TCRLA_Public/070627.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

            Wednesday, June 27, 2007, Vol. 8, Issue 126

                          Headlines

A R G E N T I N A

ALITALIA SPA: OAO Aeroflot Won't Fuse Bid with AirOne S.p.A.
BRISTA SA: Proofs of Claim Verification Is Until Aug. 9
CATA SACIFI: Proofs of Claim Verification Deadline Is Aug. 6
D Y H: Proofs of Claim Verification Deadline Is September 11
GRILOS SRL: Proofs of Claim Verification Ends on August 24

KONINKLIJKE AHOLD: Shareholders Vote for U.S. Foodservice Sale
LARRING SA: Proofs of Claim Verification Deadline Is August 15
LEAR CORP: Reschedules 2007 Annual Meeting to July 12
MATRIX ARGENTINA: Proofs of Claim Verification Ends on Sept. 6
TENNECO INC: Paul Schultz Quits as Supply Chain Mgmt. Senior VP

VITRAMED SRL: Trustee To File Individual Reports on Sept. 18
ZEOX SA: Proofs of Claim Verification Deadline Is August 21

* ARGENTINA: Launching Tender for Plant Basic Engineering Draft

B A H A M A S

ISLE OF CAPRI: Matrix Research Downgrades Firm's Shares to Sell

B E R M U D A

FIRST SHIP: Sets Final General Meeting for July 2
SCOTTISH RE: Annual Shareholders Meeting Scheduled on July 18
SCOTTISH RE: Declares US$0.4531 Per Preferred Share Dividend
SEA CONTAINERS: Court Okays Deloitte & Touche as Auditors
SEA CONTAINERS: Trustee & GE Capital Oppose US$176MM DIP Loan

WEST SOLUTIONS: Final General Meeting Is Set for July 3

B O L I V I A

* BOLIVIA: Seeking Strategic Partnership in Middle East
* BOLIVIA: Launching Tender for Basic Engineering Draft of Plant
* BOLIVIA: State Firm Inks NatGas Supply with Brazilian Plant

B R A Z I L

ACTUANT CORP: Promotes Mark Goldstein as Chief Operating Officer
BANCO FIBRA: Inks US$20-Million Investment Deal with IFC
BANCO NACIONAL: Approves BRL40.7-Million Loan to Glicolabor
BANCO NACIONAL: Okays BRL565MM Funding for Vessel Construction
BANCO NACIONAL: Revises Funding Terms for Power Generation

COSAN SA: To List Shares on New York Stock Exchange
DELPHI CORP: Reaches Tentative Deal with UAW & General Motors
JAPAN AIRLINES: To Cut Retirement Allowance by 10%
MITEL NETWORKS: ISS Urges Shareholders to Snub Inter-Tel Merger
NOMURA HOLDINGS: Acquires Minority Stake in Calliva Group Ltd.

PETROLEO BRASILEIRO: Gets BRL565-Million Loan for Vessel Project
PETROLEO BRASILEIRO: Subsidiary Takes Out Insurance Coverage

C A Y M A N   I S L A N D S

AMABOKO LIMITED: Proofs of Claim Must be Filed by July 16
BAFANA LIMITED: Proofs of Claim Filing Is Until July 16
BANK OF INDIA: Acquires 76% of Indonesia's Bank Swadesi
BRASOIL ALLIANCE: Proofs of Claim Must be Filed by July 4
CHEYNE CATASTROPHE: Proofs of Claim Filing Is Until July 15

CHEYNE CATASTROPHE FUND: Proofs of Claim Must be Filed by July 4
JOUBERT: Proofs of Claim Filing Deadline Is July 16
LAZARD DIVERSIFIED: Proofs of Claim Filing Is Until July 16
PIENAAR: Proofs of Claim Filing Deadline Is July 16
SEDNA OFFSHORE: Proofs of Claim Must be Filed by July 9

SHOSALOZA LIMITED: Proofs of Claim Filing Ends on July 16
TOVEY LIMITED: Proofs of Claim Must be Filed by July 16
WEST TEXAS: Proofs of Claim Filing Ends on June 29

C H I L E

BOSTON SCIENTIFIC: Inks Purchase Agreement with Remon Medical
GERDAU SA: Socopa Says Firm's Joint Venture in India Good

C O L O M B I A

BANCOLOMBIA SA: Board Okays Francisco Botero's ADR Purchase
BANCOLOMBIA SA: Moody's Changes Ba3 Rating's Outlook to Positive
BANCO BAGOTA: Moody's Changes Ba3 Curr. Rating's Outlook to Pos.
ECOPETROL SA: Fitch Lifts Long-Term Foreign Curr. Rating to BB+
ISAGEN SA: Fitch Ups Long-Term Foreign Currency Rating to BB+

TRANSGAS: Fitch Lifts 9.79% Senior Secured Notes' Rating to BB+

* COLOMBIA: Moodys's Changes Outlook to Positive from Stable

C O S T A   R I C A

* COSTA RICA: Free Trade Deal with Panama Ready
* COSTA RICA: Taking Legal Action Against Slowdown at Limon Port

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Banco Nacional Funding Nation's Bus Buys

E C U A D O R

GENERAL MOTORS: Reaches Tentative Deal with UAW & Delphi Corp.

E L   S A L V A D O R

AES CORP: RBC Capital Maintains Top Pick Rating on Firm's Shares

M E X I C O

NUANCE COMMS: Inks Pact to Buy Tegic for US$265 Million in Cash

N I C A R A G U A

* NICARAGUA: Mulling Joint Mobile Telephony Firm with Venezuela

P A N A M A

KOREA EXCHANGE: Hana Financial Buys 13.6 Percent Stake

* PANAMA: Regulator Cancels Telefonica del Istmo's Concessions
* PANAMA: Free Trade Deal with Costa Rica Ready

P A R A G U A Y

GENERAL MOTORS: Brian Johnson Maintains Equal Weight Rating

P E R U

W.R. GRACE: Wants Exclusive Plan-Filing Period Further Extended
W.R. GRACE: Wants to Sell Washcoat Business for US$21.9 Million

P U E R T O   R I C O

AGILENT TECH: Taps Neil Cook as VP & Director-Molecular Tech Lab

U R U G U A Y

* URUGUAY: Joining Bank of the South

V E N E Z U E L A

ARMOR HOLDINGS: Bags US$50-Million Contract with AM General
PETROLEOS DE VENEZUELA: Awards 3D Seismic Survey to SCAN
PETROLEOS DE VENEZUELA: Conoco, Exxon Refuse Joint Venture Deals

* VENEZUELA: Oil Sales to U.S. Up 14% in April
* VENEZUELA: Mulling Joint Mobile Telephony Firm with Nicaragua


                          - - - - -


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


ALITALIA SPA: OAO Aeroflot Won't Fuse Bid with AirOne S.p.A.
------------------------------------------------------------
OAO Aeroflot will not submit a joint offer with rival AirOne
S.p.A. and Intesa-San Paolo S.p.A. for the Italian government's
39.9% stake in Alitalia S.p.A., Bloomberg News reports.

"We are not interested in the cooperation with Air One that has
been proposed," Aeroflot Deputy CEO Lev Koshlyakov told
Bloomberg News.

Aeroflot has been holding talks with Air One chief executive and
owner Carlo Toto over a possible alliance to Alitalia.

Sources privy to the matter told the Financial Times that Mr.
Toto decided to take a personal lead in holding talks with a  
possible partner and has excluded the carrier's advisors from
negotiations.  The sources added that though no formal deal has
been signed, the two current rivals for Alitalia may fuse their
bids.

The Italian government wants OAO Aeroflot-Unicredit Italiano
S.p.A. and AirOne S.p.A.-Intesa-San Paolo S.p.A. consortia to
unify their bids to acquire the state's stake in Alitalia.

Mr. Koshlyakov told Bloomberg News that the talks with AirOne
never became formal, adding that Aeroflot is not looking for a
third partner in its bid for Alitalia.  The CEO also noted the
differences in their organizational and operational structures.

                         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 company also operates in
Argentina, China, and Japan.  The Italian government owns 49.9%
of Alitalia.

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.


BRISTA SA: Proofs of Claim Verification Is Until Aug. 9
-------------------------------------------------------
Flora Marcela Pazos, the court-appointed trustee for Brista
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Aug. 9, 2007.

Ms. Pazos will present the validated claims in court as
individual reports.  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 Brista 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 Brista's accounting
and banking records will be submitted in court.

Infobae didn't state the reports submission dates.

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

The trustee can be reached at:

         Flora Marcela Pazos
         Montevideo 527
         Buenos Aires, Argentina


CATA SACIFI: Proofs of Claim Verification Deadline Is Aug. 6
------------------------------------------------------------
Estudio Ferrari Herrero S.C., the court-appointed trustee for
Cata S.A.C.I.F.I.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Aug. 6, 2007.

Estudio Ferrari will present the validated claims in court as
individual reports on Sept. 17, 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 Cata 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 Cata's accounting and
banking records will be submitted in court on Oct. 29, 2007.

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

The trustee can be reached at:

         Estudio Ferrari Herrero S.C.
         Esmeralda 684
         Buenos Aires, Argentina


D Y H: Proofs of Claim Verification Deadline Is September 11
------------------------------------------------------------
Felipe Florio, the court-appointed trustee for D y H
Constructora SRL's bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 11, 2007.

Mr. Florio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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 D y H Constructora 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 D y H Constructora's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

Mr. Florio is also in charge of administering D y H
Constructora's assets under court supervision and will take part
in their disposal to the extent established by law.

The debtor can be reached at:

         D y H Constructora SRL
         Pasaje Angel Roffo 7029
         Buenos Aires, Argentina

The trustee can be reached at:

         Felipe Florio
         Uruguay 618
         Buenos Aires, Argentina


GRILOS SRL: Proofs of Claim Verification Ends on August 24
----------------------------------------------------------
Mario Armando Lopez, the court-appointed trustee for Grilos
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Aug. 24, 2007.

Mr. Lopez will present the validated claims in court as
individual reports.  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 Grilos 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 Grilos' accounting
and banking records will be submitted in court.

Infobae didn't state the reports submission dates.

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

The trustee can be reached at:

         Mario Armando Lopez
         Tte. Gral. Juan D. Peron 1610
         Buenos Aires, Argentina


KONINKLIJKE AHOLD: Shareholders Vote for U.S. Foodservice Sale
--------------------------------------------------------------
Shareholders of Koninklijke Ahold N.V. have approved the sale of
the company's U.S. Foodservice unit to a consortium of Clayton,
Dubilier & Rice Fund VII, L.P. and Kohlberg Kravis Roberts & Co
L.P. for US$7.1 billion, The Associated Press reports.

The shareholders also voted for the return of EUR3 billion via a
cash payment and a reverse stock split.  The shareholders will
receive a one-time dividend of EUR1.89 per share, AP adds.

                           About Ahold

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

                        *     *     *

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

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

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


LARRING SA: Proofs of Claim Verification Deadline Is August 15
--------------------------------------------------------------
Fernando Jose Marziale, the court-appointed trustee for Larring
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Aug. 15, 2007.

Mr. Marziale will present the validated claims in court as
individual reports on Sept. 27, 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 Larring 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 Larring's accounting
and banking records will be submitted in court on Nov. 9, 2007.

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

The debtor can be reached at:

         Larring S.A.
         Argerich 2344
         Buenos Aires, Argentina

The trustee can be reached at:

         Fernando Jose Marziale
         Avenida Callao 930
         Buenos Aires, Argentina


LEAR CORP: Reschedules 2007 Annual Meeting to July 12
-----------------------------------------------------
Lear Corporation has rescheduled its 2007 Annual Meeting to
July 12, 2007 to allow stockholders sufficient time to evaluate
the company's response to recent criticisms of the proposed
merger with American Real Estate Partners, L.P., a diversified
holding company and an affiliate of Carl C. Icahn.

The company has also filed with the Securities and Exchange
Commission a letter to all stockholders from an independent
special committee of Lear's Board of Directors, reviewing the
major reasons why the Board strongly recommends a vote in favor
of the AREP proposal and addressing certain inaccurate
statements by opponents of the transaction.

In its letter to stockholders, the special committee emphasizes
that:

   1) Under objective valuation measures, the US$36 per share
      offer price is fair to stockholders, and is more than
      double Lear's stock price of just over a year ago.

   2) The company aggressively sought out higher bids by
      contacting 41 potential strategic and financial buyers,
      with no competing offers being received.

   3) There is significant execution risk to Lear's long-term
      business plan:

      * Lear's results are highly dependent on SUV and light
        truck sales, which are trending lower;

      * A significant labor disruption or strike would
        materially impact Lear and its supply chain;

      * Recent improvements in the company's financial
        performance do not materially change the long-term
        outlook;

      * CEO Bob Rossiter's personal interests had no impact on
        the merger decision-making process or outcome.  Ultimate
        authority for the merger rested with an active special
        committee and Lear's Board; and

      * Volatility and structural change within the automotive
        sector are likely to continue for the foreseeable
        future.

Lear's Annual Meeting, originally scheduled for June 27, 2007,
is now scheduled to be held on July 12, 2007 at 10:00 a.m.,
E.S.T., at Hotel du Pont, 11th and Market Streets in Wilmington,
Delaware.  Lear will continue to solicit proxies between now and
the Annual Meeting.

The record date for stockholders entitled to vote on the Merger
Proposal and other such matters that may be considered at the
Annual Meeting remains May 14, 2007.

The company's Board of Directors, on the unanimous
recommendation of a special committee of independent directors,
has approved the merger agreement and recommends that Lear's
stockholders vote "FOR" adoption of the Merger Proposal.  As
announced on Feb. 9, 2007, Lear entered into the merger
agreement pursuant to which Lear's stockholders will be entitled
to receive, subject to consummation of the merger, $36.00 in
cash for each share they own, without interest and less any
applicable withholding tax.

                    About American Real Estate

American Real Estate Partners, L.P. (NYSE: ACP) --
http://www.arep.com/-- is a diversified holding company engaged  
in a variety of businesses including hotel and casino
operations, rental real estate, real estate development, hotel
and resort operation, home fashion and investments in equity and
debt securities.

                         About Lear Corp.

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

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

                        *     *     *

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


MATRIX ARGENTINA: Proofs of Claim Verification Ends on Sept. 6
--------------------------------------------------------------
Susana Gonzalez Cabrerizo, the court-appointed trustee for
Matrix Argentina SRL's bankruptcy proceeding, verifies
creditors' proofs of claim until Sept. 6, 2007.

Ms. Cabrerizo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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 Matrix Argentina 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 Matrix Argentina's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

         Matrix Argentina SRL
         Avenida Corrientes 753
         Buenos Aires, Argentina

The trustee can be reached at:

         Susana Gonzalez Cabrerizo
         Eduardo Acevedo 492
         Buenos Aires, Argentina


TENNECO INC: Paul Schultz Quits as Supply Chain Mgmt. Senior VP
---------------------------------------------------------------
Tenneco Inc.'s senior vice president for global supply chain
management and manufacturing, Paul Schultz, is leaving the
company to pursue other opportunities.

Mr. Shultz joined Tenneco in 2002 from Ingersoll-Rand Ltd.  The
company did not announce an immediate successor.

"We thank Paul for his contributions in helping Tenneco better
leverage its supply chain management operations globally," said
Gregg Sherrill, Tenneco Chairman and Chief Executive Officer.  
"We wish him well in his future endeavors."

Headquartered in Lake Forest, Ill., Tenneco Inc., (NYSE: TEN)
-- http://www.tenneco.com/-- manufactures automotive ride and  
emissions control products and systems for both the worldwide
original equipment market and aftermarket.  Leading brands
include Monroe(R), Rancho(R), and Fric Rot ride control
products and Walker(R) and Gillet emission control products.

The company has global operations in Argentina, Brazil, Japan,
and Germany, among others, with its European operations
headquartered in Brussels, Belgium.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 20, 2007, Fitch Ratings has assigned a rating of 'BB+' to
Tenneco Inc.'s new senior secured bank facility.  The new
facility replaces Tenneco's existing bank facility.  As such,
there is no impact to Fitch's current ratings of the existing
debt or Rating Outlook, which are:

     -- Issuer Default Rating (IDR) 'BB-';
     -- Senior secured bank facility 'BB+';
     -- Senior secured second lien notes 'BB'; and
     -- Senior subordinated notes 'B'.


VITRAMED SRL: Trustee To File Individual Reports on Sept. 18
------------------------------------------------------------
Elena Beatriz Tancredi, the court-appointed trustee for Vitramed
S.R.L.'s reorganization proceeding, will present the validated
claims in National Commercial Court of First Instance in Buenos
Aires as individual reports on Sept. 18, 2007.

Ms. Tancredi verifies creditors' proofs of claim until
Aug. 6, 2007.

The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Vitramed 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 Vitramed's accounting
and banking records will follow on Oct. 30, 2007.

On May 2, 2008, Vitramed's creditors will vote on a settlement
plan that the company will lay on the table.

The trustee can be reached at:

          Elena Beatriz Tancredi
          Ecuador 1185       
          Buenos Aires, Argentina


ZEOX SA: Proofs of Claim Verification Deadline Is August 21
-----------------------------------------------------------
Natalio Kinsbruner, the court-appointed trustee for Zeox SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Aug. 21, 2007.

Mr. Kinsbruner will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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 Zeox 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 Zeox's accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

         Zeox SA  
         Ramon Freire 2911
         Buenos Aires, Argentina

The trustee can be reached at:

         Natalio Kinsbruner
         Marcelo Torcuato de Alvear 1671
         Buenos Aires, Argentina


* ARGENTINA: Launching Tender for Plant Basic Engineering Draft
---------------------------------------------------------------
The Argentine government, along with its Bolivian counterpart,
will launch a tender to draft the basic engineering for a
US$500-million liquids separation plant, Business News Americas
reports, citing Bolivian hydrocarbons and energy minister Carlos
Villegas.

BNamericas relates that the plant would be constructed in the
Pajoso field in the Tarija department in Bolivia.  The nation's
state-owned oil firm Yacimientos Petroliferos Fiscales
Bolivianos and the Argentine state-run energy company Enarsa
will manage the tender.

Minister Villegas told the Bolivian government's news agency
Agencia Boliviana de Informacion that construction will conclude
in December 2009, the same time as work on the Gasoducto del
Noreste Argentino gas pipeline -- which will connect the two
nations -- will be completed.  A data room will be launched in
Bolivia next week.

Argentina will help fund the project.  The plant will start
operating on Jan. 1, 2010 and will to produce some 30 million
cubic meters per day of gas for export, BNamericas states.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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B A H A M A S
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ISLE OF CAPRI: Matrix Research Downgrades Firm's Shares to Sell
---------------------------------------------------------------
Matrix Research analysts have downgraded the Isle of Capri
Casinos Inc.'s shares to "sell," Newratings.com reports.

The analysts said in a research note that the Isle of Capri's
share price appreciated by over 15% last week, after Penn
National Gaming agreed to an acquisition by Fortress Investment
Group.

The Isle of Capri's performance continues to be below that of
the sector, "with negative EVA profit margins, EVA momentum and
EVA return spread," Newratings.com states, citing the analysts.

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.

                         *     *     *

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, 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.  Standard & Poor's also 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.




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B E R M U D A
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FIRST SHIP: Sets Final General Meeting for July 2
-------------------------------------------------
First Ship Lease Ltd.'s final general meeting is scheduled on
July 2, 2007, at 10:00 a.m., at:

         Thistle House, 4 Burnaby Street
         Hamilton, Bermuda

The purpose of the meeting is for shareholders to:

     -- receive 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;

     -- determine 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 liquidators can be reached at:

             Cheong Chee Tham
             Peter Martin
             Thistle House, 4 Burnaby Street
             Hamilton, Bermuda


SCOTTISH RE: Annual Shareholders Meeting Scheduled on July 18
-------------------------------------------------------------
Scottish Re Group Limited will have its Annual General Meeting
of Shareholders at 11:00 a.m. (Bermuda time) on July 18, 2007.  
The meeting will be held at Crown House, Second Floor, 4 Par-la-
Ville Road, in Hamilton, Bermuda.

At the meeting, shareholders will be asked to:

    * consider and vote upon the election of eleven directors,

    * approve the 2007 Stock Option Plan, and

    * ratify the appointment of Ernst & Young LLP as the
      company's independent registered public accounting firm
      for 2007.

A copy of the Proxy Statement may be viewed for free at:

            http://ResearchArchives.com/t/s?2126

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--  
(NYSE:SCT) is a global life reinsurance company.  Scottish Re
has operating businesses in Bermuda, Grand Cayman, Guernsey,
Ireland, Singapore, the United Kingdom and the United States.  
Its flagship operating subsidiaries include Scottish Annuity &
Life Insurance Company (Cayman) Ltd., Scottish Re (U.S.) Inc.
and Scottish Re Limited.

                         *     *     *

As reported in the Troubled Company Reporter on June 7, 2007,
Fitch Ratings has upgraded Scottish Re's Issuer Default Rating
to 'BB-' from 'B+' and the Insurer Financial Strength ratings of
its primary operating subsidiaries to 'BBB-' from 'BB+'.  The
ratings have been removed from Rating Watch Positive; the Rating
Outlook is Stable.


SCOTTISH RE: Declares US$0.4531 Per Preferred Share Dividend
------------------------------------------------------------
Scottish Re Group Limited's Board of Directors has declared a
cash dividend of US$0.4531 per Perpetual Preferred Share
outstanding to be paid on July 16, 2007 to Perpetual Preferred
Share shareholders of record as of the close of business on
June 29, 2007.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a   
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                        *     *     *

As reported on June 8, 2007, Fitch Ratings has upgraded Scottish
Re Group Ltd.'s (NYSE: SCT) Issuer Default Rating to 'BB-' from
'B+' and the Insurer Financial Strength ratings of its primary
operating subsidiaries to 'BBB-' from 'BB+'.  The ratings have
been removed from Rating Watch Positive; the Rating Outlook is
Stable.

The Troubled Company Reporter reported on May 10, 2007 that
Fitch Ratings has revised the Rating Watch on these ratings of
Scottish Re Group Ltd. (NYSE:SCT) to Positive from Evolving:

    -- Issuer Default Rating (IDR) 'B+';
    -- 7.25% Non-cumulative perpetual preferred stock 'B-/RR6'.

The Rating Watch on SCT was revised following the completion of
the US$600 million investment transaction with MassMutual
Capital Partners LLC, and affiliates of Cerberus Capital
Management, L.P.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Moody's Investors Service disclosed that it
continues to review the ratings of Scottish Re Group Ltd. with
direction uncertain following the announcement by the company
that it has entered into an agreement to sell a majority stake
to MassMutual Capital Partners LLC, a member of the MassMutual
Financial Group and Cerberus Capital Management, L.P., a private
investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

These ratings continue on review with direction uncertain:

   Scottish Re Group Limited

   -- senior unsecured debt of Ba3;

   -- senior unsecured shelf of (P)Ba3; subordinate shelf of
      (P)B1;

   -- junior subordinate shelf of (P)B1;

   -- preferred stock of B2; and

   -- preferred stock shelf of (P)B2.

   Scottish Holdings Statutory Trust II

   -- preferred stock shelf of (P)B1

   Scottish Holdings Statutory Trust III

   -- preferred stock shelf of (P)B1

   Scottish Annuity & Life Insurance Co (Cayman) Ltd.

   -- insurance financial strength of Baa3

   Premium Asset Trust Series 2004-4

   -- senior secured debt of Baa3 (based on IFS of SALIC)

   Scottish Re (U.S.), Inc.

   -- insurance financial strength of Baa3

   Stingray Pass-Through Certificates

   -- senior secured debt of Baa3 (based on IFS rating of SALIC)

On Sept. 5, 2006 Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.


SEA CONTAINERS: Court Okays Deloitte & Touche as Auditors
---------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates obtained
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Deloitte & Touche LLP as their auditors, nunc
pro tunc to Jan. 1, 2007.

Deloitte & Touche has served as the independent auditor for Sea
Containers Ltd. since 2006, and for certain Non-Debtor
subsidiaries since 1995.  In the course of its retention,
Deloitte & Touche has developed a great deal of institutional
knowledge and intimate understanding of the Debtors' businesses,
finances, operations, systems and capital structure.

As the Debtors' auditors, Deloitte & Touche is expected to
perform an integrated audit and report on the Debtors' financial
statements.

In addition, the firm is expected to express its opinion on the:

  (a) fairness of the presentation of the Debtors' financial
      statements,

  (b) management's assessment of the effectiveness of the
      Debtors' internal control over financial reporting, and

  (c) effectiveness of the Debtors' internal control over
      financial reporting.

The Debtors will pay Deloitte & Touche in accordance with the
firm's customary hourly billing rates:

         Professional                  Hourly Rates
         ------------                ---------------
         Partners                    GBP315 - GBP650
         Managers/Directors          GBP150 - GBP500
         Staff                        GBP75 - GBP230

J. Gerard Murphy, member of Deloitte & Touche, relates that the
firm received GBP183,365 within 90 days from the Petition Date.

The firm, however, does not believe the payments were
preferences under Section 547 of the Bankruptcy Code.

Mr. Murphy assures the Court that the firm does not hold or
represent any interest adverse to the Debtors, and is deemed a
"disinterested person" as defined under Section 101(14) of the
Bankruptcy Code.

                      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. 19; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.


SEA CONTAINERS: Trustee & GE Capital Oppose US$176MM DIP Loan
-------------------------------------------------------------
The U.S. Trustee for Region 3 and GE Capital Container SRL and
its affiliates have raised objections to Sea Containers, Ltd.
and its debtor-affiliates' move to borrow and obtain up to
US$176,500,000, pursuant to a DIP credit facility between the
Debtors and Mariner LCD, Dune Capital LLC, Dune Capital LP,
Wells Fargo Bank N.A.

As reported in the Troubled Company Reporter on June 14, 2007,
Mariner and Dune Capital, along with Trilogy Capital LLC and
Caspian Capital Partners LP, had committed on May 3, 2007, to
provide Sea Containers Ltd. with a US$176,500,000 DIP facility.

Under the New DIP Facility, Marine and Dune Capital will provide
SCL with a term loan of up to US$151,500,000, and a
US$25,000,000 revolving credit facility.  Wells Fargo will serve
as the administrative and collateral agent under the New DIP
Facility.

The Debtors intend to use the proceeds of the Term Loan to make
a capital contribution to SPC Holdings Ltd., a non-debtor
subsidiary of which SCL holds the entire economic interest.  In
turn, Holdings will make a capital contribution to Sea
Containers SPC, a "bankruptcy remote" subsidiary.  SPC will then
use the proceeds of the capital contribution to repay an
existing debt securitization facility.

The repayment of the securitization facility will prevent
foreclosure by SPC's lenders, which have alleged a default under
that facility.

In addition, the Term Loan will also be used to pay all costs
and expenses of the DIP Lenders and the DIP Agent relating to
the structuring of the proposed financing for SCL or SPC.  On
the other hand, the proceeds of the Revolving Credit Facility
will be used for SCL's general corporate purposes in the
ordinary course of business.

A full-text copy of the of the Wells Fargo Draft DIP Agreement
is available for free at:

              http://researcharchives.com/t/s?20e1  

              http://researcharchives.com/t/s?20e2

              http://researcharchives.com/t/s?20e3

                          Objections

(1) GE Capital Container, et al.

GE Capital Container SRL, GE Capital Container Two SRL, and GE
SeaCo SRL tells the U.S. Bankruptcy Court for the District of
Delaware that the Term Loan is not necessary to preserve
the Debtors' assets, and is not in the best interests of the
Debtors' creditors.

"The Debtors provide no detail to support their belief that
incurring the Term Loan to repay SPC's debts will avoid
additional claims against their estates," Andrew C. Kassner,
Esq., at Drinker Biddle & Reath LLP, in Wilmington, Delaware,
argues.

Mr. Kassner also reveals that SPC's equity "is under water."  
SCL's equity in SPC will never have value unless there is some
dramatic increase in the future sale price of containers.

In addition, the Term Loan prevents the Debtors from preserving
their estates' assets if they have future liquidity needs in
excess of the amounts available under the Revolving Loan, or
need to restructure the Revolving Loan.

Mr. Kassner adds that there is a big probability that the
Debtors will not be able to secure any future financing needs to
protect the estate if they put up their available assets to
repay SPC's creditors.

In this case, the Term Loan should face rigid scrutiny because
it favors SPC's creditors over the Debtors' creditors, Mr.
Kassner points out.  Accordingly, the Debtors must prove that:

  (a) absent the Term Loan, the Debtors' business operations
      will not survive,

  (b) the Debtors cannot obtain alternative financing on
      acceptable terms, and

  (c) the proposed postpetition lenders will not accede to less
      preferential terms.

"Indeed, a postpetition financing that benefits one existing
creditor group over another should only be approved as a last
resort," Mr. Kassner asserts.

Accordingly, GE Capital Container asks the Court to deny the
Debtors' incurrence of the Term Loan.

(2) U.S. Trustee

To the extent that the proceeds of the Term Loan will be used
exclusively to make the capital contributions, the use of cash
is governed by Section 345 of the Bankruptcy Code, David L.
Buchbinder, Esq., at the Office of the U.S. Trustee, in
Wilmington, Delaware, argues.

The Debtors are proposing to make an investment of cash into a
twice removed "bankruptcy remote subsidiary," Mr. Buchbinder
notes.  "They may not do so unless they can comply with Section
345, and protect the funds for the creditor body,"
Mr. Buchbinder contends.

The legislative intent behind Section 345 is to protect existing
cash, and not permit speculation while the property is subject
to the jurisdiction of the Court, Mr. Buchbinder explains.

Accordingly, the Debtors must comply with Section 345 and post a
bond to secure repayment of the funds should they desire to make
the requested investment, Mr. Buchbinder asserts.

Mr. Buchbinder also points out that the Debtors failed to cite
factual support on the Debtors' interest in Holdings or SPC, and
SPC's ability to repay the funds as the Guarantor.

In addition, the U.S. Trustee contends that the proposed Loan
Terms appears to prejudice the estate.

The DIP Lenders are owed collectively US$100,000,000 as
unsecured creditors.  The scheduled unsecured claims reach more
than US$1,000,000,000.

"Given all these factors, numerous terms of the proposed DIP
Credit Agreement appear to place the [DIP] Lenders in a position
of control over the outcome of these cases," Mr. Buchbinder
argues.

Mr. Buchbinder also points out that the DIP Credit Agreement
contains a clause that requires the Court to make a finding in
the Final DIP Order with respect to the DIP Lenders that the
transaction, standing alone, will cause their removal from the
Official Committee of Unsecured Creditors.

The U.S. Trustee says Clause is inappropriate.  It is among the
statutory duties of the U.S. Trustee to appoint or remove
creditor committee members, Mr. Buchbinder argues.

Accordingly, the U.S. Trustee asks the Court to deny the Motion.

                      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 $62,400,718 and total liabilities of
$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 19;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.


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

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

The liquidator can be reached at:

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




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


* BOLIVIA: Seeking Strategic Partnership in Middle East
-------------------------------------------------------
Bolivian President Evo Morales will visit the Middle East in
August 2007 to search for strategic partners for state-owned
hydrocarbons firm Yacimientos Petroliferos Fiscales Bolivianos,
government news agency Agencia Boliviana de Informacion reports.

Business News Americas relates that President Morales will also
visit these nations:

          -- Algeria,
          -- Iran,
          -- Libya,  
          -- Qatar, and
          -- Russia.

Bolivian hydrocarbons and energy minister Carlos Villegas
explained to BNamericas that the trips are for Bolivia to be
able to export raw resources and "start a process of
industrialization to add value."

According to BNamericas, the Bolivian government issued supreme
decree 29130 in May 2007 to let YPFB work with state firms from
around the world for exploration and production through joint
ventures.  YPFB will have a 51% stake in these joint ventures
and control management and administration.

Minister Villegas told BNamericas that Bolivia wants to boost
increase interaction with Argentina and Brazil and other nations
in the region including Paraguay, Uruguay and Chile.  The
minister said that Argentina, Brazil and Chile need Bolivian
hydrocarbons.

Bolivia is considering selling gas to Chile, "possibly in
exchange for access to the Pacific Ocean," BNamericas notes.

"If Bolivia's century-old demand is heard, the problem will be
solved and diplomatic relations with Chile reestablished,"
Minister Villegas told ABI.

                         *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                    Rating    Rating Date

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


* BOLIVIA: Launching Tender for Basic Engineering Draft of Plant
----------------------------------------------------------------
The Bolivian government, along with its Argentine counterpart,
will launch a tender to draft the basic engineering for a
US$500-million liquids separation plant, Business News Americas
reports, citing Bolivian hydrocarbons and energy minister Carlos
Villegas.

BNamericas relates that the plant would be constructed in the
Pajoso field in the Tarija department in Bolivia.  The nation's
state-owned oil firm Yacimientos Petroliferos Fiscales
Bolivianos and the Argentine state-run energy company Enarsa
will manage the tender.

Minister Villegas told the Bolivian government's news agency
Agencia Boliviana de Informacion that construction will conclude
in December 2009, the same time as work on the Gasoducto del
Noreste Argentino gas pipeline -- which will connect the two
nations -- will be completed.  A data room will be launched in
Bolivia next week.

Argentina will help fund the project.  The plant will start
operating on Jan. 1, 2010 and will to produce some 30 million
cubic meters per day of gas for export, BNamericas states.

                         *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                    Rating    Rating Date

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


* BOLIVIA: State Firm Inks NatGas Supply with Brazilian Plant
-------------------------------------------------------------
Bolivian state-owned oil firm Yacimientos Petroliferos Fiscales
Bolivianos, along with Transborder Gas Services, has signed a
provisional natural gas supply agreement with Brazilian 480-
megawatt Cuiaba thermo plant in Mato Grosso, Pantanal Energia,
the plant's operator, said in a statement.

Pantanal Energia's commercial manager Fabio Garcia told Business
News Americas, "The Cuiaba thermo plant will continue its
operations through this provisional contract and work in
partnership with YPFB for a definitive contract."

According to BNamericas, YPFB is supplying at least 1.1 million
cubic meters per day of natural gas to Cuiaba.  This volume is
assured until December 2009.  Plant capacity is 2.2 million
cubic meters per day.

Mr. Garcia told BNamericas, "This provisional contract
guarantees gas volumes enough for Cuiaba to operate at minimum
capacity."

The report says that the Brazilian plant represents 70% of Mato
Grosso's gas demand.

Cuiaba will buy the natural gas for US$4.20 per million British
thermal units.

                         *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                    Rating    Rating Date

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




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


ACTUANT CORP: Promotes Mark Goldstein as Chief Operating Officer
----------------------------------------------------------------
Actuant Corporation has promoted Mark Goldstein to the newly
created position of Chief Operating Officer.  Prior to this
appointment, Mr. Goldstein was serving as Executive Vice
President, Tools & Supplies.  He will continue to report to
Robert Arzbaecher, Actuant's Chief Executive Officer.

Mr. Goldstein will be responsible for managing the company's
four business segments, taking advantage of the existing
synergies among them, maximizing their contribution to the
company's results and identifying and developing profitable
organic and acquisition growth opportunities.

Mr. Arzbaecher stated, "We are immensely proud of Actuant's
success since it's spin-off in August 2000.  We've grown our
sales from under US$500 million to US$1.4 billion for fiscal
2007.  In our quest to continue our track record of profitable
growth long into the future, I recognized the need to create the
Chief Operating Officer role to support me in managing the
complexity that results from our diversified business model.  
Mark has played an instrumental role in providing strategic
insights, operational focus and team-building skills to the
Tools & Supplies businesses over the past six years and I look
forward to working with him to extend those proven leadership
capabilities across the entire organization."

Mr. Goldstein joined Actuant in 2001 as President of Gardner
Bender and was promoted to Executive Vice President of Tools &
Supplies in January 2003.  He joined Actuant from The Stanley
Works where he spent 22 years, both in Stanley Tools as well as
Stanley Door Systems.  He holds a Bachelors Degree in Economics
from the University of Rochester (New York).

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

                        *     *     *

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

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


BANCO FIBRA: Inks US$20-Million Investment Deal with IFC
--------------------------------------------------------
Banco Fibra, S.A. has signed an investment agreement with
International Finance Corp., the private sector arm of the World
Bank Group.  The equity investment of up to US$20 million,
through the subscription of Banco Fibra's new common shares,
will help the bank play a more effective role in developing the
country's private sector.  The IFC investment is still subject
to approval from the Brazilian authorities.

Banco Fibra, a leading midsize national bank in Brazil, is
increasing its focus in less developed areas of the country. In
conjunction with this transaction, IFC has also approved a
seven-year, US$30 million local currency loan, which is expected
to be committed in the coming weeks.

"We are pleased to have IFC as a long-term partner at this
critical stage of our growth," said Joao Rabˆllo, CEO of Banco
Fibra.  "This relationship will enable us to improve our
corporate governance practices, which will be instrumental in
the bank's listing in the future."

"IFC has a clear role in supporting midsize banks, given their
ability to innovate and reach small and medium enterprises and
other niche markets.  Banco Fibra's professionalism and
strategic focus make it an excellent fit with IFC's objective to
promote competition and improve efficiency in the country's
banking sector," said Atul Mehta, IFC Director for Latin America
and the Caribbean.

Jyrki Koskelo, IFC Director for Global Financial Markets, added,
"This transaction showcases IFC's client-centric business model.  
Being close to the client in Brazil allowed us to understand its
needs and prepared us to process a complex transaction in a
short timeframe."

                             About IFC

International Finance Corp. -- http://www.ifc.org/-- the  
private sector arm of the World Bank Group, promotes open and
competitive markets in developing countries. IFC supports
sustainable private sector companies and other partners in
generating productive jobs and delivering basic services, so
that people have opportunities to escape poverty and improve
their lives.  Through fiscal year 2006, IFC Financial Products
has committed more than US$56 billion in funding for private
sector investments and mobilized an additional US$25 billion in
syndications for 3,531 companies in 140 developing countries.
IFC Advisory Services and donor partners have provided more than
US$1 billion in program support to build small enterprises, to
accelerate private participation in infrastructure, to improve
the business enabling environment, to increase access to
finance, and to strengthen environmental and social
sustainability.

                         About Banco Fibra

Banco Fibra S.A. -- www.bancofibra.com.br/ -- is a commercial
midsize Brazilian bank.  Despite its relatively small market
share, Banco Fibra is among the top banks operating in the small
corporates and middle-market companies segment.  Banco Fibra is
the financial arm of a large traditional conglomerate in Brazil,
owned by the Steinbruch family, with important operations in the
textile (Vicunha Txtil; not rated), steel (Companhia Siderurgica
Nacional; BB/Stable/--), and gas (CEGAS; not rated) sectors.  
As of March 30, 2007, Banco Fibra reached US$215 million in
equity and US$4.05 billion in total assets.


BANCO NACIONAL: Approves BRL40.7-Million Loan to Glicolabor
-----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES'
board of directors approved a BRL40.7 million financing to
Glicolabor Industria Farmaceutica Ltda.  The funds will be
destined to construct a plant, in Ribeirao Preto (SP), to
produce high volumes of parenteral solutions -- SPGV --
(injectable liquid substances, popularly named as serum) by the
new closed package process.

The BNDES loan, equivalent to 84.3% of the total BRL48,3 million
investment, will contribute to reduce hospital infection risks,
as a result of investments in modernization and new technology.  
The Bank's support also foresees the acquisition of imported
equipment, within the sphere of the Program of Support to the
Development of Pharmaceutical Productive Chain (Profarma).

The investments aim at adjusting the Glicolabor existing plant
to the Resolution of the Collegiate Board of Directors of the
National Agency of Health Surveillance (Anvisa).  The resolution
foresees that within 60 months from the date of publication
(March 13, 2003), the whole infusion system should migrate from
the open package system to the closed package system in March
2008.

In the closed system, packages present, at least, two protection
barriers, preventing the solution to get in contact with the
open air during product preparation, handling, administration
and addition of medications.

Glicolabor will produce SPGV in flasks and bags with imported
raw material, being developed by the national industry, named as
polypropylene trilaminate films.

The bag envasing method takes place in parallel and includes
cleaning, sealing (made by heat) and bag removal from the
production line.  The new system eliminates human intervention
in the envasing areas, lower solution exposure, higher packing
flexibility and easiness to stock, besides lower solution
exposure of solutions to non-sterilized environments.  All this
results in lower risk of contamination.

The Profarma, created in 2004 to increase the competitiveness of
the local pharmaceutical industry, already has 48 projects in
its portfolio, adding up to total investments around BRL 2
billion, BRL 929 million of which financed by the Bank.

                              Market

The Health Ministry announced a series of changes in the
Brazilian drug market starting with the publication of 18
resolutions by Anvisa.  The new determinations pursue higher
safety and better drug quality, with more rigid productive
process, with an aim at reaching international standards.  
Brazil has around 440 thousand hospital beds, resulting in a
ratio of 2.5 beds for every 1000 inhabitants.

The outlook for SPGV sector, for the medium term, is favorable
to companies, since it is expected that the introduction of the
closed system will reduce informality and allow the launching of
new higher aggregate value products.  The demand for SPGV should
increase above GDP growth, with the expansion of health services
to the Brazilian population.

                          Banco Nacional

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 BRL565MM Funding for Vessel Construction
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has authorized a BRL565-million financing for
the construction of four vessels for Brazilian state-owned oil
firm Petroleo Brasileiro SA's transportation unit Transpetro.

Banco Nacional told Business News Americas that shipyard Maua
Jurong will construct the ships, which will transport:

          -- diesel,
          -- gasoline,
          -- jet fuel,
          -- naphtha, and
          -- lubricants.

The four vessels is part of the 26 that Transpetro will
construct in its fleet renewal program.  The four vessels will
cost some BRL627 million.  The vessels will be ready in 38
months, BNamericas states.

                  About Petroleo Brasileiro

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

                    About Banco Nacional

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: Revises Funding Terms for Power Generation
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has ratified more attractive financing
conditions for power generation and transmission.

Business News Americas relates that Banco Nacional extended
amortization periods for transmission and thermoelectric
projects to up to 14 years from 12 years.

According to BNamericas, Banco Nacional "lowered the minimum
requirements for debt coverage for transmission and generation
projects."

The report says that the new conditions will be applicable at
the two power auctions on July 10.

"BNDES [Banco Nacional] plans to encourage participants in the
next energy auction by offering better investment conditions,"
Banco Nacional's infrastructure manager Wagner Bittencourt told
BNamericas.

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.


COSAN SA: To List Shares on New York Stock Exchange
---------------------------------------------------
Brazilian firm Cosan SA Industria e Comercio, the world's
largest ethanol company, says it has incorporated as a Bermuda
holding company and will list shares on the New York Stock
Exchange, various reports say.

The initial public offering is targeted to raise US$2 billion to
enable the company to expand globally and frustrate takeover
attempts.  One such attempt was reportedly made by Archer
Daniels Midland Co., which is aggresively trying to enter
Brazil's ethanol sector.

In a filing with the U.S. Securities and Exchange Commission,
Cosan said that the offering will consist of shares listed in
the U.S. and sold in Brazil as depositary receipts.  Holders of
Class A shares will be entitled to exchange them for the ADRs.  
Even with the offering, Rubens Ometto will remain the
controlling shareholder, Bloomberg News says.

Bloomberg notes that Brazilian ADRs ADRs are the most traded in
New York, with the 35 receipts on deposit at the Bank of New
York generating daily volume of about US$1.6 billion during the
first quarter.

The offering, slated in August, will be underwritten by Morgan
Stanley, Credit Suisse Group and Goldman Sachs Group Inc.

The company's planned offering, considered about a year ago, is
part of a restructuring that aims to "transform the Cosan Group
into a global player in the ethanol and sugar industries, with a
presence in the major consuming and producing markets in the
world."

Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e
Comercio, is the third largest sugar producer in the world.  In
2004/2005 it crushed more than 26 million tons of sugar cane in
fourteen mills located in the Central South region of Brazil,
with sugar sales of 2.3 million tons and ethanol sales of 825
million liters.

As of February 2007, Cosan carries Moody's Ba2 global local
currency and foreign currency ratings and Standard and Poor's BB
corporate credit rating.


DELPHI CORP: Reaches Tentative Deal with UAW & General Motors
-------------------------------------------------------------
Delphi Corp. reached a tentative agreement and signed a
Memorandum of Understanding with the United Auto Workers and
General Motors Corp. covering site plans, workforce transition
as well as other comprehensive transformational issues.  The
agreement is subject to union ratification and approval by the
U.S. Bankruptcy Court.

"If ratified, we believe this agreement will be a significant
milestone in our transformation and a major step towards
emergence," John Sheehan, Delphi's chief restructuring officer,
said.  "The Memorandum is a testament to the dedication and hard
work of the UAW, Delphi and General Motors teams."

UAW President Ron Gettelfinger and UAW Vice President Cal Rapson
have issued a statement, "The UAW finalized an understanding
with General Motors earlier [Fri]day that has resulted in a
tentative agreement with their former parts operations.  Details
are being withheld based on explanation and ratification
meetings by our local unions."

The Detroit Free Press reports that Delphi is offering its
offers workers buyouts, severance packages, early retirement
incentives and other payments in exchange for ratifying the
Tentative Agreement.

The TA, the Free Press said, would significantly shrink the size
of the Troy-based parts supplier in North America and reduce
hourly wages to what the company considers competitive rates.  
The accord will also free up the UAW's negotiating staff to
tackle summer contract talks with the Detroit automakers.

The incentives, according to the Free Press, include:

   (1) A US$105,000 buy-down -- paid in US$35,000 installments
       over three years -- for about 4,000 workers who now
       receive the same wages and benefits as GM employees.  In
       exchange, those workers would see their hourly wages cut
       from about US$28 to so-called supplemental rates of
       US$14.50 to US$18.50, beginning Oct. 1.  During the
       buy-down period, those workers also can try to return to
       GM.

   (2) A US$140,000 buyout for workers with more than 10 years
       of service.

   (3) A US$70,000 buyout for workers with less than 10 years of
       service.  Workers who take either buyout will have to
       leave the company by Sept. 15.

   (4) A US$35,000 payout to encourage workers with at least 30
       years of service to retire.

   (5) Retirement benefits for workers who are at least 50 years
       old and have at least 10 years of service.

   (6) A so-called grow-in package for workers with 26 years of
       service as of Sept. 1.  The package would allow those
       workers to stop working but be compensated as active  
       workers -- at the new lower rates -- until they hit 30
       years of service, and then retire.

   (7) Severance pay of US$1,500 per month for every month
       worked -- up to US$40,000 -- for all supplemental and
       temporary employees who choose to leave the company.

   (8) Skilled trade workers wouldn't see a change in hourly
       wages.

   (9) All workers compensated at GM rates also would have their
       health benefits changed to include the same higher
       deductibles and co-pays offered to employees hired since
       the two-tier wage and benefit structure took effect.

  (10) Skilled trade workers would receive a $10,000 payment to
       supplement the increase in health-care costs.

The Wall Street Journal said that the TA shifts much of Delphi's
labor burden to its former parent, GM.

General Motors, according to the Free Press, expects to pay
Delphi between US$300,000,000 and US$400,000,000 in annual
labor-related charges on top of US$7,000,000,000 in retirement
and labor costs.  But the Detroit automaker, according to the
report, sees these costs to be offset by nearly US$2,000,000,000
in annual savings once Delphi's costs are competitive.

GM has also agreed to pay US$450,000,000 into an existing
Voluntary Employees' Beneficiary Association account, according
to WSJ.

The agreement outlines what products GM will buy from Delphi
plants, some of which will be shut down or sold.

According to WSJ, the agreement says Delphi will keep open only
its sites in Kokomo, Indiana; Grand Rapids, Michigan; Lockport,
New York; and Rochester, New York.  Four other sites will be
held for divestiture by 2009 and 10 sites will be "wound down."  
Three additional sites will be operated as "footprint sites,"
i.e., GM will operate the sites until a later date.

The Free Press said that four plans to be sold are Saginaw
steering; Adrian; Sandusky, Ohio; and Cottondale, Alabama.  
Plants due for closure are located in Coopersville; Columbus,
Ohio; and Milwaukee.

Delphi said in its June 22 news release that it "will not
provide commentary on the details of the Memorandum at the
current time."

As widely reported, the union, the bankrupt auto-parts supplier
and GM are trying to get the deal ratified before a two-week
summer shutdown that begins July 1.  When the parties return
from the shutdown, the UAW will begin formal contract
negotiations with GM, Ford Motor Co. and Chrysler Group.

                           About the UAW

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America is one of the largest
and most diverse unions in North America, with members in
virtually every sector of the economy.

UAW-represented workplaces range from multinational
corporations, small manufacturers and state and local
governments to colleges and universities, hospitals and private
non-profit organizations.

The UAW has approximately 640,000 active members and over
500,000 retired members in the United States, Canada and Puerto
Rico.

                       About General Motors

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

                        About Delphi Corp.

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

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

(Delphi Corporation Bankruptcy News, Issue No. 73; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


JAPAN AIRLINES: To Cut Retirement Allowance by 10%
--------------------------------------------------
Japan Airlines International Company, Limited, has plans to cut
its retirement allowances by about 10% from fiscal 2008 to
hasten its restructuring efforts, Asahi Shimbun says, citing
sources familiar with the matter.

This action, according to the unnamed sources, will allow the
airline to save about JPY20 billion in reserves set aside in the
present fiscal year.

In addition to JAL's reforming, the airline will cut about 4,300
jobs, covering about 8% of its workforce, in which the airline
can save about JPY50 billion a year.

One of the main reasons for this speeding up of its
restructuring programs by the company is the fact that it was
told by Development Bank of Japan, one of its main creditors, to
implement more restructuring programs before it will give
financial support to the company.

                       About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed
its 'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  The
outlook on the long- term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the ompany's
debt obligations and expenses for new aircraft have placed it in
an unfavorable financial position.  Fitch assigned a BB- rating
on the company, which is three notches lower than investment
grade.


MITEL NETWORKS: ISS Urges Shareholders to Snub Inter-Tel Merger
---------------------------------------------------------------
Institutional Shareholder Services, providers of proxy voting
and corporate governance solutions to the institutional
marketplace, recommended that shareholders vote against Mitel
Networks Corporation's merger with Inter-Tel (Delaware)
Incorporated.
    
"Based on ISS review of the terms of the transaction, the merger
agreement does not warrant shareholder support due to low 7.6%
1-day offer premium; flawed sale process; lack of an imminent
reason to sell the company without conducting a proper sale
process; and valuation.
    
"I am gratified ISS agrees with my position that shareholders
should not vote in favor of the Mitel buyout at US$25.60 per
share. I believe the company is here due to a flawed process
that resulted in an undervalued offer," Steven G. Mihaylo,
founder and former chief executive officer of Inter-Tel
(Delaware) Incorporated, stated.  "Based on the assumptions
underlying the recapitalization analysis, the company is worth
more than the Mitel offer.  Indeed, I believe a proper auction
should be conducted to win the highest price for shareholders,"
he said.
    
Furthermore, as ISS recognized, Mr. Mihaylo is not alone in his
concerns regarding the process and valuation: Millenium
Management LLC, which owns approximately 3.2% of the outstanding
shares, sent a letter to Inter-Tel on June 13, 2007, stating
that, in the company's view, the process was not a full and fair
auction and the proposed purchase price fails to value the
company adequately.

"Absent a higher bid, I believe Inter-Tel has a better
alternative through a leveraged recapitalization, which will
provide greater value to all shareholders and will at the same
time preserve the opportunity for future growth and upside
potential, including a potential sale at a later date," Mr.
Mihaylo added.  "I urge all shareholders, especially current and
former employees who care about the company as I do, to stand
up, be heard and vote their shares against this buyout
proposal."
    
Mr. Mihaylo also disclosed, with regard to his proposed
recapitalization plan, that the Royal Bank of Canada and RBC
Capital Markets have committed a total of $255 million to
finance Mr. Mihaylo's recapitalization plan subject to customary
closing conditions similar to those contained in the Mitel
financing commitments.
    
The Senior Secured Financing Commitment Letter consists of:

   -- First-lien term loan facility in an aggregate principal
      amount of up to US$125 million;

   -- US$30 million revolving credit facility; and

   -- Second-lien term loan facility in an aggregate principal
      amount of up to US$100 million.
    
"With Royal Bank of Canada and RBC Capital Markets as my
financing partners and their firm commitment to my
recapitalization plan, I am confident Inter-Tel shareholders
will agree that my proposal is superior to Mitel's buyout offer
and will vote against the merger at the upcoming meeting of
shareholders Friday, June 29, 2007," Mihaylo stated.  "I believe
the US$255 million commitment should more than adequately
address concerns raised by the board concerning the finance
ability of the recapitalization proposal and should not require
any asset disposition."
    
"The board has had ample time to pursue its 'strategic options'
but I believe the board never had a coherent plan as evidenced
by its recent agreement to sell the company to Mitel, Mr.
Mihaylo added.  "Thus, if the shareholders vote against the
merger, I believe it should be viewed as an unequivocal vote of
no-confidence for the board and the company's leadership over
the past 15 months."
    
The preliminary proxy statement was filed on June 8, 2007, and
along with other relevant documents, is available by contacting
MacKenzie Partners Inc. by telephone at (800) 322-2885.  

              About Inter-Tel (Delaware) Incorporated

Headquartered in Tempe, Arizona Inter-Tel (Delaware)
Incorporated (Nasdaq: INTL) -- http://www.inter-tel.com/-- has  
grown from providing simple business telephone systems, to
offering value-driven communications products; applications
utilizing networks and server-based communications software; and
a wide range of managed services that include voice and data
network design and traffic provisioning, custom application
development and financial solutions.  Founded in 1969 by Steven
G. Mihaylo, Inter-Tel employs over 1,900 communications
professionals, and services business customers through a network
of 59 company-owned, direct sales offices and over 350
authorized providers in North America and 60 resellers in
Europe.

                 About Mitel Networks Corporation

Headquartered in Herndon, Virginia, Mitel Networks Corporation
-- http://www.mitel.com/-- delivers the full value of IP  
Communications through networked business solutions that help
customers achieve success through business process integration,
enhanced employee productivity, increased customer loyalty and
helping to generate new revenue streams.

The company has operations in Brazil, the United Kingdom and
Indonesia.

                        *     *     *

As reported in the Troubled Company Reporter on June 22, 2007,
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Ottawa-based Mitel Networks Corp.  
The outlook is stable.


NOMURA HOLDINGS: Acquires Minority Stake in Calliva Group Ltd.
--------------------------------------------------------------
Nomura Holdings, Inc. said that it has acquired a minority stake
in Calliva Group as part of a joint venture to develop products
relevant to the rapidly growing Australian superannuation
market.

Calliva, a specialist investment manager headquartered in
Sydney, Australia was established in 2003 and manages $130
million in assets.

Commenting on the investment, Hiroyuki Nishikawa, Managing
Director of Nomura Australia said, "This transaction underscores
our continued commitment to expanding in Australia.  It is part
of Nomura's strategy globally in partnering with strong local
incumbents to strengthen our presence in local markets."

Vince Scully, CEO of Calliva Group, added, "This involvement
with Japan's largest securities company is an exciting
opportunity for the Calliva Group and we believe that it will
lead to us offering several new financial products to the
marketplace in 2007."

Pat Handley, Chairman of Nomura Australia Advisory Committee,
and John Keith, Deputy Managing Director of Nomura Australia
will join as Chairman and Director of Calliva's Board Committee
respectively.

                     About Calliva Group

Calliva Group is a highly focused boutique financial services
group delivering quality advice, innovative products and premier
customer service. Calliva manages in excess of $130 million of
assets spread across equities, hybrids, fixed interest and
property. The Group is focused on the creation of innovative
investment products and the provision of high quality investment
advice designed to enhance our clients' investor wealth. This
strategy is applied to our core business activities, which
encompass Funds Management and Client Advisory Services.

                  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 Japan, the United States, the United Kingdom,
Singapore and Hong Kong and Brazil 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.


PETROLEO BRASILEIRO: Gets BRL565-Million Loan for Vessel Project
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
said in a statement that it has authorized a BRL565-million
financing for the construction of four vessels for Brazilian
state-owned oil firm Petroleo Brasileiro SA's transportation
unit Transpetro.

BNDES told Business News Americas that shipyard Maua Jurong will
construct the ships, which will transport:

          -- diesel,
          -- gasoline,
          -- jet fuel,
          -- naphtha, and
          -- lubricants.

The four vessels is part of the 26 that Transpetro will
construct in its fleet renewal program.  The four vessels will
cost some BRL627 million.  The vessels will be ready in 38
months, BNamericas states.

                    About Banco Nacional

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.

                  About Petroleo Brasileiro

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

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

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

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

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


PETROLEO BRASILEIRO: Subsidiary Takes Out Insurance Coverage
------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras disclosed that its
subsidiary, Petrobras Bolivia Refinacion (PBR), on
June 22, 2007, took out new insurance coverage with the La
Boliviana Ciacruz de Seguros y Reaseguros S.A. insurance company
for the operations at its two Bolivian refineries: Gualberto
Villarroel, in Cochabamba, and Guillermo Elder Bell, in Santa
Cruz.  This insurance policy has been issued irrespective of the
refineries' operator.

PBR has been obliged to renegotiate this new insurance cover
independently of other Petrobras insurance coverage, and
specifically for its Bolivian refineries, given that the
previous policy would have ceased to be valid should any assets
come to be operated by any entity other than Petrobras.

Petrobras contracts worldwide blanket insurance coverage for all
operations at its refineries in various countries, which
previously included the two refineries in Bolivia.  
Contractually, this coverage is automatically cancelled when
Petrobras is no longer responsible for plant operations.

After no proposal was received that accepted a change in
operator for the refineries on the occasion of the first price
bidding round, a second round was concluded with the acceptance
of the above policy's conditions which comply with Petrobras'
corporate standards.  In short, the new insurance policy covers
all risks of damage to the installations, machinery, equipment,
civil works and product inventory as well as civil liability for
risks caused to third parties and their properties.

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.




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


AMABOKO LIMITED: Proofs of Claim Must be Filed by July 16
---------------------------------------------------------
Amaboko Ltd.'s creditors are given until July 16, 2007, to prove
their claims to Griffin Management Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Amaboko Ltd.'s shareholders agreed on June 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:

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


BAFANA LIMITED: Proofs of Claim Filing Is Until July 16
-------------------------------------------------------
Bafana Ltd.'s creditors are given until July 16, 2007, to prove
their claims to Griffin Management Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Bafana Ltd.'s shareholders agreed on June 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:

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


BANK OF INDIA: Acquires 76% of Indonesia's Bank Swadesi
-------------------------------------------------------
Bank of India has signed an acquisition deed for buying a 76%
stake in PT Bank Swadesi, Indonesia, BOI informed the Bombay
Stock Exchange on June 22, 2007.

BOI agreed to acquire Bank Swadesi's shares as part of its
overseas expansion, The Jakarta Post reports.  The signing of
the deed follows a conditional sales and purchase share
agreement signed on December 11, 2006.

According to Antara News, Indonesia's central bank approved
BOI's plan to acquire Bank Swadesi's shares in a letter dated
June 13, 2007.

Bank Swadesi is a mid-sized bank operating in Indonesia for the
last 38 years and has 16 outlets, BOI's BSE filing stated.  Bank
Swadesi has a license to Forex business and is listed on the
Jakarta Stock Exchange.  The Indonesian bank posted a net profit
of IDR8.272 billion last year, Antara News noted.  In the first
quarter of this year, Bank Swadesi recorded total assets of
IDR1.03 trillion (approximately US$114 million) and a net profit
of IDR2.9 billion, The Jakarta Post related.

Bank of India -- http://www.bankofindia.com/-- has 2,628  
branches spread over all states/union territories in India,
including 93 specialized branches.  The bank provides a range of
financial products and services, including numerous credit
schemes, deposit schemes, cash management services, credit/debit
cards, deposit vaults and corporate bonds.  It also extends
finance to small and medium enterprises and small-scale
industries.  It provides a variety of loans, such as mortgage
loans, educational loans, auto finance loans, holiday loans,
personal loans and home loans.  The bank offers Internet banking
services for both the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States and Vietnam.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 1, 2007, Standard & Poor's Ratings maintained Bank of
India's Bank Fundamental Strength Rating at 'C'.


BRASOIL ALLIANCE: Proofs of Claim Must be Filed by July 4
---------------------------------------------------------
Brasoil Alliance Company's creditors are given until
July 4, 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.

Brasoil Alliance's shareholders agreed on March 6, 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


CHEYNE CATASTROPHE: Proofs of Claim Filing Is Until July 15
-----------------------------------------------------------
Cheyne Catastrophe General Partner Inc.'s creditors are
given until July 15, 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.

Cheyne Catastrophe's shareholders agreed on June 11, 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


CHEYNE CATASTROPHE FUND: Proofs of Claim Must be Filed by July 4
----------------------------------------------------------------
Cheyne Catastrophe Fund I Inc.'s creditors are given until
July 4, 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.

Cheyne Catastrophe's shareholders agreed on March 6, 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


JOUBERT: Proofs of Claim Filing Deadline Is July 16
---------------------------------------------------
Joubert's creditors are given until July 16, 2007, to prove
their claims to Griffin Management Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Joubert's shareholders agreed on June 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:

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


LAZARD DIVERSIFIED: Proofs of Claim Filing Is Until July 16
-----------------------------------------------------------
Lazard Diversified Bond Fund Ltd.'s creditors are given until
July 16, 2007, to prove their claims to Standard Bank Fund
Administration Jersey Limited, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Lazard Diversified's shareholders agreed on June 11, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Ogier
        Attention: Martina de Lima
        c/o Ogier
        P.O. Box 1234
        Grand Cayman KY1-1108
        Cayman Islands
        Telephone: (345) 949 9876
        Fax: (345) 949 1986


PIENAAR: Proofs of Claim Filing Deadline Is July 16
---------------------------------------------------
Pienaar's creditors are given until July 16, 2007, to prove
their claims to Griffin Management Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Pienaar's shareholders agreed on June 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:

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


SEDNA OFFSHORE: Proofs of Claim Must be Filed by July 9
-------------------------------------------------------
Sedna Offshore Ltd.'s creditors are given until July 9, 2007, to
prove their claims to Paul Yook, 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.

Sedna Offshore's shareholders agreed on June 6, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Ogier
        Attention: Anna Goubault
        c/o Ogier
        Queensgate House, South Church Street
        P.O. Box 1234
        Grand Cayman KY1-1108
        Cayman Islands
        Telephone: (345) 949 9876
        Fax: (345) 949 1986


SHOSALOZA LIMITED: Proofs of Claim Filing Ends on July 16
---------------------------------------------------------
Shosaloza Ltd.'s creditors are given until July 16, 2007, to
prove their claims to Griffin Management Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Shosaloza Ltd.'s shareholders agreed on June 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:

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


TOVEY LIMITED: Proofs of Claim Must be Filed by July 16
-------------------------------------------------------
Tovey Ltd.'s creditors are given until July 16, 2007, to prove
their claims to Griffin Management Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Tovey Ltd.'s shareholders agreed on June 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:

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


WEST TEXAS: Proofs of Claim Filing Ends on June 29
--------------------------------------------------
West Texas Trading Company, Ltd.'s creditors are given until
June 29, 2007, to prove their claims to Tyler Comstock, 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.

TT Partners shareholders agreed on March 15, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Tyler J. Comstock
       Attention: Alan G. de Saram
       Charles Adams, Ritchie & Duckworth
       P.O. Box 709
       Zephyr House, Mary Street
       George Town, Grand Cayman
       Tel: 949-4544
       Fax: 949-8460




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


BOSTON SCIENTIFIC: Inks Purchase Agreement with Remon Medical
-------------------------------------------------------------
Boston Scientific Corporation has signed a definitive agreement
to acquire Remon Medical Technologies Inc., a privately held
company based in Caesarea, Israel.  The acquisition is subject
to customary closing conditions and completion of due diligence,
and is expected to close over the summer.  Terms of the
acquisition were not disclosed.

"Remon Medical Technologies brings to Boston Scientific
innovative sensor and wireless communication technology to
Boston Scientific, which complements our Cardiac Rhythm
Management product line," said Fred Colen, Executive Vice
President, Operations and Technology, CRM, and Chief Technology
Officer.  "This acquisition reflects our commitment to being a
leader in the CRM market through the introduction of innovative
products and services for the benefit of physicians and their
patients."

"We've spent the last several years developing smart, miniature
implants designed to enable physicians to assess and treat a
variety of medical conditions in a non-invasive manner," said
Hezi Himelfarb, Remon Medical Technologies, Inc.'s Chief
Executive Officer.  "The acquisition by Boston Scientific will
position Remon as a recognized leader in intra-body wireless
communication and help realize the potential of our technology,
once integrated into the portfolio of Boston Scientific
products."

Remon's technology uses wireless communications to exchange
energy and data with minute devices placed deep inside the body.  
These devices monitor a variety of physiological parameters,
stimulate tissues and organs or activate other devices, creating
therapeutic responses.  Remon's technology platform potentially
offers broad applications for patient management, post-operative
monitoring, nerve and tissue stimulation, local drug delivery,
and drug development.

                        About Remon Medical

Remon Medical Technologies, Inc., is a development-stage company
focused on creating communication technology for medical device
applications.  The company was founded in 1997 and entered into
a co-development agreement with Guidant Corporation in 2004.  
Guidant Corporation was acquired by Boston Scientific on
April 21, 2006.

                      About Boston Scientific

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

                         *     *     *

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


GERDAU SA: Socopa Says Firm's Joint Venture in India Good
---------------------------------------------------------
Gerdau SA's decision to create a joint venture for a steel mill
in India is positive for the firm, according to a report by
brokerage Socopa.

Business News Americas relates that Gerdau and Kalyani will each
have a 45% stake in SJK Steel Plant Limited, while the remaining
10% will be held by other investors.  Gerdau's stake acquisition
is valued at US$71 million.  However, the final amount will be
determined at the conclusion of the deal.

Socopa said in a report, "Such investment is part of the
company's strategy to establish itself in competing markets."

India has been reporting strong, accelerated economic growth and
rising steel consumption, according to Socopa's report.

"With large quantities of good quality iron ore reserves, the
country [India] produces steel at low costs, making such
investment interesting for Gerdau," Socopa told BNamericas.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with positive implications.




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


BANCOLOMBIA SA: Board Okays Francisco Botero's ADR Purchase
-----------------------------------------------------------
Bancolombia S.A.'s Board of Directors, in compliance with
Article 404 of the Colombian Commercial Code, unanimously
approved the acquisition by Francisco Moncaleano Botero, member
of Bancolombia's Board, of up to 800 American Depositary
Receipts -- ADRs -- representing up to an aggregate 3,200 of
Bancolombia's Preferred Shares.

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


BANCOLOMBIA SA: Moody's Changes Ba3 Rating's Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable on its Ba3 long-term foreign currency deposit ratings for
Bancolombia, S.A and Banco de Bogota, S.A. following a similar
action on Colombia's foreign currency deposit ceilings.   

Additionally, Moody's changed the outlook to positive from
stable on Bancolombia's Ba1 foreign currency subordinated bonds
following a similar action on the sovereign bond ceiling.  
Bancolombia's bond rating remains constrained and does not
pierce the ceiling.

The banks' financial strength ratings remain unaffected by this
action.

These ratings were affected:

Bancolombia, S.A.:

   -- Ba3 long-term foreign currency deposit rating,   
      outlook changed to positive from stable

   -- Ba1 long-term foreign currency subordinated bond rating,
      outlook changed to positive from stable

Banco de Bogota, S.A.:

   -- Ba3 long-term foreign currency deposit rating,  
      Outlook changed to positive from stable

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


BANCO BAGOTA: Moody's Changes Ba3 Curr. Rating's Outlook to Pos.
----------------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable on its Ba3 long-term foreign currency deposit ratings for
Bancolombia, S.A and Banco de Bogota, S.A. following a similar
action on Colombia's foreign currency deposit ceilings.  

Additionally, Moody's changed the outlook to positive from
stable on Bancolombia's Ba1 foreign currency subordinated bonds
following a similar action on the sovereign bond ceiling.  
Bancolombia's bond rating remains constrained and does not
pierce the ceiling.

The banks' financial strength ratings remain unaffected by this
action.

These ratings were affected:

Bancolombia, S.A.:

   -- Ba3 long-term foreign currency deposit rating,   
      outlook changed to positive from stable

   -- Ba1 long-term foreign currency subordinated bond rating,
      outlook changed to positive from stable

Banco de Bogota, S.A.:

   -- Ba3 long-term foreign currency deposit rating,  
      Outlook changed to positive from stable

Headquartered in Santa Fe de Bogota, Colombia, Banco de Bogota
-- http://www.bancodebogota.com-- is a private national bank    
involved in all activities associated with a commercial banking
institution as regulated by Colombian law.  On a national level,
it also operates through subsidiaries: Corporacion Financiera
Colombiana S.A., an investment bank; Almacenes Generales de
Deposito "Almaviva S.A.", a products supply logistics company;
Sociedad Fiduciaria Bogota "Fidubogota S.A." and Fiduciaria del
Comercio "Fiducomercio S.A.", trust and portfolio investment
companies; Leasing Bogot  S.A., a leasing company; Valores
Bogot  S.A., a provider of brokerage services; and Fondos de
Pensiones y Cesantias Porvenir, a pensions and suspensions
administrator. The Bank operates 275 offices, five corporate
service centers and a banking attention center.  The company
also has affiliates in Panama, Nassau, Miami, and New York.


ECOPETROL SA: Fitch Lifts Long-Term Foreign Curr. Rating to BB+
---------------------------------------------------------------
Fitch Ratings has upgraded the foreign currency Issuer Default
Ratings and issue ratings of selected Colombian corporates and
project finance.  These rating actions follow Fitch's upgrade
last week of the long-term foreign currency IDR of The Republic
of Colombia to 'BB+' from 'BB'.  The Outlook for Colombia is
Stable.

Colombia's rating upgrade reflects the country's much-improved
debt dynamics underpinned by higher economic growth, disciplined
fiscal policies and deft liability management.  In addition,
strong GDP and current external receipts (CXR) growth has also
led to a decline in the country's external debt burden, while
higher foreign direct investment flows have allowed a better
financing of the country's current account deficits.

Fitch upgrades the following ratings with a Stable Outlook:

Ecopetrol S.A.

   -- Foreign Currency IDR to 'BB+' from 'BB'.

Isagen S.A. E.S.P.

   -- Foreign Currency IDR to 'BB+' from 'BB'.

TransGas de Occidente

   -- 9.79% Senior Secured Notes due 2010 to 'BB+' from 'BB'.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.


ISAGEN SA: Fitch Ups Long-Term Foreign Currency Rating to BB+
-------------------------------------------------------------
Fitch Ratings has upgraded the foreign currency Issuer Default
Ratings (IDRs) and issue ratings of selected Colombian
corporates and project finance.  These rating actions follow
Fitch's upgrade last week of the long-term foreign currency IDR
of The Republic of Colombia to 'BB+' from 'BB'.  The Outlook for
Colombia is Stable.

Colombia's rating upgrade reflects the country's much-improved
debt dynamics underpinned by higher economic growth, disciplined
fiscal policies and deft liability management.  In addition,
strong GDP and current external receipts (CXR) growth has also
led to a decline in the country's external debt burden, while
higher foreign direct investment flows have allowed a better
financing of the country's current account deficits.

Fitch upgrades these ratings with a Stable Outlook:

Ecopetrol S.A.

   -- Foreign Currency IDR to 'BB+' from 'BB'.

Isagen S.A. E.S.P.

   -- Foreign Currency IDR to 'BB+' from 'BB'.

TransGas de Occidente

   -- 9.79% Senior Secured Notes due 2010 to 'BB+' from 'BB'.

ISAGEN is a mixed public utility entity, incorporated as a
Public Company, of commercial nature, national order, and
affiliated to the Ministry of Mining and Energy. ISAGEN is
dedicated to generating and commercialization electric energy,
commercialization natural gas by networks, coal, steam, and
other energy for industrial use, and promoting and executing
generation projects nationwide.


TRANSGAS: Fitch Lifts 9.79% Senior Secured Notes' Rating to BB+
---------------------------------------------------------------
Fitch Ratings has upgraded the foreign currency Issuer Default
Ratings (IDRs) and issue ratings of selected Colombian
corporates and project finance.  These rating actions follow
Fitch's upgrade last week of the long-term foreign currency IDR
of The Republic of Colombia to 'BB+' from 'BB'.  The Outlook for
Colombia is Stable.

Colombia's rating upgrade reflects the country's much-improved
debt dynamics underpinned by higher economic growth, disciplined
fiscal policies and deft liability management.  In addition,
strong GDP and current external receipts (CXR) growth has also
led to a decline in the country's external debt burden, while
higher foreign direct investment flows have allowed a better
financing of the country's current account deficits.

Fitch upgrades these ratings with a Stable Outlook:

Ecopetrol S.A.

   -- Foreign Currency IDR to 'BB+' from 'BB'.

Isagen S.A. E.S.P.

   -- Foreign Currency IDR to 'BB+' from 'BB'.

TransGas de Occidente

   -- 9.79% Senior Secured Notes due 2010 to 'BB+' from 'BB'.

TransGas was incorporated under Colombian law in 1995 to create,
build, own, operate, maintain and transfer a natural gas
pipeline.  The project consists of a 206-mile, 20-inch diameter
trunk line and 47 lateral lines totaling approximately 275 miles
with metering stations to connect with distribution networks.


* COLOMBIA: Moodys's Changes Outlook to Positive from Stable
------------------------------------------------------------
Moody's Investors Service has changed its outlook to positive
from stable on Colombia's Ba2 foreign-currency government bond
rating, Ba1 foreign-currency bond ceiling, and Ba3 foreign-
currency ceiling for deposits.  The outlook change reflects the
improvement of key debt ratios as a result of the investment-
driven recovery in growth and of continued fiscal restraint.  
The outlook for Colombia's Baa3 local-currency government bond
rating is unaffected by this action and remains at stable.

"Diminished security concerns have spurred a positive
'confidence shock'," said Moody's Vice President -- Senior
Analyst Alessandra Alecci.  "Investment is much higher compared
to just a few years ago, reflecting a structural change that is
expected to underpin stronger long-term economic growth and to
sustain improvements in debt dynamics."

She said an equally important factor is the considerable
progress that has been made towards fiscal consolidation.  
Approval of important reforms has stabilized the potentially
explosive path of pension-related and other mandatory
expenditures.

"In addition," said the analyst, "the government has contained
the growth of primary expenditures to less than the growth of
revenues over the past few years.  Colombia's key government
debt ratios have declined considerably as a result."

Despite the persistence of a deficit in the external current
account, she added that long-term non-debt creating capital
inflows have increased substantially, particularly in the energy
sector.  External vulnerability indicators have declined along
with the public debt's exposure to currency swings.




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


* COSTA RICA: Free Trade Deal with Panama Ready
-----------------------------------------------
Costa Rica and Panama, after nine rounds of talks, have finally
agreed on the final terms of a free trade deal between them,
Inside Costa Rica Daily News reports.

Costa Rican and Panamanian foreign trade ministers, Vinicio Ruiz
and Alejandro Ferrer, said in the same report, that they are
both satisfied with the deal.

According to figures from the Promotora de Comercio Exterior,
Costa Rica last year exported to Panama US$287 million in goods
and imported US$182 million, Inside Costa Rica says.

Under the FTA, 88% of Panamanian goods can access the Costa
Rican market without tariffs.

                       *     *     *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.


* COSTA RICA: Taking Legal Action Against Slowdown at Limon Port
----------------------------------------------------------------
The Costa Rican government will take legal action against the
labor union Sintrajap's work slowdown at the Limon port, the
nation's inter-institutional coordination minister Marco Vargas
said in a statement.

Minister Vargas told Business News Americas that the government
has asked that the Limon work tribunal declare the work delay
illegal, hoping to completely avoid any form of work suspension.

Business News Americas relates that the government designed a
US$500-million project for the upgrade and integration of the
existing docks of Limon and the Atlantic port Moin with a
concession to construct and run a new port, "creating a megaport
for transboarding and logistics" to boost national port capacity
by up to 28 times.

Reports say that Sintrajap is against the plan to concession the
new port, which would be launched in 2008 and would begin
operations in 2015.

Minister Vargas commented to BNamericas, "The union has been
very clear that they do not approve of this.  We are more
convinced every day of the [need for the] concession, and we are
even more convinced when, each time we don't have an agreement
on some aspect, [the union] uses the means of production
stoppage, which hurts small to large-scale exporters, as well as
importers."

Minister Vargas told BNamericas that progress has been made in
some areas like the establishment of spending limits for the
purchase of equipment used by Japdeva.  However, a change in
management is still needed to conduct the port modernizations.

Spanish port firm Sociedad Portuaria de Santander offered to
develop studies and contribute to the concession process for the
megaport project, reports say.

                        *     *     *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.




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


* DOMINICAN REPUBLIC: Banco Nacional Funding Nation's Bus Buys
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social will
provide funding to the Dominican Republic for its purchase of
some 300 ethanol-fueled buses, Business News Americas reports,
citing the Dominican government.  

The Dominican government said that the busses will be used as
"feeder lines to the new metro in capital Santo Domingo,"
BNamericas notes.

Dominican news daily Hoy Digital relates that the loan will
finance the purchase of the buses from a Brazilian firm.  It
will also fund the US$93.7-million purchase of eight Super
Tucano military aircraft.

Banco Nacional President Luciano Coutinho said in a statement
that the bank has financed about US$644 million of
infrastructure and water projects in the Dominican Republic.

Banco Nacional Vice President Armando Mariante told Hoy Digital
that the bank will distribute the first tranches of its US$442
million in finance for the construction of these dams:

          -- Pinalito,
          -- Palomino, and
          -- Las Placetas.

Reports say that Banco Nacional is financing the construction of
the Linea Noroeste and Samana aqueducts.

Money for the projects couldn't go directly to private firms,
BNamericas states, citing Mr. Coutinho.

                      About Banco Nacional

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




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


GENERAL MOTORS: Reaches Tentative Deal with UAW & Delphi Corp.
--------------------------------------------------------------
Delphi Corp. reached a tentative agreement and signed a
Memorandum of Understanding with the United Auto Workers and
General Motors Corp. covering site plans, workforce transition
as well as other comprehensive transformational issues.  The
agreement is subject to union ratification and approval by the
U.S. Bankruptcy Court.

"If ratified, we believe this agreement will be a significant
milestone in our transformation and a major step towards
emergence," John Sheehan, Delphi's chief restructuring officer,
said.  "The Memorandum is a testament to the dedication and hard
work of the UAW, Delphi and General Motors teams."

UAW President Ron Gettelfinger and UAW Vice President Cal Rapson
have issued a statement, "The UAW finalized an understanding
with General Motors earlier [Fri]day that has resulted in a
tentative agreement with their former parts operations.  Details
are being withheld based on explanation and ratification
meetings by our local unions."

The Detroit Free Press reports that Delphi is offering its
offers workers buyouts, severance packages, early retirement
incentives and other payments in exchange for ratifying the
Tentative Agreement.

The TA, the Free Press said, would significantly shrink the size
of the Troy-based parts supplier in North America and reduce
hourly wages to what the company considers competitive rates.  
The accord will also free up the UAW's negotiating staff to
tackle summer contract talks with the Detroit automakers.

The incentives, according to the Free Press, include:

   (1) A US$105,000 buy-down -- paid in US$35,000 installments
       over three years -- for about 4,000 workers who now
       receive the same wages and benefits as GM employees.  In
       exchange, those workers would see their hourly wages cut
       from about US$28 to so-called supplemental rates of
       US$14.50 to US$18.50, beginning Oct. 1.  During the
       buy-down period, those workers also can try to return to
       GM.

   (2) A US$140,000 buyout for workers with more than 10 years
       of service.

   (3) A US$70,000 buyout for workers with less than 10 years of
       service.  Workers who take either buyout will have to
       leave the company by Sept. 15.

   (4) A US$35,000 payout to encourage workers with at least 30
       years of service to retire.

   (5) Retirement benefits for workers who are at least 50 years
       old and have at least 10 years of service.

   (6) A so-called grow-in package for workers with 26 years of
       service as of Sept. 1.  The package would allow those
       workers to stop working but be compensated as active  
       workers -- at the new lower rates -- until they hit 30
       years of service, and then retire.

   (7) Severance pay of US$1,500 per month for every month
       worked -- up to US$40,000 -- for all supplemental and
       temporary employees who choose to leave the company.

   (8) Skilled trade workers wouldn't see a change in hourly
       wages.

   (9) All workers compensated at GM rates also would have their
       health benefits changed to include the same higher
       deductibles and co-pays offered to employees hired since
       the two-tier wage and benefit structure took effect.

  (10) Skilled trade workers would receive a $10,000 payment to
       supplement the increase in health-care costs.

The Wall Street Journal said that the TA shifts much of Delphi's
labor burden to its former parent, GM.

General Motors, according to the Free Press, expects to pay
Delphi between US$300,000,000 and US$400,000,000 in annual
labor-related charges on top of US$7,000,000,000 in retirement
and labor costs.  But the Detroit automaker, according to the
report, sees these costs to be offset by nearly US$2,000,000,000
in annual savings once Delphi's costs are competitive.

GM has also agreed to pay US$450,000,000 into an existing
Voluntary Employees' Beneficiary Association account, according
to WSJ.

The agreement outlines what products GM will buy from Delphi
plants, some of which will be shut down or sold.

According to WSJ, the agreement says Delphi will keep open only
its sites in Kokomo, Indiana; Grand Rapids, Michigan; Lockport,
New York; and Rochester, New York.  Four other sites will be
held for divestiture by 2009 and 10 sites will be "wound down."  
Three additional sites will be operated as "footprint sites,"
i.e., GM will operate the sites until a later date.

The Free Press said that four plans to be sold are Saginaw
steering; Adrian; Sandusky, Ohio; and Cottondale, Alabama.  
Plants due for closure are located in Coopersville; Columbus,
Ohio; and Milwaukee.

Delphi said in its June 22 news release that it "will not
provide commentary on the details of the Memorandum at the
current time."

As widely reported, the union, the bankrupt auto-parts supplier
and GM are trying to get the deal ratified before a two-week
summer shutdown that begins July 1.  When the parties return
from the shutdown, the UAW will begin formal contract
negotiations with GM, Ford Motor Co. and Chrysler Group.

                           About the UAW

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America is one of the largest
and most diverse unions in North America, with members in
virtually every sector of the economy.

UAW-represented workplaces range from multinational
corporations, small manufacturers and state and local
governments to colleges and universities, hospitals and private
non-profit organizations.

The UAW has approximately 640,000 active members and over
500,000 retired members in the United States, Canada and Puerto
Rico.

                        About Delphi Corp.

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

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

                       About General Motors

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

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

                        *     *     *

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

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




=====================
E L   S A L V A D O R
=====================


AES CORP: RBC Capital Maintains Top Pick Rating on Firm's Shares
----------------------------------------------------------------
RBC Capital Markets analysts have kept their "top pick" rating
on AES Corp Inc's shares, Newratings.com reports.

The analysts said in a research note that despite the negative
effect of extraordinary items and one-time tax expenses, AES
reported strong first quarter 2007 results.

The analysts told Newratings.com that "AES has a healthy project
pipeline, which continues to expand."  Its development "is on
track."

The earnings per share estimate for next year was increased to
US$1.22 from US$1.18, Newratings.com reports.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

                        *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.




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


NUANCE COMMS: Inks Pact to Buy Tegic for US$265 Million in Cash
---------------------------------------------------------------
Nuance Communications Inc. and AOL LLC signed a definitive
agreement for Nuance's purchase of Tegic Communications Inc. for
US$265 million in cash.  The transaction is expected to close in
Nuance's fiscal fourth quarter and is subject to customary
closing conditions and regulatory approvals.

The transaction expands Nuance's presence in the mobile industry
and allows it to further accelerate the delivery of solutions
that unlock the power of mobile devices and networks.  Tegic
brings industry-leading T9 predictive text input software, which
has shipped on more than 2.5 billion devices, and next-
generation integrated text and touch input solutions to Nuance's
portfolio of voice-enabled applications for device control,
mobile search, email and text messaging.

Building on a partnership between Nuance and Tegic established
in 2005, Nuance intends to deliver an all-in-one interface that
integrates Nuance and Tegic solutions to support predictive
text, speech and touch input.  This multimodal interface will
provide easier access for users of mobile devices and will be
available to all manufacturers across their product lines.

In its fiscal year 2008, Nuance expects Tegic to contribute
between US$65 million and US$68 million in non-GAAP revenue;
US$45 million and US$48 million in GAAP revenue; a GAAP loss
between US$0.12 and US$0.13 per share; and non-GAAP earnings
between $0.04 and US$0.05 per diluted share.  The combination is
expected to generate about US$8 million to US$10 million in cost
synergies in fiscal year 2008.  

The addition of Tegic brings resources and capabilities that are
expected to expand Nuance's market presence and leadership in
the rapidly expanding mobile industry:

    * Focus on Mobile Opportunities - The companies share core
      competencies in mobile infrastructure, work closely with a
      common OEM customer base and maintain similar
      relationships with leading carriers.  Supporting more than
      60 languages and 15 different character scripts, Tegic
      shares Nuance's commitment to broad language coverage
      based on custom dictionaries and grammars.

    * Strong Industry Relationships - Shipped on more than
      2.5 billion mobile devices worldwide, including
      about two-thirds of mobile devices shipped last year,
      Tegic maintains longstanding relationships with the
      largest companies in the industry, including Nokia,
      Samsung, Sony Ericsson, LG and Motorola.  This established
      customer base can be leveraged to generate new
      opportunities for Nuance's existing mobile product
      portfolio.  In addition, Tegic's established distribution
      channel to all major Chinese handset manufacturers offers
      tremendous growth opportunities for the product lines of
      each organization in this fertile market.

    * Technological Leadership - Tegic embedded software
      solutions have set the bar for text input on mobile
      devices, making mobile experiences faster, easier and more
      compelling.  In addition to its core T9 product, it has
      expanded its portfolio to support multimodal interfaces,
      broad languages and additional databases.  More than 50
      software engineers continue to advance Tegic's solutions
      and bring to Nuance more than 70 patents and 140 patents
      pending worldwide.  

    * Talented, Experienced Team - Nuance benefits from the
      addition of Tegic's strong management, customer support,
      and engineering teams, with their proven competencies in
      creating, selling and supporting mobile embedded software.

On this transaction, UBS and Citigroup are acting as financial
advisors to Nuance and Time Warner, respectively.

"The enhanced capabilities of mobile devices and networks have
fueled significant innovation in features and services, but
their potential has been tempered by the traditional interface
on most mobile devices," said Paul Ricci, chairman and chief
executive officer, at Nuance.  "Tegic shares our vision of
delivering an integrated, superior and flexible user experience
for today's wireless subscribers. Together, we are poised to
redefine the way people interact with their mobile devices,
delivering a more convenient, simple way for consumers to
control features and access information on their phones, and
search and navigate the mobile Web."

Time Warner Inc. chairman and chief executive Dick Parsons said:
"AOL's sale of Tegic marks yet another step in our overall
strategy of focusing on our core assets to drive profitable
growth for our shareholders.  As AOL continues to make
impressive progress, it's more important than ever that AOL's
resources are fully aligned behind growing its worldwide
advertising businesses."

AOL chairman and CEO Randy Falco said: "We believe that Nuance
is a good match for Tegic, its employees and its business
partners, and we value our relationships with both companies.  
This sale also lets us focus our mobile business on building
strong consumer-based, ad-supported mobile experiences."

                    About Tegic Communications

Tegic Communications Inc. -- http://www.tegic.com/-- provides  
software for mobile data services, including market-leading T9
software.  A wholly owned subsidiary of AOL LLC, Tegic was
founded in 1995 to develop and market communication technologies
for the telecommunications and computing industries.  The
company is headquartered in Seattle, Washington and has offices
in London, Paris, Tokyo, Hong Kong, Seoul, Beijing, New Delhi,
Singapore and Sao Paulo.

                    About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft, Inc., -- http://www.nuance.com/--  
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on June 25, 2007,
Standard & Poor's Ratings Services affirmed its B+/Positive/--
corporate credit and other ratings on Nuance Communications.




=================
N I C A R A G U A
=================


* NICARAGUA: Mulling Joint Mobile Telephony Firm with Venezuela
---------------------------------------------------------------
The Nicaraguan government and its Venezuelan counterpart are
considering creating a joint mobile telephony in Nicaragua,
Venezuelan mobile company Movilnet President Jacqueline Farias
told the press.

Business News Americas says that Movilnet is the mobile unit of
Venezuelan operator Cantv, where the government holds a
controlling stake.

Ms. Farias commented to Venezuelan news daily El Universal, "We
are evaluating a new joint company with Nicaragua so we can
compete together with other companies there [Nicaragua]."

Movilnet expects to compete mainly with Mexico's America Movil,
El Universal notes, citing Ms. Farias.

American Movil's Nicaraguan fixed line firm Enitel said in a
statement that the parent company will invest some US$250
million in fixed line in Nicaragua in 2007-09.

Business News Americas relates that Enitel will get US$75
million this year for upgrading fixed line, mobile and Internet
services.

According to BNamericas, the Venezuelan government had sent a
technical mission to Nicaragua to study the project.

Another priority of the Venezuelan government is to help
Bolivian officials develop the telecommunications sector,
BNamericas states, citing Ms. Farias.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date
                     ------     -----------
   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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


KOREA EXCHANGE: Hana Financial Buys 13.6 Percent Stake
------------------------------------------------------
Hana Financial Group brought a controlling stake in Korea
Exchange Bank in a block sale by Lone Star Funds, Taipei Times
reports.

According to the report, Lone Star sold a 13.6% stake in the
bank for KRW13,600 a share in overnight block sales that raised
IDR1.19 trillion.

The sale leaves Lone Star with 51.02% of KEB, which could allow
the fund to sell the remaining shares at a premium to any buyer
wanting to gain control of the bank.

The Troubled Company Reporter - Asia Pacific reported on
June 15, 2007, that the Seoul court is investigating if Lone
Star conspired with local officials to drive down the price of
KEB when it was sold in 2003 to Lone Star and whether Lone Star
officials and others manipulated the share price of KEB's
separate credit card unit for cheap acquisition.

Lone Star has denied any wrongdoing and claimed the cases
against it are driven by latent hostility to foreign investors,
the TCR-AP reported.

The block sale more than repays Lone Star its purchase costs of
US$1.2 billion in 2003.  It has also received KRW419.2 billion,
The Times adds.

                 About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in  
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX  
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                       *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service upgraded Korea
Exchange's Bank Financial Strength Rating to C- from D.


* PANAMA: Regulator Cancels Telefonica del Istmo's Concessions
--------------------------------------------------------------
Panama's public services regulator Asep has revoked the
concessions of Telefonica del Istmo, local daily La Prensa
reports.

Asep explained to La Prensa that the deadline for setting up
operations had expired.

La Prensa relates that in 2003 Telefonica del Istmo received
concessions for these services:

          -- local telephony,
          -- international telephony,
          -- public telephony, and
          -- semi-public telephony.

However, Telefonica del Istmo hasn't launched services in
Panama, La Prensa says.

Business News Americas relates that a probe was conducted in
January 2007.  Asep then concluded that Telefonica del Istmo
lacked the necessary equipment to provide the services it
intended.  Still Asep extended the firm's launch deadline.  

Once the new deadline had passed, Asep published a resolution to
cancel the concessions and Telefonica del Istmo was given five
days to file an appeal on the regulator's the decision but
failed to do so, La Prensa states.

                        *     *     *

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


* PANAMA: Free Trade Deal with Costa Rica Ready
-----------------------------------------------
Costa Rica and Panama, after nine rounds of talks, have finally
agreed on the final terms of a free trade deal between them,
Inside Costa Rica Daily News reports.

Costa Rican and Panamanian foreign trade ministers, Vinicio Ruiz
and Alejandro Ferrer, said in the same report, that they are
both satisfied with the deal.

According to figures from the Promotora de Comercio Exterior,
Costa Rica last year exported to Panama US$287 million in goods
and imported US$182 million, Inside Costa Rica says.

Under the FTA, 88% of Panamanian goods can access the Costa
Rican market without tariff.

                       *     *     *

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




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


GENERAL MOTORS: Brian Johnson Maintains Equal Weight Rating
-----------------------------------------------------------
Lehman Brothers analyst Brian A. Johnson has kept his "equal
weight" rating on General Motors's shares, Newratings.com
reports.

According to Newratings.com, the target price for General
Motors' shares was set at US$30.

Mr. Johnson said in a research note that the financial impact of
Delphi's tentative pact with the United Auto Workers on General
Motors' performance is in-line with the firm's guidance.

The accord "removes the overhang from General Motors' stock" and
would be the "catalyst for the company's share price," Mr.
Johnson told Newratings.com.

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

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

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

                        *     *     *

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

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




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


W.R. GRACE: Wants Exclusive Plan-Filing Period Further Extended
---------------------------------------------------------------
W.R. Grace & Co. and its debtor-affiliates ask the Hon. Judith
Fitzgerald of the U.S. Bankruptcy Court for the District of
Delaware to further extend their exclusive period to:

  (i) file a plan of reorganization until 90 days after the
      Court issues a final order on the personal injury claims
      estimation trial; and

(ii) solicit acceptances of that plan until 60 days after a
      reorganization plan is filed.

The trial dates for the estimation of the Debtors' personal
injury liabilities will begin January 2008, Timothy P Cairns,
Esq., at Pachulski Stang Ziehl Young Jones & Weintraub, LLP, in
Wilmington, Delaware, relates.

Mr. Cairns asserts that the PI Estimation Trial remains the key
event in the Debtors' Chapter 11 cases and is required for the
confirmation of any reorganization plan.  It is through the PI
Estimation Trial and other asbestos claims litigation that the
issue of insolvency will be resolved, Mr. Cairns contends.

Competing plans of reorganization will only distract the parties
and the Court, and create yet more litigation, Mr. Cairns
asserts.  The Debtors suspect that various other constituents
including the Official Committee of Asbestos Personal Injury
Claimants and the Future Claims Representative want to file a
competing plan that presumes the Debtors' insolvency to send a
message to the market that the Debtors appear substantially
insolvent thereby eroding the Debtors' stock price and, in turn,
possibly weakening the equity holders' ability to negotiate
effectively.

"Lifting exclusivity will not advance formulation of a
confirmable reorganization plan and a quicker exit from Chapter
11," Mr. Cairns says.  "The other constituents in the Debtors'
cases could not confirm a plan without incorporating the results
from the PI Estimation Trial."

Accordingly, the Debtors insist that exclusivity should be
extended to allow the results from the PI Estimation Trial to be
incorporated into a plan of reorganization

Mr. Cairns points out that the Debtors have made significant
progress in their bankruptcy cases.  Among other things, the
pool of property damage claims have been reduced from 4,042 in
March 2003 to 483 PD Claims as of June 11, 2007.  From 2003 to
June 2007, the Debtors have also settled several of the PD
Claims.  Other PD Claims have been withdrawn or disallowed by
the Court.  Of the remaining 483 PD Claims, about 268 are
subject to settlements and 215 are not.

Mr. Cairns adds that as of June 1, 2007, the Debtors have
resolved approximately 2,900 non-asbestos claims, leaving only
approximately 348 open and unresolved non-asbestos claims.  More
than 14,000 non-asbestos claims were filed against the Debtors
in March 2003.

By application of Delaware Local Rule 9006-2, the Debtors'
exclusive period is automatically extended until July 23, 2007,
when the Court will convene a hearing on the extension request.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Chile, Colombia, Mexico, Peru, Venezuela, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.  
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expires on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.  
(W.R. Grace Bankruptcy News, Issue No. 132; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


W.R. GRACE: Wants to Sell Washcoat Business for US$21.9 Million
---------------------------------------------------------------
W.R. Grace & Co. and its debtor-affiliates operate a business
line -- the Washcoat Business -- that designs, manufactures, and
markets alumina and mixed-oxide materials used in catalytic
converters to remove pollutants produced by automotive and other
engines.

The Washcoat Business also sells into the automobile supply
chain end in which the Debtors have no other presence and have
limited leverage, Timothy P. Cairns, Esq., at Pachulski Stang
Ziehl Young Jones & Weintraub, LLP, in Wilmington, Delaware,
tells the United States Bankruptcy Court for the District of
Delaware.

In 2006, the Washcoat Business had sales of approximately
US$25,800,000, which is less than 1% of the Debtors'
consolidated revenue for that year, according to Mr. Cairns.

In the third quarter of 2006, the Debtors made known that they
were considering strategic alternatives for the Washcoat
Business.  The Debtors determined that the Washcoat Business is
not complementary to their other business lines, had low sales
and yet required frequent management attention.

Thus, the Debtors and their financial advisor began marketing
and soliciting potential buyers for the Washcoat Business and
have since contacted numerous strategic and financial buyers.  
The marketing efforts culminated in the entry of a sale
agreement with Rhodia, Inc., who agreed to purchase the Business
for approximately US$21,900,000 subject to certain post-closing
adjustments through a private sale process.

Under the Sale Agreement, all of the Debtors' right, title and
interest in assets used exclusively in the Washcoat Business,
including real property, leases, machinery, equipment,
inventory, accounts receivable, books and record, software, and
claims under insurance policies will be transferred to Rhodia.

Rhodia, however, will not assume certain of the Debtors' assets,  
including:

  -- all of the Debtors' assets not used for the Business;

  -- the Washcoat intellectual property, which is being provided
     to Rhodia under a license agreement; and

  -- the assets of the Debtors' silica manufacturing operations
     that have shared facilities with the Washcoat Business in
     Cincinnati, Ohio.

Rhodia will also assume all liabilities and obligations arising
out of the operation or ownership of the Transferred Assets
post-closing, including (i) post-closing employment liabilities
and (ii) all removal, repair or abatement-related liabilities
related to the presence of lead or asbestos in any of the
buildings, structures, improvements and fixtures in the Washcoat
real property.

Rhodia will not assume all pre-closing liabilities arising from
exposure to hazardous substance related to the Debtors'
businesses other than the Washcoat Business and all liabilities
arising out of the Transferred Assets arising on or before the
Closing Date.

The Debtors will make an offer concerning certain conditions of
employment to non-bargaining unit employees and no more than 27
bargaining unit employees, provided that the terms of the
compensation is comparable to the existing compensation to the
employees.  The Debtors will also use reasonable commercial
efforts to offer a voluntary severance plan to their bargaining
unit employees located at the Cincinnati facility.  Rhodia will
not assume any employee benefit plans.

The Debtors will assume and assign several executory contracts
and unexpired leases of the Washcoat Business to Rhodia.  
Payments of the Cure Amounts will be shared equally between the
Debtors and Rhodia.  As of June 18, 2007, the Debtors estimate
that the cure amounts for the Assumed Contracts is US$0.

The Sale Agreement provides that the Debtors will indemnify
Rhodia for certain intellectual property-related indemnities for
up to five years after the Closing Date provided that the
indemnification will not exceed 15% of the Purchase Price.

Accordingly, the Debtors seek the Court's permission to sell the
Washcoat Business to Rhodia, free and clear of all liens and
claims through a private sale process.

The Debtors assert that if they are to proceed with a public
auction, their estates will incur significant market risk with
low probability of identifying a higher and better offer.  The
Debtors believe that further delays in completing the sale could
lead to deteriorating financial performance of the Washcoat
Business.

In any event, the Debtors seek the Court for permission to pay
Rhodia US$547,500 as Break-Up Fee in the event they complete a
sale of the Washcoat Business to another bidder other than
Rhodia.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina,
Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.  
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expires on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.  
(W.R. Grace Bankruptcy News, Issue No. 132; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).




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


AGILENT TECH: Taps Neil Cook as VP & Director-Molecular Tech Lab
----------------------------------------------------------------
Agilent Technologies Inc. has appointed Neil Cook, Ph.D., as
vice president and director of the Molecular Technology
Laboratory at Agilent Laboratories.  Agilent Laboratories is a
world-leading industrial-research center that focuses on
technology breakthroughs to ensure leadership in Agilent's
existing businesses and to provide technology foundations that
can create new businesses for the company going forward.

Mr. Cook also will serve as the research and
development/technology manager for Agilent's Life Sciences and
Chemical Analysis (LSCA) business.  In this role, his
responsibilities include shaping the future technology direction
and R&D strategy for LSCA across its life sciences, materials
science and chemical analysis businesses.

"Neil joins Agilent with a wealth of knowledge and experience in
broad areas of life sciences research and technology," said
Darlene J.S. Solomon, Agilent chief technology officer and vice
president of Agilent Laboratories.  "Because of his leadership
positions in research and development, business development, and
marketing, he understands the cross-functional elements that
drive successful organizations.  We are pleased to welcome Neil
to Agilent."

Prior to joining Agilent, Mr. Cook held a variety of leadership
positions at PerkinElmer since 2002. Most recently he was vice
president for research and business development and chief
scientific officer of the Life and Analytical Sciences division.  
Previously, Mr. Cook held vice president positions at Amersham
Biosciences in corporate development, drug discovery marketing,
and research and development.

Mr. Cook, originally from the United Kingdom, holds a bachelor's
degree in biological sciences from The Polytechnic Wolverhampton
and a doctorate in biochemistry from the University of London,
King's College.  He completed post-doctoral research at the
Clinical Research Center in Harrow, Middlesex.

                 About Agilent Technologies

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

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                       *     *     *

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




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


* URUGUAY: Joining Bank of the South
------------------------------------
The Uruguayan government has decided to join the so-called Bank
of the South, a proposed regional bank that would operate as a
development bank and provide an alternative to the International
Monetary Fund and the World Bank, according to a report from El
Universal.

Argentina, Bolivia, Brazil, Ecuador, Paraguay, and Venezuela are
currently on the list of founding members.  The bank was
supposedly to be inaugurated June 26 but that event was moved to
iron out financing details.

                      *     *     *

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
=================


ARMOR HOLDINGS: Bags US$50-Million Contract with AM General
-----------------------------------------------------------
Armor Holdings, Inc., has received orders from AM General valued
at US$50 million under a blanket purchase agreement to provide
armor components for the M1151, M1152 and M1165 Up-armored HMMWV
programs.  The Company stated that the work will be performed in
2007 by the Armor Holdings Aerospace and Defense Group at its
facilities located in Fairfield, Ohio.

Robert Schiller, President of Armor Holdings, Inc., said, "These
Up-armored HMMWV programs, in support of AM General, highlight
our focus to produce high quality survivability components to
support the war fighter."

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH) -- http://www.armorholdings.com/-- manufactures and  
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 10, 2007, Moody's Investors Service placed its Ba3 Corporate
Family Rating of Armor Holdings Inc. on review for possible
upgrade.  The review was prompted by the announcement that it
has entered into a definitive merger agreement to be acquired by
BAE Systems, Inc., a wholly owned subsidiary of BAE Systems plc
(long term rating Baa2, short term rating, Prime-2) for total
consideration of US$4.5 billion.


PETROLEOS DE VENEZUELA: Awards 3D Seismic Survey to SCAN
--------------------------------------------------------
Venezuelan state-run oil company Petroleos de Venezuela SA has
granted a contract to SCAN Geophysical ASA to conduct 3D seismic
survey offshore Venezuela, OilOnline reports.

According to OilOnline, the work area is called Cardon II.  It
is situated off the northwest coast of Venezuela.

OilOnline notes that SCAN Geophysical will use the M/V Scan
Resolution.  It had completed six months of 3D survey work
offshore Venezuela and is acquiring other programs in the
Caribbean region.  It will return to Venezuela for the Cardon II
project.  

SCAN Geophysical Vice President and Chief Operating Officer told
OilOnline, "This contract is important for SCAN in terms of area
to be surveyed.  Keeping our 3D vessel working in this region
for a major company is consistent with our overall strategy to
make the Americas one of our most targeted regions and to work
directly for operating entities."

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

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


PETROLEOS DE VENEZUELA: Conoco, Exxon Refuse Joint Venture Deals
--------------------------------------- ------------------------
ConocoPhillips and ExxonMobil have not accepted the joint
venture proposals presented by the Venezuelan government for the
transfer of the companies' stakes in heavy-crude oil projects in
the Orinoco belt, El Universal reports.

The joint venture would allow Petroleos de Venezuela, the state-
controlled company, to hold at least 60% in each of the four
Orinoco projects.  It currently holds 40%.

The four Orinoco projects, which have capacity to produce
620,000 barrels per day of oil but are churning out less than
600,000 barrels per day, include:

         -- Ameriven,
         -- Petrozuata,
         -- Cerro Negro, and
         -- Sincor.

The foreign partners in the Orinoco projects are:

         -- US oil and gas major ExxonMobil,
         -- UK's BP,
         -- US major ConocoPhillips,
         -- France's Total,
         -- Norway's Statoil, and
         -- US oil and gas major Chevron.

According to sources familiar with the matter, Conoco and Exxon
have provided the most resistance to the government's takeover
plan, El Universal relates.

An unnamed source told Russell Gold, at The Wall Street Journal,
that ConocoPhillips decided to exit the nation and its
investment rather than agree to take below-market compensation
and a minority stake in three oil-producing projects.

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.


* VENEZUELA: Oil Sales to U.S. Up 14% in April
----------------------------------------------
Venezuelan oil export to the United States was up 14% in April
after it dropped in March, El Universal reports, citing the
Energy Information Administration, the statistical arm of the
U.S. Department of Energy.

April sales were recorded at 146,000 barrels per day.  Overall,
April sales to the United States was 10.18 million bpd of crude
oil in April, the same paper says.

                      *     *     *

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


* VENEZUELA: Mulling Joint Mobile Telephony Firm with Nicaragua
---------------------------------------------------------------
The Venezuelan government and its Nicaraguan counterpart are
considering creating a joint mobile telephony in Nicaragua,
Venezuelan mobile company Movilnet President Jacqueline Farias
told the press.

Business News Americas says that Movilnet is the mobile unit of
Venezuelan operator Cantv, where the government holds a
controlling stake.

Ms. Farias commented to Venezuelan news daily El Universal, "We
are evaluating a new joint company with Nicaragua so we can
compete together with other companies there [Nicaragua]."

Movilnet expects to compete mainly with Mexico's America Movil,
El Universal notes, citing Ms. Farias.

American Movil's Nicaraguan fixed line firm Enitel said in a
statement that the parent company will invest some US$250
million in fixed line in Nicaragua in 2007-09.

Business News Americas relates that Enitel will get US$75
million this year for upgrading fixed line, mobile and Internet
services.

According to BNamericas, the Venezuelan government had sent a
technical mission to Nicaragua to study the project.

Another priority of the Venezuelan government is to help
Bolivian officials develop the telecommunications sector,
BNamericas states, citing Ms. Farias.

                       *     *     *

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


                          ***********


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

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


           * * * End of Transmission * * *