TCRLA_Public/070614.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, June 14, 2007, Vol. 7, Issue 118

                            Headlines

A R G E N T I N A

AGILENT TECHNOLOGIES: Closes Adaptif Photonics Acquisition
AGILENT TECHNOLOGIES: Completes US$250MM Stratagene Acquisition
BOSTON SCIENTIFIC: Inks Share Repurchase Plan with Aspect Med
CIRCULO DE SUBOFICIALES: Claims Verification Ends on Aug. 23
DISTRIBUIDORA CARDIS: Seeks Bankruptcy Protection OK from Court

GLOBAL CROSSING: Extends Broadband Phone Service to LatAm
GLOBAL CROSSING: Signs Pact with OGCbuying.solutions
KONINKLIJKE AHOLD: Earns EUR241 Million in First Quarter 2007
OIL AMERICANA: Proofs of Claim Verification Ends on Aug. 21
OREL SA: Proofs of Claim Verification Deadline Is Aug. 9

B E R M U D A

BNY CONVERGEX: Moody's Puts B1 Ratings Under Review
BNY CONVERGEX: LiquidPoint Buy Cues S&P’s Negative Outlook
CONVERGEX HOLDINGS: LiquidPoint Buy Cues Moody's to Hold Rating

B O L I V I A

PETROLEO BRASILEIRO: Postpones Refinery Transference in Bolivia

B R A Z I L

ACTUANT CORP: Completes 6.875% Senior Notes Private Offering
ASPEN TECH: To Restate Balance Sheets on Accounting Errors
BANCO BRASCAN: Fitch Upgrades Issuer Default Ratings to BB-
BANCO NACIONAL: Okays BRL360-Mil. Loan for PCHs Construction
BOMBARDIER REC: Moody's Rates CDN$250 Mil. Sr. Sec. Loan at Ba2

COMPANHIA SIDERURGICA: Export Revenues Rise in First 4 Months
EMI GROUP: Warner Music Confirms Possible Takeover Bid
EUTELSAT COMMUNICATIONS: Confirms Offer for Satelites Mexicanos
HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2
PETROLEO BRASIILIEIRO: Starts Training Petroecuador Officials

RHODIA SA: Asks AMF to Probe Rumors Over Share Price Movements
STRATOS GLOBAL: Shareholders OK Arrangement Plan w/ CIP Canada
TEKSID ALUMINUM: Gets Consent Solicitation to Amend Indenture
TRW AUTOMOTIVE: Signs Pact with Chinese Motor Inspection Agency
WARNER MUSIC: Confirms Possible Takeover Bid for EMI

* BRAZIL: Inking Ethanol Agreement with Dominican Republic

C A Y M A N   I S L A N D S

AB FUNDING: Proofs of Claim Filing Is Until July 11
AL BAIT: Proofs of Claim Filing Ends on July 11
APET I: Proofs of Claim Must be Filed by July 11
ASM PACIFIC: Proofs of Claim Filing Deadline Is July 11
AUSTRAL CAPITAL: Proofs of Claim Filing Is Until July 11

CAYMAN CONNECTOR: Proofs of Claim Must be Filed by July 11
FINANCE AND INVESTMENT: Proofs of Claim Filing Ends on July 11
FIRST DORMY-IN: Proofs of Claim Filing Is Until June 21
KA LEASING: Proofs of Claim Filing Deadline Is July 11
NEEDHAM EMERGING: Proofs of Claim Filing Is Until June 23

C H I L E

EPD INC: Moody's Junks Rating on Proposed US$410MM Term Loan
EPD INC: S&P Assigns B Corporate Credit Rating

C O L O M B I A

BANCOLOMBIA: Reports COP45,367 Million Net Income in May 2007
GRAN TIERRA: Launches Drill Stem Test Program on Costayaco Well

* COLOMBIA: Launches Offer to Buy Securities for Up to US$800MM
* COLOMBIA: Sells US$1 Billion of Peso-Denominated Bonds
* COLOMBIA: World Bank Okays US$207MM Loan for Transport System

D O M I N I C A N   R E P U B L I C

GENERAL CABLE: Commences US$125 Million Senior Notes Offering

* DOMINICAN REPUBLIC: Inking Ethanol Agreement with Brazil

E C U A D O R

PETROECUADOR: Petroleo Brasileiro Starts Training Officials

G U A T E M A L A

ALCATEL-LUCENT: Robert W. Baird Holds Neutral Rating on Firm

H A I T I

DYNCORP INTERNATIONAL: Hires Dwight Williams as VP-Security

J A M A I C A

AIR JAMAICA: Hotel & Tourist Group Eyes Seat in Firm's Board
AIR JAMAICA: Officials Defend Code Sharing Pact with VAA

M E X I C O

FORD MOTOR: Will Sell Jaguar & Land Rover Brands, Sources Say
FORD MOTOR: Joins GM & Chrysler in Healthcare Fund, Sources Say
GENERAL MOTORS: Joins Chrysler & Ford in Healthcare Fund
MERIDIAN AUTOMOTIVE: Inks MOU to Buy Auto Components' Ohio Unit
SPECIALIZED TECH: Moody's Junks Rating on Proposed US$75MM Loan

P A N A M A

* PANAMA: Forms Energy Department

T R I N I D A D   &   T O B A G O

HILTON HOTELS: Enters Into Partnership with Moet Hennessy

U R U G U A Y

MARQUEE HOLDINGS: Gets Consent Solicitation from Senior Holders

V E N E Z U E L A

CITGO PETROLEUM: Shuts Down Crude Unit at Corpus Christi
DAIMLERCHRYSLER: Chrysler Workers Seeking Buyouts Exceed Plan
DAIMLERCHRYSLER: Deutsche Bank Maintains Buy Rating on Firm
DAIMLERCHRYSLER: Joins GM & Ford in Healthcare Fund
ELECTRICIDAD DE CARACAS: Gets Invite from StockEx To List Stock

PETROLEOS DE VENEZUELA: Borrowing Costs Concern Affects Bonds
PETROLEOS DE VENEZUELA: Mulling Oil Exploration Outside Country
PETROLEOS DE VENEZUELA: Will Pay Dividends to Partnership

* VENEZUELA: Cadivi OKs US$416MM for Trade with Argentina


                          - - - - -


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


AGILENT TECHNOLOGIES: Closes Adaptif Photonics Acquisition
----------------------------------------------------------
Agilent Technologies Inc. has completed the acquisition of Adaptif
Photonics GmbH.  Adaptif brings to Agilent key technology and products
used for advanced polarization analysis and control for the test of
optical components and systems in telecommunications, as well as in the
sensors and laser market.  The majority of Adaptif’s employees have joined
Agilent.

Financial details were not disclosed.  Agilent had signed a definitive
agreement to acquire Adaptif on May 30, 2007.

The combined technology and capabilities of both companies expands
Agilent’s leadership in optical polarization test, allowing Agilent to
offer a full range of electrical and optical test equipment for high-speed
broadband network designs.

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

                        *     *     *

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


AGILENT TECHNOLOGIES: Completes US$250MM Stratagene Acquisition
---------------------------------------------------------------
Agilent Technologies Inc. has completed the acquisition of Stratagene
Corp. for approximately US$250 million.  Agilent expects this strategic
acquisition to accelerate its growth in life sciences through a
complementary product portfolio and strong market reach into academia and
government.

Agilent disclosed the definitive agreement to acquire Stratagene on April
6, 2007.  Completion of this acquisition will have no impact on Agilent's
earnings-per-share guidance.  Agilent's revenue guidance for the third
quarter is now US$1.38 billion to US$1.42 billion.

"The company is excited about the opportunities ahead," Nick Roelofs, vice
president and general manager of Agilent's Life Sciences Solutions Unit,
said.  "With its combined product portfolios, technology, R&D expertise
and employees, the company will serve a wider customer base with more
comprehensive workflow solutions.  This acquisition is an example of
one-plus-one is greater than two because of the workflow leverage the
company anticipates from combining its two companies."

The Stratagene acquisition is expected to strengthen Agilent's life
science offerings in genomics and proteomics, particularly in academia and
government where Stratagene products and market leadership are well
recognized.  Meanwhile, Agilent's sales channel strength in the
pharmaceutical market provides additional opportunities for expanding the
reach of Stratagene's portfolio of reagents and instruments.

Agilent believes that with Stratagene, the total addressable life science
market will be US$14 billion, with an estimated compounded annual growth
rate of 7% to 9% in the next three years.

Stratagene is the largest acquisition that Agilent has made in several
years, underscoring the company's commitment to life sciences.
Stratagene's extensive portfolio of PCR enzymes and instrument
capabilities, including quantitative PCR, coupled with Agilent's range of
product platforms, software and data management capabilities, provides
full workflow solutions to both academic and pharmaceutical customers.

Agilent and Stratagene also have disclosed the sale of certain Stratagene
assets to a new company, Decisive Diagnostics, a subsidiary of Catalyst
Assets LLC, an entity formed by Dr. Joseph A. Sorge, former chairman, CEO
and founder of Stratagene.  Decisive Diagnostics is an entity formed to
pursue molecular diagnostic applications.  Decisive Diagnostics will
acquire for US$6.6 million certain assets of Stratagene from Agilent and
license from Agilent certain of Stratagene's molecular diagnostic
technologies.

                  About Stratagene Corp.

Stratagene Corp. (NASDAQ: STGN) -- http://www.stratagene.com/-- is a
worldwide developer of innovative products and technologies for the
growing life science research market.  Stratagene supports advances in
life sciences by inventing, manufacturing and marketing products that
simplify, accelerate and improve research.  Since 1984, the company's
products have been used throughout the academic, industry and government
research sectors in fields spanning molecular biology, genomics,
proteomics, drug discovery and toxicology.  Stratagene employs more than
450 people worldwide, who have now joined Agilent.  Stratagene's product
portfolio includes reagents for life science research and instruments.
The company also offers a range of diagnostics products, including
applications for allergy testing and urinalysis.  Stratagene's life
science reagent and instrument manufacturing facility in Cedar Creek,
Texas, as well as its diagnostics facilities in Garden Grove, Calif., and
Edinburgh, Scotland, are all registered to the ISO 13485 standard.  The
diagnostics facilities are also licensed medical device manufacturers,
compliant with the U.S. Food and Drug Administration's Quality System
Regulation.  Other major Stratagene locations are La Jolla, Calif.; Tokyo,
Japan; and Amsterdam, the Netherlands.

                 About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/-- is the
world's premier measurement company and a technology leader in
communications, electronics, life sciences and chemical analysis.  The
company's 19,000 employees serve customers in more than 110 countries.

The company has operations in India, Argentina and Luxembourg.


                       *     *     *

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


BOSTON SCIENTIFIC: Inks Share Repurchase Plan with Aspect Med
-------------------------------------------------------------
Boston Scientific Corporation and Aspect Medical Systems, Inc., had agreed
to enter into a share repurchase plan to conclude their alliance for the
development of new brain monitoring products aimed at assisting clinicians
in the diagnosis and treatment of depression, Alzheimer's disease and
other neurological conditions.

The agreement includes these key provisions:

   1) Aspect will immediately acquire 2 million shares of
      Aspect stock now held by Boston Scientific at a price of
      approximately US$15.91 per share.  This price represents
      the average of the closing prices of Aspect stock over
      the 20 most recent trading days.  Prior to this
      agreement, Boston Scientific's position in Aspect stood
      at approximately six million shares, or 27% of Aspect's
      shares outstanding.

   2) For a period of six months following the date of the
      agreement, Aspect will have the right to purchase any or
      all of the balance of Boston Scientific's position in
      Aspect at a price of US$15 per share, or the average of
      the closing prices of Aspect stock over the 10 trading
      days prior to Aspect exercising its right to repurchase,
      whichever is higher.  In addition, Boston Scientific has
      agreed not to sell any of its Aspect stock, except to
      Aspect, during the six month period.

   3) Boston Scientific is relieved from all current and future
      obligations to the alliance.  The neuroscience alliance
      was established in May 2005 and involved a commitment by
      Boston Scientific of US$25 million over five years to
      support research by Aspect in the depression and
      Alzheimer's markets.  To date, Boston Scientific has
      provided US$10 million of the US$25 million originally
      committed.

1.Aspect regains all commercial rights to products
developed under the alliance that were previously shared with Boston
Scientific.

Aspect and Boston Scientific also agreed today that all rights and
obligations in connection with an OEM Product Development Agreement signed
in 2002 will cease effective upon closing of the share repurchase.  As
part of the 2002 Agreement, Boston Scientific held an option to distribute
products developed by Aspect in the procedural sedation space.  With
Boston Scientific declining this option, all rights to products developed
in conjunction with this agreement will revert to Aspect.  As a result of
this, Aspect will recognize approximately US$3.8 million of previously
deferred alliance revenue this quarter.

"Boston Scientific has been an outstanding partner, and we appreciate
their contribution to our success to date.  Further, we understand Boston
Scientific's desire to refocus its strategic priorities following its
recent acquisition, and we believe that this agreement creates new
opportunities for both parties," said Nassib Chamoun, president and CEO of
Aspect Medical Systems.  "We are enthusiastic about Aspect's neuroscience
program, particularly the interim results from the BRITE study that we
announced three weeks ago.  We believe that the neuroscience business will
become a great complement to our core consciousness-monitoring business in
the years ahead.  Today's share purchase from Boston Scientific speaks to
our growing financial strength and signals our confidence in our ability
to continue to grow our core business and to develop the potential of our
neuroscience program."

Chamoun continued, "We also believe that the opportunity to reacquire full
commercial rights to the products developed in the neuroscience space will
prove to be significant for Aspect longer term.  Over the coming months,
we plan to seek financing, which may be in the form of convertible notes,
in order to replenish our cash position and gain the flexibility to
exercise our option to purchase additional shares from Boston Scientific.
We believe these share purchases will provide stability and create value
for all of our shareholders."

                     Transaction Details

Under the terms of the termination and repurchase agreement signed today,
Aspect and Boston Scientific have agreed that all obligations and rights
granted by either party in connection with the 2005 neuroscience strategic
alliance and the 2002 OEM product development agreement will terminate
under the agreement.  In connection with the 2002 Agreement, Boston
Scientific established a revolving credit facility available to Aspect
which was also terminated under the agreement.  Aspect has never drawn
down on this line of credit.

Aspect and Boston Scientific are also entering into a registration rights
agreement under which Boston Scientific will have the right to request
under certain circumstances that Aspect register under the Securities Act
of 1933, as amended, shares of Aspect common stock held by Boston
Scientific and not repurchased by Aspect.

                   About Aspect Medical

Aspect Medical Systems, Inc. (NASDAQ: ASPM) --
http://www.aspectmedical.com/-- produces and develops brain monitoring
technology.  The company's Bispectral Index technology has been used to
assess approximately 20 million patients and has been the subject of more
than 2,800 published articles and abstracts.  BIS technology is installed
in approximately 75 percent of hospitals listed in the July 2006 U.S News
and World Report ranking of America's Best Hospitals and in approximately
55 percent of all domestic operating rooms.  The company is also
investigating how other methods of analyzing brain waves may aid in the
diagnosis and management of neurological diseases, including depression
and Alzheimer's disease.

                    About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops,
manufactures and markets medical devices used in a broad range of
interventional medical specialties.  The company has offices in Argentina,
France, Germany, and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's placed Boston Scientific Corporation's ratings including its Baa3
senior unsecured and Prime-3 short term, under review for possible
downgrade.  The rating action reflects Moody's expectation that, absent
any material debt reduction, financial strength measures over the near
term will be below those identified for an investment grade company under
Moody's Global Medical Products & Device Industry Rating Methodology.


CIRCULO DE SUBOFICIALES: Claims Verification Ends on Aug. 23
------------------------------------------------------------
Estudio Cajido y Asociados, the court-appointed trustee for Circulo de
Suboficiales del Servicio Penitenciario Federal Argentino's reorganization
proceeding, is verifying creditors' proofs of claim until Aug. 23, 2007.

The National Commercial Court of First Instance No. 3 in Buenos Aires,
with the assistance of Clerk No. 6, approved a petition for reorganization
filed by Circulo de Suboficiales, according to a report from Argentine
daily La Nacion.

Estudio Cajido will present the validated claims in court as individual
reports.  The court will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by Circulo de Suboficiales and its
creditors.

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

A general report that contains an audit of Circulo de Suboficiales'
accounting and banking records will be submitted in court.

La Nacion did not state the reports submission deadlines.

The informative assembly will be held on June 11, 2008.  Creditors will
vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Circulo de Suboficiales del Servicio
         Penitenciario Federal Argentino
         Emilio Lamarca 790/72
         Buenos Aires, Argentina

The trustee can be reached at:

         Estudio Cajido y Asociados
         Avenida Corrientes 1515
         Buenos Aires, Argentina


DISTRIBUIDORA CARDIS: Seeks Bankruptcy Protection OK from Court
---------------------------------------------------------------
The National Commercial Court of First Instance No. 24 in Buenos Aires is
studying the merits of Distribuidora Cardis S.A.'s request to enter
bankruptcy protection.

The report adds that that Distribuidora Cardis filed a "Quiebra Decretada"
petition following cessation of debt payments on
June 4, 2007.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

The city's Clerk No. 47 assists the court on this case.

The debtor can be reached at:

         Distribuidora Cardis S.A.
         Ercilia 6436
         Buenos Aires, Argentina


GLOBAL CROSSING: Extends Broadband Phone Service to LatAm
---------------------------------------------------------
Global Crossing said in a statement that it has extended its voice over
Internet protocol local service to Argentina, Brazil and Peru.

Business News Americas relates that the service is also available at:

          -- Austria,
          -- Belgium,
          -- Germany,
          -- Portugal,
          -- Spain, and
          -- Switzerland.

Global Crossing is now offering the service to 20 nations, the report says.

Voice over Internet protocol local service complements the suite of voice
over Internet protocol outbound and converged Internet protocol services
in the markets.  “The service is an inbound local service that provides
nationwide direct inward dialing functionality through a single Internet
protocol interconnection,” BNamericas notes.

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, and the United Kingdom.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The company
filed for chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their creditors,
they listed US$25,511,000,000 in total assets and US$15,467,000,000 in
total debts.  Global Crossing emerged from chapter 11 on
Dec. 9, 2003.

At Dec. 31, 2006, Global Crossing Ltd.'s balance sheet showed a
US$195 million stockholders' deficit, compared to a
US$173 million stockholders' deficit at Dec. 31, 2005.


GLOBAL CROSSING: Signs Pact with OGCbuying.solutions
----------------------------------------------------
Global Crossing has secured an extension of its contract to operate as
main contractor providing the Managed Telecommunication Service (Mts) for
OGCbuying.solutions, an Executive Agency of the Office of Government
Commerce.

The Mts contract was originally signed in 1996 to provide managed voice
and data network services to the public sector and has grown year on year
as new government departments have elected to join the Mts community.  The
new 105 million pound contract extension, which runs until the end of
December 2011, continues to provide managed telephony and data network
services but, more importantly, launches a new portfolio of hosted IP
telephony and mobile working services for UK Government.  These
capabilities have been designed to meet the specific security needs of the
public sector.

"Signing the extension is extremely important to Global Crossing," said
Anthony Christie, managing director for UK and Europe.  "Many of the
e-government initiatives underway in the UK have been a key driver in
further development of our suite of advanced converged IP applications.
These capabilities use new technology to drive efficiency savings, as well
as enable and support secure, mobile and flexible working."

The Mts service currently supports more than 125,000 users across 90 UK
public sector organisations, but is available to be used by any public
sector organisation across central and local government as well as
Education, Health and Criminal Justice.

The contract includes technology provided by Global Crossing's partner
Siemens Enterprise Communications.

"While many public sector technology implementations have received bad
press, this implementation stands out as a stunning success.  Thanks to
excellent working relationships, we have established the trust that has
enabled our team to really deliver against the Government's shared
services agenda," said David Leighton, director, Public Sector at Siemens
Enterprise Communications.  "More than 125,000 Government employees are
migrating toward an open communications environment that supports
efficient, productive and secure working practices.  The public sector is
leading the way on flexible working in the UK and should be a source of
considerable envy for our private sector counterparts."

                          About Mts

Mts is a security accredited telecoms service that enables any public
sector organization and their agents to procure fully managed voice, data
networking, and value added services.

The contract has been expanded since its inception in 1996 to include
services such as IP wide area networking, telephony, security services,
unified messaging, disaster recovery, audio and video conferencing,
non-geographic numbers and translation services, centralized operator
services and mobility and home working.

Global Crossing provides the Mts services to OGCbuying.solutions, which
supplies 90 government departments in over 700 sites that are now users of
Mts.  Global Crossing manages more than 125,000 telephone extensions, 650
PBXs and 200 on-site IP routers, and switches more than 20 million voice
call minutes a month.

                     About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, and the United Kingdom.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The company
filed for chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their creditors,
they listed US$25,511,000,000 in total assets and US$15,467,000,000 in
total debts.  Global Crossing emerged from chapter 11 on
Dec. 9, 2003.

Global Crossing Ltd.'s balance sheet at March 31, 2007, showed
total assets of US$2.2 billion and total liabilities of
US$2.5 billion, resulting in a total stockholders' deficit of
US$290 million.


KONINKLIJKE AHOLD: Earns EUR241 Million in First Quarter 2007
-------------------------------------------------------------
Koninklijke Ahold N.V. posted EUR241 million in net profit on EUR13.22
billion in net revenues for the first quarter of 2006, compared with
EUR246 million in net profit on EUR13.32 billion in net revenues for the
same period in 2006.

"The first quarter showed an encouraging start to the year," Chief
Executive Officer Anders Moberg said.

Ahold attributed its lower profit and revenues to worse margins and a
weaker dollar, Reuters reports.

Ahold's Stop & Shop unit experienced a decline in operating profit,
blaming a current restructuring of its U.S. operations, the Associated
Press relates.

The company, Foo Yun Chee writes for Reuters, is overhauling its Stop &
Shop and Giant-Landover stores in the U.S. by cutting prices, adding
private-label goods and selling variety of products.

Mr. Chee suggests that Ahold was hoping to duplicate the success of its
Albert Heijin unit, which first quarter performance allowed Ahold to
offset its temporary decline in the U.S.

“Albert Heijn had a very good performance,” said Erwin Dut pf Kempen & Co.
told Bloomberg News. “The chain has an enormous momentum as it is still
benefiting from the price war it ignited some years ago.”

"U.S. retail reports in line with expectations and provides more comfort
that the value improvement program implementation will be successful,"
Rabo Securities analysts told Reuters.

Mr. Moberg revealed that Ahold is eyeing “small, fill-in acquisitions."

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                          *    *    *

In a TCR-Europe report on May 11, 2007, Moody's Investors Service placed
the Ba1 Corporate Family Rating and the Ba1 Senior Unsecured Long-Term
Rating of Koninklijke Ahold N.V. on review for possible upgrade.

The action follows the company's recent announcement that it has agreed to
the disposal of its U.S. Foodservice business to private equity funds for
US$7.1 billion.

As reported on May 7, 2007, Fitch Ratings upgraded the Issuer Default and
senior unsecured ratings of Royal Ahold N.V. (nka Koninklijke Ahold N.V.)
to 'BB+' from 'BB'.  The Outlook on the Issuer Default rating remains
Positive.  Its Short-term rating is affirmed at 'B'.


OIL AMERICANA: Proofs of Claim Verification Ends on Aug. 21
-----------------------------------------------------------
Pablo Ernesto Aguilar, the court-appointed trustee for Oil Americana
S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 21, 2007.

Mr. Aguilar will present the validated claims in court as
individual reports on Oct. 2, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Oil Americana and its creditors.

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

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

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

The trustee can be reached at:

         Pablo Ernesto Aguilar
         Hipolito Yrigoyen 1516
         Buenos Aires, Argentina


OREL SA: Proofs of Claim Verification Deadline Is Aug. 9
--------------------------------------------------------
Silvia Beatriz Giambone, the court-appointed trustee for Orel S.A.'s
bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 9, 2007.

Ms. Giambone will present the validated claims in court as
individual reports on Sept. 21, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Orel and its creditors.

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

A general report that contains an audit of Orel's accounting and banking
records will be submitted in court on Nov. 5, 2007.

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

The trustee can be reached at:

         Silvia Beatriz Giambone
         Carlos Pellegrini 1063
         Buenos Aires, Argentina




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B E R M U D A
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BNY CONVERGEX: Moody's Puts B1 Ratings Under Review
---------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating of
ConvergEx Holdings LLC following the company's announcement of a
definitive agreement to acquire Liquid Point LLC and First Traders
Analytical Solutions LLC.

Moody's also affirmed its B3 rating on the US$180 million second-lien term
loan.  The B1 ratings on the US$420 million first-lien term loan and the
US$75 million first-lien revolving credit facility were placed on review
for a possible downgrade pending the final deal financing structure and
ConvergEx's resultant capital structure.

In explaining its rating action, Moody's noted that LiquidPoint, which
specializes in agency-only options brokerage and the sale and marketing of
options trading and order routing software, has the potential to broaden
ConvergEx's product offering and the lessen the company's dependence on
cash equities trading volumes.  Equity options are a fast-growing asset
class, which is being increasingly embraced by market participants, and
the ability to offer a front-end order management solution for options
along with (and integrated into) its Eze Castle's software product suite
should bolster CovergEx's ability to compete for trade analytics and order
management market share, particularly within the alternative investor
community.  The addition of an agency-only options brokerage capability is
also a positive step in that it diversifies ConvergEx's trading
volume-based revenues away from pure cash equities.

Although the acquisition of LiquidPoint will result in a modest increase
in cash flow leverage and will exert pressure on the already thin interest
coverage, the issuer's credit profile remains consistent with a B2
corporate family rating as a result its solid performance and the
de-leveraging undertaken by the firm in the last six months.

The rating agency noted, however, that, subject to its review of the final
terms of the financing, the B1 rating on the first-lien facilities may be
downgraded to B2.  The B1 rating on the first-lien facilities, which is
one notch higher than the CFR, currently benefits from the structural
subordination of the second-lien facilities and the mezzanine note in the
capital structure of the firm.  However, were a meaningful portion of new
debt to rank on terms pari pasu with those of the first-lien facilities,
the relative amount of debt structurally subordinate to the first lien
facilities may be insufficient to support a one-notch lift relative to the
CFR.

What Could Change the Rating UP

The ratings could go up if the company achieves and sustains its targets
of lower leverage and improved interest coverage by means of an aggressive
reduction of debt and/or strong growth in earnings.  A sustained and
profitable growth in revenue, particularly from sources less dependent on
cyclical revenue drivers like trading volumes, would also exert upward
pressure on the ratings.

What Could Change the Rating DOWN

The ratings could go down if there is a significant change in the capital
structure that increases leverage and negatively impacts the already thin
interest coverage. Also weighing negatively on the ratings would be a
deterioration of credit metrics caused by a slowdown in earnings stemming
from a prolonged decline in executed trade volumes or market share erosion
in the company's major business lines.

These ratings were affirmed:

   * ConvergEx Holdings LLC:

     -- Corporate Family Rating -- B2

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

     -- US$180 7.5-Year Second-Lien Term Loan -- B3

These ratings were placed on review for a possible downgrade:

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

     -- US$420 Million 7-Year First-Lien Term Loan -- B1

     -- US$75 Million 6-Year First-Lien Revolving Credit
        Facility -- B1

BNY ConvergEx Group LLC, headquartered in New York City, New York, is a
global agency brokerage and technology company, which generated US$119
million of revenue in fourth quarter 2006.

The company has offices in Bermuda, Hong Kong and the United Kingdom.


BNY CONVERGEX: LiquidPoint Buy Cues S&P’s Negative Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services changed the outlook on its 'B+'
long-term counterparty credit rating on BNY ConvergEx LLC to negative from
stable.

This action was taken in response to the company's announced acquisition
of the privately held LiquidPoint LLC.  "While we understand the
compelling business reasons for this acquisition, management's decision to
make an acquisition at this early stage in the company's status as a
stand-alone entity reflects a more aggressive strategy and attitude toward
debt than we had expected," said Standard & Poor's credit analyst Robert
B. Hoban, Jr. ConvergEx's undertaking a largely debt-funded acquisition at
this time, instead of focusing on paying down existing high debt levels
and the synchronization of its own recently combined businesses, puts
downward pressure on the rating.

If the company does not improve interest coverage or continues to
demonstrate an appetite for leveraging acquisitions, ratings would be
lowered.  Should ConvergEx successfully integrate LiquidPoint, regularly
pay down debt, and maintain interest coverage ahead of projections, the
outlook would return to stable.

ConvergEx is one of the largest independent agency-only equity trading
shops, with several good niche businesses.  ConvergEx's two main business
lines are institutional agency-only equity trading and providing order
management software systems to traders.  ConvergEx was formed in October
2006 in a highly leveraged transaction, which resulted in the company
having no tangible equity and very weak interest coverage.  ConvergEx is
the combination of several institutional brokerage operations formerly
owned by the Bank of New York Co. Inc. and Eze Castle Software Inc.  Each
of the combined entities had good operational management, which has
allowed for a smooth integration to date.

The company has offices in Bermuda, Hong Kong and the United Kingdom.


CONVERGEX HOLDINGS: LiquidPoint Buy Cues Moody's to Hold Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating of
ConvergEx Holdings LLC following the company's announcement of a
definitive agreement to acquire Liquid Point LLC and First Traders
Analytical Solutions LLC.

Moody's also affirmed its B3 rating on the US$180 million second-lien term
loan.  The B1 ratings on the US$420 million first-lien term loan and the
US$75 million first-lien revolving credit facility were placed on review
for a possible downgrade pending the final deal financing structure and
ConvergEx's resultant capital structure.

In explaining its rating action, Moody's noted that LiquidPoint, which
specializes in agency-only options brokerage and the sale and marketing of
options trading and order routing software, has the potential to broaden
ConvergEx's product offering and the lessen the company's dependence on
cash equities trading volumes.  Equity options are a fast-growing asset
class, which is being increasingly embraced by market participants, and
the ability to offer a front-end order management solution for options
along with (and integrated into) its Eze Castle's software product suite
should bolster CovergEx's ability to compete for trade analytics and order
management market share, particularly within the alternative investor
community.  The addition of an agency-only options brokerage capability is
also a positive step in that it diversifies ConvergEx's trading
volume-based revenues away from pure cash equities.

Although the acquisition of LiquidPoint will result in a modest increase
in cash flow leverage and will exert pressure on the already thin interest
coverage, the issuer's credit profile remains consistent with a B2
corporate family rating as a result its solid performance and the
de-leveraging undertaken by the firm in the last six months.

The rating agency noted, however, that, subject to its review of the final
terms of the financing, the B1 rating on the first-lien facilities may be
downgraded to B2.  The B1 rating on the first-lien facilities, which is
one notch higher than the CFR, currently benefits from the structural
subordination of the second-lien facilities and the mezzanine note in the
capital structure of the firm.  However, were a meaningful portion of new
debt to rank on terms pari pasu with those of the first-lien facilities,
the relative amount of debt structurally subordinate to the first lien
facilities may be insufficient to support a one-notch lift relative to the
CFR.

What Could Change the Rating -- UP

The ratings could go up if the company achieves and sustains its targets
of lower leverage and improved interest coverage by means of an aggressive
reduction of debt and/or strong growth in earnings.  A sustained and
profitable growth in revenue, particularly from sources less dependent on
cyclical revenue drivers like trading volumes, would also exert upward
pressure on the ratings.

What Could Change the Rating -- DOWN

The ratings could go down if there is a significant change in the capital
structure that increases leverage and negatively impacts the already thin
interest coverage. Also weighing negatively on the ratings would be a
deterioration of credit metrics caused by a slowdown in earnings stemming
from a prolonged decline in executed trade volumes or market share erosion
in the company's major business lines.

These ratings were affirmed:

   * ConvergEx Holdings LLC:

     -- Corporate Family Rating -- B2

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

   -- US$180 7.5-Year Second-Lien Term Loan -- B3

These ratings were placed on review for a possible downgrade:

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

     -- US$420 Million 7-Year First-Lien Term Loan -- B1

     -- US$75 Million 6-Year First-Lien Revolving Credit
        Facility -- B1

BNY ConvergEx Group LLC, headquartered in New York City, New York, is a
global agency brokerage and technology company, which generated US$119
million of revenue in fourth quarter 2006.

The company has offices in Bermuda, Hong Kong and the United Kingdom.




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


PETROLEO BRASILEIRO: Postpones Refinery Transference in Bolivia
---------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras, with regards to the transference
operation of 100% of Petrobras Bolivia Refinacion (PBR) shares to YPFB,
confirms Bolivian corporation YPFB deposited US$56 million for the first
payment, and presented a letter of guarantee, for the same value, for the
second payment on June 11.

However, since the negotiations to materialize the units' sale agreement
are still in course, the shares have yet to be endorsed.

PBR is still undertaking the required procedures to renew the refineries'
insurance, as the current coverage will expire at the moment the assets
are no longer operated by Petrobras.

In the first bidding round, to which top-notch insurance companies were
invited to participate, no proposals were received that would accept the
Santa Cruz and Cochabamba refinery operator substitution.

These two issues are expected to be solved within the upcoming hours in
order for PBR's share control transference to YPFB to be wrapped-up.

While this situation persists, Petrobras will continue operating the
Gualberto Villarroel and Guillermo Elder Bell refineries, in Cochabamba
and Santa Cruz, respectively, and 100% of the shares will remain PBR
property.

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

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

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

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

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




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


ACTUANT CORP: Completes 6.875% Senior Notes Private Offering
------------------------------------------------------------
Actuant Corporation has completed the previously announced private
placement of US$250 million aggregate principal amount of 6.875% Senior
Notes due 2017.  The Senior Notes were issued at a price of 99.607%, to
yield 6.93%.

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

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

                            *    *    *

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

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


ASPEN TECH: To Restate Balance Sheets on Accounting Errors
----------------------------------------------------------
Aspen Technology, Inc. reported that certain errors in the
accounting for sales of installments receivable were discovered in
connection with a recent review of its financial statements.  As a result,
the company’s previously issued financial statements as of June 30, 2005
and 2006 and for each of the three years in the period ended June 30,
2006, and related reports of its independent registered public accounting
firm for those periods should not be relied upon.  In addition, the
company’s quarterly filings on Form 10-Q within these years and for each
of the quarters ended Sept. 30, 2006, Dec. 31, 2006, and March 31, 2007,
should not be relied upon.

The company estimates that the restatements will result in the
creation of two new balance sheet captions, a collateral asset
for secured borrowings and a secured borrowing liability, in these amounts:

     -- approximately US$70 million as of June 30, 2005;
     -- approximately US$80 million as of June 30, 2006; and
     -- in excess of US$200 million as of March 31, 2007.

Because the review of the accounting is ongoing, these estimates are
subject to change, and those changes could be material.

Brad Miller, chief executive officer of AspenTech, said “It is
expected that the asset and liability accounts created as a result of this
restatement will match, and that the cash flows received from these long
term customer accounts will continue to finance the debt, consistent with
nearly 20 years of practice as well as the intentions of the parties when
the arrangements were originally established.  We do not believe the
restated balance sheet treatment of these accounts for GAAP purposes
affects the net financial position of the company, nor the cash required
and available to operate our business.”

Mr. Miller added, “We are focused on completing the restatement
process as quickly as practicable, and we remain focused on
running the business, serving our customers and continuing to make
progress in improving our operational execution.”

                      About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc. (Nasdaq: AZPN) --
http://www.aspentech.com/ -- provides software and professional services
that help process companies improve efficiency and profitability by
enabling them to model, manage and control their operations.  The company
has locations in Brazil, Malaysia and France.

                           *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  The outlook is stable.

On the other hand, the company carries Standard & Poor's B long-term
foreign and local issuer credit ratings.  The outlook is negative.


BANCO BRASCAN: Fitch Upgrades Issuer Default Ratings to BB-
-----------------------------------------------------------
Fitch Ratings has today upgraded BancoBrascan S.A. as:

    -- Foreign and Local Currency Issuer Default ratings
       upgraded to 'BB-' from 'B+', Outlooks remain Stable

    -- Short-term foreign and local currency ratings affirmed
       at 'B'

    -- Support rating upgraded to '3' from '4'

    -- National Long-term rating upgraded to 'A(bra)' from 'A-
      (bra)', Outlook remains Stable

    -- National Short-term rating upgraded to 'F1(bra)' from
       'F2(bra)'

The upgrade reflects the change in Brascan's current ownership structure
and the accompanying improved operational focus, after Brookfield Asset
Management Inc. (rated 'BBB+'/Outlook Stable) raised its direct and
indirect stake to 60% from 40%. Mellon Bank, (rated 'AA-'/Outlook
Positive) holds the remaining 40%.  In Fitch's opinion, this change allows
the bank to implement its plan to progressively expand activities.

The ratings also consider the solid experience of Brascan's executives and
the bank's greater dependency on proprietary treasury results as a result
of the strategic reorientation implemented in 2001, making it more
susceptible to market volatility and local economic performance.  In 2003,
Brascan decided not to reserve for a fine levied by the Federal Revenue
Service.  Brascan appealed against the fine and in January 2006 received a
favorable decision from the Taxpayers Board of the SRF.  Although the SRF
can still appeal against this decision, prospects for the outcome of this
penalty are now more favorable for Brascan. Fitch considers that any
negative impact is limited by the bank's current good capitalization.
Should there be any changes in these factors and/or in the liquidity and
financial flexibility of Brascan, Fitch would review the bank's ratings.

In 2001 Brascan has reduced the size of its operations and consequently
the need for funding, but maintained satisfactory access to capital
markets, thanks to its reputation, the support of its shareholders and,
more recently, the favorable outcome of the SRF tax assessment notice.
Liquidity and equity are sufficient for Brascan's current activities and
for a payment of the SRF fine (BRL135 million or 44% of equity at
end-December 2006) in the unlikely event that the Taxpayers Board's
decision is repealed.

Since H205 the bank has resumed expansion of its local activities,
focusing on third-party asset management and developing loan operations
secured by receivables to add more stable revenue over the medium- and
long-term.  Their contribution has yet to be significant, due to strong
competition and pressure on spreads.

Brascan and its affiliates focus on treasury, financial consulting
services and structured transactions in the local capital markets.  The
bank is majority-owned by two foreign partners connected with Brookfield
and Mellon Bank groups and managed by local executives.  At December 2006,
Brascan's assets and equity totaled BRL988.2 million and BRL305.1 million
respectively.

Fitch's national ratings provide a relative measure of creditworthiness
for rated entities in countries where the sovereign's foreign and local
currency ratings are below 'AAA'. National ratings are not internationally
comparable since the best relative risk within a country is rated 'AAA'
and other credits are rated only relative to this risk.  They are
signified by the addition of an identifier, for the country concerned,
such as 'AAA (bra)' for national ratings in Brazil.

Brascan and its affiliates are majority controlled by the Mellon
Brookfield groups, focusing its operations on treasury,
financial consulting services and structuring business in the
local capital markets.  The bank's earnings and business volume
continue to fall short of their potential, despite a greater
volume of activity in the bank since 2004.  At December 2005,
Brascan's assets and equity totaled BRL775.9 million and
BRL253.1 million, respectively, with credit assets, including
bonds and guarantees, representing only 14.6% of the bank's
assets.


BANCO NACIONAL: Okays BRL360-Mil. Loan for PCHs Construction
------------------------------------------------------------
Banco Nacional de Desenvolvimento EconOmico e Social aka BNDES' board of
directors has approved a BRL360 million financing for the construction of
a power generation complex located in Juruena river, between the cities of
Sapezal and Campos de Julio, both in the State of Mato Grosso.  The five
Small Hydroelectric Power Stations (PCHs) will have a 91.4 megawatts total
installed capacity.

The financial support was approved by BNDES within the scope of Proinfa --
a government program to support alternative sources of electric power --
and will account for 72% of the BRL502.3 million total investments in the
projects.  The five plants have electric power purchase and sale contracts
signed with Eletrobrás for a total period of 20 years, according to
Proinfa rules, and should generate 1,939 direct and indirect work posts
during the construction works.  The investments also contemplate the
construction of transmission lines which will connect the PCHs to the
national interconnected system.

The PCHs power generation portfolio within the scope of Proinfa supported
by BNDES currently comprises 35 projects that add up to BRL2.1 billion
financings and a BRL2.9 billion total investment, which installed capacity
will represent 791 MW.

One of the merits of the electric power generation complex increase in
Mato Grosso is that it is framed with the government effort to
universalize attendance, in view of the great development potential of the
agribusiness in the region.  The project will also improve the stability
of electric power transmission systems and distribution to Cemat, a public
services concessionaire of electric power distribution in Mato Grosso.

The five Special Purpose Societies that will implement the PCHs supported
by BNDES are:

   a) Campos de Julio Energia S/A (PCH Cidezal) -- 17 MW
      installed capacity, and BRL63 million approved BNDES
      support.

   b) Parecis Energia S/A (PCH Parecis) -- 15.4 MW installed
      capacity and BRL62 million approved BNDES support.

   c) Rondon Energia S/A (PCH Rondon) -- 13 MW installed
      capacity and BRL51 million approved BNDES support.

   d) Sapezal Energia S/A (PCH Sapezal) -- 16 MW installed
      capacity and BRL64 million approved BNDES support.

   e) Telegrafica Energia S/A (PCH Telegrafica) -- 30 MW
      installed capacity and BRL120 million approved BNDES
      support.

Environmental -- All projects already have License for Installation.  The
works associated to environmental programs listed in the licenses
contemplate, among others, the monitoring and environmental control,
preservation of fauna and flora, preservation of the archeological
patrimony, social communication and environmental management.

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

                        *     *     *

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


BOMBARDIER REC: Moody's Rates CDN$250 Mil. Sr. Sec. Loan at Ba2
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Bombardier Recreational
Products' CDN$250 million senior secured revolver and a B1 rating to BRP's
CDN$1.2 billion senior secured term loan.

Proceeds from the transaction will be used to refinance the company's
existing debt (CDN$800 million term loan) and pay a dividend to its
shareholders (the total dividend, which is expected to be paid later in
the year, is expected to approximate CDN$535 million to CDN$435 million
from the term loan and CDN$100 million from free cash flow).

The ratings on the existing first lien and second lien bank debt will be
withdrawn following the close of the transaction.  At the same time,
Moody's affirmed BRP's B1 corporate family rating and B1 probability of
default rating with a negative outlook.

"Moody's believes that the significant improvements in the company's cost
structure over the last few years demonstrated by the 335 bps gross margin
percentage improvement in fiscal 2007 from 2006, diversification in the
company's product offerings and the introduction of new products enabled
it to maintain a B1 rating, albeit weakly positioned, despite the
aggressive financial policies of increasing debt to fund shareholder
returns," said Kevin Cassidy, Vice President/Senior Analyst at Moody's
Investors Service.

"The negative outlook reflects Moody's concern that the company's
aggressive financial policies have reduced its financial flexibility to
withstand a downturn in the recreational sports industry amid continuing
uncertainty in consumer spending," said Mr. Cassidy.  "Failure to reduce
and sustain adjusted leverage, measured as adjusted debt/EBITDA, below 5x
by the end of the year would likely result in a downgrade," Mr. Cassidy
further noted.  The proposed transaction will increase adjusted leverage
to above 5x from 3.8x; adjusted leverage was 4.8x following the May 2006
leverage recapitalization. The negative outlook also reflects Moody's
concern over the lack of maintenance financial covenants.

The ratings for the term loan and revolver reflect both the overall
probability of default of the company, to which Moody's has affirmed the
PDR of B1, and a loss given default assessment of LGD2 (26%) for the
revolver and LGD4 (53%) for the term loan.  Both the revolving credit
facility and the term loan benefit from the full guarantees of the
existing and future subsidiaries.  The revolver has a 1st lien priority
interest on inventory and accounts receivable and a 2nd priority lien on
the remaining assets, and the term has the inverse security interest.
Moody's believes that the term loan's collateral coverage approximates
50%, based on a combination of valuation techniques.

Ratings assigned:

   -- CDN$250 million senior secured revolver, due 2012, at
      Ba2;

   -- US equivalent of CDN$1,230 million senior secured term
      loan, due 2014, at B1;

Rating affirmed:

   -- Corporate family rating at B1;
   -- Probability of default rating at B1.

Headquartered in Quebec, Canada, Bombardier Recreational
Products Inc. -- http://www.brp.com/-- a privately held
company, is a world leader in the design, development,
manufacturing, distribution and marketing of motorised
recreational vehicles.  The company's portfolio of brands and
products includes: Ski-Doo(R) and Lynx(TM) snowmobiles, Sea-
Doo(R) watercraft and sport boats, Johnson(R) and Evinrude(R)
outboard engines, direct injection technologies such as Evinrude E-TEC(R),
Can-Am(TM) all-terrain vehicles, Rotax(R) engines and karts.

The company has operations in Japan, Australia, Brazil, France,
the Netherlands, Norway, the United Kingdom, and the United
States, among others.  Net sales for the 12-month period ended January
2007 were approximately CAD$2.7 billion.


COMPANHIA SIDERURGICA: Export Revenues Rise in First 4 Months
-------------------------------------------------------------
Companhia Siderurgica Nacional's export revenues have increased in the
first four months of this year, compared to the same period last year,
Business News Americas reports, citing Brazilian foreign trade ministry
Secex.

Companhia Siderurgica had US$352 million from shipments abroad in
January-April 2007, which is 23.9% higher compared to US$284 million
year-over-year in 2006, 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.


EMI GROUP: Warner Music Confirms Possible Takeover Bid
------------------------------------------------------
Warner Music Group Corp. confirms that it continues actively to consider
an offer for EMI Group plc, despite its bid being snubbed in favor of an
equity firm.

Warner stated in its Web site that such its offer would be pre-conditional
on appropriate anti-trust clearances being obtained (or the pre-conditions
waived) but not subject to any other pre-condition.  A further
announcement will be made in due course.

EMI, the world's third largest music producer, have been subject to
several takeover bids from Warner Music and other equity firms after it
suffered losses due to a shrinking CD market and rampant online piracy.

On May 21, EMI's board of directors accepted a GBP2.4 billion offer from
Terra Firma Capital, subject to shareholder approval.

However, Ethan Smith of the Wall Street Journal last week noted that
Warner Music believes it could get EMI's recorded-music assets despite
Terra Firma's offer.

According to that report, Warner's executives and investors may counter
Terra Firma's bid, though people close to the company think that Warner
will not go much higher than its original GBP2.4 billion offer.  WSJ adds
that even if Warner acquired EMI, antitrust regulations would require the
music firm to sell the publishing house.

Two sources familiar with the matter had told Reuters that Warner Music
was more likely than not to make an improved offer by early next week.

                       Warner Music Bid

Prior to the Terra Firma recommendation, Warner Music sweetened its bid to
acquire EMI by offering to pay a break-up fee of between GBP50 million and
GBP100 million in case the European Commission blocks its planned takeover
of the U.K. music group, Dominic White of The Telegraph relates.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per share in
cash for EMI is inadequate.  According to Mr. White of The Telegraph, EMI
also cited concerns that Warner had not offered to take any of the
regulatory risk in relation to the takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                            *   *   *

In February 2007, Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K.-based music
group EMI Group PLC to 'BB-' from 'BB'.  The 'B' short-term rating was
affirmed.

At the same time, the long-term corporate credit rating and debt ratings
were put on CreditWatch with negative implications.

In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.
Downgrade and review follow the announcement that EMI:

   (i) will incur up to GBP150 million in incremental
       restructuring costs,

  (ii) has performed below its expectations during its
       financial year-to-date,

(iii) has installed Eric Nicoli, hitherto chairman of the
       group as CEO of EMI Group and of EMI Recorded Music and
       is reviewing its balance sheet.


EUTELSAT COMMUNICATIONS: Confirms Offer for Satelites Mexicanos
---------------------------------------------------------------
Eutelsat Communications confirmed submitting an offer together with two
Mexican partners Miguel Aleman Group and Clemente Serna Group for 100
percent ownership of the Mexican satellite operator Satelites Mexicanos.

The proposal has been submitted within the framework of the sale process
of Satmex initiated by the company's shareholders and managed by Morgan
Stanley.

                        About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  One of its
worldwide operations is located in Brazil.  The Group is one of the
world's three leading satellite operators in terms of revenues.  Its
satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                          *    *    *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
corporate families in the Telecommunications, Media and Technology
sectors, Moody's Investors Service confirmed its Ba2 Corporate Family
Rating for Eutelsat Communications S.A.

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

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                            Debt       LGD      Loss-Given
   Debt Issue               Rating     Rating   Default
   ----------               -------    ------  ----------
   Senior Unsecured
   Bank Credit Facility      Ba3        LGD4       55%


HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2
----------------------------------------------------------
Moody's Investors Service affirmed the corporate family Ba2 rating of
Hercules, Inc. and changed the rating outlook to positive from stable.

At the same time, Hercules speculative grade liquidity rating was raised
to SGL-1 from SGL-2 indicating very good liquidity over the next 12
months.  The positive outlook reflects Moody's anticipation that Hercules
can reduce debt by roughly US$200 million in 2007 and that this will cause
credit metrics to improve to levels that are strong relative to the Ba2
rating by the end of this year.  About US$21 million of the Term Loan B
was paid down in the first quarter of 2007.  The outlook improvement also
reflects Moody's expectation of further debt reduction in 2008 and 2009,
after which Moody's expects absolute debt levels to stabilize.  Provided
that capital expenditures remain moderate, there are no large acquisitions
and prospective dividend actions/share repurchases are prudently sized,
the company should be able to generate retained cash flow to adjusted
total debt above 20%, free cash flow to adjusted total debt of over 10%,
and a fixed charge coverage ratio (EBITDA to interest) of over 4.5X times.
If these metrics are realized Moody's could reassess the appropriateness
of the Ba2 ratings after the end of 2007.  Conversely, an unexpected
increase in legacy liabilities and bolt on acquisitions that would cause
debt to remain at or above US$900 million could cause Moody's outlook to
return to stable.

Ratings Raised:

   -- SGL raised to SGL-1 from SGL-2

Ratings affirmed:

   -- CFR: Ba2;

   -- PDR: Ba2;

   -- US$150 million Gtd Sr Sec Revolving Credit Facility due
      10/2010, Baa3, LGD2, 18%;

   -- US$354 million Gtd Sr Sec Term Loan B due 10/2010, Baa3,
      LGD2, 18%;

   -- US$100 million 6.60% Gtd Sr Sec Putable Notes due 2027,
      Baa3, LGD2, 18%;

   -- US$16 million 11.125% Gtd Sr Unsec Notes due 2007, Ba2,
      LGD3, 40%;

   -- US$250 million 6.75% Gtd Sr Sub Notes due 2029, Ba3,
      LGD4, 61%;

   -- US$3 million 8.00% Conv Sub Debentures due 2010, B1,
      LGD5, 89%;

   -- US$217 million 6.50% Jr Sub Deferrable Int. Debentures
      due 2029, B1, LGD5, 89%.

The Speculative Grade Liquidity rating was raised reflecting improvements in:

   (1) the company's cash flow;
   (2) the availability under its committed bank facilities;
       and
   (3) the headroom under its covenant requirements.

Hercules' Ba2 CFR is supported by leading market positions in its two main
businesses including the Aqualon Group and the Paper Technologies/Ventures
Group and particularly by relatively strong EBITDA operating margins of
over 20% in the Aqualon group.  The Aqualon Group has the higher organic
growth potential while the Paper Group's growth potential is more aligned
with GDP growth rates.  The rating has been tempered by weak financial
metrics with Debt/EBITDA averaging 4.1X and EBITDA/Interest averaging 3.0X
over the last three years.  The credit profile has been negatively
impacted by legacy liabilities (asbestos and environmental) and
significant debt-like obligations (pensions and operating leases) although
Moody's expects the pension underfunding to improve at the end of 2007 as
it did in 2006.  The rating is supported by Hercules' significant cash
balance, which stood at US$160 million as of March 31, 2007.  Cash
increased significantly after the sale of 51% of FiberVisions and US$103
million of these proceeds were subsequently used to redeem all but US$16
million of the 11.125% notes due 2007 via a tender offer.  With the
exception of the ongoing asbestos liability, Moody's expects that the bulk
of the negative cash flow impact related to Hercules' lawsuits and legacy
liabilities will be more muted in the future than it has been in the
recent past.  Hercules will become responsible for the cash portion of its
asbestos settlements and defense expenses starting in 2008.  These
payments will continue until Hercules' Future Coverage Agreement
settlement with its insurers becomes effective, which occurs after about
US$260 million of incremental costs have been paid by the company.
Assuming these costs average US$35 million per year, this insurance
coverage will not initiate until after 2014.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE: HPC) --
http://www.herc.com/-- is a global manufacturer and marketer of specialty
chemicals and related services.  Its principal products are chemicals for
the paper industry, water-soluble polymers, and specialty resins.  The
company has its regional headquarters in China and Switzerland, and a
production facility in Brazil.  Revenues for the LTM period ending March
31, 2007,  were about US$2 billion.


PETROLEO BRASIILIEIRO: Starts Training Petroecuador Officials
-------------------------------------------------------------
Brazilian state-run oil company Petroleo Brasileiro SA's officials have
started training their counterparts at Ecuadorean state-owned oil firm
Petroecuador in the use of geo-referenced information processing system
software, Business News Americas reports.

According to Petroecuador's statement, Brazilian space research institute
Inpes developed the Spring software, which combines data taken on the
ground by photo and by satellite, to help in oil exploration, among other
applications.

The training is under the two firms' cooperation accord, BNamericas states.

                     About Petroecuador

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

                 About Petroleo Brasileiro

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

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

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

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

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


RHODIA SA: Asks AMF to Probe Rumors Over Share Price Movements
--------------------------------------------------------------
Rhodia S.A. has decided to request an investigation by the Autorite des
Marches Financiers in view of the unfounded rumors concerning the company,
which resulted in significant trading volumes and price movements on its
shares.

Rhodia confirmed that it has no formation in its possession that could
justify the rumors behind the movement in its share price on Wednesday
morning, June 7, 2007.

According to Bloomberg News, company shares fell almost 15 percent.

“We heard rumors of a profit warning, then of fraud,"  Marie-Caroline
Messager, a trader at Fimat in Paris, was quoted by Bloomberg as saying.
"That could have weighed on the shares, but there's not a strong
probability that the speculation was justified.”

Rhodia reiterated that it is confident in delivering its short and medium
term objectives.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.  Rhodia is listed on Euronext Paris and the
New York Stock Exchange.  The company has operations in Brazil and Korea.

                          *    *    *

As reported on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer
Default Rating at BB- and revised the Outlook to Positive from Stable.
Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million
bonds convertible and/or exchangeable for new and/or existing shares an
expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's
Investors Service upgraded Rhodia S.A. corporate family rating to Ba3 and
assigned Probability-of-Default rating for the group at Ba3; Moody's also
upgraded senior secured notes at Rhodia S.A. to B1 and assigned LGD
assessment at LGD4 (69%).  The proposed convertible notes are rated (P)B1,
LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.

At the same time, Standard & Poor's assigned its B senior
unsecured debt rating to Rhodia's proposed new bond, which will
be used for refinancing purposes.


STRATOS GLOBAL: Shareholders OK Arrangement Plan w/ CIP Canada
--------------------------------------------------------------
Stratos Global Corporation's shareholders approved the plan of arrangement
between Stratos and CIP Canada Investment Inc. by which CIP Canada will
acquire all of Stratos' outstanding shares for a cash price of CDN$7.00
per share.  The total transaction value, including assumption of net debt,
is US$624 million.  The transaction remains subject to regulatory
approvals, and is expected to close by the end of the third quarter.

The arrangement resolution was approved by 85.1 percent of the votes cast
at the annual and special meeting of Stratos shareholders held earlier
June 12.

"We are extremely pleased with the shareholders' decision on this
transaction," said Charles Bissegger, Stratos' chairman of the Board of
Directors.  "We believe the acquisition of Stratos by CIP Canada is in the
best interest of our shareholders, customers, partners, and employees.  We
now look forward to bringing the transaction to closure later this year."

CIP Canada is a wholly owned subsidiary of Communications Investment
Partners Limited, a professional investment company with a focus on
satellite services.  The transaction will be indirectly financed by
Inmarsat Finance III Limited, a wholly owned subsidiary of Inmarsat plc.

                     About Stratos Global

Stratos Global Corporation -- http://www.stratosglobal.com/--
is a provider of a range of advanced mobile and fixed-site
remote telecommunications solutions for users operating beyond
the reach of traditional networks. The Company serves the voice
and high-speed data connectivity requirements of a diverse array of
markets, including government, military, energy, industrial, maritime,
aeronautical, enterprise, media and recreational users throughout the
world.  Stratos operates in two segments: Mobile Satellite Services, which
provides mobile telecommunications services, primarily over the Inmarsat
plc satellite system, and Broadband Services (Broadband), which provides
very small aperture terminal services, sourced on a wholesale basis from a
number of the fixed satellite system operators.

The company has offices the following regions:
Europe -- Italy, Germany, Norway, Spain, United Kingdom
Asia-Pacific -- India, Hong Kong, Singapore, Australia and Japan Latin
America -- Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service confirmed Stratos Global
Corporation's B1 corporate family, Ba2 senior secured and B3
senior unsecured ratings and lowered the company's speculative
grade liquidity rating to SGL-4 from SGL-3.  Moody's said the
outlook is negative.  The long term ratings reflect a B1
probability of default and loss-given default assessments of
LGD 2, 24% on the senior secured debt and LGD 5, 77% on the
senior unsecured notes.


TEKSID ALUMINUM: Gets Consent Solicitation to Amend Indenture
-------------------------------------------------------------
Teksid Aluminum Luxembourg S.a.r.l., S.C.A. disclosed that, as of 12:00
p.m., New York City time (5:00 p.m., London time), on Thursday, June 7,
2007, consents representing approximately 70% of the EUR205,598,000
aggregate principal amount of its outstanding 11-3/8% Senior Notes due
2011 have been validly delivered pursuant to its previously announced
solicitation of consents to implement certain proposed amendments to the
indenture governing the Senior Notes and to give effect to an immediate
effectiveness of a waiver of any Default or Event of Default arising from
and any claims relating to the Company's failure to comply with the sixth
paragraph of Section 11.15(b)(i) of the Indenture.

Consequently, the Company, the note guarantors and the trustee executed a
supplemental indenture on Thursday, June 7, 2007.  Accordingly, the
proposed amendments have become operative in accordance with their terms
and the Waiver has become effective.

The consent solicitation expired on Friday, June 8, 2007 at 10:00 a.m.,
New York City time (3:00 p.m., London time).

The indenture amendments:

   (a) allow the sale of the Company's equity interest in
       Cevher Dokum Sanayi A.S. to the majority owner,
       Cevher Jant Sanayi A.S.,

   (b) extend the time by which an offer to purchase
       Senior Notes after the sale of Teksid Aluminum
       Poland S.p. z.o.o. is to be made no later than
       June 19, 2007, and

   (c) fix a technical error in the Indenture.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                          *    *    *

As reported on May 9, 2007, Moody's Investors Service confirmed the Caa3
Corporate Family Rating of Teksid Aluminum Ltd as well as the Ca rating of
the company's senior notes at Teksid Aluminum Luxembourg Sarl SCA with a
stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


TRW AUTOMOTIVE: Signs Pact with Chinese Motor Inspection Agency
---------------------------------------------------------------
TRW Automotive Holdings Corp. has signed an agreement with the National
Center of Supervision and Inspection of Motor Vehicle Products Quality
(Shanghai) to co-invest in dynamic test capabilities supporting the
occupant safety system development of domestic Chinese customers.
Capabilities will include head impact and body block tests to correspond
with legal regulations and a programmable Hydro-Brake system for crash
simulation sled testing.

Formerly known as the Shanghai Motor Vehicle Inspection Center, the
Chinese agency was upgraded to a national third-party testing facility
three years ago in response to the growing needs for independent vehicle
testing and assessment in the country.  The expanded facility resides in
the town of Anting, offering ten labs for comprehensive full-vehicle and
parts testing, inspection and assessment.

Zhongrong Huang, vice director of the agency, commented, "Our ambition is
to build a world-class crash test facility in China.  We are very pleased
to collaborate with TRW, a global technology leader, in developing our
testing capabilities on automotive safety components."

The launch of two Chinese new car assessment programs last year has
sparked national interest in the passive safety features of motor
vehicles.  Crash test results were widely reported and assessment
standards received increased scrutiny.

"As an industry leader in automotive safety, TRW has firmly planted itself
in China with three occupant safety plants and a world-class engineering
facility, poised to assist our Chinese customers in meeting the ever-
increasing consumer expectations of vehicle safety," said Joachim Poole,
OSS chief engineer, TRW Asia Pacific.

TRW supplies the full-range of its OSS products to the Chinese market
including airbags, seat belts, steering wheels and safety electronics.
The Shanghai-based TRW Asia-Pacific technology center provides
comprehensive engineering support to its Chinese manufacturing facilities
and its customers.  Based on technological expertise and state-of-the-art
equipment, the operation is engaged in specific design and simulation
development, expert application engineering, and final product testing and
validation according to local customer and market needs.

Mr. Poole pointed out that the agreement with the National Center of
Supervision and Inspection on Motor Vehicle Products Quality (Shanghai)
marked the first such collaborative effort between a Chinese national
vehicle inspection agency and a multinational automotive supplier in
Shanghai.  He added, "Through this partnership, we have established
another platform to work with Chinese vehicle manufacturers toward a
common goal of helping to make safer cars for China and the world."

                     About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. (NYSE:
TRW) -- http://www.trwauto.com/-- is an automotive supplier.  Through its
subsidiaries, it employs approximately 63,800 people in 26 countries,
including Brazil, China, Germany and Italy.  TRW Automotive products
include integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety systems
(seat belts and airbags), electronics, engine components, fastening
systems and aftermarket replacement parts and services.

                          *     *     *

Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT Issuer Default
rating and 'BB-' on its Unsecured Debt rating.  Fitch said the outlook was
stable.


WARNER MUSIC: Confirms Possible Takeover Bid for EMI
----------------------------------------------------
Warner Music Group Corp. confirms that it continues actively to consider
an offer for EMI Group plc, despite its bid being snubbed in favor of an
equity firm.

Warner stated in its Web site that such its offer would be pre-conditional
on appropriate anti-trust clearances being obtained (or the pre-conditions
waived) but not subject to any other pre-condition.  A further
announcement will be made in due course.

EMI, the world's third largest music producer, have been subject to
several takeover bids from Warner Music and other equity firms after it
suffered losses due to a shrinking CD market and rampant online piracy.

On May 21, EMI's board of directors accepted a GBP2.4 billion offer from
Terra Firma Capital, subject to shareholder approval.

However, Ethan Smith of the Wall Street Journal last week noted that
Warner Music believes it could get EMI's recorded-music assets despite
Terra Firma's offer.

According to that report, Warner's executives and investors may counter
Terra Firma's bid, though people close to the company think that Warner
will not go much higher than its original GBP2.4 billion offer.  WSJ adds
that even if Warner acquired EMI, antitrust regulations would require the
music firm to sell the publishing house.

Two sources familiar with the matter had told Reuters that Warner Music
was more likely than not to make an improved offer by early next week.

                       Warner Music Bid

Prior to the Terra Firma recommendation, Warner Music sweetened its bid to
acquire EMI by offering to pay a break-up fee of between GBP50 million and
GBP100 million in case the European Commission blocks its planned takeover
of the U.K. music group, Dominic White of The Telegraph relates.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per share in
cash for EMI is inadequate.  According to Mr. White of The Telegraph, EMI
also cited concerns that Warner had not offered to take any of the
regulatory risk in relation to the takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                            *   *   *

As reported in the Troubled Company Reporter-Europe on
June 8, 2007, while it is currently uncertain whether Warner Music Group
Corp. (Warner; IDR rated 'BB-' with a Stable Outlook by Fitch) will make a
competing bid for EMI Group Plc (EMI), any theoretical bid for EMI would
likely result in a Rating Watch Negative for Warner's ratings and its
subsidiaries, according to Fitch Ratings.

On May 25, 2007, Standard & Poor's Ratings Services said that its ratings
on New York City-based Warner Music Group Corp., including its 'BB-'
corporate credit rating, remain on CreditWatch with negative implications,
where they were initially placed on Feb. 22, 2007, following the company's
statement that it was exploring a possible merger agreement with EMI Group
PLC (B+/Watch Neg/B).


* BRAZIL: Inking Ethanol Agreement with Dominican Republic
----------------------------------------------------------
Brazil's President Luiz Lula Da Silva will sign several accords, including
one on ethanol production, with Dominican Republic's President Leonel
Fernandez, Dominican Today reports.

Dominican Today relates that President Fernandez will travel next Saturday
to Brazil and meet with President Da Silva.

Reports say that Presidents Fernandez and Da Silve would sign several
accords on cooperation.

An official source told local paper Diario Libre that few details were
provided on President Fernandez’s agenda in Brazil.  The Dominican
Republic's official Web site http://www.presidencia.gov.doposted some of
the programmed events.

Both of the nations' officials explored future plans on ethanol production
in the Dominican Republic, which was included by Brazil and the United
States in their biofuels program, Dominican Today states, citing official
sources.

                        *     *     *

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

   -- 'BB' for long-term foreign currency credit
      rating,

   -- 'BB+' for long-term local currency credit
      rating, and

   -- 'B' for short-term currency sovereign credit
      rating.

                          *    *     *

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




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


AB FUNDING: Proofs of Claim Filing Is Until July 11
---------------------------------------------------
AB Funding Co.'s creditors are given until July 11, 2007, to
prove their claims to Bernard and McGrath and Janeen Aljadir, 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.

AB Funding’s shareholders agreed on May 26, 2007, to place the
company into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

         Janeen Aljadir
         Attention: Janeen Aljadir
         Caledonian Bank & Trust Limited
         Caledonian House, 69 Dr. Roy’s Drive
         P.O. Box 1043
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 914 -4943
         Fax: (345) 949-8062


AL BAIT: Proofs of Claim Filing Ends on July 11
-----------------------------------------------
Al Bait UK Real Estate Fund Ltd.'s creditors are given until
July 11, 2007, to prove their claims to Kenneth M. Krys and
Christian Pickford, 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.

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

The liquidators can be reached at:

         Kenneth M. Krys
       Christian Pickford
         Attention: Joanna Chong
         P.O. Box 1370
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7100
         Fax: (345) 949-7120


APET I: Proofs of Claim Must be Filed by July 11
------------------------------------------------
Apet I Investment Holding creditors are given until
July 11, 2007, to prove their claims to Stuart K. Sybersma and Ian A N
Wight, 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.

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

The liquidators can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas, Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949 7500
         Fax: (345) 949 8258


ASM PACIFIC: Proofs of Claim Filing Deadline Is July 11
-------------------------------------------------------
ASM Pacific International Marketing Ltd.'s creditors are given
until July 11, 2007, to prove their claims to Carrigold Company
Limited, the company's liquidator, or be excluded from receiving any
distribution or payment.

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

ASM Pacific’s shareholders agreed to place the company into voluntary
liquidation under The Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

         Carrigold Company Limited
         12/F., Watson Centre
         16-22 Kung Yip Street
         Kwai Chung, New Territories
         Hong Kong


AUSTRAL CAPITAL: Proofs of Claim Filing Is Until July 11
--------------------------------------------------------
Austral Capital International Ltd.'s creditors are given until
July 11, 2007, to prove their claims to Q&H Nominees Ltd., the
company's liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

         Q&H Nominees Ltd.
         Attention: Quin & Hampson (Ref: CSF)
         c/o P.O. Box 1348
         Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (+1) 345 949 4123
         Fax: (+1) 345 949 4647


CAYMAN CONNECTOR: Proofs of Claim Must be Filed by July 11
----------------------------------------------------------
Cayman Connector Co.'s creditors are given until July 11, 2007, to prove
their claims to Stuart K. Sybersma and Ian Wight, 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.

Cayman Connector’s shareholders agreed on May 30, 2007, to place
the company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas
         Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949 7500
         Fax: (345) 949 8258


FINANCE AND INVESTMENT: Proofs of Claim Filing Ends on July 11
--------------------------------------------------------------
Finance And Investment International Ltd.'s creditors are given
until July 11, 2007, to prove their claims to Ian A N Wight and
Michael W. Pilling, 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.

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

The liquidator can be reached at:

         Michael W. Pilling
         Attention: Mark Pulvirenti
         Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949 7500
         Fax: (345) 949 8258


FIRST DORMY-IN: Proofs of Claim Filing Is Until June 21
-------------------------------------------------------
First Dormy-In Ltd. creditors are given until June 21, 2007, to
prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

KFirst Dormy-In’s shareholders agreed on May 22, 2007, to place
the company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


KA LEASING: Proofs of Claim Filing Deadline Is July 11
------------------------------------------------------
KA Leasing Ltd.'s creditors are given until July 11, 2007, to
prove their claims to Griffin Management Limited, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

Ka Leasing’s shareholders agreed on May 26, 2007, to place the company
into voluntary liquidation under The Companies Law (2004 Revision) of the
Cayman Islands.

The liquidator can be reached at:

         Griffin Management Limited
         Attention: Janeen Aljadir
         Caledonian Bank & Trust Limited
         Caledonian House
         69 Dr. Roy’s Drive
         P.O. Box 1043
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 914 -4943
         Fax: (345) 949-8062


NEEDHAM EMERGING: Proofs of Claim Filing Is Until June 23
---------------------------------------------------------
Needham Emerging Ltd. creditors are given until June 23, 2007, to prove
their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Needham Emerging’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 liquidators can be reached at:

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




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


EPD INC: Moody's Junks Rating on Proposed US$410MM Term Loan
------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating with a
stable outlook to EPD Inc., a division of The Goodyear Tire & Rubber
Company.

Additionally, Moody's assigned a Ba3 rating to the company's proposed
US$650 million 7-year first lien term loan, US$100 million 6-year senior
secured revolving credit facility and
7-year US$100 million delayed draw term loan, as well as a Caa1 rating to
the proposed US$410 million 8-year second lien term loan.  The ratings are
subject to review of the final financing documentation.

The B2 corporate family rating reflects the company's high pro forma
leverage (6.9 times debt to trailing twelve-month EBITDA as of March 31,
2007, using Moody's standard adjustments), modest cash flow to debt
metrics, as well as EPD's exposure to volatile end-user markets creating
revenue variability.  In addition, the rating reflects the challenge faced
by the company to restore the profitability and cash flows of its
loss-making transportation OE business and the risk of higher raw material
costs, which represent more than half of COGS.

On the other hand, the rating is supported by EPD's solid market
positions, customer and end-market diversity, the retained Goodyear brand,
the company's large installed base of products and extensive distribution
footprint.  The rating also factors in the continuation of cost-cutting
efforts initiated under Goodyear's ownership and the generation of
positive free cash flow, though the rating agency cautions that EPD has no
track record as a stand-alone entity.

The rating outlook is stable, reflecting Moody's expectation of a modest
improvement of credit metrics in the next twelve to eighteen months and a
recurrent basis of cash flows supported by EPD's end-market diversity.  It
also considers that the planned joint-venture with an industrial
manufacturer overseas will be leverage-neutral and will not negatively
affect EPD's free cash flow.

The ratings for the first lien and second lien facilities reflect the
overall probability of default of the company, to which Moody's has
assigned a probability of default rating of B2, and a loss given default
of LGD 3 for the first lien term loan, delayed draw term loan and revolver
as well as LGD 5 for the second lien term loan.  The Ba3 rating of the
first lien senior secured term loan, delayed draw term loan and revolving
credit facility reflects their senior position in EPD's capital structure,
full guarantees of existing and future domestic subsidiaries, a pledge on
all tangible and intangible assets of domestic subsidiaries and a pledge
on 65% of the capital stock of the borrower's foreign subsidiaries, as
well as a substantial amount of more junior debt.  The Caa1 rating of the
second lien term loan reflects its effective subordination to all first
lien creditors.

Ratings assigned:

   -- B2 Corporate Family Rating
   -- B2 Probability of Default Rating
   -- Ba3 First Lien Term Loan due 2014 (LGD 3/31%)
   -- Ba3 Senior Secured Revolver due 2013 (LGD 3/31%)
   -- Ba3 First Lien Delayed Draw Term loan due 2014 (LGD
      3/31%)
   -- Caa1 Second Lien Term Loan due 2015 (LGD 5/81%)

On March 23, 2007, Carlyle executed a definitive Purchase and Sales
agreement to acquire EPD, Goodyear's Engineered Product Division, for
US$1,483 million or 9 times adjusted EBITDA for the trailing twelve months
ended March 31, 2007.  Carlyle intends to finance the acquisition, which
is expected to close in the next few weeks, with the above mentioned bank
facilities (US$25 million will be drawn under the revolver at closing) and
a US$465 million common equity contribution.  EPD could also contemplate
reinforcing its presence overseas in the short term through the
joint-venture with an industrial manufacturer, which will be financed with
the proceeds from the delayed draw term loan.

Based in Akron, Ohio, EPD is a leading manufacturer of engineered rubber
products for industrial, military, consumer and transportation end users.
For the 12 months period ending March 31, 2007, EPD generated revenues of
approximately US$1,541 million.

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


EPD INC: S&P Assigns B Corporate Credit Rating
----------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate credit
rating to Akron, Ohio-based EPD Inc., which is an entity established by
the Carlyle Group to acquire the Engineered Products Division of the
Goodyear Tire & Rubber Co.

At the same time, 'B+' bank loan ratings and '2' recovery ratings were
assigned to the company's proposed US$100 million revolving credit
facility, US$650 million first-lien senior secured term loan, and US$100
million senior secured delayed draw term loan, indicating expectation of
substantial recovery (70%-90%) in the event of a default.

In addition, Standard & Poor's assigned its 'CCC+' bank loan rating and
'6' recovery rating to the company's US$410 million second-lien senior
secured term loan, indicating negligible (0%-10%) recovery in the event of
a payment default.  The outlook is stable.

Proceeds will be used to finance a leveraged buyout of EPD.  The Carlyle
Group has agreed to purchase EPD for a total consideration of US$1.483
billion excluding transaction costs.  Pro forma for the transaction,
consolidated debt outstanding is approximately US$1.2 billion.

Based in Akron, Ohio, EPD is a leading manufacturer of engineered rubber
products for industrial, military, consumer and transportation end users.
For the 12 months period ending March 31, 2007, EPD generated revenues of
approximately US$1,541 million.

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




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


BANCOLOMBIA: Reports COP45,367 Million Net Income in May 2007
-------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of COP45,367 million
during the past month of May.

During May, total net interest income, including investment securities
amounted to COP152,907 million. Additionally, total net fees and income
from services totaled COP54,726 million.

Total assets amounted to COP28.56 trillion, total deposits totaled
COP18.32 trillion and Bancolombia's total shareholders' equity amounted to
COP3.40 trillion.

Bancolombia's total loan portfolio increased 6.7% during May from COP18.13
trillion to COP19.35 trillion.  The increase was mainly due to an
acquisition of a loan portfolio amounting to approximately COP0.50
trillion loan portfolio from Bancolombia's subsidiary Bancolombia Panama.
Moreover, the positive dynamic of the loan portfolio explains the growth
of net provisions.

Bonds increased from COP0.53 trillion to COP1.29 trillion during the month
of May, as a result of Bancolombia's issuance of US$400 million
(equivalent to COP0.76 trillion) aggregate principal amount of 6.875%
Subordinated Notes due 2017.

Bancolombia's (unconsolidated) level of past due loans as a percentage of
total loans was 2.50% as of May 31, 2007, and the level of allowance for
past due loans was 135.10% as of the same date.

                        Market Share

According to ASOBANCARIA (Colombia's national banking association),
Bancolombia's market share of the Colombian financial system in May 2007
was as follows:

   * 19.3% of total deposits,
   * 20.3% of total net loans,
   * 20.3% of total savings accounts,
   * 22.9% of total checking accounts and
   * 13.8% of total time deposits.

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.


GRAN TIERRA: Launches Drill Stem Test Program on Costayaco Well
---------------------------------------------------------------
Gran Tierra Energy said in a statement that it has started a drill stem
test program on its Costayaco-1 exploration well in Chaza block in
Colombia.

Business News Americas relates that oil signs were found in four different
reservoir packages during the drilling of Costayaco.  Oil saturations were
subsequently confirmed through electric logging.

According to BNamericas, the DST program would last six weeks.  Some 47
meters of reservoir section will be perforated.  The “sandstone zones”
tested in the program are:

          -- Caballos,
          -- T,
          -- U, and
          -- KG.

Gran Tierra said in a statement that the reservoirs were recently tested
by the Juanambu-1 exploration well in the neighboring Guayuyaco block and
are already producing oil in additional blocks run by Gran Tierra.

Gran Tierra owns a 50% working interest of Chaza block.  It is also the
block's operator, BNamericas states.

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

                        *     *     *

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


* COLOMBIA: Launches Offer to Buy Securities for Up to US$800MM
---------------------------------------------------------------
The Republic of Colombia has commenced on June 13, 2007, an
offer to purchase the securities for cash, in an aggregate principal
amount determined by Colombia in its sole discretion, expressed in U.S.
dollars, that will not:

   (i) exceed US$800 million or

  (ii) result in an Aggregate Purchase Price that exceeds
       US$950 million, subject to the terms and conditions
       contained in the Offer to Purchase, dated June 12, 2007.

The Offer is contingent upon the issuance of and receipt of funds for, in
an amount and on terms and conditions acceptable to Colombia, its Global
TES Bonds due 2027.  The Offer is not conditioned upon the tender of any
minimum participation of any series of Bonds.  The aggregate principal
amount of Bonds outstanding is equivalent to approximately US$4.7 billion.

The price paid for Bonds tendered and accepted pursuant to the Offer will
be determined in the manner described in the Offer to Purchase by
reference to either a fixed spread or a fixed price.  Holders will also
receive any accrued and unpaid interest on their Bonds accepted in the
Offer up to the settlement date for the Offer, which is expected to be
June 28, 2007.

For the following Bonds, the price per 1,000 principal amount will be as
indicated:

          Bond                   ISIN                  Price
          ----                   ----               -----------
   8.625% Bonds due 2008      US195325AM75          US$1,026.00
   11.75% Global TES Bonds    XS0205930752          COP1,068.75
   due 2010
   9.75% Bonds due 2011       US195325AW57          US$1,082.50
   Floating Rate Notes        US195325BG98          US$1,125.00
   due 2013                   and USP3772NAV49

Each series of Bonds is listed on the Luxembourg Stock Exchange, with the
exception of the Floating Rate Notes due 2013 (144A Series).

For the following Bonds, the price per 1,000 principal amount will
determined on the Business Day following the day on which Bonds are
tendered, based on the indicated fixed spread, calculated by adding the
fixed spread to the yield of the related Reference U.S. Treasury Bond, in
accordance with the procedures and methodology described in the Offer to
Purchase:

                                                 Reference U.S.
      Bond            ISIN      Fixed Spread      Treasury Bond
      ----            ----      ------------     --------------
9.75% Bonds due  US195325AR62  5 basis      4.875% due May 2009
2009                           points

10.50% Bonds due US195325AZ88  32 basis     4.50% due May 2010
2010                           points

10.00% Bonds due US195325AY14  60 basis     4.75% due May 2012
2012                           points

10.75% Bonds due US195325BA29  65 basis     4.75% due May 2012
2013                           points

8.70% Bonds due  US195325AJ47  90 basis     4.50% due May 2017
2016                           points

Each series of Bonds is listed on the Luxembourg Stock Exchange, with the
exception of the 8.70% Bonds due 2016.

The offer commenced at 8:00 a.m., New York City time, on
June 13, 2007, and expire at the earlier of 4:00 p.m., New York City time,
on Thursday, June 14, 2007.

Tenders may be submitted between 8:00 a.m. and 4:00 p.m., New York City
time, on June 13, 2007 and between 9:00 a.m. and 4:00 p.m., New York City
time on June 14, 2007 if the offer is open on that day.  At 8:00 a.m., New
York City time, on each Business Day following a day that the offer is
open, Colombia will announce which Bonds tendered on the previous day have
been accepted, whether any proration of such Bonds has occurred and
whether the Offer has expired, as of 4:00 p.m., New York City time, on the
previous day, as a result of tenders representing at least the Maximum
Purchase Amount of Bonds having been tendered and accepted.  Accordingly,
holders should be aware that the offer may expire as early as 4:00 p.m.,
New York City time, on Wednesday, June 13, 2007, and, in such case, the
Bonds tendered on June 13, 2007 will be the only Bonds accepted in the
offer.

Tenders must be submitted through a Dealer Manager, although that Dealer
Manager will be under no obligation to act on your behalf and may impose
additional conditions before doing so.  Holders will NOT be able to submit
Tenders through the Euroclear, Clearstream or DTC clearing systems.
Holders will not have withdrawal rights with respect to the Offer.

Colombia has retained Citigroup Global Markets Inc. and Deutsche Bank
Securities Inc. to act as dealer managers for the Offer.  Questions
regarding the Offer may be directed to Citigroup Global Markets Inc. at
1-800-558-3745 (toll free) or +1 212-723-6108, and Deutsche Bank
Securities Inc. at 1-866- 627-0391 (toll free) or +1 212-250-2955.

Requests for the Offer to Purchase must be directed to the
Information Agent, Global Bondholder Services Corporation, at
1-866-804-2200 (toll free) or +1 212-430-3774, or to the Luxembourg Tender
Agent, Dexia Banque Internationale a Luxembourg, societe anonyme, at
+352-45901.

                        *     *     *

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.


* COLOMBIA: Sells US$1 Billion of Peso-Denominated Bonds
--------------------------------------------------------
Andrea Jaramillo and Fabio Alves, at Bloomberg News, reports that the
Colombian government has sold Tuesday US$1 billion of 20-year
dollar-denominated bonds in international markets.  The proceeds of the
sale will be used to buy back as much as US$800 million of foreign debt.

The bonds will yield 9.85%, the same report says.

The government's move to convert as much foreign debt into
peso-denominated debts is aimed at reducing the country's risk against
declines in the currency.

Bloomberg relates that the remaining proceeds from the sale will be used
to pay down loans with multilateral banks ahead of schedule, Julio Torres,
Colombia's head of public credit, said at a news conference in Bogota.  He
added that the government won't bring any of the proceeds from the sale
into the country.

Standard & Poor's Ratings Services said in a release that following the
launch of its revised global recovery ratings scale, it increased the
long-term debt ratings on Colombia's foreign currency senior unsecured
debt to BBB-, the lowest level of investment grade, while maintaining the
rating on the government at BB+, one level below investment grade.


* COLOMBIA: World Bank Okays US$207MM Loan for Transport System
---------------------------------------------------------------
Colombia has received a US$207 million loan from the World Bank’s Board of
Directors to support a national urban transport system that will improve
quality of life in the cities by decreasing time and costs of public
transport.

“An efficient, accessible, and low-cost transport system is a powerful
tool to promote growth, alleviate poverty, and achieve social
integration,” said Miguel Lopez-Bakovic, World Bank Country Manager for
Colombia.  “This project supports the Government of Colombia’s efforts to
improve living standards in the country’s urban areas through better
access to employment opportunities, and health and education services.”

The ongoing Integrated Mass Transit Systems Project -originally supported
by a US$250 million Bank loan approved in June 2004 -- is allowing cities
to expand and/or construct bus rapid transit systems in medium and large
cities, such as Bogota, Cartagena, and Pereira.  The additional financing
will help expand the project to Valle Aburra-Medellin, Barranquilla, and
Bucaramanga.

The expansion of the program to three more participating cities is
consistent with the existing project objectives to:

   a) Develop high quality and sustainable bus rapid transit
      systems in selected medium and large cities.  The Bogota
      Transmilenio North Quito South Busway Corridor has been
      in operation since April 2006 with approximately 90,000
      daily users, and the Pereira-Dosquebradas bus rapid
      transit system has been in operation since August 2006
      with approximately 100,000 daily users.  Civil works are
      underway in the remaining participating cities.

   b) Provide more feeder services (to and from poor areas) and
      fare integration in order to decrease the cost for users
      who take more than one bus to travel on one same route.
      These have been implemented in the bus rapid transit
      systems in operation and have been included in the
      designs for the upcoming ones.

   c) Strengthen institutional capacity at the national and
      local level to improve urban transport planning and
      management.  An integrated implementing unit has been
      created within the Ministry of Transport to manage the
      larger program and five bus rapid transit agencies were
      created in the participant cities.

“This project builds on the successful experience of Bogota’s Transmilenio
bus rapid transit system by tailoring it to the needs of other Colombian
cities,” said Mauricio Cuellar, World Bank task manager for the project.
“Besides providing the urban poor with an efficient and comfortable
transit system, the project will have overall positive effects onquality
of life by reducing the number of accidents, reducing air pollution, and
creating employment.”

This US$207 million, fixed-spread loan from the International Bank for
Reconstruction and Development is repayable in 13.5 years, and includes a
grace period of 8.5 years.

                        *     *     *

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




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


GENERAL CABLE: Commences US$125 Million Senior Notes Offering
-------------------------------------------------------------
General Cable Corporation has commenced an offer to the holders of its
US$125 million principal amount Senior Floating Rate Notes due 2015 (CUSIP
Nos. 369300AE8 and U36606AB4) and its US$200 million principal amount
7.125% Senior Fixed Rate Notes due 2017 (CUSIP Nos. 369300AF5 and
U36606AC2 to exchange such notes for a like principal amount of its Senior
Floating Rate Notes due 2015, Series B and its 7.125% Senior Fixed Rate
Notes due 2017, Series B which have been registered under the Securities
Act of 1933, as amended.

The Exchange Notes were sold to institutional investors in a private
placement by the company, which was completed in March 2007.  The company
was required to carry out the Exchange Offer under the terms of agreements
entered into in the private placement.

The Exchange Offer is scheduled to expire at 5:00 p.m., New York City
time, on July 20, 2007, unless extended by the company.  The exchange
agent for the exchange offer is U.S. Bank National Association.

Holders of the Exchange Notes may obtain information pursuant to the
Prospectus dated June 11, 2007 and the related Letter of Transmittal which
more fully set forth the terms of the Exchange Offer by calling the
exchange agent at (800) 934-6802, or by facsimile at (651) 495-8158.

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum,
copper, and fiber-optic wire and cable products.  It has three operating
segments: industrial and specialty (wire and cable products conduct
electrical current for industrial and commercial power and control
applications); energy (cables used for low-, medium- and high-voltage
power distribution and power transmission products); and communications
(wire for low-voltage signals for voice, data, video, and control
applications).  Brand names include Carol and Brand Rex.  It also produces
power cables, automotive wire, mining cables, and custom-designed cables
for medical equipment and other products.  General Cable has locations in
China, Australia, France, Brazil, the Dominican Republic and Spain.

                        *     *     *

AS reported in the Troubled Company Reporter on March 13, 2007, Moody's
Investors Service assigned a rating of B1 to the proposed US$325 million
senior unsecured notes of General Cable Corporation consisting of US$125
million of floating rate notes and US$200 million fixed rate notes.
Concurrently, Moody's affirmed all other ratings for this issuer.  Moody's
said the rating outlook remained stable.


* DOMINICAN REPUBLIC: Inking Ethanol Agreement with Brazil
----------------------------------------------------------
Dominican Republic's President Leonel Fernandez will sign several accords,
including one on ethanol production, with Brazil's President Luiz Lula Da
Silva, Dominican Today reports.

Dominican Today relates that President Fernandez will travel next Saturday
to Brazil and meet with President Da Silva.

Reports say that Presidents Fernandez and Da Silve would sign several
accords on cooperation.

An official source told local paper Diario Libre that few details were
provided on President Fernandez’s agenda in Brazil.  The Dominican
Republic's official Web site http://www.presidencia.gov.doposted some of
the programmed events.

Both of the nations' officials explored future plans on ethanol production
in the Dominican Republic, which was included by Brazil and the United
States in their biofuels program, Dominican Today states, citing official
sources.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.




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


PETROECUADOR: Petroleo Brasileiro Starts Training Officials
-----------------------------------------------------------
Brazilian state-run oil company Petroleo Brasileiro SA's officials have
started training their counterparts at Ecuadorean state-owned oil firm
Petroecuador in the use of geo-referenced information processing system
software, Business News Americas reports.

According to Petroecuador's statement, Brazilian space research institute
Inpes developed the Spring software, which combines data taken on the
ground by photo and by satellite, to help in oil exploration, among other
applications.

The training is under the two firms' cooperation accord, BNamericas states.

                  About Petroleo Brasileiro

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

                     About Petroecuador

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




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


ALCATEL-LUCENT: Robert W. Baird Holds Neutral Rating on Firm
------------------------------------------------------------

Robert W. Baird analysts have kept their "neutral" rating on
Alcatel-Lucent's shares, Newratings.com reports.

Newratings.com relates that the target price for Alcatel-Lucent's shares
was set at US$14.

The analysts said in a research note that Alcatel-Lucent expects its
revenue to increase in the coming years due to expected:

          -- 400% boost in fixed and mobile broadband users,

          -- 300% growth in enterprise voice over Internet
             protocol convergence, and

          -- 700% growth in voice and data traffic.

Alcatel-Lucent’s product portfolio is among the best in the industry.  It
would take 12-18 months for the firm to complete its integration process,
Newratings.com states, citing analysts.

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to deliver voice,
data and video communication services to end users.  Alcatel-Lucent
maintains operations in 130 countries, including, Austria, Germany,
Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica,
Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia,
Indonesia, Brunei and Cambodia.

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

                        *     *     *

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

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

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




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


DYNCORP INTERNATIONAL: Hires Dwight Williams as VP-Security
-----------------------------------------------------------
DynCorp International has appointed Dwight M. Williams as Vice President,
Security.

Mr. Williams was Chief Security Officer at the U.S. Department of Homeland
Security since 2004, where he directed and managed security matters
related to the department and its 200,000 employees and contractors.

In 2002, while he was Homeland Security’s Director of Security Programs in
the Customs and Border Protection division, he won the 2002 Commissioner’s
Award for his extraordinary dedication and commitment to answering the
challenges posed by terrorist threats.

From 1979 to 2000, Mr. Williams was a member of Washington’s D.C.’s
Metropolitan Police Department, and when he left he had the high rank of
Inspector.

Mr. Williams earned his Master of Science degree in management and
leadership from Johns Hopkins University in 1998.  He earned his Bachelor
of Arts degree in law enforcement from the University of Maryland in 1979.
Also, he graduated from the FBI National Academy in 1994.

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

                        *    *    *

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

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





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


AIR JAMAICA: Hotel & Tourist Group Eyes Seat in Firm's Board
------------------------------------------------------------
The Jamaica Hotel and Tourist Association will ask the nation's Finance
Minister Dr. Omar Davies to be included on Air Jamaica's Board of
Directors, Radio Jamaica reports.

The Jamaica Hotel head Wayne Cummings told Radio Jamaica that a tourism
representative must be on Air Jamaica's Board so that the sector can
participate in the decision-making process.  The sale of Air Jamaica's
London route to Virgin Atlantic was an example where the tourism sector
should have been consulted before a decision was made.

The Jamaica Hotel said that it continues to get negative feedback from its
members regarding the London route sale, Radio Jamaica notes.

The Jamaican government will still sign the deal with Virgin Atlantic,
according to Radio Jamaica.

It isn't too late to make changes to the proposed accord in the “wake of
growing opposition locally and overseas,” Radio Jamaica says, citing the
Jamaica Hotel.

British Airways should also be included in the talks, Mr. Cummings told
Radio Jamaica.

British Airway had also presented a bid for Air Jamaica's London route,
Radio Jamaica states.

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

                        *     *     *

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on June 12,
2007, Moody's Investors Service assigned a rating of B1 to Air Jamaica
Limited's guaranteed senior unsecured notes.


AIR JAMAICA: Officials Defend Code Sharing Pact with VAA
--------------------------------------------------------
Air Jamaica executives are defending the airline's decision to enter into
a code sharing accord with Virgin Atlantic Airline, Radio Jamaica reports.

Air Jamaica Chief Executive Officer Michael Conway argued to RJR News the
opposition Jamaica Labor Party's claims that Virgin Atlantic wasn't the
best choice to take over the London route.

According to Radio Jamaica, the Jamaica Labor Party raised questions on
whether British Airways would have been a better choice.

Meanwhile, a new state-of-the-art cooling facility at the Ministry of
Agriculture Export complex was launched.  The complex was located at the
Norman Manley International Airport, RJR News notes.

Radio Jamaica relates that the construction of the facility is part of a
project between Air Jamaica cargo and British firm Exotic Farm Produce.

The Air Jamaica-Exotic Farm cooperation is part of efforts by global
players in the exports market to use Jamaica as a trans-shipment point,
Radio Jamaica states.

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

                        *     *     *

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on June 12,
2007, Moody's Investors Service assigned a rating of B1 to Air Jamaica
Limited's guaranteed senior unsecured notes.




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


FORD MOTOR: Will Sell Jaguar & Land Rover Brands, Sources Say
-------------------------------------------------------------
Ford Motor Co. employed help from investment banks including Goldman
Sachs, HSBC and Morgan Stanley to explore the sale of its two British
luxury brands, various reports say citing unnamed sources.

The brands, Jaguar and Land Rover, lost US$12.6 billion last year,
instigating Ford to initiate a strategy referred to as “Project Swift”
within Ford, which is how Ford wants the sale to be, according to the
reports.

Ford spokesman John Gardiner would neither confirm nor deny speculation
about a sale.

According to Bloomberg News, among the brands, Jaguar has had recurring
losses.  In 2004, Ford disclosed a Jaguar streamlining, which closed a
British plant, cut 1,150 jobs and scraped a 200,000 vehicles-per-year
target.

The two are part of Ford’s Premier Automotive Group, including Volvo,
which, as reported in the Troubled Company Reporter on
May 31, 2007, was rumored to be on possible sale.

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.


FORD MOTOR: Joins GM & Chrysler in Healthcare Fund, Sources Say
---------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group, General Motors Corp. and
Ford Motor Company are in talks to create an independent health-insurance
fund to trim their combined US$114 billion in future retiree healthcare
obligations, Bloomberg News reports, quoting five people with direct
knowledge of the talks as saying.

According to the report, the U.S. automakers would each contribute to the
fund to pay for healthcare benefits of United Auto Workers retirees, the
sources said, requesting anonymity because the negotiations are private.
The talks are preliminary so the fund's size and how much each company
would contribute haven't been determined, they said.

The car companies are trying to deal with healthcare costs that GM CEO
Rick Wagoner says cost them a combined US$12 billion in 2006.  Providing
health care to 2 million employees, retirees and dependents contributed to
losses at each of the U.S. automakers last year, while Japanese rivals
posted record profits, Bloomberg says.

Under the proposal, the companies would contribute a percentage of their
retiree liabilities to the fund, whose assets and investment proceeds
would cover retiree medical benefits, Bloomberg relates.

The idea is modeled after the Goodyear Tire & Rubber Co. healthcare plan,
the people said.  The Akron, Ohio-based tiremaker, with a healthcare
liability of US$1.3 billion for United Steelworkers of America retirees,
agreed in December to set up a healthcare trust fund with a one-time US$1
billion payment in cash and stock, after which, Goodyear will have no
further healthcare obligation to current or future union retirees.  The
accord came after an 85-day strike, Bloomberg states.

The joint fund is one of several ideas for cutting labor costs being
weighed by U.S. automakers as they prepare for next month's contract
negotiations with the United Auto Workers, the sources said.  GM, Ford and
Chrysler haven't decided whether to offer the proposal during the talks,
which will replace the current four-year contract expiring in September
2007, Bloomberg quotes three of the sources as saying.  The companies are
exploring a single provider to reduce administration costs and overlapping
services, they said.

The union is aware of the discussions and is willing to consider the idea,
one of the people familiar with the matter said, Bloomberg notes.  GM,
Ford and the UAW last year agreed to a court settlement requiring union
retirees to pay part of their healthcare costs for the first time.
Detroit-based GM and Ford, of Dearborn, Michigan, also pledged not to
alter those retiree healthcare benefits until after 2011 without union
consent.

Last year's settlement, as well as benefit reductions for salaried
workers, helped GM cut retiree healthcare liabilities by 21 percent to
US$64 billion at the end of last year, Bloomberg discloses.  Ford had
retiree obligations of US$31 billion, and Chrysler's potential future tab
is about US$19 billion.  GM has already bought out 34,400 union workers,
and Ford and Chrysler together are trying to persuade 50,000 to leave as
they cut production to match market-share losses to Toyota Motor Corp. and
Honda Motor Co.

GM had about 357,000 union retirees in the U.S. at the end of last year,
Bloomberg says.  Ford reported 570,000 active union and non-union
employees, retirees and dependents.

                    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.

                   About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin-America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

                      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.


GENERAL MOTORS: Joins Chrysler & Ford in Healthcare Fund
--------------------------------------------------------
DaimlerChrysler AG's Chrysler Group, General Motors Corp. and
Ford Motor Company are in talks to create an independent health-insurance
fund to trim their combined US$114 billion in future retiree healthcare
obligations, Bloomberg News reports, quoting five people with direct
knowledge of the talks as saying.

According to the report, the U.S. automakers would each contribute to the
fund to pay for healthcare benefits of United Auto Workers retirees, the
sources said, requesting anonymity because the negotiations are private.
The talks are preliminary so the fund's size and how much each company
would contribute haven't been determined, they said.

The car companies are trying to deal with healthcare costs that GM CEO
Rick Wagoner says cost them a combined US$12 billion in 2006.  Providing
health care to 2 million employees, retirees and dependents contributed to
losses at each of the U.S. automakers last year, while Japanese rivals
posted record profits, Bloomberg says.

Under the proposal, the companies would contribute a percentage of their
retiree liabilities to the fund, whose assets and investment proceeds
would cover retiree medical benefits, Bloomberg relates.

The idea is modeled after the Goodyear Tire & Rubber Co. healthcare plan,
the people said.  The Akron, Ohio-based tiremaker, with a healthcare
liability of US$1.3 billion for United Steelworkers of America retirees,
agreed in December to set up a healthcare trust fund with a one-time US$1
billion payment in cash and stock, after which, Goodyear will have no
further healthcare obligation to current or future union retirees.  The
accord came after an 85-day strike, Bloomberg states.

The joint fund is one of several ideas for cutting labor costs being
weighed by U.S. automakers as they prepare for next month's contract
negotiations with the United Auto Workers, the sources said.  GM, Ford and
Chrysler haven't decided whether to offer the proposal during the talks,
which will replace the current four-year contract expiring in September
2007, Bloomberg quotes three of the sources as saying.  The companies are
exploring a single provider to reduce administration costs and overlapping
services, they said.

The union is aware of the discussions and is willing to consider the idea,
one of the people familiar with the matter said, Bloomberg notes.  GM,
Ford and the UAW last year agreed to a court settlement requiring union
retirees to pay part of their healthcare costs for the first time.
Detroit-based GM and Ford, of Dearborn, Michigan, also pledged not to
alter those retiree healthcare benefits until after 2011 without union
consent.

Last year's settlement, as well as benefit reductions for salaried
workers, helped GM cut retiree healthcare liabilities by 21 percent to
US$64 billion at the end of last year, Bloomberg discloses.  Ford had
retiree obligations of US$31 billion, and Chrysler's potential future tab
is about US$19 billion.  GM has already bought out 34,400 union workers,
and Ford and Chrysler together are trying to persuade 50,000 to leave as
they cut production to match market-share losses to Toyota Motor Corp. and
Honda Motor Co.

GM had about 357,000 union retirees in the U.S. at the end of last year,
Bloomberg says.  Ford reported 570,000 active union and non-union
employees, retirees and dependents.

                   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.

                    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.

                 About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

In 2006, nearly 9.1 million GM cars and trucks were sold globally under
these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER,
Opel, Pontiac, Saab, Saturn and Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders' deficit of
US$4,347,000,000, compared to a positive equity of US$15,779,000,000 at
March 31, 2006.

                         *    *    *

In May 2007, Fitch Ratings has downgraded General Motors Corporation's
senior unsecured debt rating to 'B-/RR5' from 'B/RR4'.  GM's Issuer
Default Rating remains at 'B' and is still on Rating Watch Negative (along
with the other outstanding ratings) by Fitch following the company's
announcement that it will be raising US$4.1 billion in secured financing
and US$1.1 billion in senior unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's common equity
holdings in GMAC, will be assigned a rating of 'BB/RR1', while the senior
unsecured convertible securities will be rated 'B-/RR5'.


MERIDIAN AUTOMOTIVE: Inks MOU to Buy Auto Components' Ohio Unit
---------------------------------------------------------------
Meridian Automotive Systems, Inc. has executed a Memorandum of
Understanding with Ford Motor Company and Automotive Components Holdings,
LLC outlining their planned acquisition of ACH's Sandusky, Ohio facility.
This facility primarily produces front, rear and signal lighting for
nearly 60% of Ford's North American production.  The transaction is
contingent, along with other customary closing conditions, upon reaching a
new and long-term competitive collective bargaining agreement with the
UAW.

Richard E. Newsted, Meridian's President and CEO, said, "Acquiring the
Sandusky, Ohio facility is a logical extension of our engineering and
manufacturing expertise in lighting and thermoplastic injection molding.
We are excited about the opportunity to improve the long-term competitive
position of this operation and expanding our strengths and capabilities in
lighting technology.  We believe the geographic location of the Sandusky,
Ohio facility, along with our existing manufacturing footprint in Grand
Rapids, Michigan and Muzquiz, Coahuila, Mexico, will provide Meridian with
a competitive advantage as we support all of our lighting customers."

                      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.

                  About Meridian Automotive

Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and
other interior systems to automobile and truck
manufacturers.  Meridian operates 22 plants in the United
States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers.  The Company
and its debtor-affiliates filed for chapter 11 protection on
April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through
05-11176).  James F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso,
Esq., and Bojan Guzina, Esq., at Sidley Austin Brown & Wood LLP, and
Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts.  Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders
and Second Lien Lenders to invalidate their liens.  When the Debtors filed
for protection from their creditors, they listed US$530 million in total
assets and approximately US$815 million in total liabilities.

Judge Walrath has confirmed the Revised Fourth Amended
Reorganization Plan of Meridian.  That plan became effective on
Dec. 29, 2006.


SPECIALIZED TECH: Moody's Junks Rating on Proposed US$75MM Loan
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the proposed first
lien senior secured credit facilities of Specialized Technology Resources,
Inc. to B1 from Ba3 following the upsizing of the first lien term loan by
US$50 million to US$185 million.

The upsizing was accompanied by a reduction in the proposed second lien
term loan by US$50 million to US$75 million.  The Caa1 ratings on the
proposed second lien term loan were affirmed. Concurrently, Moody's
affirmed the B2 Corporate Family Rating and B2 Probability of Default
Ratings of the company.  The outlook for the ratings remains stable.

The ratings are constrained by a high level of overall indebtedness at
close with adjusted pro forma debt to EBITDA for the twelve months ended
March 31, 2007, of about 6.5 times, the company's small size both in
absolute terms and relative to competitors, and Moody's expectations of
negative free cash flow generation in fiscal 2007.  The ratings also
reflect some degree of technological risk with respect to STR Solar.

Although the leverage reflects the relatively high valuation of the
company in relation to current cash flow generation, the ratings recognize
the significant equity contribution and associated sponsor commitment.
The B2 Corporate Family Rating acknowledges STR's geographically diverse
asset base (including laboratories, inspection and audit offices and
manufacturing plants), the continuing outsourcing of manufacturing from
consumer to producer countries and related safety requirements and
regulations which support growth in the quality assurance and testing
business, and the current environment with respect to solar panel
installation subsidies in several countries, along with the
diversification benefits of operating in two unrelated business segments.
Moody's also notes that STR's focus on areas such as social responsibility
and renewable energy is likely to continue to benefit from favorable
social and regulatory trends.

Moody's took these rating actions:

   -- Downgraded the proposed US$20 million first lien revolver
      due 2012 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%);

   -- Downgraded the proposed US$185 million first lien term
      loan due 2014 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%);

   -- Affirmed the proposed Caa1 (LGD5, 88%) rated US$75
      million second lien term loan due 2014;

   -- Affirmed the B2 Probability of Default Rating;

   -- Affirmed the B2 Corporate Family Rating;

   -- The outlook for the ratings is stable.

Specialized Technology Resources -- http://www.strlab.com/--
founded in 1944, is a recognized leader in testing and quality
assurance services for the consumer products industry and the
leading manufacturer of solar module encapsulants globally.  STR Quality
Assurance has established deep and longstanding
relationships with the leading global retailers and
manufacturers in the consumer and retail markets.  STR Solar is
the leading, long-term supplier of encapsulants to many of the
major solar module manufacturers in the industry.  STR has
sophisticated laboratories and offices in over 30 countries
across five continents.  The Company is headquartered in
Enfield, CT and has over 1,500 employees worldwide.  The company has
laboratories located in Mexico, Hong Kong, China, Taiwan, Singapore,
Indonesia, Korea, India, Sri Lanka, Switzerland, United Kingdom, France,
and Turkey, among others.  STR had revenues of approximately US$135
million for the 12 months ended March 31, 2007.




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


* PANAMA: Forms Energy Department
---------------------------------
Panamanian President Martin Torrijos said that the government has formed
Secretaria Energetica department, an energy department that will deal with
the increasing energy needs in Panama, according to a report posted on the
presidential Web site.

Business News Americas reports that President Torrijos selected Panama
Canal Authority board president Dani Kuzniecky to coordinate the
Secretaria Energetica department.  Other government agencies will also
participate in the activities in the department.

President Torrijos told BNamericas that due to lack of investment, Panama
hasn't been able to keep up with the increasing power demand.

The nation's energy policy created by the ministries of trade and industry
-- which supervises hydrocarbons through the hydrocarbons general
department -- and the economy and finance, which is responsible for the
power sector, BNamericas notes, citing an official from the economy and
finance ministry's energy policy commission.  The government wants to
bring the two areas under one institution.

According to BNamericas, the energy policy commission expects maximum
energy demand in 2020 to reach 1,953 megawatts, and a maximum "moderate"
demand at 1,784 megawatts.

BNamericas relates that Panama's installed capacity was 1,508 megawatts in
2006.  Some 846 megawatts came from hydro, while about 662 megawatts were
from thermo.

Panama's hydrocarbons sales increased 23.5% to 194 million gallons in the
first quarter 2007, compared to the first quarter of 2006, BNamericas
states.

                        *     *     *

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




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


HILTON HOTELS: Enters Into Partnership with Moet Hennessy
---------------------------------------------------------
Hilton Hotels Corp has entered into a partnership with Moet Hennessy Louis
Vuitton, or LVMH, and Spa Chakra, Newratings.com reports.

Newratings.com relates that as agreed, “Hilton Hotels will offer products
and services of LVMH and Spa Chakra at many of its hotels.”

Hilton Hotels told Newratings.com that the partnership will affect:

          -- the Waldorf-Astoria Collection hotels,
          -- Conrad Hotels & Resorts, and
          -- selected Hilton hotels.

Hilton Hotels said that it would associate with the Guerlain and Acqua di
Parma brands of LVMH for spa treatments and related products and services.
Spa Chakra will provide design and operational consulting services to
Hilton Hotels, Newratings.com states.

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.




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


MARQUEE HOLDINGS: Gets Consent Solicitation from Senior Holders
---------------------------------------------------------------
Marquee Holdings Inc., the parent of AMC Entertainment Inc., Has received
solicitation of consents from holders of its 12% Senior Discount Notes due
2014.

As of 5:00 p.m., New York City time, on June 12, 2007, which was the
deadline for holders who desired to receive the consent fee to deliver
their consents, Marquee had received consents for US$301,925,000 in
aggregate principal amount at maturity of the Notes, representing 99.32%
of the outstanding Notes.

Accordingly, the requisite consents to adopt the proposed amendment to the
indenture pursuant to which the Notes were issued have been received, and
a supplemental indenture to effect the Amendment has been executed by
Marquee and the trustee under the Indenture.  The Amendment permits
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, and
contains a covenant requiring 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.  The Amendment will become operative when Marquee
causes the consent fee to be paid in respect of the consents delivered to
and accepted by Marquee.

Revocation rights with respect to delivered consents expired as of the
moment Marquee and the Trustee executed the supplemental indenture.
Accordingly, holders may no longer revoke any delivered consents.

The complete terms and conditions of the consent solicitation are
described in the consent solicitation statement of Marquee dated June 5,
2007, and the accompanying letter of consent, copies of which may be
obtained by contacting MacKenzie Partners, Inc., the information agent for
the Consent Solicitation, at 800-322-2885 (toll-free) or 212-929-5500
(collect).  Questions regarding the consent solicitation may be directed
to the solicitation agent for the consent solicitation: J.P. Morgan
Securities Inc. at 800-245-8812 (toll-free) or 212-270-3994 (collect).

The Consent Solicitation is being made solely by means of the Consent
Solicitation Documents.  Under no circumstances shall this press release
constitute a solicitation of consents to the Amendment.

                   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.
Marquee through its
subsidiaries also operate in Mexico, Argentina, Brazil, Chile
and Uruguay in Latin America, Hong Kong in the Asia-Pacific, and in Europe
particularly in France and the United Kingdom.

                        *    *    *

Moody's Investors Service changed the outlook for Marquee
Holdings Inc. (parent of AMC Entertainment Inc.) to negative
from stable and affirmed these ratings:

    -- B1 corporate family rating;
    -- B1 probability of default rating.




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


CITGO PETROLEUM: Shuts Down Crude Unit at Corpus Christi
--------------------------------------------------------
Citgo Petroleum Corp. told the Houston Chronicle that it closed down a
crude unit at its Corpus Christi refinery.

The Houston Chronicle notes that Citgo Petroleum filed a report on the
matter to the Texas Commission on Environmental Quality.

The malfunction required emergency flaring for seven hours, The Houston
Chronicle reports.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-owned oil
company of Venezuela.

Petroleos de Venezuela is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical, and
coal industry, as well as planning, coordinating, supervising,
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *     *     *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp. in Feb. 14, 2006.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.
Fitch also rates the company's US$1.15 billion senior secured
revolving credit facility maturing in 2010 at 'BB+', its US$700 million
secured term-loan B maturing in 2012 at 'BB+', and its senior secured
notes at 'BB+'.


DAIMLERCHRYSLER: Chrysler Workers Seeking Buyouts Exceed Plan
-------------------------------------------------------------
About 6,400 U.S. hourly workers have shown interest in taking the buyout
or early retirement package being offered by DaimlerChrysler AG's Chrysler
Group, exceeding the company's target of 4,700 hourly U.S. workers, Dow
Jones Newswires reports.

According to the report, Chrysler spokeswoman Michele Tinson wouldn't
confirm specific numbers but said, "corporate-wide, hourly retirement and
separation program acceptances have exceeded our original projections."

The layoffs are part of Chrysler's restructuring of its North American
operations after posting a US$1.5 billion loss last year.  Cerberus
Capital Management LP is buying the U.S. unit, which has struggled in
recent years to stem a loss of market share in the U.S. to Asian rivals
with leaner cost structures, Dow Jones relates.

General Motors Corp. and Ford Motor Company have seen tens of thousands of
workers accept buyouts and early retirements as those companies cut
capacity in the face of lower market share, Dow Jones reveals.  The U.S.
auto makers have used buyouts since laid-off workers go into a program
known as the Jobs Bank, where they receive much of their pay and benefits
despite not working.

The TCR-Europe reported on March 8, 2007, that Chrysler will offer as much
as US$100,000 to some of its 49,600 hourly workers at 11 U.S. plants to
leave the company as part of its recovery plan, hoping to eliminate 11,000
hourly positions and 2,000 salaried jobs in an effort to return to
profitability following its US$1.475 billion loss in 2006.

Chrysler and the United Auto Workers agreed to two special programs that
will provide retirement and separation incentives for the company's
bargaining-unit employees in the United States as part of the Chrysler
Group's Recovery and Transformation Plan.

The negotiated programs include an Incentive Program for Retirement with
US$70,000 cash lump-sum amount for employees with 30 or more years of
credited service, or who meet a combination of age and years-of-service
eligibility, and an Enhanced Voluntary Termination of Employment Program,
which provides a lump sum payment of US$100,000 for employees with at
least one year of credited service.

                    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.


DAIMLERCHRYSLER: Deutsche Bank Maintains Buy Rating on Firm
-----------------------------------------------------------
Deutsche Bank analysts have kept their "buy" rating on DaimlerChrysler's
shares, Newratings.com reports.

According to Newratings.com, the target price for Daimlerchrysler's shares
was increased to EUR86 from EUR73.

The analysts said in a research note that Daimlerchrysler is likely to
report “robust enhancements” in the coming years.

The analysts told Newratings.com that strong market conditions, higher
carryover and robust products would benefit the Mercedes and trucks
segments.

DaimlerChrysler would generate up to EUR5 billion in fixed cash flow per
annum.  It is likely to be able to give back cash to shareholders, after
the close of the Chrysler deal, Newratings.com states, citing Deutsche
Bank.

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.


DAIMLERCHRYSLER: Joins GM & Ford in Healthcare Fund
---------------------------------------------------
DaimlerChrysler AG's Chrysler Group, General Motors Corp. and
Ford Motor Company are in talks to create an independent health-insurance
fund to trim their combined US$114 billion in future retiree healthcare
obligations, Bloomberg News reports, quoting five people with direct
knowledge of the talks as saying.

According to the report, the U.S. automakers would each contribute to the
fund to pay for healthcare benefits of United Auto Workers retirees, the
sources said, requesting anonymity because the negotiations are private.
The talks are preliminary so the fund's size and how much each company
would contribute haven't been determined, they said.

The car companies are trying to deal with healthcare costs that GM CEO
Rick Wagoner says cost them a combined US$12 billion in 2006.  Providing
health care to 2 million employees, retirees and dependents contributed to
losses at each of the U.S. automakers last year, while Japanese rivals
posted record profits, Bloomberg reveals.

Under the proposal, the companies would contribute a percentage of their
retiree liabilities to the fund, whose assets and investment proceeds
would cover retiree medical benefits, Bloomberg relates.

The idea is modeled after the Goodyear Tire & Rubber Co. healthcare plan,
the people said.  The Akron, Ohio-based tiremaker, with a healthcare
liability of US$1.3 billion for United Steelworkers of America retirees,
agreed in December to set up a healthcare trust fund with a one-time US$1
billion payment in cash and stock, after which, Goodyear will have no
further healthcare obligation to current or future union retirees.  The
accord came after an 85-day strike, Bloomberg states.

The joint fund is one of several ideas for cutting labor costs being
weighed by U.S. automakers as they prepare for next month's contract
negotiations with the United Auto Workers, the sources said.  GM, Ford and
Chrysler haven't decided whether to offer the proposal during the talks,
which will replace the current four-year contract expiring in September
2007, Bloomberg quotes three of the sources as saying.  The companies are
exploring a single provider to reduce administration costs and overlapping
services, they said.

The union is aware of the discussions and is willing to consider the idea,
one of the people familiar with the matter said, Bloomberg notes.  GM,
Ford and the UAW last year agreed to a court settlement requiring union
retirees to pay part of their healthcare costs for the first time.
Detroit-based GM and Ford, of Dearborn, Michigan, also pledged not to
alter those retiree healthcare benefits until after 2011 without union
consent.

Last year's settlement, as well as benefit reductions for salaried
workers, helped GM cut retiree healthcare liabilities by 21 percent to
US$64 billion at the end of last year, Bloomberg discloses.  Ford had
retiree obligations of US$31 billion, and Chrysler's potential future tab
is about US$19 billion.  GM has already bought out 34,400 union workers,
and Ford and Chrysler together are trying to persuade 50,000 to leave as
they cut production to match market-share losses to Toyota Motor Corp. and
Honda Motor Co.

GM had about 357,000 union retirees in the U.S. at the end of last year,
Bloomberg says.  Ford reported 570,000 active union and non-union
employees, retirees and dependents.

                   About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin-America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

                     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.

                     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.


ELECTRICIDAD DE CARACAS: Gets Invite from StockEx To List Stock
---------------------------------------------------------------
The Caracas Stock Exchange has submitted a proposal for the relisting of
Electricidad de Caracas' shares in the local market.

Caracas Stock Exchange Chair Victor Flores Rojas told the official news
agency ABN that the plan for Electricidad de Caracas could mean a major
redistribution of shares amounting to 30% to 40% of stock capital.

A second option, El Universal says, is for the company's  board to propose
to shareholders to issue preferred shares together with a reduction of
capital on common shares.  The issue of preferred shares would be a
proposal of profit sharing, including additional benefits and conditions
allowing the
State to ensure control over EDC and profits as well.  This plan would
mean the company's stock capital would be 1,975 million Class A stock --
owned by the State -- and 1,316 million Class B shares owned by the public
and traded in
the Caracas Stock Exchange.

Electricidad de Caracas is the largest private-sector electric
utility in Venezuela and generates, transmits, distributes, and markets
electricity primarily to metropolitan Caracas and its surrounding areas.

The AES Corp. owns 86% of EDC and acquired its stake in June 2000, through
a public-tender offer.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Standard & Poor's Ratings Services revised the
CreditWatch implications for its 'B' foreign currency corporate credit
rating on C.A. La Electricidad de Caracas to developing from negative.
Standard & Poor's also revised the CreditWatch implications for its 'B'
senior unsecured debt rating on Electricidad de Caracas Finance B.V.'s
notes due 2014 to developing from negative.


PETROLEOS DE VENEZUELA: Borrowing Costs Concern Affects Bonds
-------------------------------------------------------------
Alex Kennedy and Guillermo Parra-Bernal, at Bloomberg News, reports that
state-run oil company Petroleos de Venezuela SA's debt issues has suffered
on concern that global borrowing costs will rise and slow economic
expansion.

The company's bonds fell after a statement made by former Federal Reserve
Chairman Alan Greenspan predicted in New York an end to a global surge in
financial liquidity, and that historically low premiums on emerging-market
debt "ain't going to continue that way," Bloomberg relates.

The yield on the Petroleos de Venezuela's 5.25%  bond due April 2017
closed up 14 basis points, or 0.14 percentage point, to 8.77 percent,
according to Merrill Lynch & Co. The price, which moves inversely to the
yield, dropped 0.80 cent on the dollar to 77.10 cents on the dollar.

The Petroleos bond due in 2017 yields 3.5 percentage points more than the
U.S. Treasury due May 2017, compared with 3.47 percentage points
yesterday.

The state oil firm sold the bonds in April to finance a plan to double
production by 2012.

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

As reported on March 28, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured long-term credit rating to Petroleos de
Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027,
and US$1 billion notes due 2037.


PETROLEOS DE VENEZUELA: Mulling Oil Exploration Outside Country
---------------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA's Exploration
and Production Vice President Luis Vierma told El Universal that the
company is considering exploring for oil and gas outside Venezuela.

However, Petroleos de Venezuela still has to acquire a stake in a block,
El Universal notes, citing Mr. Vierma.  The firm was offered shares in two
blocks in Vietnam.  It declined the offer after seismic analysis.  It is
holding talks on other areas.

Mr. Vierma explained to reporters, "We declined the blocks because seismic
data showed no prospects.  We have a team working in Vietnam."

Mr. Vierma told El Universal that Petroleos de Venezuela is also seeking
for opportunities to explore for oil and gas in Bolivia, Ecuador and Cuba.
The company had entered into an accord with Iranian Petropars to explore
for oil in other parts of the world.

Venezuela has proven reserves of about US$87 billion and advanced
confirmation of 238 billion tons of extra heavy crude oil in Orinoco belt,
El Universal states, citing Mr. Vierma.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Will Pay Dividends to Partnership
---------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA has promised
to start paying dividends to its partners at 21 oil field joint ventures
after over a year of delays Dow Jones Newswires reports.

Petroleos de Venezuela Exploration Director Orlando Chacin told Dow Jones
that the firm “will come clean on the accumulated debts” in June.  He told
the press, "By the end of the month, dividends should be ready for all
21."

The dividends for seven of the shared-equity firms have been ratified.
The rest should be ready in the coming weeks, Dow Jones notes, citing Mr.
Chacin.

Mr. Chacin told Dow Jones that two of the 21 joint ventures haven't been
ratified by the National Assembly yet.

According to Dow Jones, the partner firms include:

          -- Chevron Corp.,
          -- Royal Dutch Shell, and
          -- Petroleo Brasileiro.

Mr. Chacin told Dow Jones that Petroleos de Venezuela had to wait for
audited 2006 financial results before making payments.  The late dividend
payments were also due to other administrative delays.

Dow Jones notes that the payment delays have hurt maintenance and
exploration on the “oil patch.”  The oil fields included in the 21 joint
ventures produced over 400,000 barrels daily before the contract changes.

Production is now at 320,000 barrels per day.  An average output for 2007
should be slightly higher, Dow Jones states, citing Mr. Chacin.

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

                        *     *     *

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


* VENEZUELA: Cadivi OKs US$416MM for Trade with Argentina
---------------------------------------------------------
Cadivi, Venezuela's Foreign Exchange Management Committee, has
authorized up to US$416 million for Venezuelan-Argentinian trade exchange
until May 31, Caracas daily El Universal reports.

Manuel Barroso, Cadivi's head, disclosed that US$294 million has been
devoted to imports under a convention of the Latin American Integration
Association, in addition to US$118 million for ordinary imports and
US$1.87 million on account of foreign investment, El Universal says.

Among the goods exchanged are: antibiotics and anesthetics for human use,
human milk, powdered milk, oil, cargo vehicles, tractors, carriers for up
to 16 people, automobile spare parts and bottles, official news agency ABN
reported.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006, Fitch
Ratings affirmed Venezuela's long-term foreign and local currency Issuer
Default Ratings at 'BB-'.  At the same time, the agency also affirmed the
short-term foreign currency IDR at 'B' and the Country Ceiling at 'BB-'.
Fitch said the outlook on the ratings remains stable.


                         ***********


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, Rizande de los Santos, Sheryl Joy P. Olano, and
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Copyright 2007.  All rights reserved.  ISSN 1529-2746.

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