TCRLA_Public/070601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, June 1, 2007, Vol. 7, Issue 108

                            Headlines

A R G E N T I N A

ABC TEXTIL: Proofs of Claim Verification Ends on Aug. 27
AGILENT TECH: Signs Agreement to Acquire Adaptif Photonics
AVAYA INC: In Talks with Silver Lake on Likely Buyout, WSJ Says
BANCO HIPOTECARIO: Fitch Affirms & Withdraws B Issuer Ratings
BANCO HIPOTECARIO: Moody’s Rates US$200 Mil. Sr. Notes at (P)Ba1

C&R MERCOSUR: Trustee Verifies Proofs of Claim Until July 6
CIRSA BUSINESS: Moody's May Cut Low B Ratings After Review
CONSULTORA B: Proofs of Claim Verification Is Until Aug. 21
FORNITURE STYLE: Proofs of Claim Verification Ends on Aug. 22
INTERPLAYER SA: Proofs of Claim Verification Ends on July 16

PALM ONE: Proofs of Claim Deadline Is Aug. 14
SOUTH AMERICAN: Trustee Verifies Proofs of Claim Until June 25
XUANON SA: Proofs of Claim Verification Deadline Is June 8

B E R M U D A

KAZIMIR RUSSIA: Will Hold Final Shareholders Meeting on June 18

B R A Z I L

BLOUNT INT’L: March 31 Balance Sheet Upside-Down by US$98.4 Mil.
CHEMTURA CORPORATION: Reports Certain Executive Appointments
LYONDELL CHEMICAL: Offers US$500 Million of Senior Unsec. Notes
LYONDELL CHEMICAL: Sells US$510 Mil. of 6.875% Sr. Unsec. Notes
PETROLEO BRASILEIRO: Inks Deal To Ship Ethanol to Nigeria

PETROLEO BRASILEIRO: Hires Chris Poulton as Exec. Vice President
TIMKEN COMPANY: Earns US$75.2 Million in First Quarter 2007

C A Y M A N   I S L A N D S

ALLCOURT INVESTMENTS: Final Shareholders Meeting Is on June 28
ALTAIR NAVIGATOR: Proofs of Claim Must be Filed by June 6
AMARANTH GLOBAL: Proofs of Claim Filing Ends on June 18
AMARANTH GLOBAL EQUITIES: Proofs of Claim Filing Ends on June 18
BANCAJA INTERNATIONAL: Proofs of Claim Must be Filed by June 28

CITRINE SPECIAL: Proofs of Claim Filing Ends on June 6
COOPERNEFF (CAYMAN): Proofs of Claim Must be Filed by June 6
FCT INVESTMENTS: Proofs of Claim Filing Ends on June 28
FERN INVESTMENTS: Proofs of Claim Filing Is Until June 28
FIRST DOMINION: Proofs of Claim Filing Ends on June 28

FIRST DOMINION: Proofs of Claim Filing Deadline Is June 28
FRESH VIEW: Will Hold Final Shareholders Meeting on June 28
INNFIELD INVESTMENTS: Proofs of Claim Filing Is Until June 28
LINDIAN HOLDINGS: Sets Final Shareholders Meeting for June 28
MW STRAND: Proofs of Claim Filing Ends on June 8

NEWOAK LTD: Proofs of Claim Filing Ends on June 28
OAKHAVEN INT’L: Proofs of Claim Filing Ends on June 28
PERU PRIVATISATION: Proofs of Claim Must be Filed by June 28
SHANDON LTD: Will Hold Final Shareholders Meeting on June 28
STIR FUND: Proofs of Claim Filing Deadline Is June 6

STRATEGEMA GLOBAL: Sets Final Shareholders Meeting for June 28
STRATEGEMA GLOBAL PERSPECTIVES: Shareholders Meeting on June 28
THUNDER BAY: Proofs of Claim Must be Filed by June 8

C O L O M B I A

GRAN TIERRA: Filing Commerciality Declaration of Guayuyaco Block
NOVELL INC: JMP Securities Holds Market Outperform Rating
NOVELL INC: Posts US$2.1 Million Net Loss in Qtr. Ended April 30

* COLOMBIA: Fiscal Policy Must be Oriented to Medium-Term Growth

C O S T A   R I C A

US AIRWAYS: Inks Agreements with NCR to Enhance Customer Service

G U A T E M A L A

ALCATEL-LUCENT: Dresdner Kleinwort Holds Sell Rating on Shares

G U Y A N A

DIGICEL LTD: Unit To Introduce Services to Essequibo Residents

J A M A I C A

AIR JAMAICA: Gov’t Officers Seek US$125-Million Guarantee

M E X I C O

ADVANCED MEDICAL: Robert J. Palmisano Named as Director
BANCA MIFEL: Fitch Assigns BB Long-Term Issuer Default Ratings
BERRY PLASTICS: Moody's May Cut Low B Ratings After Review
CKE RESTAURANTS: Selling La Salsa Chains to Baja Fresh & M Plus
FORD MOTOR: Denies Talks with BMW on Possible Volvo Sale

FORD MOTOR: Production Ends at Windsor Casting Plant
GRUPO MEXICO: Gives US$129 Million of 2006 Profits to Employees
HOST HOTELS: Increases Credit Facility & Extends Maturity Date
INNOPHOS HOLDINGS: Files Registration Statement with U.S. SEC

P A N A M A

PAYLESS SHOESOURCE: Earns US$38.9 Million in 2006 First Quarter

P A R A G U A Y

TELECOM PERSONAL: Installs RedMax Products to Power Hipuu!

P U E R T O   R I C O

ALLIED WASTE: Leon Level Joins Board of Directors
DORAL FINANCIAL: Hires Chris Poulton as Exec. Vice President
FOOT LOCKER: Board Declares US$0.125 Per Share Cash Dividend

U R U G U A Y

NAVIOS MARITIME: Sells Additional 1.7 Million Shares

* URUGUAY: Obtains US$112.1-Million Loan from World Bank

V E N E Z U E L A

DAIMLERCHRYSLER: Chrysler Marketing VP George Murphy to Resign
NORTHWEST AIRLINES: AFA-CWA OKs Collective Bargaining Agreement


                            - - - - -


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


ABC TEXTIL: Proofs of Claim Verification Ends on Aug. 27
--------------------------------------------------------
Carlos Wull, the court-appointed trustee for ABC Textil SA's bankruptcy
proceeding, verifies creditors' proofs of claim until Aug. 27, 2007.

Mr. Wull will present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 19 in Buenos Aires,
with the assistance of Clerk No. 37, 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 ABC Textil 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 ABC Textil's accounting and
banking records will be submitted in court.

La Nacion did not state the date for the submission of the reports.

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

The debtor can be reached at:

          ABC Textil SA
          Manuela Pedraza 3185
          Buenos Aires, Argentina

The trustee can be reached at:

          Carlos Wull
          Virrey del Pino 2354
          Buenos Aires, Argentina


AGILENT TECH: Signs Agreement to Acquire Adaptif Photonics
----------------------------------------------------------
Agilent Technologies Inc. and Adaptif Photonics GmbH have signed an
agreement for Agilent to acquire Adaptif, a privately held company.
Adaptif provides key technology and products used for advanced
polarization analysis and control for the test of optical components and
systems in telecommunications, as well as in the sensors and laser market.
The transaction is subject to standard closing conditions.  Financial
details were not disclosed.

Adaptif’s technology and intellectual property complements Agilent’s
product offerings, and the acquisition will enhance Agilent’s instrument
portfolio for fiber-optic test.  Adaptif has established itself as a
recognized supplier of test products for polarization analysis in the
industry.  The acquisition will help Adaptif’s and Agilent’s customers
obtain comprehensive insight into their optical components and high-speed
optical network designs with a full spectrum of test solutions.  Adaptif
has a close association with the renowned optical center of expertise at
the Technical University of Hamburg-Harburg and has developed extensive
intellectual property in optical-measurement product development.

“This acquisition is one step in a series of actions we have taken to
strengthen our optical test and measurement offerings and allows us to
offer a full range of electrical and optical test equipment for high-speed
broadband network designs,” said Photonic and Network Test Division VP and
General Manager Alois Hauk.

“Adaptif’s expertise and product offerings in polarization test are
leading-edge in the optical test industry and significantly enhance our
ability to address our customers’ needs in this field,” said Juergen Beck,
business manager for Agilent’s Photonic Test & Measurement Segment.

“Joining Agilent will allow Adaptif to increase speed when innovating in
the polarization arena,” said Dr. Ralf Stolte, Adaptif CEO.  “We will be
able to serve our customers even better under the strong Agilent brand
name by focusing on our well-established key technologies.  The Adaptif
team is excited to join the test and measurement leader and looks forward
to further contributing at the leading edge of the industry.”

Agilent plans to sell Adaptif Photonics products upon the deal closing,
which is expected to occur in June.  All Adaptif employees are expected to
join Agilent.

                   About Adaptif Photonics

Adaptif Photonics -- http://www.adaptifphotonics.com/-- is a Hamburg,
Germany-based, privately owned company, which develops, manufactures and
markets industry-leading measurement instruments for polarization control
and analysis for application in the telecom, sensors and laser industries.
The company was founded in 2002 and has a worldwide customer base.

                  About Agilent Technologies

Agilent Technologies, Inc. -- http://www.agilent.com/-- is a
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life
sciences and chemical analysis industries.  The company has
operations in India, Argentina and Luxembourg.

                        *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


AVAYA INC: In Talks with Silver Lake on Likely Buyout, WSJ Says
---------------------------------------------------------------
Avaya Inc. is currently in talks with Silver Lake Partners on a possible
leveraged-buyout, the Wall Street Journal reports citing people familiar
with the matter.

WSJ relates that the company had previously engaged in discussions with
Nortel Networks Corp. on a possible deal.  The talks however "cooled off"
after the two companies couldn't agree on price and mode of payment.

Citing people familiar with the matter, WSJ reports that the two sides are
continuing dialogues and a deal could still occur.

According to WSJ, the company had postponed a scheduled analyst-day
meeting which prompted some to think that the company may be in talks over
a possible buyout.

Headquartered in Basking Ridge, N.J., Avaya Inc., (NYSE: AV) --
http://www.avaya.com.-- designs, builds and manages communications
networks for more than one million businesses worldwide, including more
than 90 percent of the FORTUNE 500(R). Focused on businesses large to
small, Avaya is a world leader
in secure and reliable Internet Protocol telephony systems and
communications software applications and services.  Avaya has locations in
Malaysia, Argentina and the United Kingdom.

                         *     *     *

Standard & Poor's Ratings Services raised its corporate credit
rating on Avaya, Inc., to 'BB' from 'B+'.

Moody's Investors Service upgraded the senior implied rating of
Avaya, Inc., to Ba3 from B1.  Moody's said the ratings outlook is positive.


BANCO HIPOTECARIO: Fitch Affirms & Withdraws B Issuer Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Argentina-based Banco Hipotecario's foreign and
local currency long-term Issuer Default Ratings of 'B', short-term IDR
'B', Individual rating 'D' and Support rating '5' and simultaneously
withdrawn them.

In addition, Fitch has also withdrawn the long-term foreign and local
currency rating of 'B' assigned to BH's US$1.2 billion global medium-term
notes program and the long-term foreign currency rating of 'B' and
Recovery Ratings of 'RR4' of BH's US$250 million series 5, 9.75%
unsubordinated notes due 2016.

Fitch will continue to provide a long-term national rating to BH's US$1.2
billion global medium-term notes program, which is currently 'AA-(arg)'.


BANCO HIPOTECARIO: Moody’s Rates US$200 Mil. Sr. Notes at (P)Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba1 global local currency debt
rating to Banco Hipotecario's US$200 million senior unsecured Argentine
peso-linked notes, which are due in 2010.  Moody's also assigned a
provisional (P)Aa1.ar local currency rating in the Argentine national
scale to the notes The outlooks on the ratings are stable.

Moody's said that the (P)Ba1 local-currency bond rating for Banco
Hipotecario incorporates several positive factors: a well-established
franchise in a key economic sector; improved financial fundamentals; and a
very high level of institutional support.  These factors all contribute to
a Ba1 global local-currency deposit rating.

The notes are denominated and payable in U.S. dollars.  However, in the
event of legal or regulatory restrictions, or any other reason beyond
Banco Hipotecario's control, payment on the notes can be made in Argentine
pesos.  Such option entails a local currency debt rating on the notes.

Banco Hipotecario is headquartered in Buenos Aires, Argentina, and it had
assets of Ar$9.3 billion (US$ 3.1 billion), as well as consolidated
deposits for Ar$0.7 billion (US$ 0.2 billion) on March 2007.

These were assigned to Banco Hipotecario S.A.:

   -- Provisional Global local currency debt rating: (P)Ba1,
      stable outlook;

   -- Provisional National Scale Rating for local currency debt:
      (P)Aa1.ar, stable outlook.


C&R MERCOSUR: Trustee Verifies Proofs of Claim Until July 6
-----------------------------------------------------------
Jose Salen Ini, the court-appointed trustee for C&R Mercosur S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until July 6,
2007.

Mr. Ini will present the validated claims in court as individual reports.
The National Commercial Court of First Instance No. 9 in Buenos Aires,
with the assistance of Clerk No. 18, 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 C&R Mercosur 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 C&R Mercosur's accounting and
banking records will be submitted in court.

La Nacion did not state the date for the submission of the reports.

Mr. Ini is also in charge of administering C&R Mercosur's assets under
court supervision and will take part in their disposal to the extent
established by law.

The debtor can be reached at:

          C&R Mercosur S.A.
          Avenida Corrientes 1186
          Buenos Aires, Argentina

The trustee can be reached at:

          Jose Salen Ini
          Teniente General J. D. Peron 1730
          Buenos Aires, Argentina


CIRSA BUSINESS: Moody's May Cut Low B Ratings After Review
----------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade the B1
corporate family rating of Cirsa Business Corporation S.A., the B1 rating
of Cirsa Finance Luxembourg S.A.'s EUR270 million senior notes due 2014
and the B2 rating of Cirsa Capital Luxembourg S.A.'s EUR130 million senior
notes due 2012.

The rating action has been triggered by the announcement that the company
has entered into a strategic arrangement with Casino Club (a leading
gaming operator in Argentina which owns and operates 12 casinos and 17
gaming arcades throughout the country) with respect to the operation and
future development of their casino operations in the key markets of Buenos
Aires and Rosario.

In Buenos Aires, Cirsa and Casino Club, through its subsidiary Ciesa, have
entered into a joint venture agreement (Union Transitoria de Empresas) by
which Ciesa has committed to invest up to US$120 million over the next
three years to expand and maintain the Buenos Aires casino business, while
each of the two companies will have a 50% economic interest in the profits
of the UTE.  Cirsa will retain the ownership of all of its existing
properties, including the licenses.  In Rosario, Cirsa has acquired a 50%
interest in the Casino de Rosario concession for US$20 million, which
amounts to approximately half of the US$40 million of funds invested by
Casino Club to date.  This planned casino complex is currently under
construction and is expected to commence operations in the first half of
2009 with 2,000 slots machines and 70 gaming tables.  The agreements are
subject to the prior approval of the gaming authorities.

The review process will focus on assessing the impact of these complex
agreements on the corporate structure and financial profile of the company
as well as on the level of execution risk involved in the development of
the new businesses in Buenos Aires and Rosario. Moody's notes that these
agreements are of significant relevance given that they involve Cirsa's
most important asset (Cirsa's Buenos Aires casino business generated
approximately 25% of the consolidated EBITDA of the group in 2006) and
could impact the amount of cash flows to be upstreamed from its
Argentinean subsidiary over the short to medium term.

Moody's expects to complete the review process within the next three
months (subject to the approval of the agreements by the gaming
authorities) and any downgrade in the corporate family rating would likely
be limited to one notch.

Moody's also notes that the notching differential between the rating of
Cirsa Finance Luxembourg S.A.'s EUR270 million senior notes due 2014 and
the rating of Cirsa Capital Luxembourg S.A.'s EUR130 million senior notes
due 2012 could be removed if Moody's were to conclude that the guarantee
from Casino de Buenos Aires S.A. to the 2014 notes has weakened materially
as a result of the profit sharing agreement with Casino Club.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Brazil, The
Dominican Republic, Venezuela, Panama, Suriname, Peru, Argentina
and Uruguay.  For the 12 months ended September 2006, Cirsa had
revenues of EUR1.643 billion and EBITDA of EUR123.7 million.  For the year
ended December 2006, Cirsa had revenues of EUR1.657 billion and EBITDA of
EUR143.4 million.


CONSULTORA B: Proofs of Claim Verification Is Until Aug. 21
-----------------------------------------------------------
Fernando Altare, the court-appointed trustee for Consultora B & B
S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until
Aug. 21, 2007.

Mr. Altare will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 14 in Buenos
Aires, with the assistance of Clerk No. 27, 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 Consultora B 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 Consultora B's accounting and
banking records will be submitted in court.

La Nacion did not state the date for the submission of the reports.

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

The debtor can be reached at:

          Consultora B & B S.A.
          Billinghurst 20
          Buenos Aires, Argentina

The trustee can be reached at:

          Fernando Altare
          Piedras 153
          Buenos Aires, Argentina


FORNITURE STYLE: Proofs of Claim Verification Ends on Aug. 22
-------------------------------------------------------------
Alfonso Raul Badaracco, the court-appointed trustee for Forniture Style
S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until
Aug. 22, 2007.

Mr. Badaracco will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 2 in Buenos
Aires, with the assistance of Clerk
No. 4, 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 Forniture Style 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 Forniture Style's accounting
and banking records will be submitted in court.

La Nacion did not state the date for the submission of the reports.

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

The debtor can be reached at:

          Forniture Style S.A.
          Avenida Cordoba 5799
          Buenos Aires, Argentina

The trustee can be reached at:

          Alfonso Raul Badaracco
          Esmeralda 980
          Buenos Aires, Argentina


INTERPLAYER SA: Proofs of Claim Verification Ends on July 16
------------------------------------------------------------
Marina Tynik, the court-appointed trustee for Interplayer SA's bankruptcy
proceeding, verifies creditors' proofs of claim until
July 16, 2007.

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

La Nacion did not state the date for the submission of the reports.

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

The debtor can be reached at:

          Interplayer SA
          25 de Mayo 377
          Buenos Aires, Argentina

The trustee can be reached at:

          Marina Tynik
          Avenida Rivadavia 10.444
          Buenos Aires, Argentina


PALM ONE: Proofs of Claim Deadline Is Aug. 14
---------------------------------------------
Abel Latendorf, the court-appointed trustee for Palm One S.A.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
Aug. 14, 2007.

Mr. Latendorf will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 14 in Buenos
Aires, with the assistance of Clerk No. 27, 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 Palm One 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 Palm One's accounting and
banking records will be submitted in court.

La Nacion did not state the date for the submission of the reports.

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

The debtor can be reached at:

          Palm One S.A.
          Esmeralda 135
          Buenos Aires, Argentina

The trustee can be reached at:

          Abel Latendorf
          Piedras 153
          Buenos Aires, Argentina


SOUTH AMERICAN: Trustee Verifies Proofs of Claim Until June 25
--------------------------------------------------------------
Salvador Lamarchina, the court-appointed trustee for South American Cargo
SA's reorganization proceeding, verifies creditors' proofs of claim until
June 25, 2007.

The National Commercial Court of First Instance No. 13 in Buenos Aires,
with the assistance of Clerk No. 26, approved a petition for
reorganization filed by South American, according to a report from
Argentine daily La Nacion.

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

La Nacion did not state the reports submission dates.

The informative assembly will be held on April 9, 2008.  Creditors will
vote to ratify the completed settlement plan during the assembly.

The debtor can be reached at:

          South American Cargo SA
          Avenida Presidente Roque Saenz Pena 868
          Buenos Aires, Argentina

The trustee can be reached at:

          Salvador Lamarchina
          Esmeralda 847
          Buenos Aires, Argentina


XUANON SA: Proofs of Claim Verification Deadline Is June 8
----------------------------------------------------------
Alcira Tallone, the court-appointed trustee for Xuanon SA's bankruptcy
proceeding, verifies creditors' proofs of claim until June 8, 2007.

Ms. Tallone will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13 in Buenos
Aires, with the assistance of Clerk No. 26, will determine if the verified
claims are admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Xuanon 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 Xuanon's accounting and banking
records will be submitted in court.

La Nacion did not state the date for the submission of the reports.

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

The debtor can be reached at:

          Xuanon SA
          Marcelo Torcuato de Alvear 1526
          Buenos Aires, Argentina

The trustee can be reached at:

          Alcira Tallone
          Uruguay 662
          Buenos Aires, Argentina




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B E R M U D A
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KAZIMIR RUSSIA: Will Hold Final Shareholders Meeting on June 18
---------------------------------------------------------------
Kazimir Russia Directional Fund Ltd. will hold its final shareholders
meeting on June 18, 2007, at 10:00 a.m., at:

         Covenant House, 85 Reid Street
         Hamilton, HM12, Bermuda

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;

     2) authorizing the liquidator to retain the records
        of the company for a period of three years from
        the dissolution of the company, after which they
        may be destroyed; and

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


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

The liquidator can be reached at:

        William Spencer
        c/o Delphi Management Limited
        Covenant House, 85 Reid Street
        Hamilton, HM12 Bermuda
        Telephone: 001 441 296 6644
        Fax: 001 441 296 4283




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B R A Z I L
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BLOUNT INT’L: March 31 Balance Sheet Upside-Down by US$98.4 Mil.
----------------------------------------------------------------
Blount International Inc.’s balance sheet at March 31, 2007, showed
US$447.6 million in total assets and US$545.9 million in total
liabilities, resulting in a US$98.4 million total stockholders’ deficit.

The company reported net income of US$4.7 million for the first quarter
ended March 31, 2007, compared to net income of
US$9 million in the comparable period last year.  This year’s first
quarter results were adversely impacted by weak conditions in the North
American timber markets.

Sales for the quarter were US$144 million, compared to
US$163.8 million in last year’s first quarter.  Operating income was
US$15.4 million, compared to US$22.3 million in the first quarter of 2006.

Commenting on the first quarter results, James S. Osterman, chairman and
chief executive officer, stated: “Our results for the first quarter
reflect the continuation of weak industry conditions in the North American
timber markets.  Company-wide sales declined in the first quarter by 12%
from last year, as the outlook for United States housing starts and lumber
prices negatively impacted the demand for the timber-harvesting equipment
distributed by our Industrial and Power Equipment segment.  This domestic
market weakness and some disruption caused by the relocation of a
distribution warehouse in March contributed to a 3% year over year decline
in our Outdoor Products Segment.  Sales for this segment outside of North
America remained relatively strong and increased by 7% from last year’s
first quarter.  Although our first quarter operating results were
disappointing in comparison to last year, the results were consistent with
our previously communicated view on full year 2007 financial performance.”

The Outdoor Products segment reported first quarter sales of
US$110.9 million, a 2.9% decrease from last year’s first quarter sales of
US$114.2 million.  Contribution to operating income for this segment was
US$21.1 million, compared to last year’s US$24.8 million.  Segment sales
declined in this year’s first quarter from last year as weaker North
American market conditions within the timber and lawn care industries
resulted in lower unit sales.

The Industrial and Power Equipment segment first quarter sales were
US$33.2 million compared to US$49.8 million in 2006, a 33.4% decrease.
Segment contribution to operating income was US$200,000 compared to US$3.3
million in the first quarter of 2006.  A decline in unit sales of the
company’s timber harvesting products in the North America market resulted
in year-over-year sales and contribution declines.

Corporate expense was US$5.8 million in this year’s first quarter, equal
to last year.  This year’s corporate expense included US$2.1 million in
stock compensation expense, a US$300,000 increase from last year.

Full-text copies of the company’s consolidated financial statements for
the quarter ended March 31, 2007, are available for free at
http://researcharchives.com/t/s?206a

Blount International Inc. (NYSE: BLT) -- http://www.blount.com/ -- is a
diversified international company operating in two principal business
segments: Outdoor Products and Industrial and Power Equipment.

Blount manufactures its products in the United States, Canada, China, and
Brazil, and sells them in more than 100 countries.


CHEMTURA CORPORATION: Reports Certain Executive Appointments
------------------------------------------------------------
Chemtura Corporation disclosed several executive appointments aimed at
strengthening business and functional alignment in its new organization.

Eric Wisnefsky has been appointed vice president of Strategy and New
Business Development, assuming these duties, including merger and
acquisition responsibility, from Greg McDaniel, who will be devoting his
full efforts as group president of Crop Protection, where his 20 years of
prior agricultural business experience will help advance our Crop
Protection business.

Mr. Wisnefsky has served as vice president and treasurer of the
corporation since 2004.  Since joining the company in 1998, he held key
roles in financial planning and analysis, has led cost-saving and business
integration projects, and has been deeply involved in numerous mergers,
acquisitions and divestitures.

In concert with these appointments, Stephen Forsyth, executive vice
president and chief financial officer, has been nominated to become
treasurer of the corporation, pending a vote of the Board of Directors.
Assistant Treasurer Carol Anderson will assume Wisnefsky’s
responsibilities in treasury, risk and insurance, credit and collections,
and cash applications.

“These appointments underscore our commitment to broaden the experience of
talented individuals throughout our organization,” said Robert L. Wood,
Chairman and CEO.

In addition, Chemtura announced that Douglas Debrecht will be joining the
company as vice president and chief information officer in June.  Mr.
Debrecht comes to Chemtura after 12 years with Raytheon Company, where he
served most recently as vice president and chief information officer of
Raytheon International Inc. since 2004.  A Six Sigma specialist, he brings
significant global experience; strong technical, planning, and
implementation skills; and successful IT transformation experience to
Chemtura.

Mr. Debrecht earned his bachelor’s degree in physics and master’s in
engineering, both at Texas A&M University.

“We expect to benefit from Doug’s extensive experience in SAP and
combining disparate systems,” said Mr. Wood.  “We are pleased to have a
seasoned IT executive of Doug’s caliber joining our organization.”

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

                        *     *     *

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

   -- Corporate Family Rating: Ba2 from Ba1

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

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

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


LYONDELL CHEMICAL: Offers US$500 Million of Senior Unsec. Notes
---------------------------------------------------------------
Lyondell Chemical Company will offer US$500 million of 10-year, senior
unsecured notes.  Lyondell will use the net proceeds, together with cash
on hand, to repay in full the US$500 million outstanding principal amount
of its 10.875 percent senior subordinated notes, which mature May 1, 2009.

The offering is expected to close June 1, 2007.  The group of underwriters
for the offering is led by Citigroup Global Markets Inc.  Copies of the
prospectus relating to the offering may be obtained from:

          Citigroup Global Markets Inc.
          Prospectus Department
          Brooklyn Army Terminal
          140 58th Street, 8th Floor
          Brooklyn, NY 11220
          Tel: 1-877-858-5407 (Toll-Free)

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, Korea, New Zealand,
Singapore and Taiwan. It has Latin America opertions in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on April 25, 2007,
Fitch Ratings affirmed Lyondell Chemical Company's Issuer
Default Rating at 'BB-'.  In addition, Fitch affirmed these
ratings for the company:

   -- Senior secured credit facility and term loan at 'BB+';
   -- Senior secured notes at 'BB+';
   -- Senior unsecured notes at 'BB-';
   -- Senior subordinated notes at 'B'.

At the same time, Fitch lowered the rating of Lyondell's
US$100 million, 10.25% debentures due 2010 and US$225 million, 9.8%
debentures due 2020 to 'BB-' from 'BB+'.


LYONDELL CHEMICAL: Sells US$510 Mil. of 6.875% Sr. Unsec. Notes
---------------------------------------------------------------
Lyondell Chemical Company has sold US$510 million of 6.875% senior
unsecured notes in an offering announced earlier.  The notes will mature
on June 15, 2017.  Lyondell will use the net proceeds, together with
available cash, to redeem in full the US$500 million outstanding principal
amount of its 10.875 percent senior subordinated notes, which mature May
1, 2009.  The offering is expected to close June 1, 2007.

The group of underwriters for the offering is led by Citigroup Global
Markets Inc.  Copies of the prospectus relating to the offering may be
obtained from:

          Citigroup Global Markets Inc.
          Prospectus Department
          Brooklyn Army Terminal
          140 58th Street, 8th Floor
          Brooklyn, NY 11220
          Tel: 1-877-858-5407 (Toll-Free)

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, Korea, New Zealand,
Singapore and Taiwan. It has Latin America opertions in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on April 25, 2007,
Fitch Ratings affirmed Lyondell Chemical Company's Issuer
Default Rating at 'BB-'.  In addition, Fitch affirmed these
ratings for the company:

   -- Senior secured credit facility and term loan at 'BB+';
   -- Senior secured notes at 'BB+';
   -- Senior unsecured notes at 'BB-';
   -- Senior subordinated notes at 'B'.

At the same time, Fitch lowered the rating of Lyondell's
US$100 million, 10.25% debentures due 2010 and US$225 million, 9.8%
debentures due 2020 to 'BB-' from 'BB+'.


PETROLEO BRASILEIRO: Inks Deal To Ship Ethanol to Nigeria
---------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA told the Associated
Press that it has signed an ethanol supply agreement with the Nigerian
National Petroleum Corporation.

According to the AP, Petroleo Brasileiro said the accord also involves the
training of NNPC workers to implement a government program to blend 10% of
ethanol into regular gasoline.

The AP notes that Petroleo Brasileiro will first ship 20 million liters of
ethanol to Nigeria in the coming weeks.

Petroleo Brasileiro told the AP that it will export more ethanol based on
demand.

Reports say that Petroleo Brasileiro will construct a US$200-million
ethanol mill in Nigeria, which Petroleo Brasil denied.

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

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

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

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

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


PETROLEO BRASILEIRO: Hires Chris Poulton as Exec. Vice President
------------------------------------------------------------
Petroleo Brasileiro S.A. has successfully wrapped-up the negotiations of
an ethanol supply agreement with the Nigerian National Petroleum
Corporation -- NNPC -- which foresees the export of the first shipment of
anhydrous fuel alcohol to Nigeria.

The negotiations were carried out within the scope of the Memorandum of
Understanding Petrobras and the NNPC signed in August 2005 aiming at
putting the program created to add ethanol to gasoline marketed in Nigeria
into effect.

Petrobras' proposal was approved by the Presidency of the Republic of
Nigeria, and includes product sales, Petrobras' rendering technical
support for the ethanol mixing and handling procedures, and NNPC employee
training to deploy the program designed to add 10% ethanol to all gasoline
marketed in Nigeria.

The first 20-million-liter shipment will be loaded at the Ilha D'Agua
Terminal, in Rio de Janeiro, and unloaded in Lagos, in the forthcoming
weeks.  Other shipments will be made as the program is put into motion.

Petrobras does not currently foresee making investments to build
ethanol-production plants in Nigeria, or even facilities to store, handle,
and mix ethanol to the gasoline in that country.

Petrobras reaffirms the important role Brazil has in the global
alternative fuel market, and its role as a Brazilian industry inducer,
exporting products and services to new markets, among which, now, Nigeria,
and holding an important presence in the African continent.

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.


TIMKEN COMPANY: Earns US$75.2 Million in First Quarter 2007
---------------------------------------------------------
The Timken Company recorded a net income of US$75.2 million for the first
quarter ended March 31, 2007, as compared with a net income of US$65.9
million for the first quarter ended
March 31, 2006.

The company reported net sales for the first quarter of 2007 of about
US$1.3 billion, an increase of US$30.2 million over the first quarter of
2006, or an increase of 2.4%.  Sales were higher across the Industrial and
Steel Groups, offset by lower sales in the Automotive Group.

The company’s first quarter results reflect the ongoing strength of
industrial markets and the performance of the Steel Group.  The company
continued its focus to increase production capacity in targeted areas,
including major capacity expansions for industrial products at several
manufacturing locations around the world.

The company’s first quarter results also reflect a favorable discrete tax
adjustment of US$32.1 million to recognize the benefits of a prior year
tax position as a result of a change in tax law during the quarter.

As of March 31, 2007, the company’s balance sheet showed total assets of
US$4.1 billion, total liabilities of US$2.5 billion, and total
stockholders’ equity of US$1.6 billion.

                  Liquidity and Capital Resources

The company had US$100.8 million in cash and cash equivalents as of March
31, 2007.  Total debt was US$668.5 million at
March 31, 2007, compared to US$597.8 million at Dec. 31, 2006.  Net debt
was US$567.7 million at March 31, 2007, compared to US$496.7 million at
Dec. 31, 2006.  The net debt to capital ratio was 26.7% at March 31, 2007,
compared to 25.2% at
Dec. 31, 2006.

At March 31, 2007, the company had no outstanding borrowings under its
US$500 million Amended and Restated Credit Agreement, and had letters of
credit outstanding totaling US$33.2 million, which reduced the
availability under the Senior Credit Facility to US$466.8 million.  The
Senior Credit Facility matures on
June 30, 2010.

At March 31, 2007, the company had no outstanding borrowings under the
company’s Asset Securitization, which provides for borrowings up to US$200
million.  As of March 31, 2007, there were letters of credit outstanding
totaling US$18.8 million, which reduced the availability under the Asset
Securitization to US$181.2 million.

The company believes it has sufficient liquidity to meet its obligations
through 2010.  It expects to make cash contributions of US$100 million to
its global defined benefit pension plans in 2007.

A full-text copy of the company’s first quarter report is available for
free at http://ResearchArchives.com/t/s?2061

                        Guidance for 2007

The company expects that the continued strength in industrial markets
throughout 2007 should drive year-over-year volume and margin improvement.
While global industrial markets are expected to remain strong, the
improvements in the company’s operating performance will be partially
constrained by restructuring initiatives, as well as investments,
including Project O.N.E. and Asian growth initiatives.  Project O.N.E. is
a program designed to improve the company’s business processes and
systems.  In 2006, the company successfully completed a pilot program of
Project O.N.E. in Canada.  The company expects to complete the
installation of Project O.N.E. for a major portion of its domestic
operations during the second quarter of 2007.

                        Updates on Groups

Industrial Group

In February, the company announced the launch of a fully integrated
casting operation to produce precision aerospace aftermarket components at
this new site.  In addition, the company is increasing large-bore bearing
capacity in Romania, China, India and the United States to serve heavy
industrial markets. The Industrial Group expects to benefit from this
increase in large-bore bearing capacity during the second half of 2007.

Automotive Group

In 2005, the company disclosed plans for its Automotive Group to
restructure its business.  In February 2006, the company announced plans
to downsize its manufacturing facility in Vierzon, France.

These plans are targeted to collectively deliver annual pretax savings of
about US$75 million by 2008, with expected net workforce reductions of
about 1,300 to 1,400 positions and pretax costs of about US$125 million to
US$135 million, which include restructuring costs and rationalization
costs recorded in cost of products sold and selling, administrative and
general expenses.  In December 2006, the company completed the divestiture
of its steering business located in Watertown, Connecticut and Nova
Friburgo, Brazil.  The steering business employed about 900 associates.

Steel Group

In January 2007, the company announced plans to invest approximately US$60
million to enable the company to competitively produce steel bars down to
1-inch diameter for use in power transmission and friction management
applications for a variety of customers.

                 About The Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech
Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea,
Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America,
Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000
employees.

                        *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate Family, Senior
Unsecured Debt and Probability-of-Default Ratings.  Moody’s said the
outlook is stable.




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


ALLCOURT INVESTMENTS: Final Shareholders Meeting Is on June 28
--------------------------------------------------------------
Allcourt Investments Ltd. will hold its final shareholders meeting on June
28, 2007, at:

         CIBC Financial Centre
         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
        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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


ALTAIR NAVIGATOR: Proofs of Claim Must be Filed by June 6
---------------------------------------------------------
Altair Navigator International Ltd. creditors are given until
June 6, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

Altair Navigator’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:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited, Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         Telephone: (345) 914-6305


AMARANTH GLOBAL: Proofs of Claim Filing Ends on June 18
-------------------------------------------------------
Amaranth Global Equities Master Ltd. creditors are given until
June 18, 2007, to prove their claims to K. Beighton and S. L. C.
Whicker, 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.

Amaranth Global’s shareholders agreed on May 14, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         K. Beighton
         Attention: Blair Houston
         P.O. Box 493
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-914-4334
         Fax: 345-949-7164


AMARANTH GLOBAL EQUITIES: Proofs of Claim Filing Ends on June 18
----------------------------------------------------------------
Amaranth Global Equities Ltd. creditors are given until
June 18, 2007, to prove their claims to K. Beighton and S. L. C. Whicker,
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.

Amaranth Global’s shareholders agreed on May 18, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         K. Beighton
         Attention: Blair Houston
         P.O. Box 493
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-914-4334
         Fax: 345-949-7164


BANCAJA INTERNATIONAL: Proofs of Claim Must be Filed by June 28
---------------------------------------------------------------
Bancaja International Capital creditors are given until
June 28, 2007, to prove their claims to Richard Gordon and Joshua Grant,
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.

Bancaja International’s shareholders agreed on May 11, 2007, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         Richard Gordon
         Joshua Grant
         Maples Finance Limited
         P.O. Box 1093
         Grand Cayman KY1-1102, Cayman Islands


CITRINE SPECIAL: Proofs of Claim Filing Ends on June 6
---------------------------------------------------
Citrine Special Opportunities Fund creditors are given until
June 6, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

Citrine Special’s shareholders agreed on April 24, 2007, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited, Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         Telephone: (345) 914-6305


COOPERNEFF (CAYMAN): Proofs of Claim Must be Filed by June 6
------------------------------------------------------------
Cooperneff (Cayman), Ltd. creditors are given until
June 6, 2007, to prove their claims to John Cullinane and Derrie Boggess,
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.

Cooperneff (Cayman)’s shareholders agreed on Feb. 1, 2007, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited, Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         Telephone: (345) 914-6305


FCT INVESTMENTS: Proofs of Claim Filing Ends on June 28
------------------------------------------------------
FCT Investments Ltd. creditors are given until June 28, 2007, to prove
their claims to Jan Neveril and Richard Gordon, 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.

FCT Investments shareholders 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:

         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093
         Grand Cayman KY1-1102
         Cayman Islands


FERN INVESTMENTS: Proofs of Claim Filing Is Until June 28
---------------------------------------------------------
Fern 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.

Fern Investments 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


FIRST DOMINION: Proofs of Claim Filing Ends on June 28
------------------------------------------------------
First Dominion Funding II creditors are given until
June 28, 2007, to prove their claims to Wendy Ebanks 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.

First Dominion’s shareholders agreed on May 7, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         Wendy Ebanks
         Emile Small
         Maples Finance Limited
         P.O. Box 1093
         Grand Cayman KY1-1102
         Cayman Islands


FIRST DOMINION: Proofs of Claim Filing Deadline Is June 28
----------------------------------------------------------
First Dominion Funding II creditors are given until
June 28, 2007, to prove their claims to Wendy Ebanks 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.

First Dominion’s shareholders agreed on May 7, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         Wendy Ebanks
         Emile Small
         Maples Finance Limited
         P.O. Box 1093
         Grand Cayman KY1-1102
         Cayman Islands


FRESH VIEW: Will Hold Final Shareholders Meeting on June 28
-----------------------------------------------------------
Fresh View Holdings Ltd. will hold its final shareholders
meeting on June 28, 2007, at:

         CIBC Financial Centre
         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
        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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


INNFIELD INVESTMENTS: Proofs of Claim Filing Is Until June 28
-------------------------------------------------------------
Innfield 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.

Innfield Investments 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


LINDIAN HOLDINGS: Sets Final Shareholders Meeting for June 28
-----------------------------------------------------------
Lindian Holdings Ltd. will hold its final shareholders meeting on June 28,
2007, at:

         CIBC Financial Centre
         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
        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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


MW STRAND: Proofs of Claim Filing Ends on June 8
------------------------------------------------
MW Strand Fund creditors are given until June 8, 2007,
to prove their claims to John Cullinane and Derrie Boggess, 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.

MW Strand’s shareholders agreed on May 7, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited, Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         Telephone: (345) 914-6305


NEWOAK LTD: Proofs of Claim Filing Ends on June 28
--------------------------------------------------
Newoak 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.

Newoak 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


OAKHAVEN INT’L: Proofs of Claim Filing Ends on June 28
-------------------------------------------------------
Oakhaven International 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.

Oakhaven International’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


PERU PRIVATISATION: Proofs of Claim Must be Filed by June 28
------------------------------------------------------------
Peru Privatisation Fund Management Services Co. Ltd. creditors are given
until June 28, 2007, to prove their claims to Scott Aitken and Connan
Hill, 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.

Peru Privatisation’s shareholders agreed on May 15, 2007, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         Scott Aitken
         Connan Hill
         P.O. Box 1109
         George Town
         Grand Cayman
         Telephone: (345) 949-7755
         Fax: (345) 949-7634


SHANDON LTD: Will Hold Final Shareholders Meeting on June 28
------------------------------------------------------------
Shandon Ltd. will hold its final shareholders meeting on
June 28, 2007, at:

         CIBC Financial Centre
         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
        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:

        Buchanan Limited
        P.O. Box 1170
        Grand Cayman KY1-1102
        Cayman Islands


STIR FUND: Proofs of Claim Filing Deadline Is June 6
----------------------------------------------------
The Stir Fund Ltd. creditors are given until June 6, 2007,
to prove their claims to John Cullinane and Derrie Boggess,
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.

Stir Fund’s shareholders agreed on May 7, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited, Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         Telephone: (345) 914-6305


STRATEGEMA GLOBAL: Sets Final Shareholders Meeting for June 28
---------------------------------------------------------------
Strategema Global Perspectives Fund Ltd. will hold its final shareholders
meeting on June 28, 2007, at 3:00 p.m., at:

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

These 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
        liquidator.

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

The liquidator can be reached at:

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


STRATEGEMA GLOBAL PERSPECTIVES: Shareholders Meeting on June 28
---------------------------------------------------------------
Strategema Global Perspectives Master Fund Ltd. will hold its final
shareholders meeting on June 28, 2007, at 3:30 p.m., at:

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

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

The liquidator can be reached at:

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


THUNDER BAY: Proofs of Claim Must be Filed by June 8
---------------------------------------------------
MW Strand Fund creditors are given until June 8, 2007,
to prove their claims to John Cullinane and Derrie Boggess, 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.

Thunder Bay’s shareholders agreed on May 9, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited, Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         Telephone: (345) 914-6305




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


GRAN TIERRA: Filing Commerciality Declaration of Guayuyaco Block
----------------------------------------------------------------
Gran Tierra said in a statement that it will file a declaration of
commerciality after its Juanambu-1 well on the Guayuyaco block in Colombia
tested at a combined production rate of 778 barrels per day of crude.

Business News Americas relates that Juanambu-1 is the second well that
Gran Tierra drilled in the Guayuyaco block in the Putumayo basin in
Colombia.  Gran Tierra owns a 50% working interest and is also the
operator of the block.

Gran Tierra told BNamericas, "Final test results are being integrated into
an application for declaration of commerciality for submission to
Ecopetrol, Colombia's state oil and gas company."

According to BNamericas, A declaration of commerciality is needed for
Colombian state-run oil firm Ecopetrol to be able to buy a 30% interest in
Guayuyaco.

BNamericas adds that most major banks only lend money to an exploration
and production project once commerciality is declared.

Gran Tierra told BNamericas it will seek to conduct further tests with a
jet pump, which can boost output rates above natural flow rates.

Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America.  The company currently holds
interests in producing and prospective properties in Argentina,
Colombia and Peru.

                        *     *     *

Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future.  The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and, as of Sept. 30, 2006, had an accumulated deficit of US$4.1
million.


NOVELL INC: JMP Securities Holds Market Outperform Rating
---------------------------------------------------------
JMP Securities analyst Denny C. Fish Jr. has kept his "market outperform"
rating on Novell's shares, Newratings.com reports.

Newratings.com relates that the target price for Novell's shares was set
at US$8.50.

Mr. Fish said in a research note that Novell is likely to report second
quarter 2007 revenues and non-GAAP earnings per share in-line with the
consensus.

JMP Securities told Newratings.com that investors are likely to
concentrate going forward on:

          -- Novell’s progress with the restructuring
             initiatives,

          -- the company’s potential to achieve the exit
             operating margin target of up to 7% in fiscal year
             2007,

          -- signs of sustained momentum in the company’s
             Microsoft related distribution accord, and

          -- advancement in the company’s identity management
             business.

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

Novell has sales offices in Argentina, Brazil and Colombia.

                        *     *     *

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


NOVELL INC: Posts US$2.1 Million Net Loss in Qtr. Ended April 30
----------------------------------------------------------------
Novell Inc. incurred a US$2.1 million net loss for the three months ended
April 30, 2007, compared to US$3.3 million of net income for the same
period in 2006.

The company recorded net revenue of US$239 million, compared to net
revenue of US$233 million for the second fiscal quarter 2006.  The loss
available to common stockholders from continuing operations in the second
fiscal quarter 2007 was US$110,000, or US$0.00 loss per common share.
This compares to income available to common stockholders from continuing
operations of US$2 million, or US$0.00 per diluted common share, for the
second fiscal quarter 2006.  Foreign currency exchange rates favorably
impacted total revenue by approximately US$4 million and negatively
impacted net income by US$2 million year-over-year.

On a non-GAAP basis, which excludes stock-based compensation and certain
other items, adjusted income available to common stockholders from
continuing operations for the second fiscal quarter 2007 was US$16
million, or US$0.05 per diluted common share, which includes a US$0.02
favorable tax adjustment.  This compares to non-GAAP adjusted income
available to common stockholders from continuing operations of US$7
million, or US$0.02 per diluted common share, for the second fiscal
quarter 2006.

During the second fiscal quarter 2007, Novell reported
US$19 million of revenue from Linux Platform Products, up 83%
year-over-year, and US$29 million of invoicing, up 114% year-over-year.
Revenue from Identity and Access Management was US$23 million, up 5%
year-over-year.  Revenue from Systems and Resource Management was US$32
million, down 4% year-over-year.  Revenue from our Workgroup business unit
declined 4% from the year ago period to US$84 million.

"We were pleased with the overall results this quarter.  We saw continued
strength in our Linux business, improvement in our Identity business and
better-than-expected results in Workgroup.  Additionally, we benefited
from the impact of cost control measures," said Ron Hovsepian, President
and CEO of Novell.  "While there remains a lot of work ahead of us, our
business is moving in the right direction and we believe we are on track
to achieve our fiscal 2007 exit rate operating margin target."

Cash, cash equivalents and short-term investments were US$1.8 billion at
April 30, 2007, consistent with last quarter.  Days sales outstanding in
accounts receivable was 64 days at the end of the second fiscal quarter
2007, down from 66 days in the year ago quarter.  Total deferred revenue
was US$700 million at the end of the second fiscal quarter 2007, up US$354
million, or 102%, from the prior year.  Cash flow from operations was a
negative US$29 million for the second fiscal quarter 2007, compared to a
negative US$24 million in the second fiscal quarter 2006.

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

Novell has sales offices in Argentina, Brazil and Colombia.

                        *     *     *

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


* COLOMBIA: Fiscal Policy Must be Oriented to Medium-Term Growth
----------------------------------------------------------------
An International Monetary Fund mission headed by its Division Chief in the
Western Hemisphere Department, Benedict Clements, said, "An IMF team has
been in Colombia over the past week for the mid-year staff visit as part
of the Article IV surveillance process.  The team held discussions with
the authorities and private sector about recent economic and financial
developments and the near-term outlook."

Mr. Clements noted, "Since 2003, Colombia's growth performance has been
very strong.  Last year, the economy grew by close to 7% and preliminary
first quarter indications from industrial production and retail sales
suggest that economic activity remains vigorous this year.  In the context
of rapid demand growth and an up tick in inflation over the past year, the
authorities have been taking measures designed to keep inflation low, so
as to sustain robust growth over the medium term.  The Central Bank has
raised its policy interest rate by 275 basis points, and the government
has achieved greater fiscal savings and reduced the combined public sector
deficit in both 2006 and 2007 below original objectives.  The authorities'
commitment to macroeconomic stability over the past several years has
underpinned rising confidence in Colombia's long-term economic prospects
and strong growth in investment, including from abroad.  Improved
fundamentals have also been reflected in rising capital inflows and a
strengthening of the peso."

Mr. Clements said that the team agreed with the authorities that the main
economic challenge today is to keep fiscal and monetary policies oriented
to medium-term growth with low inflation.  According to him, the team
noted the importance for this effort of a monetary policy aimed clearly at
meeting the inflation objective, with a flexible exchange rate.  At the
same time, a further strengthening of fiscal policy-beginning already in
2007-would ease the burden on monetary policy of containing demand
pressures, and reduce the need for administrative measures.

                        *     *     *

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




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


US AIRWAYS: Inks Agreements with NCR to Enhance Customer Service
----------------------------------------------------------------
US Airways has signed agreements with NCR Corporation to deploy
self-service check-in solutions from Kinetics, an NCR subsidiary, at all
107 US Airways locations in the United States and the Caribbean.  The
initial agreement includes software platform, 600 replacement kiosks,
installation services and a three-year maintenance agreement.

“This is all about continuously improving the travel experience for our
customers by providing a self-service check-in that offers ease of use and
that will now be on a common platform system-wide,” said US Airways Senior
Vice President and Chief Information Officer Joe Beery.  “We have been
extremely impressed with the ability of Kinetics to deliver a superior
self-service solution, as well as the flexibility and responsiveness of
their team.”

America West, which merged with US Airways in 2005, had installed Kinetics
self-check-in systems in 2002.

“During our recent conversion to a single reservation system, the legacy
America West Kinetics kiosks and software performed well,” Mr. Beery
added.  “Further, Kinetics helped us recover from the issues we
experienced at that time by rapidly deploying their platform and the
America West software at critical locations. This solidified our decision
to convert entirely to Kinetics.”

The replacement of the 600 kiosks will begin in mid-June and continue
through September.

“As US Airways clearly recognizes, self-service technology is an essential
component of effective customer service and efficient airline check-in
operations,” said NCR Vice President for Self-Service Solutions Mike
Webster.  “We can proudly say that, for NCR, self-service is not a
sideline.  This means our customers – whether in travel, banking,
retailing, hospitality, health care, government or other enterprises –
benefit from the focus, experience and innovation that NCR brings to their
self-service requirements.”

Kinetics is the number-one U.S. provider of enterprise and self-service
technologies to the travel industry, and has deployed thousands of
self-service kiosk devices at over 300 airports worldwide.  NCR, a
recognized leader in self-service technology for banking, retailing and
other industries, acquired Kinetics in 2004.

                    About NCR Corporation

Based in Dayton, Ohio, NCR Corporation (NYSE: NCR) -- http://www.ncr.com/
-- is a global technology company helping businesses build stronger
relationships with their customers. NCR’s Teradata(R) data warehouses,
ATMs, retail systems, self-service solutions and IT services provide
Relationship Technology(TM) that maximizes the value of customer
interactions and helps organizations create a stronger competitive
position.  The company employs approximately 29,500 people worldwide.

NCR and Teradata are trademarks or registered trademarks of NCR
Corporation in the United States and other countries.

                    About US Airways Group

Headquartered in Tempe, Arizona, US Airways' primary business
activity is the ownership of the common stock of US Airways,
Inc., Allegheny Airlines, Inc., Piedmont Airlines, Inc., PSA
Airlines, Inc., MidAtlantic Airways, Inc., US Airways Leasing
and Sales, Inc., Material Services Company, Inc., and Airways
Assurance Limited, LLC.

The company and its affiliates filed for chapter 11 protection
on Aug. 11, 2002 (Bank. E.D. Va. Case No. 02-83984).  Under a
chapter 11 plan declared effective on March 31, 2003, USAir
emerged from bankruptcy with the Retirement Systems of Alabama
taking a 40% equity stake in the deleveraged carrier in exchange
for US$240 million infusion of new capital.

US Airways and its subsidiaries filed their second chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the company's
second bankruptcy filing, it listed US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.  The Debtors'
chapter 11 plan for its second bankruptcy filing became
effective on Sept. 27, 2005.  The Debtors completed their merger
with America West on the same date.

On March 31, 2006, the Court entered a final decree closing the
chapter 11 cases of four affiliates.  Only US Airways, Inc.'s
chapter 11 case remains open.

US Airways (NYSE: LCC) and America West's merger created the
fifth largest domestic airline employing nearly 35,000 aviation
professionals.  US Airways, US Airways Shuttle and US Airways
Express operate approximately 3,800 flights per day and serve
more than 230 communities in the U.S., Canada, Europe, the
Caribbean and Latin America.  US Airways is a member of Star
Alliance, which provides connections for our customers to 841
destinations in 157 countries worldwide.

US Airways has operations in Australia, China, Costa Rica,
Japan, Philippines, and Spain, among others.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services placed its ratings on US
Airways Group Inc., including the 'B-' corporate credit ratings
on US Airways Group Inc. and its major operating subsidiaries
America West Holdings Corp., America West Airlines Inc., and US
Airways Inc., on CreditWatch with developing implications.




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


ALCATEL-LUCENT: Dresdner Kleinwort Holds Sell Rating on Shares
--------------------------------------------------------------
Dresdner Kleinwort analyst Per Lindberg has kept his "sell" rating on
Alcatel-Lucent's shares, Newratings.com reports.

The target price for Alcatel-Lucent's shares was set at EUR8,
Newratings.com notes.

Mr. Lindberg said in a research note that the valuation of
Alcatel-Lucent’s stock indicates the execution of the firm's restructuring
program over the forthcoming few years.

The investors are expecting Alcatel-Lucent's operating margins at slightly
below 20% at the beginning of the next decade, "which is extremely
unlikely," Mr. Lindberg told Newratings.com.

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

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

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




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


DIGICEL LTD: Unit To Introduce Services to Essequibo Residents
--------------------------------------------------------------
Digicel Ltd. told Stabroek News that its unit Pop Up Shop will be in
Essequibo in June to introduce its products and services to the residents.

Pop Up, which owns 50 stores in all the main towns and villages
countrywide, said in a press release that it will be visiting the smaller
villages along the Essequibo Coast throughout June so that clients can
access a wide range of products and services including:

          -- 50% off local weekend calls,
          -- top up handsets, and
          -- for every phone purchased in June get up to
             US$3,000 free credit over the next six months.

According to Stabroek News, Pop Up will be in some locations in Guyana on
an ongoing basis as it aims to fulfill its commitment to become the mobile
operator of choice for Guyana.

Pop Up Sales Director Sherif Elfayoumi told Stabroek News that the firm is
always seeking ways to make its service more accessible to clients.
Bringing Pop Up services and products to clients eradicate their traveling
to neighboring towns to buy Top Up or Digicel phone.

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

                        *     *     *

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.




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


AIR JAMAICA: Gov’t Officers Seek US$125-Million Guarantee
---------------------------------------------------------
Jamaican government officials have motioned to seek a government guarantee
of US$125 million to boost Air Jamaica’s operations, Radio Jamaica
reports.

Radio Jamaica says that Fitz Jackson, State Minister in the Finance and
Planning Ministry, presented the notice of the motion on May 30.

The Jamaica Observer relates that Opposition Member of Parliament for
Clarendon Central Mike Henry called for a "no-confidence motion" against
Air Jamaica's management and Finance and Planning Minister, Dr. Omar
Davies.  According to him, the management had ignored the business plan of
2005-2010 and 2015 and failed to run Air Jamaica along the guidelines
presented to the special select committee that the parliament appointed to
evaluate the airline's financial and operational state.

The Observer notes that the motion also called on Prime Minister Portia
Simpson Miller "to take immediate action in reporting to parliament on the
status of Air Jamaica."  She also accused the Air Jamaica management of
selling the assets of the airline without any reference to the select body
which was to be provided with details of the carrier's performance.
According to her, the 2004 government-commissioned Sabre Airline Solutions
report didn't advise the sale of Air Jamaica's London route.

American management consulting company Sabre Airline Solutions was hired
to review Air Jamaica's operations and make recommendations to restore the
airline to economic viability, The Observer says.  Sabre Airline Solutions
pointed out five critical operations-related areas for restructuring and
estimated savings of US$32 million in 2005 and subsequent years.  Among
the areas noted for adjustment were:

         -- fuel conservation,
         -- maintenance and engineering,
         -- aircraft lease arrangements,
         -- staff remuneration, and
         -- route rationalization.

Air Jamaica's actions regarding its routes were in contempt of the
committee, The Observer says, citing Mr. Henry.

"Whereas the management continues to operate in secrecy, while concluding
the sale of the assets of the company, and whereas the decisions taken on
the routes of Air Jamaica were done and without reference to the sector
interests, namely the Jamaica Hotel Tourist Association and hotel
operators, and whereas these actions are in contempt of the select
committee, be it resolved that the honorable House debate the motion of
no-confidence in the administration of Air Jamaica.  Be it be further
resolved that the honorable House debate the motion of no-confidence in
the administration of Air Jamaica by the minister of finance and call on
the prime minister to take immediate action in reporting to Parliament on
the status of Air Jamaica," Mr. Henry told The Observer.

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
===========


ADVANCED MEDICAL: Robert J. Palmisano Named as Director
-------------------------------------------------------
Advanced Medical Optics Inc. has named Robert J. Palmisano as member of
the board of directors at its annual meeting of stockholders.

Mr. Palmisano most recently served as the president, chief executive
officer and director of IntraLase Corp., which the company acquired on
April 2, 2007.

“Bob brings a wealth of industry and management experience to AMO and we
are pleased to welcome him to the board,” said AMO Chairman, President and
Chief Executive Officer Jim Mazzo.  His leadership and view of the future
of the global ophthalmic market were integral to IntraLase’s success.  We
look forward to his counsel and guidance as an AMO director.”

The company said that Mr. Palmisano joined IntraLase Corp. as president,
chief executive officer and a director in April 2003.  From April 2001 to
April 2003, Mr. Palmisano was the president, chief executive officer and a
director of MacroChem Corporation,
a development stage pharmaceutical corporation.

Additionally, from April 1997 to January 2001, Mr. Palmisano served as
president and chief executive officer and a director of Summit Autonomous,
Inc., a global medical products company that was acquired by Alcon, Inc.
in October 2000.

Before 1997, Mr. Palmisano held various executive positions
with Bausch & Lomb Incorporated.  He earned his bachelor’s
degree in political science from Providence College.

                     About Advanced Medical

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures and
markets ophthalmic surgical and contact lens care products.  The company
has operations in Germany, Japan, Ireland, Puerto Rico and Brazil.

The Troubled Company Reporter – Asia Pacific reported that in connection
with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its B1 Corporate
Family Rating for Advanced Medical Optics Inc.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                           Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   Senior secured
   revolving credit
   facility                B1      Ba1      LGD1        7%

   2.5% convertible
   senior subordinated
   notes                   B3       B2      LGD4       66%


BANCA MIFEL: Fitch Assigns BB Long-Term Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has assigned these ratings to Mexico's Banca Mifel:


  -- Foreign and local currency long-term Issuer Default Ratings
     BB;
  -- Foreign and local currency short-term 'B';
  -- Individual 'C/D';
  -- Support '5', and a Support Rating Floor of 'NF' (no
     floor).

The Rating Outlook is Stable.

At the same time, Fitch has affirmed Mifel's long-term and short-term
national scale ratings at 'A-(mex)' and 'F2(mex)', respectively.  The
Rating Outlook on the long-term national scale rating was revised to
Stable from Positive.

Mifel's IDRs and Individual ratings reflect its adequate capitalization,
liquidity and asset quality.  The ratings also factor in its limited
revenue diversification and weak operating efficiency, which constrain
profitability, as well as some borrower and sector concentrations, its
modest franchise and the risks and challenges associated with ample
projected growth in the following years.

Profitability, though reasonable and stable, is modest given the bank's
reliance on net interest income and weak operating efficiency
(cost-to-income at 85% in 2006), a condition that Fitch expects to
continue in the foreseeable future.  However, net earnings have been
enhanced by low provisions and some non-recurring gains (average ROA
2003-2006: 1.73%), which are unlikely to remain over time. Delinquency has
remained well contained in the past four years (past due loans 2.2% of
total; reserves coverage 158%) but some relatively large borrower and
economic sector concentrations continue weighing on Mifel's risk profile.
Funding is largely provided by stable customer deposits (118% relative to
total loans), which enhances liquidity and interest rate risk. Capital is
sound and largely unencumbered (equity-to-assets 2006: 12.6%).  Ample
asset growth could pressure liquidity and capital, but Fitch believes
Mifel's retained earnings and capital securities will sustain capital
ratios at 14%-15%.

Established in 1993, Banca Mifel is the largest entity of Grupo Financiero
Mifel, which also has factoring, leasing and mutual fund management
companies.  The bank has traditionally targeted SMEs and medium-sized real
estate developers, but expects to grow increasingly diversified to other
sectors, namely mortgages and loans for sub-national governments.  As of
March 2007, Mifel had 18 branches and its overall market share in terms of
loans, assets and deposits was less than 0.5%.  At end-2006, the bank's
assets, deposits and equity amounted to US$698, US$567 and US$88 million,
respectively.


BERRY PLASTICS: Moody's May Cut Low B Ratings After Review
----------------------------------------------------------
Moody's Investors Service placed the long-term debt ratings of Berry
Plastics Holdings Corporation on review for possible downgrade.

The review follows the company's announcement that it intends to enter
into a new US$500 million senior unsecured term loan facility.  The
proceeds, along with cash on hand, are expected to be used to fund a
special one time dividend.

Pro forma for the transaction, Berry's credit metrics are more indicative
of a B3 rating rather than a B2.  Pro forma metrics are for the 12 months
ended March 31, 2007, and include Moody's standard analytical adjustments,
but do not include any projected synergies.  Pro forma leverage rises to
approximately 8.5 times from 7.2 times and the ratio of EBIT to interest
declines to 0.6 times from 0.8 times.

Berry's rating upon the consummation of the merger with Covalence
reflected an expected reduction in debt in the intermediate term to a
level more consistent with the B2 rating category.  With the addition of
US$500 million of additional debt, the forecasted free cash flow is
expected to be insufficient to improve these metrics to a level consistent
with the B2 rating category until at least 2009.  The integration of
Covalence is not yet complete and risks still remain because of the
difference in product lines and size as well as Covalence's historical
operating issues. Additionally, the merger synergies represent a
substantial portion of the forecasted financial results and are not yet
assured given the continuing integration risk.

Moody's stated in its credit opinion dated April 11, 2007, that a failure
to reduce leverage below 6.5 times in the intermediate term could result
in a downgrade.  Berry has substantially increased debt twice in the last
nine months and the ratings assigned both times were based on the
expectation that the company would reduce debt over the intermediate term.

Currently, Moody's anticipates that the downgrade of the Corporate Family
Rating will be limited to one notch.  Changes in instrument ratings and
the prospective rating for the new term loan.

These ratings of Berry are placed under review for possible downgrade:

   -- The B2 Corporate Family Rating, expected to be downgraded
      to B3 upon the close of the transaction;

   -- The B2 Probability of Default Rating, expected to be
      downgraded to B3 upon the close of the transaction;

   -- The Ba3 (LGD 2, 27%) rated US$1,200 million senior secured
      term loan due 2015, expected to be affirmed upon the close
      of the transaction;

   -- The B3 (LGD 4, 65%) rated US$225 million senior secured
      second lien FRN's due 2014, expected to be affirmed upon
      the close of the transaction;

   -- The B3 (LGD 4, 65%) rated US$525 million senior secured
      second lien notes due 2014, expected to be affirmed upon
      the close of the transaction; and

   -- The Caa1 (LGD 6, 90%) rated US$265 million senior
      subordinated notes due 2016, expected to be downgraded to
      Caa2 upon the close of the transaction.

These rating of Berry Plastics Group, Inc. is assigned on a prospective
basis:

   -- US$500 million senior unsecured term loan due 2014, Caa2
      (LGD 6-93%).

The outlook for the prospective rating is stable.

The SGL-2 Speculative Grade Liquidity rating is expected to be affirmed
upon close of the transaction.

The ratings and outlook are subject to the receipt of final documentation.

Based in Evansville, Indiana, Berry Plastics Corporation --
http://www.berryplastics.com/-- manufactures and markets rigid
plastic packaging products.  Berry Plastics provides a wide
range of rigid open top and rigid closed top packaging as well
as comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has more than 6,800 employees and 25
manufacturing facilities in the United States, Mexico, Canada, Europe and
China.

Pro forma for the recent merger with Covalence Specialty Materials
Corporation, net sales for the twelve months ended March 31, 2007 amounted
to approximately US$3.0 billion.


CKE RESTAURANTS: Selling La Salsa Chains to Baja Fresh & M Plus
---------------------------------------------------------------
CKE Restaurants Inc. has entered into an agreement for the sale of its La
Salsa Fresh Mexican Grill restaurants.  La Salsa will be acquired by
Thousand Oaks, California-based Baja Fresh Mexican Grill(R), led by David
Kim and M Plus Capital, which is based in Santa Monica, California.

Under the agreement, Santa Barbara Restaurant Group Inc., a wholly-owned
subsidiary of CKE, is expected to sell its 100% equity interest in La
Salsa Inc. and La Salsa of Nevada Inc.

The transaction is subject to customary closing conditions and is expected
to close by the end of June 2007.  The transaction is not expected to have
a material impact on the future earnings of CKE on a consolidated basis.

"The company’s focus is on growing Carl's Jr. and Hardee's, including dual
branding them with the company’s Mexican brands, Green Burrito(R) and Red
Burrito(TM)," Andrew F. Puzder, CKE president and chief executive officer
said.  While the company believes in La Salsa's potential, the company
also believes its best opportunity for improving earnings and cash flow is
to devote its resources to the future of Carl's Jr. and Hardee's.  As
such, selling La Salsa to David Kim is in the mutual best interests of
both CKE and the La Salsa brand. David Kim is a former Carl's Jr.
franchisee whom the company knows well and it wishes him the best with his
investment in La Salsa."

"I am pleased that the company will have two great Mexican concept brands
in La Salsa and Baja Fresh," Investor David Kim said.  The company
welcomes La Salsa's employees and franchisees to the family. The combined
efficiencies and resources of these two national brands create a dynamic
growth company to compete in the Mexican food restaurant market."

                    About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR) --
http://www.ckr.com-- through its subsidiaries, franchisees and licensees,
operates some of the most popular U.S. regional brands in quick-service
and fast-casual dining, including the Carl's Jr.(R), Hardee's(R), La Salsa
Fresh Mexican Grill(R) and Green Burrito(R) restaurant brands.  The
company operates 3,131 franchised, licensed or company-operated
restaurants in 43 states and in 13 countries -- including Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on March 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on CKE Restaurants.  S&P said the outlook is stable.


FORD MOTOR: Denies Talks with BMW on Possible Volvo Sale
--------------------------------------------------------
Ford Motor Company has denied reports that it is in unofficial discussions
with German auto maker BMW to sell its Swedish unit Volvo Car Corp,
various papers reported.

As reported in the Troubled Company Reporter, The Financial Times and The
Goteborgs Posten Daily related that sources within Ford said the car
producer is mulling over the sale of Volvo to raise cash and return its
North American operations to profitability.

Analysts say that the sale of Volvo could raise about US$8 billion,
Poornima Gupta of Reuters reports.

“Ford is not in discussions with BMW or any other carmaker regarding
interest in the Volvo Car Corp.," Ford spokesman John Gardiner said,
reading from a statement.  "We have seen this kind of speculation for the
past year, as Ford Motor Company has been assessing our operations and
portfolio -- as any good business does and we will continue to do."

According to Jeremy van Loon of Bloomberg News, BMW AG’s shares went up
1.7% after the Financial Times reported that it is a possible buyer of
Volvo.

                        About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in 200
markets across six continents.  With about 260,000 employees and about 100
plants worldwide, the company's core and affiliated automotive brands
include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin,
and Mazda.  The company provides financial services through Ford Motor
Credit Company.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3-billion of senior convertible notes due 2036.


FORD MOTOR: Production Ends at Windsor Casting Plant
----------------------------------------------------
Production at the 73-year-old Windsor Casting Plant ended as Ford Motor
Company continues to transform its North American automotive operations
into a profitable and sustainable business.  Ford is moving away from
in-house casting operations due to the competitive realities of today's
auto industry and the need to focus on the core business.

During the last 73 years, the Windsor Casting Plant has produced more than
50 million cylinder block castings and crankshafts for Ford engines.  
Windsor Casting Plant employees have demonstrated leadership in their
dedication to quality, environmental stewardship and their commitment to
the community.

"It is a tribute to the employees at the Windsor Casting Plant that they
have achieved outstanding productivity levels with consistently high
quality throughout this year, right down to the last engine block
produced," AdrianVido, Windsor site manager, Ford Motor Company of Canada,
Limited, said.  "The company's decision to move away from in-house casting
operations is based on a thorough analysis of our business and a need to
focus on our core operations.  While difficult, these are the right
actions for Ford's future."

As reported in the Troubled Company Reporter on May 9, 2007, the company
also recently disclosed that it will end casting production at the Ford
facility in Cleveland, Ohio.

The Windsor Casting Plant opened in 1934 and most recently employed 500
people.  It produces cylinder block castings for 4.2-litre V6 engines and
crankshafts for 4.2-litre V6, 5.4-litre V8, 3.0-litre V6, 4.6-litre V8 and
2.3-litre engines.  The plant is also one of the largest recyclers of iron
and steel in Southern Ontario.  All the steel used in the cylinder blocks
and crankshafts is recycled material.

"For decades, workers at the Windsor Casting Plant have demonstrated an
unwavering commitment to quality workmanship and pride in a job well
done,” Mike Vince, president, Canadian Auto Workers Local 200, said.
“They leave the plant with their heads held high.”

Working with the CAW, Ford of Canada has offered financial assistance
packages worth up to US$100,000 to help employees in Windsor retire, or
move their careers in new directions.  The company has also partnered with
the Ontario government to open an employment counseling and training
centre specifically for Ford employees impacted by the restructuring.
Programs and services for these workers include: job-search assistance,
training information, vocational and educational counseling, personal
support in dealing with the stress of job loss, financial counseling and
information about starting a small business.

"A key priority is to help our employees, their families and the community
through this difficult transition," Tom McWilliams, manufacturing manager
and a 24-year Ford veteran, including 17 years at Windsor Casting, said.
"It's simply the right thing to do in a tough situation."

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in 200
markets across six continents.  With about 260,000 employees and about 100
plants worldwide, the company's core and affiliated automotive brands
include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin,
and Mazda.  The company provides financial services through Ford Motor
Credit Company.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3-billion of senior convertible notes due 2036.


GRUPO MEXICO: Gives US$129 Million of 2006 Profits to Employees
---------------------------------------------------------------
Grupo Mexico SA, de CV, told Reuters that it has shared US$129 million
from its 2006 profits to workers.

The biggest checks went to the Cananea copper mine employees, Reuters
notes, citing Grupo Mexico.

Reuters notes that Cananea employees got over US$30,000 each, while La
Caridad mine workers received over US$10,000 each.  Grupo Mexico shared
profits at Cananea and at sister copper mine La Caridad despite
long-running protests at the two mines last year.

Grupo Mexico executive Xavier Garcia de Quevedo told Reuters that the
record MXN1.397 billion profit in 2006 -- about 78% higher than 2005 --
was due to high metals prices as well as investments were behind.

Mr. Garcia said in a statement, "Our workers are receiving in some cases
profits equivalent to more than 3 years of work."

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook is stable.


HOST HOTELS: Increases Credit Facility & Extends Maturity Date
--------------------------------------------------------------
Host Hotels & Resorts, Inc. successfully amended its existing bank credit
facility for Host Hotels & Resorts, L.P. to increase the size, extend the
maturity and modify the terms of the facility, including lowering the rate
of interest on borrowings.

The size of the facility has been increased to US$600 million, with an
accordion feature that allows for additional borrowing capacity up to US$1
billion.

The facility's maturity has been extended three years to September 2011,
and also may be extended under certain circumstances for an additional
year.

The interest rate spread for LIBOR-based borrowings under the amended
facility has been reduced to 65 to 150 basis points over LIBOR, depending
on the Company's leverage ratio, a reduction from 200 to 375 basis points
under the existing facility, and the unused commitment fee on the facility
ranges from 10 to 15 basis points.

Upon closing, the interest rate spread for LIBOR-based borrowings on the
facility will be 65 basis points based on the Company's current leverage
ratio.

Like the existing facility, the amended facility contains a sub-limit for
borrowings in Canadian Dollars, and, in addition, the amended facility
contains a sub-limit for borrowings in Euros and British Pounds Sterling.

There are currently no amounts outstanding under the facility.

Deutsche Bank Securities Inc., Banc of America Securities LLC and Citicorp
North America Inc. acted as joint-lead arrangers and joint book running
managers.

Host Hotels & Resorts, Inc. -- http://www.hosthotels.com/--
(NYSE:HST) is a lodging real estate investment trust and owns luxury and
upper upscale hotels.  The company currently owns 121 properties with
approximately 64,000 rooms, and also holds a minority interest in a joint
venture that owns seven hotels in Europe with approximately 2,700 rooms.
Guided by a disciplined approach to capital allocation and aggressive
asset management, the company partners with premium brands such as
Marriott(R), Ritz-Carlton(R), Westin(R), Sheraton(R), W(R), St. Regis(R),
The Luxury Collection(R), Hyatt(R), Fairmont(R), Four Seasons(R),
Hilton(R) and Swissotel(R) in the operation of properties in over 50 major
markets worldwide, including Mexico and Italy.

                        *     *     *

As reported in the Troubled Company Reporter on May 7, 2007, Standard &
Poor's Ratings Services revised its rating outlook on Host Hotels to
positive from stable.  All ratings on the company, including the 'BB'
corporate credit rating, were affirmed.


INNOPHOS HOLDINGS: Files Registration Statement with U.S. SEC
-------------------------------------------------------------
Innophos Holdings Inc. has filed a registration statement with the U.S.
Securities and Exchange Commission for a proposed underwritten secondary
offering of its common stock.  The proposed offering will include shares
sold by certain of Innophos' stockholders.  Innophos will not receive any
of the proceeds from this offering.

5,000,000 shares are proposed to be offered at a price range that will be
based upon prevailing market prices.  The underwriters will also have an
option to purchase an additional 750,000 shares of common stock from the
selling stockholders to cover over-allotments, if any.  The offering will
be made only by means of a prospectus.

Innophos Holdings, Inc. is the parent holding company of
Innophos Investments Holdings, Inc., which is also a holding
company that owns 100% of Innophos, Inc.  Innophos, Inc.
(including its subsidiaries) is the largest North American
manufacturer of specialty phosphate salts, acids and related
products serving a diverse range of customers across multiple
applications, geographies and channels.  Innophos offers a broad
suite of products used in a wide variety of food and beverage,
consumer products, pharmaceutical and industrial applications.
Headquartered in Cranbury, New Jersey, Innophos has plant
operations in the US, Canada and Mexico.  Its revenues for the
12 months ended Dec. 31, 2006 were roughly US$542 million.
Innophos publicly listed its shares in November 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2007, Moody's Investors Service assigned a B1
corporate family rating to Innophos Holdings, Inc., and a B3
rating to the company's new US$66 million senior unsecured notes
due 2012.  The new notes are being issued by Innophos Holdings,
Inc. to refinance US$61 million of debt of its subsidiary,
Innophos Investments Holdings, Inc.  The corporate family rating
assignment is being made to transfer the corporate family rating
to Innophos Holdings, Inc. from Innophos Investments Holdings,
Inc.  An SGL- 2 speculative grade liquidity rating and a stable
rating outlook were also assigned to Innophos.

These summarizes the ratings activity:

   Innophos Holdings, Inc.

Ratings assigned:

   -- Corporate family rating, B1

   -- Probability of default rating, B1

   -- Speculative grade liquidity rating, SGL-2

   -- US$66 million senior unsecured notes due 2012, B3,
      LGD6, 93%

   Innophos, Inc.

Ratings affirmed:

   -- US$50 million guaranteed senior secured revolver due 2009,
      Ba1, LGD2, 18%

   -- US$220 million guaranteed senior secured term loan B due
      2010, Ba1, LGD2, 18%

   -- US$190 million 8.875% guaranteed senior subordinated
      notes due 2014, B2, LGD5, 71%




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


PAYLESS SHOESOURCE: Earns US$38.9 Million in 2006 First Quarter
---------------------------------------------------------------
Payless ShoeSource, Inc., reported financial results for the first quarter
ended May 5, 2007.  First quarter 2007 net earnings were US$38.9 million,
up 8.1% versus first quarter 2006 net earnings of US$36.0 million.  The
results for the first quarter of 2007 included costs related to the
company's distribution center initiative, including the exit from one
facility and temporary redundancies between facilities.  Those costs
totaled US$6.1 million pre-tax or US$0.06 per diluted share in the first
quarter of 2007.

First quarter 2007 comparable store sales were up 5.0%, the ninth
consecutive quarter of positive comparable store sales.  Total sales were
US$729 million, up 4.9% compared to the first quarter of 2006.  Average
unit retails increased 2% and total unit sales grew 3%, compared to the
first quarter of 2006.  This was due primarily to strength in women's
footwear and greater customer conversion.  First quarter sales gains were
offset in part by underperformance in sandals.

"Payless delivered a very respectable quarter of sales and earnings
through continued execution of our strategy in spite of some challenging
weather conditions during the period," said Matthew E. Rubel, Chief
Executive Officer and President.  "Customers continued to respond to our
on-trend and differentiated products, demonstrating the resilience of our
business during the quarter.  Our inventory is in excellent condition, and
we are well-positioned for the remainder of the spring season."

Gross margin rate was 36.9% in the first quarter of 2007 versus 36.8% in
the first quarter of 2006, an increase of 10 basis points.  The increase
in gross margin rate was due primarily to higher initial mark-on partially
offset by the costs related to the company's distribution center
initiative.

Selling, general and administrative expenses were 28.8% of sales in the
first quarter of 2007 versus 28.7% in the prior year period, an increase
of 10 basis points.  The rate increase was driven primarily by lower sales
of sandals.  SG&A expenses were US$210 million in the first quarter of
2007, up 5% versus the prior year due primarily to higher advertising and
credit card fee expenses.

During the first quarter of 2007, Payless repurchased 0.5 million shares
for US$15 million (including shares from stock option exercises) under its
stock repurchase program.  In accordance with its indenture governing its
senior subordinated notes, the company may repurchase approximately US$19
million more of its stock in the open market at this time.  This limit
will continue to adjust quarterly based on the company's net earnings.

Payless ended the first quarter of 2007 with US$328 million in cash and
short-term investments compared to US$408 million at the end of the first
quarter of 2006.  The decrease was due primarily to the first quarter 2007
acquisition of Collective Licensing.  Total inventory was US$382 million
at the end of the first quarter of 2007.  Total inventory and inventory
per store were virtually flat versus the prior year period.

Capital expenditures for first quarter 2007 totaled US$56 million versus
US$23 million in the prior year period. The increase was due primarily to
greater investments in the company's supply chain.  During first quarter
2007, Payless added 15 new stores and relocated another 23.  Net of
closings, Payless ended the period with 4,564 stores down 38 compared to
first quarter 2006.  Fiscal 2007 capital expenditures for Payless are
still expected to total approximately US$160 million.  The increase over
2006 will be primarily driven by spending on the company's supply chain.
In 2007 the company has and will continue to invest, in stores, brands,
and technology which support Payless' strategic imperatives of effective
brand marketing, on-trend targeted product, a great shopping experience,
and efficient operations.

                           Outlook

Last week, Payless ShoeSource announced the signing of a definitive
agreement to acquire The Stride Rite Corp.  The combined company, which
will be renamed Collective Brands, Inc. subject to closing and to
shareholder approval, is expected to have strong pro-forma financials:

   -- The transaction is expected to be earnings per share
      accretive in fiscal year 2008.

   -- The 2006 to 2009 compound annual growth rate in operating
      profit is expected to be in excess of 20%.

   -- The debt leverage ratio for the new company is expected to
      return to Payless' pre-transaction level within two to
      three years of the acquisition's consummation.

The Payless business unit of Collective Brands should continue to achieve
low single-digit positive same-store sales on a consistent basis through
successful execution of its merchandising strategies.  Over time, the
Payless unit is expected to contribute operating profit percentage growth
in the mid-teens.

Headquartered in Topeka, Kansas, Payless ShoeSource Inc.
(NYSE:PSS) -- http://www.payless.com/-- is a family footwear
specialty retailer with 4,605 retail stores, as of fiscal
yearend Jan. 28, 2006 (fiscal 2005), including 22 stores not
open for operations.  The Company's Payless ShoeSource retail
stores in the United States, Canada, the Caribbean, Central
America, South America and Japan sold 182 million pairs of
footwear, in fiscal 2005.  The Company operates its business in
two segments -- Payless Domestic and Payless International.  The
Payless Domestic segment includes retail operations in the
United States, Guam and Saipan.  The Payless International
segment includes retail operations in Canada; Puerto Rico; the
United States Virgin Islands; Japan; the South American Region,
which includes Ecuador, and the Central American Region, which
includes Costa Rica, Guatemala, El Salvador, the Dominican
Republic, Honduras, Nicaragua, Panama and Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
May 28, 2007, Moody's Investors Service placed the ratings of Payless
Shoesource, Inc. on review for possible downgrade following the company's
announcement on May 22, 2007 of its definitive agreement to acquire Stride
Rite for approximately US$800 million plus the assumption of Stride Rite
debt, which currently consists of only borrowings under its revolver.

Moody's notes that while the acquisition will provide Payless with a
complementary stable of solid brands, the review for possible downgrade
reflects the substantial amount of debt incurred to finance the
transaction which will likely result in a deterioration of credit metrics.

These ratings are placed on review for possible downgrade:

   -- Corporate family rating at Ba3;
   -- Probability of default rating at Ba3;
   -- US$200 million 8.25% senior subordinated notes




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


TELECOM PERSONAL: Installs RedMax Products to Power Hipuu!
----------------------------------------------------------
Telecom Personal has chosen Redline Communications Inc.’s RedMAX products
to power its Hipuu! WiMAX service in Paraguay.  With Redline
Communications’ WiMAX Forum Certified RedMAX products installed, Telecom
Personal can now deliver a true WiMAX experience to thousands of
businesses and residents in Paraguayan capital city Asuncion.

Telecom Personal General Manager Marcelo Prudencio said, "To meet the
expectations of our Hipuu! Customers, we required a true certified WiMAX
solution that has a proven track record in delivering voice, video and
data communications.  Redline is recognized worldwide as a leading WiMAX
vendor with the experience and WiMAX Forum Certified systems that would
ensure a reliable, scalable, carrier-class WiMAX network that supports
more than 250 users per base station, which we believe is more than any
other WiMAX solution."

Telecom Personal is installing Redline Communications’ proven
high-capacity RedMAX system, which includes the RedMAX Outdoor subscriber
Unit, because it can be quickly and easily installed at the customer
premise.  This ease of installation, combined with the network
manageability and provisioning supported by the Redline Management Suite
has enabled Personal to rapidly deploy and expand its Broadband network,
with the ability to sustain thousands of customers per base station.  In
addition, the RedMAX system has enabled Telecom Personal to extend its
service area to reach additional customers, with links of more than 30
kilometers.  Redline’s WiMAX solution also supports the delivery of
guaranteed service levels agreements for business and residential users,
allowing Telecom Personal to tailor its service packages to suit its
various markets.  The Telecom Personal WiMAX network has been deployed by
a collaborative deployment team that included Personal, Brightstar, a
Redline Value Added Distributor and world leading wireless distribution
and supply chain solutions provider, Cisco, Softnet Logicalis and Redline.

Telecom Personal has completed the roll out of the RedMAX network in
Asuncion and Great Asuncion and is continuing its network expansion to
enable the Company to offer a nation wide package of services for
corporate and residential customers.  Telecom Personal’s initial RedMAX
deployment phase generated a rapid return on its WiMAX investment,
enabling it to quickly initiate network planning to expand its services
more to more customers in additional regions.  Telecom Personal expects to
triple the number of subscribers on its network by year end, resulting in
one of the world’s largest WiMAX Forum Certified networks to date.

Among the many objectives of Telecom Personal’s WiMAX network, is its goal
to increase the availability of Internet access for the Paraguayan
population, especially its youth.  Mr. Prudencio noted, "Along with the
development of our Personal Hipuu! Service, the Company is carrying on a
Social Responsibility Project which includes the donation of fully
equipped computer laboratories, including personal computers, printers and
free Internet access to those schools operating in low income areas of
Asuncion and the rest of the country."

Brightstar's WiMAX General Manager John Bonadurer III stated, "As carriers
execute on the demand of high-bandwidth services, they have a crucial need
for high capacity, high performance systems that enable them to support
more users via the most cost effective means available, and WiMAX provides
an optimized path to accomplish this.  Redline’s RedMAX solution has been
proven to support high concentrations of users on a single sector,
providing carriers with an exciting return on investment."

Softnet Logicalis, Redline Communications’ Silver Certified Partner, has
played a critical role in the WiMAX network planning and deployment phases
and will continue to work with Telecom Personal to ensure maximum network
performance.  The integration of Cisco’s core switching equipment will
enable Personal to more easily manage all data traffic over Telecom
Personal’s entire network infrastructure.

"Redline consistently delivers industry-leading broadband wireless
products that establish the most advanced carrier-class wireless networks.
As the most widely-deployed WiMAX Forum Certified system, RedMAX enables
the performance and features carriers need to deliver increasingly
advanced communications services and scalability to expand their
subscriber base over time," Redline Communications' Vice President of
Marketing and Business Development Kevin Suitor said.

                        About Brightstar

Brightstar Corp. -- http://www.brightstarcorp.com-- is the largest
wireless distributor and supply chain solutions provider in the world.
With global headquarters in Miami, Florida, Brightstar serves customers on
six continents.  The company provides solutions to network operators,
MVNOs, resellers, retailers and agents around the world and also
represents the world’s leading wireless manufacturers.  In 2006,
Brightstar generated US$3.6 billion in revenue.

                     About Softnet Logicalis

Softnet Logicalis -- http://www.la.logicalis.com-- is a Logicalis Group
Company (Group with headquarters in England).  It is a professional
services company that has highly qualified trained professionals with
expertise in Cisco, in Paraguay and several countries of Latin America.
Its professional services offer: consulting services, network
infrastructure services, managed network services, outsourcing services
and services for routers, switches, security and Internet protocol
telephony.  Softnet Logicalis is a business partner of Redline
Communications providing professional services in Paraguay and all Latin
America.

                   About Redline Communications

Redline Communications is the leading provider of standards-based wireless
broadband solutions.  Redline Communications’ RedMAX WiMAX Forum Certified
systems and award-winning RedCONNEX family of broadband wireless
infrastructure products enable service providers and other network
operators to cost-effectively deliver high-bandwidth services including
voice, video and data communications.  Redline is committed to maintaining
its wireless industry leadership with the continued development of WiMAX
and other advanced wireless broadband products.  With more than 35,000
installations in 75 countries, and a global network of over 100 partners,
Redline Communications' experience and expertise helps service providers,
enterprises and government organizations roll out the services and
applications that drive their business forward.

                       About Telecom Personal

Telecom Personal is the wireless provider of Telecom Argentina
SA, providing services in Argentina and Paraguay over a GSM
network.  The company has 7.7 million users, with an estimated
30% market share in Argentina and a customer mix of 66% prepaid
and 34% postpaid as of June 30, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, Fitch Ratings affirmed Telecom Personal SA's
foreign and local currency Issuer Default Rating at 'B', and the
senior unsecured at 'B/RR4', and revised the Rating Outlook of
the international scale IDRs to Positive from Stable.
Approximately US$200 million in debt is affected by the rating
action. Fitch has also upgraded the national scale rating of
Personal to 'A(arg)' from 'BBB+(arg)' with a stable rating
outlook.




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


ALLIED WASTE: Leon Level Joins Board of Directors
-------------------------------------------------
Allied Waste Industries Inc. has elected Leon (Lee) J. Level to the
company's Board of Directors, effective May 30, 2007.  In conjunction with
joining the Board, Mr. Level has been appointed to serve on the Audit
Committee.

Mr. Level retired in 2006 from Computer Sciences Corporation, having
served as Corporate Vice President and Chief Financial Officer and as a
director of CSC from 1989 to 2006.  Prior to his CSC experience, Mr. Level
held ascending and varied financial management and executive positions
with Unisys Corporation (formerly Burroughs Corporation), including
corporate vice president, treasurer and chairman of Unisys Finance
Corporation, Bendix Corporation (executive director and assistant
corporate controller) and Deloitte, LLP (formerly Deloitte, Haskins &
Sells).

Mr. Level is a Certified Public Accountant and holds both B.B.A. and
M.B.A. degrees from the University of Michigan.  He also serves on the
Boards of Levi Strauss & Co. and UTi Worldwide Inc.

"We are excited to have Lee join the Board of Allied Waste," said John J.
Zillmer, Chairman of the Board and Chief Executive Officer.  "His career
experience and strong financial background will be a valuable resource to
Allied Waste."

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings has upgraded the following ratings on Allied
Waste Industries Inc. (NYSE: AW) and its Allied Waste North America and
Browning-Ferris Industries subsidiaries, as:

Allied Waste Industries Inc.

    -- Issuer Default Rating to 'B+' from 'B'.

Allied Waste North America

    -- IDR to 'B+' from 'B';
    -- Secured credit facility rating to 'BB+/RR1' from
       'BB/RR1';
    -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

Browning-Ferris Industries

    -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

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

Moody's took these rating actions:

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

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

Moody's said the ratings outlook is positive.


DORAL FINANCIAL: Hires Chris Poulton as Exec. Vice President
------------------------------------------------------------
Doral Financial Corporation appointed Christopher Poulton as an Executive
Vice President and Chief Business Development Officer.  Mr. Poulton is
expected to join the company in June 2007 and will report directly to Glen
R. Wakeman, the company’s President and Chief Executive Officer.

Since 1993, Mr. Poulton served in positions of increasing responsibility
including roles in operations, business integration, Six Sigma and growth.
He was formerly the global head of Six Sigma for GE Money, where he had
the worldwide responsibility for the third largest division of The General
Electric Company, which operates in more than 50 countries.  Most
recently, he was Vice President of Business Development, at GE Money
(formerly known as GE Consumer Finance) in charge of in-store branches and
developing U.S. Hispanic distribution.  Mr. Poulton holds a BBA in Finance
and Marketing from the Southern Methodist University and an MBA from the
University of Chicago.

“This appointment strengthens our management team and further solidifies
our business strategy to become a community bank offering a wide array of
products and services.  I am confident Christopher’s experience and
contributions, together with our talented management team, will be key in
the development of the new Doral,” said Glen R. Wakeman, Chief Executive
Officer and President.

In addition, Doral Financial Corporation announced that Arturo Tous, who
has served as Senior Vice President and Chief Financial Compliance
Officer, has been named the Corporation’s Chief Accounting Officer, on an
interim basis, effective
June 1, 2007, replacing César A. Ortiz, who has resigned, effective on May
31, 2007.  Doral took the opportunity to thank Mr. Ortiz for his
contributions and wish him success in his future endeavors.

In light of this appointment, the Company is undertaking a search for a
new Chief Accounting Officer. Tous will continue his role as Senior Vice
President and Chief Financial Compliance Officer, reporting to the CFO.
Prior to his appointment as Chief Financial Compliance Officer, Mr. Tous
served as Chief Accounting Officer until November 2006.

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

                        *     *     *

As reported in the Troubled Company Reporter on May 21, 2007,
Fitch Ratings has lowered Doral Financial Corporation's ratings
as:

  Doral Financial Corporation

     -- Long-term Issuer Default Rating to 'B' from 'B+';
     -- Senior debt to 'B-' from 'B';
     -- Preferred stock to 'CCC' from 'CCC+';
     -- Individual to 'E' from 'D/E'.

  Doral Bank

     -- Long-term Issuer Default Rating to 'B+' from 'BB-';
     -- Long-term deposits to 'BB- from 'BB';
     -- Individual to 'D' from 'C/D'.

Fitch said the ratings remain on Rating Watch Negative.

Moody's Investors Service is continuing its review of Doral
Financial Corporation for possible downgrade.  The ratings have
been on review for possible downgrade since Jan. 5, 2007, when
Doral was downgraded to B2 from B1 for senior debt.  The review
has centered on Doral's prospects for refinancing US$625 million
of debt maturing in July.


FOOT LOCKER: Board Declares US$0.125 Per Share Cash Dividend
------------------------------------------------------------
Foot Locker, Inc.'s Board of Directors declared a quarterly cash dividend
on the company's common stock of US$0.125 per share, which will be payable
on Aug. 3, 2007, to shareholders of record on July 20, 2007.

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a global retailer of
athletic footwear and apparel, operated 3,942 primarily mall-
based stores in the United States, Canada, Europe, Australia,
and New Zealand as of Feb. 3, 2007.  The company also has about
350 Footaction stores in the United States and Puerto Rico, which sell
footwear and apparel to young urbanites.

The Company, through its subsidiaries, operates in two segments:
Athletic Stores and Direct-to-Customers.  The Athletic Stores
segment is an athletic footwear and apparel retailer, whose
formats include Foot Locker, Lady Foot Locker, Kids Foot Locker,
Champs Sports and Footaction.  The Direct-to-Customers segment
reflects Footlocker.com, Inc., which sells, through its
affiliates, including Eastbay, Inc., to customers through
catalogs and Internet Websites.  The Foot Locker brand is the
Company's principal brand.  In March of 2006, Foot Locker, Inc.
entered into a 10-year area development agreement with the
Alshaya Trading Co. W.L.L., in which the Company agreed to enter
into separate license agreements for the operation of a minimum
of 75-foot Locker stores.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Apr 24, 2007, Standard & Poor's Ratings Services' ratings,
including the 'BB+' corporate credit rating, on Foot Locker Inc.
remain on CreditWatch with negative implications following the
company's announcement that it has launched a bid to acquire
Genesco Inc.

As reported in the Troubled Company Reporter-Latin America on
April 24, 2007, Moody's Investors Service placed the ratings of
Foot Locker, Inc. on review for possible downgrade following the
company's announcement that it had made an unsolicited proposal
to purchase all of the outstanding shares of Genesco Inc. for
US$46 per share cash representing a total consideration of
approximately US$1.2 billion.

These ratings are placed on review for possible downgrade:

   -- Corporate family rating of Ba1;
   -- Probability of default rating of Ba1; and
   -- Senior unsecured notes rating of Ba1.




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


NAVIOS MARITIME: Sells Additional 1.7 Million Shares
----------------------------------------------------
Navios Maritime Holdings Inc. disclosed that the underwriters of its
recent common share offering exercised the full over-allotment option
granted to them by Navios.  As a result of the exercise, Navios sold an
additional 1,725,000 shares, bringing the total to 13,225,000 shares sold,
resulting in total net proceeds of US$124.8 million after deducting the
underwriter discount and estimated offering expenses.  Concurrent with the
exercise of the over- allotment, Navios announced the closing of the share
offering originally announced on May 16, 2007.

J.P. Morgan Securities Inc. and Merrill Lynch & Co. acted as joint
bookrunning managers of the offering.  S. Goldman Advisors LLC and Dahlman
Rose & Company acted as co-managers.

This communication will not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.  The offering of these securities
will be made only by means of a prospectus and related prospectus
supplement.

When available, copies of the prospectus and prospectus supplement
relating to the offering may be obtained from:

           J.P. Morgan Securities Inc.
           National Statement Processing, Prospectus Library
           4 Chase Metrotech Center, CS Level
           Brooklyn, NY 11245
           Tel: (718) 242-8002

                 -- or --

           Merrill Lynch & Co.
           4 World Financial Center
           New York, NY 10080
           Tel: (212) 449-1000

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
-- http://www.navios.com/-- is a vertically integrated global
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, 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 last week, the rating agency confirmed its B1 Corporate
Family Rating for Navios Maritime Holdings Inc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Unsecured
   Regular Bond/
   Debenture Due 2014       B2        B3      LGD5     80%


* URUGUAY: Obtains US$112.1-Million Loan from World Bank
--------------------------------------------------------
The World Bank’s Board of Executive Directors has approved two loans for
Uruguay totaling US$112.1 million to support the Uruguayan government with
the implementation of its reform program.

“The development policy loan, complemented by a technical assistance loan,
will support the implementation of reforms in the areas of tax reform,
business climate and social protection system,” said Axel van Trotsenburg,
World Bank Country Director for Argentina, Chile, Paraguay and Uruguay.
“These reforms, and in particular the development of capital markets, will
improve the efficiency and competitiveness of the economy with the
objective of ensuring equal opportunities for all Uruguayans.  These
reforms will also contribute to achieving sustainable growth and poverty
reduction,” he added.

The US$100 million First Programmatic Reform Implementation Development
Policy Loan is in line with the government’s priorities in three main
areas:

    (i) implementation of a tax reform;

   (ii) the first action package to improve the investment
        climate and to launch a program that promotes capital
        market development; and

  (iii) implementation of efforts in support of the social
        protection system.

“The main objective of this loan is to provide a clear and measurable
framework to implement reforms in three main areas identified as
priorities by the government,” added James Parks, World Bank task manager
for the project.

The second loan approved May 30, for US$12.1 million, is the Institutional
Building Technical Assistance Loan, whose main objective is to support the
actions the Uruguayan government is taking in order to strengthen the
performance of the public sector.  The main areas that this project
supports are customs administration, and monitoring and evaluation for
results-based management and e-government.  Additionally, the project will
facilitate the design and implementation of reforms in the areas of taxes,
investment climate and social protection.

“This technical assistance loan supports an ambitious agenda of public
sector modernization promoted by the government and will facilitate the
achievement of important structural reforms to boost economic growth and
promote social equity,” said Mario Francisco Sangines, World Bank task
manager for the project.

Both projects are in line with the World Bank Country Assistance Strategy
for Uruguay 2005 – 2010, which focuses on three pillars: reducing
vulnerability, maintaining economic growth and improving standards of
living.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2007, Standard & Poor's Ratings Services revised its outlook on
Uruguay's 'B+' long-term sovereign credit rating to positive from stable.
The short-term sovereign credit rating is 'B'.

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




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


DAIMLERCHRYSLER: Chrysler Marketing VP George Murphy to Resign
--------------------------------------------------------------
The Chrysler Group disclosed that George Murphy, who has been Senior Vice
President of Global Brand Marketing since February 2001, has informed the
company that he will leave at the end of May, in order to pursue other
opportunities.  A replacement was not named immediately.

“George has made a key contribution to our efforts to retool our brands –-
Chrysler, Jeep and Dodge,” Steven Landry, Executive Vice President of
North American Sales, Marketing, Service and Parts, said.  “Most recently,
he engineered a new identity for the Chrysler Brand featuring a new theme
line –- Engineered Beautifully.  This campaign shows that there is more
behind the sheet metal and distinctive style of this brand.”  The new
advertising campaign for Chrysler Brand debuted on May 8.

Mr. Murphy joined Chrysler Group in 2001 after two years with Ford Motor
Company, where he was General Marketing Manager for the Ford Division.
Prior to joining Ford he was with General Electric for 11 years, rising to
the level of Corporate Vice President before choosing to change industry
sectors.

                      About DaimlerChrysler

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

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

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

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

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


NORTHWEST AIRLINES: AFA-CWA OKs Collective Bargaining Agreement
---------------------------------------------------------------
Northwest Airlines Corp.'s flight attendants, represented by the
Association of Flight Attendants-CWA, ratified a new collective bargaining
agreement with the airline company.

Doug Steenland, Northwest Airlines president and chief executive officer,
said, "As Northwest Airlines prepares to exit bankruptcy later this week,
we are pleased that we have now reached ratified collective bargaining
agreements with all of our unions.  In particular, we are pleased that the
flight attendants will be able to share in the success of the
restructuring by receiving a claim in the Northwest bankruptcy case."

As part of the new agreement, flight attendants will receive a US$182
million unsecured claim in the airline's bankruptcy.  This claim will be
sold for cash which will be distributed to flight attendants upon the
company's emergence from Chapter 11.  The agreement also includes
additional contract modifications designed to improve the flight
attendants' work environment.

"We deeply appreciate the tireless efforts of the National Mediation Board
and its staff, who participated throughout these negotiations and aided
the parties in reaching this agreement," Steenland continued.

"I realize that the past 20 months have been a difficult period for our
employees and I want to thank them for their hard work and sacrifices that
helped Northwest complete its restructuring.  I am pleased that our
employees are seeing the benefits of the restructuring already in the
forms of unsecured claims and profit sharing.  We hope to be able to share
with our employees some US$1.6 billion in unsecured claims and profit
sharing payments through 2010."

"We are also pleased to be able to make distributions of Northwest common
stock to holders of the company's Series C preferred stock," Steenland
concluded.  Series C stock was granted to Northwest employees as part of
previous labor agreements.

Since beginning its restructuring process in September 2005, Northwest has
remained focused on its goals to achieve a competitive cost structure,
develop a more efficient business model and recapitalize its balance
sheet.  Earlier this month, the company received permission from the U.S.
Bankruptcy Court for the Southern District of New York to exit bankruptcy.
On May 9, 2007, Northwest announced that 98.4 percent of the dollar
amount of claims that voted and 96.9 percent of the airline's creditors
who voted, approved the Northwest Plan of Reorganization.

Northwest expects that it will emerge from Chapter 11 protection on May
31, once all closing conditions of the Plan have been met and the
company's US$750 million new equity rights offering has been funded.

                   About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and approximately
1,400 daily departures.  Northwest is a member of SkyTeam, an airline
alliance that offers customers one of the world's most extensive global
networks.  Northwest and its travel partners serve more than 900 cities in
excess of 160 countries on six continents, including Italy, Spain, Japan,
China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce R.
Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq., at
Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld LLP as its
bankruptcy counsel in the Debtors' chapter 11 cases.  When the Debtors
filed for bankruptcy, they listed US$14.4 billion in total assets and
US$17.9 billion in total debts.  On Jan. 12, 2007 the Debtors filed with
the Court their Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the adequacy of
the Debtors' Disclosure Statement on March 26, 2007.  On May 21, 2007, the
Court confirmed the Debtors' Plan.  The Plan took effect May 31, 2007.

                        *     *     *

As reported in the Troubled Company Reporter on May 25, 2007, Standard &
Poor's Ratings Services expects to assign its 'B+'
corporate credit rating to Northwest Airlines Corp. and subsidiary
Northwest Airlines Inc. (both rated 'D') upon their emergence from
bankruptcy, anticipated May 31, 2007.


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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 de los Santos, and
Christian Toledo, Editors.

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

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