TCRLA_Public/070608.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, June 8, 2007, Vol. 7, Issue 113

                            Headlines

A R G E N T I N A

AVAYA INC: Silver Lake Merger Deal Cues S&P to Lower Rtg. to B+
CAVA Y ASOCIADOS: Proofs of Claim Verification Is Until Aug. 21
CONSULTORA B&B: Proofs of Claim Verification Ends on Aug. 21
FUNDICION THERRA: Proofs of Claim Verification Is Until July 17
LATIFAR SA: Trustee Verifies Proofs of Claim Until Aug. 10

NADAL TOLEDANO: Proofs of Claim Verification Is Until Aug. 24
PINNACLE ENTERTAINMENT: Prices US$385 Mil. Sr. Notes Offering
PUENTES DEL LITORAL: Claims Verification Deadline Is Aug. 6
ROL CART: Proofs of Claim Verification Deadline Is July 17
YPF SA: Parent May Earn Up to US$12 Billion on Stake Sale


B A H A M A S

ISLE OF CAPRI: Has Until July 25 to Comply with Nasdaq Rules


B A R B A D O S

DIGICEL LTD: Owner Tries To Stop Financial Affairs Probe
SR TELECOM: Posts CDN$12.2 Mil. Net Loss in Qtr. Ended March 31


B O L I V I A

* BOLIVIA: Implementing Decree on Energy Resources Smuggling


B R A Z I L

ACTUANT CORP: Prices US$250 Mil. of 6.875% Senior Notes Due 2017
BANCO NACIONAL: Makes BRL9.10B in Indirect Loans to Small Firms
COMPANHIA PARANAENSE: Investing BRL520MM on Hydroelectric Plants
COMPANHIA SIDERURGICA: Protesting Workers Accept Pay Offer
DELPHI CORP: Inks US$55.6 Mil. Sale Deal for Catalyst Business

FERRO CORP: Promotes Three Executives in Finance Department
FLEXTRONICS INT'L: Solectron Bid Prompts Fitch's Negative Watch
GENERAL MOTORS: Davis & Marinello Elected to Board of Directors
GENERAL MOTORS: CEO Faces Criticism Despite Progress Report
GERDAU AMERISTEEL: Picks Terry Sutter as Chief Operating Officer

GREIF INC: Earns US$39.2 Million in Quarter Ended April 30
KRATON POLYMERS: Weakened Profitability Cues S&P to Cut Ratings
MARQUEE HOLDINGS: To Form New Holding Company
OSI RESTAURANT: Stockholders Approve Amended Merger Agreement
OSI RESTAURANT: S&P Affirms Ratings and Removes Developing Watch


C A Y M A N   I S L A N D S

ANDOVER LTD: Sets Final Shareholders Meeting for Aug. 16
BANCAJA INT’L: Sets Final Shareholders Meeting on July 26
CORDAVILLE LTD: Will Hold Last Shareholders Meeting on Aug. 16
FIRST DOMINION: Sets Final Shareholders Meeting for Aug 9
FOXBORO LTD: Will Hold Final Shareholders Meeting on Aug. 16

HARBORSIDE EQUITY: Sets Final Shareholders Meeting for Aug. 16
HARBORSIDE HOLDINGS: Sets Final Shareholders Meeting for Aug. 16
HARBORSIDE INVESTMENTS: Sets Shareholders Meeting for Aug. 16
HBRS LTD: Sets Final Shareholders Meeting for Aug. 16
HEALTHCARE EQUITY: Sets Final Shareholders Meeting for Aug. 16

HEALTHCARE INVESTMENTS: Sets Shareholders Meeting for Aug. 16
HRB HOLDINGS: Sets Final Shareholders Meeting for Aug. 16
PATTENVILLE LTD: Sets Final Shareholders Meeting for Aug. 16
WORLD SAILING: Proofs of Claim Must be Filed by Aug. 1
WORLD SAILING LEAGUE: Sets Shareholders Meeting for Aug. 7


C O S T A   R I C A

SPECTRUM BRANDS: Anthony Genito Advanced to Sr. Vice President


C U B A

* CUBA: Will Boost Ties With Sri Lanka in Coconut Sector


E C U A D O R

* ECUADOR: Wants US$350MM Funding To Stop Ishpingo Drilling


H A I T I

DYNCORP INT'L: Earns US$18.9 Million in Fourth Quarter 2007
DYNCORP INT'L: Will Repurchase US$10 Mil. of Shares of Stock


J A M A I C A

AIR JAMAICA: Agrees to Cooperation Between Regional Carriers
AIR JAMAICA: Passengers To Travel from London Gatwick
AIR JAMAICA: Tickets Available at Any Western Union Unit
NORANDA ALUMINUM: Notes Issuance Cues S&P to Lower All Ratings


M E X I C O

ALL AMERICAN: Gets Court Approval to Sell All Assets
BALDOR ELECTRIC: Closes Sale of Power Services Business
BALLY TOTAL: Michael Feder Replaces John Wildman as COO
BRISTOW GROUP: Amends Pact to Raise Credit Facility to US$325MM
GRUPO MEXICO: Building Copper Mine in Northern Mexico

GUESS?: Morgan Keegan Reaffirms Outperform Rating on Firm'


P A N A M A

CHIQUITA BRANDS: Colsiba Accuses Possible Covenant Breach
* PANAMA: Obtains US$20.1 Million Loan from Inter-American


P A R A G U A Y

GOL LINHAS: Has Until November to Restart International Flights


P E R U

ALCATEL-LUCENT: Inks Two-Year Agreement with Comcel


P U E R T O   R I C O

CELESTICA INC: May Be Next Acquisition Target, Analysts Say
FIRST BANCORP: Board Declares US$0.07 Per Share Dividend


U R U G U A Y

* URUGUAY: Gets US$20.1 Mil. Loan from IDB for Mgt. Project

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Protests Hurt Firm's Bonds


                          - - - - -

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


AVAYA INC: Silver Lake Merger Deal Cues S&P to Lower Rtg. to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Basking Ridge, New Jersey-based Avaya Inc. two notches to 'B+', and placed
the rating on CreditWatch with negative implications.

The CreditWatch placement follows the announcement that Avaya has entered
into a definitive merger agreement with Silver Lake and TPG Capital for
approximately US$8.2 billion or US$17.50 per common share.  The purchase
price is a premium of approximately 28% over Avaya's closing share price
on May 25, 2007.

"While the terms of the acquisition have not been announced, the lowering
of the corporate credit rating reflects our view that operating lease- and
pension-adjusted leverage likely will increase dramatically from current
levels slightly above 2x, given the market's current tolerance for
heightened debt leverage," said Standard & Poor's credit analyst Ben
Bubeck.

The lowering of the corporate credit rating to 'B+' is likely an interim
step.  "As we have the opportunity to review the proposed capital
structure, and the financial and operating strategies of the new owners,
ratings could be further lowered," said Mr. Bubeck.

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


CAVA Y ASOCIADOS: Proofs of Claim Verification Is Until Aug. 21
---------------------------------------------------------------
Patricia Sandra Ferrari, the court-appointed trustee for Cava y Asociados
S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until
Aug. 21, 2007.

Ms. Ferrari will present the validated claims in court as individual
reports on Oct. 2, 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 Cava y Asociados 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 Cava y Asociados' accounting
and banking records will be submitted in court on Nov. 14, 2007.

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

The trustee can be reached at:

         Patricia Sandra Ferrari
         Viamonte 1653
         Buenos Aires, Argentina


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

Mr. Altare will present the validated claims in court as individual
reports on Oct. 2, 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 Consultora B&B and its creditors.

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

A general report that contains an audit of Consultora B&B's accounting and
banking records will be submitted in court on Nov. 14, 2007.

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

The trustee can be reached at:

         Fernando Miguel Altare
         Piedras 153
         Buenos Aires, Argentina


FUNDICION THERRA: Proofs of Claim Verification Is Until July 17
---------------------------------------------------------------
Mauricio Leon Zafran, the court-appointed trustee for Fundicion Therra
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until
July 17, 2007.

Mr. Zafran will present the validated claims in court as individual
reports on Sept. 12, 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 Fundicion Therra 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 Fundicion Therra's accounting
and banking records will be submitted in court on Oct. 25, 2007.

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

The debtor can be reached at:

         Fundicion Therra S.R.L.
         Niceto Vega 4881
         Buenos Aires, Argentina

The trustee can be reached at:

         Mauricio Leon Zafran
         Avenida Callao 420
         Buenos Aires, Argentina


LATIFAR SA: Trustee Verifies Proofs of Claim Until Aug. 10
----------------------------------------------------------
Armando Gutman, the court-appointed trustee for Latifar S.A.'s
reorganization proceeding, is verifying creditors' proofs of claim until
Aug. 10, 2007.

The National Commercial Court of First Instance in Buenos Aires approved a
petition for reorganization filed by Latifar, according to a report from
Argentine daily Infobae.

Mr. Gutman will present the validated claims in court as individual
reports on Sept. 24, 2007.  The court will determine if the verified
claims are admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Latifar 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 Latifar's accounting and
banking records will be submitted in court on Nov. 6, 2007.

The informative assembly will be held on May 27, 2008.  Creditors will
vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Latifar S.A.
         Avenida del Libertador 6301
         Buenos Aires, Argentina

The trustee can be reached at:

         Armando Gutman
         Esmeralda 625
         Buenos Aires, Argentina


NADAL TOLEDANO: Proofs of Claim Verification Is Until Aug. 24
-------------------------------------------------------------
Liliana Oliveros Peralta, the court-appointed trustee for Nadal Toledano e
Hijos SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Aug. 24, 2007.

Ms. Peralta will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 14 in Buenos
Aires, with the assistance of Clerk No. 27, will determine if the verified
claims are admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Nadal Toledano 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 Nadal Toledano's accounting and
banking records will be submitted in court.

La Nacion did not state the reports submission dates.

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

The debtor can be reached at:

         Nadal Toledano e Hijos SA
         Alsina 1289
         Buenos Aires, Argentina

The trustee can be reached at:

         Liliana Oliveros Peralta
         Viamonte 1337
         Buenos Aires, Argentina


PINNACLE ENTERTAINMENT: Prices US$385 Mil. Sr. Notes Offering
-------------------------------------------------------------
Pinnacle Entertainment Inc. has priced US$385 million aggregate
principal amount of new 7.50% senior subordinated notes due 2015, which
will be issued in a private placement.  The notes will be issued at a
price of 98.525% of par.  The offering is scheduled to close on June 8,
2007, subject to closing conditions.

The company intends to use a portion of the net proceeds of the
offering to repay all of its outstanding term loans under its credit
agreement.  In addition, the company intends to use a portion of the net
proceeds of this offering to purchase
$25 million aggregate principal amount of its 8.25% senior subordinated
notes due 2012.  The company expects to use the remaining net proceeds
from the offering for general corporate
purposes and to provide a portion of the funds needed for one or more of
its capital projects.

The new senior subordinated notes will not be registered under the
Securities Act of 1933 or any state securities laws and may not be offered
or sold in the United States absent registration or an applicable
exemption from registration requirements.

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.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007, Standard &
Poor's Ratings Services assigned its 'B-' rating to
Pinnacle Entertainment Inc.'s proposed US$350 million senior
subordinated notes due 2015.

On June 1, 2007, the Troubled Company Reporter related that Fitch Ratings
assigned a rating of 'B-/(Recovery Rating) RR5' to the company's US$350
million senior subordinated notes due 2015.

Pinnacle's credit ratings were: (i) Issuer Default Rating 'B'; (ii) Bank
facility 'BB/RR1'; (iii)Senior Subordinated notes 'B-/RR5'.  The Rating
Outlook is stable.


PUENTES DEL LITORAL: Claims Verification Deadline Is Aug. 6
-----------------------------------------------------------
Estudio Victor Manuel Gramayo y Asociados, the court-appointed trustee for
Puentes del Litoral S.A.'s reorganization proceeding, verifies creditors'
proofs of claim until
Aug. 6, 2007.

The National Commercial Court of First Instance in Buenos Aires approved a
petition for reorganization filed by Arman, according to a report from
Argentine daily Infobae.

Estudio Victor will present the validated claims in court as individual
reports on Sept. 18, 2007.  The court will determine if the verified
claims are admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Puentes del Litoral 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 Puentes del Litoral's
accounting and banking records will be submitted in court on Oct. 31,
2007.

The informative assembly will be held on May 14, 2008.  Creditors will
vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

         Estudio Victor Manuel Gramayo y Asociados
         Combatiente de Malvinas 3635
         Buenos Aires, Argentina


ROL CART: Proofs of Claim Verification Deadline Is July 17
----------------------------------------------------------
Rosa del Carmen Irigoyen, the court-appointed trustee for Rol Cart
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until
July 17, 2007.

Ms. Irigoyen will present the validated claims in court as individual
reports on Sept. 12, 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 Rol Cart 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 Rol Cart's accounting and
banking records will be submitted in court on Oct. 25, 2007.

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

The trustee can be reached at:

         Rosa del Carmen Irigoyen
         Avenida Cordoba
         Buenos Aires, Argentina


YPF SA: Parent May Earn Up to US$12 Billion on Stake Sale
---------------------------------------------------------
Miguel Martinez, the operations general director of Repsol YPF, S.A., told
Argentine reporters that the company predicts it could raise up to US$12
billion from selling 45% of subsidiary YPF SA.

As reported in the Troubled Company Reporter-Latin America on June 5,
2007, Repsol would sell up to 45% of YPF.  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.  Repsol is negotiating with Jorge
Brito, Enrique Eunekian, and Enrique Eskenazi.  The search for an
Argentine partner is part of Repsol chairperson Antonio Brufau's desire to
boost relations in the nation.

Business News Americas relates that Repsol will divest 25% of YPF to a
private Argentine firm and place 20% on the stock exchange.

Repsol's main strategic goals for upstream development in Argentina
include maintaining output levels and performing offshore exploration.
The firm is also concentrated on its  Plada plan, which includes the
development of higher-risk projects like tight gas, heavy crude, tertiary
recovery methods and deep water, starting 2009, BNamericas 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.


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B A H A M A S
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ISLE OF CAPRI: Has Until July 25 to Comply with Nasdaq Rules
------------------------------------------------------------
Isle of Capri Casinos Inc. has received a favorable ruling from the NASDAQ
Listing Qualifications Panel relating to the company's inability to file
its previous Quarterly Report on Form 10-Q by the March 9 due date.

During a hearing before the Panel on April 26, 2007, the company requested
an exception to the applicable NASDAQ rules, allowing the company until
July 25, 2007, to cure the filing deficiency and asking NASDAQ to continue
listing the company's common stock on the NASDAQ Global Select Market
during the interim period.  The Panel has granted the company's request.

The company's failure to timely file its Form 10-Q for its third fiscal
quarter ended Jan. 28, 2007, by the March 9 due date resulted from the
company's restatement of its financial statements for the fiscal years
ended April 25, 2004; April 24, 2005 and April 30, 2006, and the quarterly
results for fiscal 2005 and 2006 included therein, and for the first two
quarters of fiscal 2007.  The failure to make a timely quarterly filing
meant that Isle of Capri was not in compliance with the filing
requirements for continued listing of its common stock on the NASDAQ
Global Select Market as set forth in Marketplace Rule 4310(c)(14).

The company subsequently filed its Form 10-Q for the quarter on April 18,
2007, but due to the ongoing restatement process the filing had not been
reviewed by the company's independent auditors.  The company expects to
file an amended Quarterly Report on Form 10-Q, reviewed as required by the
company's independent auditors, prior to the July 25, 2007, date set forth
in the Panel's decision.

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.



===============
B A R B A D O S
===============


DIGICEL LTD: Owner Tries To Stop Financial Affairs Probe
--------------------------------------------------------
Press reports in Ireland say that Digicel Group owner Denis O'Brien has
filed a complaint with the the European Court of Human Rights in
Strasbourg, France, to stop an investigation into his financial affairs.

Business News Americas relates that Mr. O'Brien made a fortune by winning
Ireland's first competitively awarded mobile phone license and launching
Digicel in 2001, which now operates in 22 markets in the Caribbean and
Central and South America.

Mr. O'Brian said before the Hon. Michael Moriarty that he thought the 9.5
year-old probe was unfair and "illegally reliant on hearsay, rumor and
anonymous letters," BNamericas notes.

BNamericas notes that the government appointed Judge Moriarty in 1997 to
investigate payments to former Prime Minister Charles Haughey and former
communications minister Michael Lowry, who awarded a consortium led by Mr.
O'Brien the Irish mobile phone license in 1995.

The Jamaica Gleaner relates that Mr. O'Brien made the bid in partnership
with Norwegian telecommunications firm Telenor.  It netted over EUR300
million when he urged British Telecoms PLC to acquire his Esat Digifone
company in 2000.

According to The Gleaner, Mr. Lowry resigned from his Cabinet post in 1996
after being exposed as having received a free extension to his country
mansion from Dunnes Stores, Ireland's largest supermarket chain.  He still
represents his North Tipperary district in parliament after winning
re-election three times since the scandal broke.

The report adds that Mr. O'Brien wasn't accused of receiving any favors
from Mr. Haughey, who led governments from 1979 to 1992 and died in 2006.
Mr. O'Brien moved to Portugal to avert capital-gains tax payment on his
profits from the Esat Digifone sale.  He then moved to Malta to maintain
his tax-exile status.

The Sunday Times paper in London has included Mr. O'Brien in its yearly
"rich list" as the fourth richest person in Ireland with a net worth of
over EUR2.26 billion.

Judge Moriarty's probe were on accusations that Mr. Lowry favored Mr.
O'Brien's bid and may have helped the Digicel owner purchase British
soccer club Doncaster Rovers, The Gleaner says.

Mr. O'Brien rejected the allegations.  He complained that he already spent
EUR9 million in legal fees defending himself from uncorroborated
accusations, The Gleaner states.

                      About Digicel Ltd.

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

                        *     *     *

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings was stable.


SR TELECOM: Posts CDN$12.2 Mil. Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
SR Telecom Inc. reported a net loss of CDN$12.2 million for the first
quarter ended March 31, 2007, compared with a net loss of CDN$13.6 million
for the same period ended March 31, 2006.

SR Telecom’s consolidated first quarter revenue grew 19% to CDN$22.9
million from CDN$19.2 million in the same period in 2006. This increase
reflects the ongoing implementation of major contracts in Mexico and
Argentina as well as shipments for a new wireless deployment in Algeria.
Q1 2007 revenues were, however, offset by outsourcing issues that delayed
wireless product shipments and resulted in CDN$1.2 million in
late-delivery penalties.

Operating loss from continuing operations was CDN$8.8 million in the first
quarter of 2007, a CDN$2.7 million improvement over the CDN$11.5 million
operating loss recorded in the same period one year ago.  The improvement
in net loss and operating loss from continuing operations are a result of
the increase in sales volume, higher margins on equipment sales due to a
beneficial shift in product mix, and a CDN$2.4 million decline in
restructuring charges, however offset by a CDN$1.5 million increase in
selling, general and administrative (SG&A) expenses and a CDN$900,000 rise
in research and development expenses.

The rise in SG&A expenses for Q1 2007 is mainly attributable to higher
costs related to the stock-based compensation plan implemented in Q2 2006
as well as expenses incurred to resolve the ongoing outsourcing issues.
The R&D increase is a reflection of the additional resources the company
has devoted to the development, delivery and deployment of WiMAX
solutions.

The company’s consolidated cash, including restricted cash, was US$11.0
million, down from US$27.1 million at Dec. 31, 2006, and reflecting the
company’s use of cash to fund current capital requirements.

"The improved financial performance we achieved in the first quarter is an
encouraging indication that, despite the impact of ongoing restructuring
efforts, our global customers remain confident in the quality of our
wireless solutions and our ability to deliver and deploy them," said Serge
Fortin, president and chief executive officer of SR Telecom.  "Over the
last several months, we have taken decisive action to position ourselves
to grow in the global WiMAX market.  It is clear, however, that our
capital issues must be resolved before SR Telecom can regain sustainable
positive momentum."

At March 31, 2007, the company's balance sheet showed
CDN$102.9 million in total assets, and CDN$102.6 million in total
liabilities, resulting in a CDN$321,000 total stockholders' equity.

Full-Text copies of the company's consolidated financial statements for
the quarter ended March 31, 2007, are available for free at
http://researcharchives.com/t/s?20ad

                       Going Concern Doubt

There is substantial doubt about the appropriateness of the use of the
going concern assumption because of the uncertainty concerning the outcome
of the company’s financing initiatives and because of the company’s losses
for the current and prior years, negative cash flows, reduced availability
of supplier credit and lack of operating credit facilities.

For the quarter ended March 31, 2007, the company realized a net loss of
CDN$12.2 million (CDN$115.6 million for the year ended Dec. 31, 2006) and
used cash of CDN$12.4 million (CDN$45.2 million for the year ended Dec.
31, 2006) in its continuing operating activities.

                         About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, Barbados and
Brazil.

                          *     *     *

SR Telecom's long-term credit rating carries Standard & Poor's
Ratings Services' D rating.


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


* BOLIVIA: Implementing Decree on Energy Resources Smuggling
------------------------------------------------------------
Bolivian President Evo Morales will implement a supreme decree against the
smuggling of energy resources, Vice President Alvaro Garcia Linera told
government news agency Agencia Boliviana de Informacion.

Business News Americas relates that the smuggling of liquefied petroleum
gas to other nations has caused deficit and financial losses in recent
months.  Bolivia may have to import liquefied petroleum gas due to
smuggling.  The government will subsidize the fuel to maintain the price.

The price of a cylinder of liquefied petroleum gas in Bolivia is BOB23,
while its price in Peru is BOB80.  In Brazil, it costs BOB100, BNamericas
states.

                         *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                    Rating    Rating Date

Country Ceiling      B-     Jun. 17, 2004
Long Term IDR        B-     Dec. 14, 2005
Local Currency
Long Term Issuer


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



ACTUANT CORP: Prices US$250 Mil. of 6.875% Senior Notes Due 2017
----------------------------------------------------------------
Actuant Corporation has priced its private placement of US$250 million
aggregate principal amount of 6.875% Senior Notes due 2017.  The Senior
Notes will be issued at a price of 99.607%, to yield 6.93%. The sale of
the senior notes is expected to close on or about June 12th.

The company will use the net proceeds from the offering to refinance a
portion of its term loans under its senior credit facility and to pay
certain transaction costs and expenses.

The senior notes have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold within the United States
or to, or for the account or benefit of, U.S. persons except pursuant to
an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.  Accordingly, the notes are being
offered and sold only:

   (a) to “qualified institutional buyers” (as defined in Rule
       144A under the Securities Act) and

   (b) outside the United States, to non-U.S. persons in
       compliance with Regulation S under the Securities Act.

Headquartered in Butler, Wis., Acuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3, 43%) rating
to Actuant Corporation's US$250 million senior unsecured notes and
affirmed the company's Ba2 Corporate Family Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes due 2017.
The proceeds from the notes will be principally used to repay a portion of
borrowings under the company's senior credit facility due 2009.


BANCO NACIONAL: Makes BRL9.10B in Indirect Loans to Small Firms
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's indirect loans to
microenterprises and small and medium-sized enterprises has increased by
49% to BRL9.10 billion January-May 2007, compared with the same period in
2006, Brazilian daily Gazeta Mercantil reports.

Business News Americas relates that Banco Nacional channels loans of up to
BRL10.0 million each for microenterprises and small and medium-sized
enterprises through intermediary banks.

Banco Nacional indirect loans chief Mauricio Piccinini told Gazeta
Mercantil that Banco Nacional granted some BRL1.97 billion in new loans to
microenterprises in the first five months this year.

The Cartao BNDES credit card registered sales volume of BRL165 million in
January-May 2007.  Unibanco is talking with Banco Nacional to offer the
development bank's credit card for small and medium-sized enterprises.
Banco Nacional runs the credit card in conjunction with card issuers Visa
and MasterCard, along with federal banks Banco do Brasil, Caixa Economica
Federal and private sector bank Banco Bradesco, BNamericas states.

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

                        *     *     *

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


COMPANHIA PARANAENSE: Investing BRL520MM on Hydroelectric Plants
----------------------------------------------------------------
Companhia Paranaense de Energia SA Chief Executive Officer Rubens Ghilardi
told Gazeta Mercantil that the firm will invest BRL520 million on the
construction of 10 small-scale hydroelectric plants.

Business News Americas relates that Companhia Paranaense wants to
construct the plants by 2010, aiming for total capacity of 260 megawatts.
Power generation costs will be up to BRL150 per megawatt-hour.

BNamericas states that Companhia Paranaense will build three larger plants
awaiting environmental permits:

          -- Salto Grande do Chopin,
          -- Baixo Iguacu, and
          -- Telemaco.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and
distributes electricity to more than 3 million customers in the
state of Parana and has a generating capacity of nearly 4,600
MW, primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its
Brazilian national scale.  The rating outlook was stable.  This
rating action concludes the review process initiated on
July 26, 2006.

Moody's upgraded thees ratings:

   -- Corporate Family Rating: to Ba2 from Ba3 (Global Local
      Currency) and to Aa2.br from A3.br (Brazilian National
      Scale);

   -- BRL500 million Senior Unsecured Guaranteed Debentures due
      2007: to Ba2 from Ba3 (Global Local Currency) and to
      Aa2.br from A3.br (Brazilian National Scale); and

   -- BRL400 million Senior Secured Guaranteed Debentures due
      2009: to Ba1 from Ba2 (Global Local Currency) and to
      Aa1.br from A1.br (Brazilian National Scale).


COMPANHIA SIDERURGICA: Protesting Workers Accept Pay Offer
----------------------------------------------------------
Companhia Siderurgica Nacional employees have ended their strike  after it
accepted the firm's salary offer, Business News Americas reports, citing
Edmilson Jose Alvarenga, the head of Volta Redonda and southern Rio de
Janeiro's metalworkers union.

As reported in the Troubled Company Reporter-Latin America on June 6,
2007, Companhia Siderurgica Nacional workers threatened to hold
demonstrations against the company, alleging that the firm was "locking
up" workers at its Volta Redonda mill in Rio de Janeiro.  The workers
demanded:

          -- salary adjustment according to the current consumer
             price index of 3.44%

           -- 6% real wage increase, and

           -- 33% restitution on salary losses.

Mr. Alvarenga told Bnamericas that “there will be a 5% salary increase."

Companhia Siderurgica will adjust salaries according to the consumer price
index of 3.44% and provide a 1.5% real wage expansion.  It will also pay
one-off bonuses of BRL2,000 to be paid out 72 hours after the contract is
signed, BNamericas says, citing Mr. Alvarenga.

The union was also able to get Companhia Siderurgica to agree on extended
meal breaks to one hour from the previous thirty minutes, which could make
up to 400 new jobs, Mr. Alvarenga told BNamericas.

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                        *     *     *

On Jan. 26, 2006, Standard and Poor's Rating Services assigned a
'BB' corporate credit rating on Brazilian flat carbon steelmaker
Companhia Siderurgica Nacional.

The 'BB' corporate credit rating on CSN reflects the company's
exposure to volatile demand and price cycles, increasing
competition in its home and predominant market of Brazil,
aggressive dividend policy and capital investment plan, and
sizable gross-debt position.  These risks are partly offset by
CSN's privileged cost position and sound operating profile,
favorable market position in Brazil, strong export capabilities
to offset occasional domestic demand sluggishness, and
increasing business diversification.


DELPHI CORP: Inks US$55.6 Mil. Sale Deal for Catalyst Business
--------------------------------------------------------------
Delphi Corporation and certain of its affiliates entered into a sale and
purchase agreement with Umicore for the sale of its global OE and
aftermarket catalyst business.  Subject to the terms and conditions of the
agreement, the aggregate purchase price for the assets related to the
catalyst business is US$55.6 million, subject to adjustments.

As part of Delphi's transformation plan, which was reported on March 31,
2006, Delphi identified the catalyst business as a
non-core business line that would be better positioned within another firm.

As required under the U.S. Bankruptcy Code, Delphi filed a motion with the
U.S. Bankruptcy Court for the Southern District of New York requesting a
hearing on June 26, 2007, to approve bidding procedures, and a hearing on
Aug. 16, 2007, to approve the sale of assets.

Following the completion of the bidding procedures process, including a
potential competitive auction, the sale is subject to court approval and
other closing conditions, such as certain competition approvals,
completion of consultation procedures with certain unions and works
councils, and completion of the closing documents.  Delphi anticipates the
sale closing during the third quarter of 2007.

As outlined in the motion filed with the U.S. Bankruptcy Court, under the
sale and purchase agreement between Delphi and Umicore, Umicore will
acquire substantially all of these assets:

   -- machinery and working capital;

   -- related technology and intellectual property;

   -- manufacturing facilities in Tulsa, Oklahoma; Florange,
      France; Port Elizabeth, South Africa; and certain
      licensing agreements (with Varroc Ltd.) for the Indian
      market for two-and three-wheeled vehicles;

   -- in connection with the sale, Umicore will also hire
      certain employees of the catalyst business it acquires
      from Delphi;

   -- in addition, Delphi and Umicore will enter into component
      supply agreements, and transitional toll manufacturing
      and/or service arrangements for operations in Shanghai,
      China; Clayton, Australia; San Luis Potosi, Mexico; the
      Flint Technical Center in Flint, Michigan; and the
      Luxembourg Technical Center in Bascharage, Luxembourg.

Delphi will carefully manage the transition of the business and the sale
will be completed in coordination with Delphi's customers, employees,
unions and other stakeholders.

The catalyst, which includes a ceramic substrate coated with precious
metals, is located inside a catalytic converter.  The catalytic converter
facilitates the chemical reactions that change engine exhaust emissions
(primarily hydrocarbons, carbon monoxide and oxides of nitrogen),
collected in the exhaust manifold, into water vapor, carbon dioxide and
nitrogen.  Catalytic converters make vehicles more environmentally
friendly and help meet tailpipe emissions requirements.

Although the company is selling its catalyst business, it will continue to
provide full engine management systems, including air and fuel management,
combustion and valvetrain technology, and exhaust systems technology
through its gas EMS product business unit.

                         About Umicore

Based in Brussels, Belgium, Umicore NV SA is a materials technology group.
Its activities are centered on four business areas: Advanced Materials,
Precious Metals Products and Catalysts, Precious Metals Services and Zinc
Specialties.  Each business area is divided into market-focused business
units.

The Umicore Group has industrial operations on all continents and serves a
global customer base and currently employs some 17,000 people.

                     About Delphi Corporation

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in
total assets and US$23,851,000,000 in total debts.  The Debtors' exclusive
plan-filing period expires on July 31, 2007.


FERRO CORP: Promotes Three Executives in Finance Department
-----------------------------------------------------------
Ferro Corporation has promoted three executives in its Finance organization.

Cindy Kerker was promoted to Vice President, Corporate Development and
Planning.  Ms. Kerker joined Ferro in 2004 and most recently held the
position of Corporate Treasurer0.  Prior to joining Ferro, she spent four
years at PolyOne Corporation in both operating and corporate finance roles
involving business development, mergers and acquisitions, strategic
planning, and new technology platform evaluation.  She also held finance
and planning and treasury roles at B.F. Goodrich Company and LTV
Corporation.  Ms. Kerker holds an MBA in finance from Duquesne University
and a bachelor’s degree in finance and accounting from Kent State
University.

John Bingle was named Director, Treasury.  He will have overall
responsibilities for cash management, capital structure management,
credit, commodity hedging, and intercompany financing.  Mr. Bingle joined
Ferro in 2004, and previously worked at Steris Corporation, Invacare
Corporation and B.F. Goodrich Company in a variety of functional areas,
including investor relations, business development, treasury, business
analysis, and accounting and control functions.  He holds an MBA in
finance from Carnegie Mellon University and a bachelor’s degree in
mechanical engineering from Rose-Hulman Institute of Technology.

Lubna Tahboub was named Assistant Treasurer.  She will work on financing
issues for the Company and will be responsible for domestic U.S. cash
management.  She joined Ferro in 2006 and most recently was Treasury
Manager.  Before joining Ferro she was director of Corporate Finance at
American Electric Power.  Ms. Tahboub holds an MBA in finance from The
Ohio State University and a bachelor’s degree in accounting from the
University of Jordan.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


FLEXTRONICS INT'L: Solectron Bid Prompts Fitch's Negative Watch
---------------------------------------------------------------
Fitch has placed Flextronics' ratings on Rating Watch Negative:

    -- Issuer Default Rating at 'BB+';
    -- Senior Unsecured credit facility at 'BB+';
    -- Senior subordinated notes at 'BB';

The decision follows the announcement by Flextronics International Ltd. of
its agreement to acquire Solectron Corp. (Issuer Default Rating [IDR] of
'BB-' on Rating Watch Positive by Fitch) for US$3.6 billion in a
combination of cash and stock.

Fitch's action affects approximately US$1.5 billion of total debt.

Fitch's decision to place Flextronics' ratings on Negative Watch reflects
the expectation that the company will have higher leverage, considerable
integration risk and future cash restructuring costs following the close
of its proposed transaction with Solectron.  Flextronics will pay up to
50% of the total consideration ($1.8 billion) for Solectron in cash and
will likely redeem Solectron's US$600 million of senior and subordinated
notes outstanding due to change of control provisions.

To facilitate this transaction, Flextronics has obtained a
$2.5 billion seven-year senior unsecured term loan commitment which the
company may use to finance the transaction, although the ultimate
capitalization structure of the combined company has not been determined.
Fitch anticipates that if the company were to fully draw the term loan in
this transaction, pro forma leverage (debt to operating EBITDA) would be
approximately 3 times (x) and upwards of 4x on an adjusted debt basis,
which includes capitalized operating leases and off-balance sheet accounts
receivable sales.  Fitch anticipates resolving the Negative Watch once the
acquisition closes at which time, under the aforementioned leverage
assumptions, Fitch anticipates that Flextronics' ratings would be lowered
one notch.


Flextronics proposed acquisition of Solectron remains subject to customary
closing conditions including regulatory and shareholder approval, but is
anticipated to close before the end of calendar 2007.  Solectron
shareholders have an option to receive either cash or stock in lieu of
their shares, however total cash consideration is limited to a minimum of
30% and a maximum of 50% of total consideration.  Flextronics expects it
will take 18 to 24 months after closing to fully integrate Solectron's
operations and fully benefit from the operational synergy and anticipated
costs savings from future restructurings.  Fitch estimates that the US$3.6
billion acquisition price is equivalent to approximately 10.7x Solectron's
latest twelve month EBITDA.

Liquidity as of March 31, 2007 was solid and consisted of:

    i) US$715 million in cash and cash equivalents; and

   ii) a US$2.0 billion senior unsecured revolving credit
       facility,

which was entered into on May 10, 2007 and replaced a
$1.35 billion credit facility which was undrawn as of March 31.

Flextronics also utilizes an off-balance sheet accounts receivable
securitization program as well as one-time A/R sales for additional
liquidity.

Total debt as of March 31, 2007 was US$1.5 billion and consisted of:

    -- US$8 million in short-term debt including credit
       facilities and the current portion of capital leases;

    -- US$195 million in zero coupon convertible junior
       subordinated notes due 2009;

    -- US$500 million in 1% convertible subordinated notes due
       2010;

    -- US$400 million in 6.5% senior subordinated notes due
       2013;

    -- US$389 million in 6.25% senior subordinated notes due
       2014;

    -- US$8 million in other long-term debt.

Flextronics also had US$428 million outstanding under its trade
receivables securitization program and US$399 million in uncollected
receivable sales.

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide.  The company delivers complete design,
engineering, and manufacturing services to aerospace, automotive,
computing, consumer digital, industrial, infrastructure, medical and
mobile original equipment manufacturers.

The company has operations in Brazil and Mexico.


GENERAL MOTORS: Davis & Marinello Elected to Board of Directors
---------------------------------------------------------------
General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner
disclosed the election of Erroll B. Davis, Jr. and Kathryn V. Marinello to
the GM Board of Directors and the re-election of the current members of
the GM Board.  The election of Messrs. Davis and Marinello brings the
number of board members to 13, of whom 12 are independent, outside
directors.

Mr. Davis is chancellor of the University System of Georgia and a former
chairman and chief executive officer of Alliant Energy Corporation.  He
has also held corporate finance positions at Xerox Corporation and Ford
Motor Company.  He serves on the boards of BP plc, PPG Industries, Inc.
and Union Pacific Corporation.

Ms. Marinello is president and chief executive officer of Ceridian
Corporation.  She was previously president and chief executive officer of
GE Fleet Services and, prior to that, of GE Capital’s Consumer Financial
Services business.  She has extensive experience in financial services,
marketing and operations, including positions at First Data Corporation,
U.S. Bank Card Services, Chemical Bank, Citibank and Barclays.

"We are extremely pleased to welcome Erroll and Kathy to the GM Board of
Directors," Mr. Wagoner said.  "They will bring valuable insights based on
their extensive business experience."

In addition to his business experience, Mr. Davis serves on the boards of
trustees of Carnegie Mellon University and of the University of Chicago.
He was elected to the board of directors of the U.S. Olympic Committee in
2004 and chairs its audit committee.  Mr. Davis earned a bachelor of
science in electrical engineering from Carnegie Mellon University and an
MBA in finance from the University of Chicago.

Ms. Marinello is a member of the Business Roundtable and serves on the
boards of directors of the Greater Twin Cities United Way and the
Minnesota Business Partnership.  She holds a bachelor's degree in liberal
arts from the State University of New York at Albany and an MBA from
Hofstra University.

"We are delighted to welcome Erroll and Kathy to the board, and we look
forward to working with them on the important issues facing our company,"
George Fisher, presiding director and chairman of the board’s Directors
and Corporate Governance Committee, said.

Mr. Davis and Ms. Marinello will both serve on the Public Policy and
Investment Funds Committees.  In addition, Director Armando M. Codina will
move from the Investment Funds Committee to the Directors and Corporate
Governance Committee, effective immediately.

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, including Brazil, India, and Beligium.
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.

                        *     *     *

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.


GENERAL MOTORS: CEO Faces Criticism Despite Progress Report
-----------------------------------------------------------
General Motors Corp. Chief Executive Rick Wagoner continues to
face criticism from shareholder activists over the performance of
management and directors despite his report on the automaker's progress in
its turnaround effort, John D. Stoll of The Wall Street Journal reports.

According to WSJ, a group of shareholders spoke out on issues
facing the company, including the ability of the board to oversee the
creation of a sustainable business model after two years of deep losses
and the company's effectiveness in addressing accounting weaknesses.

Mr. Wagoner, the Journal says, is positive that GM will hit its
US$9 billion cost-cut target this year while boosting revenue in
most of its markets.

Commenting on GM's labor deal with Delphi Corp., Mr. Wagoner
said the list of issues the company is sorting through with
Delphi is narrowing.

"We're moving very well on a path that our shareholders should feel good
about," WSJ cited Mr. Wagoner as saying.

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, including Brazil, India, and Beligium.
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.

                          *     *     *

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.


GERDAU AMERISTEEL: Picks Terry Sutter as Chief Operating Officer
----------------------------------------------------------------
Gerdau Ameristeel Corporation has hired Terry Sutter as Vice President,
Chief Operating Officer, effective June 11, 2007, reporting to the
President and Chief Executive Officer, Mario Longhi.  In assuming the COO
executive position, Sutter will be responsible for all the company's steel
manufacturing and commercial operations, as well as procurement and
logistics.

Mr. Sutter joins Gerdau Ameristeel with more than 20 years of experience
in international and North American manufacturing operations with such
companies as Honeywell/Allied Signal, Inc., Cytec Industries, and Tyco
International.  Prior to joining Gerdau Ameristeel, Mr. Sutter was
President of Plastics and Adhesives for Tyco International and was
subsequently named President and CEO of Covalence Specialty Materials
Corp., a successor company of Tyco Plastics and Adhesives, after its
divestiture to Apollo Management, a private equity firm.

"Terry's exceptional operational experience will enhance Gerdau
Ameristeel's operations and will help the company drive productivity
growth, said Mr. Longhi.

Mr. Sutter has an M.B.A. degree from the University of Chicago's Graduate
School of Business, an M.S. degree in Chemical Engineering from Texas A&M
University, and a B.S. degree in chemical Engineering from the University
of Missouri.

Gerdau Ameristeel -- http://www.gerdauameristeel.com/-- (NYSE:
GNA; TSX:GNA.TO) is the second largest minimill steel producer
in North America with annual manufacturing capacity of over 9
million tons of mill finished steel products.  Through its
vertically integrated network of 17 minimills (including one
50%-owned joint venture minimill), 17 scrap recycling facilities
and 51 downstream operations (including seven joint venture
fabrication facilities), Gerdau Ameristeel serves customers
throughout North America.  The company's products are generally
sold to steel service centers, to steel fabricators, or directly
to original equipment manufacturers for use in a variety of
industries, including construction, automotive, mining, cellular
and electrical transmission, metal building manufacturing and
equipment manufacturing.  The company is a subsidiary of
Brazil's Gerdau SA.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Standard & Poor's Ratings Services raised its corporate
credit rating on Tampa, Florida-based Gerdau Ameristeel Corp. to 'BB+'
from 'BB' and removed all ratings from CreditWatch, where they were placed
with positive implications on Jan. 17, 2007.

S&P also raised its rating on the company's senior
unsecured debt to 'BB+' from 'BB'.  S&P said the outlook is stable.


GREIF INC: Earns US$39.2 Million in Quarter Ended April 30
----------------------------------------------------------
Greif Inc. reported Net income before special items was US$39.2 million
for the second quarter ended on April 30, 2007, compared to US$30.4
million in the second quarter of 2006.

The company's GAAP net income was US$18.6 million in the second quarter of
2007 versus US$28.7 million in the second quarter of 2006.  As previously
disclosed, the company recorded a US$23.5 million (US$17.3 million net of
tax) debt extinguishment charge in the second quarter of 2007 in
conjunction with refinancing its long-term debt.

Michael J. Gasser, chairman, chief executive officer and president, said,
"We are pleased with our results for the second quarter, including strong
performances in the Americas, Europe and emerging markets of the
Industrial Packaging & Services segment.  The impressive results were
partially offset by the high cost of old corrugated containers compared to
a year ago and acceleration into the second quarter from the third quarter
of major annual maintenance at one of our containerboard mills in the
Paper, Packaging & Services segment.  We exited the quarter with positive
momentum and anticipate continued strong performance levels during the
second half of 2007."

                    Special Items and GAAP to
                     Non-GAAP Reconciliation

Special items are as follows:

   (i) for the second quarter of 2007, restructuring charges of
       US$4.0 million (US$3.0 million net of tax), a debt
       extinguishment charge of US$23.5 million (US$17.3 million
       net of tax) and timberland losses of US$0.4 million
       (US$0.3 million net of tax); and

  (ii) for the second quarter of 2006, restructuring charges of
       US$10.3 million (US$7.2 million net of tax) and
       timberland gains of US$9.2 million (US$5.5 million net
       of tax).

A reconciliation of the differences between all non-GAAP financial
measures used in this release with the most directly comparable GAAP
financial measures is included in the financial schedules that are a part
of this release.

                      Consolidated Results

Net Sales

Net sales increased 31 percent to US$815.0 million in the second quarter
of 2007 compared to US$620.1 million in the second quarter of 2006 -- an
increase of 14 percent including 4 percent from foreign currency
translation and excluding the impact to net sales with respect to the
acquisitions of Blagden Packaging Group's steel drum manufacturing and
closures businesses (Blagden) in the first quarter of 2007 and Delta
Petroleum Company, Inc.'s blending and filling businesses (Delta) in the
fourth quarter of 2006.  The US$194.9 million increase primarily resulted
from the positive contributions of Industrial Packaging & Services
(US$188.3 million) and Paper, Packaging & Services (US$7.2 million).  The
increase in Industrial Packaging & Services is primarily due to generally
higher sales volumes, especially steel and plastic drums, and, to a lesser
extent,
higher selling prices and foreign currency translation.  Sales volumes
benefited from the Industrial Packaging & Services' acquisitions.  The
increase in Paper, Packaging & Services is primarily due to improved
containerboard pricing.

Gross Profit

Gross profit increased 30 percent to US$142.5 million in the second
quarter of 2007 compared to US$109.4 million in the second quarter of
2006.  The gross profit margin remained stable at 17.5 percent of net
sales in the second quarter of 2007 compared to 17.6 percent of net sales
for the same period of 2006.  Positive contributions from solid organic
growth and
acquisitions coupled with the Greif Business System nearly offset higher
costs for old corrugated containers, which were at the highest level in
more than a decade.

Selling, General & Administrative Expenses

SG&A expenses were US$77.7 million, or 9.5 percent of net sales, in the
second quarter of 2007 compared to US$62.4 million, or 10.1 percent of net
sales, in the second quarter of 2006.  The dollar increase is primarily
due to the Blagden acquisition during the first quarter of 2007 and the
Delta acquisition during the fourth quarter of 2006.

Operating Profit

Operating profit before special items was US$68.3 million for the second
quarter of 2007 compared to US$52.6 million for the second quarter of
2006.  The US$15.7 million increase was primarily due to positive
contributions from Industrial Packaging & Services (US$20.1 million),
partially offset by Paper, Packaging & Services (US$3.7 million) compared
to the same period last year.  For the second quarter of 2007 and 2006,
respectively, restructuring charges were US$4.0 million compared to
US$10.3 million and there were US$0.4 million of timberland losses
(resulting from a currency hedge on an anticipated Canadian timberland
transaction that did not occur) compared to
US$9.2 million of timberland gains.  GAAP operating profit was US$63.9
million in the second quarter of 2007 compared to US$51.6 million in the
second quarter of 2006.

                     Business Group Results

Industrial Packaging & Services

The Industrial Packaging & Services segment offers a comprehensive line of
industrial packaging products and services, such as steel, fibre and
plastic drums, intermediate bulk containers, closure systems for
industrial packaging products, polycarbonate water bottles and blending,
filling and
packaging services.  The key factors influencing profitability in the
Industrial Packaging & Services segment are:

   * Selling prices and sales volumes;
   * Raw material costs, primarily steel, resin and
     containerboard;
   * Energy and transportation costs;
   * Benefits from executing the Greif Business System;
   * Contributions from recent acquisitions; and
   * Impact of foreign currency translation.

In this segment, net sales were up 41 percent to US$647.3 million in the
second quarter of 2007 compared to US$459.0 million in the second quarter
of 2006 -- an increase of 18 percent excluding the impact to net sales
with respect to the Blagden and Delta acquisitions including 5 percent
from
foreign currency translation.  The increase in net sales was primarily
attributable to the recent acquisitions and organic growth, which included
higher sales volumes across all regions with particular strength in the
Americas, Europe and emerging markets.  In the second quarter of 2007,
contributions from the Company's acquisitions included a full quarter of
sales volume for Blagden and Delta, which were acquired in the first
quarter of 2007 and fourth quarter of 2006, respectively.

Gross profit margin for the Industrial Packaging & Services segment was
18.2 percent in the second quarter of 2007 versus 17.6 percent in the
second quarter of 2006.  This improvement was due to positive
contributions from the continued execution of the Greif Business System.

Operating profit before restructuring charges rose to US$54.3 million in
the second quarter of 2007 from US$34.2 million in the second quarter of
2006 primarily due to the improvement in net sales and the execution of
the Greif Business System.  Restructuring charges were US$1.7 million in
the second quarter of 2007 compared with US$8.3 million during the same
period
last year.  GAAP operating profit was US$52.6 million in the second
quarter of 2007 compared to US$25.9 million in the second quarter of 2006.

Paper, Packaging & Services

The Paper, Packaging & Services segment sells containerboard,
corrugated sheets and other corrugated products and multiwall bags in
North America.  The key factors influencing profitability in the Paper,
Packaging
& Services segment are:

   * Selling prices and sales volumes;
   * Raw material costs, primarily old corrugated containers
     (OCC);
   * Energy and transportation costs; and
   * Benefits from executing the Greif Business System.

In this segment, net sales were US$163.7 million in the second quarter of
2007 compared to US$156.5 million in the second quarter of 2006.  This was
principally due to higher containerboard and corrugated sheet selling
prices, partially offset by lower sales volumes primarily due to
acceleration of major annual maintenance activities at one of the
company's
containerboard mills to the second quarter from the third quarter of 2007.

The Paper, Packaging & Services segment's gross profit margin decreased to
14.1 percent in the second quarter of 2007 from 16.9 percent in the second
quarter of 2006.  This reduction was primarily due to the accelerated
major annual maintenance and higher average OCC costs, which were
partially offset by initial contributions from execution of the Greif
Business System.  At April 30, 2007, OCC costs were below the near-term
peak recorded
earlier in the quarter, but remained higher than the first quarter 2007
levels.  Operating profit before restructuring charges was US$10.7 million
in the second quarter of 2007 compared to US$14.4 million in the second
quarter of 2006 primarily due to the reduction in gross profit margin.
Restructuring charges were US$2.4 million in the second quarter of 2007
compared to US$2.0 million in the second quarter of 2006.  GAAP operating
profit was US$8.3 million in the second quarter of 2007 compared to
US$12.4 million in the second quarter of 2006.

Timber

The Timber segment consists of approximately 264,450 acres of timber
properties in the southeastern United States, which are actively harvested
and regenerated, and approximately 36,700 acres in Canada.  The key
factors influencing profitability in the Timber segment are:

   * Planned level of timber sales;
   * Gains (losses) on sale of timberland; and
   * Sale of special use properties (surplus, higher and better
     use, and development properties).

Net sales were US$4.0 million in the second quarter of 2007, consistent
with plan, compared to US$4.6 million in the second quarter of 2006.
Operating profit before special items was US$3.4 million (including US$2.0
million of profits on special use property sales) in the second quarter of
2007 compared to US$4.0 million (including US$1.5 million of profits on
special
use property sales) in the second quarter of 2006.  GAAP operating profit
was US$3.0 million in the second quarter of 2007 compared to US$13.2
million in the second quarter of 2006 primarily due to US$9.2 million of
timberland gains in the second quarter of 2006.

Greif Business System

The Greif Business System generates productivity improvements and achieves
permanent cost reductions. Opportunities continue to include, but are not
limited to, improved labor productivity, material yield and other
manufacturing efficiencies, and footprint rationalization.  In addition,
strategic sourcing leverages the Company's global spend and is
establishing
a world-class sourcing and supply chain capability.  Incremental
contributions from the Greif Business System are anticipated to exceed
US$30 million in fiscal 2007.

Fiscal 2007 restructuring charges are expected to primarily relate to
integration of the Company's recent acquisitions and further
implementation of the Greif Business System, especially in Paper,
Packaging & Services.

                     Financing Arrangements

During the second quarter of 2007, the company issued US$300 million of 6-
3/4 percent Senior Notes due 2017.  At the same time, the company
completed a tender offer for its 8-7/8 percent Senior Subordinated Notes
due 2012.  In the tender offer, the company purchased US$245.6 million
aggregate principal amount of Senior Subordinated Notes, which represented
99 percent of the outstanding notes.  As a result of this transaction, a
debt extinguishment charge was recorded during the second quarter of 2007.
This US$23.5 million charge included US$14.5 million in cash and US$9.0
million in non-cash items.  Proceeds from the Senior Note issuance were
primarily used to fund the purchase of the Senior Subordinated Notes in
the tender
offer.  These actions, excluding the impact of the debt extinguishment
charge, are immediately accretive to earnings.

Interest expense, net was US$10.0 million and US$9.8 million in the second
quarter of 2007 and 2006, respectively.  The increase was primarily
attributable to higher average debt outstanding due to the company's
recent acquisitions partially offset by lower interest expense for the
Senior Notes compared to the Senior Subordinated Notes.

                      Capital Expenditures

Capital expenditures were US$39.9 million for the second quarter of 2007
compared with capital expenditures of US$32.9 million, excluding
timberland purchases of US$1.2 million, for the second quarter of 2006.
Fiscal 2007 capital expenditures, excluding timberland purchases, are
expected to be approximately US$110 million, which is in line with the
company's estimated
annual depreciation expense.

                         Cash Dividends

On June 5, 2007, the Board of Directors declared quarterly cash
dividends of US$0.28 per share of Class A Common Stock and US$0.42 per
share of Class B Common Stock.  As adjusted for the two-for-one stock
split, this compares with the previous quarter dividends of US$0.18 per
share of Class A Common Stock and US$0.27 per share of Class B Common
Stock.  These dividends
will be payable on July 1, 2007 to stockholders of record at close of
business on June 18, 2007.

                         Company Outlook

The company is encouraged by its solid operating performance, orderly
integration of recent acquisitions, realized benefits from the Greif
Business System and positive momentum as it exited the second quarter.
Consequently, the company is raising its annual earnings guidance,
excluding special items, to US$3.05 per share to US$3.10 per share, as
adjusted for the two-for-one stock split, for the Class A Common Stock for
fiscal
2007.  This is approximately 28 percent to 31 percent over the company's
fiscal 2006 record earnings.

                           About Greif

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/-- is a world leader in
industrial packaging products and services.  The Company
provides extensive expertise in steel, plastic, fibre,
corrugated and multi-wall containers for a wide range of
industries.  Greif also produces containerboard and manages
timber properties in the United States.  For fiscal year 2006,
the company generated approximately US$2.6 billion in net sales
and US$326 million in EBITDA.  The company has operations in
Australia, Argentina, Brazil, Belgium, China, Malaysia, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Standard & Poor's Ratings Services assigned its
'BB-' ratings to Greif Inc.'s proposed US$300 million senior
unsecured notes due 2017.  The proceeds from the notes will be
used to retire approximately US$248 million in existing senior
subordinated notes due 2012 and for general corporate purposes.
The new senior notes issue is contingent upon consummation of
the tender offer for the senior subordinated notes.

In addition, Standard & Poor's affirmed its 'BB+' corporate
credit rating on the Delaware, Ohio-based company.  S&P said the
outlook is stable.


KRATON POLYMERS: Weakened Profitability Cues S&P to Cut Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Kraton Polymers
LLC, including the corporate credit and senior secured debt ratings to 'B'
from 'B+'.  The outlook is negative.

The downgrade follows weakened profitability primarily because of higher
than expected raw material cost inflation that has resulted in the
deterioration of key measures of credit quality.

"While we expect management to raise prices in order to offset some of the
raw material pressure, Kraton's cash flow generation is likely to remain
weaker than initially expected during the next few quarters, limiting the
company's ability to improve its highly leveraged financial profile back
toward the level appropriate for the previous ratings," said Standard &
Poor's credit analyst David Bird.

The ratings on Kraton reflect its weak business risk profile derived from
its narrow focus on the styrenic block copolymers market and a highly
leveraged financial profile.

Houston, Texas-based Kraton is a leading producer of SBCs with about US$1
billion in annual sales and approximately US$631 million of debt
outstanding, including a modest amount of capitalized operating leases and
unfunded postretirement obligations.  The company produces unhydrogenated
SBCs, hydrogenated SBCs,polyisoprene rubber, polyisoprene latex, and
SBC-based compounded materials.  SBCs offer flexibility, resilience,
strength, and durability to a wide range of products in a number of
end-use markets, including (1) adhesive, sealants, and coatings, (2)
paving and roofing, (3) compounding channels, (4) packaging and films, and
(5) personal care.

The SBC market is part of the larger thermoplastic elastomers industry,
with a market size of approximately US$3 billion and an expected future
growth rate of about 6% per year.  Between the two product types, faster
growth is expected in HSBCs, which are used in a variety of applications
such as personal hygiene and soft-grip handles.  USBC growth is typically
slower and is focused on mature end markets such as asphalt modification
and adhesives.

The company has development centers in Belgium, Brazil and Japan.


MARQUEE HOLDINGS: To Form New Holding Company
---------------------------------------------
Marquee Holdings Inc., the parent of AMC Entertainment Inc., will form a
new holding company that will become the sole parent of the company.
Marquee Holdings intends that the holding company enter into a five-year
US$400 million aggregate principal amount senior unsecured term loan
facility.

Affiliates of JPMorgan Chase Bank, N.A. will be the initial lender and
administrative agent under this facility, and J.P. Morgan Securities Inc.
will serve as a lead arranger and bookrunning manager for this facility.
The net proceeds from this facility will be used to pay a dividend to
Marquee's current stockholders. Neither Marquee, AMCE, nor any of its
subsidiaries will be a party to the facility.

Marquee also announced a solicitation of consents to a proposed amendment
to the indenture governing its 12% Senior Discount Notes due 2014 (CUSIP
No. 57143VAC3), on the terms and subject to the conditions set in the
Consent Solicitation Statement dated June 5, 2006 and the accompanying
Letter of Consent.

The Amendment would revise the restricted payments covenant to permit
Marquee to make restricted payments in an aggregate amount of US$275
million prior to making an election to pay cash interest on the Notes.
The Amendment will also contain a covenant by Marquee to make an election
on Aug. 15, 2007, the next semi-annual accretion date under the Indenture,
to pay cash interest on the Notes.  As a result, Marquee would be required
to make its first cash interest payment on the Notes on Feb. 15, 2008.
Regardless of whether Marquee completes the Consent Solicitation, the new
term loan facility described above will require Marquee to make this
election on Aug. 15, 2007.

If the Amendment is approved, the company intends to use cash on hand at
AMCE to pay a dividend to Marquee's current stockholders in an aggregate
amount of up to US$275 million.  Marquee also has the option to instead
fund such dividend by electing for Holdco to enter into an additional
364-day US$275 million aggregate principal amount senior unsecured term
loan facility.

Each holder who validly delivers Consents on or prior to the expiration of
the Solicitation Period shall be entitled to a consent fee of US$10 for
each US$1,000 principal amount at maturity of Notes as to which consents
are delivered by such holders if such consents are accepted pursuant to
the Consent Solicitation.

The Consent Solicitation expires at 5:00 p.m., New York City time, today,
June 8, 2007, unless extended or earlier terminated by Marquee.

Delivery of Consents prior to the expiration of the Solicitation Period
may be validly revoked at any time prior to the date on which the
Requisite Consents have been obtained and evidence thereof has been
delivered to the trustee under the Indenture. Marquee reserves the right
to terminate, withdraw or amend the Consent Solicitation at any time
subject to applicable law.

Marquee expects to pay the Consent Fee in same-day funds on a date
promptly following the expiration of the Solicitation Period.

The company's Consent Solicitation is subject to the conditions set forth
in the Consent Solicitation Documents, including the receipt of consents
of the noteholders representing a majority in aggregate principal amount
at maturity of the Notes issued under the Indenture.

Marquee has retained J.P. Morgan Securities Inc. to act as solicitation
agent in connection with the Consent Solicitation.

                    About AMC Entertainment

Based in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the
theatrical exhibition industry.  The company serves more than 250 million
guests annually through interests in 415 theatres and 5,672 screens in 12
countries including the United States, Hong Kong, Brazil and the United
Kingdom.

                    About Marquee Holdings

Based in Kansas City, Mo., Marquee Holdings Inc. is organized as
an intermediate holding company with no operations of its own.
The Company's principal directly owned subsidiaries are American
Multi-Cinema, Inc., Grupo Cinemex, S.A. de C.V., and AMC
Entertainment International, Inc.

                         *     *     *

As reported in the Troubled Company Reporter on May 18, 2007,
Fitch has affirmed the Issuer Default Ratings of Marquee Holdings Inc. and
its principal operating subsidiary AMC Entertainment, Inc. at 'B'.
Approximately US$1.7 billion in total debt is affected.  The Rating
Outlook is Stable.


OSI RESTAURANT: Stockholders Approve Amended Merger Agreement
-------------------------------------------------------------
OSI Restaurant Partners Inc.’s stockholders adopted an agreement
and plan of merger dated Nov. 5, 2006, among the company, Kangaroo
Holdings Inc. and Kangaroo Acquisition Inc., as amended on May 21, 2007.

Kangaroo Holdings Inc. is controlled by an investor group
comprised of investment funds associated with Bain Capital
Partners LLC and investment funds affiliated with Catterton
Management Company LLC.  OSI’s founders, certain holders associated with
one of its founders and certain members of its management are expected to
exchange shares of OSI’s common stock for shares of Kangaroo Holdings Inc.
in connection with the merger.

The amended merger agreement was adopted by the holders of a majority of
OSI’s outstanding common stock, as required by Delaware law.  In addition,
the holders of a majority of the number of shares of OSI’s common stock
held by holders that are not participating holders voted for the adoption
of the amended merger agreement and the merger, as required by a condition
to closing under the amended merger agreement.

OSI expects that the transactions contemplated by the amended merger
agreement will be consummated on or prior to June 19, 2007, subject to
satisfaction of the conditions to closing under the amended merger
agreement.

Under the terms of the amended merger agreement, each outstanding share of
OSI’s common stock (other than shares held in OSI’s treasury, shares owned
by OSI’s subsidiaries, Kangaroo Holdings Inc. or Kangaroo Acquisition Inc.
and shares held by stockholders who perfect appraisal rights in accordance
with Delaware law) will be converted into the right to receive US$41.15 in
cash.

OSI’s founders, Messrs. Sullivan, Basham and Gannon, have agreed
with Kangaroo Holdings Inc. that they will receive only US$40.00 per share
in cash for their shares (other than shares they will be contributing to
Kangaroo Holdings Inc. in exchange for its stock, which will be exchanged
at a per share valuation of US$40.00 per share) in a sale transaction with
a member of the investor group consummated immediately prior to, but
expressly conditioned upon, the consummation of the merger.

                   About Bain Capital Partners

Bain Capital Partners LLC -- http://www.baincapital.com/-- is a
global private investment firm that manages several pools of
capital including private equity, venture capital, public equity
and leveraged debt assets with approximately US$40 billion in assets under
management.  Since its inception in 1984, Bain Capital has made private
equity investments and add-on acquisitions in over 230 companies around
the world. Headquartered in Boston, Bain Capital has offices in New York,
London, Munich, Tokyo, Hong Kong and Shanghai.

                        About Catterton

Catterton -- http://www.cpequity.com/-- is a private equity firm in the
U.S. focused exclusively on the consumer industry.  Since its founding in
1990, Catterton has leveraged its investment capital, strategic and
operating skills, and network of industry contacts to establish one of the
strongest investment track records in the consumer industry.

                  About OSI Restaurant Partners

OSI Restaurant Partners, Inc.’s portfolio of brands consists of Outback
Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime
Steakhouse & Wine Bar, Roy’s, Lee Roy Selmon’s, Blue Coral Seafood &
Spirits and Cheeseburger in Paradise restaurants.  It has operations in 50
states and 20 countries, including Thailand, Brazil and the United
Kingdom, internationally.


OSI RESTAURANT: S&P Affirms Ratings and Removes Developing Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Tampa,
Florida-based OSI Restaurant Partners Inc., including its 'B+' corporate
credit rating, and removed them from CreditWatch, where they were placed
on May 9, 2007, with developing implications.

The outlook is negative.

The CreditWatch listing reflected S&P’s concern that a higher priced bid
would be financed with additional debt.  The removal from CreditWatch
follows the company's announcement that its stockholders adopted an
amended merger agreement whereby shares will be converted into US$41.15 in
cash, rather than the originally expected US$40 per share.  The increased
purchase price will be funded with equity from the investor group,
comprised of Bain Capital Partners, Catterton Partners, and company
founders and management, that is purchasing OSI.  S&P expect the
transaction to close by June 19, 2007.

"The negative outlook reflects leverage that is currently high for the
'B+' rating," said Standard & Poor's credit analyst Jackie E. Oberoi.
Should OSI reduce leverage to less than 6.5x by the end of 2007 through
measures that include improvement in same-store sales for OSI's core
Outback Steakhouse concept and continued success with recent expense
reduction measures, a stable outlook could result.

OSI Restaurant Partners, Inc.’s portfolio of brands consists of Outback
Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime
Steakhouse & Wine Bar, Roy’s, Lee Roy Selmon’s, Blue Coral Seafood &
Spirits and Cheeseburger in Paradise restaurants.  It has operations in 50
states and 20 countries, including Thailand, Brazil and the United
Kingdom, internationally.


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


ANDOVER LTD: Sets Final Shareholders Meeting for Aug. 16
--------------------------------------------------------
Andover Ltd. will hold its final shareholders meeting on
Aug. 16, 2007, at 9:30 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,

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

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


BANCAJA INT’L: Sets Final Shareholders Meeting on July 26
---------------------------------------------------------
Bancaja International will hold its final shareholders meeting
on July 26, 2007, at:

         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


CORDAVILLE LTD: Will Hold Last Shareholders Meeting on Aug. 16
--------------------------------------------------------------
Cordaville Ltd. will hold its final shareholders meeting on
Aug. 16, 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,

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

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


FIRST DOMINION: Sets Final Shareholders Meeting for Aug 9
---------------------------------------------------------
First Dominion Funding II will hold its final shareholders
meeting on Aug. 9, 2007, at:

         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


FOXBORO LTD: Will Hold Final Shareholders Meeting on Aug. 16
------------------------------------------------------------
Foxboro Ltd. will hold its final shareholders meeting on
Aug. 16, 2007, at 10:30 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,

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

         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: Sets Final Shareholders Meeting for Aug. 16
--------------------------------------------------------------
Harborside Equity Ltd. will hold its final shareholders meeting on Aug.
16, 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,

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

         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: Sets Final Shareholders Meeting for Aug. 16
----------------------------------------------------------------
Harborside Holdings Ltd. will hold its final shareholders
meeting on Aug. 16, 2007, at 1:00 p.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,

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

         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: Sets Shareholders Meeting for Aug. 16
-------------------------------------------------------------
Harborside Investments Ltd. will hold its final shareholders
meeting on Aug. 16, 2007, at 12:00 p.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,

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

         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 LTD: Sets Final Shareholders Meeting for Aug. 16
-----------------------------------------------------
HBRS Ltd. will hold its final shareholders meeting on
Aug. 16, 2007, at 9:00 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,

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

         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: Sets Final Shareholders Meeting for Aug. 16
--------------------------------------------------------------
Healthcare Equity Ltd. will hold its final shareholders
meeting on Aug. 16, 2007, at 1:30 p.m., at the office of
the company.

These agenda will be taken during the meeting:

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

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

         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: Sets Shareholders Meeting for Aug. 16
-------------------------------------------------------------
Healthcare Investments Ltd. will hold its final shareholders
meeting on Aug. 16, 2007, at 2:00 p.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,

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

         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: Sets Final Shareholders Meeting for Aug. 16
---------------------------------------------------------
HRB Holdings Ltd. will hold its final shareholders
meeting on Aug. 16, 2007, at 2:30 p.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,

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

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


PATTENVILLE LTD: Sets Final Shareholders Meeting for Aug. 16
------------------------------------------------------------
Pattenville Ltd. will hold its final shareholders meeting on
Aug. 16, 2007, at 11:00 a.m., at the office of the company.

These agenda will be taken during the meeting:

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

   2) authorize the liquidator to retain the records
      of the company for a minimum of six 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:

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



WORLD SAILING: Proofs of Claim Must be Filed by Aug. 1
------------------------------------------------------
World Sailing League Holdings Ltd. creditors are given until
Aug. 1, 2007, to prove their claims to Malav Shroff, 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.

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

The liquidator can be reached at:

         Malav Shroff
         Attention: Sydney J. Coleman
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949 5122
         Fax: 949 7920


WORLD SAILING LEAGUE: Sets Shareholders Meeting for Aug. 7
----------------------------------------------------------
World Sailing League Holdings Ltd. will hold its final shareholders
meeting on Aug. 7, 2007, 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,

   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:

         Malav Shroff
         Attention: Sydney J. Coleman
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949 5122
         Fax: 949 7920


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


SPECTRUM BRANDS: Anthony Genito Advanced to Sr. Vice President
--------------------------------------------------------------
Spectrum Brands, Inc. has promoted Anthony L. Genito, 50, to the position
of senior vice president and chief financial officer.

As CFO, Mr. Genito reports to Kent Hussey, Spectrum Brands’ chief
executive officer, and is responsible for the company’s financial
functions including accounting, treasury, tax and financial planning.  Mr.
Genito succeeds Randall J. Steward, 52, formerly executive vice president
and chief financial officer, who has resigned to pursue other professional
and personal interests.

“Randy Steward has been a key leader in Spectrum Brands’ growth and
transformation during the past nine years,” said Mr. Hussey.  “We thank
him for his many valuable contributions to the company and wish him well.
I am confident that the people, processes and organization he has put in
place will result in a smooth transition for Tony into his new role.”

“Tony has a strong financial background, and in his three years with
Spectrum Brands he has developed a deep understanding of our business and
earned a solid reputation throughout the company,” continued Mr. Hussey.
“He is ideally suited to take on the critical role of chief financial
officer at this point in the evolution of the company and I look forward
to working in partnership with him to move forward on our strategy to
build value for shareholders.”

Mr. Genito, who has over 27 years of management, finance and operational
experience, most recently served as the company’s senior vice president
finance and chief accounting officer.  Prior to joining Spectrum, Mr.
Genito was vice president – global supply chain/global quality operations
with Schering-Plough Corporation, culminating twelve years with that
company in various financial positions of increasing responsibility.  He
began his career with Deloitte & Touche.  Mr. Genito holds a B.S. in
Accounting from Mercy College and an M.B.A. from Pace University and is a
certified public accountant.

                      About Spectrum Brands

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

                        *     *     *

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

   -- Issuer default rating 'CCC';

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

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

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


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


* CUBA: Will Boost Ties With Sri Lanka in Coconut Sector
--------------------------------------------------------
Sri Lankan Coconut Industry Minister Salinda Dissanayake has arrived in
Cuba to establish closer ties with the nation, particularly in the coconut
industry, according to a report posted in Fresh Plaza.

Fresh Plaza relates that Minister Dissanayake and Sri Lanka's ambassador
to Cuba Kirthi Sigera will visit plantations, Malay ovens and coconut oil
factories in Baracoa, which is the chief producer of coconuts in Cuba.
The minister will also hold discussions with Cuban producers and managers
in the coconut industry.

According to Fresh Plaza, Minister Dissanayake was given detailed
information on the coconut industry in Cuba.  Jose Antonio Rodriguez Oruna
-- a senior official of the Cuban Ministry of Sciences, Technology and the
Environment -- informed the Sri Lankan delegation on environmental
projects underway in Baracoa and their effect in the development of the
coconut sector.

Minister Dissanayake said that Sri Lanka's is keen on collaborating with
Cuba in the development of the coconut industry through exchanges of
technology and experiences, Fresh Plaza states.

                        *     *     *

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

Moody's assigned these ratings on Cuba:

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



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


* ECUADOR: Wants US$350MM Funding To Stop Ishpingo Drilling
-----------------------------------------------------------
Ecuadorian President Rafael Correa has asked the international community
for a US$350-million yearly funding for 10 years in exchange for
suspending drilling in the Ishpingo-Tiputini-Tambococha fields, located in
the Yasuni National Park deep in Ecuador's northeastern jungle, Dow Jones
Newswires reports.

Dow Jones relates that the jungle area holds almost one billion barrels of
crude.  However, it is a UNESCO Biosphere Reserve known for its rich
variety of flora and fauna.  According to some environmentalists, there is
more plant life in the reserve than in the US and Canada combined.  The
reserve is about the same size as Puerto Rico.

Ecuador hopes to receive at least 50% of the income it would have
generated by oil drilling at the site, Dow Jones says, citing Environment
Minister Ana Alban.

Ecuadorian environmental organization Fundacion Natura director Xavier
Bustamante told Dow Jones that US$350 million per year is "an ambitious
amount, you can't ignore that, but they could get it if we sell the
message clearly."

While the government's priority is not to drill on the reserve, the
potential income is important, Dow Jones states, citing Ecuadorian
state-owned oil firm Petroecuador head Carlos Pareja.  He said in
February, "It is inconceivable that there is extreme poverty and
undeveloped wealth in the country.  I don't see how to improve the economy
if we don't develop [the project]."

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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



=========
H A I T I
=========


DYNCORP INT'L: Earns US$18.9 Million in Fourth Quarter 2007
-----------------------------------------------------------
DynCorp International Inc. disclosed its fiscal 2007 fourth quarter and
fiscal 2007 full year financial results.

                Fiscal 2007 Fourth Quarter Results

Revenue for the 2007 fourth quarter ended March 30, 2007 was US$552.3
million, up 0.6% from revenue for the fiscal 2006 fourth quarter. Revenue
from the Government Services segment for the fourth quarter decreased 2.9%
over the comparable period in 2006.  The lower GS revenue was attributable
to reduced construction activity on the U.S. Department of State Civilian
Police program.  Revenue from the Maintenance and Technical Support
Services -- MTSS -- segment increased 7.9% over the 2006 fourth quarter.
The higher MTSS revenue was attributable to the C-21 program and an
increased level of effort at Columbus AFB.

Operating income for the fiscal 2007 fourth quarter increased 13.2% to
US$42.9 million from the fiscal 2006 fourth quarter.  Operating margin for
the fiscal 2007 fourth quarter was 7.8%, compared to operating margin of
6.9% in the fiscal 2006 fourth quarter.  Operating margin increased by
0.9% of revenue primarily due to strong contract performance and the
effect of claims on two aviation contracts.

Net income for the fiscal 2007 fourth quarter was US$18.9 million compared
to net income of US$5.8 million for the comparable period in fiscal 2006.
The increase in 2007 fourth quarter net income was due to improved
operating margins and lower interest expense resulting from redemption of
the company’s preferred stock and reductions of outstanding debt during
the first quarter of fiscal 2007.

Adjusted earnings before interest, taxes, depreciation, and amortization
for the 2007 fourth quarter increased to US$56.7 million, or 10.3% of
revenue, from US$55.6 million, or 10.1% of revenue, for the comparable
period in fiscal 2006.  Earnings per share for the 2007 fourth quarter
improved 83.3% to US$0.33 per share from the comparable period in fiscal
2006.

                   Fiscal 2007 Full Year Results

Revenues for the fiscal year ended March 30, 2007, increased by US$115.3
million, or 5.9%, to US$2.08 billion, as compared to the company’s fiscal
year ended March 31, 2006.  Of the US$115.3 million increase, US$95.5
million was attributable to the GS segment and US$19.8 million was
attributable to the MTSS segment.

Revenues from the GS segment increased 7.5% over fiscal year 2006 to
US$1.36 billion.  The GS revenue growth was primarily driven by increased
aviation support services of drug eradication activities under the U.S.
Department of State’s Air Wing program in South America and Afghanistan,
additional contingency and logistics services provided to the Africa
Peacekeeping contract, foreign government construction increases and a
foreign government contingency contract.  The GS revenue increase was
partially offset by the conclusion of four task orders under the World
Wide Personal Protective Services program and contingency and logistics
services provided after Hurricane Katrina.

Revenues from the MTSS segment increased 2.9% over fiscal year 2006 to
US$722.7 million.  MTSS revenue growth was primarily driven by increases
in personnel and level of effort under the Contract Field Team (CFT)
program, increased domestic aviation support services provided to the U.S.
Air Force under the C-21 Contractor Logistics Support program and revenue
recorded in connection with wage pass-through claims.  The MTSS revenue
increase was partially offset by reduced U.S. government funding for the
Army Propositioned Stock Afloat program and decreased services provided
under the CFT contract for the V-22 program.

Operating income increased 12.1% over fiscal year 2006 to US$113.5
million.  Operating margin increased 30 basis points to 5.5%.  The
increased operating income and operating margin reflect strong performance
from fixed price contracts including the Civilian Police and International
Narcotics and Law Enforcement Air Wing contracts, increased level of
effort on CFT, a contract modification for construction in Afghanistan,
wage pass-through claims, and reduced bad debt expense.  Operating
expenses include US$6.5 million of costs related to severance expenses for
certain former executives and bonus compensation associated with the
company’s IPO.

Net income was US$27.0 million in fiscal 2007, compared to US$7.2 million
in fiscal 2006.  The same factors positively affecting fiscal 2007
operating income resulted in improved year-over-year net income.  Adjusted
EBITDA increased 10.3% to US$172.2 million, or 8.3% of revenues, compared
to adjusted EBITDA of US$156.1 million, or 7.9% of revenues, in fiscal
2006.  Earnings per share for fiscal 2007 increased 113% to US$0.49 per
share from US$0.23 during fiscal 2006.

Operating cash flow increased 58% to US$86.8 million as compared to fiscal
2006.  The increase was driven by higher net income, accounts payable and
accrued liability activities related to the timing of payroll processing,
interest payments timing and accelerated customer payments.

Days sales outstanding (DSO) was at 67 days as of the end of fiscal 2007,
compared to 72 days as of the end of fiscal 2006.

Net debt, which is total debt less cash and cash equivalents, was US$528.5
million on March 30, 2007, a reduction of US$112.4 million year-over-year.

Backlog increased 132.2% to US$6.1 billion during fiscal 2007. Included in
this total is US$3.3 billion related to the award of the Intelligence and
Security Command (INSCOM) contract by the U.S. Army to Global Linguist
Solutions LLC, a joint venture of DynCorp International and McNeil
Technologies. The incumbent contractor’s protest of the award to GLS was
sustained by the Government Accountability Office (GAO). The Army
subsequently filed a Request for Reconsideration with the GAO which is
pending decision.

                       Fiscal 2008 Guidance

The company is issuing the following guidance for the fiscal year ending
March 28, 2008, based on its current backlog and management's estimate of
future contract awards.  This guidance excludes the previously discussed
INSCOM contract award due to the uncertain timing of when contract
performance may commence.

                    About Dyncorp International

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries including Haiti.  DynCorp International, LLC, is the
operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC. The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.


DYNCORP INT'L: Will Repurchase US$10 Mil. of Shares of Stock
------------------------------------------------------------
DynCorp International Inc.'s Board of Directors has authorized the company
to repurchase up to US$10 million of its outstanding common stock.

“We believe that a stock repurchase program is an effective way to enhance
shareholder value and demonstrate our confidence in the long-term value of
DynCorp International Inc.,” said Hebert J. Lanese, the company’s chief
executive officer.

The shares may be repurchased from time to time in open market conditions
or through privately negotiated transactions at the company's discretion,
subject to market conditions, and in accordance with applicable federal
and state securities laws and regulations.  Shares of stock repurchased
under this plan will be held as treasury shares.

The program does not obligate the company to acquire any particular amount
of common stock and the program may be modified or suspended at any time
at the company's discretion.  The purchases will be funded from available
working capital.  As of March 30, 2007, the company had 57 million shares
outstanding.

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries including Haiti.  DynCorp International, LLC, is the
operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC. The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.



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


AIR JAMAICA: Agrees to Cooperation Between Regional Carriers
------------------------------------------------------------
Air Jamaica Chief Executive Officer Michael Conway has rejected
allegations that the national airline is not supportive of a proposed
co-operation between regional carriers, the Jamaica Information Service
reports.

Mr. Conway told the press, "Not only is Air Jamaica not arrogant to the
process of co-operation between the carriers, [but] we are in fact leading
that collaborative effort."

According to JIS, Mr. Conway highlighted areas of collaboration with other
regional airlines, particularly the holding of the ICC Cricket World Cup
2007 in the Caribbean.

Mr. Conway commented to JIS, "Through a collaboration of Air Jamaica, LIAT
and Caribbean Airlines, we collectively and very effectively transported
all of the teams, officials and sponsors to that very challenging and
logistical event."

The talk continues and representatives of the region's air carriers would
be meeting later this month in Barbados to further discuss the
cooperation, JIS says, citing Mr. Conway.

Jamaican Finance and Planning Minister Dr. Omar Davies told JIS that Air
Jamaica was looking for ways to address the concerns of the tourism sector
as to whether or not there would be a decrease in the number of seats
available from London to Montego Bay when a cooperation accord is
implemented.  He said that Air Jamaica would make sure that there would be
sufficient number of seats to both Kingston and Montego Bay every day.

Dr. Davies explained to JIS, "We are looking to put in place flights
between Montego Bay and Kingston and Kingston and Montego Bay to
facilitate both Virgin Atlantic and British Airways to book each day to
either city.  So a passenger on British Airways would be able to fly
Gatwick to Kingston and Air Jamaica would then take them from Kingston to
Montego Bay."

The London route's sale to Virgin Atlantic for 5.1 million pounds sterling
should put Air Jamaica "on a path to commercial success," Dr. Davies told
JIS.

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.


AIR JAMAICA: Passengers To Travel from London Gatwick
-----------------------------------------------------
The Voice reports that pre-booked passengers on Air Jamaica flights from
London Heathrow Airport will have to travel from London Gatwick.

According to The Voice, Virgin Atlantic will take over Air Jamaica's
London to Jamaica route from Oct. 28.

Under a clause on the two-week booking schedule, passengers who don't want
to travel from London Gatwick will be refunded but they won't be entitled
to any form of compensation, The Voice says, citing a spokesperson at Air
Jamaica's London office.

The spokesperson told The Voice that Air Jamaica will make sure that all
passengers who bought tickets will be protected.  However, the
spokesperson didn't disclose details of such protection.

All passengers who have been previously booked on Air Jamaica flights out
of London Heathrow will be accommodated on Virgin flights out of London
Gatwick,  The Voice notes, citing Virgin Atlantic's press office.
According to the office, passengers who don't want to travel out of London
Gatwick would be the responsibility of Air Jamaica.

Air Jamaica said in a release that it regretted that it will be stopping
its daily London Heathrow—Jamaica flights.  Passengers who bought tickets
on Air Jamaica for travel using the route after Oct. 28 will be
accommodated on Virgin Atlantic at no additional cost.

Air Jamaica UK & Europe General Manager Anne Deamer admitted to The Voice
that the suspension of the service was extremely difficult due to the
strong relationship the airline has with Jamaicans in the UK, as well as
with the travel trade to attract holidaymakers to Jamaica.  She commented,
"We are really disappointed that this decision has had to be made to close
the route.  Air Jamaica has been flying from London to Jamaica for 11
years and acknowledges in particular the importance of the Jamaican
community in the UK who will be affected by the closure.  However, there
is over-capacity on the route, and unfortunately we cannot justify
retaining the service, as the high costs and low yields make it
unsustainable."

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.


AIR JAMAICA: Tickets Available at Any Western Union Unit
--------------------------------------------------------
Air Jamaica said that travelers can now buy airline tickets with cash at
any Western Union unit, Radio Jamaica reports.

According to Radio Jamaica, this was implemented on June 1.

Radio Jamaica relates that passengers can go to any Western Union branch
after reserving on Air Jamaica's Web site or on the airline's reservation
center.

The collaboration with Western Union is in response to the increasing
popularity of online bookings, Air Jamaica's Sales and Marketing Senior
Vice-President Paul Pennicooke told Radio Jamaica.

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

                        *     *     *

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


NORANDA ALUMINUM: Notes Issuance Cues S&P to Lower All Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered all ratings on Noranda Aluminum
Holding Corp., including the long-term corporate credit rating to 'B' from
'B+', after the company announced it intends to issue US$220 million of
unsecured floating-rate notes to finance a US$211 million special dividend
to its private equity owner, Apollo Management L.P.

At the same time, Standard & Poor's assigned its 'CCC+' rating to Noranda
Aluminum's US$220 million PIK toggle notes due 2014, based on the issue's
structural subordination relative to secured and unsecured borrowings at
the operating company level.  The outlook is stable.

"The company's financial policy is aggressive, as demonstrated by the
debt-financed special dividend that repaid almost all of the equity
sponsor's initial investment less than three weeks after the company's
leveraged acquisition," said Standard & Poor's credit analyst Donald
Marleau.  "Noranda Aluminum's credit profile is characterized by high debt
leverage in light of the unstable profitability caused by its exposure to
cyclical aluminum prices," Mr. Marleau added.

Countering these weaknesses are the company's integration, which ensures
secure supply of critical inputs and contributes some operating diversity,
and as forward sales contracts that lock in currently strong aluminum
prices for about one-third of production through 2010.  Furthermore,
Noranda Aluminum benefits from the combination of cyclically high aluminum
prices, and an improving cost position relative to offshore competitors
brought about by a weaker U.S. dollar.

The stable outlook is predicated on aluminum markets and Noranda
Aluminum's cash flow remaining strong enough to reduce its currently heavy
debt burden.  The use of forward sales contracts provides considerable
stability in projected cash flow, but the company must preserve its
ability to deliver metal under the contracts.  A further shift to a more
aggressive financial stance to support shareholder-friendly initiatives,
such as increasing debt to fund dividends, would likely contribute to a
downgrade of one or more notches for the corporate credit rating or the
various debt issues.  On the other hand, the rating on the company is
likely constrained to the 'B' category in the absence of enhanced
operating diversity, measures to mitigate earnings volatility, or a
materially lower debt burden.




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


ALL AMERICAN: Gets Court Approval to Sell All Assets
----------------------------------------------------
All American Semiconductor Inc. received U.S. Bankruptcy Court approval on
June 5, 2007, to proceed with the sale of substantially all of its assets
to a two-party consortium of Rock River Capital LLC and the company's
senior secured lenders for which Harris N.A. acts as agent.  An order
formally approving the sale is entered June 6, 2007.

The aggregate purchase price from the auction is US$15.2 million and will
be paid to Harris N.A. as agent for the senior secured lenders in the form
of a reduction in the senior secured
lenders' secured claim.

As reported in the Troubled Company Reporter-Latin America on June 6,
2007, Rock River Capital was the successful bidder for substantially all
of the company's operating assets and is expected to continue to operate
the acquired assets as a going concern business utilizing All American's
42 years of experience
and service to the industry.

Rock River did not purchase the company's commercial tort claims,
avoidance actions, accounts receivable and certain other miscellaneous
assets.  The company's senior secured lenders were the successful bidders
for the its accounts receivable.  None of the company's commercial tort
claims or avoidance actions was sold.

                 About All American Semiconductor

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

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


BALDOR ELECTRIC: Closes Sale of Power Services Business
-------------------------------------------------------
Baldor Electric Company has completed the sale of the Reliance Electric
Company Power Services business.

The Power Services business, which represented less than 4% of Baldor's
annual revenues, provides diagnostic support, repair, maintenance, and
performance improvement consulting services for electric motors and
rotating mechanical power transmission products from 11 different
locations in the United States.  Baldor sold the business for strategic
purposes, and all proceeds will be used to reduce outstanding debt.

The sale will not have a material impact on Baldor's balance sheet or
results of operations, and the terms of the sale were not disclosed.

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

                        *     *     *

Moody's Investors Service affirmed on Jan. 26, 2007, the B1
corporate family rating of Baldor Electric Company along with
the Ba3 ratings for the proposed senior secured credit
0facilities and B3 ratings for the proposed US$550 million senior
unsecured notes following the company's disclosure that the company
intends to eliminate a preferred stock issuance from its previously
announced financing plans.  Moody's said the rating outlook is stable.
These first-time ratings are subject to final documentation.


BALLY TOTAL: Michael Feder Replaces John Wildman as COO
-------------------------------------------------------
Bally Total Fitness Holding Corporation appointed Michael Feder as its
Chief Operating Officer and will assume broad leadership responsibilities
for all operations.  Mr. Feder replaces former Chief Operating Officer
John Wildman, who will become Interim Chief Marketing Officer and Senior
Vice President, Sales.  The company also said that it is continuing its
search for a permanent CEO.

Mr. Feder is a Managing Director at AlixPartners, a financial advisory
firm specializing in business performance improvement and corporate
restructuring initiatives.  He brings more than 35 years of senior
operating experience to Bally Total Fitness, including an extensive
background in transitional management and performance improvement
services.  Additionally, he has served in a variety of advisory and
interim leadership roles at other corporations, where he has demonstrated
his capabilities in liquidity generation and cash management, executing
effective cost reduction initiatives, and developing new business models
in response to evolving markets.

Bally Interim Chairman and Chief Restructuring Officer Don R. Kornstein
commented, "We are excited that Michael has decided to join our team as we
navigate through our operational and financial restructuring.  He brings
broad leadership skills and experience in successfully managing
turnarounds to his new role at Bally, and will play a key leadership role
as we move to
become operationally stronger as a company.  Michael will have the
additional support of his team at AlixPartners, which will be working
closely with our field organization to implement the adjustments necessary
to successfully restructure Bally Total Fitness."

John Wildman has been with Bally Total Fitness for over 27 years, and most
recently served as the company's COOfficer.  He replaces Jim McDonald as
interim CMO, and will continue to oversee the sales organization as Senior
Vice President, Sales.  The integration of sales, marketing and back
office collections is being implemented to improve the Company's overall
results.

Mr. Kornstein added, "John brings a depth of institutional knowledge about
the Company that will prove invaluable to our strategy of reshaping Bally
Total Fitness for future profitable growth.  His energy and enthusiasm
have positively affected our field teams and thereby shaped their
interaction with our members.  Our brand remains well recognized as a
leader
in the fitness sector, and John's hard work and dedication will continue
to be a driving force behind our success in strengthening the brand
consistent with our improved operations."

Mr. Feder currently serves as an advisor to Calpine Corporation.  His role
at Calpine is being transitioned to several team members that have been
working with him at the company.  Prior to that, he served in a variety of
interim management roles at companies including InteliStaf, a privately
held company in the nurse-staffing industry, Avado Brands, Inc., a US$300
million casual dining restaurant operator, and DIRECTV -- Latin Americ, a
leading pan-regional provider of direct-to-home satellite television
entertainment to Latin America.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT) -- http://www.Ballyfitness.com/-- is a commercial
operator of fitness centers in the U.S., with over 400
facilities located in 29 states, Mexico, Canada, Korea, China
and the Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally offers a
unique platform for distribution of a wide range of products and
services targeted to active, fitness-conscious adult consumers.

                        *     *     *

As reported in the Troubled Company Reporter on April 19, 2007,
Moody's Investors Service downgraded all the credit ratings
of Bally Total Fitness Holding Corporation after its failure to
make the April 16, 2007 interest payment on US$300 million
principal amount of senior subordinated notes.


BRISTOW GROUP: Amends Pact to Raise Credit Facility to US$325MM
---------------------------------------------------------------
Bristow Group Inc., on May 17, 2007, amended its:

    (i) Revolving Credit Agreement dated as of Aug. 3, 2006,
        among the company, the several banks and other financial
        institutions and lenders , SunTrust Bank, as
        administrative agent, JPMorgan Chase Bank, N.A. as
        syndication agent, and Wells Fargo Bank, N.A. as
        documentation agent and

   (ii) Letter of Credit Facility Agreement dated as of Aug. 3,
        2006, among the company, the several banks and other
        financial institutions and lenders , SunTrust Bank, as
        administrative agent, JPMorgan Chase Bank, N.A. As
        issuing bank and syndication agent, and Wells Fargo
        Bank, N.A. as documentation agent.

The amendments to the Credit Agreement and the Letter of Credit increase
the amount of permitted additional indebtedness under such agreements from
US$200 million to US$325 million.

                    About Bristow Group Inc.

Headquartered in Houston, Texas, Bristow Group, Inc. --
http://www.bristowgroup.com–- (NYSE:BRS), fka Offshore Logistics, Inc.,
provides helicopter transportation services to the worldwide offshore oil
and gas industry with operations in the United States Gulf of Mexico and
the North Sea. The Company also has operations, both directly and
indirectly, in offshore oil and gas producing regions of the world,
including Australia, Brazil, China, India, Mexico, Nigeria, Russia and
Trinidad. The Company also provides production management services for oil
and gas production facilities in the United States Gulf of Mexico.

                           *     *     *

As reported in the Troubled Company Reporter on June 6, 2007, Standard &
Poor's Ratings Services assigned its 'BB' rating to helicopter service
company Bristow Group Inc.'s US$250 million senior notes due 2017.  At the
same time, Standard & Poor's affirmed the 'BB' corporate credit rating and
all other ratings on the company.  The outlook is negative.


GRUPO MEXICO: Building Copper Mine in Northern Mexico
-----------------------------------------------------
Frank Jack Daniel at Reuters reports that Grupo Mexico SA, de CV, will
construct a new major copper mine at a remote site in northern Mexico.

According to Reuters' Mr. Daniel, Grupo Mexico is ready for the project --
called El Arco -- now that strong copper prices justify the development
costs.  The project is the firm's biggest in decades.

EL Arco will be in the Baja California peninsula.  It will produce 190,000
tons of copper from 2012, Reuters' Mr. Daniel says, citing Grupo Mexico.

Xavier Garcia, chief executive of Grupo Mexico's Mexican mining
subsidiary, told Reuters' Mr. Daniel that Grupo Mexico has owned the site
for years but didn't start construction due to high development costs.

Reuters' Mr. Daniel says that Grupo Mexico will construct an electricity
plant to power El Arco.  The firm is investing in sea water treatment
plants to provide water for operations.

Mr. Garcia told Reuters' Mr. Daniel that Grupo Mexico will build houses,
schools and health clinics for El Arco's employees.  It will pave existing
roads to carry copper to ports like Santa Rosalia on the Sea of Cortez.

Increases in demand from the international market indicate that copper
prices were unlikely to drop below US$1.20 per pound, making El Arco
viable, Reuters' Mr. Daniel notes, citing Mr. Garcia.

Mr. Garcia commented to Reuters' Mr. Daniel, "This is one of the few
projects in the world totally proven with very reasonable costs of
production."

According to the report, Mr. Garcia expects copper to cost up to US$3.00
per pound by year-end.  He said that the mine, when open, could run at up
to US$1.50 per pound of copper.

Reuters' Mr. Daniel reports that the mine will be halfway between the
Pacific Ocean and the Sea of Cortes on the narrow Baja California
peninsula, some 70 kilometers from Guerrero Negro.

The environmental assessment had been ratified, and Grupo Mexico was
waiting for permits to start construction works.  The mine would meet high
sustainability standards, Reuters' Mr. Daniel says, citing Mr. Garcia.

Mr. Garcia told Reuters' Mr. Daniel that the project had reserves of one
billion tons containing about 0.50% copper sulphate.  Investment on the
project, including the power generator, would be US$1.75 billion.

Reuters' Mr. Daniel relates that Grupo Mexico disclosed plans of investing
US$4.1 billion in Mexican mines and projects over the next five years.

The sum included El Arco.  Grupo Mexico wouldn't have to issue debt to
finance the project, except perhaps for the power plant, Mr. Garcia told
Reuters' Mr. Daniel.  Grupo Mexico hopes to increase its international
copper production to 1.3 million tons of copper per year in the next six
to seven years.

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 was stable.


GUESS?: Morgan Keegan Reaffirms Outperform Rating on Firm'
----------------------------------------------------------
Morgan Keegan analysts have reaffirmed their "outperform" rating on Guess?
Inc's shares, Newratings.com reports.

The analysts said in a research note that Guess?'s first quarter 2007
earnings per share were ahead of estimates and consensus due to
better-than-anticipated revenue growth and gross margin expansion.

According to Newratings.com, the earnings per share estimate for Guess?'s
shares in 2007 was increased to US$1.88 from US$1.80, while estimate for
the firm's shares in 2008 was raised to US$2.35 from US$2.15.

Newratings.com relates that Brean Murray analyst Eric M. Beder has
reaffirmed his "buy" rating on Guess?'s shares.

The report says that the target price for Guess?'s shares was increased to
US$57.

Mr. Beder said in a research note that Guess?'s first quarter 2007
earnings per share was ahead of the estimates and the consensus.  The firm
also reported record results at several levels.

Mr. Beder told Newratings.com that despite weak consumer trends, Guess?’s
concentration on global operations continues to show significant expansion
opportunities and drive superior returns.

His earnings per share estimate for Guess?'s shares for 2007 was raised to
US$1.81 from US$1.70, while the estimate for 2008 was increased to US$2.18
from US$2.04, to indicate the first quarter 2007 "upside and marginally
higher growth rates for the wholesale and European sectors,"
Newratings.com states.

Guess?, Inc. -- http://www.guess.com-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 8, 2006, Standard & Poor's Ratings Services raised its
ratings on Los Angeles-based specialty apparel retailer Guess?
Inc. to 'BB' from 'BB-'.  S&P said the outlook is positive.




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


CHIQUITA BRANDS: Colsiba Accuses Possible Covenant Breach
---------------------------------------------------------
Colsiba, the coordination board for unions of Latin American banana
plantation employees, has accused Chiquita Brands of planning to break a
covenant with the group, Fresh Plaza reports.

Fresh Plaza relates that Colsiba alleged that the most basic standards
that have been set were breached and the accords made in discussions with
Colsiba are not being respected.

Colsiba told Fresh Plaza that the situation in Nicaragua causes the most
concern.  Collective labor accords have not been renegotiated over the
past 10 years.  The salaries on the plantations are at 1,5 dollar a day
and labor conditions are harsh.  Workers often don't get tools or
protective gear.

Fresh Plaza notes that in Guatemala, talks on a new collective labor
accord have been going on for nine months, while discussions on the matter
has taken 10 months in Honduras.

Chiquita Brands doesn't want to increase salaries and improve social
conditions while output goals have been set at record levels, Colsiba told
Fresh Plaza.

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

                        *     *     *

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

Ratings affirmed:

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

   -- Corporate family rating at B3

   -- Probability of default rating at B3

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

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

* Chiquita Brands LLC (operating subsidiary):

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

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

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



* PANAMA: Obtains US$20.1 Million Loan from Inter-American
----------------------------------------------------------
The Inter-American Development Bank approved of a US$20,170,000 loan for
the first phase of a program to strengthen Red de Oportunidades, Panama’s
poverty alleviation and reduction strategy.

The program will help Panama increase the efficiency and efficacy of Red
de Oportunidades, which plans to expand its conditioned cash transfers to
some 75,000 of the poorest households in the country over the next two
years.

The IDB has vast experience with these initiatives, having financed
programs such as Brazil’s Bolsa Familia and Mexico’s Oportunidades, which
provide cash grants to poor families for keeping their children in school
and meeting mother and infant health controls, child growth monitoring and
vaccination schedules, among other requirements.

When they are planned, implemented and evaluated correctly, these programs
can improve social spending, targeting families that most need subsidies.
In the short term they can stimulate demand for preventive health and
nutrition services and increase school enrolment.  In the medium term they
can reduce deficiencies in child growth, boost school retention and
promote gender equality, since grants are usually given to mothers.

The Ministry of Social Development and the Ministry of Health will carry
out the program in Panama, seeking to overcome obstacles that prevent poor
families from using basic nutrition, health and education services.

Among other goals, the program will strengthen actions to prevent infant
malnutrition and to increase the cultural relevance of basic healthcare
services.  The program will also support family and community partnering
and communication activities and efforts to issue identity documents for
program beneficiaries.

It will also strengthen the Panamanian government’s capacity to design and
plan social policies and programs, as well as improve tools to manage,
monitor and measure the performance of Red de Oportunidades.

The program, which follows a sector-wide approach, will use a financing
mechanism shared by the IDB and the World Bank, which support other
activities carried out under Red de Oportunidades.

The IDB loan is for 25 years, with a six-year grace period and a variable
interest rate. The IDB could eventually consider a US$20 million loan for
a second phase of the program.

                        *     *     *

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




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


GOL LINHAS: Has Until November to Restart International Flights
---------------------------------------------------------------
Rio de Janeiro Court Judge Luiz Roberto Ayoub gave Gol Linhas Aereas
Inteligentes until November to restart international flights run by its
subsidiary Varig S.A., court officials confirmed on June 1.

The decision contradicts a ruling by Brazil's Civil Aviation Authority, or
Anac, that Gol had to restart routes to London, Paris, Madrid and
elsewhere by June 18 or lose the rights to the routes.

Gol bought ailing former flagship airline Varig in March in a deal worth
US$320 million.  One of Varig's main assets is its international routes,
which Gol expects to fly ten.

For years, Varig was Brazil's leading airline but mounting debts led it to
seek bankruptcy protection in 2005 and operations recoiled.

Varig has rights to fly 26 routes, but it is currently only flying four.

Gol has continued to look for more time to mount a new international
network of flights, but competitors, including TAM SA, have been pushing
for the maintenance of the deadline.

Judge Ayoub, who dealt with the Varig bankruptcy, reported that he had
accepted Gol's argument that it should have 180 days to implement Varig
flights from May 11, the date Anac assigned
the routes to VRG Linhas Aereas SA, which is the new company set up after
bankruptcy reorganization.  Anac had given Varig a deadline of 180 days
from when the company was set up.

                            About Varig

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's
largest air carrier and the largest air carrier in Latin
America.  VARIG's principal business is the transportation of
passengers and cargo by air on domestic routes within Brazil and
on international routes between Brazil and North and South
America, Europe and Asia.  VARIG carries approximately 13
million passengers annually and employs approximately 11,456
full-time employees, of which approximately 133 are employed in
the United States.

                            About Gol

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                        *     *     *

On March 7, 2007, Fitch Ratings assigned its BB+ rating to GOL
Intelligent Airlines' senior unsecured debt.




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P E R U
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ALCATEL-LUCENT: Inks Two-Year Agreement with Comcel
---------------------------------------------------
Mexican daily El Financiero reports that Alcatel-Lucent has signed a
two-year accord with Haitian operator Comcel to offer wireless broadband
in rural areas.

Business News Americas relates that the pact will allow coffee
cooperatives to trace the movement of their products using "RFID
transmitted over WiMax broadband technology."  These products are "sold
under the fair trade label."  Producers must make sure that the coffee is
distributed through a minimum number of intermediaries.

The agreement also includes the setting up of telecenters for services
related to health, education, ecotourism and e-government, BNamericas
states.

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide to deliver
voice, data and video communication services to end users.

Alcatel-Lucent maintains operations in 130 countries, including, Austria,
Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States,
Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela,
Australia, Brunei and Cambodia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their
merger transaction, and began operations as a communication solutions
provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                        *     *     *

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

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

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




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


CELESTICA INC: May Be Next Acquisition Target, Analysts Say
-----------------------------------------------------------
Celestica Inc. is a likely acquisition target after Flextronics
International Ltd.'s move to acquire Solectron Corp., Bloomberg
reports.  Flextronics' bid has sparked speculation that there is
likely more consolidation in the industry.

Bloomberg relates, citing Scotia Capital analyst Gus Papageorgiou, that
Celestica is a possible merger target since it has "the highest potential
of being taken out."

Bloomberg further reports that a purchase could assist the company in a
possible return from the red as it has been reporting 15 losses for the
past 16 quarters.

According to UBS AG analyst Long Jiang, Bloomberg says that
consolidation in Celestica's industry is long overdue.

Celestica Inc. -- http://www.celestica.com/-- (NYSE:CLS) provides
innovative electronics manufacturing services.  Through its global
manufacturing and supply chain network, the company delivers competitive
advantage to companies in the computing, communications, consumer,
industrial, and aerospace and defense end markets.  Celestica operates a
highly sophisticated global manufacturing network with operations in
Brazil, China, Ireland, Italy, Japan, Malaysia, Philippines, Puerto Rico,
and the United Kingdom, among others.

                        *    *     *

As reported in the Troubled Company Reporter on May 4, 2007, Moody's
Investors Service downgraded Celestica Inc.'s corporate family rating to
B1 from Ba3 and the senior subordinated note ratings to B3 from B2.
Simultaneously, Moody's lowered the company's speculative grade liquidity
rating to SGL-2 from
SGL-1.


FIRST BANCORP: Board Declares US$0.07 Per Share Dividend
------------------------------------------------------
First BanCorp’s board of directors has declared the next payment of
dividends on Common, Series A through E Preferred and Trust
Preferred I & II shares.  Common stockholders of record as of
June 15, 2007, will receive the 48th consecutive quarterly dividend
payment declared by First BanCorp's board, in the amount of US$0.07 per
share for the 2nd Quarter of 2007, payable on June 29, 2007.

The estimated dividend amounts per share, record dates and payment
dates for the Series A through E Preferred Shares are:

  Series     US$ Per share       Record Date          Payment
                                                      Date
    A        0.1484375        June 28, 2007       July 2, 2007
    B        0.17395833       June 15, 2007       July 2, 2007
    C        0.1541666        June 15, 2007       July 2, 2007
    D        0.15104166       June 15, 2007       July 2, 2007
    E        0.14583333       June 15, 2007       July 2, 2007

Approval was obtained as a part of First agreement with the board of
governors of the Federal Reserve System.

First BanCorp (NYSE: FBP) is the parent corporation of FirstBank
Puerto Rico, a state chartered commercial bank with operations in Puerto
Rico, the Virgin Islands and Florida; of FirstBank
Insurance Agency; and of Ponce General Corporation.  First BanCorp,
FirstBank Puerto Rico and FirstBank Florida, formerly UniBank, the thrift
subsidiary of Ponce General, all operate within U.S. banking laws and
regulations.  The Corporation operates a total of 151 financial services
facilities throughout Puerto Rico, the U.S. and British Virgin Islands,
and Florida.  Among the subsidiaries of FirstBank Puerto Rico are Money
Express, a finance company; First Leasing and Car Rental, a car and truck
rental leasing company; and FirstMortgage, a mortgage origination company.
In the U.S. Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency; First Trade, Inc., a foreign corporation management
company; and First Express, a small loan company.

                         *     *     *

In February 2007, Fitch Ratings has affirmed First BanCorp's long-term
Issuer Default Rating of 'BB' and Individual rating of 'C/D' and removed
the Rating Watch Negative.  The Rating Outlook is Negative.  Fitch placed
the ratings of First BanCorp on Rating Watch Negative on Oct. 30, 2006.
At the same time, Fitch is affirming the IDR and short-term rating of
FBP's subsidiary,
FirstBank of Puerto Rico at 'BB' and 'B', respectively.  The
Rating Outlook remains Negative.


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


* URUGUAY: Gets US$20.1 Mil. Loan from IDB for Mgt. Project
-----------------------------------------------------------
The Inter-American Development Bank approved a US$5 million loan for
modernization of environmental management and planning in Uruguay.

The program, financed under the Sector Facility for institutional
strengthening, will support modernization of institutions and mechanisms
for environmental management in order to improve the country’s
competitiveness and environmental quality.

“The Uruguayan economy is undergoing significant changes that have
modernized it and clearly require efficient environmental management.
Sectors such as mining, forestry, pulp, fisheries and tourism have been
developing so rapidly that they have now surpassed agricultural
production, which dominated the economy until 1990,” said Helena Landazuri
de Piaggesi, IDB team leader.

Along with the economy, sources of investment have also diversified.
Foreign investment in Uruguay is expected to grow to some 20 percent of
GDP in 2007, a volume unprecedented in the history of the country.  This
growth will translate into new investment projects that will have to be
assessed and overseen to ensure that they help improve the environmental
competitiveness of the country and do no have any adverse environmental
impact, said Ms. Piaggesi.

The IDB-funded program is designed to improve public sector capacity to
fully meet its obligations with respect to environmental management, to
give more transparency and consistency to procedures for environmental
authorizations and permits, and to expand outreach to civil society in the
resolution of environmental problems.

The Uruguayan government will use the loan proceeds to reengineer the main
environmental management mechanisms, in order to improve efficiency in
environmental impact assessment and control for development projects.  It
will also set up a National Environment System run by a modern, efficient
institution, with the 0participation of government agencies and private
institutions.

                        *     *     *

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

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




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


PETROLEOS DE VENEZUELA: Protests Hurt Firm's Bonds
--------------------------------------------------
Guillermo Parra-Bernal at Bloomberg News reports that Venezuelan
state-owned oil firm's Petroleos de Venezuela SA bonds dropped as protests
against President Hugo Chavez's measures "to curb media critical of his
government" entered on its 12th day.

Bloomberg News' Mr. Parra-Bernal relates that thousands of students
marched toward the Attorney General's office in Caracas.  They were
protesting against the restrictions on freedom of speech by President
Chavez, who closed down the Radio Caracas Television on May 27, 2007, on
alleged participation in a failed coup against him in 2002, even though
the television station's chairperson, Marcel Granier, denied having
anything to do with the coup.  Nations like Brazil, Chile, and the US
criticized President Chavez's move.

According to Bloomberg News' Mr. Parra-Bernal, the yield on the Petroleos
de Venezuela's 5.25% dollar-denominated security due April 2017 increased
by 19 basis points, or 0.19 percentage point, to 8.36% on June 6.  The
bond's price decreased 1.1 cent to 79.43 cents on the dollar.

Nelson Corrie, Caracas-based Interacciones Mercado de Capitales' trading
chief, told Bloomberg News' Mr. Parra-Bernal, "The Petroleos [de
Venezuela] bonds look cheap to me, but the question is how long will this
situation of civil disobedience continue.  It's too much political noise
and too much disconcerting news over the direction of the government
policy."

Bloomberg News' Mr. Parra-Bernal notes that government local bonds also
dropped on June 6.  The yield on the dollar-linked bond due in 2019 jumped
three basis points to 4.84%.  According to Banco Bilbao Vizcaya Argentaria
SA, it was the highest this month.  Meanwhile, the price decreased 0.25
cent to 103.65 cents on the dollar.

Mr. Corrie told Bloomberg News' Mr. Parra-Bernal that the Venezuelan
currency was strengthened in unregulated markets, indicating that many
local Petroleos de Venezuela bondholders who sold bonds overseas sold the
dollar proceeds for bolivars.

Traders said that the bolivar appreciated by 0.5% to VEB4,100 per dollar
on June 6, from VEB4,120 on June 5, trimming down the currency's loss to
21% in 2007, Bloomberg News' Mr. Parra-Bernal 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.

                            ***********


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.
Lyndsey Resnick, Marjorie C. Sabijon, Sheryl Joy P. Olano, and Christian
Toledo, Editors.

Copyright 2006.  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
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For subscription information, contact Christopher Beard at 240/629-3300.


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