TCRLA_Public/070531.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, May 31, 2007, Vol. 8, Issue 107

                          Headlines

A R G E N T I N A

ALITALIA SPA: Aeroflot to Bid Less Than Market Price
BOATING SHOES: Proofs of Claim Verification Is Until Aug. 9
CIPOMA SA: Trustee To File Individual Reports on July 4
COMPANIA GENERAL: Trustee To File General Report in Court Today
DISTRIYER SRL: Proofs of Claim Verification Ends on July 13

MONTE GRAPPA: Trustee To File General Report Today
MULTIPLAST SA: Reorganization Proceeding Concluded
PAMPA LIBRE: Proofs of Claim Verification Ends on July 10
PINNACLE ENTERTAINMENT: Fitch Puts B Rating on US$350-Mil. Notes
TRENES DE BUENOS: Reorganization Proceeding Concluded

UNION VECINAL: Trustee To File Individual Reports on June 2
YPF SA: Ibersecurities Hold Buy Rating on Parent's Shares

B A H A M A S

COMPLETE RETREATS: Gram Balks at Plan Filing Extension Request
COMPLETE RETREATS: Gram Entities Balk at Private Retreats Suit

B E R M U D A

ADVANTAGE COMPANY: Proofs of Claim Must be Filed Today
CHATHAM ATLANTIC: Proofs of Claim Filing Ends Today

B R A Z I L

AMERICAN TOWER: Moody’s Rates US$1.25 Bil. Sr. Facility at Ba1
BANCO NACIONAL: Will Lend Up to BRL3.5 Billion for Gas Projects
CELESTICA: Fitch Pares Default Rating to B+ with Neg. Outlook
JBS S.A.: Moody’s May Downgrade B1 Rating After Review
PETROLEO BRASILEIRO: In Exploration Talks with Petrochina

SWIFT & CO: Moody’s May Upgrade B3 Rating After J&F Acquisition
VERIFONE HOLDINGS: Earns US$4.8 Mil. in Quarter Ended April 30

C A Y M A N   I S L A N D S

ALLCOURT INVESTMENTS: Proofs of Claim Filing Deadline Is June 28
CABLE & WIRELESS: Deutsche Bank Maintains Buy Rating on Firm
CEMENT HOLDINGS: Proofs of Claim Filing Is Until June 28
CORUS CAPITAL: Proofs of Claim Filing Deadline Is June 28
CORUS CAPITAL PAN-ASIA: Proofs of Claim Filing Ends on June 28

CRELAN OVERSEAS: Proofs of Claim Filing Is Until June 20
ECLECTIC AUSTRALIA: Will Hold Final General Meeting Today
FRESH VIEW: Proofs of Claim Filing Is Until June 28
GREAT PRESTIGE: Proofs of Claim Filing Deadline Is June 28
HFT RE CDO: Sets Final Shareholders Meeting Today

ICGE SAILS: Proofs of Claim Filing Ends Today
KS CAPITAL: Will Hold Final Shareholders Meeting Today
ICGE SAILS: Proofs of Claim Must be Filed Today
JOSE CARTELLONE: Proofs of Claim Filing Deadline Is June 19
LINDIAN HOLDINGS: Proofs of Claim Filing Deadline Is June 28

NATIONS INTERMEDIATE: Proofs of Claim Filing Deadline Is June 27
OCTAGON INVESTMENT: Proofs of Claim Filing Ends Today
PESCADORA LTD: Proofs of Claim Filing Ends on June 28
SHANDON LTD: Proofs of Claim Filing Ends on June 28
TRW HOLDING: Proofs of Claim Filing Ends on June 27

TCW EM: Proofs of Claim Must be Filed Today
UNIVEST CONVERTIBLE: Proofs of Claim Filing Deadline Is June 6
UNIVEST HIGH: Proofs of Claim Filing Is Until June 6
WHITE RIVER: Proofs of Claim Filing Is Until June 29
YRE ASSET: Final Shareholders Meeting Ends Today

C O L O M B I A

* COLOMBIA: Investors Unconcerned at Strike at Mineros

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Free Trade Zone Workers Waits for Pay Hike
* DOMINICAN REPUBLIC: Gets US$400.1 Mil. from Petrocaribe Pact
* DOMINICAN REPUBLIC: Vehicles Will Switch to Natural Gas

E L   S A L V A D O R

MILLICOM INTERNATIONAL: Morgan Joseph Keeps Buy Rating on Firm

G U A T E M A L A

BRITISH AIRWAYS: Displeased by Air Jamaica's London Route Sale
GOODYEAR TIRE: Fitch Lifts Issuer Default Rating to B+

J A M A I C A

AIR JAMAICA: British Airways Displeased by London Route Sale

M E X I C O

FORD MOTOR: Planning To Sell Volvo
SATELITES MEXICANOS: May Disclose Buyer Next Week
VANGUARD CAR: Moody’s Affirms Corporate Family Rating at B1

N I G E R I A

UNION BANK OF NIGERIA: Fitch Assigns B+ Issuer Default Rating

P A N A M A

CHIQUITA BRANDS: Panamanian Court Releases Coosemupar Account
CHIQUITA BRANDS: Will Sell 12 Cargo Vessels for US$227 Million

* PANAMA: Launches First Construction Tender

P U E R T O   R I C O

ADVANCED MEDICAL: Moody’s May Cut Low B Ratings After Review
CA INC: Fitch Affirms BB+ Issuer Default & Debt Ratings

V E N E Z U E L A

CMS ENERGY: To Buy NatGas Plant from Power Group for US$517MM


                         - - - - -


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


ALITALIA SPA: Aeroflot to Bid Less Than Market Price
----------------------------------------------------
OAO Aeroflot will offer less than the market price for the Italian
government's 39.9% stake in Alitalia S.p.A., Bloomberg News reports citing
Mikhail Poluboyarinov, Aeroflot deputy chief executive officer for finance
and planning.

"We want to invest in the company itself and not in the Italian
government," Mr. Poluboyarinov was quoted by Bloomberg News as saying.

Mr. Poluboyarinov added Aeroflot does not want to bid for Italy's entire
49.9% stake in Alitalia.

"Alitalia's price may be 30% to 40% lower than its market price," Edoardo
Luini of Il Nuovo Mercato told Bloomberg News.  "[Bidders] will aim at
something between 50 and 60 cents per share."

The consortium of Aeroflot and Unicredit Italiano S.p.A. is
trying to outbid other interested groups -- AirOne S.p.A. and
Intesa-San Paolo S.p.A.; and TPG Capital, MatlinPatterson Global
Advisers and Mediobanca -- for the stake.  The parties gained
access to Alitalia's data room on May 24, 2007, and have to
present their binding offers on July 2.  The government eyes to
complete the sale process by end of July.

                       About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, including Japan, China and Argentina, the Alitalia Group's
aircrafts operate out of 32 airports with 255 flights per week.  The
Alitalia Group network is centered on two main airports, Rome Fiumicino
and Milan Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered
EUR93 million in net profits in 2002 after a EUR1.4 billion
capital injection.  The carrier booked consecutive annual net
losses of EUR520 million in 2003, EUR813 million in 2004, and
EUR168 million in 2005.


BOATING SHOES: Proofs of Claim Verification Is Until Aug. 9
-----------------------------------------------------------
Estudio Pappalardo, Cardenes y Asoc., the court-appointed trustee for
Boating Shoes S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Aug. 9, 2007.

Estudio Pappalardo will present the validated claims in court as
individual reports on Sept. 20, 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 Boating Shoes 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 Boating Shoes' accounting and
banking records will be submitted in court
Nov. 1, 2007.

Estudio Pappalardo is also in charge of administering Boating Shoes'
assets under court supervision and will take part in their disposal to the
extent established by law.

The trustee can be reached at:

          Estudio Pappalardo, Cardenes y Asoc.
          Tacuari 119
          Buenos Aires, Argentina


CIPOMA SA: Trustee To File Individual Reports on July 4
-------------------------------------------------------
Omar Enrique Greppi, the court-appointed trustee for Cipoma S.A.'s
reorganization proceeding, will present the validated claims in National
Commercial Court of First Instance in Santa Fe as individual reports on
July 4, 2007

Mr. Greppi verified creditors' proofs of claim until
May 17, 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 Cipoma 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 Cipoma's accounting and banking
records will follow on Aug. 30, 2007.

On Nov. 9, 2007, Cipoma's creditors will vote on a settlement plan that
the company will lay on the table.

The debtor can be reached at:

          Cipoma S.A.
          Dorrego 1925, Rosario
          Santa Fe, Argentina

The trustee can be reached at:

          Omar Enrique Greppi
          Cordoba 1433, Rosario
          Santa Fe, Argentina


COMPANIA GENERAL: Trustee To File General Report in Court Today
---------------------------------------------------------------
Mario Armando Lopez, the court-appointed trustee for Compania General de
Publicidad SA's reorganization proceeding, will file a general report in
the National Commercial Court of First Instance in Buenos Aires on May 31,
2007.

Mr. Lopez presented creditors' validated claims as individual reports in
court on April 9, 2007.  The court determined if the verified claims are
admissible, taking into account the trustee's opinion and the objections
and challenges raised by Compania General and its creditors.

Mr. Lopez verified creditors' proofs of claim until
Feb. 23, 2007.

The informative assembly will be held on Nov. 29, 2007.  Creditors will
vote to ratify the completed settlement plan during the assembly.

The trustee can be reached at:

          Mario Armando Lopez
          Juan D. Peron 1610
          Buenos Aires, Argentina


DISTRIYER SRL: Proofs of Claim Verification Ends on July 13
-----------------------------------------------------------
Leticia Andrea Matej, the court-appointed trustee for Distriyer S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until July 13,
2007.

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

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

The debtor can be reached at:

          Distriyer S.R.L.
          Peru 689
          Buenos Aires, Argentina

The trustee can be reached at:

          Leticia Andrea Matej
          Tucuman 1567
          Buenos Aires, Argentina


MONTE GRAPPA: Trustee To File General Report Today
--------------------------------------------------
Ana Maria Calzada Percivale, the court-appointed trustee for Monte Grappa
SA's bankruptcy proceeding, will file a general report containing an audit
of the company's accounting and banking records before the National
Commercial Court of First Instance No. 21 in Buenos Aires on May 31, 2007.

Ms. Percivale verified creditors' proofs of claim until
March 1, 2007.  She then presented the validated claims in court as
individual reports on April 17, 2007.

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

Clerk No. 41 assists the court in the proceeding.

The debtor can be reached at:

         Monte Grappa SA
         Viamonte 867
         Buenos Aires, Argentina

The trustee can be reached at:

         Ana Calzada Percivale
         Avenida San Martin 2805
         Buenos Aires, Argentina


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


PAMPA LIBRE: Proofs of Claim Verification Ends on July 10
---------------------------------------------------------
Eva Malvina Gords, the court-appointed trustee for Pampa Libre S.A.'s
reorganization proceeding, will verify creditors' proofs of claim until
July 10, 2007.

Ms. Gords will present the validated claims in court as individual reports
on Sept. 4, 2007.  A court in Mendoza will determine if the verified
claims are admissible, taking into account the trustee's opinion and the
objections and challenges raised by Pampa Libre 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 Pampa Libre's accounting and
banking records will follow on Oct. 16, 2007.

On March 11, 2008, Pampa Libre's creditors will vote on a settlement plan
that the company will lay on the table.

The trustee can be reached at:

          Eva Malvina Gords
          Avenida Callao 1121
          Buenos Aires, Argentina


PINNACLE ENTERTAINMENT: Fitch Puts B Rating on US$350-Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B-/(Recovery Rating) RR5' to
Pinnacle Entertainment's US$350 million senior subordinated notes due
2015.  Pinnacle's credit ratings are:

     -- Issuer Default Rating 'B';
     -- Bank facility 'BB/RR1';
     -- Senior Subordinated notes 'B-/RR5'

The Rating Outlook is Stable.

Pinnacle's 'B' IDR benefits from solid current credit metrics for the
rating category, one of the strongest growth pipelines in the industry,
which will meaningfully increase diversification, and a demonstrated
willingness to issue equity to help fund its development plans.  Primary
credit concerns include an expected increase in leverage during its
expansion and acquisition/event risk, particularly with respect to a Las
Vegas opportunity.  Based on Fitch's estimate of recovery in the event of
default, Pinnacle's credit facility is revised upward to 'BB' while its
sub notes are revised down 1 to 'B-'.

The 2015 notes will rank equally with US$436 million of Pinnacle's other
senior subordinated debt including its 8.25% senior sub notes due 2012
(US$303 million outstanding) and 8.75% senior sub notes due 2013 (US$133
million outstanding).

Pinnacle will use the proceeds to term out US$275 million of its existing
term loan in its credit facility and to help fund its current projects. In
addition to the US$275 million term loan, its US$1 billion credit facility
consists of a US$625 million revolver (US$18 million drawn as of March 31,
2007) and a US$100 million undrawn delayed-draw term loan (expires July 2,
2007).

                  Pro-forma Credit Metrics

Fitch calculates total debt and cash pro forma for this offering as of the
end of Q1 2007 are US$789 million and US$508 million, respectively, thus
pro forma net debt is only US$281 million.  Based on Latest 12 Months
adjusted EBITDA of US$186.8 million: Pro forma LTM debt/EBITDA is 4.2
times, but pro forma LTM net debt/EBITDA is only 1.5x.  Pro forma LTM
EBITDA/gross interest expense coverage could be in the 2.6x range;
however, PNK's coverage could dip below 2x with additional debt incurred
to fund near-term capital expenditures for its expansions and St. Louis
projects.

               Larger Permitted Indebtedness Bucket

The 2015 notes include a much larger permitted indebtedness bucket than
Pinnacle's existing debt to allow for funding of Pinnacle's strong growth
pipeline.  The 2015 notes allow for the greater of US$1.5 billion in
senior debt or 2.5x Consolidated EBITDA.  The company's existing debt
allows for senior indebtedness of US$350 million in its most restrictive
indenture (the 8.75% notes due 2013) and for US$475 million of senior
indebtedness in its other indenture (the 8.25% notes due 2012).  In
addition to those permitted indebtedness buckets, the indentures allow for
additional indebtedness related to debt refinancing and additional
indebtedness based on a 2.0x coverage test.

Since the coverage ratio may go below 2.0x and given the senior debt
restrictions in the existing sub notes, Pinnacle's ability to tap the full
US$725 million available under its credit facility could be limited.
However, the company should be able to fund near-term capital expenditures
from its cash balance and available credit to complete Lumiere Place in
St. Louis, which is expected to open in Q4 2007.  Pinnacle has minimal
maturities prior to 2010 and will need to secure additional financing to
fund its project pipeline, which is expected to cost more than US$3
billion.

             Atlantic City Becomes a Guarantor

Pinnacle's Atlantic City site, which was not previously a guarantor of its
existing debt, will become a guarantor of these notes as well as
Pinnacle's existing debt.  The AC site was placed in an unrestricted
subsidiary due to claims on the assets from previous bankruptcy
proceedings that have since been resolved.  Pinnacle's primary
subsidiaries that are currently unrestricted or non-guarantors include its
international subsidiaries, President Casino in Missouri, and its St.
Louis condo subsidiaries.

             Potential Drivers of Changes to Ratings

Pinnacle's ratings could improve as the development pipeline unfolds,
since it will significantly increase the company's diversification.
Pinnacle's three Louisiana properties accounted for 76% of the company's
Adjusted Property EBITDA in 2006.  That concentration is expected to drop
meaningfully in the next six to 18 months as Pinnacle enters the St. Louis
market with large-scale developments, and as the New Orleans market
continues to moderate relative to elevated operating levels in 2006 due to
reduced competition from hurricanes in 2005.  Pinnacle's ratings would
also likely benefit from additional equity issuance to help fund
development plans.  Pinnacle raised US$353 million in net proceeds from an
equity issuance in Q1 2007, which is the fourth time since the beginning
of 2004 that Pinnacle has issued equity.

Fitch believes that Pinnacle's event/acquisition risk remains high,
particularly given MGM MIRAGE's potential to restructure, which could
increase the availability of certain Las Vegas Strip assets.  Although
Fitch believes that Pinnacle would prefer to build rather than buy in
order to enter the Las Vegas market, recent LV Strip land transactions
close to US$35 million per acre indicate that the cost of LV Strip land
continues to escalate, which could make buying an existing property a more
viable option.

The 2015 notes are scheduled to price on June 5, 2007, and also include
these features:

     -- a change of control put at 101;
     -- a 35% equity clawback option through 2010;
     -- the notes are callable at a premium through 2013, then
        callable at par.

Headquartered in Las Vegas, Nevada, Pinnacle Entertainment Inc.
(NYSE: PNK) -- http://www.pnkinc.com/-- owns and operates casinos in
Nevada, Louisiana, Indiana and Argentina, owns a hotel in Missouri,
receives lease income from two card club casinos in the Los Angeles
metropolitan area, has been licensed to operate a small casino in the
Bahamas, and owns a casino site and has significant insurance claims
related to a hurricane-damaged casino previously operated in Biloxi,
Mississippi.  Pinnacle opened a major casino resort in Lake Charles,
Louisiana in May 2005 and a new replacement casino in Neuquen, Argentina
in July 2005.


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


UNION VECINAL: Trustee To File Individual Reports on June 2
-----------------------------------------------------------
Jorge Alberto Amezqueta, the court-appointed trustee for Union Vecinal La
Estanzuela Barrio Dolores Prats de Huisi's reorganization proceeding, will
file the validated claims in the National Commercial Court of First
Instance in Mendoza as individual reports on June 2, 2007.

Mr. Amezqueta verified creditors' proofs of claim until
Feb. 28, 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 Union Vecinal 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 Union Vecinal's accounting and
banking records will follow on Oct. 27, 2007.

On March 14, 2008, Union Vecinal's creditors will vote on a settlement
plan that the company will lay on the table.

The trustee can be reached at:

          Jorge Alberto Amezqueta
          Buenos Aires 136, Ciudad de Mendoza
          Mendoza, Argentina


YPF SA: Ibersecurities Hold Buy Rating on Parent's Shares
---------------------------------------------------------
Ibersecurities analysts have kept their "buy" rating on the shares of YPF
SA parent Repsol, Newratings.com reports.

Newratings.com relates that the target price was set at EUR29.10.

The analysts said in a research note that REpsol was pulled into a lawsuit
by three US law companies after announcing the overvaluation of reserves
in January 2006.

Reports say that the conflict between Repsol and US funds could be coming
to an end.

Repsol’s compensation is likely to be in line with that offered by Shell
previously.  Its effect wouldn't be over EUR100 million, Ibersecurities
told Newratings.com.

                        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.




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


COMPLETE RETREATS: Gram Balks at Plan Filing Extension Request
--------------------------------------------------------------
Complete Retreats, LLC, and its debtor affiliates have asked the U.S.
Bankruptcy Court for the District of Connecticut to extend their plan
filing period until July 31, 2007, in order to have more time to close the
second stage of the sale of substantially all of their assets to Ultimate
Resorts, LLC.

                  Gram's Limited Objection

Creditor Jeffrey Gram objects to the Debtors' request for an extension in
light of the "burgeoning" professional fees and the Debtors' failure to
provide any concrete reasons why they cannot promptly file a plan.

John F. Carberry, Esq., at Cummins & Lockwood LLC, in Stamford,
Connecticut, notes that the retained professionals' fees now exceed
US$10,000,000, and, overall, have averaged over US$1,000,000 per month
since the Chapter 11 cases began in July 2006.

Mr. Carberry also points out that the Debtors have failed to provide any
details about the "significant issues that necessarily must be resolved
before consensual plan must be finalized," or what may be necessary to
resolve them.

He notes that from a very early point in the Chapter 11 cases, it has been
evident that reorganization is not feasible, and any Chapter 11 plan would
necessarily involve liquidation of the Debtors' assets.

In light of the fact that the Debtors are filing a liquidating plan and
that the bulk of the Debtors' assets have already been sold, it is not
immediately clear what issues would prevent the Debtors from finalizing
what appears, in essence, to be a "pot" plan, Mr. Carberry avers.

Mr. Gram also suggests that converting the case to Chapter 7 may be more
cost-effective.  Mr. Carberry explains that given the cost of
administering the cases in Chapter 11, it is not evident what purpose
would be served by the Debtors incurring the expense of proposing a plan
rather than simply converting the cases to Chapter 7.

Moreover, should the Debtors move for consolidation, it is appropriate for
them to file a request before the Court in the near term to avoid further
delays, Mr. Carberry avers.  He notes that the Court has indicated it
would be best if the issue of substantive consolidation were resolved in
advance of confirmation.

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in
the Debtors' schedules, however, the Debtors disclosed
US$308,000,000 in total debts.  (Complete Retreats
Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Gram Entities Balk at Private Retreats Suit
--------------------------------------------------------------
Private Retreats Belize, LLC, has sought to avoid and recover
prepetition transfers made to:

   -- Jeffrey Gram,
   -- Casa Olita Ltd.,
   -- Private Island Management Group,
   -- Espanto Island Resort, Ltd.,
   -- Espanto Partners, Ltd.,
   -- Bluewater Holding, Ltd.,
   -- Island Seekers, Ltd., and
   -- John Does 1-25.

Casa Olita, Private Island Management, Espanto Island Resort,
Espanto Partners, and Bluewater Holding are believed to be alter
egos of Mr. Gram.

                   Gram Entities React

John F. Carberry, Esq., at Cummings & Lockwood LLC, in Stamford,
Connecticut, contends that the Debtors have failed to:

  -- state any basis for disallowance or expungement of the
     claims filed by Jeffrey Gram, Casa Olita, Ltd., and Private
     Island Management Group; and

  -- overcome the presumption of validity afforded the Gram
     Entities' Claims under Rule 3001(f) of the Federal Rules
     of Bankruptcy Procedure.

The Gram Entities maintain that their claims are valid.

The fact that Private Retreats Belize, LLC, has filed an adversary
proceeding against the Gram Entities does not mean that the Gram Claims
should be disallowed pursuant to Section 502(d) of the Bankruptcy Code,
Mr. Carberry asserts.  The Adversary Proceeding is still unresolved, he
points out.  Section 502(d), however, only applies when the debtor has
obtained a judgment against the creditor.

Mr. Gram rightfully paid the third-party creditor claims because those
claims have been or will be assigned to him, Mr. Carberry argues.  In
addition, pursuant to the operative language of the Management Agreement
between Private Retreats Belize and Private Island Mgmt., the US$1,000,000
Termination Fee is due regardless of which party terminates the Agreement.

The Debtors, Mr. Carberry adds, have failed to show evidence that Casa
Olita and Espanto Partners are alter egos of Mr. Gram.

The Gram Entities therefore ask the Court to deny the Debtors' request and
allow their Claims.

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in
the Debtors' schedules, however, the Debtors disclosed
US$308,000,000 in total debts.  (Complete Retreats
Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


ADVANTAGE COMPANY: Proofs of Claim Must be Filed Today
------------------------------------------------------
Advantage Company Ltd.'s creditors are given until May 31, 2007,
to prove their claims to Jennifer Y. Fraser, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Advantage Company's China Pacific's shareholders agreed to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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


CHATHAM ATLANTIC: Proofs of Claim Filing Ends Today
---------------------------------------------------
Chatham Atlantic Re Ltd.'s creditors are given until
May 31, 2007, to prove their claims to Peter C.B. Mitchell and
Nigel Chatterjee, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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




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


AMERICAN TOWER: Moody’s Rates US$1.25 Bil. Sr. Facility at Ba1
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to American Tower
Corporation's proposed US$1.25 billion senior unsecured bank facility,
which will be used to refinance the senior secured bank facility at AMT's
subsidiary, American Tower Inc.

At the same time, Moody's affirmed AMT's Ba1 corporate family rating,
affirmed the company's SGL-1 liquidity rating and upgraded its senior
unsecured rating to Ba1 from Ba2, reflecting the expected reduction of
prior ranking senior secured debt in the company's capital structure.

Finally, Moody's said it had withdrawn the rating on ATI's senior
subordinated notes following the substantial repayment of that obligation,
withdrawn the rating on subsidiary Spectrasite Communications Inc.'s
senior secured bank facility, which has been repaid and cancelled, and
would withdraw the rating on ATI's existing senior secured bank facility
once AMT's proposed bank facility closes. The long-term ratings reflect a
Ba1 probability of default rating and loss-given-default assessment of
LGD4, 51%.  The outlook is stable.

The affirmation of AMT's Ba1 corporate family rating reflects Moody's
expectation that the fundamentals of the wireless tower sector are likely
to remain favorable through the next several years and AMT's good market
position will enable its strong earnings and cash flow momentum to
continue. However, the rating also considers the company's single industry
focus and relatively modest scale although recognizes that much of its
revenues are contractually derived from its relationships with the largest
national wireless operators across the U.S. Finally, the rating reflects
Moody's view that AMT is likely to direct its growing free cash flow to
shareholders via share repurchases over the next few years, targeting
adjusted leverage towards 6x.

AMT's latest refinancing plans follows the recent issuance of US$1.75
billion in commercial mortgage pass-through certificates, issued against
roughly 5,300 of AMT's 22,000 wireless communication towers, representing
the majority of SITE's tower assets.  The proceeds were used to repay all
outstanding amounts under SITE's US$1.05 billion senior secured credit
facility (US$765 million), redeem substantially all of ATI's 7.25% senior
subordinated notes (US$325 million), reduce outstanding amounts under
ATI's senior secured bank facility (US$280 million) and strengthen cash
reserves (US$345 million).  Following completion of these transactions and
close of the proposed bank facility, all of AMT's long term funding will
consist of senior unsecured indebtedness issued at the holding company
level.  Moody's expects any future such funding to occur on the same
basis.

Upgrades:

   * Issuer: American Tower Corporation

     -- Senior Unsecured Conv./Exch. Bond/Debenture, Upgraded to
        a range of 51 - LGD4 to Ba1 from a range of 86 - LGD5 to
        Ba2;

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to a
        range of 51 - LGD4 to Ba1 from a range of 86 - LGD5 to
        Ba2.

Assignments:

   * Issuer: American Tower Corporation

     -- Senior Unsecured Bank Credit Facility, Assigned a range
        of 51 - LGD4 to Ba1

Outlook Actions:

   * Issuer: American Towers, Inc.

     -- Outlook, Changed To Rating Withdrawn From Stable

   * Issuer: Spectrasite Communications, Inc.

     -- Outlook, Changed To Rating Withdrawn From Stable

Withdrawals:

   * Issuer: American Towers, Inc.

     -- Senior Subordinated Regular Bond/Debenture, Withdrawn,
        previously rated 61 - LGD4

   * Issuer: Spectrasite Communications, Inc.

-- Senior Secured Bank Credit Facility, Withdrawn,
   previously rated 24 - LGD2

Headquartered in Boston, Massachusetts, American Tower Corp.
(NYSE: AMT) -- http://www.americantower.com/-- is an
independent owner, operator and developer of broadcast and
wireless communications sites in the United States, Mexico and
Brazil.  American Tower owns and operates over 22,000 sites in
the United States, Mexico, and Brazil.  Additionally, American
Tower manages approximately 2,000 revenue producing rooftop and
tower sites.


BANCO NACIONAL: Will Lend Up to BRL3.5 Billion for Gas Projects
---------------------------------------------------------------
Claudia Prates, Banco Nacional de Desenvolvimento Economico e Social's
director of the office of oil, gas, cogen and other energy sources, told
Business News Americas that the bank will lend up to BRL3.5 billion for
biodiesel and ethanol projects in 2007.

Ms. Prates commented to BNamericas, "BNDES has been learning from overseas
institutions how to finance renewable power projects in biodiesel."

Banco Nacional could continue increasing biodiesel and ethanol project
funding from this year on.  Increasing financing would be implemented the
government's growth acceleration program includes constructing 46 new
biodiesel plants and 77 ethanol and sugar mills by 2010, BNamericas
states.

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

                        *     *     *

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


CELESTICA: Fitch Pares Default Rating to B+ with Neg. Outlook
-------------------------------------------------------------
Fitch Ratings has downgraded Celestica Inc.'s Issuer Default Rating to
'B+' from 'BB-'.  Furthermore, Fitch has assigned a 'BB+/RR1' rating to
Celestica's new US$300 million secured credit facility and lowered its
rating on Celestica's senior subordinated debt to 'B/RR5' from 'B+'.
Lastly, Fitch has withdrawn its 'BB-' rating on Celestica's former
unsecured credit facility.  The Rating Outlook remains Negative.  Fitch's
action affects approximately US$750 million of debt securities.

The downgrade of the IDR and Negative Outlook reflect:

     i) Fitch's belief that Celestica will continue to be
        negatively impacted by recent execution issues, which
        have resulted in customer attrition as well as declining
        revenue and profitability;

    ii) negative free cash flow resulting from earnings losses,
        cash restructuring costs and increased working capital
        requirements;

   iii) Fitch's expectation that Celestica will incur additional
        cash payments for restructuring actions necessary to
        bring the company's cost structure in-line with its
        reduced revenue run rate.  Absent a significant
        turnaround in profitability, this would contribute to a
        significant reduction in cash over the next one to two
        years; and

    iv) continued challenges in the overall Electronic
        Manufacturing Services market environment, including
        significant pricing pressure due to below average
        capacity utilization at most EMS providers.

Credit concerns also center on:

     i) the thin EBIT margins associated with the EMS industry,
        despite ongoing efforts to expand into higher margin
        service offerings;

    ii) competition from lower cost competitors including Asian-
        based EMS and original design manufacturer providers,
        particularly in non-traditional end markets with more
        attractive growth rates;

   iii) Celestica's high exposure to traditional EMS end
        markets, such as communications equipment, which are
        characterized by slower growth and high competition; and

    iv) significant customer concentration with the top ten
        customers accounting for approximately 60% of revenue
        including IBM and Cisco, both of which were 10%
        customers in 2006.

The ratings are supported by:

     i) Fitch's expectation that Celestica will continue to
        maintain a conservative capital structure;

    ii) Celestica's improved liquidity given its new US$300
        million secured credit facility which is fully available
        to the company as of March 31, 2007;

   iii) Fitch's belief that if Celestica's revenue continues to
        decline, any resulting negative funds from operations
        would likely be offset by a positive cash contribution
        from reduced working capital requirements in the near
        term;

    iv) long-term trends that in Fitch's estimation support
        additional penetration of the manufacturing outsourcing
        model, which should enable the EMS industry in its
        entirety to grow at a rate of approximately 2 times
        worldwide GDP; and

     v) Celestica's significant scope and scale of operations,
        which Fitch believes are important to remaining
        competitive among tier one EMS providers.
        As of March 31, 2007, liquidity was sufficient and
        supported by approximately US$700 million of cash and
        cash equivalents and an undrawn US$300 million senior
        secured revolving credit facility expiring April 2009.

Celestica also has a US$250 million accounts receivable sales program
expiring November 2007, which can be extended at the company's discretion
for 12 months.  Total debt as of
March 31, 2007, was approximately US$750 million and consisted of:

     i) US$500 million 7.875% senior subordinated notes due 2011
        and

    ii) US$250 million 7.625% senior subordinated notes due
        2013.

As of March 31, 2007, Fitch estimates Celestica's latest 12 months EBITDA
to LTM interest expense ratio was 4.4x and its Debt to LTM EBITDA ratio
was 2.6x versus 4.8x and 2.8x, respectively, one year prior.  Fitch
expects Celestica's credit protection measures to deteriorate in 2007,
primarily reflecting pressured EBITDA results.

The Recovery Ratings and notching reflect Fitch's recovery expectations
under a distressed scenario, as well as Fitch's expectation that the
enterprise value of Celestica, and hence recovery rates for its creditors,
will be maximized in a restructuring scenario rather than a liquidation
scenario.  In deriving a distressed enterprise value, Fitch applies a 50%
discount to Celestica's estimated operating EBITDA of approximately US$283
million for the LTM ended March 31, 2007. Fitch then applies a 4x
distressed EBITDA multiple, which considers Celestica's current multiple
and that a stress event would likely lead to multiple contraction.  As is
standard with Fitch's recovery analysis, the revolver is fully drawn and
cash balances fully depleted to reflect a stress event.  The 'RR1'
Recovery Rating for Celestica's secured bank facility reflects Fitch's
belief that 100% recovery is realistic.  The 'RR5' Recovery Rating for the
senior subordinated debt reflects Fitch's estimate that a recovery of
11%-30% would be achievable.

                       About Celestica

Headquartered in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- is a world leader in the
delivery of innovative electronics manufacturing services.  Celestica
operates a highly sophisticated global manufacturing network with
operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United Kingdom,
among others.  Providing a broad range of integrated services and
solutions to original equipment manufacturers.
Celestica's expertise in quality, technology and supply chain management,
enables the company to provide competitive advantage to its customers by
improving time-to-market, scalability and manufacturing efficiency.


JBS S.A.: Moody’s May Downgrade B1 Rating After Review
------------------------------------------------------
Moody's Investors Service changed the direction of the review of JBS
S.A.'s B1 global local currency corporate family rating and B1 senior
unsecured rating of JBS to possible downgrade from possible upgrade.

The change in the direction of the review of JBS's ratings follows the
announcement that JBS's controlling shareholder, J&F Participacoes S.A.
has signed a definitive agreement to acquire Swift & Company for an
enterprise value of approximately US$1.4 billion.  The transaction is
subject to closing.

Moody's original decision to place JBS' ratings on review for possible
upgrade was prompted by the company's decision to use a significant
portion of the IPO proceeds for debt reduction. However, the magnitude of
the Swift transaction and the risks associated with it places downward
pressure on JBS' existing B1 ratings.

"Although Moody's recognizes that the Swift acquisition is being
contemplated by JBS's parent company, J&F, and as a separate legal entity
from JBS, we may still consolidate for analytic purposes both operations
even if there is no legal obligation for JBS to financially support J&F's
or Swift's debt, explained Moody's analyst Soummo Mukherjee.  "If we feel
that JBS cash flows could be used to support Swift's operations if it runs
into financial difficulty and/or if we believe that JBS will eventually
end up owning the majority of Swift, we are likely to consolidate both
entities, added Mukherjee."

Moody's review will focus on a better understanding of:

   (a) the strategic rationale of the Swift transaction;

   (b) the resulting economic risks that may impact JBS and J&F;
       and

   (c) the exact financing structure for this transaction and
       the degree that it may economically or financially impact
       JBS' business and credit profile.

Depending on the additional information obtained during our review
process, JBS's ratings could either be confirmed at the current B1 level
with a stable outlook, confirmed with a negative outlook, or downgraded to
a lower rating category.

Headquartered in Sao Paulo, Brazil, JBS is the third largest beef company
in the world in terms of cattle slaughtering capacity and the largest beef
processor and exporter in Brazil, Argentina and Latin America.  With
operations in Brazil and Argentina, JBS produces, prepares, packages and
delivers fresh, chilled and processed beef and beef by-products to
customers both in Brazil and abroad.

Headquartered in Greeley, Colorado, Swift & Company is one of the world's
leading beef and pork processing companies.  Its largest business segments
are domestic beef processing, domestic pork processing and beef operations
in Swift Australia.  Swift's parent S&C Holdco 3 is owned by a limited
partnership formed by equity sponsors HM Capital Partners LLC (formerly
Hicks Muse) and Booth Creek Management Corporation.  Consolidated sales
for the twelve months ended Feb. 25, 2007, were approximately US$9.5
billion.


PETROLEO BRASILEIRO: In Exploration Talks with Petrochina
---------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro told Neftegaz.ru that the
company is negotiating with Chinese petrochemical giant Petrochina for a
strategic cooperation, which would involve exploration and refining.

Neftegaz.ru relates that Henyo T. Barretto, Petroleo Brasileiro's head
consultant, said that the firm may sign an initial accord with Petrochina
by year-end.

Chinese oil companies have boosted exploration to offset decreasing
production from oil fields, Neftegaz.ru reports.

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.


SWIFT & CO: Moody’s May Upgrade B3 Rating After J&F Acquisition
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Swift & Company including
its B3 corporate family rating and B3 probability of default rating, on
review for possible upgrade following the announcement that the company
will be acquired by J&F Participacoes S.A. of Brazil.  LGD assessments are
also subject to adjustment.

Ratings under review for possible upgrade:

   -- Corporate family rating at B3;
   -- Probability of default rating at B3;
   -- Senior unsecured notes at Caa1;
   -- Senior subordinated notes at Caa1.

HM Capital Partners LLC and J&F Participacoes S.A. have signed a
definitive agreement under which J&F will acquire Swift in an all cash
transaction of approximately US$1.4 billion, including the assumption of
about US$1.2 billion in Swift debt. Post-transaction, the combined company
will be the world's largest beef and pork processor in terms of capacity.

Moody's review will focus on the successful execution of the acquisition,
the post transaction credit profile of the resulting company and group,
and the ultimate disposition of Swift's debt. Should most of Swift's debt
be repaid, its ratings will be withdrawn.

Headquartered in Greeley, Colorado, Swift & Company is one of the world's
leading beef and pork processing companies.  Its largest business segments
are domestic beef processing, domestic pork processing and beef operations
in Swift Australia.  Swift's parent S&C Holdco 3 is owned by a limited
partnership formed by equity sponsors HM Capital Partners LLC (formerly
Hicks Muse) and Booth Creek Management Corporation.  Consolidated sales
for the 12 months ended Feb. 25, 2007, were approximately US$9.5 billion.


VERIFONE HOLDINGS: Earns US$4.8 Mil. in Quarter Ended April 30
--------------------------------------------------------------
VeriFone Holdings Inc. recorded US$4.8 million of net income for the three
months ended April 30, 2007, compared to US$15 million of net income for
the same period in 2006.  The company reported net revenues of US$217.2
million for the three months ended
April 30, 2007, 53% higher than the net revenues of US$142.2 million for
the comparable period of 2006.  VeriFone's International business
increased 97% and VeriFone's North America business increased 19%.  The
significant increase in sales was driven largely by the acquisition of
Lipman, which closed Nov. 1, 2006.

Subsequent to the end of the quarter, management determined that booked
orders of approximately US$4 million could not be recognized as revenue
due to incomplete sales administration requirements in our international
operations.  These orders were largely sourced from VeriFone’s new Israeli
and Turkish facilities and all were headed to high growth markets in Asia,
Eastern Europe and Africa.  The company is confident that the shortcomings
in applying these field processes have now been remedied.  All of this
revenue has now been fully recognized and is reflected in guidance for the
third quarter.

Gross margins, excluding non-cash acquisition related charges and
stock-based compensation expense, expanded to a record 48.1%, for the
three months ended April 30, 2007, compared to 45.7% for the comparable
period of 2006.  GAAP gross margins for the three months ended April 30,
2007, were 41.5%, compared to 44.6% for the three months ended April 30,
2006, as a result of increased amortization of purchased technology
assets, the step-up in inventory and stock-based compensation.

GAAP operating expenses for the three months ended
April 30, 2007, were US$72.9 million compared to US$37.8 million for the
comparable period of 2006.  In addition to the effect of the Lipman
acquisition and related integration expenses, the company incurred higher
non-cash stock compensation expenses and amortization of purchased
intangible assets.  Stock based compensation for the three months ended
April 30, 2007, was US$9.8 million compared to US$1.0 million for the
comparable period of 2006.  This increase was primarily due to the
acceleration of the vesting of options of Lipman executives, the increase
in the number of option holders following the Lipman acquisition and the
grant of performance-based restricted stock units to the Company’s Chief
Executive Officer.  Amortization of purchased intangible assets for the
three months ended April 30, 2007 was US$6.1 million compared to US$1.2
million for the comparable period of 2006, primarily due to the Lipman
acquisition.

EBITDA, as adjusted, margins for the three months ended
April 30, 2007, expanded for the eleventh consecutive quarter and reached
a record level of 26.3%, compared to the 21.6% recorded in the three
months ended April 30, 2006.

GAAP EPS for the three months ended April 30, 2007, was US$0.06 per
diluted share, compared to US$0.22 per diluted share, for the comparable
period of fiscal 2006, due to acquisition related non-cash charges, higher
stock-based compensation expense primarily related to the Lipman
acquisition and to a significantly higher GAAP tax rate driven by an
increase in the valuation allowance related to Lipman.  Net income, as
adjusted, which excludes non-cash acquisition related charges and debt
issuance costs, as well as non-cash stock-based compensation expense and
Lipman integration costs, for the three months ended April 30, 2007,
increased 50% to US$0.39 per diluted share, compared to US$0.26 per
diluted share, for the three months ended April 30, 2006.

“I am pleased to report on another very successful quarter for VeriFone as
we once again achieved record profitability,” said Douglas G. Bergeron,
Chairman and Chief Executive Officer.  “During the quarter, our record
margins drove our robust EPS growth, and also resulted in strong cash
flow,” continued Bergeron.  “We were especially pleased with our
continuing success of our wireless products and were delighted with the
resurgence of our North American business which grew sequentially 8% from
the previous quarter.”

“Based on these results and the US$4 million of revenue which has been
recognized in the third quarter, we are increasing our third quarter
internal expectations for net revenue to US$225 - US$227 million and
increasing our guidance for net income, as adjusted, per share to a range
of US$0.39 - US$0.40.  We remain confident of our prospects for the
remainder of fiscal 2007.”

                   Second Quarter Highlights

In the UK, VeriFone had continued success with the Tesco contract, where
the VeriFone Secura outdoor payment system is enabling easy integration
with ECRs, pumps and a range of unattended devices in a Wincor Nixdorf-led
project.

In Mexico, VeriFone completed a successful pilot with American Express for
its Vx 670 Pay at the Table solution and looks forward to demand creation
from the related American Express advertising campaign.

VeriFone announced wins at Ahold Group members Stop & Shop and
Giant-Landover food stores.  These organizations have embraced a strategy
to install MX870’s in all new and remodeled stores as well as to replace
legacy products over time.  In addition, VeriFone also announced other
significant wins including Wegman’s Food Markets, a high end supermarket
in the northeast US region, which began its rollout of the MX870 with RFID
to replace a competitive product; and Brookshires Grocery, a Texas based
supermarket chain, which passed the Texas WIC certification and began a
chain wide rollout with the MX870.

                      Financial Measures

Reconciliations for the non-GAAP measures presented in this press release
are provided at the end of this press release.  Management uses the
non-GAAP measures presented in this release to help them evaluate
VeriFone’s performance and to compare VeriFone’s current results with
those for prior periods as well as with the results of other companies in
our industry, but cautions investors that these non-GAAP measures should
not be considered as substitutes for disclosures made in accordance with
GAAP.

                        About VeriFone

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 29, 2006,
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.




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


ALLCOURT INVESTMENTS: Proofs of Claim Filing Deadline Is June 28
----------------------------------------------------------------
Allcourt Investments Ltd.’s creditors are given until
June 28, 2007, to prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

Allcourt Investments’s shareholder agreed on May 17, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Buchanan Limited
         Attention: Francine Jennings
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-0355
         Fax: (345) 949-0360


CABLE & WIRELESS: Deutsche Bank Maintains Buy Rating on Firm
------------------------------------------------------------
Deutsche Bank analyst Matthew Bloxham has kept his "buy" rating on Cable &
Wireless Plc's shares, Newratings.com reports.

Mr. Bloxham said in a research note that Cable & Wireless has reported
strong results for the fiscal year 2007.  Its profitability and cash
management were ahead of expectations.

Mr. Bloxham told Newratings.com that Cable & Wireless’ fiscal year 2008
guidance shows improving momentum.

The earnings per share estimate for fiscal year 2008 was increased by 5%
compared to this year to show better revenue growth prospects, while the
estimate for fiscal year was decreased by 13% to indicate
slower-than-expected recovery in the UK (LLU) Access business as well as
the start-up costs related to the new Virgin Media wholesale contract,
Newratings.com states.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for
Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc
                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%

* Issuer: Cable & Wireless International Finance B.V.

                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   GBP200 million
   8.625% Senior Unsecured
   Regular Bond/Debenture
   Due 2019                B1       LGD4     60%

Cable & Wireless Plc's long-term and short-term foreign issuer
credit carry Standard & Poor's BB- ratings.  Its short-term
foreign and local issuer credit were rated at B.  The outlook is
negative.


CEMENT HOLDINGS: Proofs of Claim Filing Is Until June 28
--------------------------------------------------------
Cement Holdings Ltd.’s creditors are given until June 28, 2007, to prove
their claims to Buchanan Limited, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Cement Holdings shareholder agreed on May 17, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Buchanan Limited
         Attention: Francine Jennings
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-0355
         Fax: (345) 949-0360


CORUS CAPITAL: Proofs of Claim Filing Deadline Is June 28
-------------------------------------------------------
Corus Capital Pan-Asia Fund Ltd.'s creditors are given until
June 28, 2007, to prove their claims to DMS Corporate Services Ltd., the
company's liquidator, or be excluded from receiving any distribution or
payment.

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

Corus Capita’s shareholder agreed on May 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


CORUS CAPITAL PAN-ASIA: Proofs of Claim Filing Ends on June 28
--------------------------------------------------------------
Corus Capital Pan-Asia Master Fund Ltd.'s creditors are given until June
28, 2007, to prove their claims to DMS Corporate Services Ltd., the
company's liquidator, or be excluded from receiving any distribution or
payment.

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

Corus Capital’s shareholder agreed on May 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


CRELAN OVERSEAS: Proofs of Claim Filing Is Until June 20
--------------------------------------------------------
Crelan Overseas creditors are given until June 20, 2007, to prove their
claims to David A.K. Walker and Lawrence Edwards, 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.

Crelan Overseas shareholder agreed on March 6, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         David A.K. Walker
         Attention: Miguel Brown
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8665
         Fax: (345) 945 4237


ECLECTIC AUSTRALIA: Will Hold Final General Meeting Today
--------------------------------------------------------
The Eclectic Australia B Fund Limited's final general meeting
will be at 10:00 a.m. on May 31, 2007, or as soon as possible,
at:

             Wakefield Quin
             Chancery Hall, 52 Reid Street
             Hamilton, Bermuda

These agendas will be taken during the meeting:

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

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

          -- by resolution dissolving the company.


FRESH VIEW: Proofs of Claim Filing Is Until June 28
---------------------------------------------------
Fresh View Holdings Ltd.’s creditors are given until
June 28, 2007, to prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

Fresh View’s shareholder agreed on May 17, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Buchanan Limited
         Attention: Francine Jennings
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-0355
         Fax: (345) 949-0360


GREAT PRESTIGE: Proofs of Claim Filing Deadline Is June 28
----------------------------------------------------------
Great Prestige Holdings Ltd.’s creditors are given until
June 28, 2007, to prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

Great Prestige’s shareholder agreed on May 17, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Buchanan Limited
         Attention: Francine Jennings
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-0355
         Fax: (345) 949-0360


HFT RE CDO: Sets Final Shareholders Meeting Today
-------------------------------------------------
HFT RE CDO 2006-2 Ltd. will hold its final shareholders meeting
on May 31, 2007, at 10:00 a.m., at:

         Maples Finance Limited
         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


ICGE SAILS: Proofs of Claim Filing Ends Today
---------------------------------------------
ICGE Sails Corp. V's creditors are given until May 31, 2007, to
prove their claims to Hugh Thompson and Emile Small, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

ICGE Sails' shareholders agreed on April 16, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


KS CAPITAL: Will Hold Final Shareholders Meeting Today
------------------------------------------------------
KS Capital Ltd. will hold its final shareholders meeting on
May 31, 2007, at 10:00 a.m., at:

          Strathvale House
          90 North Church Street, 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) authorizing the liquidator to retain the company's
      records for a period of six years from its dissolution,
      after which they may be destroyed.

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

The liquidator can be reached at:

         Geoffrey Varga
         Attention: Bernadette Bailey-Lewis
         Kinetic Partners Cayman LLP
         P.O. Box 10387
         Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9900
         Fax: (345) 623 0007


ICGE SAILS: Proofs of Claim Must be Filed Today
-------------------------------------------------
ICGE Sails Corp. V's creditors are given until May 31, 2007, to
prove their claims to Hugh Thompson and Emile Small, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

ICGE Sails shareholders agreed on April 16, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


JOSE CARTELLONE: Proofs of Claim Filing Deadline Is June 19
-----------------------------------------------------------
Jose Cartellone Caribbean Co.’s creditors are given until
June 19, 2007, to prove their claims to Royhaven Secretaries Limited, the
company's liquidator, or be excluded from receiving any distribution or
payment.

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

Jose Cartellone’s shareholder agreed on March 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         David A.K. Walker
         Attention: Miguel Brown
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8665
         Fax: (345) 945 4237


LINDIAN HOLDINGS: Proofs of Claim Filing Deadline Is June 28
------------------------------------------------------------
Lindian Holdings Ltd.’s creditors are given until June 28, 2007, to prove
their claims to Buchanan Limited, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Lindian Holdings shareholder agreed on May 17, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Buchanan Limited
         Attention: Francine Jennings
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-0355
         Fax: (345) 949-0360


NATIONS INTERMEDIATE: Proofs of Claim Filing Deadline Is June 27
---------------------------------------------------------------
Nations Intermediate Bond Fund (Offshore) creditors are given until June
27, 2007, to prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any distribution
or payment.

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

Nations Intermediate’s shareholder agreed on April 3, 2007, to place the
company into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Julia Wright
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 9148605
         Fax: (345) 949 4590


OCTAGON INVESTMENT: Proofs of Claim Filing Ends Today
-----------------------------------------------------
Octagon Investment Partners IV, Ltd.'s creditors are given until
May 31, 2007, to prove their claims to Phillip Hinds and Emile
Small, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Octagon Investment's shareholders agreed on April 16, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


PESCADORA LTD: Proofs of Claim Filing Ends on June 28
-----------------------------------------------------
Pescadora Ltd.’s creditors are given until June 28, 2007, to prove their
claims to Royhaven Secretaries Limited, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Pescadora Ltd.’s shareholder 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:

         Royhaven Secretaries Limited
         Attention: N A Wilkins
         P.O. Box 707
         Grand Cayman KY1-1107
         Telephone: 945-4777
         Fax: 945-4799


SHANDON LTD: Proofs of Claim Filing Ends on June 28
---------------------------------------------------
Shandon Ltd.’s creditors are given until June 28, 2007, to prove their
claims to Buchanan Limited, the company's liquidator, or be excluded from
receiving any distribution or payment.

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

Shandon Ltd.’s shareholder agreed on May 17, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Buchanan Limited
         Attention: Francine Jennings
         P.O. Box 1170, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949-0355
         Fax: (345) 949-0360


TRW HOLDING: Proofs of Claim Filing Ends on June 27
----------------------------------------------------
TRW Holding Limited’s creditors are given until June 27, 2007, to prove
their claims to Linburgh Martin and John Sutlic, 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.

TRW Holding’s shareholder agreed on May 4, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


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

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

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

The liquidators can be reached at:

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


UNIVEST CONVERTIBLE: Proofs of Claim Filing Deadline Is June 6
-------------------------------------------------------------
Univest Convertible Arbitrage Fund Ltd.'s creditors are given until June
6, 2007, to prove their claims to K.D. Blake, 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.

Univest Convertible’s shareholder agreed on May 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         K.D. Blake
         Attention: Gundega Tamane
         P.O. Box 493
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-914-4309
         Fax: 345-949-7164


UNIVEST HIGH: Proofs of Claim Filing Is Until June 6
----------------------------------------------------
Univest High Yield Fund Ltd.'s creditors are given until
June 6, 2007, to prove their claims to K.D. Blake, 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.

Univest High’s shareholder agreed on May 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         K.D. Blake
         Attention: Gundega Tamane
         P.O. Box 493
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-914-4309
         Fax: 345-949-7164


WHITE RIVER: Proofs of Claim Filing Is Until June 29
----------------------------------------------------
White River Offshore Ltd.'s creditors are given until
June 29, 2007, to prove their claims to Kenneth L. Edlow, 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.

White River’s shareholder agreed to place the company into voluntary
liquidation under The Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


YRE ASSET: Final Shareholders Meeting Ends Today
------------------------------------------------
Y.R.E. Asset Funding Co., Ltd. will hold its final shareholders
meeting on May 31, 2007, at:

         Maples Finance Limited
         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      the winding up has been conducted and how the property has
      been disposed, 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:

         Emile Small
         c/o Maples Finance Limited
         P.O. Box 1093, George Town
         Grand Cayman, Cayman Islands




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


* COLOMBIA: Investors Unconcerned at Strike at Mineros
------------------------------------------------------
Luisa Fernanda Lafourie, a mining sector expert and Colombia's former
mining minister told Business News Americas that investors are not worried
on the workers' strike at Colombian miner Mineros SA.

Ms. Lafourie commented to BNamericas, "The issue is too local to think
that it could have an affect or cause any concern among investors looking
at the country as an option."

Mineros workers started protesting last week, demanding for a salary
increase of 11%.  However, the company is offering 7.3%, BNamericas notes,
citing a Mineros official.

"It's a labor problem that is important within [the local] context, but on
a national scale I would say that now more than ever Colombia is going
through a major change for the better," Ms. Lafourie told BNamericas.

                        *     *     *

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.




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


* DOMINICAN REPUBLIC: Free Trade Zone Workers Waits for Pay Hike
----------------------------------------------------------------
The DR1 Newsletter reports that employees at the free trade zones are
likely to have to wait a month before getting an increase in their
salaries.

According to DR1, there is no guarantee that the workers' representatives
will reach an accord with the business sector.

Diario Libre relates that the National Salary Council scheduled a meeting
for June 21 between the workers' representatives and the companies, after
a series of meetings.  It is hoped that an accord will be reached this
time.

However, any pay hike for free zone workers will be substantially less
than the 15% salary increases that the non-sectorized private employees
had received due to the fact that "free trade zones have lost out on
competition recently."  Sales have declined and many resulted to closures,
Diario Libre notes.

                        *     *     *

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: Gets US$400.1 Mil. from Petrocaribe Pact
--------------------------------------------------------------
The government of the Dominican Republic has received US$400.1 million in
April 2007, under the Petrocaribe energy cooperation accord, Dominican
Today reports, citing Hacienda minister Vicente Bengoa.

Minister Bengoa told Dominican Today that the Dominican government signed
the Petrocaribe agreement with Venezuela in 2005.  It is a facilitator of
energy policies and plans.  The funds resulting from the cooperation are
used to pay the energy sector.

The Congress was first used loans to construct the Santo Domingo Metro
subway, Dominican Today says, citing Minister Bengoa.  According to the
minister, the loans aren't new.  "It has been done in that manner because
these commercial contracts contain clauses of exemption of taxes,"
Minister Bengoa said.

Minister Bengo told Dominican Today that the Congress authorized two loans
totaling EUR109.8 from the group BNP Paribas last year.

                        *     *     *

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: Vehicles Will Switch to Natural Gas
---------------------------------------------------------
Dominican Republic's Trade and Industry Minister Francisco Javier Garcia
said at a press conference that the government will set up 200 workshops
to convert some 158,000 vehicles to natural gas from liquefied petroleum
gas in the next three years.

Minister Garcia told Neftegaz.ru that the initiative will save the
government US$275 million, which is the amount it spends on subsidies to
liquefied petroleum gas yearly.

The ministry will first convert 22,500 public transport vehicles,
distributing US$700-million conversion kits to vehicle owners who use
liquefied petroleum gas, Neftegaz.ru notes, citing Minister Garcia.

The gas would be transported in containers on highways, using "a virtual
gas pipeline, Minister Garcia told Neftegaz.ru.

                        *     *     *

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


MILLICOM INTERNATIONAL: Morgan Joseph Keeps Buy Rating on Firm
--------------------------------------------------------------
Morgan Joseph analysts have kept their "buy" rating on Millicom
International Cellular's shares, Newratings.com.

Newratings.com relates that the target price for Millicom International
was set at US$104.

The analysts said in a research note that Millicom International is
boosting investments in Asia, where it has 40.5 million people under
license.

The analysts told Newratings.com that Asia is exhibiting signs of new
growth and Millicom International is working hard to remain competitive in
the region.

According to Newratings.com, Morgan Joseph expects that Millicom
International would re-enter the Vietnamese market.

The earnings per share estimate for 2007 was decreased from US$6.57 from
US$6.26, while the estimate for 2008 was reduced to US$5.47 from US$5.78,
Newratings.com states.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A. --
http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *     *     *

Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'B-' senior unsecured debt ratings
on Luxembourg-headquartered emerging-markets wireless
telecommunications operator Millicom International Cellular S.A.
on CreditWatch with positive implications, following the signing
of an agreement for sale by Millicom of its 88.9% stake in
Paktel Ltd. to China Mobile Communications Corp.

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Millicom International Cellular S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.




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


BRITISH AIRWAYS: Displeased by Air Jamaica's London Route Sale
--------------------------------------------------------------
Radio Jamaica reports that Air Jamaica's surrendering its London route to
Virgin Atlantic has frustrated British Airways.

British Airways admitted to Radio Jamaica that it was disappointed at the
decision, especially since it has served the Jamaican market for 60 years.
During that period it has maintained service through good and bad times.

British Airways said in a release that it remained loyal to the Jamaican
market and has had a history of cooperation with Jamaicans and their
government.

According to Radio Jamaica, British Airways stated that it was still
interested in working with the government and Air Jamaica to further
develop its services.

British Airways told Radio Jamaica that it would set up a more sustainable
business between the UK and Jamaica if the decision to sell Air Jamaica's
London route had worked in its favor.

Meanwhile, Air Jamaica Chief Executive Officer Michael Conway told Radio
Jamaica that the airline will receive a fair deal from the sale of its
London route to Virgin Atlantic.

Air Jamaica refused to tell Radio Jamaica how much it will collect from
the sale of its London route.

"Well that information is propriety, its part of the overall transaction
but we are confident that we received a fair market value rate for the
sale of those slots.  The conditions of the deal are that the sale of the
slots was merely one component of it, there is an extensive five year code
share agreement that goes along with it," Mr. Conway commented to Radio
Jamaica.

                      About Air Jamaica

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.

                    About British Airways

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 Ltd. and British Airways Travel
Shops Ltd.  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.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways, Plc

                                                      Projected
                           Old      New      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 in the TCR-Europe on March 27, 2007, 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.


GOODYEAR TIRE: Fitch Lifts Issuer Default Rating to B+
------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Rating for The Goodyear Tire
& Rubber Company to 'B+' from 'B'.  In addition, these debt ratings have
been upgraded:

  The Goodyear Tire & Rubber Company

     -- Issuer Default Rating 'B+' from 'B';

     -- US$1.5 billion first lien credit facility to 'BB+/RR1'
        from 'BB/RR1';

     -- US$1.2 billion second lien term loan to 'BB+/RR1' from
        'BB/RR1';

     -- US$300 million third lien term loan to 'BB-/RR3' from
        'B/RR4';

     -- US$650 million third lien senior secured notes to 'BB-
        /RR3' from 'B/RR4';

     -- Senior unsecured debt to 'B-/RR6' from 'CCC+/RR6'.

  Goodyear Dunlop Tires Europe B.V.

     -- EUR505 million European secured credit facilities to
        'BB+/RR1' from 'BB/RR1'.

The Rating Outlook is Positive.  GT had approximately $5.8 billion of debt
outstanding at March 31, 2007.

The rating upgrades reflect the positive impact on GT's balance sheet of
the recent sale of common stock for approximately $834 million in net
proceeds.  GT used proceeds from the sale to redeem US$175 million of
outstanding 8.625% notes due in 2011 and US$140 million of 9% notes due in
2015.  The ratings and Outlook also incorporate GT's pending sale of its
Engineered Products business for nearly US$1.5 billion, which was
announced in March 2007.  The proceeds from both transactions strengthen
GT's liquidity as it recovers from the labor strike in 2006, continues
with its multi-year program to reduce its cost structure, and further
implements its strategy to exit certain segments of the private label tire
business and expand its higher-margin premium tire business.

GT has made meaningful progress toward its goals but significant
challenges remain with respect to high material costs, achieving capacity
reductions including the closing of the Tyler Texas plant in 2008, and a
highly competitive global tire market.  In addition, GT faces substantial
cash requirements including its agreement to fund a VEBA trust for US$1
billion, rebuild inventory, and fund capital expenditures and pension
contributions.  The company expects pension contributions to decline after
2007, and GT would realize annual cash savings from the transfer of OPEB
liabilities to the VEBA trust assuming it is approved.

As a result of ongoing restructuring and other special items such as the
VEBA trust, GT's free cash flow in 2007 is likely to remain weak.
However, the Positive Outlook incorporates Fitch's view that GT will
attain its targeted cost savings that would support stronger cash flow in
2008 and additional debt reduction consistent with the company's goals.
The settlement of the labor strike at the end of 2006 reinforced GT's
ability to address its high-cost structure in North America.  Partly as a
result of its new labor agreement, GT expanded its cost reduction program
to at least US$1.8 billion over a four year period through 2009.  The
company's ratings and/or Outlook will be contingent on realizing stronger
margins in North America, generating higher levels of free cash flow, and
maintaining a competitive position in the global tire market.

In April 2007, GT restated and extended its bank facilities that provide
more flexible terms, although the facilities remain secured.  The amounts
of the facilities were generally unchanged; however, GT's third-lien bank
term loan was not amended and the term loan portion of GDTE's EUR505
million first-lien credit facilities was converted into a revolver.
Fitch's recovery ratings for GT's debt remain unchanged with the exception
of the third lien debt.  The improvement in the recovery rating to 'RR3'
reflects expectations for stronger operating results as GT makes further
progress in reducing costs and paying down debt.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.

Goodyear maintains Asia-Pacific facilities in Australia, China
and Korea. Its European bases are located in Austria, Belgium,
France, Germany, Italy, Russia, Spain, and the United Kingdom.
Goodyear's Latin American operations are located in Argentina,
Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.




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


AIR JAMAICA: British Airways Displeased by London Route Sale
------------------------------------------------------------
Radio Jamaica reports that Air Jamaica's surrendering its London route to
Virgin Atlantic has frustrated British Airways.

British Airways admitted to Radio Jamaica that it was disappointed at the
decision, especially since it has served the Jamaican market for 60 years.
During that period it has maintained service through good and bad times.

British Airways said in a release that it remained loyal to the Jamaican
market and has had a history of cooperation with Jamaicans and their
government.

According to Radio Jamaica, British Airways stated that it was still
interested in working with the government and Air Jamaica to further
develop its services.

British Airways told Radio Jamaica that it would set up a more sustainable
business between the UK and Jamaica if the decision to sell Air Jamaica's
London route had worked in its favor.

Meanwhile, Air Jamaica Chief Executive Officer Michael Conway told Radio
Jamaica that the airline will receive a fair deal from the sale of its
London route to Virgin Atlantic.

Air Jamaica refused to tell Radio Jamaica how much it will collect from
the sale of its London route.

"Well that information is propriety, its part of the overall transaction
but we are confident that we received a fair market value rate for the
sale of those slots.  The conditions of the deal are that the sale of the
slots was merely one component of it, there is an extensive five year code
share agreement that goes along with it," Mr. Conway commented to Radio
Jamaica.

                    About British Airways

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 Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                      About Air Jamaica

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.




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


FORD MOTOR: Planning To Sell Volvo
----------------------------------
Ford Motor Co. is considering the sale of its Swedish carmaker Volvo,
daily Goteborgs Posten reports.

Sources told Goteborgs Posten that the German carmaker BMW AG could buy
Volvo, which is a part of Ford Motor's Premier Automotive Group.

A report in The Financial Times confirmed BMW's interest in Volvo.

Ford Motor has been incurring losses due to decreasing sales and
increasing cost in production, Newratings.com states.

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).


SATELITES MEXICANOS: May Disclose Buyer Next Week
-------------------------------------------------
Satelites Mexicanos' restructuring advisor Thomas Heather told Business
News Americas that the company could disclose a buyer next week.

The auction process for Satelites Mexicanos was launched in January 2007.
About 11 firms expressed interest.  However, two of them have dropped out,
while the remaining nine have regrouped to create four consortiums,
BNamericas says, citing Mr. Heather.

According to BNamericas, Satelites Mexicanos' sale brought widespread
attention to the firm.  It also led to rumors on different possible
suitors.

Mr. Heather told BNamericas that the auction is in its final stages.  The
bids submission deadline was May 30.  The bids would be handed to Morgan
Stanley, the US investment bank in charge of the sale.

BNamericas notes that the minimum price for the bid is US$500 million,
including Satelites Mexicanos' US$378-million debt.  "The sale
contemplates" a 100% stake in the firm, including portions the Mexican
government used to own.  To comply with Mexican law, 51% of the voting
power must be owned by a Mexican company.

Telecoms consultancy Signals Telecoms Consulting analyst Carlos Blanco
said in a report that the sale should attract a bid of at least US$592
million.   Mr. Blanco is positive that only an international fleet
operator with satellites and strong financial power would be keen on
purchasing Satelites Mexicanos due to debt on the company's books and the
upcoming US$500-million satellite upgrades required of the firm.

Mr. Blanco commented to BNamericas, "Today Satmex [Satelites Mexicanos]
has a lot of debt and a suitor would have to invest very quickly."

According to BNamericas, Mr. Blanco said that US satellite firm SES
Americom has the most to gain from Satelites Mexicano's assets, which
would complement its fleet in North America with "pan-regional
operations."

SES Americom is also "financially sound unlike some other international
operators," BNamericas notes.  SES Americom could benefit from the sale.
However, the company's parent SES Global is in a joint venture with
Brazilian Telmex subsidiary Embratel Participacoes in the ownership of
Star One.  SES Global had preferred to separate its North American
operations from those of the South.

Mr. Heather told BNamericas that among favorite bidders for Satelites
Mexicanos is Bermuda's Intelsat.  However, the firm is yet facing a
takeover bid, which has placed the firm out of the running.  Mr. Heather
said, "[The offer for] Intelsat was unfortunate timing for us because it
distracted them from this process."

BNamericas relates that France's Eutelsat is also a possible suitor for
Satelites Mexicanos but the firm also has its priorities elsewhere, as it
is occupied with launching an initial public offering for its majority
owner, Spanish satellite operator Hispasat.

Mr. Blanco presumes that Satelites Mexicanos would likely launch another
round in the coming months due to uncertainty of the industry
internationally and the financial challenges of the firm, BNamericas
states.

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

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

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

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

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


VANGUARD CAR: Moody’s Affirms Corporate Family Rating at B1
-----------------------------------------------------------
Moody's Investors Service lowered the senior unsecured rating of ERAC USA
Finance Company (a wholly-owned financing conduit of Enterprise Rent-A-Car
Company) to Baa2 from Baa1, and confirmed the company's Prime-2 short-term
rating.

The ratings benefit from an Enterprise guarantee and the outlook is
stable.  The downgrade recognizes that Enterprise's acquisition of
Vanguard Car Rental USA Holdings Inc will increase its leverage
considerably and will result in credit metrics remaining below recent
levels.  Factors contributing to this increased leverage are the addition
of Vanguard's $4 billion in debt to Enterprise's $7 billion in existing
debt, and the borrowings that Enterprise will take on to fund the
acquisition.  In addition to increased financial risk, the acquisition
will also entail a degree of integration risk.  Despite these challenges,
Moody's believes that the transaction will enable Enterprise to strengthen
its position in the US on-airport car rental market, and to maintain
superior levels of financial flexibility relative to its peers.  These
strengths provide support for Enterprise's Baa2 long-term and Prime-2
short-term ratings, and for the stable outlook.

Vanguard's ratings, including the B1 Corporate Family Ratings, are
affirmed and the outlook remains stable.  Moody's anticipates that
change-of-control language will require the repayment of Vanguard's
non-ABS debt.  At that time, the Vanguard ratings will likely be withdrawn

"Despite the additional leverage, this transaction holds some compelling
strategic opportunities for Enterprise," said Bruce Clark, Senior Vice
President with Moody's.  "The acquisition will jump-start the company's
existing on-airport expansion strategy, and could provide it a significant
competitive advantage in meeting both the on- and off-airport car rental
needs of corporate clients."

The majority of Enterprise's revenues are generated in the off-airport
market.  Much of this off-airport business comes from large insurance
companies that provide replacement vehicles to consumers whose cars have
been in accidents or are being repaired under new-car warranty contracts.
Other corporate clients in the off-airport arena must provide temporary
vehicles to their employees.  However, these insurance and corporate
clients also have extensive on-airport car rental needs. Because of
Enterprise's relatively small presence in the on-airport market, it has
had limited capacity to meet these needs.  The Vanguard acquisition will
significantly increase Enterprise's position in the on-airport sector, and
will enable it to better serve the full range of rental car requirements
of its corporate clients.

"Enterprise has been committed to building its position in the on-airport
market for some time. But, limited availability of space within airports
severely constrained its ability to pursue this strategy." Clark said.
"Acquiring the 20% market share that National and Alamo have in the
on-airport market will raise Enterprise's overall share in this sector to
a very competitive 27%."

Moody's assessment of the operating capability and financial strategy of
Enterprise's management also plays an important role in the Baa2 rating
and stable outlook. Enterprise has remained highly successful in meeting
the needs of its corporate clients in the off-airport market, and in
managing an automobile fleet that consists primarily of "risk vehicles".
Unlike "program vehicles" which automobile OEMs repurchase from rental
companies at agreed upon prices, risk vehicles pose resale value risk for
the rental company upon the sale of the vehicle - generally seven to
twelve months after purchase. Enterprise has one of the premier systems
for managing risk fleets, and for selling vehicles at a profit upon
disposition. Enterprise's competitors, whose fleets have historically
consisted primarily of program cars, are now moving aggressively toward
risk vehicles because of their lower purchase prices.

Financially, Enterprise's management has retained a healthy degree of
capital within the business. This prudently conservative financial
strategy, in combination with a strong earnings history, has enabled
Enterprise to steadily and significantly strengthen its credit metrics
during the past six years. As a result, its current credit metrics are
relatively strong, and provide sufficient financial cushion to undertake
the Vanguard acquisition, yet retain pro forma metrics that Moody's views
as supportive of the Baa2 rating. Moody's believes that preserving a
solidly investment grade rating remains important to Enterprise, and that
the company's ongoing financial strategy will help to further strengthen
its capital structure and credit metrics following the acquisition. This
financial strategy includes maintaining adequate committed backup for all
commercial paper borrowing and current portions of long-term debt.

As a closely held, family-owned company, Enterprise faces the possibility
that it may have to take on additional debt in order to pay dividends that
would enable owners to meet estate tax obligations.  Moody's believes that
the estate tax planning on the part of the company and owners would enable
Enterprise to address any estate tax event without a material erosion in
its credit metrics.

Enterprise Rent-A-Car Company, headquartered in St. Louis, Missouri, is
the leading provider of in-town and insurance replacement rental cars in
US. ERAC USA Finance Company is a wholly-owned funding vehicle for
Enterprise.

Headquartered in Tulsa, Oklahoma, Vanguard Car Rental Holdings
LLC -- http://www.vanguardcar.com/-- is a car rental company
operator of the National Car Rental and Alamo Rent A Car brands.  It has
more than 3,200 locations in 83 countries, including the United States,
Canada, Mexico, Europe, the Caribbean, Latin America, Hong Kong, Malaysia,
the Pacific Rim, Africa, the Middle East and Australia.




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


UNION BANK OF NIGERIA: Fitch Assigns B+ Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned Union Bank of Nigeria Plc ratings of Issuer
Default 'B+' with a Stable Outlook, Short-term 'B', Individual 'D' and
Support '4'.  A Support Rating Floor of 'B+' is assigned. Fitch has also
assigned Union Bank National Long- and Short-term ratings of 'A+(nga)' and
'F1(nga)', respectively.  The Support Rating Floor indicates the level
below which Fitch would not lower its IDR in the absence of any changes to
the assumptions underpinning the bank's Support rating.

The IDR, Short-term, National and Support ratings reflect the limited
probability of support for Union Bank in case of need from the Nigerian
authorities.  Union Bank's well established domestic franchise would mean
a high level of willingness to support but the propensity is limited by
the 'BB-' IDR assigned to the sovereign.

Union Bank's Individual rating reflects the bank's weak asset quality
indicators and high levels of concentrated credit risk and operational
risk.  It also takes into account the bank's improved financial
performance and capitalization.

During FY06, Union Bank acquired two small retail banks, Broad bank of
Nigeria Limited and Universal Trust Bank Plc.  At the same time, Union
Bank acquired the assets and liabilities of its subsidiary, Union Merchant
Bank Limited.  The higher cost structures of the acquired banks and
increased competition constrained net earnings growth to 8% during FY06.
During the nine months to end-December 2006, Union Bank's net income
improved by an annualized 37% to NGN13.9 billion on the back of an
enhanced funding base that led to increased loan and transaction volumes.

During FY06 reported gross loans grew by 34% (NGN38.2bn) to NGN151.1bn, of
which approximately NGN18.4bn were related to net loans from acquisitions.
The trend in credit growth continued during 9M07, with the bank reporting
annualized credit growth of 24%.  At end-9M07, 42.8% of gross loans were
concentrated in the manufacturing sector, with consumer lending
representing 6% of the portfolio.  Asset quality was weak with an NPL
ratio of 16.7% at end-9M07 (FYE06: 18.8%).  Fitch considers Union Bank's
Tier I capital adequacy ratio of 24.3% at end-9M07 to be acceptable.
Given weak asset quality indicators and concentrated credit risk, the
agency believes that Union Bank's capital ratios need to be maintained
well above regulatory requirements to support its Individual rating.

Union Bank is a Nigeria-listed universal bank that was established in 1917
and the bank has an extensive branch network of 392 branches through which
it extends its universal banking services.




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


CHIQUITA BRANDS: Panamanian Court Releases Coosemupar Account
-------------------------------------------------------------
A court in Panama has released a Coosemupar account, where Chiquita Brands
International transferred money for the cooperation, Fresh Plaza reports.
The account was frozen in a lawsuit on Aug. 14, 2006.

Union Sitrachilco's general secretary Salustiano De Gracia told Fresh
Plaza that the account will help the cooperative.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service changed the rating
outlook for Chiquita Brands International, Inc. to negative from
stable.

Ratings affirmed:

* Chiquita Brands International, Inc. (parent holding company)

   -- Corporate family rating at B3

   -- Probability of default rating at B3

   -- US$250 million 7.5% senior unsecured notes due 2014 at
      Caa2 (LGD5, 89%)

   -- US$225 million 8.875% senior unsecured notes due 2015 at
      Caa2 (LGD5, 89%)

* Chiquita Brands LLC (operating subsidiary):

   -- US$200 million senior secured revolving credit agreement
      at B1 (LGD2, 26%)

   -- US$24.3 million senior secured term loan B at B1 (LGD2,
      26%)

   -- US$368.4 million senior secured term loan C at B1 (LGD2,
      26%).


CHIQUITA BRANDS: Will Sell 12 Cargo Vessels for US$227 Million
--------------------------------------------------------------
Chiquita Brands International, Inc., told Fresh Plaza that it has signed
definitive accords with Eastwind Maritime Inc. and NYKLauritzenCool AB to
sell its 12 "refrigerated" cargo vessels for US$227 million.

According to Fresh Plaza, the ships will be "chartered back from an
alliance" by Eastwind Maritime and NYKLauritzenCool.

The report says that Chiquita Brands also entered a long-term strategic
pact with Eastwind Maritime and NYKLauritzenCool.  Under the agreement,
the alliance will serve as Chiquita Brands' supplier in ocean shipping to
and from Europe and North America.

Chiquita Brands will lease back 11 of the vessels for seven years, with
options to extend it to two or five years -- one vessel for three years,
Fresh Plaza notes.

Fresh Plaza relates that the vessels to be sold are:

          -- eight reefer ships, and
          -- four container ships.

The vessels transport 70% of Chiquita Brands' banana volume shipped to
European and North American markets, according to the report.

Fresh Plaza says that the accords also provide for the alliance to serve
the remainder of Chiquita Brands' ocean shipping needs for North America
and Europe.

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

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

According to Fresh Plaza, Chiquita Brands, Eastwind Maritime and
NYKLauritzenCool would conclude the transaction in 45 days.

Eastwind Maritime and NYKLauritzenCool committed to keep the same high
social and environmental standards and certifications that Chiquita Brands
implemented in its shipping operations as well as the company's code
standards related to labor conditions, Fresh Plaza states.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service changed the rating
outlook for Chiquita Brands International, Inc. to negative from
stable.

Ratings affirmed:

* Chiquita Brands International, Inc. (parent holding company)

   -- Corporate family rating at B3

   -- Probability of default rating at B3

   -- US$250 million 7.5% senior unsecured notes due 2014 at
      Caa2 (LGD5, 89%)

   -- US$225 million 8.875% senior unsecured notes due 2015 at
      Caa2 (LGD5, 89%)

* Chiquita Brands LLC (operating subsidiary):

   -- US$200 million senior secured revolving credit agreement
      at B1 (LGD2, 26%)

   -- US$24.3 million senior secured term loan B at B1 (LGD2,
      26%)

   -- US$368.4 million senior secured term loan C at B1 (LGD2,
      26%).


* PANAMA: Launches First Construction Tender
--------------------------------------------
Portworld reports that the Panama Canal Authority has launched its first
construction project tender for its Panama Canal expansion project.

According to Portworld, the construction project tender is "for dry
excavation along the north access channel at the Pacific end of the
Canal."  The tender accounts for 16% of the total excavation needed for
the new Pacific Locks Access Channel.

Jorge L. Quijano, the ACP engineering and programs management director,
commented to Portworld, "We are making history with the release of the
first construction project tender.  The expansion is moving forward with
great progress."

The report says that there are five dry excavation projects that will
connect the new post-Panamax locks at the Pacific end of the waterway to
the Gaillard Cut.  The North Pacific channel excavation is the first of
those excavation projects.

Ms. Quijano told Portworld, "We hope to attract firms with significant
experience in this type of work as we begin this important phase of the
project."

As reported in the Troubled Company Reporter-Latin America on
March 20, 2007, Michael King, Barbados' ambassador in the United States,
urged Barbadian companies to present bids for lucrative construction
contracts in the Panama Canal expansion.

The bids submission deadline for the tender is July 1.  The ACP would
award the contract in July or August this year, Portworld states.

                        *     *     *

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




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


ADVANCED MEDICAL: Moody’s May Cut Low B Ratings After Review
------------------------------------------------------------
Moody's Investors Service placed the ratings of Advanced Medical Optics,
Inc. on review for possible downgrade following AMO's announcement that it
voluntarily withdrew its Complete MoisturePlus contact lens solution based
on information received from the U.S. Centers for Disease Control and
Prevention regarding Acanthamoeba keratitis infections from Acanthamoeba
microorganism.

Acanthamoeba is a microorganism commonly found in water, soil, sewage
systems, cooling towers, and heating/ventilation/air conditioning systems.
AK is a rare, but serious, infection of the cornea.  For the fiscal year
ended Dec. 31, 2006, the Complete MoisturePlus contact lens solution
accounted for approximately US$105.7 million, or 10%, of consolidated
sales.

Recently, AMO announced its intention to enter the "go shop" process for
Bausch & Lomb Incorporated.  The company has announced only the intention
and has not officially entered a bid for BOL.

Sidney Matti, Analyst, stated that, "The review for possible downgrade
will focus primarily on the financial effects, both revenue and cost,
associated with the recall of the Complete MoisturePlus product and the
possible consequences for the company's financial flexibility."

These ratings were placed on review for possible downgrade:

   -- B1 Corporate Family Rating;

   -- B1 Probability of Default rating;

   -- Ba1 (LGD2/14%) rating on US$300 million senior secured
      revolver due 2013;

   -- Ba1 (LGD2/14%) rating on US$450 million senior secured
      term loan B due 2014;

   -- B1 (LGD4/50%) rating on US$250 million senior subordinated
      notes due 2017; and

-- B3 (LGD5/81%) rating on US$251 million convertible senior
   subordinated notes due 2024.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for the 12
months ended June 24, 2005 were approximately US$921 million.  For the
fiscal year ended December 31, 2006, AMO generated slightly under US$1
billion in revenues.

The company has operations in Germany, Japan, Ireland, Puerto Rico and
Brazil.


CA INC: Fitch Affirms BB+ Issuer Default & Debt Ratings
-------------------------------------------------------
Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.

The 'B' commercial paper rating is affirmed and withdrawn.  The Rating
Outlook remains Negative.  Fitch's actions affect approximately US$2.6
billion of total outstanding debt.  The negative outlook reflects Fitch's
continued uncertainty regarding CA's long-term capital structure and
Fitch's expectations for modestly weaker annual free cash flow over the
near-term.

Fitch's June 30, 2006 downgrade of CA's ratings to 'BB+' from 'BBB-'
incorporated the company's change of financial policies and ultimate use
of some debt to finance the US$2 billion share repurchase authorization
announced at that time.  Fitch believes the company has sufficient
financial capacity within the current ratings to fund the remaining US$500
million outstanding under the authorization via debt, pro forma for the
completion of the company's announced accelerated share repurchase program
for up to US$500 million, which will be funded with current cash balances.
Whether CA's annual spending on share repurchases and acquisitions will
revert to historical levels when it approximated annual free cash flow
remains unclear to Fitch, although the company has stated that it remains
committed to a "balanced capital allocation strategy."

Fitch will monitor CA's ratings and outlook quarterly, with a focus on
capital structure and balanced use of free cash. In addition, the ratings
and outlook incorporates Fitch's expectations for slightly lower annual
free cash flow of approximately US$800 million (versus US$1 billion
historically).

Free cash flow for fiscal year 2008 is anticipated to be adversely
impacted by cash restructuring and higher cash tax payments but should
increase beyond fiscal year 2008, as the company's restructuring
initiatives begin to translate into higher profitability, cash
restructuring payments decline, and capital spending on the company's
global SAP implementation trends downward.  Ratings concerns also center
on a slowing and more challenging mainframe market, the likelihood for
additional albeit less significant restructuring, and strong competition
from larger, better capitalized companies.  Positively, Fitch anticipates
CA's operating performance will benefit from increased management focus
following the company's recent resolution of its deferred prosecution
agreement.

CA announced on May 21, 2007, that it satisfied the terms of the September
2004 deferred prosecution agreement, including the departure of the
independent examiner assigned and resulting in the dismissal of all
pending charges against CA.  Fitch also believes the company will continue
to make progress in resolving its outstanding accounting issues, including
the remaining material weaknesses identified in the company's 10-K for the
fiscal year ended March 31, 2006.

The ratings continue to be supported by CA's:

     i) solid recurring revenue profile, driven by the high
        barriers to entry with significant "switching" costs
        associated with the software industry;

    ii) consistent annual free cash flow approximating US$750
        million to US$1 billion; and

   iii) size, diversity, and quality of the company's installed
        base (approximately 98% of Fortune 500) and depth of
        product line.  While credit protection measures have
        eroded over the past year, leverage and coverage ratios
        remains solid for the current rating category and should
        be flat over the near-term. Cash from operations to
        total debt was 2.4 times for the fiscal year ended
        March 31, 2007, up from 1.3x for the prior year.

Fitch believes liquidity at March 31, 2007 was solid and supported by:

     i) approximately US$2.3 billion of cash and cash
        equivalents;

    ii) US$1 billion senior unsecured RCF due December 2008, of
        which US$250 million is undrawn and available; and

   iii) aforementioned consistent annual free cash flow.

Fitch notes that CA has US$1.1 billion of debt maturities over the next
year and a half, including US$750 million outstanding under the company's
US$1 billion revolving credit facility expiring December 2008, which Fitch
believes the company will renew over the near-term.  Total debt as of
March 31, 2007, was approximately US$2.6 billion, up from US$1.8 billion a
year ago but essentially flat from the end of fiscal year 2005.

At March 31, 2007, debt primarily consisted of:

     i) US$750 million of borrowings outstanding under the
        company's RCF;

    ii) US$350 million senior notes due April 2008;

   iii) US$460 million senior notes due 2009;

    iv) US$500 million senior notes due 2009; and

     v) US$500 million senior notes due 2014.

On Sept. 1, 2006, CA entered into an amendment to its RCF expiring
December 2008 to loosen certain covenants, including increasing the
carve-out amount to US$2 billion for share repurchases from the effective
date of the amendment through June 30, 2007 and increasing the maximum
allowable leverage ratio (total debt to cash flow from operations) to 4x
from 3.25x.

                        About CA Inc.

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial, marketing,
administrative and other business services, as well as capital and
proprietary information systems to approximately 200 orthodontic and
dental practices representing approximately almost 400 offices.  The
Debtor's client practices provide treatment to patients throughout the
United States and in Indonesia, Mexico, Spain, Brazil and Puerto Rico.




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


CMS ENERGY: To Buy NatGas Plant from Power Group for US$517MM
-------------------------------------------------------------
CMS Energy Corp has disclosed plans of purchasing a natural gas fired
power plant from LS Power Group for US$517 million, Newratings.com
reports.

CMS Energy told Newratings.com that to meet the increasing needs of 1.8
million consumers, the company has to purchase the Zeeland, Michigan-based
946-megawatt power plant.  The purchase will be made by Consumers Energy,
one the firm's group companies.

Newratings.com notes that the deal is awaiting regulatory authorization.
It would close by 2008.

CMS Energy told Newratings.com that buying the power plant was cheaper and
faster compared to constructing a similar one.

Michigan-based CMS Energy Corp. is an electric and natural gas
utility, natural gas pipeline systems, and independent power
generation operator.  The company has offices in Venezuela.

                        *     *     *

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


                         ***********


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 publication
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via e-mail.  Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are US$25
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