TCRLA_Public/070621.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 21, 2007, Vol. 8, Issue 122

                          Headlines

A R G E N T I N A

ALITALIA SPA: Italy Hires Credit Suisse to Evaluate Final Bids
ALITALIA SPA: AirOne Grumbles Over Inadequate Operational Data
BANCO HIPOTECARIO: Moody's Puts Ba1 Rating on US$200-Mil. Notes
BODEGAS CUVILLIER: Reorganization Process Concluded
EMPRESA DISTRIBUIDORA: S&P Changes Stable Outlook to Positive

FIAT SPA: Closes EUR1 Billion Senior Notes Offering
FIAT SPA: Credit Improvement Cues Fitch to Lift Rating to BBB-
FORD MOTOR: Distressed Supply Base Cues Missed Targets
FORD MOTOR: Cerberus Talks for Premier Brands Sale Inconclusive
NIPPON SHEET: Posts JPY17.52 Bil. Net Income for Fiscal 2007

ROLLING FORMS: Proofs of Claim Verification Is Until Aug. 21
TELECOM ARGENTINA: Unions Holding Protest on Salary Increase
TELEFONICA DE ARGENTINA: Unions To Protest on Salary Increase
TEXTIL PENA: Seeks Bankruptcy Approval from Court
VIRREY OLAGUER: Proofs of Claim Verification Ends on Aug. 21

B A R B A D O S

ISLE OF CAPRI: S&P Puts BB+ Rating on US$1.35 Bil. Senior Loan

B E R M U D A

ADVANTAGE COMPANY: Final General Meeting Is Today
BELL ATLANTIC: Proofs of Claim Filing Is Until Tomorrow
CIC SOFTWARE: Schedules Final General Meeting on June 26
INTELSAT LTD: Definitive Pact Prompts S&P to Lower Ratings
SEA CONTAINERS: Regulator Issues Financial Support Direction

WARNER CHILCOTT: Moody's Assigns B2 Corporate Family Rating

B O L I V I A

ASHMORE ENERGY: Will Acquire Shell's JVs in Brazil & Bolivia

B R A Z I L

AMR CORP: Moody's Places Caa1 Rating on O'Hare Refunding Bonds
BANCO NACIONAL: Lending Up 26% for Year Ended May 2007
BANCO NACIONAL: Okays BRL143-Million Loan for Itautec
BANCO NACIONAL: Okays BRL35.6-Mil. Financing to Taua Biodiesel
BOMBARDIER RECREATIONAL: S&P Rates US$1.15-Billion Loan at B+

CATALYST PAPER: Cost Pressures Cue S&P's Negative Outlook
COMMSCOPE INC: Signs Joint Manufacturing Deal with Karlee
LAZARD GROUP: Moody’s Rates US$500 Million Senior Notes at Ba1
NAVISTAR INT’L: Operating Unit Inks US$200-Mil. Credit Facility
NOMURA HOLDINGS: Forms Business Alliance with Macquarie Bank

NOVELIS INC: Change of Control Offer Extended to June 27
PETROLEO BRASILEIRO: Preparing for Ethanol Project with Mitsui
PETROLEO BRASILEIRO: Increasing Campos Basin Exploration
PETROLEO BRASILEIRO: Will Build LNG Regasification Unit
PINNOAK RESOURCES: Cleveland Deal Cues S&P's Positive Watch

POLYPORE INT’L: Commences Tender Offer for 10-1/2% Senior Notes
UAL CORP: Eyes 2.75%-3.25% Rise in 2nd Qtr. Passenger Revenue
VERIFONE INC: S&P Revises Outlook to Stable from Negative

C A Y M A N   I S L A N D S

ALTAIR NAVIGATOR: Sets Final Shareholders Meeting for June 29
CEMENT HOLDINGS: Will Hold Last Shareholders Meeting on June 28
CITRINE SPECIAL: Sets Final Shareholders Meeting for June 29
COOPERNEFF (CAYMAN): Final Shareholders Meeting Is on June 29
CREDIT SUISSE: Will Hold Final Shareholders Meeting on June 28

FERN INVESTMENTS: Sets Final Shareholders Meeting for June 28
FIRST DORMY-IN: Proofs of Claim Filing Is Until Today
GREAT PRESTIGE: Will Hold Final Shareholders Meeting on June 28
INNFIELD INVESTMENTS: Last Shareholders Meeting Is on June 28
JOSE CARTELLONE: Final Shareholders Meeting Is on June 29

KAZIMIR NON-DOLLAR: Sets Final Shareholders Meeting for June 29
MARATHON PETROLEUM: Proofs of Claim Filing Is Until Today
MW STRAND: Sets Final Shareholders Meeting for June 29
NEWOAK LIMITED: Will Hold Final Shareholders Meeting on June 28
STIR FUND: Sets Final Shareholders Meeting for June 29

THUNDER BAY: Holding Final Shareholders Meeting on June 29

C O L O M B I A

SPECTRUM BRANDS: Court Dismisses Class Action Suit

E C U A D O R

PETROECUADOR: Projector To Supply Diesel to Company
PETROECUADOR: Says Assets & Operations Insurance Tender Is Void

* ECUADOR: Telefonica To Connect Operators to Fiber Optic Ring

G U A T E M A L A

SUPERCLICK INC: April 30 Balance Sheet Upside-Down by US$2.3MM

J A M A I C A

DYOLL INSURANCE: Farmers To Contact Buyers to Get Payment

M E X I C O

BEST MANUFACTURING: Chap. 7 Trustee Hires Meisel as Counsel
BEST MANUFACTURING: Chap. 7 Trustee Hires Weiser as Accountant
DAIMLERCHRYSLER AG: Unit Launches Cash Tender Offer
FMC FINANCE: Moody's Rates US$500MM Sr. Unsec. Notes at (P)Ba3
FRESENIUS MEDICAL: Moody's Affirms Ratings with Pos. Outlook

HIPOTECARIA SU: S&P Lifts Credit Rating to BB from BB-
HUDSON PRODUCTS: S&P Affirms B Credit Rating Over Buy Plans
ICONIX BRAND: S&P Rates US$250 Million Senior Notes at B-
INTERTAPE POLYMER: Arrangement Plan Gets Advisory Firms’ Votes
INTERTAPE POLYMER: 6789536 Canada Snubs Plan of Arrangement

PLIANT CORP: Will Reduce Debt Through Senior Notes Refinancing
SMITHFIELD FOODS: Commences US$500 Million Debt Offering
SMITHFIELD FOODS: Moody's Rates US$500 Mil. Senior Notes at Ba3
SMITHFIELD FOODS: S&P Affirms & Removes Watch on BB+ Rating
SMITHFIELD FOODS: S&P Puts BB Rating on US$500-Mil. Sr. Notes

SPRINGS WINDOWS: Term Loan Increase Cues Moody's to Cut Ratings
TELCORDIA TECHNOLOGIES: S&P Rates Proposed US$555MM Notes at B
WENDY’S INT: Special Committee Explores Likely Sale of Company
WENDY'S INT'L: Possible Sale Cues S&P to Cut Rating to BB-
WENDY'S INT'L: Weak Performance Cues Moody's to Review Ratings

P U E R T O   R I C O

FOOT LOCKER: Genesco Deal Spurs S&P to Put Ratings on WatchNeg.
HOSPITALITY PROPERTIES: Declares Lightstone in Lease Default
PEP BOYS: Board Okays US$0.0675 Per Share Dividend Payment
SERVICEMASTER CO: S&P Junks Rating on US$1.15-Bil. Senior Notes

U R U G U A Y

GEORGIA-PACIFIC: High Debt Cues S&P to Revise Outlook to Stable

* URUGUAY: Antel's Mobile Unit Will Launch 3G Services

V E N E Z U E L A

DIRECTV HOLDINGS: Affirms Low B Ratings with Stable Outlook
PETROLEOS DE VENEZUELA: Creating Joint Biz with Petrovietnam

* Upcoming Meetings, Conferences and Seminars

                         - - - - -



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


ALITALIA SPA: Italy Hires Credit Suisse to Evaluate Final Bids
--------------------------------------------------------------
Italy's Finance Ministry has appointed Credit Suisse to conduct an
independent assessment of the bids for the government's 39.9% stake in
Alitalia S.p.A., Reuters reports.

Credit Suisse will evaluate the binding offers of Alitalia's remaining
bidders -- AirOne S.p.A.-Intesa San Paolo S.p.A. and OAO
Aeroflot-Unicredit Italiano S.p.A.

The bidders have until July 2, 2007, to submit binding offers.      
Italy, however, is encouraging the parties to unify their bids.

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for passengers and
air transport of cargo on national, international and inter-continental
routes.  The Italian government owns 49.9% of Alitalia.  The company also
operates in Argentina, China, and Japan.

Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia
posted net losses of EUR256 million and EUR907 million in 2000 and 2001
respectively.  Alitalia registered
EUR93 million in net profits in 2002 after a EUR1.4 billion
capital injection.  The carrier booked consecutive annual net
losses of EUR520 million in 2003, EUR813 million in 2004, and
EUR168 million in 2005.


ALITALIA SPA: AirOne Grumbles Over Inadequate Operational Data
--------------------------------------------------------------
The AirOne S.p.A.-Intesa San Paolo consortium is complaining over lack of
adequate information on Alitalia S.p.A.'s operation, The Irish Times
reports, citing a source privy to the bidding process.

AirOne, the unnamed source told the Irish Times, has written to Italian
finance minister Tommaso Padoa-Schioppa bemoaning that it cannot devise a
proper business plan for Alitalia due to limited information.

As previously reported, final bidders commenced examining Alitalia's books
on May 24, 2007.

The Irish Times suggests that the consortium, along with rival bidder OAO
Aeroflot-Unicredit Italiano S.p.A., also wants access to Alitalia's legal
contracts and other date that would allow them to assess accurately the
profitability of the carrier's route network.

The consortium has earned the backing of Italy's ruling center-left
coalition, making it a favorite to acquire the government's 39.9% in
Alitalia, The Irish Times adds.

Sources told the Irish Times that Alitalia's privatization will remain on
course despite AirOne's complaint.

                    Possible Bankruptcy?

Meanwhile, government ministers shoved off the possibility of sending
Alitalia into bankruptcy following the carrier's publication of its first
quarter results.

As reported in the TCR-Europe on June 15, 2007, Alitalia posted EUR135
million in net losses for the first quarter of 2007, compared with EUR159
million in net losses for the same period in 2006.  The carrier added it
is liquid enough to maintain operations for more than 12 months.

"To speak today of bankruptcy seems out of place to us,"  infrastructure
minister Antonio Di Pietro was quoted by the Irish Times as saying.  "We
are working to sell Alitalia to the best bidder, the one that proposes the
best business plan."

Alitalia reported EUR625.6 million in net loss on EUR4.72 billion in
operating revenues for the year ended Dec. 31, 2006, compared with
EUR176.6 million in net loss on EUR4.8 billion in operating revenues for
the year ended Dec. 31, 2005.

                      About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for passengers and
air transport of cargo on national, international and inter-continental
routes.  The Italian government owns 49.9% of Alitalia.  The company also
operates in Argentina, China, and Japan.

Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia
posted net losses of EUR256 million and EUR907 million in 2000 and 2001
respectively.  Alitalia registered
EUR93 million in net profits in 2002 after a EUR1.4 billion
capital injection.  The carrier booked consecutive annual net
losses of EUR520 million in 2003, EUR813 million in 2004, and
EUR168 million in 2005.


BANCO HIPOTECARIO: Moody's Puts Ba1 Rating on US$200-Mil. Notes
---------------------------------------------------------------

Moody's Investors Service assigned a Ba1 global local currency
debt rating to Banco Hipotecario's US$200 million senior unsecured
Argentine peso-linked notes, which are due in 2010.  Moody's also assigned
a Aa1.ar local currency rating in the Argentine national scale to the
notes The outlooks on the ratings are stable.

Moody's said that the Ba1 local-currency bond rating for Banco Hipotecario
incorporates several positive factors:

   * a well-established franchise in a key economic sector;

   * improved financial fundamentals; and

   * a very high level of institutional support.

These factors all contribute to a Ba1 global local-currency deposit rating.

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

Banco Hipotecario is headquartered in Buenos Aires, Argentina, and it had
assets of ARS9.3 billion (US$3.1 billion), as well as consolidated
deposits for ARS0.7 billion (US$0.2 billion) on March 2007.

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

   -- Global local currency debt rating: Ba1
   -- National Scale Rating for local currency debt: Aa1.ar

Headquartered in Buenos Aires, Argentina, Banco Hipotecario SA
-- http://www.hipotecario.com.ar-- is an Argentinean commercial bank and
specialty mortgage provider.  Banco Hipotecario' business lines include
credit lines for consumers, short-term financing for exporting companies,
factoring services, deposit accounts, purchase and sale of foreign
currency, custodial services, safe deposit box rentals, payroll bank
accounts, securities brokerage services and sales of insurance through
authorized agents and companies.  The bank launched this new series of
products and services as an alternative to its mortgage loans business,
which as a result of the economic crisis, came to a temporary halt in
2002.  In late 2003, and in the light of the favorable trends shown by
economic variables, Banco Hipotecario started to offer new housing
mortgage loans.  The bank's subsidiaries consist of BHN Sociedad de
Inversion Sociedad Anonima.


BODEGAS CUVILLIER: Reorganization Process Concluded
---------------------------------------------------
Bodegas Cuvillier S.A.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the reorganization was
concluded after a court in San Rafael approved the debt agreement signed
between the company and its creditors.

The debtor can be reached at:

             Bodegas Cuvillier S.A.
             Cerrito S.A.
             Buenos Aires, Argentina


EMPRESA DISTRIBUIDORA: S&P Changes Stable Outlook to Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Argentina's
largest electric distribution company, Empresa Distribuidora y
Comercializadora Norte S.A. -- EDENOR -- to positive from stable.

"The positive outlook on EDENOR's 'B' corporate credit rating reflects the
company's improving financial risk profile, mainly from the recent
significant tariff increase for nonresidential users, enhanced liquidity,
and projected improvement of its financial flexibility," noted Standard &
Poor's credit analyst Sergio Fuentes.  In addition, the positive outlook
also incorporates Standard & Poor's expectations that the global
renegotiation of EDENOR's concession contract will be carried out in 2008,
which could result in a further improvement of its business and financial
risk profile.

"However, the ratings could be lowered if political and regulatory risk in
Argentina significantly increases," he continued.

The ratings on EDENOR reflect the high political and regulatory risk in
Argentina, decreasing generation capacity reserves in the Argentine
electric system, which could affect supply mainly to large users in 2007
and 2008, and the company's relatively high leverage and foreign exchange
risk.  The ratings also incorporate EDENOR's solid competitive position as
the largest electric distributor in Argentina, the projected significant
improvement of debt service coverage ratios resulting from the Acta
Acuerdo-related increase in cash flow generation, and a smooth debt
maturity profile.

EDENOR is Argentina's largest electricity distribution company
in terms of customers served (2.45 million as of December 2006)
and power sales (15,677 gigawatt-hours in 2005 and 12,395
gigawatt-hours in the first nine months of 2006).  EDENOR has a
95-year concession contract (which started in 1992) to
distribute electricity in a densely populated area of about
seven million inhabitants in the northwest of greater Buenos
Aires and the north of the city of Buenos Aires.  EDENOR is 65%
directly and indirectly owned by the Dolphin Group.


FIAT SPA: Closes EUR1 Billion Senior Notes Offering
---------------------------------------------------
Fiat S.p.A. successfully closed its offering of EUR1 billion in principal
amount of 5.625% Senior Notes due June 2017, which has been priced on June
5, 2007.

The notes, issued by Fiat Finance North America Inc., a wholly owned
subsidiary of Fiat S.p.A., under the EUR15 billion Global Medium Term Note
Programme and are guaranteed by Fiat S.p.A., have been rated Ba2 by
Moody's Investors Service and BB+ by Standard & Poor's Ratings Services,
in line with the agencies' current ratings on Fiat Group's long-term debt.

The notes have been admitted to listing on the Irish Stock Exchange.  The
notes have only been offered and sold outside the United States to
institutional investors that are non-U.S. persons under Regulation S and
have not been and will not be registered under the U.S. Securities Act of
1933, as amended, or any other securities laws.

The notes may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.

On June 5, 2007, Fiat confirmed the offering of EUR1 billion in principal
amount of 5.625% senior notes with a maturity of
June 2017, with an issue price of 99.232%.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction equipment.  It also
manufactures, for use by the company's automotive sectors and for sale to
third parties, other automotive-related products and systems, principally
power trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca Intesa,
Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia,
Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria,
China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India,
Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania,
Russia, Singapore, Spain, among others.

                       *     *     *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term Corporate
Family Rating of Ba2 and Probability of Default Rating at Ba2 with Outlook
Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit Ratings
of BB+ for Fiat.  Its Short-term Foreign and Local Issuer Credit Ratings
are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer Rating of BB
with Positive Outlook.


FIAT SPA: Credit Improvement Cues Fitch to Lift Rating to BBB-
--------------------------------------------------------------
Fitch Ratings has upgraded Fiat SpA's Long-term Issuer Default rating and
senior unsecured rating to 'BBB-' from 'BB'.  Fiat's Short-term IDR is
upgraded to 'F3' from 'B'.  Following the upgrade, the Outlook on the
Long-term IDR is Stable.

"The upgrade reflects the structural improvement in Fiat's credit profile
over the past couple of years," says Emmanuel Bulle, Director in Fitch's
European Corporates group.  "Consistent improvement in Fiat Auto in
particular, and the continuously positive trend shown in the group's other
main divisions, have enabled Fiat to materially strengthen its financial
profile."

The Stable Outlook is driven by Fitch's expectations that Fiat will be
able to deliver most of its divisional revenue and operating margin
targets in 2007 and 2008.  It also incorporates the various challenges
faced by the group.  Fiat will have to demonstrate further sustainable
improvement to justify further positive rating action.

The auto division's improvement over the past two years was mostly
attributable to Fiat Group Automobiles' focus on improving its product mix
and product attractiveness as well as manufacturing efficiencies and the
group's successful selective alliances strategy.  The rejuvenation of the
core Fiat brand has been successful so far, notably with the launch of the
Grande Punto and the popular new Panda.  Similarly, the Alfa brand's
business profile is continuously improving and ambitious targets have been
set.  Fitch is confident that Fiat Auto's solid product plan (23 new and
23 updated vehicles under the group's 2007-10 business plan) should
continue to support growth in the next couple of years.  Although Fiat
Auto is traditionally positioned in the lower-margin compact and
sub-compact segments, environmental issues and demand for more
fuel-efficient vehicles should continue to fuel growth in these segments.

The group's diversification outside of the auto sector is also a
supporting factor.  Although its commercial vehicles and agricultural and
construction equipment activities face a more cyclical environment than
the auto industry, they offer better margins and diversification and are
decoupled from the auto cycle.  The group has also the opportunity to
benefit from synergies across these divisions, notably in purchasing and
power-train development.

The success of recent products, cost-saving efforts and manufacturing
efficiencies enabled Fiat Auto's trading margin excluding financial
services to increase to 1% in FY06 from a negative 1.8% in FY05.  Trading
margins at Iveco and CNH also improved in FY06, thanks to their solid
market positions and early restructuring efforts.  Both divisions have
benefited from increased volumes in favorable markets and better pricing.
Iveco's performance was also boosted by the launch of new products.  It
posted a 6.5% trading margin excluding FS for FY06, up from 4.5% in FY05.
CNH reported a 5.2% margin excluding FS, up from 5.0%. Overall, reported
industrial trading margin more than doubled in FY06 to 3.3% while group
trading margin jumped to 3.8% from 2.1% in FY05 and 0.1% in FY04.  Fitch
believes Fiat is on track to post trading margins of 4.5% for its
industrial operations and slightly under 5% for the group in 2007.

Stronger underlying operating margins and higher cash flows from
operations continued to materially strengthen Fiat's financial structure.
Importantly, its CFO has been supported by, and should continue to benefit
from, higher production through positive working capital inflows.  Net
financial debt from its industrial operations, adjusted for leases and
pension liabilities and excluding the net fair value of derivatives
instruments, fell to EUR3.3 billion at FYE06 from EUR5.0 billion at FYE05
and EUR12.0 billion at FYE04.  This led to a substantial improvement of
the industrial operations' adjusted net debt/EBITDAR ratio to 0.8x at
FYE06, compared with 1.6x at FYE05 and 6.7x at FYE04.

In the medium term, Fitch is cautious about Fiat's 2009 and 2010
forecasts, which it finds somewhat ambitious in light of the difficult
market environment, unabated pricing pressure and relentless competition.
In addition, Fiat Auto's sales are more skewed towards its home market
than its main competitors and it is highly dependent on two main markets,
Italy and Brazil.  Although Fiat's brand image has substantially improved,
reliability and quality are still lagging behind those of its main peers.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/--
manufactures and sells automobiles, commercial vehicles, and agricultural
and construction equipment.  It also manufactures, for use by the
company's automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power trains (engines
and transmissions), components, metallurgical products and production
systems.  Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di
Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito
Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria,
China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India,
Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania,
Russia, Singapore, Spain, among others.


FORD MOTOR: Distressed Supply Base Cues Missed Targets
------------------------------------------------------
Ford Motor Co. missed its material cost-cutting target through May by 5%,
blaming "distress in the supply base," The Wall Street Journal said on its
Web site Monday.

According to WSJ, to bring costs in line with its forecast in coming
months, the auto maker said it plans to negotiate price reductions with
suppliers.

In addition, the source says Ford continues to miss its retail
market-share goals.  Specifically, in May, the company's retail share,
excluding fleet sales, was 10%, down 0.7 point from forecast due mainly to
weakness in truck sales.

Earlier, Ford and Meridian Automotive Systems signed a memorandum of
understanding, outlining a framework for the sale of Automotive Components
Holdings' lighting business and its Sandusky, Ohio plant.  With the MOU,
ACH has sold one plant and signed MOUs related to eight additional plants
during the past six months.

The primary product produced at the ACH Sandusky Plant is automotive
lighting, including front, rear and signal lights.  These products are
found on a number of Ford vehicles from the Focus to the Expedition, and
about 60 percent of Ford’s North American vehicle production.

"This announcement represents more progress with our Way Forward plan,"
Mark Fields, Ford's president of The Americas, said.  "The successful
approach Ford is taking with our component operations -- including selling
or idling our ACH facilities -- will help us achieve our commitment to
reduce overall operating costs by US$5 billion by the end of 2008."

Other ACH businesses in negotiations for final agreement and sale include
glass, fascias and fuel tanks, climate control systems, propshafts, and
power transfer units.  The ACH fuel rail business and its El Jarudo
subsidiary were sold at the end of the first quarter.

Automotive Components Holdings is a temporary company managed by Ford,
which was established in October 2005 with former Visteon component
operations.  ACH's mission is to ensure the flow of quality components and
systems while preparing the ACH automotive component operations for sale
or idling.  Today, the US$4 billion company and its 12 plants are
supported by about 12,000 full-time employees, mostly leased from Visteon
or Ford.

The sale is contingent upon reaching a new and competitive agreement with
the United Auto Workers.

                       About Ford Motor

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.


FORD MOTOR: Cerberus Talks for Premier Brands Sale Inconclusive
---------------------------------------------------------------
Talks between Ford Motor Company and Cerberus Capital Management on the
sale of Ford’s Jaguar and Land Rover brands, were inconclusive, Stephen
Power of The Wall Street Journal reports, citing unnamed sources.

Ford is expecting the sale of its brands to take at least a month, citing
the sale of Aston Martin, which took six months to sell, Mr. Powers
writes.

As reported in the Troubled Company Reporter on June 13, 2007, Ford
employed help from investment banks including Goldman Sachs, HSBC and
Morgan Stanley to explore the sale of its two British luxury brands.  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.

The two are part of Ford's Premier Automotive Group, including
Volvo, which, as previously reported was rumored to be on possible sale.

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.


NIPPON SHEET: Posts JPY17.52 Bil. Net Income for Fiscal 2007
------------------------------------------------------------
Nippon Sheet Glass Company, Limited posted a JPY17.52 billion net income
for the year ending Mar. 31, 2007, a stellar rise of 1,352.40% from the
net income of JPY1.21 billion net income posted for the year ending Mar.
31, 2006.

Sales for the fiscal year 2007 went up slightly to JPY177.67 billion,
while cost of goods sold and overhead amounted to JPY141.78 billion and
JPY37.42 billion, respectively, resulting in an operating loss of JPY1.52
billion, against an operating income of JPY656.00 million a year earlier.

The company posted a net non-operating gain of JPY35.10 billion, 1,225.45%
more than the net non-operating gain of JPY2.65 billion posted a year
earlier.

The Troubled Company Reporter - Asia Pacific reported on
May 25, 2007, that Nippon Sheet, after acquiring U.K.-based Pilkington PLC
in June 2006, announced its forecast of its operations on July 6, 2006.
However, due to recognition of various expenses related to the
acquisition, foreign currency fluctuation, valuation of intangible fixed
assets and goodwill, and fuel cost increase, the company was made to
revise its outlook.

Consolidated net income, which was forecasted to jump to JPY30 billion is
now expected to drop to JPY15 billion, and consolidated income before
ordinary taxes was predicted to go up to JPY25 billion, is now changed to
JPY8 billion.

According to Reuters Key Developments, Jiji Press has reported that Nippon
Sheet expects a consolidated full-year outlook for revenue of JPY830.00
billion, operating profit of JPY42.00 billion, ordinary profit of JPY24.00
million and net profit of JPY15.00 billion for the fiscal year ending Mar.
31, 2008.   The report added that the company also issued mid-term
dividend outlook of JPY3.00 per share and year-end dividend forecast of
JPY3.00 per share for the fiscal year ending March 31, 2008.

Additionally, the report states that Nippon Sheet expects to record
JPY13.07 billion extraordinary profit from the sale of its securities, for
fiscal year ending March 2008.

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business divisions.  Its
Glass and Construction Material division manufactures, processes and sells
various types of glasses, such as float plate, polished wire, heat
absorbing, heat reflecting, reinforced, laminated, double-layer, vacuum,
fireproof, template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories for stores.
The Information and Electronics division offers optical products, fine
glass products, industrial glass products, liquid crystal display products
and others.  Its Glass Fiber division is engaged in the manufacture,
processing and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the facility
engineering and the test analysis businesses, among others.

The company has operations in Argentina, the United States, and Austria.

Standard & Poor's Ratings Services affirmed on June 18, 2006,
its 'BB+' long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following the
company's successful acquisition of U.K.-based Pilkington PLC.


ROLLING FORMS: Proofs of Claim Verification Is Until Aug. 21
------------------------------------------------------------
Eduardo Grunen, the court-appointed trustee for Rolling Forms SA's
bankruptcy proceeding, verifies creditors' proofs of claim until Aug. 21,
2007.

Mr. Grunen will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 10 in Buenos
Aires, with assistance of Clerk
No. 19, 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 Rolling Forms 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 Rolling Forms' accounting and
banking records will be submitted in court.

La Nacion did not state the reports submission dates.

Mr. Grunen is also in charge of administering Rolling Forms' assets under
court supervision and will take part in their disposal to the extent
established by law.

The debtor can be reached at:

         Rolling Forms SA
         Apolinario Figueroa 1843
         Buenos Aires, Argentina

The trustee can be reached at:

         Eduardo Grunen
         Avenida Presidente Roque Saenz Pena 1219
         Buenos Aires, Argentina


TELECOM ARGENTINA: Unions Holding Protest on Salary Increase
------------------------------------------------------------
Published reports in Argentina say that telecom workers' unions Fatel and
Foetr -- which represents employees in Telecom Argentina and Telefonica de
Argentina -- will hold a 48-hour protest on June 20-21 to air out their
rejection of an 8% salary raise proposed by the operators.

Business News Americas relates that the unions have been asking for a 25%
wage increase.  They have conducted one 48-hour strike on June 12-13.

According to BNamericas, areas that would be affected by the protest include:

          -- new installations,
          -- long distance interconnection, and
          -- customer support services.

The labor ministry hasn't participated in the talks, the press states,
citing Foetra press officer Silvia Hidalgo.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line operator
for local and long-distance services in northern and southern Argentina.
It also provides cellular and PCS phone services in Argentina, as well as
in Paraguay through a 68% stake in Nocleo.  France Telecom formerly
controlled the company through its Nortel Inversora venture with Telecom
Italia.  France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice chairman
Gerardo Werthein.  Nortel continues to be Telecom Argentina's largest
shareholder with a 55% stake.  Nortel is owned by Sofora, a consortium
owned by Telecom Italia (50%), the Werthein Group (48%), and France
Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services raised
Telecom Argentina S.A.'s counterparty credit rating to B+/Stable/ from
B/Stable following the upgrade of the Republic of Argentina to 'B+' from
'B'.


TELEFONICA DE ARGENTINA: Unions To Protest on Salary Increase
-------------------------------------------------------------
Published reports in Argentina say that telecom workers' unions Fatel and
Foetr -- which represents employees in Telefonica de Argentina and Telecom
Argentina -- will hold a 48-hour protest on June 20-21 to air out their
rejection of an 8% salary raise proposed by the operators.

Business News Americas relates that the unions have been asking for a 25%
wage increase.  They have conducted one 48-hour strike on June 12-13.

According to BNamericas, areas that would be affected by the protest include:

          -- new installations,
          -- long distance interconnection, and
          -- customer support services.

The labor ministry hasn't participated in the talks, the press states,
citing Foetra press officer Silvia Hidalgo.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting, broadband
and Business-to-Business e-commerce activities.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating).  The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.


TEXTIL PENA: Seeks Bankruptcy Approval from Court
-------------------------------------------------
The National Commercial Court of First Instance in Buenos Aires is
studying the merits of Textil Pena S.R.L.'s request to enter bankruptcy
protection.

The report adds that Textil Pena filed a "Quiebra Decretada" petition
following cessation of debt payments.

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 debtor can be reached at:

         Textil Pena S.R.L.
         Paroissien 2991
         Buenos Aires, Argentina


VIRREY OLAGUER: Proofs of Claim Verification Ends on Aug. 21
------------------------------------------------------------
Maria Cenatiempo, the court-appointed trustee for Virrey Olaguer S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Aug. 21,
2007.

Ms. Cenatiempo 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 Virrey Olaguer's 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 Virrey Olaguer's accounting and
banking records will be submitted in court on Nov. 14, 2007.

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

The trustee can be reached at:

         Maria Cenatiempo
         Avenida de Mayo 1365
         Buenos Aires, Argentina




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


ISLE OF CAPRI: S&P Puts BB+ Rating on US$1.35 Bil. Senior Loan
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on Isle of
Capri Casinos Inc. to negative from stable.  Ratings on the company,
including the 'BB-' corporate credit rating, were affirmed.

In addition, Standard & Poor's assigned its loan and recovery ratings to
Isle's proposed US$1.35 billion senior secured credit facilities.  The
loan was rated 'BB+' (two notches higher than the 'BB-' corporate credit
rating on the company) with a recovery rating of '1', indicating the
expectation for very high (90%-100%) recovery in the event of a payment
default.

Net proceeds from the bank credit facility, along with some cash on hand,
will be used to refinance existing bank debt, to call the company's 9%
senior subordinated notes, and to fund future capital expenditure
projects.  Total pro forma debt outstanding at Isle is US$1.4 billion.

"The outlook revision follows our review of the competitive operating
conditions in key markets that Isle serves, such as Lake Charles, Black
Hawk, and Biloxi, which have resulted in materially weak year-over-year
performance for the third quarter ended Jan. 28, 2007," said Standard &
Poor's credit analyst Ariel Silverberg.  "This, coupled with management's
aggressive growth strategy, will cause leverage (adjusted for operating
leases) to remain weak for the current rating, at more than 6.0x over the
next couple of years.  We have factored an estimated US$320 million into
our capital expenditure assumptions, related to the West Harrison County
project in Mississippi."

The rating on Biloxi, Miss.–based Isle of Capri Casinos reflects the
company's aggressive growth strategy, vulnerability to competitive
pressures due to the second-tier market position of many of its
properties, and weak credit measures.  These factors are somewhat tempered
by the geographically diverse portfolio of the company's gaming assets.

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




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


ADVANTAGE COMPANY: Final General Meeting Is Today
-------------------------------------------------
Advantage Company Ltd.'s final general meeting will be at 9:00 a.m. on
June 21, 2007, at the liquidator's place of business.

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

The liquidator can be reached at:

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


BELL ATLANTIC: Proofs of Claim Filing Is Until Tomorrow
-------------------------------------------------------
Bell Atlantic (Bermuda) Holdings Ltd.'s creditors are given until June 22,
2007, to prove their claims to Jennifer Y. Fraser, the company's
liquidator, or be excluded from receiving any distribution or payment.

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

Bell Atlantic’s shareholders agreed on June 1, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


CIC SOFTWARE: Schedules Final General Meeting on June 26
--------------------------------------------------------
CIC Software Technologies Ltd.'s final general meeting is scheduled on
June 26, 2007, at 10:00 p.m. at:

         Milner House, 18 Parliament Street
         Hamilton HM12, Bermuda

These matters will be taken up during the meeting:

     -- receiving an account showing the manner in which the
        winding-up of the company has been conducted and its
        property disposed of and hearing any explanation that
        may be given by the liquidator;

     -- determination by resolution the manner in which the
        books, accounts and documents of the company and of the
        liquidator shall be disposed; and

     -- by resolution dissolving the company.

The liquidator can be reached at:

         Ernest A. Morrison
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


INTELSAT LTD: Definitive Pact Prompts S&P to Lower Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Pembroke,
Bermuda-based Intelsat Ltd. and affiliated entities, including the
corporate credit rating, which was lowered
to 'B+' from 'BB-'.  All ratings were immediately placed on CreditWatch
with negative implications.  About US$11.4 billion of debt is outstanding.

The rating actions follow news of a definitive agreement by Intelsat to
sell an approximate 76% stake in the company to a group of investors led
by BC Partners for US$5 billion.  Current Intelsat shareholders will
retain the balance of the ownership.

The 'B' ratings on three issues were not lowered but were placed on
CreditWatch Negative because the company has indicated it may retire or
defease the debt.  These issues are Intelsat Ltd.'s US$400 million 5.25%
senior unsecured notes due 2008, and Intelsat Bermuda Ltd.'s US$260
million floating-rate senior notes due 2013 and US$600 million
floating-rate senior notes due 2015.  Intelsat is a major global provider
of fixed satellite services.

"The anticipated financing for the transaction will increase Intelsat's
debt by about US$3.85 billion, pushing up leverage to the 10x area from an
already-aggressive 7.4x," said Standard & Poor's credit analyst Susan
Madison.

The CreditWatch action indicates that, despite a business position that we
view as investment grade, the elevated leverage may not be supportive of
even the 'B+' corporate credit rating.  Unless the company can demonstrate
a path toward meaningful debt reduction within a reasonable time frame
after the transaction, the rating could be further lowered.  The
acquisition, which will require regulatory approvals, is expected to close
in six to nine months.

Headquartered in Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- offers telephony, corporate network, video and
Internet solutions around the globe via capacity on 25 geosynchronous
satellites in prime orbital locations.  Customers in about 200 countries
rely on Intelsat's global satellite, teleport and fiber network for
high-quality
connections, global reach and reliability.

At March 31, 2007, Intelsat, Ltd.'s balance sheet showed total assets of
US$12.1 billion, total liabilities of US$12.8 billion, resulting in a
stockholders' equity deficit of US$644.3 million.


SEA CONTAINERS: Regulator Issues Financial Support Direction
------------------------------------------------------------
The Determinations Panel of the Pensions Regulator (London) has published
notices of its decision that a Financial Support Direction will be issued
on Sea Containers Ltd. and its debtor-affiliates, under Section 43 of the
Pensions Act 2004 in respect of the Sea Containers 1983 and 1990 Pension
Scheme.

The hearing took place in London on June 12 and June 13, 2007, to consider
warning notices issued by the Regulator in October 2006 and April 2007 in
respect of the two Pension Schemes.

The issue of the FSD, which requires the company to put in place financial
support for its pension schemes, will not take place before 28 days after
the date of the Determination Notices.  Reasons for the Determination
Notices were reserved and will be issued on June 25, 2007.

The company expects that any restructuring plan of reorganization proposed
under the Chapter 11 bankruptcy protection process would be subject to the
Pensions Regulator's Clearance procedure, but the company is nevertheless
disappointed in the outcome of the hearing.  The company will give its
full comments once the Panel has given its reasons and will consider once
it has received them whether an appeal is appropriate.

                   About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New York, Rio
de Janeiro, Sydney, and Singapore.  The company is owned almost entirely
by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 18;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.


WARNER CHILCOTT: Moody's Assigns B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service raised the speculative-grade liquidity rating
for Warner Chilcott Company, Inc. (a subsidiary of Warner Chilcott
Limited) to SGL-1 from SGL-2, indicating very good liquidity.  The
Corporate Family Rating is B2, with a positive rating outlook.

Continuation of positive cash flow trends and reduced uncertainty related
to several items potentially affecting core product franchises could
result in an upgrade of the company's Corporate Family Rating and other
ratings.

Rating upgraded:

   Warner Chilcott Company, Inc.

     -- Speculative grade liquidity rating to SGL-1 from SGL-2

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a
host of pharmaceutical makers.  Women's health care products,
including hormone therapies (femhrt and Estrace Cream) and
contraceptives (Estrostep, Loestrin, and OvCon), are the
company's largest segment.  Other products include dermatology
treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

Warner Chilcott Company, Inc., is a wholly-owned subsidiary of Warner
Chilcott Limited, a New Jersey-based, publicly-traded company (NASD:WCRX)
that markets and develops branded pharmaceutical products focused on the
U.S. women's healthcare and dermatology markets. Warner Chilcott Limited
reported $754 million of total revenue during 2006.




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


ASHMORE ENERGY: Will Acquire Shell's JVs in Brazil & Bolivia
------------------------------------------------------------
Ashmore Energy International will buy Shell's Brazilian and Bolivian joint
venture businesses, Business News Americas reports, citing Shell
Exploraion and Production Vice President John Haney.

BNamericas relates that Ashmore Energy acquire 100% of:

          -- Pantanal Energia, a 480-megawatt gas-fired plant
             in Mato Grosso;

          -- natural gas marketer Transborder Gas Services,
             which services the plant;

          -- natural gas pipeline firm Gasocidente de Mato
             Grosso; and

          -- Bolivian natural gas pipeline company GasOriente
             Boliviano.

The report says Ashmore Energy would increase its stake in Bolivian
natural gas and liquids pipeline firm Transredes Transporte de
Hidrocarburos to 50% from 25%.

Mr. Haney told BNamericas that despite the planned sale, Shell won't
downsize its gas activities in Latin America.  He commented, "We [Shell]
are in the final stages of negotiations [with Ashmore].  We are leaving
the gas pipeline business but are still interested in gas distribution
through our stake in [Brazilian natural gas distributor] Comgas."

Gas distribution is very interesting for the Shell, BNamericas states,
citing Mr. Haney.

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

                        *     *     *

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

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

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




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


AMR CORP: Moody's Places Caa1 Rating on O'Hare Refunding Bonds
--------------------------------------------------------------
Moody's Investors Service assigned a rating of Caa1 to the Chicago O'Hare
International Airport Special Facility Revenue Refunding Bonds, Series
2007 (American Airlines, Inc. Project).  Moody's affirmed all ratings of
AMR Corporation and its subsidiaries, corporate family rating at B2, and
the outlook remains stable.

These bonds are limited obligations to be issued by the City of Chicago,
with the proceeds to refund special facility revenue refunding bonds
issued by the City in 1994.

The Caa1 rating is based on the Special Facility Use Agreement between
American Airlines, Inc., and the City which obligates American to pay
sufficient amounts to the City to pay the principal of, premium, if any
and interest on the Bonds. American does not directly guaranty the bonds.
AMR Corporation, the holding company parent of American, does guaranty the
bonds.  To enable the bondholders to have a senior unsecured claim at the
American Airlines, Inc. operating level, rather than at the holding
company level, American guarantees AMR's obligations with respect to the
O'Hare Facility Bonds.  The O'Hare Facility Bonds are not secured by any
property, assets or revenues.

Upon closing of the Special Facility Revenue Refunding Bonds, Series 2007,
Moody's will withdraw the ratings on the special facility revenue
refunding bonds issued by the City in 1994.

AMR's B2 corporate family rating reflects meaningful improvement to the
debt protection metrics after a sustained period of free cash flow
generation, including American's first full year of net profits since
2000.  Moody's anticipates continued gains in profits, no increase in long
term debt, and American's maintenance of a substantial cash position in
the near term. However, American's operations remain subject to intense
competition, high fuel costs and a relatively old fleet that may need to
be replaced sooner than anticipated.   Ratings could be raised if growth
in internally-generated cash flows is sufficient to sustain EBIT to
interest greater than 2 times and retained cash flow to debt greater than
15%. Downward pressure on the ratings could occur with an EBITDA margin
lower than 15%, or if debt to EBITDA exceeds 8 times or EBIT to interest
expense falls to close to 1 times.

The stable outlook reflects Moody's expectation of steadily improving
operating and financial performance during 2007 resulting primarily from
yield-driven growth while the company continues to implement measures to
control growth in unit costs.  This progress should position American's
debt metrics more firmly in the middle range of other issuers with a B2
corporate family.

Assignments:

Issuer: Chicago O'Hare International Airport, IL

   -- Senior Unsecured Revenue Bonds, Assigned a range of 82 -
      LGD5 to Caa1

American Airlines -- http://www.AA.com/-- is the world's
largest airline.  American, American Eagle and the
AmericanConnection regional airlines serve more than 250 cities
in over 40 countries with more than 3,800 daily flights.
American Airlines flies to Belgium, Brazil, Japan, among others.  The
combined network fleet numbers more than 1,000 aircraft.  American
Airlines is a founding member of the oneworld Alliance, whose members
serve more than 600 destinations in over 135 countries and territories.


BANCO NACIONAL: Lending Up 26% for Year Ended May 2007
------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a statement
that its loans incrased 26% to BRL57.7 billion in the 12 months ended May
2007, compared to the previous 12-month period.

Business News Americas relates that loan approvals increase 67% in the 12
months ended May 2007 to BRL88.3 billion, from the previous 12-month
period.  Requests also rose by 27% to BRL118 billion.

According to BNamericas, Banco Nacional's loans to the industrial sector
increased 35% to BRL30 billion in the year ended May 2007, compared to the
previous 12-month period.  Lending to infrastructure grew 9% to BRL18.4
billion.  Lending to the service industry rose 74% to BRL4.43 billion.
Loans to agribusinesses increased 2% to BRL3.89 billion, reversing a drop
from earlier this year.  Loans to small and medium-sized enterprises grew
20% on the year to BRL9.21 billion, while  retail lending fell 10% to
BRL3.27 billion.  Export funding increased by 2% to BRL5.98 billion.

BNamericas notes that Banco Bradesco handled BRL6.180 billion in Banco
Nacional loans in the 12-month period ended May 2007.  Banco do Brasil
handled BRL5.70 billion and Unibanco handled BRL3.2 billion.

Financial institutions in Brazil passed along BRL33.5 billion in Banco
Nacional loans from June 2006 to May 2007, with BRL12.1 billion going to
small and medium-sized enterprises, BNamericas states.

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

                        *     *     *

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


BANCO NACIONAL: Okays BRL143-Million Loan for Itautec
-----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a statement
that its board has ratified a BRL143-million loan for Itautec, a high tech
manufacturer and division of Banco Itau Holding Financiera, to fund
research and development of innovative products and processes.

According to Banco Nacional's statement, the funding represents 79% of the
BRL180-million Itautec will invest in its project.

BNamericas notes that Itautec will use the loan to increase its output
capacity and boost its activities abroad.

Banco Nacional's international operations director Simon Schvartzman told
BNamericas that by signing new channel partners the international business
should increase at double digits in 2007.  Itautec wants to concentrate on
the international banking market, with retail automation and self-service
products.

Banco Nacional said in a statement that Itautec seeks to own a US
information technology distribution firm, as part of its international
drive.

BNamericas relates that Itautec acquired 100% of US information technology
products and services firm Tallard Technologies last year.

Tallard Technologies expects to report US$120 million in revenues in 2007.
It  provided Itautec with complementary units in Chile and Venezuela,
BNamericas states, citing Mr. Schvartzman.

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.


BANCO NACIONAL: Okays BRL35.6-Mil. Financing to Taua Biodiesel
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a statement
the it has authorized a BRL35.6-million funding to biodiesel firm Taua
Biodiesel.

Business News Americas relates that Taua Biodiesel will develop
a Mato Grosso plant to produce some 36,000 cubic meters per
year of biodiesel from the extraction of vegetable oil.

Banco Nacional told BNamericas, "This plant will reduce the demand of
imported mineral diesel, which means a contribution to Brazil's energy
self-sufficiency."

For the production of biodiesel, Taua Biodiesel will use soy, sunflower
and cotton seed oil, BNamericas states.

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

                        *     *     *

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


BOMBARDIER RECREATIONAL: S&P Rates US$1.15-Billion Loan at B+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' bank loan rating,
with a recovery rating of '3', to Bombardier Recreational Products Inc.'s
proposed US$1.15 billion term loan B facility, indicating the expectation
of a meaningful recovery of principal (50%-70%) in a payment default
scenario.

The bank loan rating is based on preliminary terms and conditions and is
subject to review once S&P receives full documentation.

Proceeds from the new facility will be used to pay a substantial special
distribution to shareholders and refinance the company's existing debt.

At the same time, Standard & Poor's affirmed its ratings on recreational
products manufacturer BRP, including the 'B+' long-term corporate credit
rating on the company.  The outlook is negative.

"The affirmation follows BRP's decision to raise additional debt to pay
shareholders a substantial dividend later this year, which will result in
a weakening of the company's financial risk profile and credit protection
measures," said Standard & Poor's credit analyst Lori Harris.  Pro forma
for the transaction, adjusted debt to EBITDA will be about 4x based on
projected EBITDA for fiscal 2008 (ending Jan. 31).

The ratings on BRP reflect the company's high debt leverage, volatile
demand for its core products, seasonal operating profits, and intense
competition.  These factors are partially offset by the company's solid
market position, brand equity, well-established dealer network, and the
stable margins and revenues of the parts and accessories component of the
business.

The negative outlook reflects the company's highly leveraged financial
risk profile, including BRP's weak financial flexibility to handle
unforeseen events such as an economic downturn, poor weather conditions,
or unfavorable foreign exchange conditions, given its heavy debt load.
S&P could lower the ratings if the company does not improve credit metrics
on a sustainable basis in the medium term.  On the other hand, S&P could
revise the outlook to stable if the company reduces leverage and
demonstrates a sustained improvement in margins.

The company has operations in Australia, Brazil, France, Japan, the
Netherlands, Norway, the United Kingdom, and the United States, among
others.


CATALYST PAPER: Cost Pressures Cue S&P's Negative Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Vancouver,
British Columbia-based Catalyst Paper Corp. to negative from stable.  The
ratings, including the 'B+' long-term corporate credit rating on the
company, remain unchanged.

"The outlook revision stems from our expectation that Catalyst's
profitability and cash flow will decline through 2007 because of weak
industry conditions and cost pressures," said Standard & Poor's credit
analyst Donald Marleau.  "After improving its credit metrics in 2005 and
2006, the company's profitability should be weak in 2007 because of the
compounding effects of lower paper prices, higher fiber costs, a stronger
Canadian dollar, and non-recurring restructuring charges," Mr. Marleau
added.

The ratings reflect Catalyst's high debt leverage and exposure to the
declining North American newsprint market and the cyclical specialty
papers and pulp business.  These risks are partially offset by its strong
market position in newsprint and specialty groundwood papers along the
west coast of North America and its improving productivity.

The outlook is negative.

The ratings on Catalyst might be lowered if it is unable to reverse the
profitability decline brought about by weaker prices for newsprint,
pressure on fiber costs, and a continued strong Canadian dollar.
Furthermore, the company faces some near-term operating risk as it reduces
its workforce, while a possible strike by logging and sawmill workers in
coastal British Columbia could hurt Catalyst by reducing wood chip
availability and further increasing fiber costs.  To return to a stable
outlook, Catalyst must demonstrate sustained improvement in operating
profit and cash flow generation, in addition to reducing leverage.

The company sells in Japan, the United Kingdom and Latin America.


COMMSCOPE INC: Signs Joint Manufacturing Deal with Karlee
---------------------------------------------------------
CommScope, Inc., and Karlee, Inc., planned to continue supporting the
rapid deployment requirements of Internet Protocol Over Television (IPTV)
solutions through a joint manufacturing relationship.  CommScope is the
Original Design Manufacturer (ODM) of enclosures and Karlee, a
minority-owned business, manufactures these products on behalf of
CommScope.  CommScope embraced the diversity challenge from its customers
and created a value-added model that benefits the Carrier group while
meeting the demand for quality cabinets due to network expansion and the
industry's diversity commitment.

"The professional relationship between CommScope, Inc. and Karlee, Inc.
began in 2005 when Karlee manufactured one CommScope cabinet design for a
large IPTV rollout," stated Julie Nielson, Vice President Product
Management and Engineering.  "Since then, the collaborative production of
cabinets has steadily increased each year.  We believe the CommScope
approach has created a competitive advantage that provides our customers
exceptional quality in both manufactured parts and in the flexibility
required to meet rapid deployment schedules," added Ms. Nielson.

The CommScope Carrier group offers lab-engineered, integrated cabinet
solutions that provide effective thermal, EMI and environmental
protection.  The quality of these integrated cabinet solutions is proven
through the global deployment of over 350,000 cabinets meeting GR-487
requirements.  In addition, the CommScope Carrier group provides apparatus
designed for switching and transmission applications in telephone central
offices and remote locations.

                        About Karlee

KARLEE is a privately owned contract manufacturer of precision sheet metal
and machined components for the telecommunications, semiconductor,
defense, aerospace, commercial goods and medical equipment industries.
Since incorporation in 1977 as a producer of machined parts, the company's
commitment to exceeding customer expectations and building quality into
the product has differentiated us from competitors.  During the early
1980's the company expanded the business to include sheet metal
fabrication. In response to its customers' needs, the company added
electrical-mechanical assembly and finishing processes such as plating,
painting and silk-screening.

                       About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions
brands CommScope is the global leader in structured cabling systems for
business enterprise applications.  It is also the world's largest
manufacturer of coaxial cable for Hybrid Fiber Coaxial applications.
Backed by strong research and development, CommScope combines technical
expertise and proprietary technology with global manufacturing capability
to provide customers with high-performance wired or wireless cabling
solutions.

CommScope, to serve the growing Latin American market, has begun
manufacturing coaxial cable for broadband wireless and wireless networks
in its plant in Jaguariuna, Brazil.  It has over 283,000 sq. ft. of
manufacturing space.

                        *     *     *

As reported in the Troubled Company reporter on Aug. 23, 2006,
Standard & Poor's Rating Services removed its rating on Hickory, North
Carolina-based CommScope, Inc., from CreditWatch with negative
implications from CreditWatch, where they were placed with negative
implications on Aug. 7, 2006, and affirmed the existing 'BB' corporate
credit rating.  S&P said the outlook is stable.


LAZARD GROUP: Moody’s Rates US$500 Million Senior Notes at Ba1
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the ten year US$500
million senior notes issued by Lazard Group LLC.  The proceeds of the
issue will be used for general corporate purposes including financing
potential acquisitions.  Moody's also affirmed Lazard's Ba1 rating on its
outstanding rated senior unsecured debt. Lazard's positive outlook, which
was assigned March 19, 2007, was also affirmed.

The rating agency said that prospects for a future upgrade will depend
most importantly on the financial policy of the firm.  "As Lazard's
businesses are naturally low in capital intensity," said Moody's Senior
Vice President Peter Nerby, "the amount of leverage the firm maintains is
primarily a management decision".

Moody's will evaluate Lazard's financial policy for financing acquisitions
and its tolerance for leverage, particularly relating to cash flow
leverage measures such as Debt/EBITDA and interest coverage.  Achieving
and maintaining a Debt/EBITDA ratio of 2.5x remains an important milestone
for considering an upgrade.

This rating was assigned to the senior note issuance of Lazard Group LLC:

    * US$500 million Senior Notes due June 2017 -- Ba1

Lazard Group LLC is a holding company that owns the advisory and money
management operations of Lazard.  The public parent of Lazard Group LLC,
Lazard Ltd, reported US$78 million in operating income in 1Q07.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's preeminent
financial advisory and asset management firms, operates from 29 cities
across 16 countries in North America, Europe, Asia, Australia and South
America.  With origins dating back to 1848, the firm provides services
including mergers and acquisitions advice, asset management, and
restructuring advice to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in Australia,
Brazil, China, France, Germany, India, Japan, Korea, and Singapore.


NAVISTAR INT’L: Operating Unit Inks US$200-Mil. Credit Facility
---------------------------------------------------------------
Navistar International Corporation disclosed that International Truck &
Engine Corporation, its principal operating subsidiary, signed a
definitive loan agreement relating to a five-year senior inventory
secured, asset-based revolving credit facility in an aggregate principal
amount of US$200 million.  The facility is secured by domestic
manufacturing plant and service parts inventory well as used truck
inventory.

The facility was arranged by Credit Suisse, Bank of America, N.A. and
JPMorgan Chase Bank, N.A. Credit Suisse is the lead arranger and Bank of
America is the collateral agent.

The new loan facility matures in June 2012.  All borrowings under the new
loan facility will accrue interest at a rate equal to a base rate or an
adjusted LIBOR rate plus a spread.  The spread, which will be based on an
availability-based measure, ranges from 125 basis points to 175 basis
points for LIBOR borrowings.  The initial LIBOR spread is 150 basis
points.  Borrowings under the facility are available for general corporate
purposes.

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

                          *     *     *

As reported in the Troubled Company Reporter on May 8, 2007, Fitch Ratings
retained Navistar International Corp.’s BB- Issuer Default Rating and BB-
senior unsecured bank facility rating under Rating Watch Negative.


NOMURA HOLDINGS: Forms Business Alliance with Macquarie Bank
------------------------------------------------------------
Nomura Holdings, Inc. will enter into a business alliance with Macquarie
Bank Ltd., an Australia-based banking company, in commodity derivatives,
offering commodity-based products to customers in Japan and other Asian
markets, Reuters Key Developments reports citing Reuters News.

The report adds that through the alliance, the two companies will focus on
providing Nomura clients with access to over-the-counter derivatives in
base and precious metals, agricultural and energy-risk products, including
benchmarks such as Brent Crude Oil.

                   About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a securities and
investment banking firm in Japan and have worldwide operations in more
than 20 countries and regions including Brazil, the United States, the
United Kingdom, Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which includes
investment consultation services to retail customers; Global Markets,
which includes fixed income and equity trading and asset finance
businesses in and outside Japan; Global Investment Banking, which includes
mergers and acquisitions advisory and corporate financing businesses in
and outside Japan; Global Merchant Banking, which includes private equity
investments in and outside Japan, and Asset Management, which includes
development and management of investment trusts, and investment advisory
services.

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings' C
individual rating that was given on April 13, 2006.


NOVELIS INC: Change of Control Offer Extended to June 27
--------------------------------------------------------
Novelis Inc. reported that its tender offer relating to its
US$1.4 billion principal amount of 7-1/4% Senior Notes due 2015
and the solicitation of consents to the proposed amendments to the
indenture governing the senior notes expired on at 8:00 a.m., on June 15,
2007.

The tender offer and consent solicitation was conditioned upon, receipt of
consents to the proposed amendments from holders of a majority of the
outstanding senior notes.  As of the expiration, US$10,717,000 aggregate
principal amount of senior notes and related consents had been validly
tendered pursuant to the tender offer.

Accordingly, as of the expiration of the tender offer, the condition had
not been satisfied and Novelis will not accept any tendered notes for
payment.  All senior notes tendered pursuant to the tender offer will be
returned promptly to the holders, and the indenture governing the senior
notes will not be amended.

Novelis also disclosed the extension of the expiration date of its change
of control offer to 5:00 p.m., New York City time, on June 27, 2007.

The original change of control offer expiration date was
8:00 a.m., New York City time, on June 15, 2007.  As of the original
change of control offer expiration date, US$60,000 aggregate principal
amount of senior notes had been validly tendered pursuant to the change of
control offer.  All senior notes validly tendered pursuant to the change
of control offer prior to the extended expiration date will be entitled to
receive the offer consideration of US$1,010 per US$1,000 principal amount
of senior notes.

Other than as set forth herein, the change of control offer as described
in the Offer to Purchase and Consent Solicitation
Statement dated May 16, 2007, remains unchanged.

UBS Investment Bank and ABN AMRO Incorporated are acting as dealer
managers in connection with the change of control offer.  Questions about
the change of control offer may be directed to the Liability Management
Group of UBS Investment Bank at (888) 722-9555 ext. 4210 (toll free) or
(203) 719-4210 (collect) and to Robert Silverschotz at ABN AMRO
Incorporated at
(212) 409- 6862.

Requests for documentation should be directed to Global Bondholder
Services Corporation, the information agent in connection with the change
of control offer, at (212) 430-3774 or (866) 807-2200 (toll free). The
depositary for the change of control offer is The Bank of New York Trust
Company N.A.

                     About Novelis Inc.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum rolled
products and aluminum can recycling.  The company operates in 11 countries
and has approximately 12,900 employees.  Novelis has the capability to
provide its customers with a regional supply of technologically
sophisticated rolled aluminum products throughout Asia, Europe, North
America and South America.  Through its advanced production capabilities,
the company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and industrial,
and printing markets.

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

Novelis also has operations in Germany, Switzerland and Korea.

                       *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services affirmed all of its ratings
on Novelis Inc., including the 'BB-' long-term corporate credit
rating, and removed the ratings from CreditWatch with developing
implications, where they were placed Feb. 12, 2007.  S&P said the outlook
is negative.


PETROLEO BRASILEIRO: Preparing for Ethanol Project with Mitsui
--------------------------------------------------------------
Braziian state-owned oil firm Petroleo Brasileiro SA is preparing for the
launching of its US$1-billion pilot ethanol production and transport
complex with Japan's Mitsui in Brazil as early as 2009, Business News
Americas reports.

Petroleo Brasileiro's supply director Paulo Roberto da Costa told the
press, "We already are in talks with ethanol producers to define the
project, which will include units we call C-Bio."

According to BNamericas, Petroleo Brasileiro signed a cooperation accord
with Mitsui for ethanol production and transport to supply growing demand
in Japan.  Petroleo Brasileiro expects to be exporting three billion
liters of ethanol by 2011 to Japan, which will use the fuel mainly as an
additive.

The report says that the pilot program is composed of five
C-Bio units that are ethanol production facilities with capacity to
produce some 200 million liters yearly of sugarcane ethanol.  Each unit
will have a "bagasse-burning" power plant with capacity of up to 40
megawatts.  The units will also rotate crops to produce biodiesel to fuel
local trucks and farming equipment for sugarcane output.

Mr. da Costa told BNamericas, "Each C-Bio unit will need estimated
investments of US$200 million to US$250 million."

According to the report, Mr. da Costa said that the pilot program could be
located in:

          -- Sao Paulo,
          -- Goias,
          -- Minas Gerais and others.

Mr. da Costa explained to BNamericas that local sugarcane producers would
develop and run the units.  Petroleo Brasileiro and Mitsui could have
minority stakes in the units, which Japan's international development bank
JBIC promised to fund.  He commented, "We also are in talks with [Brazil's
national development bank] BNDES and so far it has liked the idea of
financing the project."

Mr. da Costa said that another possible partner in the project that could
purchase ethanol is Japanese power firm Tokyo Electric Power Company,
which is keen on using ethanol for powering generation plants, according
to BNamericas.  He said, "We will carry out tests with ethanol at one of
our natural gas power plants in August and if it works, it could be an
incentive for Tepco to use the same technology."

Mr. da Costa told BNamericas that once Tepco begins using ethanol in its
power plants, Brazilian ethanol fuel exports to Japan could increase over
the three billion liters per year estimate for 2011.  Petroleo Brasileiro
is talking with Mitsui and 40 ethanol producers.  The "full-scale projects
will only take off if investments are made in ethanol pipelines linking
inland producing regions to ports."

BNamericas notes that Petroleo Brasileiro is considering plans to
construct two pipelines with initial capacity of up to six billion liters
a year.  One would end up in the Sao Sebastiao port in Sao Paulo and the
other in the Paranagua port in Parana.

Mr. da Costa commented to BNamericas, "The whole project only makes sense
if ethanol supply is guaranteed."

"The projects also will hinge on producers committing to 15-year ethanol
supply contracts" with Petroleo Brasileiro and Japanese firms and "on a
firm pricing methodology for ethanol, which means separating it from the
sugar production cycle," BNamericas states, citing Mr. da Costa.

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

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

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

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

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


PETROLEO BRASILEIRO: Increasing Campos Basin Exploration
--------------------------------------------------------
An executive from Brazilian state-owned oil firm Petroleo Brasileiro SA
said during the opening ceremony of the Brazil Offshore conference that
hydrocarbons exploration and production in the Campos basin will increase
to include the revamping of mature fields in the coming years, Business
News Americas reports.

Petroleo Brasileiro Campos business manager Carlos Eugenio Melro Silva da
Ressurreicao commented to BNamericas, "The increase in mature oil fields
activity in the Campos basin would be equal to a big oil discovery in the
region in terms of volume produced."

BNamericas relates that Petroleo Brasileiro will celebrate on Aug. 13 the
30th anniversary of its first commercial activities in Campos.  The
Enchova field began production with volumes of 10,000 barrels per day in
1977.  About 30 years later, Campos has 2,350 wells drilled and 45 fields
run by Petroleo Brasileiro, which produces an average of 1.5 million
barrels daily of oil and 22.1 million cubic meters per day of gas.
Petroleo Brasileiro has:

          -- 15 fixed rigs,

          -- 13 floating systems,

          -- 14 floating production storage and offloading
             vessels, and

          -- one floating storage offloading vessel in Campos.

Petroleo Brasileiro will deploy five oil platforms in the Roncador, Marlim
Leste and Marlim Sul fields by 2009, increasing the basin's oil output to
some 1.75 million barrels per day, BNamericas states.

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

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

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

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

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


PETROLEO BRASILEIRO: Will Build LNG Regasification Unit
-------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's supplies director
Paul Roberto da Costa told Business News Americas that the company will
construct a liquefied natural gas regasification unit, which would begin
operations in 2009.

Mr. da Costa said that the unit will be able to supply up to 14 million
cubic meters of liquefied natural gas per day in the second half 2009,
BNamericas notes.

Mr. da Costa told BNamericas, "The third unit has just been approved by
top company management.  We are now studying the best location for it."

According to BNamericas, Mr. da Costa said that Petroleo Brasileiro is
preparing to develop seven million cubic meters per day and up to 14
million cubic meters per day capacity regasification units.  These units
will be operational in April 2008 in Rio de Janeiro and in April 2009 in
the southeastern or northeastern region respectively.

Mr. da Costa explained to BNamericas, "The first ship will be located in
Rio de Janeiro because of local demand and in 2009 we will see whether we
will change over the locations of the ships, sending the smaller one to
the northeastern region."

The report says that total investments in the first two regasification
units could cost BRL2.9 billion by 2010.

BNamericas relates that Petroleo Brasileiro had said it was studying
several liquefied natural gas regasification projects, including possible
locations in Santa Catarina or Pernambuco.

Mr. da Costa commented to BNamericas, "The decision was taken looking at
the high demand for gas and to increase our operational flexibility.  As
it's LNG [liquefied natural gas], we can sell it abroad if we don't sell
it in Brazil."

According to the report, Petroleo Brasileiro is considering equipment and
liquefied natural gas suppliers for the project.  Algeria and Nigeria will
supply the first two regasification units.  The two nations could also
supply the third unit.

Petroleo Brasileiro is committed to boosting domestic gas supply to 121
million cubic meters per day in 2011 from current production of over 50
million cubic meters daily, Mr. da Costa confirmed to BNamericas.

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.


PINNOAK RESOURCES: Cleveland Deal Cues S&P's Positive Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' corporate
credit rating and other ratings on PinnOak Resources LLC on CreditWatch
with positive implications.

The rating action followed the announcement that the company has signed a
definitive agreement to be acquired by Cleveland-Cliffs, Inc. (unrated) in
a transaction valued at about US$600 million in cash and existing debt.
The transaction is expected to close within 60 days subject to regulatory
approvals.

Cannonsburg, Pennsylvania-based PinnOak operates three mines that produced
around 4 million tons of high-quality metallurgical coal in 2006.

Cleveland, Ohio-based Cleveland-Cliffs, which had US$1.9 billion in
revenues in 2006, is the largest producer of iron ore pellets in North
America and operates six iron ore mines in the U.S. and Eastern Canada.
It also has iron ore mining interests in Australia and Brazil and
coal-mining interests in Australia.


POLYPORE INT’L: Commences Tender Offer for 10-1/2% Senior Notes
---------------------------------------------------------------
Polypore International Inc. has commenced a tender offer to purchase for
cash any and all of its outstanding 10-1/2% Senior Discount Notes due
2012, pursuant to an Offer to Purchase statement dated June 15, 2007, for
a price equal to US$978.80 per US$1,000 principal amount at maturity of
the notes, which includes US$948.80 as the tender offer consideration and
US$30 as a consent payment.

The Notes were initially issued in October 2004 in an aggregate principal
amount at maturity of US$300 million, and the accreted value of the
discount notes at March 31, 2007, was approximately US$257.3 million.

In connection with the Tender Offer, the company is soliciting consents to
certain proposed amendments to the indenture governing the Notes that are
subject to the Tender Offer to eliminate substantially all of the
covenants and certain events of default and related provisions contained
in the indenture.

The Consent Solicitation will expire at 5:00 p.m., New York City time, on
June 28, 2007, unless extended.  On the terms and subject to the
conditions of the Consent Solicitation, if the company receives the
requisite consents and the supplemental indenture that contains the
amendments is executed, the company will pay, promptly following the
Consent Deadline and the satisfaction of the other conditions contained in
the Consent Solicitation, to each Holder who has validly delivered a valid
consent on or prior to the Consent Deadline, US$30 for each US$1,000 in
principal amount at maturity of Notes.

With respect to the Tender Offer, holders of Notes validly tendered on or
prior to the Consent Deadline, if such notes are accepted for purchase,
will receive the tender offer consideration plus the Consent Payment.  The
tender offer is scheduled to expire at 5:00 p.m, New York City time on
July 13, 2007, unless extended or earlier terminated.  Payment for Notes
validly tendered on or prior to the Consent Deadline and accepted for
purchase will be made promptly after the Consent Deadline.  Holders of
Notes who validly tender after the Consent Deadline but prior to the
Expiration Time, if such notes are accepted for purchase, will receive the
Total Consideration less the Consent Payment.  Payment for Notes validly
tendered after the Consent Deadline and on or prior to the Expiration Time
and accepted for purchase will be made promptly after the Expiration Time.

The Tender Offer is subject to the satisfaction or waiver of certain other
conditions as set forth in the Offer to Purchase governing the Tender
Offer.  It is a condition to the consummation of the Tender Offer that the
holders of at least a majority in accreted value of the Notes outstanding
voting as a single class consent to the amendments to the indenture
governing the Notes.  Additionally, the Tender Offer is subject to
consummation of the company's anticipated initial public offering.  The
company intends to use the net proceeds from its initial public offering
to purchase the Notes that are tendered in connection with the Tender
Offer.

The complete terms and conditions of the Tender Offer and the
Consent Solicitation are set forth in the Offer to Purchase that is being
sent to holders of the Notes.  Copies of each Offer to Purchase and the
related Letter of Transmittal may be obtained from the Information Agent
for the Tender Offers, Global Bondholder Services Corporation, at (212)
430-3774 and (866) 807-2200 (toll-free).

J.P. Morgan Securities Inc. is the Dealer Manager and Solicitation Agent
for the Tender Offer and Consent Solicitation.  Questions regarding the
Tender Offer and the Consent Solicitation may be directed to J.P. Morgan
Securities Inc. at (212) 270-1477 (call collect).

                 About Polypore International

Headquartered in Charlotte, North Carolina, Polypore International Inc.,
is develops, manufactures and markets specialized polymer-based membranes
used in separation and filtration processes.  The company is managed under
two business segments.  The energy storage segment, which currently
represents approximately two-thirds of total revenues, produces separators
for lead-acid and lithium batteries.  The separations media segment, which
currently represents approximately one-third of total revenues, produces
membranes used in various health care and industrial applications.  The
company has operations in Australia, Germany and Brazil.

                       *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's Investors Service assigned Ba3 ratings to Polypore Inc.'s new
senior secured bank credit facilities.

In a related action, Moody's affirmed the B3 Corporate Family and
Probability of Default Ratings of Polypore's ultimate parent, Polypore
International, Inc., and affirmed the ratings of Polypore Inc.'s senior
subordinated notes at Caa1.  Moody's said the outlook is positive.


UAL CORP: Eyes 2.75%-3.25% Rise in 2nd Qtr. Passenger Revenue
-------------------------------------------------------------
UAL Corporation, United Airlines’ holding company, provided
an update related to its financial and operational outlook for the second
quarter of 2007.

                        Unit Costs

The company estimates that mainline operating cost per available seat mile
excluding fuel, severance and special items will be flat to up 0.5% for
the second quarter of 2007 from the
same period in 2006.

                       Revenue Update

Second quarter mainline passenger unit revenue is expected to
increase between 2.75% and 3.25% year-over-year.  Second quarter
consolidated PRASM is expected to increase between 2.0% and 3.0%
year-over-year.

Yields continue to be strong internationally, but under pressure
domestically as industry capacity grows and domestic industry revenue
slows.

The company estimates that cargo, mail and other revenue will be between
US$420 million and US$440 million for the quarter, including UAFC sales of
approximately US$15 million.

                         Liquidity

The company expects to end the quarter with an unrestricted cash and
short-term investments balance of between US$4.1 billion and US$4.2
billion and US$0.9 billion of restricted cash.

               Non-Operating Income/Expense

The company estimates that below-the-line non-operating expense
will be between US$70 million to US$80 million for the quarter.

                           Fuel

The company expects mainline jet fuel price per gallon to average US$2.10
for the quarter, including taxes and the impact
of hedges with a total estimated mainline fuel consumption of 579 million
gallons.

As of June 15, 2007, the company had hedged 21 percent of forecasted fuel
consumption for the third quarter 2007, predominantly through heating oil
three-way collars with upside protection on a weighted average basis
beginning from US$1.93 per gallon and capped at US$2.13 per gallon.
Payment obligations on a weighted average basis begin if heating oil drops
below US$1.81 per gallon.

Additionally, as of the same date, the company had hedged 15% of
forecasted fuel consumption for the fourth quarter 2007 through heating
oil three-way collars with upside protection on a weighted average basis
beginning from US$2.03 per gallon and capped at US$2.22 per gallon.
Payment obligations on a weighted average basis begin if heating oil drops
below US$1.85 per gallon.

                      About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air carrier.
The airline flies to Brazil, Korea and Germany, among other locations.

The company filed for chapter 11 protection on Dec. 9, 2002 (Bankr. N.D.
Ill. Case No. 02-48191).  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland &
Ellis, represented the Debtors in their restructuring efforts.  Fruman
Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented the
Official
Committee of Unsecured Creditors before the Committee was dissolved when
the Debtors emerged from bankruptcy.  Judge Wedoff confirmed the Debtors'
Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection on Feb. 1,
2006.  At Dec. 31, 2006, the company's balance sheet showed total assets
of US$25,369,000,000 and total liabilities of US$23,221,000,000.

                        *     *     *

As reported in the Troubled Company Reporter on May 3, 2007, Fitch Ratings
has affirmed the Issuer Default Ratings of UAL Corp. and its principal
operating subsidiary United Airlines Inc. at B-.


VERIFONE INC: S&P Revises Outlook to Stable from Negative
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on San Jose,
California-based VeriFone Inc. to stable from negative, following
continued positive operating trends and the successful integration of
Lipman Electronic Engineering.  Ratings on the company, including the
'BB-' corporate credit rating, were affirmed.

"The ratings reflect the company's moderate debt leverage and acquisitive
growth strategies," said Standard & Poor's credit analyst David Tsui.
These factors are offset partially by VeriFone's leading position in the
niche market for electronic payment solutions and its diversified customer
and market bases.

VeriFone designs, markets, and services system solutions that enable
secure electronic payments.  Organic revenue growth has accelerated over
the past two years as a result of management's focus on increasing
penetration of electronic payments in international markets.  Organic
revenue growth also has benefited from the replacement of existing
solutions to accommodate newer payment application and an overall market
shift from paper-based transactions to electronic transactions at the
point of sale.

Revenues for the quarter ended April 2007 were US$217 million, up from
US$142 million in the same quarter of 2006.  Profitability improved after
the November 2006 Lipman acquisition, with EBITDA margins in the mid-20%
area, up from 20% in the fiscal year ended October 2006.  This resulted
primarily from a higher proportion of wireless sales, which typically
carries a higher margin than landline sales and was slightly offset by a
higher proportion of revenues generated overseas, which typically carries
a lower margin than domestic revenues.  The acquisition of Lipman
Electronic Engineering appears to have been integrated smoothly and to
have solidified VeriFone's leading market position, particularly in
international markets.

The company has operations in Argentina, Australia, Brazil, China, France,
India, Malaysia, Poland, the United Kingdom, the United States, among
others.




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


ALTAIR NAVIGATOR: Sets Final Shareholders Meeting for June 29
-------------------------------------------------------------
Altair Navigator International Ltd. will hold its final shareholders
meeting on June 29, 2007, at 9:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


CEMENT HOLDINGS: Will Hold Last Shareholders Meeting on June 28
---------------------------------------------------------------
Cement Holdings Ltd. will hold its final shareholders
meeting on June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CITRINE SPECIAL: Sets Final Shareholders Meeting for June 29
------------------------------------------------------------
Citrine Special Opportunities Fund will hold its final
shareholders meeting on June 29, 2007, at 10:00 a.m., at the
office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


COOPERNEFF (CAYMAN): Final Shareholders Meeting Is on June 29
-------------------------------------------------------------
Cooperneff (Cayman) Ltd. will hold its final shareholders
meeting on June 29, 2007, at 10:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


CREDIT SUISSE: Will Hold Final Shareholders Meeting on June 28
--------------------------------------------------------------
Credit Suisse First Boston Investco UK No 1 Ltd. will hold its
final shareholders meeting on June 28, 2007, at:

         Queensgate House, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

        Jan Neveril
        Maples Finance Limited
        P.O. Box 1093
        George Town, Grand Cayman
        Cayman Islands


FERN INVESTMENTS: Sets Final Shareholders Meeting for June 28
-------------------------------------------------------------
Fern Investments Ltd. will hold its final shareholders meeting
on June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


FIRST DORMY-IN: Proofs of Claim Filing Is Until Today
-----------------------------------------------------
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.

First 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


GREAT PRESTIGE: Will Hold Final Shareholders Meeting on June 28
---------------------------------------------------------------
Great Prestige Holdings Ltd. will hold its final shareholders
meeting on June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


INNFIELD INVESTMENTS: Last Shareholders Meeting Is on June 28
-------------------------------------------------------------
Innfield Investments Ltd. will hold its final shareholders
meeting on June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


JOSE CARTELLONE: Final Shareholders Meeting Is on June 29
---------------------------------------------------------
Jose Cartellone Caribbean Co. will hold its final shareholders
meeting on June 29, 2007, at 2:00 p.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

        David A.K Walker
        Attention: Miguel Brown
        P.O. Box 258
        Grand Cayman KY1-1104
        Cayman Islands
        Telephone: (345) 914 8665
        Fax: (345) 945 4237


KAZIMIR NON-DOLLAR: Sets Final Shareholders Meeting for June 29
---------------------------------------------------------------
Kazimir Non-Dollar Yield Fund Ltd. will hold its final
shareholders meeting on June 29, 2007, at 12:00 p.m., at the
company's offices.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House, 87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


MARATHON PETROLEUM: Proofs of Claim Filing Is Until Today
---------------------------------------------------------
Marathon Petroleum Congo Ltd. creditors are given until
June 21, 2007, to prove their claims to Yvonne Kunetka, 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.

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

The liquidator can be reached at:

         Yvonne Kunetka
         Attention: Ian Gobin
         Walkers, Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands
         Telephone: (345) 814 4604
         Fax: (345) 949 7886


MW STRAND: Sets Final Shareholders Meeting for June 29
------------------------------------------------------
MW Strand Fund will hold its final shareholders meeting on
June 29, 2007, at 11:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


NEWOAK LIMITED: Will Hold Final Shareholders Meeting on June 28
---------------------------------------------------------------
Newoak Ltd. will hold its final shareholders meeting on
June 28, 2007, at:

         CIBC Financial Centre
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


STIR FUND: Sets Final Shareholders Meeting for June 29
------------------------------------------------------
The Stir Fund Ltd. will hold its final shareholders meeting on
June 29, 2007, at 9:30 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands


THUNDER BAY: Holding Final Shareholders Meeting on June 29
----------------------------------------------------------
Thunder Bay Al-Hudda Fund Ltd. will hold its final shareholders
meeting on June 29, 2007, at 11:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Limited
        Walker House
        87 Mary Street
        P.O. Box 908
        Grand Cayman KY1-9002
        Cayman Islands




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


SPECTRUM BRANDS: Court Dismisses Class Action Suit
--------------------------------------------------
Spectrum Brands, Inc., reported the dismissal of a putative class action
lawsuit filed against the company last year in the U.S. District Court for
the Northern District of Georgia.

The lawsuit generally alleged that the company and the individually named
defendants made materially false and misleading public statements
concerning the company’s operational and financial condition, thereby
causing plaintiffs to purchase Spectrum Brands securities at artificially
inflated prices.

On Oct. 27, 2006, the Court granted defendants' motion to dismiss, and
ordered plaintiffs to file an amended complaint, if any, within 30 days.
Plaintiffs requested, among other things, additional time to file an
amended complaint and on
May 18, 2007, the Court entered an opinion and order denying that request.
Plaintiffs did not file an appeal and, accordingly, this case is now
closed.

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

                        *     *     *

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

   -- Issuer default rating 'CCC';

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

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

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




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


PETROECUADOR: Projector To Supply Diesel to Company
---------------------------------------------------
Ecuadorean state-owned oil firm Petroecuador told Bloomberg News that it
has awarded Belize-based oil trader Projector SA a diesel-supply contract.

Petroecuador said in a statement that Projector will supply the Esmeraldas
and Libertad plants with two million barrels of diesel in "200,000-barrel
shipments" in the second half of 2007.

Petroecuador told BNamericas that Projector won out of 52 bidders, which
include:

          -- Royal Dutch Shell Plc,
          -- Trafigura Beheer BV, and
          -- Glencore International AG.

Ecuador will spend US$2.2 billion this year to buy gasoline and diesel
abroad to cope with domestic demand.  The lack of investment reduced
output at its fields and plants, Bloomberg News states.

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


PETROECUADOR: Says Assets & Operations Insurance Tender Is Void
---------------------------------------------------------------
Ecuadorean state-run oil firm Petroecuador said in a statement that an
insurance tender to cover assets and operations is void.

Petroecuador told Business News Americas that offers from Aseguradora La
Union, Colonial-Panamericana and Interoceanica didn't meet the "legal and
technical requirements of the tender's terms of reference for
Petroecuador's all-risk for oil-related assets and civil liability
insurance."

According to BNamericas, Petroecuador said it would call for another
tender process next week under the same terms of reference.

BNamericas notes that Aseguradora La Union had the lowest bid of at
US$38.3 million, some US$200,000 lesser than the current insurance policy
held by Colonial-Panamericana.

The policy with Colonial-Panamericana would expire on July 9.  It will be
extended for 60 days, Petroecuador told BNamericas.
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.


* ECUADOR: Telefonica To Connect Operators to Fiber Optic Ring
--------------------------------------------------------------
The Ecuadorean telecommunications regulator Conatel has allowed Telefonica
International Wholesale Services to connect local operators to its "SAM-1
international undersea fiber optic ring," news daily El Universal reports.

Business News Americas relates that the SAM-1 network links:

          -- North America,
          -- Central America, and
          -- South America.

The authorization lets Telefonica land a 1,200-kilometer extension of the
SAM-1 cable at Punta Carnero in Guayas for US$37 million, BNamericas
notes.  TIWS would conclude the expansion by November 2007.

According to BNamericas, TIWS has awarded Spanish telecom and information
technology solutions firm Avanzit a US$1.3-million contract for the
construction of a switching center for the Ecuador section of the cable.

The report says that after the project is completed, Internet
rates in Ecuador would drop by at least 50%.  Local Internet service
providers will no longer have to connect to seek international
connectivity through Peru.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


SUPERCLICK INC: April 30 Balance Sheet Upside-Down by US$2.3MM
--------------------------------------------------------------
Superclick Inc.'s consolidated balance sheet at April 30, 2007, showed
US$2,031,190 in total assets and US$4,395,803 in total liabilities,
resulting in a US$2,364,613 total stockholders' deficit.

The company's consolidated balance sheet at April 30, 2007, also showed
strained liquidity with US$1,808,404 in total current assets available to
pay US$4,373,019 in total current liabilities.

Superclick Inc. reported net income after cumulative effect adjustment for
the second quarter of US$54,001, compared to a net loss of US$480,709 for
the three months ended
April 30, 2006.

The cumulative effect adjustment for the three months ended
April 30, 2007, was US$73,700.  During the quarter ended
April 30, 2007, the company detected an error in the credit rate used to
determine the 2004 and 2005 Provincial Research and Development Tax Credit
refund.  The error was a result of the use of the 100% Canadian owned rate
versus that of a foreign owned rate, which are higher and thus the amount
of the eligible refund was overstated.

Superclick Inc. reported net revenues of US$1,237,649 for the second
quarter ended April 30, 2007, compared to US$907,809 in revenue for the
second quarter of 2006.  The increase of US$329,840 in revenue, or 36.3%,
for the second quarter on a year-over-year basis, was attributable to
improving installation revenue and the strengthening of support contracts.
In particular, the company improved revenue performance in customer
support revenues for the second quarter
on a year-over-year basis by 64.7%.

Gross profit for the second quarter ended April 30, 2007, was US$688,554,
or 55.6% compared with the US$431,322, or 47.5% reported for the second
quarter ended April 30, 2006.

Selling, general and administrative expenses for the three months ended
April 30, 2007, and 2006, were US$435,703, or 35.2% and US$492,846 or
54.3% respectively.

Superclick ended the quarter with US$650,553 in cash and US$932,378 in
accounts receivable.

Sandro Natale, chief executive officer, commented that "we continue to be
pleased with the progress we are making on many levels.  From an
operational standpoint, we have substantially streamlined our operations
and are now committed to investing into core areas that will enable us to
further scale revenue on a more profitable basis.  On the technology
front, we continue to demonstrate the depth of our SIMS platform and MAMA
application and believe that we are truly differentiated in terms of our
ability to provide customers with management transparency and performance
over their networks.  In terms of our development for the future, we are
excited about the prospects we see developing for our Media Distribution
System application and hope to begin announcing successes here over the
quarters to come.  Our approach of developing services and products
focused on resolving customer needs first and foremost is yielding strong
results and this will continue to be our catalyst for growth moving
forward."

Full-text copies of the company's consolidated financial statements for
the quarter ended April 30, 2007, are available for free at
http://researcharchives.com/t/s?2107

                     Going Concern Doubt

As reported in the Troubled Company Reported on Feb. 6, 2007,
Bedinger & Company, in Concord, California, expressed substantial doubt
about Superclick Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the year
ended Oct. 31, 2006.  The auditing firm pointed to the company's recurring
losses from operations.

                    About Superclick Inc.

Superclick Inc. (OTC BB: SPCK.OB) -- http://www.superclick.com/-- through
its wholly owned, Montreal-based subsidiary Superclick Networks Inc.,
develops, manufactures, markets and supports the Superclick Internet
Management System, Monitoring and Management Application and Media
Distribution System in worldwide hospitality, conference center and event,
multi-tenant unit and university markets.  Current clients include MTU
residences and Candlewood Suites, Crowne Plaza, Fairmont Hotels, Four
Points by Sheraton, InterContinental Hotels Group PLC, Hilton, Holiday
Inn, Holiday Inn Express, Hampton Inn, Marriott, Novotel, Radisson,
Sheraton, Westin and Wyndham hotels in Canada, the Caribbean and the
United States.

Superclick has operations in  Argentina, Aruba, Australia, Bahamas,
Barbados, Belgium, Bermuda, Brazil, Cayman Islands, Chile, Colombia, Costa
Rica, Dominica, Dominican Republic, El Salvador, France, Guatemala,
Jamaica, Luxembourg, Martinique, Mauritius, Netherlands, Portugal, Puerto
Rico, Sweden, Switzerland, Trinidad and Tobago, Turks and Caicos Islands,
United States, Virgin Islands, British, Virgin Islands, and the US.




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


DYOLL INSURANCE: Farmers To Contact Buyers to Get Payment
---------------------------------------------------------
The Coffee Industry Board said in a statement that it has instructed
farmers owed by Dyoll Insurance to contact their licensed buyers to make
arrangements for the collection of their compensation.

The Coffe Industry Board told the Jamaica Gleaner that it was distributing
cheques that totaled US$72 million, in response to the 3,236 compensation
claims the farmers filed after Hurricane Ivan damaged their crops in
September 2004.

The Coffe Industry Board said it was waiting for the Agriculture and Lands
Ministry's instruction on whether compensation could be extended to claims
ruled ineligible, "for which a further US$25 million is available," The
Gleaner states.

Radio Jamaica relates that uninsured coffee farmers affected by Hurricane
Ivan will benefit from a US$25-million compassionate grant from the
Agriculture Ministry.  This is to provide aid to farmers who weren't
covered under the insurance scheme run by Dyoll Insurance.

"A mechanism is being devised to facilitate a pay-out to farmers,"
Agriculture Minister Roger Clarke told RJR News.

"So what we are doing now is finalizing that list of farmers who really
suffered but who are not covered by insurance for some reason or the
other, and we are going to find a way to give them some level of
assistance through that US$25 million…that was set aside for the Blue
Mountain coffee farmers.  The low land coffee farmers are non Blue
Mountain.  They got some US$15 million," Minister Clarke commented to
Radio Jamaica.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based Dyoll
Insurance Co. Ltd. in Mar. 7, 2005, in order to establish the true
position of the Company, address the matter of settlement to its claimants
and ensure that its policies will remain in force after a high level of
insurance claims were leveled on the company as a result of the hurricane
Ivan.  Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million fund held
by the FSC in accordance with the Insurance Act 2001, Section 59, which
says that the prescribed deposit, on the winding up of an insurance
company, should be applied first to settle the claims of local
policyholders.




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


BEST MANUFACTURING: Chap. 7 Trustee Hires Meisel as Counsel
-----------------------------------------------------------
Stacey L. Meisel, Esq., the Chapter 7 Trustee appointed in Best
Manufacturing Group LLC and its debtor-affiliates' liquidation
proceedings, obtained permission from the U.S. Bankruptcy Court for
District of New Jersey to employ Becker Meisel LLC as her counsel.

As reported in the Troubled Company Reporter on May 30, 2007, Becker
Meisel is expected to:

   a) provide legal assistance in reviewing liens, claims,
      matters involving the use and sale of property,
      investigation into assets and liabilities of the Debtors;
      and

   b) assist the Trustee in the administration of the estate's
      assets.

Ms. Meisel, a partner at Becker Meisel LLC, tells the court of the firm's
professional hourly rates:

      Designation                          Hourly Rate
      -----------                          -----------
      Partners                             US$250 - US$450
      Associates                           US$160 - US$250
      Paralegals and law clerks             US$75 - US$125

Ms. Meisel assured the Court that the firm does not hold any
interest adverse to the Debtors' estate and is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

Ms. Meisel can be reached at:

          Becker Meisel LLC
          No. 354 Eisenhower Parkway,
          Livingston, NJ 07039
          Tel: (973) 422-1100

Headquartered in Jersey City, New Jersey, Best Manufacturing
Group LLC -- http://www.bestmfg.com/-- and its subsidiaries
manufacture and distribute textiles, career apparel and other
products for the hospitality, healthcare and textile rental
industries with satellite operations located across the United
States, Canada, Mexico, the United Kingdom, and the Philippines.

The company and four of its subsidiaries filed for chapter 11 protection
on Aug. 9, 2006 (Bankr. D. N.J. Case No. 06-17415).  The case was
converted to Chapter 7 on May 3, 2007.

Stacey L. Meisel was appointed as Chapter 7 Trustee on
May 4, 2007.  Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman &
Leonard, P.A., represents the Debtors.  Scott L. Hazan, Esq., at
Otterbourg, Steindler, Houston & Rosen, and Brian L. Baker, Esq., and
Stephen B. Ravin, Esq., at Ravin Greenberg PC, represent the Official
Committee of Unsecured Creditors.  When the Debtors filed for protection
from their creditors, they estimated assets and debts of more than US$100
million.


BEST MANUFACTURING: Chap. 7 Trustee Hires Weiser as Accountant
--------------------------------------------------------------
The United States Bankruptcy Court for the District of New
Jersey gave Miss Stacey L. Meisel, the Chapter 7 Trustee appointed in Best
Manufacturing Group LLC and its debtor-affiliates' liquidation
proceedings, authority to employ Weiser LLP as her accountant.

The Trustee tells the Court that it selected the firm because of the its
considerable accounting experience and knowledge in the area of insolvency
accounting.

As accountant for the trustee, the firm is expected to perform general
accounting functions relating to the books and records
of the Debtor, including but not limited to, investigation of possible
preferences, fraudulent conveyances, preparation of
tax returns and assisting the Chapter 7 Trustee and her counsel
as may be appropriate.

The Trustee discloses the firm’s professionals hourly billing rates:

        Professional             Hourly Rate
        ------------             -----------
        Partners/Directors       US$312 - US$475
        Senior Managers          US$264 - US$312
        Managers                 US$204 - US$264
        Seniors                  US$168 - US$204
        Assistants               US$108 - US$132
        Paraprofessionals         US$72 - US$132

In addition, Weiser will also receive reimbursement for reasonable
out-of-pocket expenses in connection with its services.

James Horgan, a partner at Weiser LLP CPA's, tells the Court
that the firm and its professionals does not hold or represent
any interest adverse to the Debtor or its estate and is a "disinterested"
person as that term is defined under
Section 101(14) of the Bankruptcy Code

Mr. Horgan can be reached at:

          James Horgan
          Certified Public Accountant
          Weiser LLP
          399 Thornall Street
          Edison, New Jersey 08837
          Tel: (732) 549-2800
          Fax: (732) 549-2898
          http://www.mrweiser.com/

Headquartered in Jersey City, New Jersey, Best Manufacturing
Group LLC -- http://www.bestmfg.com/-- and its subsidiaries
manufacture and distribute textiles, career apparel and other
products for the hospitality, healthcare and textile rental
industries with satellite operations located across the United
States, Canada, Mexico, the United Kingdom, and the Philippines.

The company and four of its subsidiaries filed for chapter 11 protection
on Aug. 9, 2006 (Bankr. D. N.J. Case No. 06-17415).  The case was
converted to Chapter 7 on May 3, 2007.

Stacey L. Meisel was appointed as Chapter 7 Trustee on
May 4, 2007.  Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman &
Leonard, P.A., represents the Debtors.  Scott L. Hazan, Esq., at
Otterbourg, Steindler, Houston & Rosen, and Brian L. Baker, Esq., and
Stephen B. Ravin, Esq., at Ravin Greenberg PC, represent the Official
Committee of Unsecured Creditors.  When the Debtors filed for protection
from their creditors, they estimated assets and debts of more than US$100
million.


DAIMLERCHRYSLER AG: Unit Launches Cash Tender Offer
---------------------------------------------------
DaimlerChrysler AG's subsidiary, DaimlerChrysler Company LLC has commenced
a cash tender offer to purchase any and all of the outstanding Auburn
Hills 12.375% Trust Guaranteed Exchangeable Certificates due 2020 and any
and all of the debentures due 2020 to be issued by the company on
June 21, 2007, the date on which all Certificates outstanding will be
exchanged for an equal principal amount of Debentures issued by the
company.

There is currently a US$225 million principal amount of the Certificates
outstanding.

The tender offer will expire at 5:00 p.m., New York City Time, on July 13,
2007, unless extended.

The tender offer and consent solicitation were made in connection with the
Contribution Agreement entered into on
May 14, 2007, between DaimlerChrysler AG, DaimlerChrysler North America
Finance Corporation, DaimlerChrysler Holding Corporation and an affiliate
of Cerberus Capital Management L.P.

In conjunction with the tender offer, the company is soliciting consents
from the holders of the Debentures to eliminate substantially all
restrictive covenants and certain other related provisions in the
indenture governing the Debentures.  The Proposed Amendments can be
adopted with the consent of not less than 66-2/3% in the aggregate
principal amount of the outstanding Debentures.

The tender offer and consent solicitation were made pursuant to an offer
to purchase and consent solicitation statement dated
June 15, 2007, and related consent and letter of transmittal.

As described in more detail in the Offer to Purchase, the total purchase
price for each US$1,000 principal amount of Certificates or,
alternatively, for each US$1,000 principal amount of Debentures issued in
connection with the exchange of such holder's Certificate, validly
tendered and accepted for purchase by the company will be calculated on
July 11, 2007, based upon a fixed spread of 20 basis points over the 4.50%
Treasury due May 15, 2017.  The foregoing purchase price for the
Certificates and Debentures includes a consent payment equal to US$35 per
US$1,000 principal amount of Certificates tendered.

Holders must validly tender their Certificates and Debentures on or before
5:00 p.m., New York City Time, on June 28, 2007, unless extended to be
eligible to receive the applicable total purchase price, which includes
the applicable consent payment.  Holders who validly tender their
Certificates and Debentures after the Consent Payment Deadline but before
the Expiration Date will only be eligible to receive an amount equal to
the total purchase price minus the consent payment.  Additionally, holders
whose Certificates and Debentures are purchased pursuant to the tender
offers will receive any accrued but unpaid interest up to, but not
including, the payment date for Certificates and Debentures purchased
pursuant to the tender offer.

A Holder of a Certificate that tenders Certificates in the tender offers
shall automatically be deemed to have tendered the Debenture into which
such Certificates will be exchanged on the Exchange Date.  Holders may not
deliver a consent in the consent solicitation without tendering the
related Certificates or Debentures in the tender offer and may not revoke
such consents without withdrawing the previously tendered Certificates or
Debentures.  Certificates and Debentures may not be withdrawn, nor may
Consents be revoked, after the Consent Payment Deadline. Holders who
validly tender their Certificates and Debentures in the tender offer shall
be deemed to have delivered their consents to the Proposed Amendments by
such tender with respect to the entire principal amount of Certificates
and Debentures tendered in the tender offer by such holder.

Consummation of the tender offer and consent solicitation, and payment of
the tender offer consideration and consent payment, are subject to the
satisfaction or waiver of various conditions, as described in the Offer to
Purchase, including the delivery of the requisite consents to the Proposed
Amendments. The company has reserved the right to amend, extend,
terminate, or waive any conditions to the tender offer and consent
solicitation at anytime.

J.P. Morgan Securities Inc. is the sole Dealer Manager and
Solicitation Agent for the tender offer and consent solicitation and may
be contacted at (866) 834-4666 (toll free) or (212) 834-4077 (collect).
Global Bondholder Services Corporation is the Information Agent and the
Depositary for the tender offer and the consent solicitation and can be
contacted at (866) 488- 1500 (toll free) or (212) 430-3774 (collect).

                  About DaimlerChrysler AG

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.


FMC FINANCE: Moody's Rates US$500MM Sr. Unsec. Notes at (P)Ba3
--------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating to the
proposed issuance of US$500 million in senior unsecured notes issued by
FMC Finance III S.A., a wholly owned finance vehicle of Fresenius Medical
Care AG & Co. KgaA.

All other ratings of Fresenius Medical Care are affirmed with a
positive outlook.  The last rating action on FME was on
May 15, 2007, when the Ba2 Corporate Family Rating and Ba2 Probability of
Default Rating were affirmed and the outlook changed to positive.  The
proposed US$500 million senior unsecured notes due in 2017 will be applied
to reduce the senior credit facility and other short term debt.  The
issuance is part of the group's strategy to further diversify its capital
structure.  The (P)Ba3 rating for the group's US$500 million senior
unsecured notes issued at the level of the financing subsidiary FMC
Finance III reflect the instrument's relative position in the capital
structure and a Loss Given Default assessment of LGD5 (74%).

The senior unsecured notes benefit from guarantees by Fresenius Medical
Care AG & Co. KGaA, Fresenius Medical Care Deutschland GmbH and Fresenius
Medical Care Holdings Inc., and rank pari passu with most of the company's
operating liabilities.

The notes rank senior in right of payment to all indebtedness of the
company that is, by its terms, expressly subordinated to the senior credit
facility of the group.  The (P)Ba3 rating for
the US$500 million senior unsecured notes is two notches below the Ba1
(LGD2, 28%) rating for the group's US$4.3 billion senior credit facilities
which reflects the effective subordination of the senior unsecured notes
relative to the sizable proportion of secured debt ranking ahead in the
capital structure.

These senior credit facilities are guaranteed on a senior basis by most of
the operating companies and are secured by:

   (i) a share pledge of most of the company's operating
       subsidiaries and

  (ii) a springing lien on substantially all assets which would
       be effective following a deterioration of the company's
       credit ratings below Ba3 as well as

(iii) a share pledge of most of the company's operating
       subsidiaries.

The (P)Ba3 rating for the senior unsecured notes is one notch
below the Ba2 Corporate Family Rating which essentially reflects the
relatively higher expected LGD of the senior unsecured notes (LGD5, 74%)
compared to the LGD for the Corporate Family (LGD4, 50%), reflecting the
dominant position of the senior secured credit facility in the group's
capital structure.  The (P) Ba3 rating for the group's senior unsecured
notes is one notch above the B1 rating for the group's Trust Preferreds.
The B1 (LGD6, 92%) rating on the US$1.2 billion Trust Preferreds, issued
at the level of Fresenius Medical Care Capital Trusts and guaranteed by
Fresenius Medical Care KGaA, Fresenius Medical Care Deutschland GmbH and
Fresenius Medical Care Holdings Inc., reflects their structural
subordination to the senior credit facilities as well as to the operating
company obligations including the senior unsecured notes.

Upgrades:

   * Issuer: Fresenius Medical Care AG & KGaA

   -- Senior Unsecured Bank Credit Facility, Upgraded to LGD2,
      28% from LGD3, 32%

Assignments:

   * Issuer: FMC Finance III S.A.

   -- Senior Unsecured Regular Bond/Debenture, Assigned (P)Ba3;

   -- LGD Assessment, Assigned LGD5, 74%.

As of March 31, 2007, Fresenius Medical Care had US$5.6 billion of total
debt outstanding.  Based in Bad Homburg, Germany, Fresenius Medical Care
AG is the world's leading provider of dialysis products and services.  For
the fiscal year ended
Dec. 31, 2006, Fresenius Medical Care AG generated net revenues of US$8.5
billion.

The company also operates facilities in Australia, Brazil, Canada, China,
France, Korea, Mexico, Portugal and Sweden, among others.


FRESENIUS MEDICAL: Moody's Affirms Ratings with Pos. Outlook
------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating to the
proposed issuance of US$500 million in senior unsecured notes issued by
FMC Finance III S.A., a wholly owned finance vehicle of Fresenius Medical
Care AG & Co. KgaA.

All other ratings of Fresenius Medical Care are affirmed with a
positive outlook.  The last rating action on FME was on
May 15, 2007, when the Ba2 Corporate Family Rating and Ba2 Probability of
Default Rating were affirmed and the outlook changed to positive.  The
proposed US$500 million senior unsecured notes due in 2017 will be applied
to reduce the senior credit facility and other short term debt.  The
issuance is part of the group's strategy to further diversify its capital
structure.  The (P)Ba3 rating for the group's US$500 million senior
unsecured notes issued at the level of the financing subsidiary FMC
Finance III reflect the instrument's relative position in the capital
structure and a Loss Given Default assessment of LGD5 (74%).

The senior unsecured notes benefit from guarantees by Fresenius Medical
Care AG & Co. KGaA, Fresenius Medical Care Deutschland GmbH and Fresenius
Medical Care Holdings Inc., and rank pari passu with most of the company's
operating liabilities.

The notes rank senior in right of payment to all indebtedness
of the company that is, by its terms, expressly subordinated to the senior
credit facility of the group.  The (P)Ba3 rating for
the US$500 million senior unsecured notes is two notches below the Ba1
(LGD2, 28%) rating for the group's US$4.3 billion senior credit facilities
which reflects the effective subordination of the senior unsecured notes
relative to the sizable proportion of secured debt ranking ahead in the
capital structure.

These senior credit facilities are guaranteed on a senior basis by most of
the operating companies and are secured by:

   (i) a share pledge of most of the company's operating
       subsidiaries and

  (ii) a springing lien on substantially all assets which would
       be effective following a deterioration of the company's
       credit ratings below Ba3 as well as

(iii) a share pledge of most of the company's operating
       subsidiaries.

The (P)Ba3 rating for the senior unsecured notes is one notch
below the Ba2 Corporate Family Rating which essentially reflects the
relatively higher expected LGD of the senior unsecured notes (LGD5, 74%)
compared to the LGD for the Corporate Family (LGD4, 50%), reflecting the
dominant position of the senior secured credit facility in the group's
capital structure.  The (P) Ba3 rating for the group's senior unsecured
notes is one notch above the B1 rating for the group's Trust Preferreds.
The B1 (LGD6, 92%) rating on the US$1.2 billion Trust Preferreds, issued
at the level of Fresenius Medical Care Capital Trusts and guaranteed by
Fresenius Medical Care KGaA, Fresenius Medical Care Deutschland GmbH and
Fresenius Medical Care Holdings Inc., reflects their structural
subordination to the senior credit facilities as well as to the operating
company obligations including the senior unsecured notes.

Upgrades:

   * Issuer: Fresenius Medical Care AG & KGaA

   -- Senior Unsecured Bank Credit Facility, Upgraded to LGD2,
      28% from LGD3, 32%

Assignments:

   * Issuer: FMC Finance III S.A.

   -- Senior Unsecured Regular Bond/Debenture, Assigned (P)Ba3;

   -- LGD Assessment, Assigned LGD5, 74%.

As of March 31, 2007, Fresenius Medical Care had US$5.6 billion of total
debt outstanding.  Based in Bad Homburg, Germany, Fresenius Medical Care
AG is the world's leading provider of dialysis products and services.  For
the fiscal year ended
Dec. 31, 2006, Fresenius Medical Care AG generated net revenues of US$8.5
billion.

The company also operates facilities in Australia, Brazil, Canada, China,
France, Korea, Mexico, Portugal and Sweden, among others.


HIPOTECARIA SU: S&P Lifts Credit Rating to BB from BB-
------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term counterparty
credit rating on Hipotecaria Su Casita S.A. de C.V. (HSC) to 'BB' from
'BB-'.  The outlook is  stable.  At the same time, S&P raised the rating
on HSC's senior unsecured notes to 'BB'.

"The rating action reflects HSC's stronger market position, improved
funding capabilities, increased willingness to raise coverage of
nonperforming assets, and initiatives to cap NPA growth," said Standard &
Poor's credit analyst Francisco Suarez.  HSC's enterprise risk management
is adequate, reflecting sound practices in risk governance including
better-than-industry credit risk management.  But liquidity, market, and
operating risk management could be developed further.

The ratings assigned to HSC are limited by aggressive growth targets,
moderate profitability and capitalization levels, and the company's
exposure to the dynamics of the Mexican real estate sector.  Caja de
Ahorros y Monte de Piedad de Madrid's (Caja Madrid; AA-/Stable/A-1+)
indirect 40% stake in HSC is a positive rating consideration.
Nevertheless, we do not factor any direct or indirect support from Caja
into the rating.

As of December 2006, HSC was the second-largest mortgage originator in
Mexico among private companies (including commercial banks) with a market
share of 9.7%, worth $2.8 billion.  The inclusion of institutional
investors in the ownership of HSC, such as Caja Madrid and the
International Finance Corp. (AAA/Stable/A-1+), has enhanced control
capabilities, and added corporate governance practices that compare well
to the rest of the industry.

HSC has effectively reduced its dependency on Sociedad Hipotecaria Federal
thanks to above-average access to the markets and its use of private
mortgage insurance.  However, the company strongly relies on the debt
markets for funding.  This is different from competitors who have more
stable retail-oriented funding, which also provides more pricing
flexibility.  Additionally, although the company has reduced the maturity
mismatch of its balance sheet, longer tenor funds are required to match
HSC's mortgage orientation.

The outlook is stable.  S&P expects HSC to maintain its current market
position, benefit from its relationship with Caja Madrid, and reduce
pressures on its capitalization while increasing its reserve coverage.
S&P also expects HSC's risk profile to be maintained.  If the firm is
successful in substantially increasing its coverage of NPAs, improving its
core earnings, and including more stable funding sources, positive rating
actions could follow.  Negative rating actions will be the result of a
material deterioration in asset quality indicators, HSC's inability to
capitalize on the benefits of its ownership, negatively affected
liquidity, or pressured capitalization.

Hipotecaria Su Casita S.A. de C.V. is Mexico's largest home finance company.


HUDSON PRODUCTS: S&P Affirms B Credit Rating Over Buy Plans
-----------------------------------------------------------

Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Hudson Products Holdings Inc.  The rating
action follows the announcement that Hudson plans to acquire privately
held Smithco Engineering Inc. and Metal Services Inc. (consolidated as
Smithco) for US$35 million.  Hudson will fund the transaction with
increased borrowing capacity under its term loan B financing, which now
totals US$135 million.  Standard & Poor's has affirmed the 'B+' senior
secured rating on Hudson's expanded US$160 million first-lien credit
facility, which consists of a US$135 million term loan B and a US$25
million revolving credit facility.  The recovery rating on the facility
remains at '2', indicating an expectation for substantial (70%-90%)
recovery in the event of a payment default.  The outlook is stable.

"The ratings on Hudson reflect its high debt leverage, weak debt service
coverage, and somewhat limited scope of operations," said Standard &
Poor's analyst Paul Harvey.  "Buffering these factors are a leading market
share, stable operating margins in its fan business, some market and
product diversity, and the ability to generate free cash flow through most
points in the business cycle."

The stable outlook reflects expectations of limited near-term debt
repayment and improving EBITDA levels as Hudson continues to expand its
markets.  S&P would lower the ratings if Hudson pursues a more aggressive
growth strategy than expected to the detriment of debt leverage and cash
flow generation.  Positive rating actions are possible over the longer
term if Hudson is able to materially expand its business while improving
debt leverage and financial performance.

Hudson, headquartered in Sugar Land, TX, is a global heat transfer
solutions firm providing engineered thermal processing products to the
petroleum, natural gas, power generation, and chemical industries.
Revenues for the trailing twelve months ended Sept. 30, 2006 were just
over US$115 million.  It has operations in Mexico.


ICONIX BRAND: S&P Rates US$250 Million Senior Notes at B-
---------------------------------------------------------
Standard & Poor's Ratings Services revised its ratings outlook on apparel
brand manager and licensor Iconix Brand Group Inc. to negative.

"The outlook revision reflects the company's more aggressive financial
policy," said Standard & Poor's credit analyst Susan Ding.

At the same time, Standard & Poor's assigned its 'B-' debt rating to
Iconix's proposed US$250 million convertible senior subordinated notes due
2012.  The notes are being offered pursuant to Rule 144A with registration
rights under the Securities Act of 1933.

Proceeds from the note issuance will be used for general corporate
purposes, to invest in and acquire new brands, and for fees and expenses
related to this transaction.  The rating is based on preliminary terms and
subject to review upon receipt of final documentation.

Also, Standard & Poor's affirmed its existing ratings on Iconix, including
the 'B+' corporate credit rating. Total debt outstanding at March 31,
2007, was US$346 million.  Pro forma for the transaction, S&P estimates
total debt to be about US$571 million.

The ratings on New York-based Iconix reflect its participation in the
highly competitive and volatile fashion apparel industry, a high degree of
licensing contract renewal risk (a substantial portion of contracts were
acquired within the last 12 months), an aggressive acquisition strategy,
and ownership of some brands that require revitalization.  The ratings
also incorporate the lack of track record under Iconix's relatively new
brand management.  Partially offsetting these factors is the diversity and
strong recognition of the brands, and the company's strong royalty
streams.

Based in New York, NY, Iconix Brand Group, Inc. owns, licenses and markets
a portfolio of consumer brands including CANDIE'S(R), BONGO(R), BADGLEY
MISCHKA(R), JOE BOXER(R), RAMPAGE(R), MUDD(R), LONDON FOG(R), MOSSIMO(R),
OCEAN PACIFIC(R), DANSKIN(R) and ROCAWEAR(R).  The group has international
licensees in Mexico, Japan and the United Kingdom.


INTERTAPE POLYMER: Arrangement Plan Gets Advisory Firms’ Votes
--------------------------------------------------------------
Intertape Polymer Group Inc. disclosed that both Institutional Shareholder
Services Canada Corp. and Glass Lewis & Co., independent proxy advisory
services firms, have each issued reports recommending that the company's
shareholders vote in favor of the proposed plan of arrangement involving
the company and an indirect wholly owned subsidiary of Littlejohn Fund III
L.P., pursuant to which all of the outstanding common shares of the
company will be acquired at a price of US$4.76 per share in cash.

The company's notice of Annual and Special Meeting was mailed to
shareholders of record as of May 25, 2007.  The Annual and Special Meeting
of shareholders will be held at 4:00 PM, Montreal time, on June 26, 2007,
at the Hotel Omni Mount Royal, Montreal, Quebec.

Shareholders voting by proxies should ensure that the completed forms of
proxy are received at the office of the company's Canadian transfer agent,
CIBC Mellon Trust Company, 2001 University Street, 16th Floor, Montreal,
Quebec, Canada, H3A 2A6, by 4:00 p.m., Montreal time, on June 21, 2007.
This will ensure that proxies are recognized at the Meeting.

Shareholders who have questions about the information contained in the
circular or require assistance in completing the proxy should contact
Georgeson at its North America toll free number of 1-866-717-7668.

Headquartered in Quebec, Canada, Intertape Polymer Group (TSX:
ITP) (NYSE: ITP) -- http://www.intertapepolymer.com/-- develops and
manufactures specialized polyolefin plastic and paper based packaging
products and complementary packaging systems for industrial and retail
use.  Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida,
the company employs about 2450 employees with operations in 18 locations,
including 13 manufacturing facilities in North America, one in Europe and
in Mexico.

                       *     *     *

Intertape Polymer Group, Inc. carries Standard & Poor's
Ratings' 'B-' corporate credit and senior secured ratings.  In addition,
the company also carries Standard & Poor's 'CCC' senior subordinated
rating.


INTERTAPE POLYMER: 6789536 Canada Snubs Plan of Arrangement
-----------------------------------------------------------
Intertape Polymer Group Inc. reported that 6789536 Canada Inc. has filed a
dissident proxy circular in connection with the company’s annual and
special meeting of shareholders, which will be held on June 26, 2007.
6789536 Canada Inc. solicited proxies to vote against Intertape Polymer's
Plan of Arrangement and for the election of six alternate nominees to the
board of directors at the shareholders' meeting.

The six alternate nominees for election as directors of Intertape Polymer
Group Inc. are Eric E. Baker, president of Altacap Investors Inc., Allan
Cohen, managing director, First Analysis Corp., George J. Bunze,
vice-chairman, Kruger Inc., Stephane Lebrun, Investment Analyst, Letko,
Brosseau & Associates Inc., Torsten A. Schermer, president, MESC
Corporation, and Melbourne F. Yull, former chief executive officer of
Intertape Polymer.

6789536 Canada Inc. is opposed to the Plan of Arrangement primarily
because it undervalues Intertape Polymer and is opportunistic for the
purchaser.

Among the measures that the six nominees intend to take, if elected to the
board of directors of Intertape Polymer, are:

   a) the immediate appointment of Melbourne Yull as executive
      chairman of Intertape Polymer, for a period of three to
      six months;

   b) the selection and appointment of a new chief executive
      officer of Intertape Polymer within 90 to 180 days, a
      review of the financing needs of Intertape Polymer and
      the options open to it; and

   c) if necessary, raising capital for Intertape Polymer.

6789536 Canada Inc. was recently incorporated for purposes of this proxy
solicitation.  The executive officers of 6789536 Canada Inc. are Eric E.
Baker and Christopher J. Winn of Altacap Investors Inc.

               About Intertape Polymer Group

Headquartered in Quebec, Canada, Intertape Polymer Group (TSX:
ITP) (NYSE: ITP) -- http://www.intertapepolymer.com/-- develops and
manufactures specialized polyolefin plastic and paper based packaging
products and complementary packaging systems for industrial and retail
use.  Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida,
the company employs about 2450 employees with operations in 18 locations,
including 13 manufacturing facilities in North America, one in Europe and
in Mexico.

                       *     *     *

Intertape Polymer Group, Inc. carries Standard & Poor's Ratings' 'B-'
corporate credit and senior secured ratings.  In addition, the company
also carries Standard & Poor's 'CCC' senior subordinated rating.


PLIANT CORP: Will Reduce Debt Through Senior Notes Refinancing
--------------------------------------------------------------
Pliant Corporation has reached a definitive agreement to reduce its debt
by over US$30 million by refinancing its 13% Senior Subordinated Notes due
2010.  The 2010 Notes, carried on Pliant's books at over US$55 million,
will be redeemed for US$20 million, plus accrued interest, on July 16,
2007.

"This refinancing is another positive step along the path of Pliant
lowering its debt and improving its credit statistics,” Steve Auburn,
Pliant's general counsel and director of investor relations said.  "The
company is pleased with this improvement."

Headquartered in Schaumburg, Illinois, Pliant Corporation produces
polymer-based films and flexible packaging products for food, beverage,
personal care, medical, agricultural and industrial applications.  Revenue
for the twelve months ended June 30, 2006, was approximately US$1.1
billion.  The company has operations in Australia, New Zealand, Germany
and Mexico.  The Debtor and 10 of its affiliates filed for chapter 11
protection on Jan. 3, 2006 (Bankr. D. Del. Lead Case No.
06-10001).  James F. Conlan, Esq., at Sidley Austin LLP, and Edmon L.
Morton, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt &
Taylor, represent the Debtors in their restructuring efforts.  The Debtors
tapped McMillan Binch Mendelsohn LLP, as their Canadian bankruptcy
counsel.   The Ontario Superior Court of Justice named RSM Richter, Inc.,
as the Debtors' information officer in their restructuring proceeding
under Companies Creditors Arrangement Act in Canada.  Kenneth A. Rosen,
Esq., at Lowenstein Sandler, P.C., serves as counsel to the Official
Committee of Unsecured Creditors.  Don A. Beskrone, Esq., at Ashby &
Geddes, P.A., is local counsel to the Creditors' Committee.  As of Sept.
30, 2005, the company had US$604,275,000 in total assets and
US$1,197,438,000 in total debts.  The Debtors emerged from chapter 11
protection on July 19, 2006.

                       *     *     *

In October 2006, subsequent to its emergence from Chapter 11 of the
Bankruptcy Code, Moody's Investors Service assigned these ratings to
Pliant: US$288 million senior secured 1st lien 11.85% PIK notes due June
15, 2009, B2; US$7.5 million senior secured 1st lien 11.35% notes due June
15, 2009, B2; US$250 million senior secured 2nd lien 11.125% notes due
Sept. 1, 2009, Caa1; Corporate Family Rating, B3; Probability of Default
Rating, B3; and Speculative Grade Liquidity Rating, SGL-3.  Moody’s also
put a stable outlook on the ratings.


SMITHFIELD FOODS: Commences US$500 Million Debt Offering
--------------------------------------------------------
Smithfield Foods, Inc. has filed with the U.S. Securities and
Exchange Commission a registration statement and a preliminary prospectus
for a public offering of fixed rate senior unsecured notes.  The size of
the offering is expected to be not less than US$500 million.

The net proceeds from this offering, which is expected to close June 22,
2007, will be used to repay existing indebtedness.

The offering is being marketed through Citigroup Corporate and
Investment Banking and J.P. Morgan Securities Inc.

Copies of the preliminary prospectus relating to the offering may be
obtained from:

           Citigroup Corporate and Investment Banking
           Brooklyn Army Terminal
           140 58th Street, 8th Floor
           Brooklyn, NY 11220
           Tel: (718) 765-6732
                1 (877) 858-5407;
           Fax: (718) 765-6734

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


SMITHFIELD FOODS: Moody's Rates US$500 Mil. Senior Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba3 to the new US$500
million senior unsecured notes of Smithfield Foods, Inc.  The company's
other ratings, including its Ba2 corporate family rating and Ba2
Probability of Default rating, were affirmed.  The rating outlook remains
negative.

Rating assigned:

   * US$500 million senior unsecured notes at Ba3 (LGD5, 82%)

Ratings affirmed:

   * Corporate family rating at Ba2
   * Probability of default rating at Ba2
   * Senior unsecured debt at Ba3 (LGD5, 82%)
   * Senior subordinated debt at B1 (LGD6,97%)
   * Speculative Grade Liquidity Rating of SGL-3

The new senior unsecured notes, like the existing senior unsecured notes,
are rated one notch below the corporate family rating because of the
significant amount of unrated senior debt that benefits from security and
from the guarantees of certain domestic subsidiaries.

The rating affirmation is based on Moody's expectation that the company's
credit metrics will strengthen as Smithfield integrates recent
acquisitions which have boosted the company's scale and diversification.

Smithfield's Ba2 corporate family rating reflects the company's high
leverage, somewhat volatile earnings and cash flow stream, aggressive
acquisition strategy, and increasingly complex business structure.  It
also reflects the integration risks that Smithfield faces as it
consolidates a series of acquisitions made over the past year, as well as
higher-than-average event risk of additional leveraged acquisitions within
the consolidating protein industry.  Furthermore, ratings reflect concerns
over some aspects of Smithfield's corporate governance.  Smithfield's
ratings are supported by the company's large size, very strong market
position, increasing geographic and product diversity, and solid brand in
the US pork industry.

Moody's considers Smithfield's ratings in the context of the key rating
drivers cited in Moody's Rating Methodology for Global Natural Products
Processors -- Protein and Agriculture.  Using the methodology's 22 rating
factors as well as pro forma and projected metrics which account for
recent acquisitions, fully and proportionally consolidate material joint
ventures, and incorporate Moody's standard analytic adjustments,
Smithfield's rating would be B1 which is two notches lower than its actual
Ba2 corporate family rating.  Moody's believes that over the intermediate
term, Smithfield's recent acquisitions will create a stronger, more
diversified protein processing business which should help it increase
operating margins and cash flow stability.

The negative rating outlook reflects the challenges Smithfield faces in
integrating its recent acquisitions, notably Premium Standard Farms, and
managing a more complex business portfolio while simultaneously attempting
to reduce debt and increase financial flexibility.   It also reflects the
continued event risk of additional leveraged acquisitions as the company
pursues its global growth strategy.

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


SMITHFIELD FOODS: S&P Affirms & Removes Watch on BB+ Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' corporate credit
rating and other ratings on Smithfield Foods, Inc. are affirmed and
removed from CreditWatch with negative implications, where they were
placed on Aug. 10, 2006, following the announcement that Groupe Smithfield
S.L., the company's 50/50 joint venture with Oaktree Capital Management
LLC, was temporarily operating under an unsecured credit facility
guaranteed by the company.

Although this facility was subsequently replaced by standalone,
nonrecourse permanent financing, the ratings remained on CreditWatch
following Smithfield's September 2006 announcement of its planned
acquisition of Premium Standard Foods Inc. (unrated) for US$810 million,
which closed in May 2007.

The outlook is negative.

About US$1.6 billion of rated debt of the Smithfield, Virginia-based
company is affected.

"At the same time, Standard & Poor's assigned its preliminary 'BB' senior
unsecured debt rating and preliminary 'BB-' subordinated debt ratings to
Smithfield's Rule 415 shelf registration of debt securities (senior debt
securities and subordinated debt securities)," said Standard & Poor's
credit analyst Jayne Ross.

The ratings affirmation recognizes that Smithfield's pork processing
operations should be entering a period of improving profitability.
However, credit metrics are extremely weak for the rating and S&P's
expectation is that the company will be focused on improving its financial
profile to be more appropriate for the current rating over the
intermediate term.  Following a series of acquisitions and investments
over the past year that has increased debt levels by more than US$600
million, there is no room in the rating for further debt-financed
acquisitions.

S&P's ratings on Smithfield Foods reflect the highly competitive,
commodity-based, cyclical nature of the swine industry; the high fixed
costs of pork processing operations; and the company's acquisitiveness.
These factors are mitigated by the company's position as the leading
producer, processor, and marketer of fresh and processed pork in the U.S.;
its position as a leading beef processor; an experienced management team;
and a track record of successfully integrating acquisitions.

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


SMITHFIELD FOODS: S&P Puts BB Rating on US$500-Mil. Sr. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating
to Smithfield Foods Inc.'s shelf drawdown of US$500 million senior
unsecured notes due 2017.

The corporate credit rating on the Smithfield, Va.-based company is 'BB+'
and the rating outlook is negative.

"The 'BB+' rating reflects the highly competitive, commodity-based,
cyclical nature of the swine industry; the high fixed costs of pork
processing operations; and Smithfield Foods' acquisitiveness," said
Standard & Poor's credit analyst Jayne Ross.  "These factors are mitigated
by the company's position as the leading producer, processor, and marketer
of fresh and
processed pork in the U.S.; its position as a leading beef processor; an
experienced management team; and a track record of successfully
integrating acquisitions."

Rating Assigned:

   * US$500 million Senior Unsecured Notes Due 2017 at BB

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


SPRINGS WINDOWS: Term Loan Increase Cues Moody's to Cut Ratings
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the senior secured
credit facilities of Springs Window Fashions, LLC to B1 from Ba3 following
a proposed increase in the term loan B due 2012 by US$75 million to US$311
million.

The downgrade reflects the increase in Moody's expectation of
loss-given-default to LGD 3 from LGD 2 as a result of the higher
proportion of secured bank debt in the company's liability structure.

Concurrently Moody's affirmed the company's B1 Corporate Family Rating.
The outlook remains stable.

Proceeds from the US$75 million add-on term loan will be used to pay a
US$50 million dividend to shareholders, repay existing borrowings under
the US$100 million revolving credit facility and to pay fees and expenses
relating to the transaction.  The incremental debt will amortize ratably
with the existing facility at 1% per year.  Covenants under the amended
credit facility will be reset, and include a maximum total leverage ratio
of 5.0 times with step-downs, a minimum interest coverage ratio of 2.25
times with step-ups, and limitations on capital expenditures.

The ratings are supported by Springs Window Fashion's consistent
historical revenue and EBITDA growth which Moody's expects will continue
despite the continuing slowdown in residential construction.  The ratings
also benefit from the company's size and market position, geographical
diversity of end-users, strong market share and the value of its brands.
The company's competitive strengths included its breadth of products
spanning the hard window coverings niche, and long running relationships
with key customers.  The company also has a strong market position in the
profitable custom and style side segments.

The ratings are constrained by high leverage and Moody's expectation of
negative adjusted free cash flow to debt ratio for fiscal 2007 as a result
of legacy cash outflows relating to the former textile operations of the
parent, Spring's Industries, Inc.  Moody's expects that adjusted free cash
flow to debt will revert to positive single digit levels after 2007.  The
ratings are constrained by substantial client concentration, the presence
of larger competitors in the industry, and the potential for a slowdown in
renovation/remodeling activity.

Moody's took these actions:

    * Affirmed the B1 Corporate Family Rating;

    * Affirmed the B2 Probability of Default Rating;

    * Downgraded the US$100 million senior secured revolver due
      2010 to B1 (LGD3, 34%) from Ba3 (LGD 2, 29%);

    * Downgraded the US$311 million senior secured term loan B
      due 2012 to B1 (LGD3, 34%) from Ba3 (LGD 2, 29%);

The ratings outlook is stable.

The transaction is expected to be completed in July 2007.  The ratings are
contingent upon the receipt of executed documentation in form and
substance acceptable to Moody's.

Springs Window Fashions, LLC, headquartered in Middleton, Wisconsin, is a
wholly owned subsidiary of Springs Industries, Inc.  Springs Window
Fashions is one of the leading manufacturers and designers of a broad
selection of window coverings under the brand names of Bali, Graber and
Nanik.  The company has manufacturing facilities in Reynosa and Tijuana in
Mexico for custom products and sources more commoditized products from
China. Product lines include hard and soft window blinds, roller shades,
drapery hardware, shutters, solar shades, and window accessory products.
Springs Window Fashions is privately held and had revenues of about US$563
million for the twelve months ended March 31, 2007.


TELCORDIA TECHNOLOGIES: S&P Rates Proposed US$555MM Notes at B
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate credit
rating and 'CCC+' subordinated rating on Piscataway, New Jersey-based
Telcordia Technologies Inc.  The outlook is negative.

In addition, a 'BB-' bank loan rating was assigned to Telcordia
Technologies' proposed US$100 million, five-year senior secured
first-priority revolving credit facility.  A recovery rating of '1' also
was assigned to the loan, reflecting expectations for very high recovery
(90%-100%) principal for secured lenders in a payment default or
bankruptcy scenario.

A 'B' bank loan rating was assigned to its proposed US$555 million,
five-year floating rate senior secured notes.  A recovery rating of '3'
was assigned to the loan, reflecting expectations for meaningful recovery
of(50%-70%) principal for secured lenders in a payment default or
bankruptcy scenario.

The ratings on Telcordia Technologies reflect its vulnerable business
profile, with a narrow and mature addressed market and significant
customer concentration.  The ratings also factor in weakness in revenue,
EBITDA, and liquidity, which is expected to continue over the near term.
S&P also expects a moderate increase in financial leverage, which is high,
with limited prospects for debt payment in the near term coming from free
cash flow.  The ratings are, on the other hand, supported by a leading
position in providing products and services for regional Bell operating
companies and global carriers.

Telcordia faces a number of challenges across several business units.
These include a currently weaker-than-historical telecom industry spending
environment, as well as consolidation within the RBOCs -- a key client
base for Telcordia.  Also, the company's focus on growth markets has yet
to achieve the scale needed for profitability, and its core business is
subject to ongoing pricing pressures.

The company has sales offices in Mexico, Brazil, the United Kingdom, and
Singapore, among others.


WENDY’S INT: Special Committee Explores Likely Sale of Company
--------------------------------------------------------------
Wendy’s International Inc. disclosed Monday that the Special Committee of
its Board of Directors, which is reviewing the company’s strategic
options, has decided to explore a possible sale of the company.

The company however did not provide a specific timetable for the process.

"The Special Committee has determined that the exploration of a
sale is the appropriate next step in the investigation of
value-creating alternatives for our stakeholders," said James V. Pickett,
Chairman of the Board and the Special Committee.  "While a sale remains
only one of the alternatives under consideration, we believe it merits
more thorough examination."

"Our goal is to move forward expeditiously and to minimize
disruption to the company and its operations," said Mr.
Pickett.  "We want management and our operators to focus on
executing Wendy’s business plan to grow sales and margins."

JP Morgan, as lead advisor, and Lehman Brothers Inc., as
co-advisor, will conduct the sale exploration process in
conjunction with the Special Committee.

The Special Committee is also evaluating a possible
securitization financing.  Such a securitization could be used
by a potential buyer or in a recapitalization of the company.
Lehman Brothers, as lead structuring advisor, and JP Morgan,
as co-structuring advisor, are leading the evaluation on
behalf of the Special Committee.

Wendy’s says there is no assurance that the steps announced
will result in any changes to the company’s current plans, or
that any transaction will be consummated.  A sale transaction
would require approval by the full Board of Directors and
shareholders.  In addition, the steps announced do not preclude
the possibility of the company pursuing other strategic
alternatives in the future.

The company plans to report developments regarding the
Special Committee’s actions only as circumstances warrant.

                   Revised Outlook for 2007

Wendy’s said it is revising its 2007 outlook for earnings before interest
taxes depreciation and amortization and earnings per share from continuing
operations.

The company’s revised range for EBITDA is US$295-315 million,
compared to previous guidance of US$330-340 million.  The revised range is
a 33-42% increase over 2006 adjusted EBITDA from continuing operations of
US$221 million.  The company’s revised range for EPS is US$1.09-1.23 per
share, compared to the company’s previous guidance of US$1.26-1.32 issued
on
March 20.

The primary reasons for the revised outlook are lower-than-
planned same-store sales and higher-than-expected commodity costs.
Same-store sales were up 3.8% at U.S. company restaurants in the 2007
first quarter and are up 0.7% in the 2007 second quarter through June 15.

The revised earnings outlook excludes expenses related to the
Board’s Special Committee activities, up to US$60 million in
pension settlement costs that the company noted in February
(some of these costs are expected to occur in 2007), and any
potential restructuring charges.

"Our strategy to revitalize the Wendy’s(R) brand, improve our
bond with customers and generate sustainable same-stores growth
is producing positive results," said Chief Executive Officer
and President Kerrii Anderson.  "We’ve delivered 12 consecutive
months of positive same-store sales through May, but the last two months
have been challenging as we’ve aggressively adjusted pricing to bring
Wendy’s more in line with the market.  We believe our new market-based
pricing approach is the right long-term strategy to generate more positive
store operating margins, but it has pressured transactions in the
short-term.  Our employees and operators are producing improved results,
but certain external factors have changed and are impacting results."

"Our goal is to keep everyone in the system focused on
executing our strategic plan to drive profitable sales and expanded
margins at every restaurant," Mr. Anderson said.  "Our brand strategy and
new advertising will clearly tell consumers about Wendy’s superior quality
and great-tasting products.  We have been emphasizing our fresh, never
frozen beef in our newest ads.  At the same time, we are focused on
operational improvements across the system and we expect to meet our store
labor savings and G&A goals."

                  Earnings Outlook and Guidance

The company said that in view of the strategic review process
now under way, it is suspending its previous earnings guidance
for 2008 and 2009.  Management does not plan to provide additional details
on its earnings guidance or to update it.

                          About Wendy's

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:WEN) --
http://www.wendysintl.com/-- and its subsidiaries operate, develop, and
franchise a system of quick service and fast casual restaurants in the
Americas, the Philippines, the Pacific Rim, Europe and the Middle East.


WENDY'S INT'L: Possible Sale Cues S&P to Cut Rating to BB-
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit and senior
unsecured debt ratings on Wendy's International Inc. to 'BB-' from 'BB+'.
All ratings remain on CreditWatch with
negative implications, where they were placed on
April 26, 2007.

The rating actions follow the Dublin, Ohio-based quick-service operator's
announcement that the Special Committee of its Board of Directors has
decided to explore a possible sale of the company.

"We view this action as a more aggressive financial policy that could
result in a highly leveraged capital structure and reduced cash flow
protection," said Standard & Poor's credit analyst Diane Shand.

Headquartered in Dublin, Ohio, Wendy's International Inc.
-- http://www.wendysintl.com/-- and its subsidiaries operate,
develop, and franchise a system of quick service and fast casual
restaurants in the United States, Canada, Mexico, Argentina, among others.


WENDY'S INT'L: Weak Performance Cues Moody's to Review Ratings
--------------------------------------------------------------
Moody's Investors Service lowered all ratings of Wendy's International,
Inc. and placed all ratings on review for further possible downgrade.

Ratings lowered and placed on review for further possible downgrade:

   -- Corporate family rating lowered to Ba3 from Ba2

   -- Probability of default rating lowered to Ba3 from Ba2

   -- Senior unsecured notes lowered to Ba3/54%/LGD-4 from
      Ba2/54%/LGD-4.

   -- Senior unsecured shelf rating lowered to (P) Ba3/54%/LGD-4
      from (P) Ba2/54%/LGD-4

   -- Subordinated shelf lowered to (P) B2/97%/LGD-6 from (P)
      Ba3/97%/LGD-6.

   -- Preferred stock shelf lowered to (P) B2/97%/LGD-6 from (P)
      B1/97%/LGD-6.

The ratings downgrade was prompted by the company's continued weak
operating performance due in part to significant competition and commodity
cost pressures resulting in debt protection metrics that remain weak with
debt to EBITDA of over 4.5x and EBIT coverage of interest of under 1.5 as
of year-end 2006.  The ratings are supported by Wendy's brand strength,
more stable revenue stream provided by its franchised focused business
model, and a relatively good geographic presence within the U.S.

The review for possible downgrade reflects Wendy's recent announcement
that the special committee of its board of directors has decided to
explore a possible sale of the company and is also evaluating a possible
securitization financing that could be used by a potential acquirer. The
review also incorporates Wendy's weaker than expected operating
performance and the lowering of its financial guidance.  A sale or capital
restructuring of Wendy's that results in a material deterioration in debt
protection metrics could result in a lowering of the company's ratings by
multiple rating levels.

Headquartered in Dublin, Ohio, Wendy's International Inc.
-- http://www.wendysintl.com/-- and its subsidiaries operate,
develop, and franchise a system of quick service and fast casual
restaurants in the United States, Canada, Mexico, Argentina, among others.




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


FOOT LOCKER: Genesco Deal Spurs S&P to Put Ratings on WatchNeg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings, including the 'BB+'
corporate credit rating, on New York City-based specialty footwear
retailer Foot Locker Inc. remain on CreditWatch with negative
implications.  This rating action follows the announcement that Genesco
(BB-/Watch Developing/--) accepted an offer from The Finish Line Inc. for
US$1.53 billion (US$54.50 per share) on June 18, 2007.  Foot Locker made
two bids for Genesco earlier this year, but they were subsequently
rejected after Genesco's board concluded the proposals were not in the
best interest of its shareholders.

"The CreditWatch listing continues to reflect Standard & Poor's concern
that the range of matters for which Evercore Partners was hired in 2006
could include shareholder-friendly initiatives that could potentially
weaken protection measures for bondholders if there are changes in the
company's financial policy," said Standard & Poor's credit analyst David
Kuntz.

Standard & Poor's will monitor developments associated with this process
in order to assess the implications for the ratings.

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


HOSPITALITY PROPERTIES: Declares Lightstone in Lease Default
------------------------------------------------------------
Hospitality Properties Trust reported that it has sent a notice of default
and lease termination to Lightstone Group with respect to 18 Homestead
Village hotels.

In February 1999 the company purchased 18 Homestead Village hotels and
leased them to a subsidiary of Homestead Village Incorporated for an
initial term ending Dec. 31, 2015.  At that time, Homestead was a publicly
owned company with a substantial net worth, the tenant provided HPT a
lease security deposit of US$15.96 million and Homestead guaranteed the
lease obligations to HPT.

In 2001 an entity affiliated with Blackstone Group acquired Homestead;
thereafter Homestead’s net worth declined and Blackstone secured
Homestead’s guaranty obligations to HPT with a bank letter of credit for
an additional US$15.96 million.

HPT’s decision to declare a lease default and termination is based upon
the facts that a Lightstone Group affiliate acquired control of the
Homestead tenant on June 11, 2007, without first obtaining HPT’s consent
and without providing HPT with timely evidence by which HPT might
reasonably determine that the tenant has a sufficient net worth, as
required by the Lease.

The 18 hotels which are the subject of this lease have 2,399 rooms and are
located in five states.  The historical minimum rent payable to HPT under
this lease is US$1.33 million/month.  In addition, HPT receives percentage
rent under this lease based upon increases in gross revenues at the leased
hotels; in 2006, this percentage rent was approximately US$509,000.  The
rent payment due June 1, 2007, while Blackstone continued to own
Homestead, was timely paid; and HPT continues to hold a security deposit
equal to US$15.96 million and a bank letter of credit to secure the lease
guaranty for an additional US$15.96 million.

                 About Hospitality Properties

Hospitality Properties Trust (NYSE: HPT)
-- http://www.hptreit.com/-- is a real estate investment trust, which
owns 310 hotels and 186 travel centers located throughout the United
States, Ontario, Canada and Puerto Rico.  The company does not operate
hotels or travel centers.  Instead, all of its properties are operated by
unaffiliated hospitality management companies as part of 12 combination
management or lease agreements.

                       *     *     *

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


PEP BOYS: Board Okays US$0.0675 Per Share Dividend Payment
----------------------------------------------------------
The Pep Boys – Manny, Moe & Jack's Board of Directors approved the payment
of the next quarterly dividend of US$0.0675 per share payable on July 23,
2007, to shareholders of record on July 9, 2007.  The annual dividend of
US$0.27 per share currently yields approximately 1.23%.

                        About Pep Boys

The Pep Boys - Manny, Moe & Jack (NYSE: PBY) --
http://pepboys.com/-- has 593 stores and more than 6,000
service bays in 36 states and Puerto Rico.  Along with its
vehicle repair and maintenance capabilities, the Company also
serves the commercial auto parts delivery market and is one of
the leading sellers of replacement tires in the United States.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' rating on
Pep Boys-Manny, Moe & Jack's term loan after the company
announced plans to increase the size of the facility by US$120
million to US$320 million.  Proceeds from the additional US$120
million term loan will be used to refinance its convertible
notes which mature in June 2007.  At the same time, the rating
on the US$357.5 million asset-based revolver was raised to 'B+'
from 'B' to properly realign its ratings with the term loan and
to reflect Standard & Poor's increased comfort with the
collateral and terms securing this facility.  The 'B-' corporate credit
and other ratings were affirmed; the outlook is negative.


SERVICEMASTER CO: S&P Junks Rating on US$1.15-Bil. Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' rating to The
ServiceMaster Co.'s proposed US$1.15 billion of senior toggle notes due
2015.

ServiceMaster's other ratings, including its 'B' corporate credit rating,
have been affirmed.  The outlook is negative.

"The senior unsecured notes are rated 'CCC+' (two notches below the
corporate credit rating) because of the amount of secured debt in the
capital structure," said Standard & Poor's credit analyst Jean Stout.

The ratings on Downers Grove, Illinois-based ServiceMaster reflect its
very highly leveraged financial profile following its pending acquisition
by an investment group led by Clayton, Dubilier & Rice Inc. for about
US$5.6 billion, which will result in pro forma total debt to EBITDA
(including our standard adjustments) exceeding 9x at closing and
significant cash flow requirements to fund interest.  Ratings support is
provided by ServiceMaster's good business positions in its fragmented and
competitive end markets, which have translated into good cash flow
generation from a fairly diverse portfolio of services, despite some
exposure to weather conditions in two of three of its key businesses.

The acquisition is expected to be financed with a US$2.65 billion term
loan, US$1.15 billion of senior unsecured toggle notes, and US$1.4 billion
in sponsor equity.  The ratings on the company's existing debt (to be
repaid as part of this financing) will be withdrawn upon closing of the
transaction, with the exception of approximately US$353 million of
existing senior notes due in 2018, 2027, and 2038, which will remain
outstanding.

The company operates in the Philippines, Puerto Rico and the United Kingdom.




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


GEORGIA-PACIFIC: High Debt Cues S&P to Revise Outlook to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on forest products
producer Georgia-Pacific LLC to stable from positive.

All ratings, including the company's 'BB-' corporate credit rating, were
affirmed.

"The outlook revision reflects our assessment that despite the company
performing in line with our previous expectations, a higher rating is not
likely to occur within our outlook time horizon," said Standard & Poor's
credit analyst Pamela Rice.  "Previously, a higher rating was primarily
predicated on the prospects for significant debt reduction through
asset-sale
proceeds, which has not materialized.  As a result, GP's leverage remains
in-line with the current rating."

GP had debt, including debt-like obligations, of US$16.9 billion at March
31, 2007.

Atlanta, Georgia-based GP business mix is attractive because it includes
consumer products (principally paper towels, bathroom tissue, and
disposable tableware), paper, packaging, and building products
manufacturing.

"We believe that prospects for earnings over the next year are mixed, with
favorable conditions in tissue, paper, and packaging, offset by weak
lumber, panel, and gypsum wallboard pricing attributable to the downturn
in the housing market," Ms. Rice said.  "The ratings have factored in the
potential for meaningful profit enhancement over the intermediate term
through various manufacturing-efficiency and cost-reduction initiatives.
However, we believe the benefit of the cost savings could be partially
offset by continuing pressure from fiber, energy, transportation, and
resin costs."

The company has offices in Switzerland, Uruguay and Hong Kong.


* URUGUAY: Antel's Mobile Unit Will Launch 3G Services
------------------------------------------------------
A statement posted on the Uruguayan presidential Web site says
that Ancel, the mobile unit of state-owned telecom firm Antel, will launch
3G services on its Universal Mobile Telecommunications System network in
the next two months.

Business News Americas relates that Ancel is deploying all of the needed
base stations to support a 3G "roll-out."  The 3G compatible handsets are
already being imported into Uruguay.

Reporters say that Ancel has allocated some US$20 million for the
roll-out.  Ancel, which began testing its UMTS network in 2005, will
follow Chilean mobile operator Entel PCS as one of the few operators using
the service.

Ancel told BNamericas that "both 3G handsets and the 3G advanced services
will be available at a similar cost to that of its existing GSM mobile
services."

The roll-out will initially be offered to southern Uruguay.  It will then
be expanded to the entire nation, BNamericas states.

                       *     *     *

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

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




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


DIRECTV HOLDINGS: Affirms Low B Ratings with Stable Outlook
-----------------------------------------------------------
Fitch Ratings has affirmed DIRECTV Holdings LLC's ratings:

   -- Issuer Default Rating at 'BB';
   -- Senior secured credit facility at 'BB+';
   -- Senior unsecured debt at 'BB'.

The Rating Outlook for all of DIRECTV's debt remains Stable.  DIRECTV is a
wholly owned subsidiary of The DIRECTV Group, Inc.  Approximately US$3.4
billion of debt as of March 31, 2007 is affected.

The ratings reflect the size and scale of DIRECTV's operations as the
second largest multichannel video programming distributor in the United
States, Fitch's expectation for continued generation of free cash flow and
DIRECTV's ability to up-sell subscribers to take more advance video
services.  The ratings acknowledge DIRECTV's strong credit protection
metrics relative to its rating category, which is primarily attributable
to DIRECTV's improved operating profile and the introduction of a lease
program which impacts the accounting treatment of customer premise
equipment.  Additionally, Fitch notes that DIRECTV's EBITDA and free cash
flow metrics have in part been positively impacted by the slower pace of
gross additions.

Rating concerns center on DIRECTV's lack of revenue diversity and narrow
product offering relative to its cable multiple system operator and
growing telephone company competition.  Additionally, Fitch believes that
the convergence of service offerings between the cable MSOs and the
telephone companies have weakened DIRECTV's competitive position, which in
Fitch's opinion will limit DIRECTV's growth potential and increase the
business risks related to DIRECTV's credit profile over the long term.
Fitch expects that over time DIRECTV's operating environment will become
more competitive as AT&T and Verizon continue to scale their respective
video build outs.  However with that said, Fitch believes that DIRECTV's
strategy to focus on providing the best in class video offering can
provide DIRECTV with a defensible market niche positioning DIRECTV to
compete with cable and telephone companies and to continue to grow (albeit
at a slower rate) its subscriber base and control churn.  This strategy
will focus on providing differentiated and exclusive programming content,
aggressively expanding its HD programming, and launching interactive and
video on demand services.

In Fitch's opinion, DIRECTV's historically low leverage provides DIRECTV
with tremendous financial flexibility and capacity at the current ratings
level.  As of March 31, 2007, DIRECTV's leverage was 0.96 times, which is
a significant improvement from as recent as December 2004 when leverage
was 5.64x.  However DIRECTV's current leverage profile does not reflect a
shift of DIRECTV's financial policy or strategy, and Fitch does not expect
DIRECTV to maintain its current leverage position.  In Fitch's view, given
DIRECTV's operating profile and the competitive operating environment,
DIRECTV can maintain leverage between 3.5 times and 4 times at the 'BB'
rating category.  Such a leverage profile would indicate additional debt
capacity ranging between US$9 billion and US$10.8 billion based on the
latest 12-months EBITDA as of March 31, 2007.  Fitch notes that the
leverage targets are well within the financial covenants contained within
the DIRECTV's senior secured credit facility and senior unsecured debt.
In Fitch's opinion the proceeds from the incremental debt could be used in
some combination to fund an investment in a wireless broadband network,
make further investments in video content and returned to shareholders in
the form of a share repurchase program or special dividend.

On Dec. 22, 2006, Liberty Media Corporation (Liberty Media) and News
Corporation (News Corp) entered into a Share Exchange Agreement.  As a
result of the transaction, Liberty Media will become DTVG's largest
shareholder.  Fitch believes that over time Liberty's influence over
DIRECTV's financial and operational strategy will become stronger and have
a positive effect on DIRECTV's operational profile.  While Liberty Media
does not own nearly as broad or diverse broadcast and programming assets
as New Corp., Liberty Media does hold ownership interests in businesses
that can complement DIRECTV's strengths and strategic direction.  However
Fitch points out that the benefits of the transaction do not directly
address DIRECTV's weak competitive position relative to the cable MSO's
triple play service offering.

The Stable Rating Outlook incorporates Fitch's expectation that any
potential recapitalization of DIRECTV's balance sheet will demonstrate
credit protection metrics consistent with a 'BB'
credit profile.

Headquartered in El Segundo, California, The DIRECTV Group Inc.
(NYSE:DTV) -- http://www.directv.com/-- provides digital
television entertainment in the United States and Latin America.  It has
two segments, DIRECTV U.S. and DIRECTV Latin America.  The DIRECTV U.S.
segment provides direct-to-home digital television services in the
multichannel video programming distribution industry in the United States.
The DIRECTV Latin America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in 27
countries, including Brazil, Argentina, Venezuela, and Puerto Rico.

DIRECTV Holdings LLC is a wholly owned subsidiary of The
DIRECTV Group Inc.


PETROLEOS DE VENEZUELA: Creating Joint Biz with Petrovietnam
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA will be creating a
joint venture with Vietnam counterpart Petrovietnam, news daily El
Universal reports.

According to El Universal, the Vietnamese government will allow the
creation of the joint venture.

El Universal notes that Petrovietnam expects to get an investment license
after the completion of talks with Petroleos de Venezuela.

Business News Americas relates that the joint venture will produce crude
in the Orinoco belt's Junin 2 block in Venezuela.

Venezuela signed an energy accord with Vietnam last year, BNamericas states.

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

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.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

June 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
10th Annual Golf Outing
Twin Lakes Golf & Swim Club, Oakland, Michigan
Contact: 248-593-4810 or www.turnaround.org

June 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Clarion Hotel, Princeton, New Jersey
Contact: 908-575-7333 or www.turnaround.org

June 20, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     7th Annual Charity Golf Outing
        Harborside International, Chicago, Illinois
           Contact: 815-469-2935 or www.turnaround.org

June 20, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Have Distressed Equity Funds Changed the
        Traditional Workout Process?
           Oak Hill Country Club, Rochester, New York
              Contact: www.turnaround.org

June 20, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     7th Annual Charity Golf Outing
        Harborside International, Chicago, Illinois
           Contact: 815-469-2935 or www.turnaround.org

June 20, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Bank Workout Panel
        Oak Hill Country Club, Rochester, New York
           Contact: http://www.turnaround.org/

June 21, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Valuing Distressed and Troubled Companies
        Denver Athletic Club, Denver, Colorado
           Contact: www.turnaround.org

June 21, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     7th Annual TMA Toronto Golf Social
        Board of Trade Country Club, Woodbridge, Ontario
           Contact: 416-867-2300 or www.turnaround.org

June 21, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Valuing Distressed and Troubled Companies
        Denver Athletic Club, Denver, Colorado
           Contact: http://www.turnaround.org/

June 21, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
  CONFEDERATION
Corporate Reorganization Conference
(2nd Annual IWIRC Woman of the Year Award)
Chicago, Illinois
Contact: http://www.iwirc.org/

June 21, 2007
NEW YORK SOCIETY OF SECURITY ANALYSTS
Career Chat: Emerging Careers in Distressed Securities
New York, New York
Contact: http://www.nyssa.org/

June 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Wine Tasting and Summer Social on the Roof
Lane Powell's Terrace, Portland, Oregon
Contact: 206-223-5495 or www.turnaround.org

June 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
   7th Annual TMA Toronto Golf Social
        Board of Trade Country Club, Woodbridge, Ontario
           Contact: 416-867-2300 or www.turnaround.org

June 21, 2007

INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
2nd Annual IWIRC Woman of the Year Award Luncheon at
Corporate Reorganization Conference
Chicago, Illinois
Contact: www.renaissanceamerican.com

June 21-22, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
Tenth Annual Conference on Corporate Reorganizations
Successful Strategies for Restructuring Troubled
Companies
The Millennium Knickerbocker Hotel - Chicago
Contact: 800-726-2524;
http://renaissanceamerican.com/

June 25-26, 2007
STRATEGIC RESEARCH INSTITUTE
10th Annual Distressed Debt Investing Summit
Helmsley Hotel, New York, New York
Contact: http://www.srinstitute.com/

June 26-27, 2007
AMERICAN CONFERENCE INSTITUTE
Distressed Condo Projects: Turnaround and Workout Strategies
Trump International Sonesta Beach Resort
Sunny Isles, Florida
Contact: http://www.americanconference.com/

June 26, 2007
BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy: Unwinding The Deal
Contact: 240-629-3300;
http://www.beardaudioconferences.com/

June 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/

June 28, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Wine Tasting & Networking Event
Rouge & Blanc, San Francisco, California
Contact: 510-346-6000 ext 226 or www.turnaround.org

June 28, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Future Leaders Networking Event
Castaways, Chicago, Illinois
Contact: 815-469-2935 or www.turnaround.org

June 28 - July 1, 2007
NORTON INSTITUTES
Norton Bankruptcy Litigation Institute
        Jackson Lake Lodge, Jackson Hole, Wyoming
           Contact: http://www2.nortoninstitutes.org/

July 5, 2007
TURNAROUND MANAGEMENT ASSOCIATION
  SummerFest
     Milwaukee's Lake Front, Milwaukee, Wisconsin
        Contact: 815-469-2935 or www.turnaround.org

July 5, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA-SA Exco Meeting
        Deloitte Place, Sandton, South Africa
           Contact: www.turnaround.org

July 12, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

July 12, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Billiards Night
        TBD, New Jersey
         Contact: 908-575-7333 or http://www.turnaround.org/

July 12-15, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Marriott, Newport, Rhode Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
        Chicago, Illinois
           Contact: http://www.turnaround.org/

July 17, 2007
  BEARD AUDIO CONFERENCES
     China’s New Enterprise Bankruptcy Law
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

July 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast & TMA Executive Board Meeting
        Cornell Club, New York, New York
           Contact: 646-932-5532 or www.turnaround.org

July 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida / Secured Lenders Marlins Baseball Game
        Dolphin Stadium, Florida
           Contact: 561-882-1331 or www.turnaround.org

July 18, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
          Contact: 561-882-1331 or http://www.turnaround.org/
July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Mystic Blue Boat Cruise
        Navy Pier, Chicago, Illinois
           Contact: 815-469-2935 or www.turnaround.org

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     5th Annual Night of Excellence
        Petersen Automotive Museum, Los Angeles, California
           Contact: 310-458-2081 or www.turnaround.org

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Mystic Blue Boat Cruise
        Navy Pier, Chicago, Illinois
           Contact: 815-469-2935 or www.turnaround.org

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Networking Event
        Location TBA, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or www.turnaround.org

July 23, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Charity Networking Event
        Loews Hotel, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or www.turnaround.org

July 23, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Event Fundraiser
        Loews Hotel, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or www.turnaround.org

July 23-24, 2007
  FINANCIAL RESEARCH ASSOCIATES
    Financial Restructuring 101 & 102
        The Flatotel, New York, New York
           Contact: http://www.frallc.com/

July 25, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Brown Bag Lunch
        Reid & Riege, New Haven, Connecticut
           Contact: www.iwirc.org

July 25-28, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     12th Annual Southeast Bankruptcy Workshop
        The Sanctuary, Kiawah Island, South Carolina
           Contact: http://www.abiworld.org/

July 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        TBA, Arizona
           Contact: http://www.turnaround.org/

July 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Golf Social Event
        Crystal Lake Golf Club, Lakeville, Minnesota
           Contact: 612-708-0258 or www.turnaround.org

July 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Colorado Chapter Annual Golf Tournament
        Kings Deer Golf Club, Monument, Colorado
           Contact: 303-847-5026 or www.turnaround.org

July 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
  Lake Tahoe Cruise: Getting to Know Your Nevada Associations
          Zephyr Cove, Lake Tahoe, Nevada
       Contact: 702-952-2480 or www.turnaround.org

July 31, 2007
BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of
    Loan-to-Own Strategies on the
      Restructuring Process
       Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

July 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
   Enterprise Florida: Improving Florida's
    Business Climate and Helping Florida Companies
     Market Overseas
      Citrus Club, Orlando, Florida
       Contact: http://www.turnaround.org/

Aug. 2, 2007
TURNAROUND MANAGEMENT ASSOCIATION
   TMA-SA Board Meeting
     Deloitte Place, Sandton, South Africa
      Contact: http://www.turnaround.org/

Aug. 3, 2007
TURNAROUND MANAGEMENT ASSOCIATION
   Women's Spa Event
    Short Hills Hilton, Livingston, New Jersey
     Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 9, 2007
BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today’s Legal
    Processes
       Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

Aug. 9-11, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     3rd Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 9, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
       CONFEDERATION
        Brown Bag Lunch
          Blum Shapiro & Co., West Hartford, Connecticut
           Contact: www.iwirc.org

  Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Special Olympics Sportsman's Lunch
       Sofitel, Brisbane, Queensland, Australia
          Contact: 1300 303 863 or www.turnaround.org

  Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
       Chicago, Illinois
         Contact: http://www.turnaround.org/

  Aug. 16, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
      Colorado Chapter Annual Brew Pub & Pool Social
         Wynkoop Brewing Company, Denver, Colorado
           Contact: 303-847-5026 or www.turnaround.org

  Aug. 16, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
       Young Professionals Networking Event
          TBA, Philadelphia, Pennsylvania
             Contact: 215-657-5551 or www.turnaround.org

  Aug. 17, 2007
     TURNAROUND MANAGEMENT ASSOCIATION
       Annual Fishing Trip
         Point Pleasant, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

  Aug. 23-26, 2007
    NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
        Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/

  Aug. 24, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

  Aug. 28, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
        Luncheon - Healthcare Panel
          Centre Club, Tampa, Florida
             Contact: http://www.turnaround.org/

  Aug. 29-30, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
       3rd Annual Northeast Regional Conference
           Gideon Putnam Resort and Spa, Saratoga Springs,
               New York
                  Contact: http://www.turnaround.org/

  Sept. 6, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
       Breakfast Event
         Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or www.turnaround.org

  Sept. 6-7, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
        Complex Financial Restructuring Program
           Four Seasons, Las Vegas, Nevada
              Contact: http://www.turnaround.org/

  Sept. 6-8, 2007
    AMERICAN BANKRUPTCY INSTITUTE
        15th Annual Southwest Bankruptcy Conference
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.abiworld.org/

  Sept. 11, 2007
     TURNAROUND MANAGEMENT ASSOCIATION
        Annual Networking at the Yards
            Oriole Park at Camden Yards, Baltimore, Maryland
                Contact: 215-657-5551 or www.turnaround.org

  Sept. 14, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
       Body of Knowledge - CTP Review Class
          Chicago, Illinois
             Contact: http://www.turnaround.org/

  Sept. 18, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
        14th Annual Connecticut Children's Medical Center
           Fundraiser Golf Outing
             Woodbridge Country Club, Woodbridge, Connecticut
               Contact: 203-265-2048 or www.turnaround.org

  Sept. 19, 2007
    TURNAROUND MANAGEMENT ASSOCIATION
        Buying and Selling Troubled Companies
           Marriott North, Fort Lauderdale, Florida
               Contact: http://www.turnaround.org/

Sept. 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
     Lean Transformation at Current and Other Case Studies
        Denver Athletic Club, Denver, Colorado
           Contact: http://www.turnaround.org/

Sept. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Retail Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Sept. 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Joint Educational & Networking Reception
        TBD, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 26-27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida Annual Golf Tournament
        Tampa, Florida
           Contact: 561-882-1331 or www.turnaround.org

Sept. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        TBA, Arizona
           Contact: http://www.turnaround.org/

Sept. 27-30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     8th Annual Cross Border Business
        Restructuring & Turnaround Conference
           Contact: http://www.turnaround.org/

Oct. 2, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Bridgewater, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 4, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or www.turnaround.org

Oct. 5, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center
           Washington, District of Columbia

Oct. 9-10, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
     CONFEDERATION
        IWIRC Annual Fall Conference
           Orlando, Florida
              Contact: http://www.iwirc.org/

Oct. 10-13, 2007
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     81st Annual National Conference of Bankruptcy Judges
        Contact: http://www.ncbj.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Winn Dixie Bankruptcy
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 12, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Presentation by George F. Will: The Political Argument Today
        Orlando, Florida
           Contact: www.ardent-services.com

Oct. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI Educational Program at NCBJ
        Orlando World Marriott, Orlando, Florida
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Copley Place
           Boston, Massachussets
              Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Capital Markets Case Study
        Seattle, Washington
           Contact: http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Oct. 26, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hotel Adlon Kempinski, Berlin, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        Centre Club, Tampa, Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Crisis Communications With Employees, Vendors and Media
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or www.turnaround.org

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Hackensack, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Mixer
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or www.turnaround.org

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Aloha Airlines Story
        Bankers Club, Miami, Florida
           Contact: www.turnaround.org

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Australia 4th Annual Conference and Gala Dinner
         Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner
        TBA, South Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Portland Holiday Party
        University Club, Portland, Oregon
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 22, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Mixer
        TBA, Vancouver, British Columbia
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Real Estate Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Holiday Gala
        Yale Club, New York, New York
           Contact: www.iwirc.org

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        TBD, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Dec. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Seattle Holiday Party
        Athletic Club, Seattle, Washington
           Contact: 206-223-5495; http://www.turnaround.org/

Dec. 6-8, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Westin Mission Hills Resort, Rancho Mirage, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or www.turnaround.org

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or www.turnaround.org

Dec. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida

Feb. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or www.turnaround.org

Mar. 25-29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Ritz Carlton Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Apr. 3-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     26th Annual Spring Meeting
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

June 12-14, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: http://www.abiworld.org/

July 10-13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     4th Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 16-19, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Southeast Bankruptcy Workshop
        Ritz-Carlton, Amelia Island, Florida
           Contact: http://www.abiworld.org/

Aug. 20-24, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Captain Cook, Anchorage, Alaska
           Contact: http://www.nabt.com/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com;
              http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency – Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergers—the New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Today’s Legal Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/


                         ***********


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

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

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

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

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

The TCR Latin America subscription rate is US$625 per half-year, delivered
via e-mail.  Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are US$25
each.  For subscription information, contact Christopher Beard at
240/629-3300.


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