TCRLA_Public/070605.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, June 5, 2007, Vol. 7, Issue 111

                            Headlines

A R G E N T I N A

ABA Y GIAN: Proofs of Claim Verification Is Until July 4
BANCO DE GALICIA: Court Blocks Planned Capital Raise
BANCO MACRO: Moody's Assigns Ba1 Global Local Currency Rating
CLINICA Y MATERNIDAD: Claims Verification Deadline Is June 25
DELTA AIR: Discloses Promotion of Three Company Executives

GRUPO EMPRESARIO: Proofs of Claim Verification Ends on June 26
HIDROELECTRICA EL: Moody's Puts B2 Global Local Currency Rating
NUESTRA SRA: Claims Verification Deadline Is Aug. 13
PINNACLE ENTERTAINMENT: S&P Rates Proposed US$350MM Notes at B-
YPF SA: Repsol Will Sell Up to 45% of Local Unit

B A H A M A S

ISLE OF CAPRI: Board Gives Go Signal for Refinancing
JETBLUE AIRWAYS: David Neeleman Sells 2.5 Million Shares
KNOLL INC: Adopts SEC Rule 10b5-1 on US$50 Mil. Share Repurchase

B E R M U D A

ADVANTAGE CO: Final General Meeting Is Set for June 21, 2007
ADVANTAGE CO: Proofs of Claim Filing Is Until May 31, 2007
WEST SOLUTIONS: Final General Meeting Is Set for July 3, 2007
WEST SOLUTIONS: Proofs of Claim Filing Is Until June 15, 2007

B R A Z I L

CNH GLOBAL: S&P Lifts Corporate Credit Rating to BB+
HAYES LEMMERZ: Completes Three Recapitalization Transactions
INDEPENDENCIA ALIMENTOS: Goias Carnes Deal Cues S&P’s Neg. Watch
NOVELIS INC: Discloses Expiration of US$1.4 Bil. Tender Offer
PETROLEO BRASILEIRO: In Caspian Sea Exploration Talks with Iran

* BRAZIL: Government To Subsidize Arabica Coffee Growers

C A Y M A N   I S L A N D S

ANDOVER LIMITED: Proofs of Claim Filing Ends on July 6
CARE EQUITY: Proofs of Claim Filing Is Until July 6
CORDAVILLE LIMITED: Proofs of Claim Filing Ends on July 6
CRELAN OVERSEAS: Sets Final Shareholders for July 3
EMERSON REINSURANCE: S&P Puts Low-B Ratings on US$225-Million Loans

FOXBORO LIMITED: Proofs of Claim Filing Ends on July 6
HARBORSIDE EQUITY: Proofs of Claim Filing Deadline Is July 6
HARBORSIDE HOLDINGS: Proofs of Claim Must be Filed by July 6
HARBORSIDE INVESTMENTS: Proofs of Claim Filing Is Until July 6
HBRS LIMITED: Proofs of Claim Filing Ends on July 6

HEALTHCARE EQUITY: Proofs of Claim Filing Ends on July 6
HEALTHCARE INVESTMENTS: Proofs of Claim Must be Filed by July 6
HRB HOLDINGS: Proofs of Claim Filing Deadline Is July 6
HRB INVESTMENTS: Proofs of Claim Must be Filed by July 6
NATIONS INTERMEDIATE: Sets Final Shareholders Meeting for July 4

PATTENVILLE LIMITED: Proofs of Claim Filing Ends on July 6

C H I L E

GOODYEAR TIRE: Equity Offering Completion Cues S&P to Up Ratings

C O L O M B I A

NOVELL INC: Credit Suisse Reaffirms Underperform Rating on Firm

C O S T A   R I C A

DENNY'S CORP: Names VP Jay Gilmore as Chief Accounting Officer

D O M I N I C A N   R E P U B L I C

ASHMORE ENERGY: To Acquire CMS Energy's Assets for US$94 Million
BANCO INTERCONTINENTAL: Judicial Expert Denies Using Fraud in Report

E C U A D O R

PETROECUADOR: Calls for Bids on Assets' Insurance
PETROECUADOR: Inks Strategic Alliance Pact with Petroperu

G U A T E M A L A

BRITISH AIRWAYS: Denies Private-Equity Bid from Interested Buyer
BRITISH AIRWAYS: Renews Wine Transport Accord with Kuehne
BRITISH AIRWAYS: Will Have Right To Take Over Iberia Airline

J A M A I C A

AIR JAMAICA: Virgin Atlantic Starts Selling Tickets to Jamaica
CABLE & WIRELESS: Preparing Text Messaging Service During Hurricane
GOODYEAR TIRE: Equity Offering Completion Cues S&P to Up Ratings
PETROLEOS DE VENEZUELA: Close to Acquiring 49% of Petrojam Plant

* JAMAICA: Almost Completing 49% Petrojam Stake Sale to PDVSA

M E X I C O

AMERICAN AXLE: JPMorgan & BoA to Arrange Term Loan Refinancing
BURGER KING: Board Approves Repurchasing US$100 Mil. Common Stock
CNH GLOBAL: S&P Lifts Corporate Credit Rating to BB+ from BB
CROWN HOLDINGS: Promotes Ray McGowan to President-North American
GENERAL MOTORS: To Invest US$44 Million in Bedford Foundry

GRUPO MEXICO: Will Inject US$1.14 Billion in Cananea Mine

P E R U

DOE RUN: Reaches Agreement with City of Herculaneum

P U E R T O   R I C O

CENTENNIAL COMM: Moody's Junks Senior Unsecured Debt Rating
FOOT LOCKER: S&P Retains Negative Watch After Rejected Genesco Bid
HOSPITALITY PROPERTIES: Buys 40 Petro Stopping Centers for US$630MM
MAXXAM INC: Appoints Shawn Hurwitz as President
SPANISH BROADCASTING: S&P Cuts Rating on US$350MM Facilities to B-

S T.  L U C I A

AMERICAN AIRLINES: Will Launch Direct Flights to St. Lucia

T R I N I D A D   &   T O B A G O

BRISTOW GROUP: Declares Private Offering of US$250-Mln Sr. Notes

U R U G U A Y

BANDES URUGUAY: Moody's Puts E+ Bank Financial Strength Rating

V E N E Z U E L A

CMS ENERGY: Selling Interests to Ashmore Energy for US$94 Million
LEAR CORP: Says No Competing Bids Were Filed, Tata’s Offer Gloomy


                         - - - - -


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


ABA Y GIAN: Proofs of Claim Verification Is Until July 4
--------------------------------------------------------
Tito Jorge Gargaglione, the court-appointed trustee for Aba y Gian
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until
July 4, 2007.

Mr. Gargaglione will present the validated claims in court as individual
reports on Aug. 30, 2007.  The National Commercial Court of First Instance
in Buenos Aires will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by Aba y Gian 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 Aba y Gian’s accounting and
banking records will be submitted in court on Oct. 11, 2007.

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

The debtor can be reached at:

          Aba y Gian S.R.L.
          Avenida Nazca 560
          Buenos Aires, Argentina

The trustee can be reached at:

          Tito Jorge Gargaglione
          Medrano 833
          Buenos Aires, Argentina


BANCO DE GALICIA: Court Blocks Planned Capital Raise
----------------------------------------------------
Banco de Galicia said in a filling with the Argentine stock exchange that
a court ruling has blocked its planned capital increase.

As reported in the Troubled Company Reporter-Latin America on
May 28, 2007, Banco de Galicia said that it set a non-binding ARS5.3 per
share price for its upcoming capital increase.  According to Banco de
Galicia, the preferential subscription period would be from May 31 to June
11.  The price was equal to Banco de Galicia's average stock price over
the last 20 working days.  The final price would be disclosed the day
before the preferential subscription period would begin.  Banco de Galicia
would issue up to ARS100 million class B shares at a nominal value of ARS1
each, through cash or bonds maturing 2010, 2014 and 2019.  The capital
raise was approved by the central bank.

Business News Americas relates that Banco de Galicia would file an appeal
on the court's decision.

Banco de Galicia's parent Grupo Financiero Galicia would subscribe bonds
of about US$100 million.  Grupo Financiero holds a 93.6% stake in the
bank, BNamericas states.

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

                        *     *     *

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


BANCO MACRO: Moody's Assigns Ba1 Global Local Currency Rating
-------------------------------------------------------------
Moody's Investors Service assigned a Ba1 global local currency rating to
Banco Macro S.A.'s US$100 million senior unsecured Argentine peso-linked
notes due 2012, issued under Macro's existing US$ 400 million Medium-Term
Note Program.

Moody's also assigned a Aa1.ar local currency debt rating in the Argentine
national scale to the notes.  The outlook on the ratings is stable.

Moody's said that the Ba1 local-currency bond rating incorporates Macro's
fundamental credit quality, which is reflected by its 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
Macro's control, payment on the notes can be made in Argentine pesos.
Such option entails a local currency debt rating on the notes.

Banco Macro is headquartered in Buenos Aires, Argentina, and it had
consolidated assets of Ar$16.8 billion (US$5.4 billion) and consolidated
deposits of Ar$11billion (US$3.5 billion) as of March 2007.

These ratings were assigned to Banco Macro S.A.:

   -- Global local currency debt rating: Ba1, stable outlook;

   -- National Scale Rating for local currency debt: Aa1.ar,
      stable outlook.


CLINICA Y MATERNIDAD: Claims Verification Deadline Is June 25
-------------------------------------------------------------
Maria Luisa Ledesma, the court-appointed trustee for Clinica y Maternidad
Privada Pueyrredon S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until June 25, 2007.

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

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

The debtor can be reached at:

          Clinica y Maternidad Privada Pueyrredon S.A.
          Pueyrredon 929, Berazategui
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria Luisa Ledesma
          Calle 11 Numero 716, La Plata
          Buenos Aires, Argentina


DELTA AIR: Discloses Promotion of Three Company Executives
----------------------------------------------------------
Delta Air Lines (NYSE:DAL) promoted three Delta leaders who were integral
to the company's ongoing transformation from a domestically focused
carrier to a truly global airline.

Robert Cortelyou is being promoted from vice president to senior vice
president - Network Planning.

Pam Elledge is being promoted from vice president to senior vice president
- Global Sales and Distribution.

Gail Grimmett is being promoted from vice president to senior vice
president - Revenue Management.

"Under their leadership, the company successfully implemented one of the
biggest network restructurings in airline history, enabling Delta to
significantly improve its revenue performance against the industry," said
Glen Hauenstein, executive vice president - Network and Revenue
Management.  "Our goal this year is to completely close the remaining
revenue gap with our network competitors, and I'm confident that this team
can accomplish that."

As senior vice president - Network Planning, Bob Cortelyou will continue
to be responsible for network planning and worldwide route development.
During his 22-month tenure at Delta, Mr. Cortelyou and his team have
introduced and implemented the largest international expansion in the
airline's history with the launch of more than 60 new international
routes.  Mr. Cortelyou's efforts formed the cornerstone of the company's
network restructuring and Delta's return to leadership in the industry.
Mr. Cortelyou is a 25-year airline veteran.

In her role as senior vice president - Global Sales and Distribution, Ms.
Elledge will continue to be responsible for business growth efforts in all
revenue channels and for leading Delta's worldwide sales organization.
Last year her team opened a record number of sales offices around the
world to support Delta's international expansion, including complex and
emerging markets in Eastern Europe, Asia and Africa.  Ms. Elledge, a
27-year Delta veteran, has held various positions of increasing
responsibility within the sales organization.

As senior vice president - Revenue Management, Gail Grimmett will continue
to be responsible for pricing and inventory management strategies for
Delta's global network.  Under her leadership, the revenue management team
implemented an industry-leading revenue management system and competitive
pricing strategies that accelerated Delta's emergence from Chapter 11 by
achieving its revenue targets more than a year ahead of schedule.  During
Ms. Grimmett's 12 years at Delta, she has held various positions including
managing director - Investor Relations and chief economist - Corporate
Forecasting and Planning.

"These promotions underscore our commitment to building a network that
takes our customers to places where they most want to visit and do
business," said Lee Macenczak, executive vice president - Sales and
Marketing.  "This team will continue to be critical in building the
infrastructure needed to increase Delta's global presence, including
serving emerging markets like Africa and Asia."

                        About Delta Air

Headquartered in Atlanta, Georgia, Delta Air Lines (NYSE:DAL)
-- http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners.  Delta flies to Argentina, Australia
and the United Kingdom, among others.

                         *     *     *

As reported in the Troubled Company Reporter on May 2, 2007, Standard &
Poor's Ratings Services raised its ratings on Delta Air Lines Inc.
(B/Stable/--), including raising the corporate credit rating to 'B', with
a stable outlook, from 'D', following the airline's emergence from Chapter
11 bankruptcy proceedings.


GRUPO EMPRESARIO: Proofs of Claim Verification Ends on June 26
--------------------------------------------------------------
Isabel A. Ramirez, the court-appointed trustee for Grupo Empresario de
Servicios Eventuales S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until June 26, 2007.

Ms. Ramirez will present the validated claims in court as individual
reports on Aug. 31, 2007.  The National Commercial Court of First Instance
in Buenos Aires will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by Grupo Empresario 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 Grupo Empresario’s accounting
and banking records will be submitted in court on
Oct. 12, 2007.

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

The debtor can be reached at:

          Grupo Empresario de Servicios Eventuales S.A.
          Uruguay 239
          Buenos Aires, Argentina

The trustee can be reached at:

          Isabel A. Ramirez
          Tte. Gral. Juan D. Peron 2082
          Buenos Aires, Argentina


HIDROELECTRICA EL: Moody's Puts B2 Global Local Currency Rating
---------------------------------------------------------------
Moody's Latin America assigned a B2 Global Local Currency Corporate Family
Rating and A2.ar National Scale Rating to Hidroelectrica El Chocon.  The
ratings outlook is stable.

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

The assigned ratings are based on HECSA´s 30 year concession for the
generation and sale of electricity from two relatively low cost
hydroelectric plants located in the province of Neuquen, the improved
operating performance achieved over the last two years despite an
uncertain regulatory environment, the utilization of increased levels of
cash flow to reduce leverage and build liquidity.  While the company's
financial ratios are stronger than those of its peer group (B-rated
utilities) and cash flows are expected to continue to adequately service
debt over the near term, the ratings are significantly constrained by the
uncertain regulatory framework that currently exists for utilities
operating in Argentina.  In addition, HECSA continues to face risks
arising from potential adverse hydrology results and currency devaluation
given its sizable U.S. dollar debt position.

The stable outlook recognizes that with the economic recovery and the low
prices for the industry, demand should continue to grow with revenues for
HECSA remaining at least stable over the near term despite the current
uncertain regulatory framework.  Cash flow generation is expected to
continue to be supportive of the current debt level, even if the company
dedicates some free cash flow for payments to shareholders.

A rating up-grade would require a more predictable and transparent
regulatory framework, and less government discretion in the price setting
process in the generation industry.  A change in debt denomination to
reduce nominal dollar exposure by, at least, 50% could also have a
positive impact on ratings.

Unexpected competition resulting in greater market volatility and/or
margin pressures or any un-anticipated adverse change in regulations could
have a negative impact on ratings.  Additionally, a more aggressive than
anticipated dividend policy could also result in a downgrade pressure,
particularly, if FFO/Interest Expense were to fall below 2.0x or if
liquidity deteriorates significantly.

HECSA was incorporated in July, 1993.  The company was granted a 30-year
concession for the generation and sale of electricity from the El Chocon
and Arroyito hydroelectric complex, located in the province of Neuquen,
with a total generation capacity of 1320Mw.  El Chocon's main shareholders
are Endesa Argentina S.A., 64.7% ownership, Provincia del Neuquen (29.9),
Employees (2%) and Others (3.4%).  The Endesa group also acts as the
technical operator of the HECSA operations.


NUESTRA SRA: Claims Verification Deadline Is Aug. 13
----------------------------------------------------
Miguel Angel Troisi, the court-appointed trustee for Nuestra Sra. de
Pompeya S.A.'s reorganization proceeding, will verify creditors' proofs of
claim until Aug. 13, 2007.

Mr. Troisi will present the validated claims in court as individual
reports on Sept. 24, 2007.  The National Commercial Court of First
Instance in Buenos Aires will then determine if the verified claims are
admissible, taking into account the trustee's opinion and the objections
and challenges raised by Nuestra Sra. 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 Nuestra Sra.'s accounting and
banking records will follow on Nov. 5, 2007.

The trustee can be reached at:

          Miguel Angel Troisi
          Cerrito 146
          Buenos Aires, Argentina


PINNACLE ENTERTAINMENT: S&P Rates Proposed US$350MM Notes at B-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to Pinnacle
Entertainment Inc.'s proposed US$350 million senior subordinated notes due
2015.  The notes are offered to qualified institutional buyers pursuant to
Rule 144A, and are rated two notches below the 'B+' corporate credit
rating on Pinnacle due to their subordinated position in the capital
structure.  Proceeds are expected to be used to repay balances on
outstanding term loans under Pinnacle's credit agreement, for general
corporate purposes, and to provide a portion of the funds needed for the
company's various capital projects.  Pinnacle expects to amend its credit
facility to re-borrow additional senior term loans at a later date when
additional funds are required.

The corporate credit rating on Pinnacle Entertainment is B+, and the
rating outlook is stable.  The 'B+' rating reflects the company's
relatively small portfolio of casino properties, some of which are
considered second tier and do not hold leadership positions in their
operating markets.  However, Pinnacle's ongoing and proposed development
projects are gradually improving the portfolio.  The company also lacks,
to some degree, a strong brand identity within the gaming sector, as its
portfolio is largely a collection of individual assets.  Still, recent
operating results have been good, credit measures have improved, and
overall liquidity is expected to remain adequate to fund the company's
planned growth initiatives over the intermediate term.

Ratings List

Pinnacle Entertainment Inc.

Corporate Credit Rating           B+/Stable/--

New Rating

Pinnacle Entertainment Inc.

US$350M Sr Sub Nts Due 2015         B-

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


YPF SA: Repsol Will Sell Up to 45% of Local Unit
------------------------------------------------
Repsol will sell up to 45% of Argentinian subsidiary YPF SA, Agence
France-Presse reports.

As reported in the Troubled Company Reporter-Latin America on
May 25, 2007, Repsol acquired YPF for US$15 billion when it was privatized
by the Argentine government in 1999.  The acquisition was expected to
transform Repsol into a major producer, Reuters relates.  However, an
economic crisis came to Argentina and Repsol is now faced with declining
output, high taxes, and downstream gasoline prices that are capped and are
unlikely to change before Argentina's elections in October.  Repsol has
been left seeking for a solution and its first idea was to launch a public
offer of up to 20% of YPF's shares.

AFP says that the sale could bring over US$5.4 billion to Repsol.

Spain's news daily Expansion relates that Repsol will sell an up to 25%
stake in YPF to a an Argentinian investor.

AFP notes that Repsol is negotiating with:

          -- Jorge Brito,
          -- Enrique Eunekian, and
          -- Enrique Eskenazi.

Sources told Expansion that the three companies have good relations with
Argentine President Nestor Kirchner.  Enrique Eskenazi is the favorite of
the three possible buyers.

According to Expansion, Repsol will start preparing for a sale of another
20% stake through a stock market listing by year-end or at the beginning
of 2008.

The search for an Argentine partner is part of Repsol chairperson Antonio
Brufau's desire to boost relations in the nation, Expansion states.

                        About Repsol

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

                         About YPF SA

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

                        *     *     *

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

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

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

          -- Ba2 foreign currency senior unsecured rating;

Moody's said the outlook is negative.




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


ISLE OF CAPRI: Board Gives Go Signal for Refinancing
----------------------------------------------------
Isle of Capri Casinos Inc.’s board of directors has authorized the
refinancing of a significant portion of the company's indebtedness.

The planned refinancing would involve using the proceeds of a new senior
secured credit facility to refinance both the company's existing senior
secured credit facility and its outstanding 9% Senior Subordinated Notes
due 2012.

The company plans to complete the refinancing in the next several weeks,
subject to market conditions.

Based in Biloxi, Missippi and founded in 1992, Isle of Capri Casinos Inc.
(Nasdaq: ISLE) -- http://www.islecorp.com/-- owns and operates casinos in
Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana;
Bettendorf, Davenport and Marquette, Iowa; Kansas City and Boonville,
Missouri and a casino and harness track in Pompano Beach, Florida.  The
company also operates and has a 57 percent ownership interest in two
casinos in Black Hawk, Colorado.  Isle of Capri Casinos' international
gaming interests include a casino that it operates in Freeport, Grand
Bahama and a two-thirds ownership interest in casinos in Dudley and
Wolverhampton, England.

                          *     *     *

Moody's Investors Service affirmed its Ba3 Corporate Family Rating on Isle
of Capri Casinos in connection with its implementation of the new
Probability-of-Default and Loss-Given-Default rating methodology for the
Gaming, Lodging & Leisure sector.  Moody's assigned LGD ratings to four of
the company's debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event of a
default.


JETBLUE AIRWAYS: David Neeleman Sells 2.5 Million Shares
--------------------------------------------------------

The Associated Press reports that David Neeleman, the former JetBlue
Airways Chief Executive Officer, has sold about 2.5 million shares, or
23.2% of his holdings, in the firm for almost US$27.2 million, or US$10.87
per share.

According to the AP, it was the first time the JetBlue Airways founder and
chairperson has ever sold company stock.

JetBlue Airways spokesperson Bryan Baldwin commented to the AP, "This was
David making some personal decisions for his personal financial goals.
He’s still very involved in JetBlue and has confidence in the company."

JetBlue Airways director Joel Peterson told the AP that he doesn't see the
stake sale as an indication that Mr. Neeleman is angry with the company's
board for removing him as chief executive officer.

The JetBlue Airways board had appointed company President Dave Barger to
take Mr. Neeleman's place as CEO.

Friends has been urging Mr. Neeleman "to diversify his personal portfolio
by selling some of his JetBlue shares," the AP notes, citing Mr. Peterson.

Mr. Neeleman is still JetBlue Airways’ largest shareholder with almost 8.3
million shares, the AP states.

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

As reported in the Troubled Company Reporter-Latin America on May 21,
2007, Moody's Investors Service downgraded the ratings of JetBlue Airways
Corporation debt and selected classes of JetBlue's Enhanced Equipment
Trust Certificates, including the corporate family and probability of
default ratings to B3, and the senior unsecured rating to Caa2 (LGD-5,
89%).

The Class A Certificates of JetBlue's EETC's supported by
policies issued by Aaa rated monoline insurance companies are
affirmed at Aaa.   The outlook remained negative.

Downgrades:

* JetBlue Airways Corp.

   -- Probability of Default Rating, Downgraded to B3 from B2

   -- Corporate Family Rating, Downgraded to B3 from B2

   -- Senior Secured Enhanced Equipment Trust, Downgraded to B1
      from Ba3

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
      a range of 89 - LGD5 to Caa2 from a range of 88 - LGD5 to
      Caa1


KNOLL INC: Adopts SEC Rule 10b5-1 on US$50 Mil. Share Repurchase
----------------------------------------------------------------
Knoll Inc. has adopted a written trading plan under Rule 10b5-1 of the
Securities Exchange Act of 1934 to facilitate repurchases between
June 1, 2007, and July 20, 2007, under its $50 million share repurchase
plan disclosed in February 2006.

Under the company 10b5-1 plan, Bank of America Securities LLC will have
the authority to repurchase up to an aggregate of approximately US$8.5
million worth of Knoll common stock on behalf of the company during the
period.

The company 10b5-1 plan does not require that any shares be purchased, and
there can be no assurance that any shares will be purchased. Purchases may
be made under the company 10b5-1 plan beginning
June 1, 2007.  The Share Repurchase Plan will continue to be in effect
following the expiration of the company 10b5-1 plan, which expires on the
earlier of July 20, 2007, or the date on which purchases are completed.

A 10b5-1 plan allows the company to repurchase shares at times when it
would ordinarily not be in the market because of the company's trading
policies or the possession of material non-public information.

                         About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL) --
http://www.knoll.com/-- designs and manufactures branded office furniture
products and textiles, serves clients worldwide.  It distributes its
products through a network of more than 300 dealerships and 100 showrooms
and regional offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland, Greece, Hong
Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Poland,
Portugal and Singapore, among others.

                          *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate Family Rating
and the company's US$200 million senior secured revolver and US$250
million senior secured term loan carry Moody's Ba2.   Moody's assigned an
LGD2 rating to both loans, suggesting note holders will experience a 27%
loss in the event of a default.




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


ADVANTAGE CO: Final General Meeting Is Set for June 21, 2007
-------------------------------------------------------------
Advantage Company Ltd.'s final general meeting will be at 9:00 a.m. on
June 21, 2007, or as soon as possible, at the liquidator's place of
business.

Advantage Company's shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts and
documents of the company and of the liquidator will be disposed.

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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


WEST SOLUTIONS: Final General Meeting Is Set for July 3, 2007
-------------------------------------------------------------
West Solutions Ltd.'s final general meeting will be at 11:00 a.m. on July
3, 2007, or as soon as possible, at the liquidator's place of business.

West Solutions shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

The liquidator can be reached at:

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


WEST SOLUTIONS: Proofs of Claim Filing Is Until June 15, 2007
-------------------------------------------------------------
West Solutions Ltd.'s creditors are given until June 15, 2007, to prove
their claims to Jennifer Y. Fraser, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

West Solutions shareholders agreed on Dec. 8, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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




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


CNH GLOBAL: S&P Lifts Corporate Credit Rating to BB+
----------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
CNH Global N.V. and related entities to 'BB+' from 'BB' following the same
rating action taken by Standard & Poor's on CNH's parent company,
Italy-based Fiat SpA.  The outlook is positive.

The corporate credit rating and outlook on publicly traded CNH are the
same as those on auto and truck manufacturer Fiat due to the close ties
between the two entities.  Fiat views CNH as a core business and continues
to provide strong liquidity support to CNH by way of intercompany loans
and bank loan guarantees.  Fiat has an approximate 90% equity ownership
stake in CNH.  The company has a satisfactory business position as the
world's second-largest agricultural equipment maker and as a major
manufacturer of construction equipment.  It also has an aggressive, but
improving, financial profile.

CNH Global N.V. -- http://www.cnh.com/-- (NYSE: CNH) manufactures
agricultural and construction equipment businesses.  CNH Global is a
majority-owned subsidiary of Fiat S.p.A. (MILAN: FIA) (NYSE: FIA).  Aside
from the U.S. and Canada, the company also has manufacturing facilities in
Austria, Belgium, France, Italy, Poland, United Kingdom, China, India,
Brazil, and Mexico, among others.


HAYES LEMMERZ: Completes Three Recapitalization Transactions
------------------------------------------------------------
Hayes Lemmerz International Inc. has closed on these recapitalization
transactions:

   -- equity rights offering of US$180 million and direct
      investment by Deutsche Bank Securities Inc. of US$113.1
      million;

   -- senior secured credit facilities of approximately US$495
      million, issued by a European subsidiary; and

   -- 8-1/4% senior notes due 2015 of EUR130 million, issued by
      a European subsidiary.

The proceeds from these transactions were used:

    * to repay the 10-1/2% senior notes due 2010 of HLI Operating
      Company Inc., a subsidiary of the company;

    * to repay the company's obligations under its Amended and
      Restated Credit Agreement dated April 11, 2005;

    * to pay related transaction costs, fees and expenses;

    * to provide working capital; and

    * for other general corporate purposes.

"The company is pleased with the show of support from the company’s
shareholders and its lenders,” James Yost, vice president, finance and
chief financial officer said.  “The rights offering was over-subscribed
and there was strong interest from both U.S. and European investors for
its debt.  By raising new equity capital and retiring high-cost debt, the
company has reduced its leverage, strengthened its balance sheet and
significantly improved its free cash flow."

                 About Hayes Lemmerz International

Headquartered in Northville, Michigan, Hayes Lemmerz International
Inc. (Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- global
supplier of automotive and commercial highway wheels, brakes and
powertrain components.  The company has 30 facilities and
approximately 8,500 employees worldwide.

The company has operations in India, Brazil and Germany, among others.

                          *    *    *

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

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


INDEPENDENCIA ALIMENTOS: Goias Carnes Deal Cues S&P’s Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term corporate
credit rating on Brazil-based meat-processing company Independencia
Alimentos Ltda. on CreditWatch with negative implications.

The CreditWatch placement follows the announcement by Independencia that
it has reached an agreement to acquire 100% of Brazil-based Goias Carnes.
"The CreditWatch indicates that we could potentially lower or affirm the
ratings on Independencia after the completion of the acquisition,
depending on the increased leverage and combined financial risk," said
Standard & Poor's credit analyst Vivian Zietemann.

While this acquisition enhances Independencia's plant distribution and
export capacity, it could have a negative impact on Independencia's
financial risk profile.  The current rating encompasses its limited
flexibility to increase its leverage and its weak liquidity.

The resolution of the CreditWatch listing depends on the closing of the
transaction and further clarity in the financial profile of the
consolidated entity.


NOVELIS INC: Discloses Expiration of US$1.4 Bil. Tender Offer
-------------------------------------------------------------
Novelis Inc. reported the expiration of the early consent date in
connection with the tender offer for its US$1.4 billion principal amount
of 7-1/4% Senior Notes due 2015 and the solicitation of consents to the
proposed amendments to the indenture governing the senior notes.

Pursuant to an Offer to Purchase and Consent Solicitation Statement dated
May 16, 2007, Novelis made a cash tender offer to purchase all of its
outstanding senior notes for the offer consideration of US$1,010 per
US$1,000 principal amount of senior notes and an early consent payment of
US$5.00 per US$1,000 principal amount of senior notes, for all senior
notes validly tendered and not withdrawn prior to 5:00 p.m., New York City
time, on May 31, 2007.

As of 5:00 p.m., New York City time, on May 31, 2007, the early consent
payment deadline, approximately US$10,716,000 aggregate principal amount
of the senior notes had been validly tendered pursuant to the tender
offer.

Although the early consent payment deadline has expired, holders may still
validly tender their senior notes and deliver their consents pursuant to
the tender offer prior to 8:00 a.m., New York City time, on June 15, 2007,
the tender offer expiration date (which may be extended by Novelis), to
receive the offer consideration of US$1,010 per US$1,000 principal amount
of senior notes tendered.  However, such holders will no longer be
entitled to receive the early consent payment of US$5.00 per US$1,000
principal amount of senior notes tendered.

The tender offer and consent solicitation is conditioned upon, among other
things, receipt of consents to the proposed amendments from holders of a
majority of the outstanding senior notes.  If consents of a majority of
the outstanding senior notes are received prior to the tender offer
expiration date, Novelis and the other parties to the indenture may
execute a supplemental indenture to implement the proposed amendments to
the indenture.  The proposed amendments would eliminate substantially all
of the restrictive covenants and events of default contained in the
indenture.  If any of the tender offer conditions are not satisfied,
Novelis will not be obligated to accept for payment any senior notes
tendered pursuant to the tender offer or may terminate the tender offer.

Alternatively, holders may tender their senior notes pursuant to the
change of control offer described in the Offer to Purchase and Consent
Solicitation Statement.  All senior notes validly tendered prior to 8:00
a.m., New York City time, on June 15, 2007, the change of control offer
expiration date (which may be extended by Novelis), will be entitled to
receive the offer consideration of US$1,010 per US$1,000 principal amount
of senior notes.  Holders participating in the change of control offer
will not be eligible, under any circumstances, to receive the early
consent payment of US$5.00 per US$1,000 principal amount of senior notes.
A senior note may be tendered in the tender offer or the change of control
offer, but not both.

Other than that, the tender offer and the change of control offer as
described in the Offer to Purchase and Consent Solicitation Statement and
related Consent and Letter of Transmittal remain unchanged.

UBS Investment Bank and ABN AMRO Incorporated are acting as dealer
managers in connection with the tender offer and the change of control
offer.  Questions about the tender offer and the change of control offer
may be directed to the Liability Management Group of UBS Investment Bank
at (888) 722-9555 ext. 4210 (toll free) or (203) 719-4210 (collect) and to
Robert Silverschotz at ABN AMRO Incorporated at (212) 409-6862.  Requests
for documentation should be directed to Global Bondholder Services
Corporation, the information agent in connection with the tender offer and
the change of control offer, at (212) 430-3774 or (866) 807-2200 (toll
free).  The depositary for the tender offer and the change of control
offer is The Bank of New York Trust Company, N.A.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil.  The company's Pindamonhangaba
rolling and recycling facility in Brazil is the largest aluminum
rolling and recycling facility in South America and the only one
capable of producing can body and end stock. The plant recycles
primarily used beverage cans, and is engaged in tolling recycled
metal for its customers.

Novelis also has operations in Germany, Switzerland and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Fitch Ratings placed the Issuer Default Ratings
of 'B' for Novelis Inc. and its subsidiary Novelis Corp. on
Rating Watch Negative.  The company's senior secured bank debt
ratings and senior unsecured debt ratings were affirmed as:

Novelis Inc.

   -- Senior secured revolver and term loan at 'BB/Recovery
      Rating 1'; and

   -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

   -- Senior secured revolver and term loan B at 'BB/RR1'.

As reported in the Troubled Company Reporter-Latin America on
Dec. 15, 2006, Standard & Poor's Ratings Services affirmed all
of its ratings on Novelis Inc., including the 'BB-' long-term
corporate credit rating, and removed the ratings from
CreditWatch with negative implications, where they were placed
April 7, 2006.  S&P said the outlook is negative.


PETROLEO BRASILEIRO: In Caspian Sea Exploration Talks with Iran
---------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA is negotiating with
Iran to explore the nation's deep offshore Caspian Sea waters, a National
Iranian Oil Co senior official told Iran Daily.

An agreement with Petroleo Brasileiro to develop a pair of oil blocks in
Caspian Sea could be reached and may need a US$2-billion  investment Dow
Jones Newswires relates, citing NIOC exploration director Mahmoud
Mohaddes.

Mr. Mohaddes commented to the Associated Press, "We've been in exclusive
talks with Petrobras [Petroleo Brasileiro] for some time.  This would be
our first entry in exploring our part of the Caspian."

According to IranMania, the accord would involve Petroleo Brasileiro's
expertise in deep offshore drilling technology.  It would also increase
the firm's activities in Iran, where it has already launched an oil block
exploration initiative.

Iran identified three well sites in the two blocks.  Each well would cost
US$150 million to construct.  Petroleo Brasileiro may collaborate with
other firms for the sites' development,Mr. Mohaddes told IranMania.

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.


* BRAZIL: Government To Subsidize Arabica Coffee Growers
--------------------------------------------------------
The Brazilian government will subsidize local growers
of arabica coffee after the real's gain eroded export
profits, Bloomberg News reports.

The coffee growers will receive as much as BRL40
(US$21) of subsidy per bag, the Agriculture Ministry
said in a statement, Bloomberg relates. The government
plans to subsidize about 5 million bags through the
end of the October harvest.

Brazil's move to support its coffee growers came after
Colombia did the same thing.  Both countries'
currencies, Bloomberg says, are the world's
top-performing currencies against the U.S. dollar in
the past six months.  Brazil's real rose 14% against
the dollar in six months.

Arabica coffee's average price was BRL231 as of May
31, Bloomberg says, citing the University of Sao
Paulo's agricultural commodities research unit.  The
price is 20% less than the BRL288 price at the start
of the year.
                        *     *     *

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable.  Standard & Poor's
also affirmed these ratings on the Republic of Brazil:

   -- 'BB' for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

                          *    *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook is stable.




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


ANDOVER LIMITED: Proofs of Claim Filing Ends on July 6
------------------------------------------------------
Andover Ltd.'s creditors are given until July 6, 2007, to prove their
claims to Westport Services Ltd., the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Andover Ltd.’s shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


CARE EQUITY: Proofs of Claim Filing Is Until July 6
---------------------------------------------------
Care Equity Ltd.'s creditors are given until July 6, 2007, to prove their
claims to Westport Services Ltd., the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Care Equity's shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


CORDAVILLE LIMITED: Proofs of Claim Filing Ends on July 6
---------------------------------------------------------
Cordaville Ltd.'s creditors are given until July 6, 2007, to prove their
claims to Westport Services Ltd., the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Cordaville Ltd.’s shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


CRELAN OVERSEAS: Sets Final Shareholders for July 3
---------------------------------------------------
Crelan Overseas will hold its final shareholders meeting
on July 3, 2007, at 11:30 a.m., at the office of the company.

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) 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.

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:

         David Walker
         Attention: Jyoti Choi
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 914 8657
         Fax: (345) 945 4237


EMERSON REINSURANCE: S&P Puts Low-B Ratings on US$225-Million Loans
-------------------------------------------------------------------
Standard & Poor's Ratings Services assigned these bank loan ratings to
Emerson Reinsurance Co. Ltd.'s proposed four bank loans totaling US$550
million:

     -- Loan A (US$185 million, maximum modeled probability of
        attachment of 0.7 basis point; bp) rated 'A'.

     -- Loan B (US$140 million, 15.6 bps) rated 'BBB-'.

     -- Loan C (US$165 million, 90.4 bps) rated 'BB+'.

     -- Loan D (US$60 million, 140 bps) rated 'BB'.

"The differences in ratings reflect the probabilities of the debt becoming
impaired," said Standard & Poor's credit analyst James Brender.  The
ratings are preliminary pending review of final legal documents related to
the transaction.

Emerson is a limited-life, special-purpose Class-B reinsurance company
domiciled in the Cayman Islands established specifically to provide
reinsurance protection to CIG Reinsurance Ltd. and New Castle Re Ltd.
Emerson is similar in several respects to other special purpose reinsurers
commonly referred to as sidecars.  It will provide coverage on an excess
of loss basis.

"The ratings on all the loans are based on a comparison of the adjusted
probabilities of attachment to Standard & Poor's criteria for default
probabilities for catastrophe-linked securitizations," added Mr. Brender.
"This criteria prescribes maximum adjusted probabilities of default at
each rating level for debt issued by a sidecar."  The adjusted probability
of attachment is the modeled probability of attachment, with qualitative
adjustments assessed by Standard & Poor's to address risks not expressly
captured in the model.

Standard & Poor's qualitative adjustments apply a cushion on the modeled
probability of attachment to address the possibility for modeling error or
unfavorable variances between Emerson's business plan assumptions and
actual results.  The cushion can be expressed in basis points, dollars of
catastrophe losses, or a percentage of the modeled catastrophe losses that
would cause attachment.

The cushions incorporated in the ratings on Emerson's loans are less than
those applied to most other similarly rated debt issued by sidecars.  The
primary reasons for this difference are the structural provisions that
severely limit risks besides catastrophe losses and modeling error and
greater due diligence.  These positive factors are balanced by the
difficulties modeling natural disasters and the cedants' lack of an
established competitive position.

Loan D has a modeled probability of attachment and a Standard & Poor's
adjusted probability of attachment of 140 bps and 277 bps, respectively.
The modeled probability of attachment corresponds to catastrophe losses of
US$650 million, and the Standard & Poor's adjusted probability of
attachment assumes catastrophe losses of US$548 million.  The difference
of US$102 million equates to a 16% cushion when expressed as a percentage
of unadjusted modeled catastrophe losses.  This cushion is less than the
cushions applied to other similarly rated debt issued by other sidecars,
for the reasons mentioned in the above paragraph.  The Standard & Poor's
adjusted probabilities of attachment for Loan A, Loan B, and Loan C are 14
bps, 54 bps, and 167 bps, respectively.  The cushions for Loan A, Loan B,
and Loan C are 17%, 12%, and 12%, respectively.  Loan D has a larger
cushion because it is exposed to attachment from a single event.

The cedants will enter into four separate reinsurance agreements with
Emerson.  Each loan will fully collateralize the potential obligations of
one and only one reinsurance agreement.  The proceeds of each loan will be
placed in a separate, dedicated trust, with the cedants named as the
beneficiaries.  Then, each trust will enter into a total rate of return
swap to mitigate investment risk with respect to the floating LIBOR
component of the loan.  Four additional trust accounts will be established
to receive premium payments.


FOXBORO LIMITED: Proofs of Claim Filing Ends on July 6
------------------------------------------------------
Foxboro Ltd.'s creditors are given until July 6, 2007, to prove their
claims to Westport Services Ltd., the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Foxboro Ltd.’s shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


HARBORSIDE EQUITY: Proofs of Claim Filing Deadline Is July 6
------------------------------------------------------------
Harborside Equity Ltd.'s creditors are given until July 6, 2007, to prove
their claims to Westport Services Ltd., the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Harborside Equity’s shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


HARBORSIDE HOLDINGS: Proofs of Claim Must be Filed by July 6
------------------------------------------------------------
Harborside Holdings Ltd.'s creditors are given until July 6, 2007, to
prove their claims to Westport Services Ltd., the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Harborside Holdings shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


HARBORSIDE INVESTMENTS: Proofs of Claim Filing Is Until July 6
--------------------------------------------------------------
Harborside Investments Ltd.'s creditors are given until July 6, 2007, to
prove their claims to Westport Services Ltd., the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Harborside Investments shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


HBRS LIMITED: Proofs of Claim Filing Ends on July 6
---------------------------------------------------
HBRS Ltd.'s creditors are given until July 6, 2007, to prove their claims
to Westport Services Ltd., the company's liquidator, or be excluded from
receiving any distribution or payment.

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

HBRS Ltd.’s shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


HEALTHCARE EQUITY: Proofs of Claim Filing Ends on July 6
--------------------------------------------------------
Healthcare Equity Ltd.'s creditors are given until July 6, 2007, to prove
their claims to Westport Services Ltd., the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Healthcare Equity's shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


HEALTHCARE INVESTMENTS: Proofs of Claim Must be Filed by July 6
---------------------------------------------------------------
Healthcare Investments Ltd.'s creditors are given until July 6, 2007, to
prove their claims to Westport Services Ltd., the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Healthcare Investments shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


HRB HOLDINGS: Proofs of Claim Filing Deadline Is July 6
-------------------------------------------------------
HRB Holdings Ltd.'s creditors are given until July 6, 2007, to prove their
claims to Westport Services Ltd., the company's liquidator, or be excluded
from receiving any distribution or payment.

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

HRB Holdings shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


HRB INVESTMENTS: Proofs of Claim Must be Filed by July 6
--------------------------------------------------------
HRB Investments Ltd.'s creditors are given until July 6, 2007, to prove
their claims to Westport Services Ltd., the company's liquidator, or be
excluded from receiving any distribution or payment.

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

HRB Investments shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


NATIONS INTERMEDIATE: Sets Final Shareholders Meeting for July 4
----------------------------------------------------------------
Nations Intermediate Bond Fund (Offshore) will hold its final shareholders
meeting on July 4, 2007, at 10:00 a.m., at the office of the company.

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) 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.

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:

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


PATTENVILLE LIMITED: Proofs of Claim Filing Ends on July 6
----------------------------------------------------------
Pattenville Ltd.'s creditors are given until July 6, 2007, to prove their
claims to Westport Services Ltd., the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Pattenville Ltd.’s shareholders agreed on May 10, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Bonnie Willkom
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920




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


GOODYEAR TIRE: Equity Offering Completion Cues S&P to Up Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Goodyear Tire &
Rubber Co., including its corporate credit rating to 'BB-' from 'B+'.  In
addition, the ratings were removed from CreditWatch where they were placed
with positive implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.

The upgrades reflect the company's completion of its equity offering with
net proceeds of approximately US$834 million.  Proceeds will be used to
repay approximately US$175 million of its 8.625% notes due in 2011 and
approximately US$140 million of its 9% notes due in 2015.  S&P expect some
of the remaining proceeds would be used to repay other debt.

The benefits of the reduction in debt and debt-like obligations as a
result of the equity sale, pending asset sales, and the United
Steelworkers contract are significant.  Combined with sustained improved
performance in North American tire operations, an additional upgrade is
possible during the next two years.  The outlook could be revised back to
stable or to negative if earnings and cash flow weaken because of soft
demand, or if operating improvements in North America reverse,
notwithstanding recent progress on balance sheet improvement.

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

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




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


NOVELL INC: Credit Suisse Reaffirms Underperform Rating on Firm
---------------------------------------------------------------
Credit Suisse analyst J. Maynard has reaffirmed his "underperform" rating
on Novell Inc's shares, Newratings.com reports.

Newratings.com relates that the target price for Novell's shares was set
at US$6.

Mr. Maynard said in a research note that Novell’s second quarter 2007
results didn't reflect any sign of substantial progress.

Mr. Maynard told Newratings.com that the expected release of "GPLv3"
indicates a risk to Novell’s most significant business.

The probability of Novell being acquired by a private equity investor is
quite low due to the lack of sustainable cash flows, Newratings.com
states, citing Credit Suisse.

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.




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


DENNY'S CORP: Names VP Jay Gilmore as Chief Accounting Officer
--------------------------------------------------------------
Denny’s Corporation disclosed that Jay C. Gilmore, Vice President and
Corporate Controller, has assumed the additional title of Chief Accounting
Officer effective May 23, 2007.

The company said that the addition of the title recognizes the
shifting of the principal accounting role, previously held by the
company’s chief financial officer, to the company’s Corporate Controller.

Mr. Gilmore will continue to report to F. Mark Wolfinger, Executive Vice
President, Growth Initiatives and Chief Financial Officer.

Mr. Gilmore, 38, joined the company in February 1999 as Assistant
Corporate Controller and became Corporate Controller of the company in
February 2001 and Vice President in January 2005.

Mr. Gilmore was with KPMG LLP in Greenville, SC for approximately
eight years where he was a senior audit manager.

                      About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's Corporation
(Nasdaq: DENN) -- http://www.dennys.com/-- is a full-service
family restaurant chain in the U.S., with 521 company-owned units
and 1,024 franchised and licensed units, with operations in the
United States, Canada, Costa Rica, Guam, Mexico, New Zealand and
Puerto Rico.

                             *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.




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


ASHMORE ENERGY: To Acquire CMS Energy's Assets for US$94 Million
----------------------------------------------------------------
Ashmore Energy International has entered an agreement for the acquisition
of a 50% interest in GasAtacama of Chile and a 42.3% stake in Jamaica
Private Power Company Limited from subsidiaries of CMS Energy for a
combined US$94 million.  The acquisition of interests in GasAtacama is
expected to close in the third quarter of 2007.  The acquisition of
interests in JPPC is expected to close by year-end 2007. Both transactions
are subject to certain third party consents and/or waivers.

GasAtacama is an integrated electricity and natural gas company located in
northern Chile that consists of a 780MW combined-cycle, gas-fired
generation facility and a 1,200 km gas pipeline that spans the Andes from
Argentina to Chile.  JPPC is a 63 MW fuel-fired independent power producer
located in Rockfort, Kingston, Jamaica.

The investments in GasAtacama and JPPC will provide AEI with further
segment and country diversification and serve to strengthen the Company’s
overall presence in Latin America and the Caribbean Basin.

                      About CMS Energy

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

                    About Ashmore Energy

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook is
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.


BANCO INTERCONTINENTAL: Judicial Expert Denies Using Fraud in Report
--------------------------------------------------------------------
Luis Emilio Aurich Medrano, a judicial expert assigned in the Banco
Intercontinental fraud case, has denied during the First Penal Collegiate
Court hearing that his legal report used the word "fraud" to describe the
collapsed bank’s account operations, Dominican Today reports.

According to Dominican Today, Mr. Medrano said that his work "didn’t
verify anything... nor reached any conclusion."  He explained that his
work was only to aid Judge Eduardo Sanchez Ortiz in interpreting the
documents given to him.

Mr. Medrano said that Zunilda Paniagua, the Banco Intercontinental
Liquidation commissioner and a plaintiff’s witness in the trial, sometimes
provided him with documents and the information to base his work,
Dominican Today notes.

"Neither before nor after did I verify any movement of those accounts,"
Dominican Today says, citing Mr. Medrano.

Mr. Medrano said before the court that he didn't reach any conclusions on
the operation of Banco Intercontinental's Interbank.  He also denied any
detection of fraud in the handling the Caribesa and Finanza Empresarial
accounts, Dominican Today states.

Banco Intercontinental aka Baninter collapsed in 2003 as a
result of a massive fraud that drained it of about US$657
million in funds.  As a consequence, all of its branches were
closed.  The bank's current and savings accounts holders were
transferred to the bank's new owner -- Scotiabank.  The
bankruptcy of Baninter was considered the largest in world
history, in relation to the Dominican Republic's Gross Domestic
Product.  It cost Dominican taxpayers DOP55 billion and resulted
to the country's worst economic crisis.




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


PETROECUADOR: Calls for Bids on Assets' Insurance
-------------------------------------------------
Ecuadorian state-owned oil company Petroecuador said in a statement that
it has invited insurance firms willing to present offers for the provision
of insurance coverage for its assets and installations to bid on June 7.

Business News Americas relates that Petroecuador launched a tender in
December 2006 for an insurance coverage.  However, it declared the tender
void to grant insurers more time to submit offers.

According to Petroecuador's statement, the firm changed some terms of the
original tender, including the elimination of the obligatory use of an
international reinsurance broker.  The changes were made to encourage more
insurers to participate in the tender.

BNamericas notes that Petroecuador invited these insurers on
May 2:

          -- Colonial,
          -- Coopseguros del Ecuador,
          -- Interoceanica,
          -- La Union,
          -- Panamericana del Ecuador, and
          -- Seguros Rocafuerte.

Petroecuador has an assets insurance policy with Ecuadorian insurance
consortium Colonial-Panamericana.  It was initially due to expire on April
11.  However, Petroecuador ratified a 90-day extension to July 9,
BNamericas states.

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


PETROECUADOR: Inks Strategic Alliance Pact with Petroperu
---------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador told Xinhua News that it has
signed a strategic alliance accord with Peruvian counterpart Petroperu for
fossil fuel exploration, exploitation, transportion, storage,
industrialization and trade.

Ecuadorian President Rafael Correa signed a joint declaration with
Peruvian President Alan Garcia.  Under the declaration, the two parties
would negotiate a long-term contract for the daily supply of 14,000
barrels of Ecuadoran crude Oriente.

All the local fossil fuel negotiated will be used in Petroperu's plants
and Petroecuador will buy some of the products -- like nafta, which is
used in Ecuador to produce high octane gasoline -- with preferential
prices, Petroecuador said in a statement.

Under the strategic alliance, Petroecuador and Petroperu will have 10 days
to create an executive committee.  The two firms will also form a joint
work team to identify main mutual interest projects, Xinhua News states.

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




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


BRITISH AIRWAYS: Denies Private-Equity Bid from Interested Buyer
----------------------------------------------------------------
British Airways Plc Chief Executive Officer Willie Walsh has denied to
Bloomberg News rumors that the firm is expecting to receive a
private-equity bid.

Mr. Walsh told Bloomberg News that British Airways isn't attractive as a
buyout target.  He said, "We have not been approached by anyone; I have
not seen any activity that would suggest people are actually looking at
British Airways."

Bloomberg News notes that due to speculation of a buyout offer, British
Airways' shares rose the most in six months on May 29.  However, the stock
declined 3% since May 29 and 11% so far this year, giving British Airways
a GBP5.39-billion market value.

Goldman Sachs Group Inc analysts told Bloomberg News that British Airways
is attractive due to increasing first-class and business-class travel.

Panmure Gordon analyst Gert Zonneveld commented to Bloomberg News, "It is
true the straightforward things have been done and assets have been sold,
but there may be interest in the airline anyway."

According to Bloomberg News, Mr. Zonneveld assigned a "hold" rating on
British Airways' shares.

Becuause it owns over 40% of the takeoff and landing slots at the Heathrow
Airport, British Airways could be a target, Bloomberg News states, citing
Mr. Zonneveld.

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

                        *     *     *

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

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

* Issuer: British Airways, Plc

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

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

As reported in the TCR-Europe on March 27, 2007, Standard &
Poor's Ratings Services said that its 'BB+' long-term corporate
credit rating on British Airways PLC remains on CreditWatch,
with positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


BRITISH AIRWAYS: Renews Wine Transport Accord with Kuehne
---------------------------------------------------------
British Airways has renewed its wine transport contract with Kuehne +
Nagel, Cargonews Asia reports.

Cargonews Asia relates that the contract is for British Airways' in-flight
catering services.  It includes imports of goods under bond to the UK
from:

          -- Europe,
          -- South Africa,
          -- Australasia, and
          -- the US west coast.

British Airways' general manager for cabin logistics Peter Hough told
Cargonews Asia, "The range of services that Kuehne + Nagel offers,
combined with their collaborative approach and our joint attention to
detail means that we have experienced less stock problems than ever
before.  In particular KN Login, the IT system which allows complete
visibility of our inventory throughout the supply chain, has been an
invaluable tool."

Cargonews Asia notes that Kuehne + Nagel also looks after regional
distribution direct to:

          -- British Airways' African caterers from South
             Africa, and

          -- Far East caterers, who are supplied directly from
             Australia.

Kuehne + Nagel will handle the transfer of fruit juices from Australasia
to worldwide destinations for in-flight catering, as agreed under the new
contract, Cargonews Asia states.

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

                        *     *     *

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

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

* Issuer: British Airways, Plc

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

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

As reported on March 27, 2007, Standard & Poor's Ratings Services said
that its 'BB+' long-term corporate credit rating on British Airways PLC
remains on CreditWatch, with positive implications, following a vote on
March 22 by EU ministers approving a proposed "open skies" aviation treaty
with the U.S.


BRITISH AIRWAYS: Will Have Right To Take Over Iberia Airline
------------------------------------------------------------
A source told news daily Sunday Telegraph that British Airways will be
given the option to take control of Spanish airline Iberia in three to
five years under an agreement with a consortium of Texas Pacific Group and
Spanish partners who are bidding for Iberia.

British Airways is reportedly planning to put off a potential takeover of
Iberia while it restructures its business and completes its move into
Heathrow's Terminal 5, Sunday Telegraph states.

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

                        *     *     *

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

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

* Issuer: British Airways, Plc

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

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

As reported on March 27, 2007, Standard & Poor's Ratings Services said
that its 'BB+' long-term corporate credit rating on British Airways PLC
remains on CreditWatch, with positive implications, following a vote on
March 22 by EU ministers approving a proposed "open skies" aviation treaty
with the U.S.





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


AIR JAMAICA: Virgin Atlantic Starts Selling Tickets to Jamaica
--------------------------------------------------------------
Deon P. Green at Jamaica Gleaner reports that Virgin Atlantic has started
selling tickets for London-Jamaica flights, after Air Jamaica sold the
route to the airline.

According to The Gleaner's Mr. Green, the tickets go on sale this week.
Travelers will be able to book flights directly through Virgin Atlantic
Airlines.

The Gleaner's Mr. Green notes that Air Jamaica signed a memorandum of
understanding with Virgin Atlantic for the handover of operations to the
United Kingdom.  The sale of the route will let Air Jamaica focus on its
core routes.

Air Jamaica, under its new code-sharing accord with Virgin Atlantic, will
place its code on Virgin Atlantic flights operating to and from Kingston
as well as Montego Bay, The Gleaner's Mr. Green says.  Virgin Atlantic
will add its VS code to international flights, linking Air Jamaica flights
between Montego Bay and Kingston.  The  code-share pact "adds to the
existing cooperation between Air Jamaica and Virgin Atlantic, which
includes links between the two carriers' frequent-flyer schemes, Seventh
Heaven and Flying Club."

Virgin Atlantic Chief Executive Officer Steve Ridgway said in a press
release that his firm looked forward to working more closely with Air
Jamaica to develop the routes between London and Jamaica.  He said, "We
intend to offer a comprehensive network of connections between our three
UK airports -- Gatwick, Heathrow and Manchester -- and Jamaica via our US
and Caribbean gateways, and in future we will look to build up connecting
traffic via Jamaica to other points in the Caribbean region."

The Gleaner's Mr. Green relates that Gatwick-Montego Bay flights will
still operate every Monday and Wednesday.  Air Jamaica's Montego
Bay-Kingston flights will also give travelers two weekly connecting flight
options between Kingston and Gatwick.

The Air Jamaica-Virgin Atlantic collaboration will give travelers heading
to Montego Bay a choice of four flights per week "through the code-share
connecting flights via Kingston, as well as the non-stop services," The
Gleaner's Mr. Green states.

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

                        *     *     *

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


CABLE & WIRELESS: Preparing Text Messaging Service During Hurricane
-------------------------------------------------------------------
Cable & Wireless' Jamaica told the Jamaica Gleaner that it is
collaborating with the Office of Disaster Preparedness and Emergency
Management to launch a pilot test for an emergency alert system using text
messaging in preparation for hurricanes.

Cable & Wireless Chief Operating Officer Jim Pitchford commented to The
Gleaner during a media briefing to launch the national disaster
preparedness campaign organized by the OPDEM, "The system will allow for
the broadcast of text messages to bmobile customers in specific geographic
regions, alerting them to localized situations, such as flooding, which
may require their prompt action."

Cable & Wireless would carry on the heavy investment for the development
of its telecommunications infrastructure to guarantee that Jamaica is
ready for anything, especially natural disasters, The Gleaner says, citing
Mr. Pitchford.

According to The Gleaner, Mr. Pitchford said that the 2006 launch of Cable
& Wireless' Hosting Services Center was the firm's response to the
increased risks faced by the local business community from hurricanes,
flooding and other natural disasters.

Mr. Ptchford told The Gleaner, "The center offers local organizations a
solution for disaster recovery and business continuity management as well
as a means of ensuring access to their vital information and IT
[information technology] infrastructure."

For the second year in a row, Cable & Wireless would be the major sponsor
of ODPEM's public education campaign, which will cover television, radio,
newspaper, brochures and a disaster preparedness exposition on June 23 in
Portmore, St. Catherine, The Gleaner notes, citing Mr. Pitchford.

Cable & Wireless also prepared for this year's hurricane season through
the completion of its yearly review of disaster preparedness plans.  It
also trained personnel who would handle problems brought by hurricanes,
The Gleaner states.

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

                        *     *     *

Cable & Wireless Plc carry these ratings:

    * Moody's Investors Service

      -- Long-Term Corporate Family Rating: Ba3
      -- Senior Unsecured Debt: B1
      -- Short-Term: NP
      -- Outlook: Negative

    * Standard & Poor's

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


GOODYEAR TIRE: Equity Offering Completion Cues S&P to Up Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Goodyear Tire &
Rubber Co., including its corporate credit rating to 'BB-' from 'B+'.  In
addition, the ratings were removed from CreditWatch where they were placed
with positive implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.

The upgrades reflect the company's completion of its equity offering with
net proceeds of approximately US$834 million.  Proceeds will be used to
repay approximately US$175 million of its 8.625% notes due in 2011 and
approximately US$140 million of its 9% notes due in 2015.  S&P expect some
of the remaining
proceeds would be used to repay other debt.

The benefits of the reduction in debt and debt-like obligations as a
result of the equity sale, pending asset sales, and the United
Steelworkers contract are significant.  Combined with sustained improved
performance in North American tire operations, an additional upgrade is
possible during the next two years.  The outlook could be revised back to
stable or to negative if earnings and cash flow weaken because of soft
demand, or if operating improvements in North America reverse,
notwithstanding recent progress on balance sheet improvement.

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

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


PETROLEOS DE VENEZUELA: Close to Acquiring 49% of Petrojam Plant
----------------------------------------------------------------
Venezuelan state-run oil company Petroleos de Venezuela SA is close to
completing the acquisition of 49% of Jamaican refinery Petrojam, Radio
Jamaica reports.

Radio Jamaica relates that the negotiating team for the partnership
between Petroleos de Venezuela and its Jamaican counterpart Petroleum
Corporation of Jamaica is finalizing details of the sale accord, which
includes the modernization of Petrojam by both firms.

This concludes a year of meetings in Jamaica and Venezuela that started
with the February 2005 signing of a letter of intent, Petroleum
Corporation Group Managing Director Dr. Ruth Potopsingh told Radio
Jamaica.

According to Radio Jamaica, Petroleum Corporation agreed with Petroleos de
Venezuela  to sell Petrojam and the product storage terminal in Montego
Bay for US$130 million.  Petroleos de Venezuela will acquire the plant,
storage facility and business operations.

Of the US$130 million, US$63.7 million  will be paid for 49% of Petrojam
and its business operations, Radio Jamaica states.

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

                        *     *     *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


* JAMAICA: Almost Completing 49% Petrojam Stake Sale to PDVSA
-------------------------------------------------------------
State-owned oil firm Petroleum Corporation of Jamaica's sale of a 49%
stake in refinery Petrojam to Venezuelan counterpart Petroleos de
Venezuela SA aka PDVSA is almost completed, Radio Jamaica reports.

Radio Jamaica relates that the negotiating team for the partnership
between PDVSA and its Jamaican counterpart Petroleum Corporation of
Jamaica is finalizing details of the sale accord, which includes the
modernization of Petrojam by both firms.

This concludes a year of meetings in Jamaica and Venezuela that started
with the February 2005 signing of a letter of intent, Petroleum
Corporation Group Managing Director Dr. Ruth Potopsingh told Radio
Jamaica.

According to Radio Jamaica, Petroleum Corporation agreed with PDVSA to
sell Petrojam and the product storage terminal in Montego Bay for US$130
million.  PDVSA will acquire the plant, storage facility and business
operations.

Of the US$130 million, US$63.7 million  will be paid for 49% of Petrojam
and its business operations, Radio Jamaica states.

                  About Petroleos de Venezuela

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

                        *     *     *

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




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


AMERICAN AXLE: JPMorgan & BoA to Arrange Term Loan Refinancing
--------------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., and its wholly owned
subsidiary, American Axle & Manufacturing, Inc. have selected JPMorgan
Securities Inc. and Banc of America Securities LLC to arrange a US$250
million unsecured term loan facility.  The facility is being arranged on
an uncommitted basis giving AAM the ability to enter into the transaction
at its discretion.

AAM intends to use the proceeds for general corporate purposes,
including the prepayment of its existing US$250 million term loan.  The
new term loan would mature in 2012.  The transaction is subject to
customary terms and conditions and the execution of definitive
documentation.

American Axle & Manufacturing -- http://www.aam.com/--
manufactures, engineers, designs and validates driveline and
drive train systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, India, Japan, Mexico, Poland,
Scotland and South Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2007, Fitch has assigned a 'BB' rating to American Axle
& Manufacturing's (NYSE: AXL) new senior unsecured notes due
2017.  Fitch has also affirmed American Axle's existing ratings:

   -- Issuer Default Rating (IDR) 'BB';
   -- Senior unsecured bank facility 'BB'; and
   -- Senior unsecured 'BB'.


BURGER KING: Board Approves Repurchasing US$100 Mil. Common Stock
-----------------------------------------------------------------
Burger King Holdings Inc.'s board of directors has authorized the
repurchase of up to US$100 million of the company’s common stock.  The
share repurchases will be made in the open market from time to time prior
to Dec. 31, 2008, and be funded from available cash.  The amount and
timing of the repurchases will be determined by the company’s management.
The share repurchases may be suspended or discontinued at any time. Shares
of stock repurchased under the plan will be retired.

“Our share repurchase plan provides us with the flexibility to be
opportunistic, depending on market conditions, to enhance shareholder
value over the long term,” said CEO John Chidsey.

The company also announced that its board has declared a quarterly
dividend of US$0.0625 per share of common stock.  The dividend is payable
on June 28, 2007, to shareholders of record at the close of business on
June 11, 2007.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/--  operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from
Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


CNH GLOBAL: S&P Lifts Corporate Credit Rating to BB+ from BB
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
CNH Global N.V. and related entities to 'BB+' from 'BB' following the same
rating action taken by Standard & Poor's on CNH's parent company,
Italy-based Fiat SpA.  The outlook is positive.

The corporate credit rating and outlook on publicly traded CNH are the
same as those on auto and truck manufacturer Fiat due to the close ties
between the two entities.  Fiat views CNH as a core business and continues
to provide strong liquidity support to CNH by way of intercompany loans
and bank loan guarantees.  Fiat has an approximate 90% equity ownership
stake in CNH.  The company has a satisfactory business position as the
world's second-largest agricultural equipment maker and as a major
manufacturer of construction equipment.  It also has an aggressive, but
improving, financial profile.

CNH Global N.V. -- http://www.cnh.com-- is a global, full-line company in
both the agricultural and construction equipment industries.  The
company's global scope and scale includes integrated engineering,
manufacturing, marketing and distribution of equipment on five continents.
It organizes its operations into three business segments: agricultural
equipment, construction equipment and financial services.  CNH markets its
products globally through its two brand families, Case and New Holland.
Case IH and New Holland make up its agricultural brand family.  Case and
New Holland Construction (along with Kobelco in North America) make up its
construction equipment brand family.


CROWN HOLDINGS: Promotes Ray McGowan to President-North American
----------------------------------------------------------------
Crown Holdings Inc. has promoted Raymond L. McGowan, Jr., to President of
its North American Packaging business effective July 1, 2007.  He will be
responsible for marketing, sales, production and planning in the region,
which accounted for 34% of the company's US$7.0 billion in 2006 net sales.
Currently, he is serving as President of Crown's North American Food
Packaging business.  In this new capacity, he will also oversee North
American Beverage Packaging and North American Aerosol Packaging.  Mr.
McGowan will continue to report to Frank J. Mechura, President of Crown's
Americas Division.

Commenting on Mr. McGowan's promotion, Mr. Mechura said, "We are
delighted to have someone of Ray's caliber in this important senior level
position for the Company.  Ray has proven himself as highly qualified to
manage these diverse businesses from both the operational and customer
service standpoints."

Mr. McGowan joined the company five and a half years ago as Vice
President and Assistant to the President of the U.S. food can business and
later was promoted to President of that division.  He then served as
President - CROWN Food Can Packaging USA.  Prior to joining Crown, he was
Group Vice President of Global Consumer Products at Sonoco Products
Company.

Mr. McGowan graduated from Providence College with a Bachelor's degree in
Political Science and completed the Executive Management Program at the
University of North Carolina.

Philadelphia, Pa.-based Crown Holdings Inc. (NYSE: CCK)
-- http://www.crowncork.com/-- through its affiliated
companies, supplies packaging products to consumer marketing
companies around the world.  In Latin America, the Company has
operations in Mexico, and in South and Central America.  The
Company also maintains operations in Europe, particularly in the
United Kingdom and France. In the Asia-Pacific region, the
Company has an office in Singapore.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB-' rating and
its '2' recovery rating on Crown Holdings Inc.'s existing US$1.5
billion credit facilities including its US$200 million add-on
senior secured term loan B due 2012.


GENERAL MOTORS: To Invest US$44 Million in Bedford Foundry
----------------------------------------------------------
General Motors Corp. will invest US$44 million in its Bedford Foundry to
produce transmission cases and converter housings for GM's growing family
of fuel-efficient, six-speed transmissions.  The project will retain about
100 production jobs at the facility.

The investment includes plant renovation and installation of new die
casting machines with an automated (robotic) casting processing cell for
each machine.  Construction and equipment orders will begin immediately,
with machine installation beginning in June 2008.  Full production
targeted for December 2009.

The US$44 million investment disclosed brings GM's total investments in
the past year for the Bedford facility to US$114 million.

"These investments would not be possible without the involvement of
employees at this facility, who have dedicated themselves to improving the
quality of our products and the efficiency of the operations here at the
Bedford Foundry," Arvin Jones, GM Powertrain manufacturing manager for
castings and components, said.  "Their efforts have contributed to GM's
competitiveness and our transformation in North America."

The GM Powertrain Bedford plant management, UAW Local 440 and IBEW Local
16 leadership successfully negotiated competitive operating agreements
that improve operational effectiveness.  The agreements also address
processes and methods to improve safety of the operations and production
quality.

Mr. Jones thanked members of UAW Local 440 and IBEW Local 16 as well as
Indiana's leaders on the state and local levels -- working together they
were able to build a competitive business case to support this investment
in Indiana.

"GM continues to make a significant commitment to Indiana,” Indiana Lt.
Governor Skillman said.  “I commend them for choosing to invest in our
state.  This is good news for Hoosier workers and a testament to the great
value of our highly skilled workforce and competitive business climate."

High pressure die casting is the most economical process for casting
high-volume powertrain components.  The process works by injecting molten
aluminum into a water-cooled steel die with high pressure exerted by a
metal plunger during solidification.

"The investment marks an exciting new chapter in this plant's 64-year
history of producing high quality castings and components for GM engines
and transmissions," John Lancaster, Bedford plant manager, said.  "The
credit goes to our employees who've established a culture of continuous
improvement that helps secure our future in today's competitive global
market."

GM's Powertrain Bedford Foundry is an aluminum melting, die casting and
permanent mold facility that has been a proud part of the Bedford
community since 1943.  The plant currently employs 544 hourly and 115
salaried workers and has an annual payroll of approximately $58 million.
Castings produced at the plant include: transmission cases and converter
housings for GM's four-speed and six-speed transmissions; pistons for the
Vortec 4.8-liter and 5.3-liter V-8 engines that power GM's full-size SUVs
and pickups marketed under the Chevrolet Tahoe and Silverado and GMC Yukon
and Sierra brands; and engine blocks for GM's Northstar 4.6-liter V-8
engines that power the Cadillac DTS, XLR and STS luxury cars.  On a daily
average, the plant manufactures 10,000 transmission cases and converter
housings, 34,000 pistons and 350 engine blocks.

Headquartered in Detroit, GM General Motors Corp. (NYSE: GM) --
http://www.gm.com/-- was  founded in 1908, GM employs about
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries.  In 2006, nearly 9.1 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

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

                          *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating, and
maintained its SGL-3 Speculative Grade Liquidity Rating.  The
rating outlook remains negative.


GRUPO MEXICO: Will Inject US$1.14 Billion in Cananea Mine
---------------------------------------------------------
Grupo Mexico SA, de C.V., said in a statement that its unit Industrial
Minera Mexico's Cananea copper mine in Sonora will get a capital injection
of US$1.14 billion to more than double its production capacity by 2011.

Business News Americas relates that the Cananea mine produces some 186,000
tons per year of copper.  Due to the construction of new plants, its
output will increase to 442,000 tons per year.

According to BNamericas, about US$285 million of the investment will be
allocated to:

          -- concentrator expansion,
          -- construction of a new process for crushing,
          -- transport of leachable mineral,
          -- a plant to produce copper cathodes, and
          -- a molybdenum plant.

The expansion would boost yearly output by 66,000 tons of copper and eight
million pounds of molybdenum, the report says.

Another investment of about US$850 million will be made for the
construction of a new concentrator, which can produce some 190,000 tons of
copper.

Minera Mexico head Xavier Garcia de Quevedo told BNamericas, "We estimate
that even after doubling production, Cananea will have reserves for more
than 50 years."

The investments will ensure that the Cananea will be one of the lowest
cost mines in the world, BNamericas states, citing Mr. de Quevedo.

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.




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


DOE RUN: Reaches Agreement with City of Herculaneum
---------------------------------------------------
The Doe Run Company and the City of Herculaneum, after more than a year of
negotiation, have reached an agreement in principle on land transactions
that are expected to encourage community development and create more space
between Doe Run and its neighbors.

In April, the Herculaneum Board of Aldermen unanimously voted to sell
10.32 acres of streets and adjacent land near the smelter to Doe Run for
US$410,000.  Located in the oldest part of the city, the streets are near
160 houses purchased by Doe Run during the Voluntary Property Purchase
program.

Owning this additional acreage will allow Doe Run to formally incorporate
into its facility land purchased under the Voluntary Property Purchase
program, creating an attractive landscaped area.  The company will also
have the option to extend the company’s fence line to limit public access
to the smelter.  Doe Run officials have said this project will help
achieve ambient air standards while adding another measure of protection
for neighbors living near the plant.

In turn, Doe Run will sell some of its land–about 20 acres at the
southeast corner of the Herculaneum exit along Interstate 55– to the city
for a planned shopping center development.

“We’re pleased about the agreement and appreciate the city’s willingness
to collaborate on this initiative for the benefit of residents,” said Gary
Hughes, general manager of Doe Run’s Herculaneum Smelter.  “These
transactions will enable Doe Run and Herculaneum to proceed with plans
that will help the community flourish.  We’re excited to be part of
Herculaneum’s growth and progress.”

Doe Run has also agreed to grant easements allowing road improvements
should a second Joachim Creek bridge need to be built at any time in the
future.

The land agreement marks one of several initiatives Doe Run is embracing
to further reduce its environmental impact on the community.  On April 26,
The Missouri Air Conservation Commission unanimously approved the consent
judgment for the State Implementation Plan (SIP) for Herculaneum, which
outlines steps to help achieve federal air standards.  Also in April, Doe
Run announced that all of its Herculaneum air monitors, including the area
nearest the facility, met the National Ambient Air Quality Standard for
lead during the first quarter of 2007.  MDNR confirmed that data.

Based in St. Louis, Mo., The Doe Run Company --
http://www.doerun.com/-- is a privately held natural resources
company dedicated to environmentally responsible mineral
production, metals fabrication, recycling and reclamation.  The
company and its subsidiaries deliver products and services
needed to provide power, protection and convenience through
premium products and associated metals including lead, zinc,
copper, gold and silver.  As the operator of one of the world's
only multi-metal facilities and the Americas' largest integrated
lead producer, Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

Doe Run Peru S.R.L., an indirect Peruvian subsidiary, operates a
smelter in La Oroya, Peru, one of the largest polymetallic
processing facilities in the world, producing an extensive
product mix of non-ferrous and precious metals, including
silver, copper, zinc, lead and gold.  Doe Run Peru also has a
copper mining and milling operation in Cobriza, Peru in the
region of Huancavelica, which is approximately 200 miles
southeast of La Oroya in Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.




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


CENTENNIAL COMM: Moody's Junks Senior Unsecured Debt Rating
-----------------------------------------------------------
Moody's Investors Service affirmed Centennial Communications Corp.'s B2
corporate family rating and changed its outlook to stable from negative
based on Moody's belief that the company is likely to continue its
positive operating momentum through the next couple of years, producing
modest, sustainable, free cash flow and reducing its adjusted leverage
towards 5.3x by the end of fiscal 2009.

At the same time, Moody's affirmed Centennial's Caa1 senior unsecured debt
rating, affirmed the Ba2 senior secured and B2 senior unsecured rating of
Centennial's subsidiary, Centennial Cellular Operating Co LLC, and lowered
CCOC's senior subordinated rating to Caa1 from B3, in accordance with
Moody's loss-given default methodology.  The ratings reflect a B2
probability of default and loss-given-default assessments.

Ratings Affirmed:

    * Centennial Communications Corp

      -- Corporate family rating B2;

      -- Probability of default rating B2;

      -- US$350 million senior unsecured FRN's due 2013 Caa1,
         LGD5, 89%;

      -- US$200 million 10% senior unsecured notes due 2013 Caa1,
         LGD 5, 89%.

    * Centennial Cellular Operating Co. LLC

      -- US$700 million senior secured bank facility due 2010/2011
         Ba2, LGD 2, 11% (from LGD 2, 10%);

      -- US$325 million 8 1/8% senior unsecured notes due 2014 B2,
         LGD 4, 53% (from LGD 3, 49%);

      -- US$500 million 10 1/8% senior unsecured notes due 2013
         B2, LGD 4, 53% (from LGD 3, 49%).

Ratings Lowered:

    * Centennial Cellular Operating Co. LLC

      -- US$45 million 10 3/4% senior subordinated notes due 2008
         Caa1 LGD 5, 78% (from B3 LGD 5, 77%)

Centennial's B2 Corporate Family Rating reflects its relatively small
scale as a regional wireless provider in the U.S. and Puerto Rico markets,
competing against larger, better capitalized national players.
Additionally, the rating considers Centennial's high quality
infrastructure in Puerto Rico and the steadily growing market share of its
CLEC operation.  Finally, the rating reflects current adjusted leverage of
roughly 6x and very modest free cash flow generation compared to total
adjusted debt of approximately US$2.2 billion.

Centennial has wireless operations in two rural areas of the continental
U.S., as well as wireline and wireless assets in Puerto Rico.


FOOT LOCKER: S&P Retains Negative Watch After Rejected Genesco Bid
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on New York
City-based Foot Locker Inc., including its 'BB+' corporate credit rating,
remain on CreditWatch with negative implications following the company's
announcement that it launched a bid to acquire Genesco Inc. (BB-/Watch
Dev/--) for approximately US$1.3 billion in cash.  Genesco has rejected
the US$51.00 per share proposal having concluded that it was not in the
best interests of its shareholders.

"Because Standard & Poor's expects that a significant portion of any
revised acquisition bid could be funded with debt, this would result in
deterioration in Foot Locker's credit metrics and a likely downgrade,"
said Standard & Poor's credit analyst David Kuntz.

At the same time, ratings for Genesco remain on CreditWatch with
developing implications, suggesting that a downgrade for Foot Locker may
be limited to two notches.  If a transaction is subsequently completed,
Genesco's rating would be the same as Foot Locker's.  S&P will continue to
monitor the ratings as additional information becomes available.

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and
apparel.  The company operates approximately 3,900 athletic retail stores
in 17 countries in North America, The Netherlands and Australia under the
brand names Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker,
and Champs Sports.


HOSPITALITY PROPERTIES: Buys 40 Petro Stopping Centers for US$630MM
-------------------------------------------------------------------
Hospitality Properties Trust has acquired 40 hospitality and fuel centers
from Petro Stopping Centers, L.P. for US$630 million plus closing costs.

Simultaneously with this acquisition, these sites were leased to
TravelCenters of America, LLC for an initial net rent of approximately
US$62.2 million per year.

Prior to this acquisition, Petro Stopping was a privately owned company
based in El Paso, Texas, which was majority owned by a Texas family and
minority owned by affiliates of Exxon Mobil and AB Volvo of Sweden.

The 40 centers acquired by HPT are similar to, but generally newer and
larger than, the travel centers which HPT acquired earlier this year.  The
40 Petro centers are located in 25 states and are all in close proximity
to major U.S. Interstate Highways.

Simultaneously with HPT's acquisition of the 40 centers, TA acquired
substantially all of the operating assets of Petro, including inventory,
working capital and certain personal property at the centers leased from
HPT, as well as additional travel centers.

In addition to its purchase price of approximately US$630 million, HPT has
agreed to pay certain costs of this transaction, principally the costs
associated with defeasance and prepayment of debt secured by the Petro
properties plus customary closing costs. HPT estimates that these costs
may be approximately US$25 million.

HPT's lease of the 40 centers to TA has many features similar to other HPT
transactions.  It is one lease for all 40 centers.  It is a long term
lease through June 30, 2024 -- 17 years -- plus renewal options thereafter
which may only be exercised for all, and not less than all, of the centers
combined.  Starting after 2012, HPT's rent will increase annually based
upon percentages of increased gross revenues at the leased centers.

John G. Murray, President of HPT commented, "When HPT agreed to purchase
TravelCenters of America and to create TA as a separate public company in
September 2006, HPT said that it expected it would find financially
accretive growth opportunities in the travel center industry.  We are
delighted to work with TA to help it expand its business, especially
because we have been able to acquire such high quality properties as those
which have been built and assembled by Petro."

HPT has funded this transaction using cash on hand and drawings under its
unsecured revolving credit facility.

                  About Petro Stopping Centers

Petro Stopping Centers, L.P. -- http://www.petrotruckstops.com/-- is a
travel plaza chain with facilities designed to meet the needs of today's
professional drivers.  With locations from coast to coast and border to
border, our facilities set the standard for all travel plazas.

                  About Hospitality Properties

Hospitality Properties Trust (NYSE: HPT) -- http://www.hptreit.com/-- is
a real estate investment trust, which owns 310 hotels and 146 travel
centers located throughout the United States, Ontario, Canada and Puerto
Rico.  The company does not operate hotels or travel centers.  Instead,
all of its properties are operated by unaffiliated hospitality management
companies as part of 12 combination management or lease agreements.

As of March 31, 2007, the largest combination agreement based upon
investment includes 146 travel centers located in 44 states and the
smallest combination includes 18 hotels with 2,399 rooms located in five
states.  The company's travel centers are operated by TravelCenters of
America LLC.

                         *     *     *

As reported in the Troubled Company Reporter on Feb. 20, 2007,
Standard & Poor's Ratings Services assigned its 'BB+' rating to
Newton, Massachusetts-based Hospitality Properties Trust's
$300 million series C cumulative redeemable perpetual preferred
share issue.  Net of fees and expenses, HPT expects proceeds of
$290 million to be used to partially fund the company's January
2007 purchase of TravelCenters of America Inc.

At the same time, Standard & Poor's affirmed its existing ratings
on the company, including the 'BBB' corporate credit rating.  The rating
outlook is stable.


MAXXAM INC: Appoints Shawn Hurwitz as President
-----------------------------------------------
MAXXAM Inc. has elected Shawn Hurwitz to the additional position of
President of the company.  Mr. Hurwitz currently serves as Co-Vice
Chairman of the MAXXAM Board of Directors and President and Chief
Executive Officer of the MAXXAM Property Company, the Company's real
estate development subsidiary, whose primary business is community
development and related real estate investment.

Mr. Hurwitz also serves on numerous MPC-affiliated corporate boards, as
well as serving as President and Chief Executive Officer of Sam Houston
Race Park, Ltd., which owns and operates a Texas Class 1 horse racing
facility in Houston.

Mr. Hurwitz, who begins his duties immediately, replaces former President
Charles Hurwitz, who will remain CEO and Chairman of MAXXAM's Board.
"Shawn's leadership at MPC and the Company's other business interests has
helped fuel the organization's performance," Charles Hurwitz said.
"Shawn's knowledge of the Company's various business interests will be
incredibly valuable to the continued stability and growth of MAXXAM.  We
are confident that his business acumen and his strategic vision will serve
the company well and will drive its future success."

"I am honored to help lead a great company with tremendous assets," Shawn
Hurwitz said.  "I look forward to helping drive growth and opportunity for
our shareholders, our employees and the communities where we do business."

In addition to his role at MAXXAM, Mr. Hurwitz is deeply committed to his
leadership role with the KIPP ("Knowledge Is Power Program") organization
-- http://www.kipp.org/-- where he serves as Chairman Emeritus of the
Board of all of KIPP's 8 schools in Houston.  He also serves on the Board
of the KIPP Foundation, which oversees all of the 50 + KIPP Schools
nationwide.

Mr. Hurwitz is a graduate of The University of California at Santa
Barbara, and has an MBA from The University of Texas at Austin and lives
in Houston with his wife and family.

Headquartered in Houston, Texas, MAXXAM Inc. (AMEX: MXM)
operates businesses ranging from aluminum and timber products to
real estate and horse racing.  MAXXAM's top revenue source is
Kaiser Aluminum, which has been in Chapter 11 bankruptcy since
2002.  MAXXAM's timber subsidiary, Pacific Lumber, owns about
205,000 acres of old-growth redwood and Douglas fir timberlands
in Humboldt County, California.  MAXXAM's real estate interests
include commercial and residential properties in Arizona,
California, Texas, and Puerto Rico.  The company also owns the
Sam Houston Race Park, a horseracing track near Houston.  Its
chairperson and chief executive officer, Charles Hurwitz,
controls 77% of MAXXAM.

The company's March 31 balance sheet showed US$559.5 million of
total assets, US$783.8 million in total liabilities, resulting
in a stockholders' equity deficit of US$224.3 million.


SPANISH BROADCASTING: S&P Cuts Rating on US$350MM Facilities to B-
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its bank loan rating and
revised its recovery rating on the US$350 million senior secured credit
facilities of Spanish Broadcasting System Inc. (SBS; B-/Stable/--).

The bank loan rating was lowered to 'B-', the same as the corporate credit
rating on SBS, from 'B', while the recovery rating was revised to '3' from
'1'.  The '3' recovery rating indicates the expectation of meaningful
recovery in the event of a payment default.  The credit facilities consist
of a US$325 million term loan and a US$25 million revolving credit
facility.

"Although the company prepaid its second-lien term loan in early 2006
without an increase in first-lien debt, the company has seen a significant
decline in EBITDA over the past two years," said Standard & Poor's credit
analyst Michael Altberg.  "We based this rating action on that and
expected further declines over the intermediate term, based on continuing
losses at Mega TV and a challenging radio environment."

On a trailing 12-month basis, EBITDA has declined more than 25% since S&P
originally assigned bank loan and recovery ratings in May 2005,
contributing to a significantly lower enterprise value under our default
analysis than that previously used.

The facilities are secured by a perfected first-lien interest in the
assets of the company and subsidiary stock, including, most importantly,
the capital stock of the subsidiaries that hold the broadcasting licenses.
Although broadcast licenses cannot be used as collateral, Standard &
Poor's views the pledge of the stock of the license-holding subsidiaries
as having considerable worth based on FCC license scarcity and strict
limitations on the liabilities of these entities.

S&P expect that borrowing availability under the revolving credit facility
will be unrestricted because the company's credit agreement does not
include maintenance financial covenants other than a 7x debt incurrence
test on any new financing.  The company's revolving credit facility
matures in 2010, the term loan in 2012.

Ratings List

Spanish Broadcasting System Inc.

Corporate Credit Rating             B-/Stable/--

Ratings Lowered

Spanish Broadcasting System Inc.

                                     To               From
                                     --               ----
Senior Secured                       B-               B
  Recovery Rating                    3                1

Spanish Broadcasting System Inc. (NasdaqGM: SBSA)--
http://www.spanishbroadcasting.com/-- is the largest publicly
traded Hispanic-controlled media and entertainment company in the
United States.  SBS owns and operates 20 radio stations located in
the top Hispanic markets of New York, Los Angeles, Miami, Chicago,
San Francisco and Puerto Rico.  The company also owns and operates
Mega TV, a television operation serving the South Florida market,
and occasionally produces live concerts and events throughout the
U.S. and Puerto Rico.  In addition, the company operates
http://LaMusica.com/a bilingual Spanish-English online site
providing content related to Latin music, entertainment, news and
culture.




===============
S T.  L U C I A
===============


AMERICAN AIRLINES: Will Launch Direct Flights to St. Lucia
----------------------------------------------------------
American Airlines told the Associated Press that it will launch direct
flights from John F. Kennedy International Airport in New York to St.
Lucia.

American Airlines said in a statement that it will fly to St. Lucia from
New York thrice per week, beginning Nov. 15, using the Boeing 757
aircraft.  The new flights will be the sole nonstop service currently
scheduled between New York and St. Lucia.

American Airlines disclosed earlier this year that it would launch JFK-St.
Kitts and Nevis nonstop service in November, the AP states.

American Airlines, Inc. (NYSE:AMR) -- http://www.AA.com/--
American Eagle, and the AmericanConnection regional airlines
serve more than 250 cities in over 40 countries with more than
3,800 daily flights.  The combined network fleet numbers more
than 1,000 aircraft.  American Airlines, Inc. and American Eagle
are subsidiaries of AMR Corporation.  It has Latin operations in
Mexico, Dominican Republic, Puerto Rico, Argentina, Bolivia,
Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Venezuela,
Uruguay, Belize, Costa Rica, El Salvador, Guatemala, Honduras,
Nicaragua and Panama.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May 25,
2007, Standard & Poor's Ratings Services assigned its 'CCC+' rating to
American Airlines Inc.'s (B/Positive/--) US$125 million Dallas/Fort Worth
International Airport special facility revenue refunding bonds, series
2007, due 2030.  The bonds are guaranteed by American's parent, AMR Corp.
(B/Positive/B-2), and are secured by payments made by American to the
airport authority.  Proceeds are being used to refund the outstanding
revenue bonds, series 1992 (rated 'CCC+'), whose rating was withdrawn.




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


BRISTOW GROUP: Declares Private Offering of US$250-Mln Sr. Notes
----------------------------------------------------------------
Bristow Group Inc. has intended to offer, pursuant to Rule 144A and
Regulation S under the Securities Act of 1933, US$250 million in principal
amount of senior notes due 2017.

The offering of the notes, which is subject to market and other
conditions, will be made within the United States only to qualified
institutional buyers and outside the United States to non-U.S. Investors
under Regulation S of the Securities Act.

The company intends to use the net proceeds from the offering to fund
additional aircraft purchases under options and for general corporate
purposes.

The offer of the proposed senior notes will be made only by means of an
offering memorandum to qualified investors and has not been registered
under the Securities Act of 1933 or any state securities laws.  The notes
may not be offered or sold in the United States absent registration under
the Securities Act of 1933 or an applicable exemption from the
registration requirements of the Securities Act of 1933 and applicable
state securities laws.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- provides helicopter
transportation services to the offshore oil and gas industry
worldwide.  Its services include helicopter transportation,
maintenance, search, and rescue and aviation support, as well as
oil and gas production management services.  The company
operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production
Management for its production management services.  As of
March 31, 2006, the company operated 331 aircrafts and its
unconsolidated affiliates operated an additional 146 aircrafts.

The company has offices in Australia, China, India, Mexico, the
Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and
the United States, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Standard & Poor's Ratings Services assigned its 'B' rating to
the helicopter service company Bristow Group Inc.'s US$230
million 5.5% mandatory preferred convertible stock.  At
the same time, Standard & Poor's affirmed the 'BB' corporate
credit rating on the company.  S&P said the outlook is negative.




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


BANDES URUGUAY: Moody's Puts E+ Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength rating of E+
to Banco Bandes Uruguay S.A., a wholly-owned subsidiary of Banco de
Desarrollo Economico y Social de Venezuela.

Moody's also assigned long- and short-term global local-currency deposit
ratings of B2 and Not Prime, as well as long- and short-term
foreign-currency deposit ratings of B2 and Not Prime.  At the same time,
Moody's assigned long-term national scale local- and foreign-currency
deposit ratings of Baa1.uy.  The outlook on the ratings is stable.

Moody's noted that the E+ BFSR reflects the bank's still-weak financial
fundamentals as well as the transitional risk inherent to the recent
acquisition of all assets and liabilities of Cooperativa Nacional de
Ahorro y Credito.  The bank's network in Uruguay could provide access to
business opportunities within the targeted segments of cooperatives, and
medium and small companies.  However, as a subsidiary of a Venezuelan
state-owned development bank, Bandes Uruguay may be asked to provide
support to certain policy lending and other activities that may limit its
ability to generate earnings.  Asset allocation and profitability,
therefore, could be impaired as a result of its policy role for the
Government of Venezuela.

Moody's B2 global local-currency deposit rating incorporates the bank's
baseline risk assessment of B3 and is lifted by one notch to B2 by Moody's
assessement of the very high probability of support from its parent bank,
Bandes.  Moody's considers Uruguay to be a low support country, therefore,
no systemic support is assessed to Bandes Uruguay's global local currency
rating because of its modest share in the deposits market . Bandes has
provided support to the Uruguayan subsidiary through capital injections
and funding; Moody's believes this support would continue.  Its parent had
US$4.7 billion in assets and US$ 4.5 billion in equity as of April 2007.

Bandes Uruguay is a universal bank, distributed throughout the country.
As of April 2007, it had US$293 million in assets and US$40 million in
equity.

These ratings were assigned to Banco Bandes Uruguay S.A.:

   -- Bank Financial Strength Rating: E+, with stable outlook.

   -- Long- and short-term global local-currency deposit rating:
      B2 and Not Prime, with stable outlook.

   -- Long- and short-term foreign currency deposit rating: B2
      and Not Prime with stable outlook.

   -- Long-Term National Scale Local Currency Deposit Rating:
      Baa1.uy with stable outlook

   -- Long -Term National Scale Foreign Currency Deposit Rating:
      Baa1.uy with stable outlook




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


CMS ENERGY: Selling Interests to Ashmore Energy for US$94 Million
-----------------------------------------------------------------
CMS Energy subsidiaries have entered into an agreement to sell their
interests in GasAtacama of Chile and a separate agreement to sell their
interests in Jamaica Private Power Company Limited -- JPPC -- to Ashmore
Energy International -- AEI -- for a combined US$94 million.  AEI is an
owner and operator of essential energy infrastructure assets in emerging
markets worldwide.

CMS International Ventures LLC and other subsidiaries of CMS Energy
entered into an agreement to sell CMS Energy's interests in the GasAtacama
business.  The sale of these interests in GasAtacama is expected to close
in the third quarter.

GasAtacama transports natural gas to northern Chile from Argentina, and
owns and operates gas pipelines as well as a 780 megawatt combined-cycle,
gas- fired power generation facility that is located in Chile.  CMS Energy
and Endesa of Chile built the GasAtacama project and placed it in service
in 1999.

Separately, other subsidiaries of CMS Energy entered into an agreement
with AEI to sell CMS Energy's interests in JPPC and an associated company.
The sale of interests in JPPC is expected to close by year-end 2007.
JPPC operates a 63 megawatt, diesel-fueled power plant located in
Rockfort, Kingston, Jamaica.  The facility began commercial operation in
1997.

The sales of both GasAtacama of Chile and JPPC are subject to certain
third party consents and/or waivers.

"These agreements continue the excellent progress our Company has made on
the sale of our international assets," said David W. Joos, Chief Executive
Officer for CMS Energy.

Proceeds from both sales will be used to reduce debt at CMS Energy and
invest in CMS Energy's Michigan utility, Consumers Energy.

JP Morgan Securities, Inc. served as financial advisor to CMS Energy for
the transaction.

                       About Ashmore Energy

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

                         About CMS Energy

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

                        *     *     *

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


LEAR CORP: Says No Competing Bids Were Filed, Tata’s Offer Gloomy
-----------------------------------------------------------------
Lear Corporation last week informed the Court of Chancery of the State of
Delaware disclosing that it is not in discussions with any third party
regarding a potential acquisition proposal on more favorable terms than
American Real Estate Partners, L.P.’s offer.

Reuters relates that American Real Estate Partners, an affiliate of Carl
Icahn, has offered US$36 per share, or US$2.86 billion, for Lear.

In an effort to look for competing offers, Lear said it has been in
discussions with Tata Autocomp Systems Ltd. since March 18, however, all
of its “extensive efforts have not yielded even a non-binding proposal”
from Tata.

A shareholder vote on Icahn's offer has been scheduled for
June 27, Reuters says.

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive   interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and Turkey.
Its Asian facilities are in China, India, Japan, Philippines, Singapore,
South Korea, and Thailand.

                     *     *     *

As reported in the Troubled Company Reporter on May 16, 2007, Moody's
Investors Service confirmed Lear Corp.'s existing ratings consisting of a
B2 corporate family rating, B3 senior unsecured notes, and B2 secured bank
term loan.


                       ***********


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.

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

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

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