TCRLA_Public/070611.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

            Monday, June 11, 2007, Vol. 8, Issue 115

                          Headlines

A R G E N T I N A

DANA CORP: Court OKs Sale of Fluid Products Businesses to Orhan
FORD MOTOR: Navistar Files Lawsuit for Breach of Contract
TELECOM PERSONAL: Inks Contract with Ericsson
YPF SA: Parent Says 45% Stake in Firm Not Worth US$12 Billion

* ARGENTINA: Gets US$60MM Loan from IDB to Improve Waste Mgmt.

B R A Z I L

BANCO INTERNACIONAL: Moody's Puts Ba1 Global Local Curr. Rating
BANCO RIBEIRAO: Moody's Puts Global Local-Currency Rating at Ba2
BRASIL TELECOM: Sells 30,000 Handsets in May 2007
COMPANHIA SIDERURGICA: Deutsche Bank Downgrades Firm's Shares
HAYES LEMMERZ: Posts US$10.8 Mil. Net Loss in 2007 First Quarter

HAYES LEMMERZ: HLI Completes Tender Offer for 10-1/2% Sr. Notes
HEXION SPECIALTY: To Raise Global Prices for Epoxy Resins
MARQUEE HOLDINGS: Extends Consent Solicitation Period to June 12
NOVELIS CORP: Moody's Rates US$860 Million Senior Notes at Ba2
PRUDENTIAL EQUITY: To Discontinue Equity Research Operations

SMITHFIELD FOODS: Fourth Quarter Net Income Up to US39.9 Mil.
TOWER AUTOMOTIVE: Judge Gropper Approves Disclosure Statement
TOWER AUTOMOTIVE: Plan Confirmation Hearing Scheduled on July 11
TRIPOS: Completes Sale of R&D Business to Commonwealth Biotech

C A Y M A N   I S L A N D S

CARE EQUITY: Will Hold Final Shareholders Meeting on Aug. 16
CARE HOLDINGS: Sets Final Shareholders Meeting for Aug. 16
EQUITY HRA: Sets Final Shareholders Meeting for Aug. 16
HARBORSIDE IIP: Will Hold Final Shareholders Meeting on Aug. 16
HRB INVESTMENTS: Sets Final Shareholders Meeting for Aug. 16

NEW CARE: Sets Final Shareholders Meeting for Aug. 20
NEW HARBORSIDE: Will Hold Final Shareholders Meeting on Aug. 20
NEW HARBORSIDE HOLDINGS: Final Shareholders Meeting Is Aug. 20
NEW HARBORSIDE INVESTMENTS: Last Shareholders Meeting on Aug. 20
NEW HEALTHCARE: Will Hold Final Shareholders Meeting on Aug. 20

NEW HEALTHCARE INVESTMENTS: Last Shareholders Meeting Is Aug. 20
NEW HRB: Will Hold Final Shareholders Meeting on Aug. 20
NEW HRB INVESTMENTS: Sets Final Shareholders Meeting for Aug. 20
TACTICAL ALPHA: Proofs of Claim Must be Filed by Aug. 17
UNIVEST TACTICAL: Proofs of Claim Filing Is Until Aug. 17

C H I L E

ASHMORE ENERGY: GasAtacama Buy Worries Chilean Officials

C O L O M B I A

BANCOLOMBIA: Leasing Unit Sells COP180 Billion of Bonds
CHIQUITA BRANDS: Faces Lawsuit by Murder Victims' Families
DRUMMOND CO: Moody's Affirms Corporate Family Rating at Ba3

* COLOMBIA: Secures US$200-Million Financing from World Bank

C O S T A   R I C A

ALCATEL-LUCENT: Christian Sapsizian Pleads Guilty of Bribe
ALCATEL-LUCENT: Inks Tech Support & Maintenance Pact with Vivo

D O M I N I C A N   R E P U B L I C

GUESS? INC: Earns US$35.5 Million in First Quarter Ended May 5

G U A T E M A L A

BRITISH AIRWAYS: Bans Bonuses for Senior Executives
BRITISH AIRWAYS: Doesn't Offer Passenger Value, Survey Says
BRITISH AIRWAYS: Traffic Figures Down 2.1 Percent in May 2007

J A M A I C A

AIR JAMAICA: Code Share Pact with Virgin To Cover Flight Needs
AIR JAMAICA: House Okays Resolution for US$125MM Aid to Firm
AIR JAMAICA: Moody's Puts B1 Rating on Senior Unsecured Notes

M E X I C O

AMERICAN AXLE: Fitch Expects to Rate Senior Term Loan at BB
CONSOLIDATED CONTAINER: Will Buy Mesa Industries' Assets
GENERAL MOTORS: Says It Is Making Progress in Restructuring
SANMINA-SCI: Intends to Offer US$600 Million of Senior Notes
SANMINA-SCI: Fitch Rates Proposed US$600-Million Notes at BB+

SANMINA-SCI: Moody's Rates US$600-Million Senior Notes at Ba3
SANMINA-SCI: S&P Rates US$600 Million Floating-Rate Notes at B+
SATELITES MEXICANOS: Gets Acquisition Offer from Eutelsat
TAPE BORROWER: Moody's Puts Junk Rating on Proposed Term Loan C

P U E R T O   R I C O

CENTENNIAL COMM: Citel Providing Firm with Phone Service
CLEAN HARBORS: Hires Deirdre Evens as VP for Corporate Sales
FERRELLGAS PARTNERS: Earns US$43.7MM in Quarter Ended April 30
KOOSHAREM CORP: Moody's Junks Rating on Proposed US$100MM Debt
PIER 1: Enters Second Amendment to Credit Agreement

PORTRAIT CORP: Court Sets July 11 Plan Confirmation Hearing
ROYAL CARRIBEAN: Launches US$0.15 Per Share Quarterly Dividend

S T   K I T T S   &   N E V I S

DIGICEL LTD: Launches Digi-Center in Nevis

T R I N I D A D   &   T O B A G O

HILTON HOTELS: Selling Embassy Suites Hotel to 1022 Shady

V E N E Z U E L A

DAIMLERCHRYSLER AG: Aims to Boost Sales & Make Mercedes No. 1


                         - - - - -


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


DANA CORP: Court OKs Sale of Fluid Products Businesses to Orhan
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the sale of Dana Corporation's two businesses that
compose the Fluid Products business that the company announced
for sale in late 2005.

Dana's fluid products hose and tubing business will be sold to
Orhan Holding, A.S., a Turkish industrial firm and joint-venture
partner of Dana, for a purchase price of US$85 million, and the
company's coupled products business will be sold to Coupled
Products Acquisition LLC, a wholly owned subsidiary of Wanxiang
(USA) Holdings Corporation, for a nominal price.

Competitive bidding procedures for the sale of these businesses
concluded on June 4.  The company expects to close the sale of
both businesses by the end of July 2007.

              Fluid Products Transaction Overview

Orhan and certain of its affiliates will acquire certain assets
of Dana's fluid products hose and tubing business and the stock
of certain Dana affiliates engaged in the business.  The assets
to be sold are located in three plants in the United States and
one each in Mexico and the United Kingdom.  Dana will also sell
its stock in three companies in France, Slovakia, and Spain and
interests in three joint ventures with Orhan Holdings, which
include one operation in France and two in Turkey.  The
operations being sold reported consolidated revenues of US$266
million in 2006.  The aggregate purchase price will be US$85
million, subject to usual closing adjustments, and the buyers
will assume certain liabilities of the business at closing.

The fluid products hose and tubing plants and/or assets proposed
to be sold to Orhan are located in Vitry, France, San Luis
Potosi, Mexico, Dolny Kubin, Slovakia, Barcelona, Spain,
Birmingham, U.K., Archbold, Ohio, Paris, Tennessee, and
Rochester Hills, Michigan.  Collectively, the operations
manufacture fuel lines, power-assisted steering products,
heating, ventilation, and air conditioning under body products,
engine and transmission cooling lines, exhaust gas recirculation
tubes, and airbag fill tubes. These operations employ
approximately 1,750 people in seven countries.

             Coupled Products Transaction Overview

The coupled products plants and/or assets proposed to be sold to
Coupled Products Acquisition LLC, are located in, San Luis
Potosi, Mexico, and Columbia City, Indiana, Pensacola, Florida,
Rochester Hills, Michigan, and Upper Sandusky and Wharton, Ohio.  
The coupled products assets to be sold in San Luis Potosi and
Rochester Hills are different from the assets in these same
locations that are part of the Fluid Products Hose and Tubing
transaction.

Collectively, the operations manufacture power-assisted steering
products, heating, ventilation, and air conditioning under-
engine products, and brake products.  The operations employ
approximately 2,130 people and reported consolidated revenues of
approximately US$200 million in 2006.  The business is being
sold for a nominal purchase price and the buyer will assume
certain liabilities of the business at closing.

                         About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on
Sept. 3, 2007.  They have until Nov. 2, 2007, to solicit
acceptances of that plan.


FORD MOTOR: Navistar Files Lawsuit for Breach of Contract
---------------------------------------------------------
Navistar International Corporation has filed a lawsuit against
Ford Motor Company for breach of contract relating to a diesel
engine contract involving the Ford F-150 pickup truck.  The
suit, filed in the Circuit Court of Cook County, Illinois, seeks
"at least hundreds of millions of dollars" worth of damages.

Navistar believes that Ford intends to introduce a new diesel
engine that actually was designed by International Truck and
Engine Corporation, Navistar's principal operating company.

According to the lawsuit, Ford is developing a 4.4 liter diesel
engine for production in North America by late 2009 or 2010 or
possibly earlier and intends to produce the engine itself for
use in the F-150, and possibly other vehicles.  The lawsuit
states that Ford cannot do that without violating its contract
with Navistar.  Reportedly, Ford is considering producing V8
diesel engines at a Ford facility in Chihuahua, Mexico.

The lawsuit states that International spent millions of dollars
and devoted years of its employees' time to develop a next
generation diesel engine named "Lion" for use in vehicles
including the F-150 pickup trucks in which Ford had not
previously offered diesel engines.  Ford agreed that
International, which has been the exclusive diesel engine
supplier for Ford's heavy-duty pickup trucks since 1979, would
manufacture the new diesel engines for Ford in North America.

The lawsuit, filed June 4, 2007, is separate from previously
reported litigation between the two companies.

Earlier this year, Ford filed a lawsuit against Navistar
involving 2007 engine pricing and prior period warranty claims
on Power Stroke diesel engines.  Navistar counter-sued, stating
that pricing is consistent with contractual agreements, that the
warranty claims are entirely without merit and that Ford has
stopped honoring the terms of an agreement under which engines
were built.  Navistar amended its counter-complaint on
May 2, 2007, and asked for in excess of US$2 billion in damages.

International's operating company recently launched a new 6.4L
Power Stroke diesel engine for Ford that meets 2007 emissions
standards while increasing performance, durability and fuel
economy.

               About Navistar International Corp.

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent  
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.

                      About Ford Motor Co.

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

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

                          *     *     *

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

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

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


TELECOM PERSONAL: Inks Contract with Ericsson
---------------------------------------------
Telecoms equipment supplier Ericsson said in a statement that it
will provide Telecom Personal "3G/HSPA core and radio networks,
including a mobile softswitch platform."

Business News Americas relates that "Ericsson will integrate the
network and provide business consulting services."  The mobile
softswitch software will help Telecom Personal cut operating
costs by evolving towards an all-Internet protocol core network.

Telecom Personal Mobile Network Director Marco di Costanzo
commented to BNamericas, "Ericsson's technology and experience
in 3G/WCDMA/HSPA systems enable us to make a giant leap forward
in the Argentine mobile broadband market through delivery of new
multimedia services."

The software allows download speeds of up to 14.4 megabits per
second and upload speeds of 1.4 megabits per second.  It lets
operators to boost their system capacity.  It also cuts response
times for interactive services, Ericsson told BNamericas.

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

                        *     *     *

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


YPF SA: Parent Says 45% Stake in Firm Not Worth US$12 Billion
-------------------------------------------------------------
Repsol YPF's general director of operations Miguel Martinez
denied to reporters in Argentina that the company's 45% stake in
Argentine unit YPF SA is worth up to US$12 billion.

Repsol said in a statement, "That amount [US$12 billion] does
not correspond at all with preliminary estimates carried out to
date."

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Mr. Martinez himself said that Repsol predicted it
could raise up to US$12 billion from selling 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.

                        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 was negative.


* ARGENTINA: Gets US$60MM Loan from IDB to Improve Waste Mgmt.
--------------------------------------------------------------
The Inter-American Development Bank has approved a US$60 million
loan to improve solid waste management in municipalities that
attract tourism in Argentina.

The program will foster environmentally sustainable tourism
through projects that implement technically, environmentally and
financially viable solutions for integrated solid waste
management.  It will strengthen the capacity of the
municipalities to accomplish this task and expand local
community awareness and participation in this area.

Around 650 municipalities are part of the tourist circuits
identified in Argentina's Federal Strategic Plan for Sustainable
Tourism.  Tourism is a major source of income for the
populations of these municipalities, especially those in the
northeastern and northwestern regions, which have high poverty
levels.

Integrated solid waste management helps both improve the quality
of life of the population in general and enhance the quality of
the landscape and the experience of tourists visiting the areas.

Activities to promote community participation in solving the
problems of urban solid waste management will include training
in business skills, occupational health and safety, security,
order and cleanliness and maintenance work to help informal
workers enter the formal labor market.

The Secretariats of Tourism (SECTUR) and Environment and
Sustainable Development (SAyDS) will carry out the program.

The loan is for a 25-year term, with a five-year grace period,
at a variable interest rate.

Local counterpart funds for this loan will total US$15 million.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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B R A Z I L
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BANCO INTERNACIONAL: Moody's Puts Ba1 Global Local Curr. Rating
---------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D- to Banif -- Banco Internacional do Funchal S.A., an
integral subsidiary of Banif -- Banco Internacional do Funchal,
S.A. in Portugal.

Moody's also assigned long- and short-term local- and foreign-
currency deposit ratings of Ba1/Not Prime, and Ba3/Not Prime,
respectively.  In addition, Aa2.br and BR-1 long- and short-term
Brazil national scale deposit ratings were given to Banif
Brazil.  The long-term foreign currency deposit rating is under
review for possible upgrade, following similar action on
Brazil's foreign currency deposit ceiling.  Remaining ratings
have a stable outlook.

Moody's D- bank financial strength rating reflects Banif
Brazil's short track record as a commercial bank, as well as its
very modest overall franchise and limited recurrent earnings
generation.  The rating also incorporates the bank's developing
business platforms and risk-management procedures, as it moves
into commercial lending.

The rating agency noted that in an increasingly competitive
scenario, Banif's management is challenged to enhance its
product offering and business scope, as well as its funding
structure, which will allow the bank to grow its loan book, and
thus, earnings, as intended.  Banif Brazil's financial
fundamentals are still pressured by poor efficiency ratios,
although these are typical of a start-up franchise, and by
relatively modest profitability.

In that regard, Moody's is of the opinion that improving
profitability could result from the expansion of operations
within the bank's defined niche markets of middle market and
consumer lending, provided that the growth pace allows for
adequate credit and operational costs.  Conversely, Banif's
ratings might suffer from the effects of deteriorating asset
quality deriving from overly aggressive lending practices or
from tougher competition, which could sqeeze margins. Such a
situation would of course work against the stability of the
ratings.

Moody's Ba1 global local-currency deposit rating to Banif Brazil
is underpinned by the bank's Ba3 baseline credit assessment, and
incorporates Moody's assessment of the probability of moderate
support from the parent bank, Banif Portugal, rated A2 for bank
deposits.  Moody's does not assess any probability of systemic
support to Banif, because of its very modest participation in
the Brazilian deposits market.  The application of Moody's
Joint-Default Analysis methodology, therefore, results in a
two-notch lift of Banif Brazil's rating to Ba1.  Given the still
scant track record of Banif's commercial operations in Brazil,
Moody's believes that modest parental support should be
expected, both in terms of liquidity and capital in case of a
stress situation.

These ratings were assigned to Banif -- Banco Internacional do
Funchal S.A.:

   -- Bank Financial Strength Rating: D-, with stable outlook.

   -- Global Local-Currency Rating: Ba1 long-term local-currency
      deposit rating, and Not Prime short-term local-currency
      deposit rating, with stable outlook.

   -- Foreign Currency Deposit Rating: Ba3 long-term foreign-
      currency deposit rating, and Not Prime short-term foreign-
      currency deposit rating, on review for possible upgrade.

   -- Brazilian National Scale Deposit Ratings: Aa2.br long-term
      deposit rating, and BR-1 short-term deposit rating; with
      stable outlook.

Banif - Banco Internacional do Funchal S.A. is headquartered in
Sao Paulo, Brazil.  As of December 2006, the bank had
consolidated assets of approximately BRL1.3 billion (US$597
million) and equity of BRL104 million (US$48.7 million).


BANCO RIBEIRAO: Moody's Puts Global Local-Currency Rating at Ba2
----------------------------------------------------------------
moody's Investors Service gave a bank financial strength rating  
of D to Banco Ribeirao Preto S.A.  Moody's also assigned long-
and short-term global local-currency deposit ratings of Ba2 and
Not Prime, as well as long- and short-term foreign-currency
deposit ratings of Ba3 and Not Prime.  At the same time, Moody's
assigned long- and short-term national scale deposit ratings of
A1.br and BR-1.  

The outlook on the BFSR, local currency deposits, and national
scale ratings is stable.  In addition, the long-term foreign
currency deposit rating is currently on review for possible
upgrade, following similar action on Brazil's foreign currency
deposit ceiling.

Moody's said that BRP's BFSR of D captures the strength of its
regional franchise and its well-defined footprint in the small-
to middle business lending segment, in particular, which have
ensured consistently high profitability levels on the back of a
lean cost structure.  Management's understanding of the region's
business and economic cycles, as well as its nurturing of long-
lasting customer relationships has benefited BRP's asset quality
indicators, together with a prudent risk philosophy and
asset allocation.

The rating agency noted that BRP's rating is constrained by the
bank's limited product and earnings diversification, relatively
concentrated funding, as well as by the small size of its
capital base, all of which could constrain the bank's ability to
grow in an increasingly competitive banking system.

Moody's views BRP's intention to expand its business scope
geographically on the back of a benign economic environment as a
challenging but important step in reinforcing revenues and
bolstering its funding structure through a more diversified mix.
Nevertheless, Moody's believes that BRP's operating and credit
costs are both likely to rise as a result of this plan, because
of the potential need for investments and a more aggressive
approach to face competition.

Moody's Ba3 global local-currency deposit rating reflects BRP's
very modest participation in the deposit market, which implies
no probability of systemic support in case of stress.  However,
the conservative earnings-retention policy of the shareholders
has steadily supported management's strategy, and should
continue to do so, particularly as the bank expands its
businesses.  Moody's therefore, assesses no parental or systemic
support to BRP's global local currency rating.

These ratings were assigned to Banco Ribeirao Preto S.A.:

   -- Bank Financial Strength Rating: D, with stable outlook.

   -- Long- and short-term global local-currency deposit rating:
      Ba2 and Not Prime, with stable outlook.

   -- Long- and short-term foreign currency deposit rating: Ba3
     (on review for possible upgrade) and Not -Prime.

   -- Brazilian National Scale Deposit Ratings: A1.br long-term
      deposit rating and BR-1 short-term deposit rating; with
      stable outlook.

BRP is headquartered in the city of Ribeirao Preto, Brazil.  As
of December 2006, the bank had total assets of approximately
R$173.2 million (US$81 million) and equity of R$51.4 million
(US$24 million).


BRASIL TELECOM: Sells 30,000 Handsets in May 2007
-------------------------------------------------
Brasil Telecom said in a statement that it has sold about 30,000
of its personal handyphone system handsets in May 2007, since
launching its Asnico service last year.

Business News Americas relates that Brasil Telecom launched the
V196 model made by US mobile handset manufacturer Motorola in
December 2006.  It is a cheaper model compared to the personal
handyphone it first launched, which helped Brasil Telecom
surpass its sale goal of 20,000 units last year.

Brasil Telecom Products and Services Director Luiz Antonio da
Costa Silva admitted to BNamericas that confusion about how the
product works still hampers sales.  Thus, Brasil Telecom will
launch an education campaign to show users that the phone can
secure savings of up to 82%, compared to regular mobile
telephony.

According to BNamericas, the handset works like a cell phone but
charges fixed line rates if used within 100 meters of an
antenna.

Brasil Telecom will also launch a promotion for buying access
point equipment with handsets for BRL79 "between Brazil's
equivalent of Valentine's Day" and June 30, BNamericas states.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

Brasil Telecom Participacoes' local currency long-term debt
carries Fitch's BB+ rating.

Moody's Investors Service placed a Ba1 local currency long-term
issuer rating on Brasil Telecom.


COMPANHIA SIDERURGICA: Deutsche Bank Downgrades Firm's Shares
-------------------------------------------------------------
Deutsche Bank said in a report that it has downgraded Companhia
Siderurgica Nacional's shares to hold from buy.

According to Deutsche Bank's report, it increased the target
price for Companhia Siderurgica's stock to US$55.00 per American
Depositary Receipt from US$37.70 per ADR.

Deutsche Bank said in its report, "We believe CSN's [Companhia
Siderurgica] recent share price rally has limited further upside
on a 12-month outlook, despite aggressive new expansion plans
which have caught the market's eye."

Business News Americas relates that Deutsche Bank explained it
has considered Companhia Siderurgica's plan to invest some US$8
billion over four years to almost triple crude steel production
to 14.6 million tons yearly, enter Brazil's long steel market
and add 2.5 million tons of cement output.

Deutsche Bank also took into account the delay to the Casa de
Pedra iron ore mine expansion schedule that pushed additional
production startup to be February 2008.  Companhia Siderurgica
seeks to increase production at the Minas Gerais mine to 21
million tons yearly from 16 million tons a year, BNamericas
states.

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.


HAYES LEMMERZ: Posts US$10.8 Mil. Net Loss in 2007 First Quarter
----------------------------------------------------------------
Hayes Lemmerz International Inc. reported that sales for the
fiscal first quarter ended April 30, 2007 were US$561.0 million,
up 11.4% from US$503.5 million in the year earlier quarter.

The sales increase came from strong international steel and
aluminum wheel sales, metals cost recovery and favorable
currency fluctuations, the company said.  Sales increased
despite a reduction in U.S. sales volumes of US$27 million, due
primarily to closure of a wheel plant and lower components
volume, the company said.

For the fiscal first quarter, the Company reported Adjusted
EBITDA of US$54.6 million, up US$9.2 million from US$45.4
million a year earlier and earnings from operations of US$20.1
million, up from the US$7.4 million a year earlier.  The company
incurred a loss from continuing operation s of US$10.8 million,
improved from a loss of US$17.1 million in the year earlier
quarter.  The company also posted a US$4.5 million loss from
discontinued operations compared to a loss of US$0.5 million a
year earlier, resulting in a net loss of US$15.3 million,
compared with a year earlier loss of US$17.6 million.  Free cash
flow for the first quarter, excluding the effects of the
company's accounts receivables securitization program, was
negative US$5.0 million, compared to positive US$12.1 million in
the first quarter of fiscal 2006, which included a one-time
customer terms adjustment.

"We continue to reap benefits from our international expansion
and our relentless focus on improving operational efficiency,"
said Curtis Clawson, President, Chief Executive Officer and
Chairman of the Board.  "Our wheel volumes were up approximately
16% in low cost regions.  Earnings from operations increased
significantly compared with 2006 and operating margins continue
to improve.  I am happy about these results especially in the
face of an 8% decrease in North American production by the
Domestic Big Three automakers," he said.

On May 30, the company announced that it had successfully
completed recapitalization transactions that included a US$180
million equity rights offering and a direct investment by
Deutsche Bank Securities, Inc. of US$13.1 million, approximately
US$495 million of senior secured debt issued by a European
subsidiary and 8 1/4% senior notes due 2015 of EUR130 million,
also issued by a European subsidiary.  The recapitalization is
expected to reduce interest cost by approximately US$15 million
in 2007 and by US$24 million annually; for fiscal 2006, the
company's total interest cost was US$76.2 million.

"Our excellent operational progress contributed significantly to
the success of our recent refinancing, which raised new equity,
retired high cost debt, reduced our leverage, strengthened our
balance sheet and improved liquidity by US$80 million," Mr.
Clawson said.  "We were happy to see high demand for the bond
and bank debt, and oversubscription of the equity rights
offering."

The company also announced today that it is reaffirming its
earnings guidance for the full fiscal year 2007 that was updated
on May 15, 2007.  The company expects revenue of approximately
US$2.2 billion for the full fiscal year ending Jan. 31, 2008.  
Adjusted EBITDA is expected to be in the range of US$200 million
to US$210 million.  The company expects positive free cash flow
(excluding securitization impact).  Capital expenditures for
the year are expected to be approximately US$90 to US$95
million.

                        About Hayes Lemmerz

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

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

                          *    *    *

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

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


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

The tender offer and consent solicitation for the Notes expired
at 11:59 p.m., New York City time, on June 5, 2007.

As of the Expiration Date, HLI had received tenders with respect
to US$154,238,000 in aggregate principal amount of the Notes
pursuant to HLI's Offer to Purchase and Consent Solicitation
Statement, dated May 8, 2007, and the related Letter of
Transmittal and Consent for Tender Offer.  HLI accepted for
payment and paid for US$154,178,000 in aggregate principal
amount of such Notes on May 30, 2007.

HLI expects to accept for payment and pay for the remaining
Notes validly tendered prior to the Expiration Date on or about
June 7, 2007.  HLI intends to redeem the remaining US$3,262,000
in aggregate principal amount of outstanding Notes that were not
tendered by the Expiration Date prior to their maturity.

The tender offer and consent solicitation were made solely by
means of the Offer to Purchase and the related Letter of
Transmittal and Consent for Tender Offer.

                About Hayes Lemmerz International

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

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

                         *    *    *

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


HEXION SPECIALTY: To Raise Global Prices for Epoxy Resins
---------------------------------------------------------
Hexion Specialty Chemicals will increase prices in North America
and South America effective July 1, 2007, or as contract terms
allow.

Hexion will increase list and off-list prices for: EPIKURE(TM)
Cycloaliphatic curing agents by US$0.07 per pound; EPIKURE(TM)
Polyamide curing agents, HELOXY(TM) modifiers, and EPON(TM)
epoxy resin solutions by US$0.05 per pound.

This price increase is due to continued increases in raw
material costs.

Based in Columbus, Ohio, Hexion Specialty Chemicals, Inc. -
http://www.hexion.com/-- serves the global wood and industrial  
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.  
The company has locations in China, Australia, Netherlands, and
Brazil.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Standard & Poor's Ratings Services affirmed its
loan and recovery ratings on Hexion Specialty Chemicals Inc.'s
senior secured first-lien bank credit facilities, including a
proposed US$200 million add-on to its existing term loan, and a
proposed US$10 million add-on to its existing synthetic letter
of credit facility.

S&P affirmed its ratings on Hexion's US$825 million second-lien
notes due 2014.  The 'B-' notes rating (one notch lower than the
corporate credit rating) and '3' recovery rating indicate a
meaningful recovery (50%-80%) recovery of principal in the0
event of a payment default.


MARQUEE HOLDINGS: Extends Consent Solicitation Period to June 12
----------------------------------------------------------------
Marquee Holdings Inc., the parent of AMC Entertainment Inc., has
extended until 5:00 p.m., New York City time, on June 12, 2007,
unless otherwise terminated or further extended, its previously
announced solicitation of consents from holders of its 12%
Senior Discount Notes due 2014 to amend the indenture governing
the Notes.  Marquee further announced that it has increased the
consent fee to consenting holders from US$10.00 to US$14.44 for
each US$1,000 in principal amount at maturity of Notes as to
which consents are delivered, subject to the conditions
described in the consent solicitation statement of Marquee dated
June 5, 2007, 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$275.0 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.

All holders of the Notes who have previously delivered consents
do not need to redeliver such consents or take any other action
in response to this extension in order to receive the increased
consent fee upon the successful conclusion of the Consent
Solicitation.  Other holders of notes may use the previously
distributed Letter of Consent for purposes of delivering their
consents.  Marquee reserves the right to terminate, withdraw or
amend the Consent Solicitation at any time subject to applicable
law.

Marquee has retained J.P. Morgan Securities Inc. to act as
solicitation agent in connection with the Consent Solicitation.
Questions about the Consent Solicitation may be directed to J.P.
Morgan Securities Inc. at (800) 245-8812 (toll free) or (212)
270-3994 (collect).  Copies of the Consent Solicitation
Documents and other related documents may be obtained from
MacKenzie Partners, Inc., the information agent for the Consent
Solicitation, at (800) 322-2885 (toll free) or (212) 929-5500
(collect)

                    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.  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.  

                        *     *     *

As reported in the Troubled Company Reporter on May 18, 2007,
Fitch 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.  Fitch said the rating outlook was stable.


NOVELIS CORP: Moody's Rates US$860 Million Senior Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service confirmed certain ratings of Novelis
Inc. and its subsidiary, Novelis Corporation, following the
completion of the company's acquisition by Hindalco Industries
Limited, one of India's largest non-ferrous metals companies,
and the introduction of Novelis's new debt structure.  This
concludes the review of Novelis's ratings that Moody's initiated
on Feb. 12, 2007.

In a related rating action, Moody's assigned a Ba2 rating to
Novelis's new proposed US$860 million 7-year Gtd. senior secured
term loan facility.  This facility will be available to Novelis
Inc. and to Novelis Corporation.  If the company's proposed
financing concludes as planned, Moody's will withdraw the
ratings on Novelis's existing Gtd. Senior Secured Term Loan B,
its Gtd. Senior Secured Revolving Credit Facility and the
ratings on Novelis Corporation's existing Gtd. Senior
Secured Term Loan B.  The outlook is stable.

Moody's confirmed Novelis's B1 corporate family rating, the B1
probability of default rating, the Ba2 rating on its Gtd. Senior
Secured Revolving Credit Facility, the Ba2 rating on its Gtd.
Senior Secured Term Loan B, and the Ba2 rating on Novelis
Corporation's Gtd. Senior Secured Term Loan B.  However, Moody's
downgraded to B3 from B2 the rating on Novelis's US$1.4 billion
7.25% guaranteed senior unsecured notes reflecting their
relative standing in the waterfall under Moody's loss given
default methodology after considering Novelis's new upsized
senior secured revolver and the reduced proportion of the
unsecured notes in the capital structure.  At the same time,
Moody's affirmed Novelis's SGL-2 speculative grade liquidity
rating.

Novelis's proposed financing package includes:

   (1) replacing its existing revolving credit facility with a
       new US$900 5-year guaranteed senior secured ABL revolving
       credit facility, which will not be rated, and

   (2) refinancing its amended Gtd. Senior Secured Term Loan B
       with a new US$860 million 7-year guaranteed senior
       secured term loan.

The ABL will be secured by a first priority interest in most of
the company's current assets and related intangibles and by a
second priority interest in the collateral securing the term
loan.  The term loan will have a first priority interest in most
of the company's fixed and intangible assets, including
subsidiary capital stock, and a second position in the
collateral securing the revolver.  The revolver and the term
loan share the same upstream subsidiary guarantees.  The new ABL
revolver is expected to be around US$160 million drawn upon
closing, although Moody's recognizes that this amount could be
higher depending on the timing of Novelis's intra-month working
capital requirements.

Novelis's ratings were placed under review for possible
downgrade following the company's announcement that it had
entered into a definitive agreement with Hindalco to be acquired
in an all-cash transaction which valued Novelis at approximately
US$6.0 billion including debt assumption.  The ratings review
was predicated on concerns that the transaction could be
accompanied by an increased level of debt at Novelis in order to
accomplish the acquisition.  Upon closing of the transaction,
total pro forma debt is expected to be US$2.6 billion, a nominal
increase in outstanding debt from the end of the first quarter.

Novelis's B1 corporate family rating continues to reflect its
substantive position in the aluminum rolled products markets,
with dominant market positions in key areas served: can sheet,
transportation, construction and industrial, and foil products,
the company's global operating footprint, free cash flow
generating capability, and debt reduction performance since its
spin-off from Alcan.  However, Novelis's ratings also recognize
the ongoing performance difficulties resulting from its
remaining, although declining, exposure to certain can contracts
with price ceilings (which are below the current aluminum
prices), the company's relatively high leverage, the sensitivity
of its earnings to volume levels given the level of fixed costs
in business, and the more negative than expected impact from the
differential between used beverage can prices and primary
aluminum prices (which impacts the company's expected internal
hedge position).  The rating also reflects Moody's concerns that
Novelis's cash flows could be negatively impacted should its
ultimate parent, Hindalco, elect to withdraw cash via upstream
dividends to service its own debt burden. However, we note that
the documentation for Novelis's unsecured notes contains
restricted payments language, which impairs Hindalco's ability
to withdraw substantive cash levels from the company.

Moody's affirmation of Novelis's SGL-2 speculative grade
liquidity rating reflects the company's good liquidity position,
characterized by expectations for positive free cash flow
generation over the next year, manageable expenditures, and
sufficient availability under its new proposed US$900 million
ABL revolving credit facility (estimated at around US$500
million at closing).  Moody's also expects Novelis to benefit
from lower exposure to can sheet contract price ceilings
relative to 2006, which should translate into improved earnings
and cash flow performance.

Downgrades:

   * Issuer: Novelis Inc.

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to
        B3, LGD5, 76% from B2 LGD 5, 74%.

Assignments:

   * Issuer: Novelis Inc.

     -- Senior Secured Bank Credit Facility, Assigned a Ba2, LGD
        2, 24%.

Confirmations:

   * Issuer: Novelis Corporation

     -- Senior Secured Bank Credit Facility, Confirmed at Ba2,
        LGD 2, 24%.

   * Issuer: Novelis Inc.

     -- Corporate Family Rating, Confirmed at B1;

     -- Probability of Default Rating, Confirmed at B1;

     -- Senior Secured Bank Credit Facility, Confirmed at Ba2,
        LGD 2, 24%.

Outlook Actions:

   * Issuer: Novelis Corporation

     -- Outlook, Changed To Stable From Rating Under Review

   * Issuer: Novelis Inc.

     -- Outlook, Changed To Stable From Rating Under Review

Headquartered in Atlanta, Georgia, Novelis is the world's
largest producer of aluminum rolled products.  In 2006, the
company had total shipments of approximately 3.1 million tons
and generated approximately US$9.8 billion in revenues.

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

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin-American region.  

Novelis also has operations in Germany, Switzerland and Korea.


PRUDENTIAL EQUITY: To Discontinue Equity Research Operations
------------------------------------------------------------
Prudential Financial Inc. said it will discontinue the
institutional equity research, sales and trading business known
as Prudential Equity Group.

The decision affects the equity research operations throughout
the United States, including its offices and trading operations
in New York City and Washington, D.C., San Francisco, Kansas
City, Chicago, Philadelphia, Cleveland, Atlanta and Boston, and
outside the United States in London, Zurich, Paris and Tokyo.

Effective immediately, Prudential Equity Group is dropping
coverage of the sectors and companies it covers.

For the year ended Dec. 31, 2006, the operations had revenues of
approximately US$260 million and income from continuing
operations before income taxes of approximately US$34 million.
At Dec. 31, 2006, the operations had total assets of
approximately US$137 million.  The company anticipates that the
operations will be substantially wound down during the quarter
ending June 30, 2007.  General notification of the decision to
affected employees occurred on June 6, 2007.

The company currently estimates that it will ultimately incur
aggregate costs of approximately US$110 million (US$72 million
after-tax) in connection with the decision, including
approximately US$75 million in employee severance, retention and
other employee related costs, US$18 million in lease related
costs and US$17 million of other costs.

The company currently estimates that the majority of the costs
will be reflected in the company's consolidated financial
statements for the quarter ending June 30, 2007.

As a result of the decision, the PEG operations, which have been
historically included in the company's Financial Advisory
segment, will be excluded from the Financial Advisory segment
and included, together with the costs of exiting the operations,
in either Corporate and Other operations as a divested business
or in Discontinued Operations depending on when the PEG
operations cease to do business, with prior period results being
adjusted to reflect the reclassification.

Divested businesses reflected in corporate and other operations
consist of businesses that have been or will be sold or exited
that do not qualify for "discontinued operations" accounting
treatment under generally accepted accounting principles.

The results of Discontinued Operations are included in net
income determined in accordance with GAAP but are excluded from
income from continuing operations determined in accordance with
GAAP.

Results of both divested businesses and Discontinued Operations
are excluded from adjusted operating income, which differs from
net income and income from continuing operations determined in
accordance with GAAP but is the financial measure that the
company uses to analyze the operations of each segment in
managing its Financial Services Businesses.

Prudential Financial Inc. (NYSE: PRU) --
http://www.prudential.com/-- is a financial services leader  
with approximately US$630 billion of assets under management as
of March 31, 2007.  The company has operations in the United
States, China, Singapore, Germany, and Brazil.  Prudential's
businesses offer a variety of products and services, including
life insurance, annuities, retirement-related services, mutual
funds, investment management, and real estate services.


SMITHFIELD FOODS: Fourth Quarter Net Income Up to US39.9 Mil.
-------------------------------------------------------------
Smithfield Foods Inc. reported that income from continuing
operations for the fourth quarter was US$39.9 million versus
income from continuing operations last year of US$6.3 million.  
Sales were US$3.1 billion versus US$2.7 billion a year ago.

In the current quarter, Smithfield incurred a pretax charge of
US$8.2 million to impair the value of certain assets within the
beef segment.  Also in the current quarter, certain foreign tax
benefits resulted in a decrease in the company's annual tax
rate, which reduced income taxes for the quarter by US$5.7
million.  Last year's fourth quarter included pretax charges of
US$10.0 million related to the ongoing restructuring of the
company's east coast pork processing operations.

Net income for the quarter, including Quik-to-Fix Foods and
Smithfield Bioenergy, which are classified as discontinued
operations, was US$37.0 million versus US$1.1 million in the
previous year.  During the fourth quarter, the company decided
to sell its bioenergy operations and assets.  In addition, the  
company recognized a loss of US$1.8 million, net of tax, on the
post-closing settlement of the sale of Quik-to-Fix.

                      Fourth Quarter Results

Substantially improved margins in both packaged meats and fresh
pork produced considerable gains in the Pork segment.  Packaged
meats volume grew 31 percent, primarily the result of the
contributions of Armour-Eckrich, acquired in October 2006.  Some
important product categories, such as pre-cooked bacon, lunch
meats, smoked sausage and dry sausage, had growth of virtually
double the prior year.

Beef processing margins improved significantly versus a loss a
year ago, in spite of limited exports and a shortage of cattle.  
However, beef processing earnings were more than offset by
losses in the company's cattle feeding operations which were
depressed by severe winter weather, higher grain prices and
higher-priced feeder cattle purchased earlier this year.

International segment operations achieved a strong turnaround
compared to a loss last year.  Packaged meats volume increased
26 percent when the results of Jean Caby, which was contributed
to Groupe Smithfield in August 2006, are excluded.  Groupe
Smithfield continued its strong earnings performance and Poland
was profitable versus a loss last year.  Romania experienced
only a modest loss due to lower volume levels as the business
ramps up.

Hog production results were below a year ago due to higher
raising costs and the impact of circovirus.  Raising costs in
the U.S. Averaged US$46 per hundredweight versus US$40 per
hundredweight last year.  The company marketed nine percent
fewer head domestically in this quarter versus the same quarter
last year.  The company is receiving a greater supply of vaccine
and is making substantial progress in increasing production
levels.  Live hog market prices in the U.S. averaged US$47 per
hundredweight compared with US$42 per hundredweight last year.

Results in Smithfield Foods' Other segment were below those of
last year because of higher raising costs in the company's
turkey growout operations versus favorable market conditions for
live turkeys last year.  The lower results in growout operations
were somewhat offset by higher volume and cost reductions in
processing operations at Butterball, LLC, the company's 49
percent-owned joint venture.

                         Full Year Results

For fiscal 2007, the company reported income from continuing
operations of US$188.4 million versus US$185.2 million last
year.  Net income from discontinuing operations was US$166.8
million versus net income last year of US$172.7 million.  Sales
were US$11.9 billion compared to US$11.4 billion in the prior
year.  Fiscal 2007 results include pretax charges of US$12.4
million for impairments in the beef segment and the company's
investment in hog production operations in Brazil.  Prior fiscal
year results include pretax charges totaling US$26.3 million in
connection with the restructuring of east coast pork processing
operations.

Pork segment earnings were above those of last year, reflecting
the prior year's restructuring charges, the successful
integration of Armour-Eckrich and higher margins in fresh pork
and packaged meats.  The contribution of Armour- Eckrich grew
packaged meats volume by 20 percent.  Sales volume to the retail
and foodservice channels experienced strong growth.  The company
continued to expand packaged meats margins through a plan to
improve product mix to higher value-added products, rationalize
plant capacities and lower costs.

Beef processing achieved earnings well above a year ago in spite
of unfavorable industry conditions and the US$8.2 million
impairment charge.  These results were partially offset by
cattle feeding losses.

International profitability, compared to a loss last year,
reflected improvement in all aspects of the company's European
operations.  Groupe Smithfield, the 50/50 joint venture with
Oaktree Capital Management established with the acquisition of
the Sara Lee European Meats business last August, has been
showing consistently strong margin performance.  Poland
continued its earnings turnaround and remained solidly
profitable while Romania, which successfully reopened an idle
pork processing plant in November, was also profitable in spite
of startup costs.

Hog production results were well below last year as raising
costs increased.  As a result of the impact of circovirus, the
number of head marketed domestically fell six percent.  Live hog
market prices domestically averaged almost US$48 per
hundredweight versus US$46 in the prior year.  Raising costs in
the U.S. were US$43 per hundredweight versus US$39 per
hundredweight last year.  The company is building sow herds in
Poland and Romania at a rapid pace.

Butterball, LLC turkey processing results were well above a year
ago.  However, turkey production results were depressed by
higher grain prices and earnings were sharply lower than last
year.  Combined turkey operating results were improved over last
year.

The company completed the acquisition of Premium Standard Farms,
a vertically integrated hog producer and pork processor, on
May 7.  Smithfield is in the final phase of evaluating the
assimilation process and anticipates synergies to begin in the
first quarter of fiscal 2008.

"Considering the negative impact of increased grain prices on
all of our live production operations, I am very pleased with
the results for the fourth quarter and the full fiscal year,
particularly the international and pork segments," said C. Larry
Pope, president and chief executive officer.

"The acquisitions that we made this past year have been
immediately accretive to earnings.  We are reshaping the company
through integrating these acquisitions, both branded packaged
meats businesses, and executing a strategy to realign and
rationalize our manufacturing capacities," said Mr.
Pope.  "We have maintained our focus on utilizing our raw
materials internally and eliminating low margin business and the
fourth quarter reflects the impact of these changes.  Our
international operations are beginning to deliver significantly
improved results and our domestic packaged meats margins are
sharply improved."

Mr. Pope continued, "Our investments in Poland and Romania are
part of a long-term strategy.  While near-term results are
modest and just beginning to bear fruit, we expect continually
improving results as these businesses mature and achieve
economies of scale. We believe these hog production and meat
processing operations have strategic competitive advantages not
only in their respective domestic markets, but also across
Western and Eastern Europe."

Mr. Pope said that Smithfield continues to evaluate
manufacturing operations to drive out significant costs and
become a low-cost, highly-efficient producer.  "We plan
additional changes to realign capacity.  Our strategy is to
invest in new technologies and processes to improve operating
efficiencies and enable our packaged meats business to become a
much stronger component of our profits," he said.

"Looking forward, in spite of the anticipated increase in grain
costs, I am very optimistic about the future.  Grain prices, as
well as increases in freight and energy costs, are impacting our
operations," Mr. Pope said.  "However, we are raising prices in
an effort to offset these costs and we are focusing on driving
out inefficiencies.  The opening of the Korean market to United
States beef exports and the continued opening of the Japan
market is good news for our beef processing business.  Cattle
feeding should have a much better year and we are seeing
improvement in our hog production operations from use of the
circovirus vaccine.  Importantly, I expect continued improvement
in our packaged meats margins.  All of this bodes well for the
company, in spite of rising input costs. Fiscal 2008 should be a
stronger year than fiscal 2007," he said.

                   New Chief Financial Officer

Smithfield Foods today named Carey J. Dubois vice president and
chief financial officer, effective July 1.  Mr. Dubois has been
treasurer of Smithfield since 2005.  Over the past two decades,
Mr. Dubois, 47 years old, has held financial positions at Bunge
Limited, Pepsi Bottling Group, Joseph E. Seagram and Sons, and
Louis Dreyfus Corporation.  "Carey has made significant
contributions to our team while we have made several major
acquisitions. His international expertise has been invaluable as
we have established important new businesses in Europe," said
Mr. Pope.  "His financial acumen will make a difference at
Smithfield."  Mr. Dubois succeeds Robert W. Manly IV, executive
vice president, who has been serving as interim chief financial
officer.

                      About Smithfield Foods

Smithfield Foods, Inc., headquartered in Smithfield, Virginia,
is the largest vertically integrated producer and marketer of
fresh pork and processed meat in the US and has operating
subsidiaries and joint ventures in France, Poland, Romania, the
UK, Brazil, Mexico, and China.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2007, Moody's Investors Service downgraded the ratings
of Smithfield Foods' senior unsecured debt to Ba3 from Ba2, its
senior subordinated notes to B1 from Ba2, and its corporate
family rating to Ba2 from Ba1.

Moody's also affirmed Smithfield's SGL-3 speculative grade
liquidity rating.

Moody's said the outlook on all ratings is negative.


TOWER AUTOMOTIVE: Judge Gropper Approves Disclosure Statement
-------------------------------------------------------------
The Honorable Allen L. Gropper of the U.S. Bankruptcy Court for
the Southern District of New York approved a first amended
disclosure statement explaining Tower Automotive, Inc., and its
debtor subsidiaries' First Amended Joint Plan of Reorganization,
at a hearing held June 5, 2007.

Judge Gropper held that the First Amended Disclosure Statement
contains adequate information that would enable creditors to
make an informed decision on whether to accept or reject the
Plan.

The Debtors filed the First Amended Disclosure Statement and
Plan on June 4, 2007, to include, among others, revisions to the
classification and treatment of claims and interests, and an
analysis of the estimated recoveries for the Debtors' various
unsecured creditor constituencies.

Parties have until July 6 to file objections to the Plan.

        Revised Classification of Claims and Interests

Under the First Amended Plan, the description for Class 4 claims
was changed to International Holding Company Debtor Claims from
R.J. Bondholder Claims.  The estimated recovery for Class 3
Second Lien Claims was also raised to US$154,225,000 from
US$41,000,000.  

According to the Plan, the US$154,225,000 is subject to upward
adjustment for fees and expenses allowable and payable under the
Prepetition Credit Agreement and the Final DIP Order, and
subject to downward adjustment for amounts returned to the
Second Lien Agent from the Second Lien Collateral Account.  As
of June 4, 2007, the balance of the Second Lien Collateral
Account is estimated to be approximately US$113,000,000.

The Amended Plan provides that the Second Lien Claim will be an
Allowed Secured Claim in the amount of the Second Lien Base
Claim without defense, offset, recoupment, counterclaim or
reduction, other than as set forth in the Plan.  On the Plan
Effective Date, the Second Lien Collateral Account Final Balance
will be returned to the Second Lien Agent for the Pro Rata
benefit of the Second Lien Lenders, and the Second Lien Adjusted
Base Claim will be paid in full in Cash.  In addition, (i) each
undrawn Prepetition Letter of Credit will be returned to the
issuer undrawn and marked canceled, and (ii) the Second Lien
Agent's Fees incurred prior to the Effective Date, but not paid
prior to or on the Effective Date, will be paid within 10
business days after submission of invoices to the Debtors and
the purchaser -- TA Acquisition Company, LLC -- it being
understood that nothing will limit the Debtors' or the Official
Committee of Unsecured Creditors' right to review and determine
that the fees are reasonable, or the Purchaser's right to review
and object to claims set forth in the Purchase Agreement.

                      Recovery Analysis

The Amended Plan relates that the Debtors, the Creditors
Committee and their advisors worked together to develop a
framework to determine estimated recoveries for the Debtors'
various unsecured creditor constituencies and are in agreement
over the methodology that underlies the analysis.

The substantive assumptions that underlie the recovery analysis
include (i) the determination of which legal entities should be
substantively consolidated, (ii) the attribution of
distributable value to the entities and (iii) the allocation of
claims by legal entity.  The Debtors' advisors, in consultation
with the Committee's advisors, applied this methodology to
determine the recoveries under the Plan for the various
unsecured creditor constituents in Classes 4 through 8.

The analysis aggregates Tower's legal entities -- both domestic
and international -- into seven entities or groups of entities.
The entities are:

      1. Tower Inc., the Debtors' top-tier holding company;

      2. R.J. Tower, the Debtors' intermediate holding company;    

      3. the Substantively Consolidated Debtors, which include
         the Debtors various domestic subsidiaries below R.J.
         Tower;

      4. the International Holding Company Debtors, which are
         domestic holding companies for the Debtors' interests
         in certain international operations, notably including  
         the European and Korean operations; and

  5 - 7. three first-tier international subsidiaries of R.J.
         Tower, Changchun Tower Golden Ring Automotive Products
         Company, Tower Automotive Mexico S. De R.L. de C.V.,
         the holding company for the Debtors' 40% joint venture
         interest in Metalsa S de R.L. de C.V., and Tower
         Automotive Canada.

With the seven legal entities identified, the recovery analysis
assumes an allocation of distributable value implied by the
purchase price as provided in the Purchase Agreement to each
entity based principally on EBITDA contribution with adjustments
made to take into consideration the relative performance of
businesses in different geographic regions and other regional or
legal entity specific considerations.

Intercompany claims that are included in the recovery analysis
are (i) a note payable from Tower Automotive Deutscheland GmbH &
Co. to R.J. Tower for US$25,100,000, (ii) a note payable from
Tower Automotive Europe B.V. to R.J. Tower for US$16,700,000 and
(iii) two notes payable from Tower Automotive International B.V.
to Tower Automotive International Holdings, Inc. totaling
US$320,100,000.  All amounts are estimated as of March 31, 2007,
and assume an exchange rate of US$1.3355 per Euro.

Taken together, the recovery analysis assumes that the DIP
Revolver recovers value initially from the Debtors' domestic
operations and then, because the value of the Debtors' domestic
operations is not sufficient to fully satisfy the DIP Revolver,
from the DIP Lenders' claims against the Debtors' international
subsidiaries and the Debtors' interests in the international
subsidiaries on a pro-rata basis.  

The DIP Term Loan is assumed to recover from the Debtors'
foreign subsidiaries pro-rata based on the remaining
distributable value after satisfying the DIP Revolver.  The
Second Lien Claims are assumed to recover value similar to the
methodology employed by the DIP Term Loan.  The recovery
analysis assumes the DIP Lenders and Second Lien Lenders may
recover pro-rata based on distributable value on account of
their super-priority administrative expense claims.  

Because the value ascribed to the Debtors' domestic operations
is fully offset to satisfy senior claims and debt -- including
Administrative Claims, Other Priority Claims, Other Secured
Claims and a portion of the DIP Revolver -- the residual balance
of the DIP Revolver, the DIP Term Loan and the Second Lien
Claims recover value exclusively from the Debtors' international
subsidiaries and the Debtors' interests in the international
subsidiaries, whether on account of their secured claims or
their super-priority administrative claims.

     Special Provisions on Subordinated Securities Claims

The Amended Plan provides that nothing will impact in any way
the right or ability of the lead plaintiffs in the Securities
Litigation to pursue and recover on any Claims against the
Debtors solely to the extent of any coverage provided by any
insurance policy, including any Directors' and officers'
insurance policy.

Nothing will also release, enjoin, preclude, or otherwise affect
in any way the prosecution of the claims asserted, or which may
be asserted, against any non-Debtor in the Securities Litigation
or the right of the lead plaintiffs in the litigation to (a)
pursue further litigation, including without limitation appeals,
against any non-Debtor defendants, or (b) to enter into or
enforce any settlement or enforce any judgment obtained in
connection with or relating to the litigation or appeals,
provided that the terms and conditions of the stipulation and
order between the Debtors and the Securities Plaintiffs
resolving the Debtors' request to reclassify Securities
Plaintiffs' Claims will remain in full force and effect.

                       Rejection Claims

All proofs of claim arising from the rejection of Executory
Contracts or Unexpired Leases must be filed with the Voting
Agent within 30 days after the earlier of: (a) the date of entry
of a Court order approving the rejection; and (b) the Plan
Effective Date.  Any Claims arising from the rejection of an
Executory Contract or Unexpired Lease for which proofs of Claims
were not timely filed within that time period will be forever
barred from assertion against the Debtors or their Estates and
property, or the Trusts, unless otherwise ordered by the Court
or as otherwise provided in the Plan.  All Rejection Claims
will, as of the Effective Date, be subject to the permanent
injunction set forth in the Plan.

                       Other Provisions

Other provisions added to the Plan include the condition that
the proposed Confirmation Order, any modifications of the Plan,
and any material modification to the Sale Order, will be in a
form and substance reasonably acceptable to the Second Lien
Agent.  The Debtors, the Purchaser or the Creditors Committee
may seek an expedited hearing before the Bankruptcy Court to
address any objection by the Second Lien Agent.

In addition, nothing in the Plan, any amendment to the Plan, or
in the Confirmation Order, will enjoin any claims, to the extent
available under applicable non-bankruptcy law, of the United
Furniture Workers Pension Fund A against the Purchaser or any
non-Debtor affiliates, subsidiaries, or other third parties,
including, but not limited to, any claims based on control group
liability or successor liability arising from or related to the
Debtors' withdrawal from the United Furniture Workers Pension
Fund A, provided that the Purchaser and all the non-Debtor
affiliates or subsidiaries and third parties reserve all
defenses to the claims.

A blacklined copy of Tower's First Amended Plan is available for
free at:

           http://ResearchArchives.com/t/s?20b2

A blacklined copy of Tower's First Amended Disclosure Statement
is available for free at:

           http://ResearchArchives.com/t/s?20b3

                   About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and          
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  

The Debtors' filed their Chapter 11 Plan of Reorganization and
Disclosure Statement explaining that plan on May 1, 2007.  The
Debtors' exclusive period to file a chapter 11 plan expired on
June 6, 2007.  (Tower Automotive Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


TOWER AUTOMOTIVE: Plan Confirmation Hearing Scheduled on July 11
----------------------------------------------------------------
The Honorable Allen L. Gropper of the U.S. Bankruptcy Court
for the Southern District of New York set a hearing for the
confirmation of Tower Automotive, Inc., and its debtor-
affiliates First Amended Joint Plan of Reorganization on
July 11, 2007.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and          
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  

The Debtors' filed their Chapter 11 Plan of Reorganization and
Disclosure Statement explaining that plan on May 1, 2007.


TRIPOS: Completes Sale of R&D Business to Commonwealth Biotech
--------------------------------------------------------------
Tripos, Inc. has completed the sale-leaseback of its facility in
Bude, England, to Southwest England Regional Development
Authority and the sale of the capital stock of its Tripos
Discovery Research Products and Services Business to
Commonwealth Biotechnologies, Inc., based in Richmond, Virginia.

On May 11, 2007, Tripos and CBI entered into a Share Purchase
and Sale Agreement, which has been amended.

At the time of signing, CBI paid Tripos US$350,000.  Tripos has
netted approximately US$1.1 million attributable to repayment of
prior outstanding advances made by Tripos to the Discovery
Research business, is due to receive an additional 100,000
pounds sterling by June 30, 2007, and will receive approximately
US$800,000 in additional repayments upon the collection of
outstanding customer receivables and work in process.  
Additional information about payment in connection with this
sale will be contained in a Current Report on Form 8-K to be
filed within four business days.

As a result of the stock sale and sale-leaseback transactions,
Tripos has been relieved of obligations to repay up to 2.84
million pounds sterling of grants to English authorities, of
which 1.54 million pounds sterling has been accrued in Tripos'
most recent consolidated balance sheet.  The releases were part
of a transaction in which TDR sold its facility for 2.6 million
pounds sterling, entered into a long-term lease of the facility,
and repaid at a substantial discount its repayment obligations
to the English Department of Trade and Industry.  These
transactions were a necessary predicate to effecting the sale of
this business.

Commenting on the transaction, Dr. John P. McAlister, president
and CEO of Tripos, said, "We are pleased to have completed this
transaction.  It places the TDR business and the interests of
our customers, employees and other stakeholders in the hands of
an owner with the commitment and resources to continue operation
of this business.  At the same time, it is an important step in
the completion of the dissolution and liquidation of Tripos and
the distribution of the remaining proceeds to our stockholders
later this year.  We will file articles of dissolution and
commence the formal dissolution immediately."

Following the sale of its Discovery Research business, the
company has become a "shell company" and will request that The
Nasdaq Global Market delist its common stock.  Upon delisting,
Tripos contemplates that it will seek to list its stock on the
OTC Bulletin Board(R).  If this listing is not available to the
company, it will close its stock transfer books, at which time
there will be no active public trading market for the company's
common stock.

                         About Tripos Inc.

Based in St. Louis, Tripos Inc. (Nasdaq Global Select Market:  
TRPS) -- http://www.tripos.com/-- combines leading-edge    
technology and innovative science to deliver consistently
superior chemistry-research products and services for the
biotechnology, pharmaceutical and other life science industries.

Tripos has sells its products in the United Kingdom, Brazil and
Australia, among others.

The company's Discovery Informatics business provides software
products and consulting services to develop, manage, analyze and
share critical drug discovery information.  Within its Discovery
Research business, Tripos' medicinal chemists and research
scientists partner directly with clients in their research
initiatives, leveraging state-of-the-art information
technologies and research facilities.

As reported in the Troubled Company Reporter on March 20, 2007,
shareholders of Tripos Inc. approved the company's plan of
dissolution and liquidation.




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


CARE EQUITY: Will Hold Final Shareholders Meeting on Aug. 16
------------------------------------------------------------
Care Equity Ltd. will hold its final shareholders meeting
on Aug. 16, 2007, at 3:30 p.m., at the company's offices.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CARE HOLDINGS: Sets Final Shareholders Meeting for Aug. 16
----------------------------------------------------------
Care Holdings Ltd. will hold its final shareholders meeting
on Aug. 16, 2007, at 4:00 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,
        and

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

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

The liquidator can be reached at:

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


EQUITY HRA: Sets Final Shareholders Meeting for Aug. 16
-------------------------------------------------------
Equity HRA Ltd. will hold its final shareholders meeting
on Aug. 16, 2007, at 4:30 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,
        and

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

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

The liquidator can be reached at:

         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 IIP: Will Hold Final Shareholders Meeting on Aug. 16
---------------------------------------------------------------
Harborside IIP Ltd. will hold its final shareholders meeting
on Aug. 16, 2007, at 4:15 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,
        and

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

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

The liquidator can be reached at:

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


HRB INVESTMENTS: Sets Final Shareholders Meeting for Aug. 16
------------------------------------------------------------
HRB Investments Ltd. will hold its final shareholders meeting
on Aug. 16, 2007, at 3:00 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,
        and

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

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

The liquidator can be reached at:

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


NEW CARE: Sets Final Shareholders Meeting for Aug. 20
-----------------------------------------------------
New Care Holdings Ltd. will hold its final shareholders
meeting on Aug. 20, 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,
        and

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

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

The liquidator can be reached at:

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


NEW HARBORSIDE: Will Hold Final Shareholders Meeting on Aug. 20
---------------------------------------------------------------
New Harborside Equity Ltd. will hold its final shareholders
meeting on Aug. 20, 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,
        and

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

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

The liquidator can be reached at:

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


NEW HARBORSIDE HOLDINGS: Final Shareholders Meeting Is Aug. 20
--------------------------------------------------------------
New Harborside Holdings Ltd. will hold its final shareholders
meeting on Aug. 20, 2007, at 10:00 a.m., at the office of
the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


NEW HARBORSIDE INVESTMENTS: Last Shareholders Meeting on Aug. 20
----------------------------------------------------------------
New Harborside Investments Ltd. will hold its final shareholders
meeting on Aug. 20, 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,
        and

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

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

The liquidator can be reached at:

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


NEW HEALTHCARE: Will Hold Final Shareholders Meeting on Aug. 20
---------------------------------------------------------------
New Healthcare Equity Ltd. will hold its final shareholders
meeting on Aug. 20, 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,
        and

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

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

The liquidator can be reached at:

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


NEW HEALTHCARE INVESTMENTS: Last Shareholders Meeting Is Aug. 20
----------------------------------------------------------------
New Healthcare Investments Ltd. will hold its final shareholders
meeting on Aug. 20, 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,
        and

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

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

The liquidator can be reached at:

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


NEW HRB: Will Hold Final Shareholders Meeting on Aug. 20
--------------------------------------------------------
New HRB Holdings Ltd. will hold its final shareholders
meeting on Aug. 20, 2007, at 11:00 a.m., at the office of
the company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


NEW HRB INVESTMENTS: Sets Final Shareholders Meeting for Aug. 20
----------------------------------------------------------------
New HRB Investments Ltd. will hold its final shareholders
meeting on Aug. 20, 2007, at 11:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


TACTICAL ALPHA: Proofs of Claim Must be Filed by Aug. 17
--------------------------------------------------------
Tactical Alpha Fund Ltd.'s creditors are given until
Aug. 17, 2007, to prove their claims to S.L.C. Whicker and K.D.
Blake, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

         K.D. Blake
         Attention: Nick Seaman
         P.O. Box 493
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-914-4320
         Fax: 345-949-7164


UNIVEST TACTICAL: Proofs of Claim Filing Is Until Aug. 17
---------------------------------------------------------
Univest Tactical Trading Fund Ltd.'s creditors are given until
Aug. 17, 2007, to prove their claims to S.L.C. Whicker and K.D.
Blake, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

         K.D. Blake
         Attention: Nick Seaman
         P.O. Box 493
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-914-4320
         Fax: 345-949-7164




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


ASHMORE ENERGY: GasAtacama Buy Worries Chilean Officials
--------------------------------------------------------
Ashmore Energy International's acquisition of generator and gas
transporter GasAtacama has worried some mining and government
authorities in Chile, Business News Americas reports.

BNamericas relates that Ashmore Energy signed a deal to purchase
50% of GasAtacama from CMS Energy.  GasAtacama lost US$500,000 a
day in recent weeks during Argentina's natural gas cuts to
Chile.

According to local paper Diario Financiero, the officials are
worried that Ashmore Energy could be more keen on selling off
GasAtacama's assets than saving the company.

BNamericas notes that this concern could prompt GasAtacama
shareholder Endesa to stop Ashmore Energy's acquisition.

Meanwhile, other authorities are worried that Ashmore Energy
could be a "vulture fund looking to profit from GasAtacama's
demise," BNamericas says.

BNamericas underscores that the concerns led Endesa, which owns
50% of GasAtacama, to consider exercising its right to acquire
the other half of the company.

The Endesa board will discuss the matter during a meeting on
June 28, Diario Financiero relates.

The Chilean government and mining firms have tried to save
GasAtacama, with Chilean state-run Codelco and multinational BHP
Billiton agreeing to bail out the firm to guarantee energy
supply in the north, BNamericas states.

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

                        *     *     *

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

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

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



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


BANCOLOMBIA: Leasing Unit Sells COP180 Billion of Bonds
-------------------------------------------------------
Leasing Bancolombia, Bancolombia's unit, said in a press release
that its leasing unit has sold bonds for COP180 billion.

Business News Americas relates that investor demand reached
COP148 billion, about 1.48 times the initially planned issue of
COP100 billion.

According to BNamericas, Leasing Bancolombia sold COP119 billion
of 18-month bonds at a 2.00% real yearly interest rate and
COP25.2 billion at 2.30%.

Leasing Bancolombia told BNamericas that the issue is part of a
COP1.5 trillion bond program.

The proceeds from the issue will be used to fund local firms and
small and medium-sized enterprises' productive assets,
BNamericas states.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.  
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings downgraded and removed from Rating
Watch Negative Bancolombia's long-term and short-term local
currency Issuer Default Ratings and Individual rating:

   -- Individual rating to 'C/D' from 'C';
   -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
   -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirmed these ratings:

   -- Foreign currency long-term IDR at 'BB+';
   -- Foreign currency short-term rating at 'B'; and
   -- Support rating at '3'.

Fitch says the rating outlook was stable.


CHIQUITA BRANDS: Faces Lawsuit by Murder Victims' Families
----------------------------------------------------------
Families of the 173  people that Colombian terrorist groups
allegedly murdered have filed a lawsuit against Chiquita Brands
International Inc. before the U.S. District Court, District of
Columbia, Cary O'Reilly at Bloomberg News reports.

Bloomberg News' Ms. O'Reilly says that the families families
claimed Chiquita Brands paid millions of dollars and tried to
send machine guns to the paramilitary group United Self Defense
Forces of Colombia.   

According to Bloomberg News' Ms. O'Reilly, the relatives are
seeking for unspecified compensation, punitive damages and the
names of Chiquita Brands executives who allowed the payments.

El Tiempo notes that the lawyers claimed damages for an amount
of around US$1 billion.

Terry Collingsworth, the attorney representing the claimants and
who is associated with the International Rights Advocates, told
Bloomberg News' Ms. O'Reilly, "We want to know who made the
decisions.  The company is facing a very small fine, a slap on
the risk, for its actions."

The report says that Chiquita Brands pleaded guilty in March
2007 to charges of funding US$1.7 million to terrorist groups in
Colombia from 1997 to 2004.  The company said it made the
payment to protect banana operations and workers.  

The paramilitary group is involved in drug trafficking,
assassinations, kidnappings and the murder of civilians in
Colombia, where Chiquita Brands had operations, Bloomberg News'
Ms. O'Reilly notes, citing prosecutors in March 2007.  Chiquita
Brands also paid other terrorist groups like the Revolutionary
Armed Forced of Columbia.

Chiquita Brands executives weren't charged.  The firm agreed to
be fined US$25 million to be levied at a sentencing hearing in
June.  It also agreed to cooperate in a Justice Department probe
of the payments, according to Bloomberg News' Ms. O'Reilly.

Chiquita Brands spokesperson said in a statement, "Chiquita
Brands International categorically denies the allegations [in
the lawsuit file by the family of the victims].  We reiterate
that Chiquita and its employees were victims, and that the
actions taken by the company were always motivated to protect
the lives of our employees and their families."

The U.S. Department of Justice said in its report, "Castano [a
paramilitary group leader] sent an unspoken but clear message
that failure to make the payments could result in physical harm
to Banadex [Chiquita's Colombian subsidiary] personnel and
property."

El Tiempo relates that Chiquita Brands and 10 of its directors
would be considered liable for the murder of 174 persons in
Uraba and Magdalena by the paramilitaries and the Farc during
the period when the firm made the payments.

El Tiempo Washington correspondent Sergio Gomez Maseri, "who
claimed to have received exclusivity" from the attorneys says,
"This case concerns the systematic murder and intimidation of
individuals in the banana growing region at the Gulf of Urab  
and in the city of Santa Marta.  The accused (Chiquita and its
employees) contracted, armed and/or directed the terrorist
groups who used extreme violence, murder, torture, detention and
silencing against any individual who was suspected of
interfering with the operations in Colombia of the accused."

Human rights lawyer Paul Wolf and Bob Childs, the chief of a
prestigious Alabaman firm, also represented the families Fresh
Plaza states.  

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

                        *     *     *

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

Ratings affirmed:

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

   -- Corporate family rating at B3

   -- Probability of default rating at B3

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

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

* Chiquita Brands LLC (operating subsidiary):

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

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

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


DRUMMOND CO: Moody's Affirms Corporate Family Rating at Ba3
-----------------------------------------------------------
Moody's Investors Service changed the rating outlook for
Drummond Company, Inc. to negative from stable.  At the same
time, Moody's affirmed the company's Ba3 corporate family
rating, upgraded the senior secured rating to Ba2 (LGD3, 38%)
from Ba3, and lowered the senior unsecured rating to B2 (LGD5,
83%) from Ba3.  

The lowering of the outlook reflects Drummond's recent operating
challenges and reduced financial performance, the delay of
approximately one year in anticipated production from the El
Descanso mine, uncertainty about the company's ability to meet
production targets, the uncertainties associated with the
company's planned recovery at Shoal Creek, and heightened
concentration risk of its coal mining operations.  The negative
outlook also reflects the significant risks concerning
Drummond's various expansion and development projects in
Colombia, as well as the company's substantial capex commitments
for the next two to three years, which Moody's anticipates will
be at least partially debt financed.

The ratings reflect the overall probability of default of
Drummond, to which Moody's assigns a PDR of Ba3.  The Ba2 senior
secured rating reflects a loss given default of LGD3 (38%) and
the B2 senior unsecured rating reflects a loss given default of
LGD5 (83%).  The notching of the secured facilities and
unsecured notes has been changed to reflect the treatment of
stock pledges under Moody's LGD Methodology in which debt
with a pledge of stock as security is given prior ranking over
unsecured debt.

Ratings lowered:

   -- Outlook lowered to negative from stable;

   -- US$400 million 7.375% Senior Unsecured Notes due 2016 - to
      B2 (LGD5, 83%) from Ba3.

Ratings affirmed:

   -- Corporate Family Rating -- Ba3;
   -- Probability of Default Rating --Ba3.

Ratings upgraded:

   -- US500 million Five-year Revolving Facility - to Ba2 (LGD3,
      38%) from Ba3;

   -- US$200 million Term Loan Facility due 2011 - to Ba2 (LGD3,
      38%) from Ba3.

Moody's last rating action on Drummond was assignment of its Ba3
corporate family rating in January 2006.

Drummond Co. Inc. runs coal mines in Alabama and Colombia,
predominantly engaged in the mining, purchasing, processing, and
marketing of coal and coal products and had revenues in 2006 of
US$1.8 billion.


* COLOMBIA: Secures US$200-Million Financing from World Bank
------------------------------------------------------------
The World Bank's Board of Directors has approved a US$200
million loan to Colombia in order to integrate the principles of
sustainable development into country policies and programs,
which seek to protect the poor from the impacts of environmental
degradation, particularly in terms of health and productivity.

"We are honored to continue supporting the Government of
Colombia's efforts to ensure environmental sustainability," said
Miguel Lopez-Bakovic, World Bank Country Manager for Colombia.  
"This program is key because besides its emphasis on improved
environmental management, it has clear poverty and inequality
implications, given that environmental degradation
disproportionately affects the poor and most vulnerable
populations."

The Second Programmatic Development Policy Loan for Sustainable
Development is part of a three-phase program that will support
Colombia's efforts to achieve the Millennium Development Goals,
particularly the goal that seeks to ensure environmental
sustainability.  The program will do so by improving the
effectiveness and efficiency of the National Environmental
System (Sistema Nacional Ambiental, SINA), and integrating
principles of sustainable development into key sectors, with a
particular emphasis on protecting the most vulnerable groups.

Specifically, the loan will support the following activities:

   * Developing a results-based framework for planning and
     monitoring progress of SINA towards goals directly linked
     with sustainable development and achievement of the MDGs,
     which include halving the proportion of people without
     access to drinking water and basic sanitation, among
     others.

   * Improving inter-institutional coordination and increased
     public participation in environmental decision-making
     through changes in the existing Technical Advisory Council.

   * Preparing critical policies and regulations related to air
     quality, water quality, solid waste management, and
     environmental licensing.

"Improvements in air quality, water quality, and hygiene will
address the principal health threats to children under five,
such as respiratory illnesses and diarrheal diseases," said Juan
Carlos Belausteguigoitia, World Bank task manager for the
project.  "The program will also increase accountability and
transparency by strengthening SINA and the coordination among
government units, and enhancing public participation in
decision-making."

The first Programmatic Development Policy Loan for Sustainable
Development (supported by a World Bank US$150 million loan and
completed in 2006) supported initial steps in the government's
sustainable development program.  Some of the activities
completed by the government include:

    (i) establishing a baseline to monitor six sustainable
        development objectives linked to the MDGs;

   (ii) approving a package of reforms to improve
        administration, planning, and management of water
        resources;

  (iii) implementing a technical assistance program to close at
        least 75 open dumps (to date more than 200 have been
        closed);

   (iv) establishing a protocol for air quality monitoring; and

    (v) developing an emissions inventory protocol.

The new US$200 million, fixed spread loan is repayable in 16.5
years, including a 5.5-year grace period.

                        *     *     *

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




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


ALCATEL-LUCENT: Christian Sapsizian Pleads Guilty of Bribe
----------------------------------------------------------
Christian Sapsizian, a former Alcatel official, has pleaded
guilty of participating in bribing senior Costa Rican government
officials with over US$2.5 million to secure a mobile telephone
contract from Costa Rican state-run telecommunications
authority, Lawfuel reports, citing the Department of Justice.

Lawfuel says that Mr. Sapsizian has breached the Foreign Corrupt
Practices Act.  He entered the plea in U.S. District Court in
Miami, before the Honorable Patricia Seitz.  He pleaded "guilty
to two counts, conspiracy and violating the FCPA, from a
superseding indictment returned on March 20, 2007."  The
remaining counts will be dismissed during the sentencing on
Dec. 20, 2007.  

Mr. Sapsizian will cooperate with law enforcement officials in
their probe, Lawfuel notes.

The report says that Alcatel was a French telecommunications
firm whose American Depositary Receipts were traded on the New
York Stock Exchange until Nov., 30, 2006.  Mr. Sapsizian worked
for Alcatel for over 20 years.  Mr. Sapsizian was Alcatel's
deputy vice president in Costa Rica at when the bribe was paid
out.

According to Lawfuel, Mr. Sapsizian admitted that he conspired
with co-defendant Edgar Valverde Acosta -- Alcatel's former
senior country officer in Costa Rica -- and others from February
2000 through September 2004 to pay over US$2.5 million in bribes
to senior Costa Rican officials to win a mobile telephone
contract for Alcatel.  The payments were channeled through one
of Alcatel's Costa Rican consulting companies and were then made
to a director of Costa Rican state-run telecommunications
authority Instituto Costarrisence de Electricidad, which was
responsible for awarding all telecommunications contracts.

Lawfuel notes that Mr. Sapsizian also admitted that the ICE
director was an advisor to a senior government official.  The
bribes given were shared with the senior government official.  
The payments were to convince the ICE director and the senior
government official to exercise their influence to start a bid
process that favored Alcatel's technology and to vote to award
Alcatel a mobile telephone contract.  

The report says that Alcatel was awarded a US$149-million mobile
telephone contract in August 2001.

Lawfuel underscores that Mr. Sapsizian was sentenced with 10
years of prison, a US$250,000 fine, and US$330,000 in
forfeiture.

Deputy Chief Mark F. Mendelsohn and Trial Attorneys Charles
Duross and Mary K. Dimke of the Criminal Division's Fraud
Section were the prosecutors in the case, according to Lawfuel.   
The Criminal Division's Office of International Affairs provided
substantial support in gathering evidence outside the country
and in facilitating international cooperation.   The Southeast
Regional Branch of the U.S. Securities and Exchange Commission,
the Office of the Attorney General in Costa Rica, and the
Fiscalia de Delitos Economicos, Corrupcion y Tributarios in
Costa Rica also helped in the case.

The Federal Bureau of Investigation is continuing the
investigations, Lawfuel 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, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

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

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

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


ALCATEL-LUCENT: Inks Tech Support & Maintenance Pact with Vivo
--------------------------------------------------------------
Alcatel-Lucent said in a statement that it has signed a three-
year contract with mobile phone operator Vivo to provide
technical support and maintenance services.

Business News Americas relates that the deal covers:

          -- consulting on design,
          -- planning,
          -- operation,
          -- optimization, and
          -- maintenance of Vivo's network in the metropolitan
             region of Sao Paulo and throughout Brazil's central
             western region.

According to Alcatel-Lucent's statement, the contract includes
maintenance and repair services in 2,300 Vivo base station
sites.

Vivo must have partners to guarantee a high availability of its
network and optimum operational performance, while decreasing
maintenance costs, BNamericas states, citing Vivo Networks and
Technology Vice President Javier Rodriguez.

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

                        *     *     *

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

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

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




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


GUESS? INC: Earns US$35.5 Million in First Quarter Ended May 5
------------------------------------------------------------
Guess? Inc. reported financial results for the first quarter of
its 2008 fiscal year, which ended May 5, 2007.

For the first quarter of fiscal 2008, the company reported
record net earnings of US$35.5 million, an increase of 71.9%
compared to net earnings of US$20.7 million for the recast
quarter ended April 29, 2006.

Paul Marciano, Chief Executive Officer, commented, "The strength
of our brand and the solid execution of our global strategy have
driven these record results, which represented our 15th
consecutive quarter of earnings growth.  I am extremely pleased
with our team's outstanding performance.  All of our businesses
generated double-digit revenue growth, led by strong execution
in our international operations.  In Europe, the addition of
Focus Europe, our contemporary line, and the growth of our
existing businesses drove a 77% sales increase in the segment.  
Strong sales performance in South Korea drove Asian revenues
higher and led to a 77% increase in our wholesale segment
revenues."  Mr. Marciano continued, "Our North American retail
business performed extremely well, posting its 17th consecutive
quarter of same store sales growth.  And the strength of our
accessory lines drove licensing revenue growth of 42%.  It is
important to note that our footwear licensee's business has been
expanding rapidly.  Compared to just a year ago, their business
has experienced explosive revenue growth, more than doubling its
volume in the period.  We continue to be very excited about the
prospects of this business both domestically and
internationally."  Mr. Marciano concluded, "On a consolidated
basis, we increased net earnings by 71.9%, driven by earnings
growth in all of our businesses around the world.  Our earnings
were well balanced and our performance once again demonstrates
the power of our diversified business model."

Total net revenue for the first quarter of fiscal 2008 increased
42.3% to US$377.9 million from US$265.7 million in the prior-
year period.  The company's retail stores in the U.S. and Canada
generated revenue of US$179.5 million in the first quarter of
fiscal 2008, a 19% increase from US$150.9 million in the same
period a year ago.

Comparable store sales increased 13.6% for the quarter ended
May 5, 2007, compared to the thirteen weeks ended May 6, 2006.  
The company operated 336 retail stores in the U.S. and Canada at
the end of the first quarter of fiscal 2008 versus 316 stores a
year earlier.

Net revenue from the company's wholesale segment, which includes
the Company's Asian operations, increased 77.4% to US$59.2
million in the first quarter of fiscal 2008, from US$33.4
million in the prior-year period.  Net revenue from the
company's European segment increased 77.2% to US$118.9 million
in the first quarter of fiscal 2008, compared to US$67.1 million
in the prior-year period.

Licensing segment net revenue increased 41.5% to US$20.3 million
in the first quarter of fiscal 2008, from US$14.3 million in the
prior-year period.  Operating earnings for the first quarter of
fiscal 2008 increased 69.0% to US$57.9 million from US$34.3
million in the prior-year period.  Operating margin in the first
quarter improved 240 basis points to 15.3%, compared to the
prior year's quarter.  The margin expansion was driven by better
product margins, significant operating margin expansion in the
wholesale segment, and the positive impact in the company's
first quarter business mix of the higher European business.  The
company's SG&A rate increased 30 basis points quarter over
quarter.

                 Five-Week Transition Period
              and Recast 2006 Financial Results

The company also disclosed its financial results for the five-
week transition period ended Feb. 3, 2007 and the results for
the recast fourth quarter and year ended Feb. 3, 2007.  The
five-week transition period resulted from the company's decision
to change its fiscal year.  For the five-week transition period,
revenues were US$136.0 million, net earnings were US$8.0
million.

For the recast quarter ended Feb. 3, 2007, revenues were
US$396.2 million, operating earnings were US$71.4 million,
operating margin reached 18.0% and net earnings were US$45.9
million.  Revenues for the recast year ended Feb. 3, 2007 were
US$1.25 billion, operating earnings were US$205.5 million,
operating margin reached 16.4% and net earnings were US$131.2
million.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,  
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                        *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.




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


BRITISH AIRWAYS: Bans Bonuses for Senior Executives
---------------------------------------------------
British Airways plc senior executives will not receive bonuses
for the financial year 2007 after the airline fell short of its
minimum operating margin target of 8 percent, The Financial
Times reports.

According to FT, the carrier's operating profits fell by 13
percent to GBP602 million in the year to March 2007, compared
with GBP694 million in 2006.  Operating profit margin declined
from 8.5 percent to 7.1 percent.

                          Annual Bonus

The amount of annual bonus available for distribution to senior
executives for the financial year 2007 was subject to a maximum
limit of 100 percent of salary.  No bonus was payable unless the
minimum operating margin target threshold was achieved.  If this
threshold was achieved, bonus potential was determined by a
mixture of an operating margin target, a customer recommendation
target, a punctuality target (relating to mainline network
punctuality performance) and an assessment of employee
involvement in the mainline business.  In addition, the
Remuneration Committee had to be satisfied that the performance
of, and outlook for, the business was satisfactory.

The Remuneration Committee reviewed the annual bonus plan during
the year and has restructured it to create a common bonus
architecture across the Company's management group and to
support the increased focus on individual accountability
following the recent management restructuring.

BA also cut the total compensation, including pay and benefits,
of Chief Executive Willie Walsh to GBP625,000 in the year ended
March 31, 2007, from GBP887,000 a year earlier.  In 2006 Mr.
Walsh received a cash bonus of GBP270,000, split evenly between
cash and deferred shares, Emmet Oliver writes for Bloomberg
News.

As previously reported in the TCR-Europe on May 21, 2007,
British Airways recorded GBP304 million in net profit for the
twelve months ended March 31, 2007, compared with GBP467 million
in net profit for the same period in 2006.

At March 31, 2007, the Company's balance sheet showed GBP11.4
billion in total assets, GBP9 billion in total liabilities and
GBP2.4 billion in total equity.

The Company's balance sheet at March 31, 2007, however, showed
strained liquidity with GBP3.4 billion in total current assets
available to pay GBP3.6 billion in total liabilities coming due
within the next 12 months.

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

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

                        *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

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

* Issuer: British Airways, Plc

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

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

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


BRITISH AIRWAYS: Doesn't Offer Passenger Value, Survey Says
-----------------------------------------------------------
British Airways plc confirmed that less than half of its workers
think it offers passenger value for money, BBC News reports.

According to a staff survey, only 49% agreed that travelers got
a good deal for their ticket price.

The survey also revealed that only 31% of employees were
satisfied that they have the tools to do a good job while only
34% of workers were satisfied with the way their departments
were led and managed, a 2% rise on the last survey in September
2006, BBC News relates.

BA, however, said the findings were mixed, reiterating that it
was committed to improving its service.

"The airline has faced a number of major challenges over the
past six months that have affected our customers' experiences
with us, and have clearly affected our staff's opinions and
perceptions," Garry Copeland, BA's engineering director, was
quoted by BBC as saying.

The staff survey was conducted back in March.

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

                        *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

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

* Issuer: British Airways Plc

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

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

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


BRITISH AIRWAYS: Traffic Figures Down 2.1 Percent in May 2007
-------------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
May 2007.

In May 2007, passenger capacity, measured in Available-Seat-
Kilometers, was 0.1% below May 2006.  Traffic, measured in
Revenue-Passenger-Kilometers, was lower by 2.1%.  This resulted
in a passenger load factor down 1.5 points versus last year, to
73.3%.  The decrease in traffic comprised a 2.1% decrease in
premium traffic and a 2.1% decrease in non-premium traffic.

May 2006 was a particularly strong month with premium up 13.9%
and non-premium up 5.7% leading to soft year on year
performance.  The unusual timing of bank holidays in the U.K.
and continental Europe, continuing carry-on baggage restrictions
at Heathrow and the weak U.S. dollar also impacted volumes in
May 2007.  Premium growth in the first half of the year is
unlikely due to high comparative seat factors.

Cargo, measured in Cargo-Ton-Kilometers, fell by 2.0%.  Overall
load factor rose 0.6 points to 69.2%.

                        Market Conditions

Some weakness in non-premium, particularly on the North Atlantic
and in shorthaul domestic, continues.  Premium demand is
expected to continue driving high seat factors.  Visibility
around forward bookings continues to be limited.

                        Revenue and Costs

The continuing weak U.S. dollar, while not helpful to revenue,
is having a positive impact on costs.

                     Strategic Developments

The airline filed an application with the U.S. DoT for
permission to operate services between any point in the EU and
U.S. to enable it to grow the most profitable part of its
business.

Agreement was reached on new working practices for all 6,000
ground staff involved in the move to Heathrow's Terminal 5.  The
final ballot, by check-in and customer service staff, showed
overwhelming support for more efficient ways of working, ahead
of the move to the airline's new home in Terminal 5.

British Airways and Amadeus signed an agreement for the
distribution of the airline's fares and inventory to Amadeus
travel agencies and corporations.  All four GDSs have now agreed
to new contracts.

The company joined TPG Capital, Vista Capital, Inversiones
Ibersuizas and Quercus Equity to investigate a possible
consortium bid for Iberia.  No guarantee was given that a formal
bid will be made.  The airline has previously ruled out further
capital investment as part of any consortium bid and will not
make an independent bid for the airline.

British Airways' 13 flights a week to Vancouver moved from
London Heathrow Terminal 4 to Terminal 1 on June 1, 2007, to
ease congestion and provide smoother connections for customers.

Eight new Airbus A320 family aircraft were ordered for delivery
in 2008-2010 marking the first step towards establishing a
single fleet across the British Airways' network.  The airline
will also upgrade the Gatwick short haul fleet by replacing the
oldest 14 Boeing 737s with Airbus A319 aircraft.

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

                        *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

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

* Issuer: British Airways Plc

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

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

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




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


AIR JAMAICA: Code Share Pact with Virgin To Cover Flight Needs
--------------------------------------------------------------
Jamaican Finance and Planning Minister Dr. Omar Davies said he
is confident that Air Jamaica's code share accord with Virgin
Atlantic will adequately cover flight needs from Montego Bay to
London, the Jamaica Information Service reports.

Dr. Davies told JIS, "Under the code share agreement, Virgin
Atlantic will operate four round trips per week from London
Gatwick beginning Oct. 30, with two flights each week to
Kingston in addition to the current two flights to Montego Bay."

According to JIS, the minister assured that Air Jamaica will
make sure daily flights will be available to provide flight
connections from London to Montego Bay, or from London to
Kingston.  He said that a passenger can book from London to
either Kingston or Montego Bay.

The Jamaican government will be urging carriers to add more
flights if the demand exists after Air Jamaica's withdrawal from
its London route in October, JIS says, citing Dr. Davies.

Audley Shaw, the Opposition's Finance Spokesperson, told JIS
that British Airways would have been the better choice.  British
Airways was willing to put in two new flights weekly to Montego
Bay.  It would have meant 560 additional seats instead of the
two new direct flights from Virgin Atlantic to Kingston, which
needs transfers to Montego Bay from Kingston.

There were other factors influencing the decision to enter into
the code share accord with Virgin Atlantic, JIS states, citing
Dr. Davies.

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: House Okays Resolution for US$125MM Aid to Firm
------------------------------------------------------------
The Jamaica Observer reports that the House of Representatives
has authorized a resolution calling for a US$125-million
assistance to Air Jamaica.

As reported in the Troubled Company Reporter-Latina America on
June 1, 2007, Jamaican government officials motioned to seek a
government guarantee of US$125 million to boost Air Jamaica's
operations.  Fitz Jackson, State Minister in the Finance and
Planning Ministry, presented the notice of the motion on May 30.  
Opposition Member of Parliament for Clarendon Central Mike Henry
called for a "no-confidence motion" against Air Jamaica's
management and Finance and Planning Minister, Dr. Omar Davies.  
According to him, the management had ignored the business plan
of 2005-2010 and 2015 and failed to run Air Jamaica along the
guidelines presented to the special select committee that the
parliament appointed to evaluate the airline's financial and
operational state.

Opposition Leader Bruce Golding told The Observer that Air
Jamaica racking up losses of US$100 million yearly.  It
shouldn't be taken for granted given its value to Jamaica.  He
said he was not suggesting that the London route should have
been retained.  However, he criticized the due diligence that
was done in deciding the sale of the route to Virgin Atlantic.

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: Moody's Puts B1 Rating on Senior Unsecured Notes
-------------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to Air Jamaica
Limited's guaranteed senior unsecured notes.  The rating is
based on the unconditional and irrevocable guarantee of the
Government of Jamaica, which has a foreign-currency bond rating
of B1.  

Jamaica's foreign currency bond rating reflects the country's
mixed, free market economy with state enterprises as well as
private sector businesses and the government's commitment to
fiscal discipline and comparatively low external government debt
ratios.  The Ba3 foreign currency country ceiling for bonds is
based on the foreign currency government bond rating of Ba1 and
Moody's assessment of a medium risk of a payments moratorium in
the event of a government bond default.

The B1 rating assigned to Air Jamaica Limited reflects the
application of Moody's rating methodology for government-related
issuers, 'The Application of Joint Default Analysis to
government-Related Issuers,' published in April 2005.  The
Baseline Credit Assessment for Air Jamaica Limited is 21
reflecting weak performance, a history of operating losses and
high leverage.  The likelihood of government support is high
because of Air Jamaica's status as the national flag carrier and
the existence of approximately US$400 million of debt issued by
Air Jamaica that is guaranteed by the Government.  The default
dependency is high because, while the government has a
constitutional provision that prioritizes the elimination of a
budget deficit by mandating debt-service payments as the first
expenditure policy, if Air Jamaica is unable to make timely
payments of interest and principal the unsecured notes will
become the obligation of the Government of Jamaica and will be
included as public sector indebtedness which is subject to the
provision of payment under the Jamaican Constitution.

Although the current rating outlook for the Government of
Jamaica is stable, the company must contend with a number of
credit challenges including a high vulnerability to domestic and
external shocks, such as hurricanes or other natural disasters
or other circumstances such as increased airport access costs
and fees imposed on passengers which cause a reduction in demand
for air transportation to Jamaica, and which could impact the
tourism industry and Jamaica's economy more broadly.

As a result of poor financial performance with operating losses
between 1994 and 2004, the Government of Jamaica acquired full
ownership and control of Air Jamaica Holdings, which holds 100%
of the outstanding common shares of Air Jamaica Limited, the
national airline of Jamaica on Dec. 23, 2004.  In each of the
fiscal years since being acquired by the Government Air
Jamaica's operating losses have continued.  The Government
unconditionally guarantees payment of principal and interest on
the notes which will be sold in privately negotiated
transactions which, under Rule 144A, do not require registration
under the Securities Act of 1933.

The stable outlook reflects the likelihood that the Government
will continue to invest in Air Jamaica despite its continued
generation of operating losses.  Downward pressure on the rating
could occur if real gross domestic product fails to exhibit
sustainable growth, the tourism industry (Jamaica's leading
gross earner of foreign exchange) contracts, or net inflows from
official and private sources are inadequate to finance the
current account deficit.  The ratings could be raised if, in
addition to continued strengthening of the credit metrics of the
Government of Jamaica, Air Jamaica generates sustained operating
profits and positive cash from operations, which allow the
company to increase its cash balance.

Assignments:

   * Issuer: Air Jamaica Limited

     -- Senior Unsecured Regular Bond/Debenture, Assigned B1

Air Jamaica Limited, headquartered in Kingston, Jamaica,
provides service from Jamaica to the U.S., Toronto, and other
Caribbean destinations.




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


AMERICAN AXLE: Fitch Expects to Rate Senior Term Loan at BB
-----------------------------------------------------------
Fitch Ratings expects to assign a rating of 'BB' to the senior
unsecured term loan announced by American Axle & Manufacturing
Holdings, Inc., subject to review of final documentation.

The company's current ratings are:

American Axle & Manufacturing Holdings, Inc.

    -- Issuer Default Rating 'BB';

American Axle & Manufacturing, Inc.

    -- Issuer Default Rating 'BB';
    -- Senior unsecured revolving credit facility 'BB';
    -- Senior unsecured term loan 'BB';
    -- Senior unsecured notes 'BB'.

The Rating Outlook is Negative. Including the available portion
of AXL's revolving credit facility, Fitch's ratings affect
approximately US$1.5 billion of indebtedness.

Fitch expects the proceeds from the new US$250 million term loan
to be used to refinance the existing term loan due 2010.  The
new term loan should reduce cost of capital and extend the
maturity into 2012. Annual cash interest savings should be
around US$4 million.  The new term loan covenants are more
flexible in that they will not include the limitations on
restricted payments contained in the existing term loan
agreement.

Additionally, the leverage ratio debt incurrence test will
increase to 3.75 from 3.50 and the allowable asset dispositions
amount will increase from US$50 million from US$10 million.  The
amount of baskets for permitted liens and indebtedness are
approximately the same in the aggregate with some slight
modifications to the descriptions.  The change-in-control
covenant remains unchanged.

Fitch's affirmation reflects the risks associated with AXL's
dependence on General Motors Corp.  (GM; Fitch IDR 'B'; Rating
Watch Negative) for roughly 75% of its total revenue and in
particular, GM's passenger trucks, which compete in segments
that will remain under pressure in 2007.

Partially offsetting these risks are AXL's margin performance,
solid liquidity and competitive position; the financial benefits
of recent headcount reduction; and an expected improvement in
free cash flow in 2007.  Free cash flow over the next several
years will benefit from recent restructuring activities and
reduced capital expenditure levels following an extended period
of higher costs associated with the launch of GM's GMT900 trucks
and international growth initiatives.  In addition, the new
business backlog with customers other than GM continues to grow.

The Negative Rating Outlook reflects the credit condition of
AXL's largest customer, critical labor negotiations later this
year between GM and the United Auto Workers union, a financially
stressed base of suppliers other than AXL, and the uncertain
sustainability of large pickup truck production volume in light
of a slump in new home construction.  In addition, there is the
uncertainty regarding demand for large sport utility vehicle
relative to consumers' reaction to higher fuel prices.  Fitch
could revise the Rating Outlook to Stable if GM's production
outlook stabilizes or AXL's free cash flow materially improves
in 2007, providing increased cushion against the uncertainty of
the factors listed above.

AXL has maintained its financial discipline through a period of
heavy investment and in the midst of difficult industry
conditions.  While many suppliers have chosen to take advantage
of attractive secured financing arrangements, AXL's funding has
remained unsecured.  AXL's credit metrics are healthy for the
current rating, but AXL's credit profile is currently
constrained by the company's dependence on GM, exposure to light
trucks, and negative free cash flow over the past two years.  
For 2006 AXL's total debt to operating EBITDA was 2.6 times,
total adjusted debt to operating EBITDAR (adjusted for rent) was
2.9x, and funds from operations (FFO) adjusted leverage was
3.4x.

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


CONSOLIDATED CONTAINER: Will Buy Mesa Industries' Assets
--------------------------------------------------------
Mesa Industries has announced its intent to sell substantially
all of its assets to Consolidated Container Company.  Mesa is a
leading blow molder focused in the consumer products and
chemical sectors and has nine blow-molding locations:

   * Thomasville, NC,
   * Statesville, NC,
   * Asheville, NC,
   * Abingdon, VA,
   * Chambersburg, PA,
   * Dupo, IL,
   * Dallas, TX,
   * Palm Coast, FL and
   * Deland, FL.

With this acquisition, CCC will have 70 blow molding locations
in North America.  Details of the transaction have not been
released.  Closing of the transaction is expected to occur in
the next several weeks subject to completion of definitive
documentation and Board approvals.

Jeffrey M. Greene, President and Chief Executive Officer of CCC,
said, "We are very excited about this acquisition, which expands
CCC's national platform while increasing the number of on-site
locations with customers to twenty four, and brings new
customers into our portfolio. Mesa Industries is a leader in its
niche and a terrific addition to CCC.  Their leadership is well
recognized in the industry for their commitment to customer
service and excellence, and I am happy to say that the key
members of the Mesa Team have agreed to accept important
positions with CCC."

Headquartered in Atlanta, Georgia, Consolidated Container
Company LLC -- http://www.cccllc.com/-- develops, manufactures
and markets rigid plastic containers for many of the largest
branded consumer products and beverage companies in the world.
The company has a network of 55 strategically located
manufacturing facilities and a research, development and
engineering center located in Atlanta, Georgia.  In addition,
the company has three international manufacturing facilities in
Canada and Mexico.  The company sells containers to the dairy,
water, juice & other beverage, household chemicals & personal
care, agricultural & industrial, food and automotive sectors.
The company's container product line ranges in size from two-
ounce to six-gallon containers and consists of single and multi-
layer containers made from a variety of plastic resins,
including high-density polyethylene, polycarbonate,
polypropylene, and polyethylene terephthalate.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2007, Moody's Investors Service upgraded the Corporate
Family Rating of Consolidated Container Company LLC to B2.
Concurrently, Moody's assigned a B1 rating to the US$390 million
PP&E term loan facility and a Caa1 rating to the US$250 million
second lien term loan facility of Consolidated Container.
Moody's affirmed the ratings with stable outlook.


GENERAL MOTORS: Says It Is Making Progress in Restructuring
-----------------------------------------------------------
General Motors Corp Chief Executive Officer Rick Wagoner told
Newratings.com that the firm was making significant progress in
its restructuring.

General Motors incurred over US$12 billion losses in the last
two years, published reports say.

According to the report, Mr. Wagoner said that General Motors
has rid of over 34,000 jobs.  

General Motors' losses dropped to US$2 billion in 2006, compared
to US$10.4 billion in 2005, Newratings.com notes.

Mr. Wagoner told Newratings.com that he is positive that General
Motors would soon reach a settlement with Delphi Corporation, a
supplier of vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.

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.  
Moody's said the rating outlook remained negative.


SANMINA-SCI: Intends to Offer US$600 Million of Senior Notes
----------------------------------------------------------
Sanmina-SCI Corporation intends to offer, subject to market and
other conditions, US$600 million aggregate principal amount of
Senior Floating Rate Notes, which will be issued in a:

    * US$300 million tranche due in 2010 and
    * US$300,000,000 tranche due in 2014,

through an offering in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended, and outside the United States to non-
U.S. persons pursuant to Regulation S under the Securities Act.

The notes will be fully and unconditionally guaranteed on a
senior, unsecured basis by substantially all of Sanmina-SCI's
domestic restricted subsidiaries.  The interest rate and other
terms for each series of the notes are to be determined by
negotiations between Sanmina-SCI and the initial purchasers
of the notes.

Sanmina-SCI intends to use the net proceeds from the sale of
notes in the offering, together with cash on hand, to repay its
existing term loan under the Credit and Guaranty Agreement,
dated as of Oct. 13, 2006, among Sanmina-SCI, its subsidiaries
party thereto as guarantors, the lenders party thereto and Bank
of America, as administrative agent, and to pay fees and
expenses incurred in connection with the offering of the notes.

The securities will not be registered under the Securities Act,
or any state securities laws, and unless so registered, may not
be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities
Act and applicable state laws.

                     About Sanmina-SCI Corp.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Finland, Malaysia,
Mexico and Singapore, among others.


SANMINA-SCI: Fitch Rates Proposed US$600-Million Notes at BB+
-------------------------------------------------------------
Fitch has assigned a 'BB+/RR1' rating to Sanmina-SCI
Corporation's (Nasdaq: SANM) proposed US$600 million offering of
senior unsecured floating rate notes.

The two-tranche debt offering consists of US$300 million of
notes due 2010 and US$300 million due 2014.  Proceeds from the
offering and cash on hand will be utilized to repay an existing
US$600 million senior unsecured term loan and to fund related
fees and expenses.  The Rating Outlook is Negative.

Fitch currently rates Sanmina as:

    -- Issuer Default Rating at 'B+';
    -- Senior secured credit facility at 'BB+/RR1'.
    -- Senior unsecured notes at 'BB+/RR1';
    -- Senior subordinated debt at 'B/RR5'.

The ratings and Negative Outlook reflect Sanmina's:

    -- Weak operating trends, including a nearly 3% decline in
       revenue for the latest 12 months ended March 31, 2007
       relative to the year-ago period;

    -- Pressured operating EBIT margin of only 1.7% for the LTM
       ended March 31, 2007;

    -- Cash conversion cycle of 45 days in the quarter ended
       March 31, 2007, among the highest of Fitch-rated      
       electronic manufacturing services companies; and

    -- Significantly leveraged balance sheet relative to its
       tier 1 competitors, resulting in the highest leverage
       ratio (total adjusted debt to operating EBITDA) of the
       group at 6.6 times.

Fitch expects a difficult competitive environment within the EMS
industry in 2007 driven by continued pricing pressure from Asian
EMS and original design manufacturing vendors as well as a
continued trend by original equipment manufacturers to
consolidate EMS vendors, both of which could hamper efforts to
improve the operating performance at Sanmina.  The company is
currently evaluating its strategy and position within the market
and recently announced a shift in its ODM business to a joint
design manufacturing model.

In addition, Sanmina is considering various strategic
alternatives for its low margin personal computing, low-end
server and storage businesses.  Actions that could potentially
stabilize Sanmina's ratings include a divestiture of lower
margin businesses to improve overall operating performance
and/or the use of proceeds from asset divestitures to pay down
debt.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence
recovery rates for its creditors, will be maximized in
liquidation rather than in a going concern enterprise value
scenario.

In estimating Sanmina's liquidation value under a distressed
scenario, Fitch applied advanced rates of 80%, 20%, and 10% to
Sanmina's current balance of accounts receivable, inventory, and
property, plant and equipment, respectively.  That leads to a
distressed enterprise value estimate of approximately
US$1.3 billion, providing the basis for a waterfall analysis to
determine recovery ratings.  The current 'RR1' recovery rating
for Sanmina's secured credit facility and unsecured notes
reflects Fitch's belief that 100% recovery is realistic.  As is
standard with Fitch's recovery analysis, the revolver is fully
drawn and cash balances fully depleted to reflect a stress
event.  The current 'RR5' Recovery Rating for the senior
subordinated debt reflects Fitch's estimate that a recovery of
only 10%-30% would be achievable.

As of March 31, 2007, Fitch believes liquidity was adequate and
supported by US$664 million in cash and equivalents; US$500
million senior secured revolving credit facility due Dec. 2008,
of which approximately US$400 million remains available; and
various receivables sales facilities totaling approximately
US$400 million, of which approximately US$80 million remains
available.

While Fitch estimates Sanmina's free cash flow for the LTM ended
March 31, 2007 was negative US$406 million, largely due to
increases in working capital driven by higher cash conversion
cycle days.

Fitch expects working capital trends to moderate, which should
enable Sanmina to produce positive free cash flow in fiscal
2007.

Pro forma for the debt offering and repayment of the US$600
million term loan, Fitch estimates total debt was US$1.7
billion, consisting of US$100 million drawn against a US$500
million senior secured revolving credit agreement; US$300
million of senior unsecured FRN due 2010; US$300 million of
senior unsecured FRN due 2014; US$400 million of 6.75% senior
subordinated notes due 2013; and US$600 million of 8.125% senior
subordinated notes due 2016.

The company has locations in Brazil, China, Finland, Malaysia,
Mexico and Singapore, among others.


SANMINA-SCI: Moody's Rates US$600-Million Senior Notes at Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Sanmina SCI
Corporation's US$600 million senior floating rate notes due 2010
and 2014.  Concurrently, Moody's affirmed the company's Ba3
corporate family rating and the B2 ratings on Sanmina's US$400
million and US$600 million senior subordinated notes, due 2013
and 2016, respectively.  

The proceeds from the new notes will refinance the company's
US$600 million unsecured term facility due 2008, whose rating
will be withdrawn upon repayment.  The rating outlook is stable.

The Ba3 rating on the new notes reflects both the overall
probability of default of the company to which Moody's assigned
a PDR of Ba3, and a loss given default of LGD 4 for the new
notes.  The notes will be fully and unconditionally guaranteed
on a senior unsecured basis by substantially all of Sanmina's
domestic restricted subsidiaries.

Ratings/assessments assigned:

   -- US$600 million senior floating rate notes due 2010 and
      2014 at Ba3 (LGD4, 53%)

Ratings/assessments affirmed:

   -- Corporate family rating at Ba3;

   -- Probability-of-default rating at Ba3;

   -- US$400 million senior subordinated notes due 2013 at B2
      (LGD5, 83%);

   -- US$600 million senior subordinated notes due 2016 at B2
      (LGD5, 83%);

   -- Speculative grade liquidity rating of SGL-2.

Ratings/assessments to be withdrawn upon repayment:

   -- US$600 million senior unsecured term loan due 2008 at Ba3
      (LGD3, 45%);

Sanmina's Ba3 corporate family rating continues to reflect the
overcapacity, volatility and competition in the EMS industry as
also the company's weak financial performance and credit metrics
partly due to weaker operating performance and increased working
capital intensity.  Moody's notes the recent stabilization of
performance, inventory management and improved cash flow
generation, and expects further improvement of the company's
business and financial profile considering it's potential exit
from the low margin PC business.  Moody's also notes the
improved debt-maturity profile of Sanmina via this financing
which replaces the facility due January 2008 with the earliest
maturity on the notes in 2010.  Other factors supporting
Sanmina's Ba3 rating include Sanmina's tier one status in the
EMS industry, generally favorable outsourcing trend by the OEMs,
growing diversity in Sanmina's end markets served, and the
company's strength in some of the newer industries such as
medical and defense industries.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.  The company operates in Brazil, Mexico, Finland,
Hungary, among others.


SANMINA-SCI: S&P Rates US$600 Million Floating-Rate Notes at B+
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to San Jose, California-based
Sanmina-SCI Corp.'s US$600 million in floating-rate notes,
US$300 million of which mature in 2010 and US$300 million of
which mature in 2014.

Proceeds will be used to refinance the company's US$600 million
term loan due January 2008.

Sanmina's 'B+' corporate credit and 'B-' subordinated ratings
are affirmed.  The outlook is stable.
      
"The ratings reflect continued erosion of profit measures,
diminished liquidity, and high leverage," said Standard & Poor's
credit analyst Lucy Patricola.  These concerns are partly offset
by the company's top-tier business position in low volume,
complex electronic manufacturing services end markets and stable
operating performance in that division.

The company has locations in Brazil, China, Finland, Malaysia,
Mexico and Singapore, among others.


SATELITES MEXICANOS: Gets Acquisition Offer from Eutelsat
---------------------------------------------------------
French satellite operator Eutelsat Communications told the
Associated Press that it, along with its two Mexican partners
Groupe Miguel Aleman and Groupe Clemente Serna, has submitted
an offer to acquire Satelites Mexicanos.

Eutelsat Communications refused to tell the AP how much of
Satelites Mexicanos it wants to own or how much it is
offering.

The AP notes that Eutelsat Communications, Groupe Miguel and
Groupe Clemente are participating in a competitive bidding
process the Satelites Mexicanos shareholders launched.  Morgan
Stanley coordinated the process.

Foreign and Mexican investors had presented offers for
Satelites Mexicanos.  Foreign bidders included satellite
operators, Dow Jones Newswires states, citing Satelites
Mexicanos Chief Executive Officer Raul Cisneros.

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

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

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

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

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


TAPE BORROWER: Moody's Puts Junk Rating on Proposed Term Loan C
---------------------------------------------------------------
Moody's Investors Service assigned B2 ratings to Tape Borrower
Inc.'s (the new parent company of Intertape Polymer Group)
proposed term loan B and revolving credit facility.  

In a related action, Moody's assigned a Caa2 to Tape Borrower
Inc.'s proposed term loan C.  The former B3 corporate family
rating at Intertape Polymer Group has been withdrawn and
reassigned to Tape Borrower Inc.  The company's outlook was
revised to stable from negative and the SGL rating was upgraded
to SGL-3 from SGL-4.  The rating action reflects Intertape
Polymer Group's recent announcement that Tape Borrower Inc., an
indirect wholly owned subsidiary of Littlejohn Fund III, L.P.
(Littlejohn), will acquire all of Intertape Polymer Group's
outstanding common shares at a price of US$4.76 per share in
cash. The total transaction value is approximately US$510
million, including US$320 million of debt.  The transaction will
be subject to the approval of two-thirds of the votes cast by
the company's shareholders at a special meeting anticipated in
late June 2007.  Proceeds from the term loans will be used to
repay existing bank debt, partly finance the acquisition, and
pay other fees and expenses.

Assignments:

   * Issuer: Tape Borrower Inc.

     -- Corporate Family Rating, Assigned B3;

     -- Senior Secured Term Loan B, Assigned B2 and a range of
        33-LGD3;

     -- Senior Secured Term Loan C, Assigned Caa2 and a range of
        85-LGD5;

     -- Senior Secured Revolving Credit Facility, Assigned B2
        and a range of 33-LGD3;

     -- Probability of Default Rating, Assigned B3;

     -- Speculative Grade Liquidity Rating, Assigned SGL-3;

     -- Outlook, Assigned Stable.

Despite the roughly US$80 million increase in debt as a result
of the acquisition by Littlejohn, Moody's revised the company's
outlook to stable due to its improved liquidity position and the
expectation that its new private equity owner will have a
greater chance of stabilizing or improving the company's
operating performance than prior management.

The B3 corporate family rating reflects the company's weak
operating performance (operating margins of approximately 3%),
limited free cash flow, limited top line growth, a high
percentage of commodity products versus innovative products, the
potential for additional near-term declines in certain product
demand, high leverage (adjusted debt to EBITDA of approximately
5.5x), and exposure to fluctuating raw material costs.
Littlejohn will be inserting an interim CEO to manage the
company and has undertaken a search for the position.  Based on
the company's recent operating trends, management will need to
continue executing cost savings initiatives to improve
profitability over the near term.  Moody's believes that the
company will need to demonstrate that the competition across its
end markets will not continue to force the company to lower
prices in order to maintain market share.

Volume and price declines in 2006 have negatively affected
Intertape Polymer Group's gross margins for certain products.
Weak end market demand, primarily in the North American housing
construction market, and declining prices for films products
continue to compress gross margins.  In order to mitigate the
margin compression, Intertape Polymer Group announced and
executed manufacturing facility closures and other restructuring
actions to generate significant annual savings.  Certain of
these savings have already been realized in prior periods as the
company begins to realign its cost structure with product
demand.  Even with this progress, Moody's believes that a
combination of a slowdown in the economy and competitive
pressures could continue to adversely impact the company's
operating performance and offset much of the planned cost
savings.

Moody's also concluded that a B3 corporate family rating is most
representative of a company with an evolving financial/operating
strategy, a new senior management team in a highly levered
environment, and new private equity sponsorship.  Should margin
improvement occur, Moody's expects that Intertape Polymer Group
will consider distributions to its sponsor as well as modest
debt-financed acquisitions to fund external growth.  Factors
that support the ratings include product breadth, the company's
estimated market share for several of its product lines within
the tapes sector, a reasonable track record of passing through
higher raw material costs to customers, and its recent cost
saving initiatives.

The speculative grade liquidity rating was upgraded to SGL-3
from SGL-4 because Moody's believes the company's liquidity
position, which weakened in 2006 due to the need to renegotiate
financial covenants, will improve over the near term.  The new
credit agreement reduces financial covenants to a single
leverage ratio and should provide adequate headroom over the
next four quarters.  Furthermore, Moody's expects that the
company will most likely continue to utilize its bank revolver
to help support operational needs.

Although the outlook is stable, a sustained deterioration in
operating performance or credit metrics due to additional
declines in product demand, or other operational issues could
result in a downgrade of the ratings.  Conversely, the ratings
could be raised if the company successfully resolves its CEO
succession plan, continues to generate savings from additional
cost reduction efforts, and restores operating margins and
adjusted RCF-Capex/Debt of 5% on a sustainable basis.

The most recent prior rating action occurred on March 26, 2007.
Moody's downgraded the long-term and corporate family ratings of
IPG (US) Inc. as well as the senior subordinated notes of
Intertape Polymer US Inc. The rating action reflected the same
key rating drivers mentioned above, however the outlook was
revised to negative.  The negative outlook reflected the limited
room under financial covenants in its secured facilities and the
lack of definitive information with respect to the CEO
succession plan or the outcome of the Board's review process
concerning various strategic and financial alternatives.

Headquartered in Bradenton, Florida, Tape Borrower Inc., the new
parent company of Intertape Polymer Group, is a leading
manufacturer and marketer of adhesive tapes, specialty tapes,
plastic films and engineered coated products.  The company
employs about 2450 employees with operations in 18 locations,
including 13 manufacturing facilities in North America, one in
Portugal and in Mexico.




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


CENTENNIAL COMM: Citel Providing Firm with Phone Service
--------------------------------------------------------
U.S. Internet Protocol software company Citel said in a
statement that it will provide Centennial Communications Corp.
with Voice over Broadband "migration" software.

Business News Americas relates that the software lets Centennial
Communications' unit to offer Puerto Rican firms a hosted
Internet Protocol "PBX" software, "blending with existing
infrastructure" to lessen hardware and software upgrade
expenses.

Citel Senior Vice President Michael Burke said in a statement,
"Most enterprises seeking the cost and feature benefits of
hosted IP [Internet protocol] telephony are hesitant to throw
away their existing PBX handsets in return for a costly and
time-consuming upgrade to IP phones and new LAN [local area
network] hardware."

Puerto Rican retailer Berrios is Centennial Communications'
first client for the Citel software.  Berrios will install the
network in 35 retail outlets, BNamericas states.

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

At Feb. 28, 2007, the company's balance sheet showed
US$1,393 million in total assets, US$2,482.8 million in total
liabilities, and US$3.9 million in minority interest in
subsidiaries, resulting in a US$1,093.7 million total
stockholders' deficit.


CLEAN HARBORS: Hires Deirdre Evens as VP for Corporate Sales
------------------------------------------------------------
Clean Harbors Inc. has named Deirdre J. Evens, 43, to the
position of Executive Vice President of Corporate Sales and
Business Development effective June 4, 2007.  Ms. Evens will
report to Clean Harbors' Chief Executive Officer Alan S. McKim.  
Ms. Evens will have responsibility for implementing key national
and vertical account programs.  She also will be responsible for
directing and overseeing business development programs across
the U.S. and Canada.

"We're very excited to have Deirdre join our executive team,"
said Mr. McKim.  "Deirdre's extensive marketing and operational
experience, as well as her proven leadership in managing key
segments of major national companies will be a valuable asset to
Clean Harbors' expanding operations and continued growth."

Most recently Evens served as Senior Vice President, Member
Insight at BJ's Wholesale Club, an US$8 billion Fortune 300
retailer and the leading warehouse chain in the eastern United
States.  In this role, she led the company's strategy, analytics
and segment marketing functions, with responsibility for
identifying and driving club member insights into actionable
business improvements throughout all retail functions.

Prior to BJ's, Ms. Evens held a series of positions of
increasing responsibility at Polaroid Corporation, a leading
worldwide manufacturer of instant and digital imaging products
and consumer electronics products, culminating in her
appointment as Senior Vice President of Worldwide Marketing and
Business Strategy.  Her experience at Polaroid included
leadership roles in the areas of New Product Development, Plant
Management, Sales, Marketing, and Global Business Unit
Management.  Ms. Evens holds a Bachelor of Science degree in
Mechanical Engineering from Cornell University. She is married
with five children and lives with her family in Framingham, MA.

                       About Clean Harbors

Headquartered in Norwell, Massachusetts, Clean Harbors Inc.
(NasdaqGS: CLHB) -- http://www.clenharbors.com/-- provides   
environmental and hazardous waste management services in North
America.  It operates through two segments, Technical Services
and Site Services.  The Technical Services segment collects,
transports, treats, and disposes hazardous and non-hazardous
wastes for commercial and industrial customers, health care
providers, educational and research organizations, and other
environmental services companies and governmental entities.  The
Site Services segment provides environmental site services to
maintain industrial facilities and process equipment, as well as
clean up of hazardous materials to chemical, petroleum,
transportation, utility, and governmental agencies.  Clean
Harbors has more than 100 locations strategically positioned
throughout North America in 36 U.S. states, six Canadian
provinces, Mexico and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 24, 2007, Standard & Poor's Ratings Services revised its
ratings on Clean Harbors Inc.'s senior secured US$50 million
synthetic letter of credit facility and US$30 million term loan.  
The loan ratings were raised to 'BB+' from 'BB' and the recovery
ratings were revised to '1' from '2', indicating our expectation
that these lenders would receive full recovery of principal in a
payment default.
     
At the same time, S&P revised its recovery rating on the
company's US$150 million second-lien senior secured notes (which
have US$91.5 million remaining) to '4' from '5', indicating
S&P's expectation that these noteholders would receive marginal
(25%-50%) recovery of principal in a payment default.  The
rating on the second-lien senior secured notes remains unchanged
at 'B+'.


FERRELLGAS PARTNERS: Earns US$43.7MM in Quarter Ended April 30
--------------------------------------------------------------
Ferrellgas Partners, L.P. reported net earnings of US$43.7
million for its fiscal third quarter ended April 30, 2007, which
rose 41% from US$30.9 million in the prior fiscal year's
quarter.  Adjusted EBITDA increased 18% to a record US$95.1
million from US$80.8 million in that same prior year period.  
This earnings performance reflects the positive impact of higher
propane sales volumes and continued strong margin performance
during the quarter.

Propane sales volumes rose 6% for the quarter to 244 million
gallons from 231 million gallons sold a year ago.  This increase
in demand correlated to nationwide temperatures that were 6%
cooler than in the same period last year, yet remained 1% warmer
than normal.

"We are pleased to be able to share these record third quarter
results with our investors," said Steve Wambold, President and
Chief Operating Officer.  "As we continue to improve both
operationally and financially, we anticipate that this strong
performance will continue into our fourth-quarter and positively
impact our full year results.  We remain confident in our full-
year Adjusted EBITDA guidance of US$235 million to US$245
million."  As of April 30, 2007, the partnership's trailing 12-
month Adjusted EBITDA was a record US$235.2 million, a nearly 9%
improvement over its record fiscal 2006 Adjusted EBITDA of
US$215.9 million.

Third-quarter revenues rose 19% in the quarter to US$624.2
million from US$526.0 million and gross profit grew to a record
US$210.5 million from US$194.3 million achieved in the prior-
year quarter.  Operating and general and administrative expenses
were US$97.4 million and US$11.8 million, respectively, compared
to US$95.1 million and US$12.3 million a year ago.  Equipment
lease expense increased slightly to US$6.7 million in the
quarter from US$6.5 million in the prior fiscal year's quarter.

"We believe that we have built a solid foundation for continued
earnings growth, both through our investments in technology and
people," commented James Ferrell, Chairman and Chief Executive
Officer.  "We will continue to look for ways to improve our
financial results with our objective to improve our
distributable cash flow in the near future."

For the first nine-months of fiscal 2007, both Adjusted EBITDA
and gross profit were a record US$226.3 million and US$565.0
million, respectively.  Revenues grew to US$1.7 billion from
US$1.6 billion in the prior nine-month period, while propane
sales volumes remained unchanged at 682 million gallons.  
Operating and general and administrative expenses were US$287.2
million and US$32.9 million, respectively, compared to US$281.9
million and US$34.8 million a year ago.  Interest and
depreciation and amortization expenses for the nine-month period
were US$66.2 million and US$65.9 million, respectively, and
equipment lease expense for the same period was US$19.8 million.  
Net earnings for the period totaled US$73.4 million, a 16%
increase compared to US$63.2 million achieved in the same period
last year.

Headquartered in Overland Park, Kansas, Ferrellgas Partners, LP
(NYSE: FGP) -- http://www.ferrellgas.com/-- through its    
operating partnership, Ferrellgas, LP, is a propane marketer in
the United States.  Ferrellgas serves more than 1 million
customers in all 50 states, the District of Columbia, Puerto
Rico, and Canada, and has annual sales volumes approaching 1
billion retail gallons.  Ferrellgas employees indirectly own
more than 20 million common units of the partnership through an
employee stock ownership plan.

                        *     *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the broad energy midstream sector, encompassing
companies that engage in the extraction, treating, transmission,
distribution, and logistics for crude oil, natural gas, and
other hydrocarbon products, the rating agency affirmed its Ba3
corporate family rating on Ferrellgas Partners L.P.


KOOSHAREM CORP: Moody's Junks Rating on Proposed US$100MM Debt
--------------------------------------------------------------
Moody's affirmed the B2 Corporate Family Rating of Koosharem
Corporation (dba SelectRemedy, Select) and assigned a B1 rating
to the proposed US$300 million first lien credit facility and a
Caa1 rating to the proposed US$100 million second lien credit
facility.  

The credit facilities will be used to refinance existing secured
indebtedness, provide financing for the acquisition of Ablest
Inc. and fund a dividend to shareholders of US$80 million.  The
rating outlook is stable.

The affirmation of the B2 Corporate Family Rating reflects
credit metrics that are solid for the rating category on a pro
forma basis for the refinancing, dividend and Ablest
acquisition.  Although these transactions will add approximately
US$117 million of net debt, the ratings are supported by
profitability growth and cost synergies achieved since the
acquisition of RemedyTemp Inc. in June 2006.  The ratings remain
constrained by revenue concentration in California, low barriers
to entry in the industry, pronounced earnings and margin
cyclicality and ongoing integration risks.

Moody's assigned these ratings (assessments):

   -- US$50 million 5 year senior secured first lien revolving
      credit facility, B1 (LGD 3, 34%)

   -- US$250 million 7 year senior secured first lien term loan
      B, B1 (LGD 3, 34%)

   -- US$100 million 7.5 year senior secured second lien term
      loan, Caa1 (LGD5, 86%)

The following rating (assessments) were affirmed:

   -- Corporate Family Rating, B2

   -- Probability of Default Rating, B2

   -- US$85 million senior secured first lien revolving credit
      facility due 2012, B1 (LGD3, 37%)- to be withdrawn upon
      the closing of the refinancing

   -- US$140 million senior secured first lien term loan due
      2012, B1 (LGD3, 37%)- to be withdrawn upon the closing of
      the refinancing

   -- US$60 million senior secured second lien term loan due
      2013, Caa1 (LGD5, 89%)- to be withdrawn upon the closing
      of the refinancing

The stable rating outlook anticipates moderate organic revenue
growth and EBITDA margins of 5%-6%.  Absent another large
acquisition or dividend, credit metrics are expected to improve
moderately during the next 12-18 months.

Select, headquartered in Santa Barbara, California, is a
privately-held staffing services business with a network of more
than 250 offices in 34 states.  Select offers temporary, temp-
to-hire, and direct placement positions and derives most of its
revenues from the placement of light industrial and clerical
staff.  Revenues for the year ended Dec. 31, 2006, were US$857
million.   The combined company expects to provide its services
in 35 states, Puerto Rico and Canada, through a network of 220
offices.


PIER 1: Enters Second Amendment to Credit Agreement
----------------------------------------------------
Pier 1 Imports, Inc., through its subsidiary, Pier 1 Imports
(U.S.), Inc., on May 31, 2007, entered into the Second Amendment
to Credit Agreement by and among the company, Bank of America,
N.A., the facility guarantors and lenders.

The Amendment further amends the Company's secured credit
agreement dated Nov. 22, 2005, by changing the definition of the
borrowing base to include additional eligible assets and to
revise certain advance rates.  The maturity date of the
Agreement was extended from the original maturity date of
Nov. 22, 2010, to May 31, 2012, and the Amendment provided a new
pricing grid for determining applicable interest rates.  The
Amendment also revises certain other definitions and terms of
the Agreement, including the allowable use of proceeds and
permitted dispositions.

                     About Pier 1 Imports

Based in Fort Worth, Texas, Pier 1 Imports Inc. (NYSE:PIR)
-- http://www.pier1.com/-- is a specialty retailer of imported    
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico, and Pier 1
kids(R) stores in the United States.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Moody's Investors Service downgraded Pier 1 Imports Inc.'s
corporate family rating to Caa1 from B3 following its continuing
operating struggles and modest performance over the 2006 holiday
season.  Moody's said the rating outlook was revised to
negative.


PORTRAIT CORP: Court Sets July 11 Plan Confirmation Hearing
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on July 11, 2007, to consider
confirmation of Portrait Corporation of America Inc. at its
debtor-affiliates' Amended Chapter 11 Plan of Reorganization,
Bill Rochelle of Bloomberg News reports.

Bloomberg relates that in line with the upcoming confirmation
hearing, the Court approved the sale of the Debtors' business
for US$100 million to CPI Corp., a photo studio operator in
Sears stores operated by Sears Holding Corp.

             Treatment of Claims Under the Plan

The Plan, as published in the Troubled Company Reporter on
Feb. 8, 2007, provides that holders of Allowed Administrative
Expense Claims will be paid in full and in cash. On the Plan's
effective date, the DIP obligations will be deemed allowed and
paid indefeasibly in full in accordance with the terms of the
DIP Agreement and DIP Order.

Upon full payment of all DIP Obligations, all liens and security
interests granted to secure those obligations will be
terminated. Provided, however, that the particular provisions of
the DIP Agreement that are specified to survive will survive.  
Existing letters of credit issued pursuant to the DIP Agreement
will be cancelled and replaced with new letters of credit to be
issued pursuant to the Exit Facility.

Holders of Allowed Priority Tax Claim will receive cash on the
later of the plan effective date or the date the claim became
allowed, or equal annual cash payments together with interest to
be determined by the Bankruptcy Court.

Holders of Class A Allowed Priority Non-Tax Claims will also be
paid in full in cash.

At the sole option of the Debtors, holders of Class B Allowed
Other Secured Claims will: (a) receive payment in full in cash
plus post-commencement date interest; (b) have a reinstated
claim; (c) receive the collateral securing their claim; or (d)
receive a treatment that renders the claim unimpaired pursuant
to Section 1124 of the Bankruptcy Code.

Holders of Class C Allowed Second Lien Notes Claims will
receive, in full satisfaction of their claim, their pro rata
share of 100% of Reorganized Portrait Corp of America common
stock.

Holders of Class D Allowed Senior Notes and Other Unsecured
Claims will receive their pro rata distribution of new warrants.

Holders of Class E Allowed Convenience Class Claims will receive
1% of their allowed claim as payment.

Holders of Class F Allowed Goldman Note Claims, Class G Allowed
Old Preferred Equity Interests, Class H Allowed Old Common
Equity Interests, and Class I Allowed Old Common Subsidiary
Equity Interests will not receive anything under the plan.

Goldman Note Claims refer to: -- the 13.75% Senior Subordinated
Notes due 2010, issued to GS Mezzanine Partners II L.P. and GS
Mezzanine Partners II Offshore L.P.  These notes were guaranteed
by Portrait Corporation of America Inc., American Studios Inc.,
PCA National LLC, PCA National of Texas LP, PCA Photo
Corporation of Canada Inc., Photo Corporation of America Inc.,
and PCA Finance Corp; and -- the 16.5% Senior Subordinated Notes
due 2010, issued to GS Mezzanine Partners II L.P. and GS
Mezzanine Partners II Offshore L.P.

                        About Portrait Corp.

Portrait Corporation of America Inc. -- http://pcaintl.com/--  
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany, and the United Kingdom.  The company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.  Portrait
Corporation and its debtor-affiliates filed for Chapter 11
protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No. 06-22541).  
John H. Bae, Esq., at Cadwalader Wickersham & Taft LLP,
represents the Debtors in their restructuring efforts.  Berenson
& Company LLC serves as the Debtors' Financial Advisor and
Investment Banker. Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.


ROYAL CARRIBEAN: Launches US$0.15 Per Share Quarterly Dividend
--------------------------------------------------------------
Royal Caribbean Cruises Ltd.'s Board of Directors declared a
quarterly dividend of US$0.15 per share payable on
June 29, 2007, to shareholders of record at the close of
business on June 19, 2007.

This is the 55th consecutive quarter Royal Caribbean's Board of
Directors has voted to declare a dividend to shareholders.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/ -- is a global cruise    
vacation company that operates Royal Caribbean International,
Celebrity Cruises and Pullmantur.  The company has a combined
total of 34 ships in service and seven under construction.  It
also offers unique land-tour vacations in Alaska, Australia,
Canada, Europe and Latin America.  The company has operations in
Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service assigned Royal Caribbean Ltd.'s new
benchmark size Euro senior unsecured notes Ba1, raised RCL's
Speculative Grade Liquidity rating to SGL-2 from SGL-3 and
affirmed all other existing ratings.




===============================
S T   K I T T S   &   N E V I S
===============================


DIGICEL LTD: Launches Digi-Center in Nevis
------------------------------------------
Digicel Ltd. has launched Digi-Center in Nevis, Newsday
reports.

According to Newsday, Digi-Center is located at the Henville
Building on the Bay front in Charlestown.

Newsday relates that Deputy Nevis Premier Hensley Daniel
commented during a brief ceremony to mark the opening, "For
years we had one bank, one telephone service, one supermarket,
he said, but today we have seven banks on Nevis, three
telephone companies and many retail outlets.  This is in
keeping with the demands of a globalized world, which we are
all a part of today."

Country Manager Donovan White told Newsday that Digicel will be
appointing a Nevisian manager to take care of the needs of
Nevis.  He said, "We are looking forward to a long and fruitful
relationship as you get to experience why Digicel is the most
sought after brand in the Caribbean."

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.




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


HILTON HOTELS: Selling Embassy Suites Hotel to 1022 Shady
---------------------------------------------------------
Hilton Hotels Corporation has sold the 220-suite Embassy Suites
Hotel in Memphis, Tennessee to 1022 Shady Grove LLC, an
affiliate of Haberhill LLC.  The purchase price was not
disclosed and it is estimated that the new ownership group will
spend US$3.5 million in additional capital to upgrade the
property over and above the approximately US$2 million that
Hilton Hotels Corporation has spent within the past year.  The
hotel will continue to be operated as an Embassy Suites Hotel by
Hilton Hotels Corporation under the terms of long-term franchise
and management agreements.

Additionally, the popular restaurant Frank Grisanti's will
remain an important part of the property as the new owners have
extended its lease through 2014, with an additional 5 year
extension option.

In a separate transaction, Hilton also announced that the 140-
suite Homewood Suites by Hilton hotel on Poplar Avenue in
Memphis has been sold to Apple REIT Companies for US$11.1
million.  The property will also be operated as a Homewood
Suites by Hilton hotel by Hilton Hotels Corporation under the
terms of long term franchise and management agreements.  The
transaction was completed May 15, 2007.

                        About Haberhill LLC

Haberhill LLC -- http://www.haberhill.com/-- is a hotel  
investment and advisory firm that has ownership interests in
numerous full service hotels including properties in
Minneapolis, Washington, D.C. and Hawaii. Since its founding in
2000, Haberhill, with its founder Douglas Greene, has advised
and invested in hotel transactions with an aggregate value of
over $1 billion.

                        About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/--  together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                         *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.




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


DAIMLERCHRYSLER AG: Aims to Boost Sales & Make Mercedes No. 1
-------------------------------------------------------------
DaimlerChrysler AG CEO Dieter Zetsche told the Financial Times
that the carmaker would "focus more on the top line, on the
creation o f our business going forward and less on the
repairs," and hopes to push Mercedes into its previously held
spot as the world's most profitable luxury carmaker following
the sale of the company's ailing unit, Chrysler
Group, to Cerberus Capital Management LP.

The DaimlerChrysler break-up has rekindled the interest of
investors in the performance of both the new Daimler and Mr.
Zetsche, who has denied any responsibility for the U.S.
division's troubles in 2006, mere months after he left the
division, FT observes.

"I am convinced that Chrysler today is in much better shape than
it was six to seven years ago, and you have quite a lot of
parameters to prove that -- quality, productivity and the
portfolio," Mr. Zetsche claims.

The chief executive also said that Mercedes, which has trailed
its main rival BMW on both sales and profitability in recent
years, should expect faster revenues growth compared with the
luxury car market, which itself has above-average growth, FT
notes.  There are no acquisition or large product expansion
plans for the brand but it will push harder into emerging
markets such as Russia, eastern Europe, China and India.  He
added that he would resist calls to split off the trucks
business -- the world's largest -- from Mercedes but that
management would seek to make it the "benchmark" in the
industry.

                      About DaimlerChrysler

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

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

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

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

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



                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
de los Santos, and Christian Toledo, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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