MOU with the
government of Nicaragua represents an important step in the
right direction for Polaris to resolve once and for all the
title issues surrounding the San Jacinto-Tizate concession."

"We intend on working through the outstanding issues with the
Nicaraguan ministry of energy and mines to sign a definitive
addition to the existing concession agreement," Mr. Ogryzlo told
BNamericas.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


VISTEON CORP: Inks Letter Agreement with LB Group & Ford Motor
--------------------------------------------------------------
Visteon Corporation has entered into a letter agreement with LB
I Group Inc. and Ford Motor Company.

Under the letter agreement, Visteon have consented to the
transfer by Ford of the warrant to purchase 25 million shares of
Visteon common stock and waived a provision of the Stockholder
Agreement, dated as of Oct. 1, 2005, between Visteon and Ford,
that would have prohibited the transfer.

Visteon said that the Letter Agreement also restricts Lehman's
ability to enter into certain hedging transactions in respect
of the shares underlying the Warrant for the first two years
following such transfer.

In addition, Visteon states that the warrant was modified so
that it will not be exercisable or transferable until
May 17, 2009.

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries,
including Mexico, and employs approximately 50,000 people.

With approximately 2,200 employees, Visteon has a significant
presence in India in electronics, climate (car air conditioning
and engine cooling systems), interior (instrument panel and door
trims), rotating electronics and lighting systems.  Visteon
facilities in India include:

   *  Climate Systems India Limited,
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Powertrain Control Systems India Private Ltd.
   *  TATA Visteon Automotive Private Ltd.
   *  TACO Visteon Engineering Private Ltd.

At March 31, 2007, Visteon's balance sheet showed US$6.84
billion in total assets, US$6.68 billion in total liabilities
and US$263 million in minority interest, resulting in a US$106
million total stockholders' deficit.

On April 8, 2007, Fitch Ratings took these actions on Visteon
Corp.:

     -- Issuer Default Rating (IDR) affirmed 'CCC';
     -- Senior Secured Bank Facility affirmed 'B/RR1';
     -- Senior unsecured downgraded to 'CC/RR6' from 'CCC-/RR5'.




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


PERRY ELLIS: Earns US$23.2 Million in Quarter Ended April 1
-----------------------------------------------------------
Perry Ellis International, Inc. reported results for the first
quarter ended April 30, 2007.  For the first quarter of fiscal
2008, total revenues grew to US$228.8 million, a 7% increase
compared to US$214.0 million reported in the first quarter of
the fiscal year ended April 30, 2006.  Revenue increases were
driven by several of the Company's growth platforms - golf
lifestyle, swimwear/action sports, direct retail and
international.  As anticipated, the shift in the retail calendar
moved certain shipments from April into May, thus slightly
impacting revenue growth during the first quarter of fiscal
2008.

EBITDA for the first quarter of fiscal 2008 grew to US$23.2
million, a US$2.6 million or 12% increase over EBITDA for the
same period last year.

Net income was US$9.5 million compared to net income of US$5.9
million and pro forma net income of US$7.8 million for the same
period last year.  Earnings per share were US$0.60 per fully
diluted share, compared to earnings of US$0.39 per fully diluted
share and pro forma earnings of US$0.52 per fully diluted share
for the same period last year.  Last year's pro forma results
exclude the impact of US$3.0 million in debt extinguishment
costs (US$1.9 million net of taxes or US$0.13 per fully diluted
share) incurred as a result of the March 2006 repayment of the
company's US$57 million senior secured notes.  Pro forma results
are presented solely as a supplemental disclosure, because
management believes it is useful to compare the company's
current results to the prior year results without the charge
incurred during Fiscal 2007.

First quarter of fiscal 2008 results were in line with
management's expectations and included a 108 basis point
improvement in gross profit margin and a 50 basis point
improvement in EBITDA margin to 10.1% of revenues compared to
the first quarter of fiscal 2007.

George Feldenkreis, Chairman and Chief Executive Officer,
commented: "We are very satisfied with our results for this
quarter. During the quarter, we successfully capitalized on the
positive momentum built last year, as evidenced by our strong
results across all of our businesses, and especially in our key
growth platforms.  Perry Ellis, AXIST, Grand Slam, Cubavera, PGA
Tour and Swimwear brands remain on track for a record year in
fiscal 2008."

The company ended the quarter with a strong balance sheet and
cash flow.  As of April 30, 2007, overall long-term debt levels
decreased to US$244 million, a reduction of approximately US$26
million compared to a year ago.  Inventory levels at quarter end
increased to approximately US$152 million reflecting the shift
in the retail calendar, along with higher levels of
replenishment inventory in core styles to support our up
trending business and maintain optimal fulfillment rates.

The company confirmed its previously announced fiscal 2008
guidance with total revenues expected to be in the range of
approximately US$900 to US$910 million and earnings in the range
of US$1.81 to US$1.84 per fully diluted share.

"Our brand-channel-product diversification strategy remains core
to our business philosophy and has proven successful once again.
Our ability to balance opportunities across multiple channels
allowed us to achieve a record first quarter both in revenues
and profitability. Our branded product continues to perform
strongly at retail, gaining doors and floor space across all
distribution channels.  We remain very optimistic about
achieving the goals we set for Perry Ellis International this
year," Oscar Feldenkreis, President and Chief Operating Officer
concluded.

Perry Ellis International Inc., based in Miami, Florida,
designs, sources, markets and licenses a portfolio of brands
including Perry Ellis, Jantzen, John Henry, Cubavera,
Munsingwear, Original Penguin and Farah.  The company also
operates 38 retail locations including 3 Original Penguin
locations.  The company has sourcing offices in Indonesia,
India, Korea, Thailand, Peru, Nicaragua, and El Salvador.

                        *     *     *

In October 2006, Moody's Investors Service's confirmed its B1
Corporate Family Rating for Perry Ellis International, Inc., and
its B3 rating on the company's US$150 million senior
subordinated notes.

Additionally, Moody's assigned an LGD5 rating to those bonds,
suggesting noteholders will experience a 78% loss in the event
of a default.




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


GAMESTOP CORP: Debt Reduction Cues S&P to Lift Ratings to BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured debt ratings on Grapevine, Texas-based
GameStop Corp., a retailer of video game products and PC
entertainment software, to 'BB-' from 'B+'.

At the same time, the ratings on the US$475 million fixed-rate
and the US$475 million floating-rate notes were also changed to
'BB-'.

The rating change is based on the company's successful
integration of EB Games, strengthened cash flow protection
measures, and continued debt reduction.  The outlook is
positive.

The ratings on GameStop reflect its participation in the highly
competitive video game and PC entertainment software industry,
the cyclical and seasonal nature of the industry, and the
company's aggressive capital structure with fair credit
protection measures.

"We would consider an upgrade if the company continues to reduce
its debt significantly while maintaining its trend of improved
operating performance," said Standard & Poor's credit analyst
David Kuntz, "which would result in a credit profile more
commensurate with a higher rating."

Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME)
-- http://www.gamestop.com/-- sells video games.  The company
operates 4,778 retail stores throughout the United States,
Austria, Australia, Canada, Denmark, Finland, Germany, Italy,
Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden,
Switzerland and the United Kingdom.  The company also owns
commerce-enabled Web properties, GameStop.com and ebgames.com,
and Game Informer(R) magazine, a leading video and computer game
publication.  GameStop sells the most popular new software,
hardware and game accessories for the PC and next generation
video game systems from Sony, Nintendo, and Microsoft.  In
addition, the company sells computer and video game magazines
and strategy guides, action figures, and other related
merchandise.


LIN TV: S&P Puts B+ Rating Under Negative CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on LIN TV
Corp., including the 'B+' corporate credit rating, on
CreditWatch with negative implications.

The CreditWatch placement follows the company's announcement
that it is exploring strategic alternatives, including a
possible sale of the company.

Providence, Rhode Island-based LIN TV is a TV broadcaster that
operates 29 stations servicing 9% of U.S. TV households.  The
company had total debt of approximately US$878 million as of
March 31, 2007.

LIN TV's financial performance has recently improved, aided by
strong political advertising revenues in the 2006 elections.
The improved profitability and the recent sale of its Puerto
Rico operations enabled the company to reduce its debt burden
and lower its leverage.

"The CreditWatch listing reflects our concern that a sale of the
company, if pursued, could releverage the balance sheet," said
Standard & Poor's credit analyst Deborah Kinzer, "and cause a
deterioration in LIN TV's financial risk profile."

Headquartered in Providence, Rhode Island, LIN Television Corp.
(NYSE: TVL) -- http://www.lintv.com/-- owns and operates 31
television stations in 18 mid-sized markets in the United States
and Puerto Rico.




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


CITRICOLA SALTENA: Moody's Affirms B3 Rating on US$800,000 Bonds
----------------------------------------------------------------
Moody's Latin America affirmed Citricola Saltena S.A.'s B3
rating for its US$800,000 secured bonds and upgraded its
national scale rating to Baa3.uy from Ba1.uy.  The rating
outlook is stable.

The upgrade of Citricola's national scale rating was principally
driven by stronger harvest prices and financial results in 2006
than 2005.  Most notably, the company's free cash flow turned
positive in 2006, reducing concerns with the company's ability
to make ongoing principal payments on its debt.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Uruguay are designated by the ".uy"
suffix.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

Citricola's ratings consider the key drivers of Moody's
methodology for natural product processors -- protein and
agriculture, among other factors.  Citricola's very small size,
limited franchise strength, and the limited growth potential
because of the commodity nature of its products, and also its
volatile credit metrics, drive the ratings.  Citricola, however,
has the advantage of having a harvest season for its produce,
which is opposite that of its global competitors producing in
the Northern Hemisphere, where consumers of its products are
concentrated.  Hence it can provide fresh citrus produce when
competitors cannot.  The advantage led management to enter the
EURpean markets successfully, positioning the company in a
promising niche.

The 2006 harvest season was poor for certain citrus varieties,
resulting in lower exportable volumes than expected, although
revenues resulted stronger than 2005 in the case of Citricola.
EURpean market prices were higher due to international market
dynamics that shifted South African production to other, non-EU
markets.  As a result, margins for the fiscal year ended
December 2006 were better than those in 2005, and cash
generation turned positive, although it remained at low levels.
The improvement in Citricola's metrics in 2006 and the effect of
stronger international prices have been partially eroded by
upward cost pressures and the valuation of the Uruguayan Peso.

Citricola's ratings or outlook could come under upward pressure
if it is able to stabilize its cash flow metrics at the end of
the present fiscal year, to generate stronger cash flows in
relation to debt and to sustain its produce and export volumes.
Specifically, a free cash flow to debt ratio higher than 5% and
an adjusted debt to

EBITDA at or below 3.5 times could have a positive impact on the
ratings.

A rating downgrade could occur if volumes cannot be sustained,
production costs were to continue to rise so that profit margins
weaken to below historical levels, or if free cash flow was to
turn negative during the present fiscal year.  An increase in
leverage, with adjusted debt to EBITDA over 5.0 times, could
also have a negative impact on ratings.

Citricola Saltena is a family-owned Uruguayan company, managed
by several family members.  It was established in Uruguay more
than 50 years ago as a small citrus producer, focusing on both
its domestic market as well as exports.




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


DAIMLERCHRYSLER: Hopes to Reduce Debt After Chrysler Sale Closes
----------------------------------------------------------------
DaimlerChrysler AG will use the repayment of inter-company loans
to significantly shrink its debt once the sale of U.S. arm
Chrysler Group closes, Chief Financial Officer Bodo Uebber told
German newspaper Boersen-Zeitung in an interview, Reuters
reports.

"Based on the favorable maturity structure for bonds, bank loans
and commercial paper, Daimler will reduce the debt that is no
longer needed to around EUR10 billion by September 2007," he was
quoted as saying.  "In addition, bonds that mature in the fourth
quarter of 2007 and the first quarter of 2008 will not be
replaced.  Then Daimler will have no more excess debt on its
books by the second quarter of 2008."  Mr. Uebber further said
that the company would not issue bonds or commercial paper in
future quarters, Reuters notes.

                No Acquisitions for Mercedes-Benz

Meanwhile, Daimler has decided to forgo all acquisitions for its
luxury brand Mercedes-Benz, emulating the go-it-alone strategy
of rival BMW after it sold off Rover, Reuters relates.  Chief
Executive Dieter Zetsche told German Sunday newspaper Welt am
Sonntag that he has not recognized any acquisition target that
could strengthen Mercedes.  He sees little to gain from trying
to diversify risks by balancing its brand portfolio with another
leading marque, Reuters suggests.

                       Chrysler A Drag

Commenting on the Chrysler sale, Mr. Zetsche was quoted by Times
Online as saying: "We have realized the synergies between
Mercedes and Chrysler, and the additional opportunities for
cooperation between two businesses that operate in distinctly
different market segments, are limited.  In addition, the
extreme volatility and price pressure in Chrysler's core
American market limit Daimler Chrysler's overall profitability
and the value of our shares."

On the other hand, Mr. Zetsche said that DaimlerChrysler's
maintaining a stake in Chrysler helped get Ron Gettelfinger, the
president of the United Automobile Workers, to support the sale
to Cerberus Capital Management LP, Bloomberg News states, citing
a New York Times report.  He added that a Chrysler sale was
necessary because, even if the U.S. division reaches a possible
profit margin of 5 percent, the unit would still "drag down" the
rest of the company.

                 Stock Price Increase Projected

Concurrently, Barron's magazine claims that Daimler's stock may
continue the rise that began last year, freed from the burden of
Chrysler, and could hit US$100 or more in a year, Reuters says.

                      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.


DAIMLERCHRYSLER AG: Sells 50% Stake in China's Yaxing Benz Ltd.
---------------------------------------------------------------
DaimlerChrysler AG has sold its entire 50% stake in Chinese bus
maker Yaxing Benz Ltd. for an undisclosed sum, paving the way
for the German automaker's plan to set up a truck-manufacturing
joint venture in China, the Wall Street Journal reports.

The transfer of the company's stake in the 50-50-owned bus joint
venture was concluded in March 2007, WSJ relates, quoting
DaimlerChrysler (China) Ltd. spokesman Trevor C. Hale.

Jiangsu Yaxing Motor & Coach Group has become the sole
shareholder of Yaxing Benz under the agreement.  Mr. Hale noted
that the share transfer "will allow shareholders [of Yaxing
Benz] to pursue additional business opportunities" but he did
not elaborate on the matter.

DaimlerChrysler's exit from one of its two commercial-vehicle
ventures in China, Yaxing Benz, effectively clears regulatory
hurdles to its planned 50-50-truck joint venture with Beijing-
based Beiqi Foton Motor Co.  The proposed venture with Beiqi
Foton could help the German carmaker gain a license to make
Mercedes-Benz trucks in China, WSJ suggests.

Chinese laws currently limit foreign automakers to a maximum of
two passenger-car joint ventures and two commercial-vehicle
joint ventures, WSJ observes.  Daimler already has a
multipurpose-vehicle joint venture based in the southern
province of Fujian, called DaimlerChrysler Vans (China) Ltd.

DaimlerChrysler signed in late 2006 an agreement to invest
CNY817 million (US$106.5 million) for a 24% stake in Beiqi
Foton, China's largest light-duty truck maker by production, WSJ
states.  Beiqi Foton's board of directors approved the deal in
December 2006, but it is still awaiting the Chinese government's
approval.

According to the report, DaimlerChrysler and Beiqi Foton have
signed a memorandum of understanding to "explore the possibility
and feasibility of cooperating with Foton in making heavy- and
medium-duty trucks in China," Mr. Hale added.

                      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.


                         ***********


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, and Christian Toledo, Editors.

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

This material is copyrighted and any commercial use, resale or
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